以下文章来源于一知半论 ，作者格拉古艾尔 一知半论 . 用价值的逻辑，对自己一知半解的事情指手画脚 本文来自微信公众号： 一知半论 ，作者：格拉古艾尔，题图来源：视觉中国 今年，全国有1335万考生同时走进高考考场，争夺宝贵的高等教育资源。针对这一极度稀缺的资 源，不同国家根据其社会共识建立了不同的分配机制。从经济学的逻辑看，大体上分为两种： 一种是以"高考币"定价的高等教育体系，其特征是国家组织统一的标准化考试，考试成绩具备一定的 主权货币的属性；另一种则不组织此类考试，信用主体较为分散，主要依靠市场机制完成分配，姑且 称之为以法币定价的高等教育体系。 从这一理论框架出发，本文试图分析这两种分配机制各自的利弊，挂一漏万，欢迎讨论和补充。 本文逻辑： 一、"高考币"定价的高等教育体系 公平，公平，还是公平 二、法币定价的高等教育体系 全球"消费者"和顶级"供应商" 三、"高考币"定价，要公平还是要效率？ 基础教育：内卷、双减、零和博弈、成本、价值观 高等教育：三方博弈、论文工厂、供需失衡、耗材 国际竞争：留学生，世界大学排名，学伴，高等教育套利 "小镇做题家"进入社会之后的无力感正由此而来，但做题家的身份最起 ...

今年，全国有1335万考生同时走进高考考场，争夺宝贵的高等教育资源。针对这一极度稀缺的资源，不同国家根据其社会共识建立了不同的分配机制。从 经济学的逻辑看，大体上分为两种： 一种是以"高考币"定价的高等教育体系，其特征是国家组织统一的标准化考试，考试成绩具备一定的主权货币的属性；另一种则不组织此类考试，信用主 体较为分散，主要依靠市场机制完成分配，姑且称之为以法币定价的高等教育体系。 从这一理论框架出发，本文试图分析这两种分配机制各自的利弊，挂一漏万，欢迎讨论和补充。 本文逻辑： 纵观历史上各种稀缺资源的分配机制，高考制度无疑是其中最平等的，这种平等体现在极致的机会平等，"只看分数"最大程度上避免了财富和权力的干 预，而这两者在其他稀缺资源的分配上往往是无孔不入，且起决定性作用的。 "小镇做题家"进入社会之后的无力感正由此而来，但做题家的身份最起码保证了他们不用赤身面对金钱和权力的倾轧。 一、"高考币"定价的高等教育体系 公平，公平，还是公平 二、法币定价的高等教育体系 全球"消费者"和顶级"供应商" 三、"高考币"定价，要公平还是要效率？ 基础教育：内卷、双减、零和博弈、成本、价值观 高等教育：三方博弈、论 ...

Core Insights - The article emphasizes that price is not the only factor determining customer orders; stability and reliability are becoming increasingly important for clients as they navigate a cautious economic environment [2][6][15] Pricing Misconceptions - Misconception 1: Customers negotiating prices does not necessarily mean the initial price was too high; it may simply be a negotiation tactic [3] - Misconception 2: Lowering prices does not guarantee customer satisfaction; it may lead to distrust regarding the initial pricing [4] - Misconception 3: Securing an order does not equate to profit, as post-sale issues can lead to significant costs and complications [5] Changing Customer Psychology - As global inflation persists, customers are making more cautious and rational purchasing decisions, focusing on stability rather than just price [7][12] - Key data indicates that in the U.S., the Consumer Price Index (CPI) was 9.1% in June 2022 and remains at 3.5% in March 2025, with core inflation at 3.7%, indicating ongoing pressure on customer spending [9] - In the Eurozone, inflation has decreased to 2.4%, but essential expenses like food and energy are still rising above 3% annually [10] New Pricing Logic - The new pricing formula should focus on cost, customer anxiety, and solutions, emphasizing the sale of peace of mind rather than just low prices [13] - A real-world example illustrates that a customer chose a more expensive supplier due to faster delivery and reliability, highlighting the importance of service over price [13] Practical Strategies - Offering bundled solutions rather than individual products can increase profits and customer satisfaction [14] - Transitioning from a supplier to a project manager role can enhance customer reliance and loyalty [14] - Including added value in quotes, such as faster delivery and comprehensive service, can differentiate offerings from competitors [14] Target Customer Segments - Identifying and focusing on four types of profitable customers can enhance resource allocation and efficiency: 1. Customers who sign annual contracts early [15] 2. Customers willing to engage in product development [15] 3. Customers requesting marketing support [15] 4. Customers who prioritize delivery and quality over price [15] Conclusion - The article concludes that in 2025, the focus for businesses should shift from competing on price to providing reliable service and building trust with customers [17][19]

Summary of Poly Property Conference Call Company Overview - **Company**: Poly Property - **Industry**: Property Management Key Points and Arguments Strategic Approach - Poly Property adopts a strategic follow-up approach, introducing mature technologies to optimize management systems and operations, such as digital command centers and seamless access, positively impacting the property management industry [2][4] Market Positioning - The company positions itself in the mid-to-high-end residential market, expanding into public facilities and state-owned commercial projects while focusing on quality residential projects [2][5] Financial Performance - Accounts receivable are well-controlled, with an expected balance of approximately 2.9 billion in 2024 and operating cash flow exceeding 2.3 billion, covering net profit by more than 1.5 times [2][6] - The company anticipates a 5% growth in revenue and net profit attributable to shareholders in 2025, driven primarily by basic property management [3][19] Non-Residential Services - Non-residential value-added services have declined due to the real estate cycle, but segments like labor services and commercial office management have seen improvements [2][7] - The company has achieved advantages in the non-residential sector by focusing on core cities, key sectors, and quality clients while enhancing collection management [2][8] Risk Management - Poly Property has actively cleared risky projects, achieving a collection rate exceeding 85% in 2024 [2][9] Community Value-Added Services - The company focuses on home services and asset management within community value-added services, identifying opportunities in home renovation and community convenience consumption [2][10] Cash Reserves and Acquisition Plans - The company holds 10 billion in cash, primarily intended for acquisitions, with a focus on residential and state-owned enterprises [2][12] Expansion and Project Quality - In the first half of 2025, the company expanded its projects mainly in public facilities and state-owned commercial sectors, with residential projects accounting for about 10% [3][13] Competitive Strategy - Poly Property leverages its advantages in the convenience consumption sector, focusing on nurturing suitable business opportunities rather than competing directly with strong players [11] Future Growth Expectations - The company expects revenue growth of 5% in 2025, with core property management as the main driver, while non-owner value-added services are expected to decline slightly [19][20] Urban Renewal Opportunities - The company sees urban renewal as a significant growth opportunity, actively exploring projects while ensuring profitability and manageable collection risks [21] Additional Important Insights - The company emphasizes the importance of technology in reducing costs and improving operational efficiency in property management [4] - Despite pressures in the real estate market, the company maintains a positive outlook on the demand for quality services, indicating that premium pricing remains viable [5] - The company is committed to providing sustainable returns to investors, with a potential increase in dividend payout ratios in the future [18]

Core Insights - The "Qingdao Beer Exchange" has gained popularity by integrating financial pricing logic into the beer consumption experience, attracting over 10,000 daily visitors and achieving a daily sales volume of 1.2 million milliliters [1][2]. Group 1: Consumption Upgrade Trends - The dynamic pricing model transforms beer cups into "investment targets," with prices fluctuating every 10 minutes based on real-time sales, allowing for daily price increases of up to 20% for popular items, effectively balancing supply and demand [2]. - The initiative revitalizes the century-old Qingdao Beer brand, appealing to Generation Z by modernizing its image and ensuring consistent quality through partnerships with local distributors [2]. - The experience emphasizes emotional value, with consumers engaging in a fun and immersive way to enjoy Qingdao beer, leading to a significant increase in foot traffic and sales in surrounding businesses during peak periods [2][3]. Group 2: Digital Transformation of Cultural Spaces - The revitalization of the Qingdao Taidong Pedestrian Street is part of a broader initiative to transform historical commercial areas into digital hubs, creating a "consumption ecosystem" that integrates various entertainment and cultural offerings [3]. - As Generation Z becomes the main consumer group, the competition in the urban tourism industry shifts from mere visual appeal to the depth of experiential engagement, indicating a potential evolution in the industry [3].

今年以来，打新人数持续回暖。 3月上市的新亚电缆，打新人数超过1400万，是2023年以来的最高值。今年新股（不含科创板、北交所）的平 均打新人数接近1200万，远超2024年以及2023年的水平。 打新人数的回暖或与打新收益有关，今年新股上市首日平均涨幅超200%，无一破发。 打新人数持续回暖 Wind数据显示，2023年至今，一共有459只新股上市。其中，打新人数最多的新股是新亚电缆，打新人数为 1435.37万，该股的上市日期是2025年3月21日。打新人数超过1300万的新股一共有10只，其中有6只是在2025 年上市。打新人数超过1200万的有18只新股，其中有10只新股是在2025年上市。 考虑到科创板以及北交所的打新门槛较高，将这一部分剔除以后，还有266只新股，主要是沪深主板以及创业 板。分阶段来看，2025年上市的新股有35只，平均打新人数1187.69万。2024年是62只新股，平均每只新股的 打新人数是886万。2023年是169只新股，平均打新人数922万。 也就是说，今年不仅最高的打新人数创了阶段性新高，平均的打新人数也是阶段性新高。回顾此前的历史， 2021年时，不少股票的打新人数 ...

白银行业作为贵金属领域的重要组成部分，涵盖了从矿产开采、冶炼加工到终端应用的全产业链。白银 因其良好的导电性和导热性，在电子、光伏、化工等多个工业领域有着广泛应用，同时也是避险资产， 在金融市场中占据重要地位。 四川大决策投顾 摘要：白银是一种特殊金属，兼具商品与金融双重属性，因此其价格驱动机制具有多 维性。在当前工业需求逐渐回暖以及其贵金属属性共同发挥作用的情况下，白银正在形成一种独特的复 合驱动格局，即 "金融定价锚" 与 "商品助推器" 双重力量协同作用。从整体来看，白银价格呈现出较大 的上行潜力，白银开采类公司的价值或有望重估。 1.白银行业概述 作为贵金属，白银兼具金融属性与商品属性。虽然白银的工业需求占比远高于黄金，但其历史价格变动 方向不由供需决定，而与黄金走势相似，呈现出与实际利率的负相关关系。从金融属性出发，贵金属定 价逻辑可简化理解为名义利率与通胀的相对运行节奏变化，而实际利率=名义利率-通胀预期，是指剔除 通货膨胀率后储户或投资者得到利息回报的真实利率。在美元为主导的国际货币体系下，金银不生息， 而美国国债有息，美债收益率下跌会提升贵金属吸引力。同时贵金属是抗通胀的，而美元会随通胀贬 值 ...

金十数据6月6日讯，万众瞩目的美国非农就业报告将于北京时间今晚20:30公布。投行机构已经拉好"衰 退警戒线"。6月按兵不动已成共识，警惕数据重大偏离预期，利率定价恐被颠覆。点击查看更多前瞻… 相关链接 今晚非农"生死局" 降息剧本或将改写 ...

导读 中资投行比拼港股IPO 30股今年净利润增速有望超50% 稳定币"第一股"Circle上市首日大张 饶毅直指科伦药业麦角硫因胶囊为"假药 在过去几个月，外国投资者有许多理由对美国国债保持谨慎。而如今可能又多了一个：由于外汇对冲成本高昂，他们购买自己国家的债券反而能获得 更好的回报。 美元走弱的风险以及防范该风险的成本，正使美国资产在全球吸引力下降。这对美国国债市场来说正值糟糕时刻，该市场已经在应对日益黯淡的美国 预算前景和贸易战。外国投资者可能并不担心美国违约或任何接近违约的情况。但许多投资者曾经因为美国长期利率更高而获得的购买美债的额外收 益，如今已经消失。造成这种情况的主要原因是防范或对冲汇率变动的成本大幅上升。目前还不清楚海外投资者对近期债券市场的溃败起到了多大作 用。官方数据显示，海外投资者持有的美国国债规模在3月份仍在上升。不过，市场对特朗普关税战以及共和党减税-支出计划的负面反应，确实正与美 元下跌同时发生。这可能预示着资本外逃。 中资投行比拼港股IPO 今年前五个月，港股市场一共迎来29家企业登陆港股市场，其中27家企业通过IPO方式上市，较去年同期增加6家，合计募资总额为773.46亿港 ...

19.99万不可能，23.59万也不可能！在雷军接连否定网友对小米YU7的价格猜想后，这款新车的价格悬念再次成为网友们讨论的热点。 其实在笔者看来，小米YU7的价格并不难猜。首先看竞品，在发布会上雷军直接拿了特斯拉Model Y来做对比。Model Y的售价是26.35-31.35万，尽管雷军表 示小米YU7在不少配置上都强过Model Y，就跟之前小米SU7对标Model 3一样，配置更强，但价格更低。所以，小米YU7的起售价很可能不会超过26万。 综合来看，25.99万的起售价算得上是一个较优解，既能依托配置优势压制竞品，又可为后续促销预留空间，最终悬念还需等待7月发布会揭晓。 当然，即便有一个好的定价，小米YU7想要大卖，产能也是一个必须迈过去的坎儿。在小米汽车答网友问(第150集)中就出现了"小米YU7上市后，产能够 么？会不会要等很久才能提车？"的问题。而小米也只是回应了在为大规模量产做准备，并未提及多长时间能交付。 不过参考小米SU7的提车周期，目前在8个月左右，也就是说如果7月初下定，那么提车可能会排到明年2月之后了。当然，小米YU7上市的时候应该会备足 一定量的现车。 另外，这次小米YU7将会 ...