Group 1 - The core viewpoint emphasizes the need to enhance the effectiveness of macroeconomic policies while addressing the declining marginal efficiency of these policies [2][3] - The importance of ensuring consistency between economic and non-economic policies to avoid "composite fallacy" is highlighted, as conflicting policies can lead to suboptimal outcomes [2][3] - The necessity of improving the transmission mechanism of macroeconomic policies to achieve intended policy goals is discussed, indicating that a blockage in these mechanisms can hinder effectiveness [3][4] Group 2 - The role of automatic stabilizers and fiscal policy transmission mechanisms is crucial, with income distribution, money supply, and prices being key mediators [4][5] - The need for a robust expectation management mechanism is outlined, emphasizing that market participants' expectations can significantly influence policy effectiveness [6][7] - The importance of matching policy goals with appropriate tools is stressed, referencing Tinbergen's principle that the number of policy instruments should at least equal the number of targets [9] Group 3 - The coordination between short-term and long-term policies is essential for stabilizing economic growth, with short-term counter-cyclical policies needing to align with structural reforms [10][11] - The current economic environment necessitates stronger macroeconomic stimulus policies to break negative cycles and restore confidence among businesses and households [8][11] - The potential negative impacts of short-term policies on long-term structural reforms must be carefully managed to ensure overall policy effectiveness [11]

深圳商报·读创客户端记者 刘琼 吴素红 我们希望向行业传递，在数智化变革尤其是AI技术快速渗透的背景下，企业需平衡技术效率与人文关 怀，因为真正驱动业务的是"人"。 ——麦当劳中国副总裁/深圳市场高级总经理 赵崇基 当AI技术快速席卷职场，将给年轻人带来怎样的冲击与期待？麦当劳中国近日启动520全国招聘周，并 发布了《未来已来——AI时代年轻人理想职场洞察报告》（以下简称"报告"）。此次报告共收集到4312 份有效问卷，提炼出五大核心洞察，揭示AI技术巨变下年轻人的理想职场生态。 持续吸引留住优秀年轻人才 本次发布的报告结合麦当劳内部人员幸福感指数调研，提炼出五大核心洞察。在赵崇基看来，这五大洞 察与麦当劳的用人与管理实践非常吻合。"成为持续吸引、留住优秀年轻人才的关键因素。" "稳定与成长并重"。麦当劳中国为年轻人提供了兼具稳定与成长的平台。多元化的岗位设计配合"有保 障、有福利、有成长"全面薪酬福利体系，让不同背景、不同年龄的员工都能找到适合自己的发展路 径。"每一个人都是独特的，都可以找到自己的价值"。 5月21日，麦当劳中国副总裁、深圳市场高级总经理赵崇基接受深圳商报/读创客户端记者专访，结合麦 当劳 ...

截至2025年5月23日收盘，和顺石油（603353）报收于15.33元，较上周的15.56元下跌1.48%。本周，和 顺石油5月22日盘中最高价报16.15元。5月23日盘中最低价报15.31元。和顺石油当前最新总市值26.58亿 元，在炼化及贸易板块市值排名25/31，在两市A股市值排名4390/5148。 本周关注点 机构调研要点 5月20日业绩说明会,网络文字互动 问：请贵公司未来盈利增长的主要驱动因素有哪些？答：公司发展的盈利增长源于以下方面 新能源业务持续拓展。公司与华为合作建设超充智选站，投运后，单桩充电效率与单桩单日最高充电数 据都非常亮眼，高于湖南市场平均水平。并且，随着新能源汽车保有量持续增长，充电桩市场规模不断 扩大，公司借助市场前沿的技术与品牌优势，加速布局全国超充网络，以增强公司盈利水平。 零售业务继续扩张。公司的成品油零售业务占比及盈利性较高，未来可能将根据市场情况，通过增加优 质加油站数量等方式来提升销售量，在提高市场份额的同时，推动公司盈利增长。 成本控制与运营效率提升。公司整合跨部门资源，以海量历史经营数据为基础，深度挖掘I技术在业务 场景中的应用潜力，且成功搭建成品油采购竞 ...

以下是名创优品 FY25 Q1 的财报电话会纪要，财报解读请移步《 名创优品：名创暴跌？ 没有 IP 魂，搬不来下一个 "泡泡玛特" 》 一、财报核心信息回顾 1、资本配置 2、展望 | | | | | | | | 名创优品财务数据概览 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位:亿元,人民币 | | 1Q23 | 2023 | 3Q23 | 4023 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 1Q25 | 市场换期 | GAP | | 总营收 | | 29.5 | 32.5 | 37.9 | 38.4 | 37.2 | 40.4 | 45.2 | 47.1 | 44.3 | 44.1 beat | 0.39% | | | yoy | 26.2% | 40.396 | 36.796 | 54.096 | 26.0% | 24.196 | 19.3% | 22.796 | 18.996 | 18.4% | | | 毛机 | | 11.6 | 13 ...

Core Viewpoint - The company reported better-than-expected financial performance for FY2025, with a revenue of 71.55 billion, a slight decline of 1.4%, but a 1.6% increase when excluding the impact of supply chain business contraction and store closures [1] Financial Performance - Revenue for FY2025 was 71.55 billion, down 1.4%, but up 1.6% when excluding supply chain impacts [1] - Operating profit reached 1.425 billion, compared to a net loss of 1.009 billion in the previous year [1] - Net profit was 0.405 billion, recovering from a net loss of 1.605 billion last year, exceeding expectations due to ongoing store optimization and significant cost reduction efforts [1] - The interim dividend announced was 0.17 HKD per share, yielding approximately 17.5% based on the closing price, surpassing market expectations [1] Development Trends - Same-store sales improved by 0.6%, driven by enhanced price competitiveness and stable growth in customer spending across channels [1] - Online B2C revenue increased by 6%, contributing to higher average transaction values [1] - Membership fee revenue surged by 125% to 0.36 billion, indicating strong growth in membership-related income [1] - The company closed 7 hypermarket stores, reducing the total to 465, while increasing the number of convenience stores by 1 to 33, with same-store sales growth of 5.9% [1] Cost Management and Profitability - Gross margin slightly decreased by 0.6 percentage points to 24.1%, with product gross margin also down by 0.6 percentage points to 20.7% [2] - The company focused on cost reduction through optimizing personnel costs, reducing headquarters expenses, and lowering rental costs, leading to a decrease in selling and administrative expense ratios [2] - Net profit margin improved by 2.8 percentage points to 0.6% due to these cost management efforts [2] Strategic Focus - The company is advancing a low-price, high-quality strategy, enhancing operational efficiency and competitiveness through better pricing strategies and product quality [2] - Efforts are being made to improve supply chain efficiency and digitalization to enhance overall operational effectiveness [2] Earnings Forecast and Valuation - The earnings forecast for FY2026 was raised from 0.38 billion to 0.67 billion, with a new forecast for FY2027 at 0.94 billion [2] - The current stock price corresponds to a price-to-earnings ratio of 29/21 for FY2026/FY2027, with a target price increase of 22% to 2.8 HKD, indicating a potential upside of 27% [2]

Salesforce团队 投稿 量子位 | 公众号 QbitAI 推理大模型如何提升效率？Salesforce AI Research开源神器两连发—— Elastic Reasoning 和 Fractured Sampling 。 Elastic Reasoning用"想多少、答多少"替代了"想到哪算哪"，让模型在预算范围内思考更合理，输出缩短30%，同时保持（甚至提高）了准 确性。 Fractured Sampling让模型"少想早答"，重新定义了思维链推理的成本-性能前沿，使LLM能够在更低的计算开销下实现强大的推理。 这两种方案显著提高了数学和编程任务的准确率，在推理预算紧张时依然表现出色。 Elastic Reasoning：首次实现"思考-解题"分开管预算 当前的推理大模型在处理任务时往往需要生成长的Chain-of-Thought（CoT）推理链，效果虽好，但开销很大。 在预算有限的情况下，Elastic Reasoning提出了一种新的"思考分段法"：把推理流程显式划分为 思考部分 和 解题部分 ，为它们分别分配 token预算。 通俗地讲，让大模型每次生成时，不再一股脑"想到哪说到哪"，而 ...

Core Points - The Hong Kong Stock Exchange (HKEX) announced an increase in the position limits for futures and options products related to the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Tech Index, effective from July 2, 2025 [1][2] - The new position limits will be 15,000 for the Hang Seng Index (up from 10,000), 25,000 for the Hang Seng China Enterprises Index (up from 12,000), and 30,000 for the Hang Seng Tech Index (up from 21,000) [2] - The Securities and Futures Commission of Hong Kong (SFC) published a consultation summary in April 2025, indicating strong market consensus on the need for increased position limits to enhance market liquidity and hedging efficiency [1][2][3] Market Development - HKEX has been working to develop Hong Kong's derivatives market into a global risk management center, having previously raised position limits for stock derivatives in December 2023 [3] - In 2024, the average daily trading volume of stock options in Hong Kong exceeded 733,000 contracts, representing an increase of nearly 20% compared to 2023, while the average open interest for stock options also rose by approximately 12% during the same period [3] Market Growth Factors - The SFC's earlier consultation document highlighted that the determination of position limits must consider market size and growth, noting significant growth in the Hong Kong stock market over the past decade, driven by an increase in the number of large-cap listings [6] - The market capitalization of the Hang Seng Index and Hang Seng China Enterprises Index increased by approximately 60% and 250%, respectively, over the past ten years, with average daily trading volumes for their constituent stocks rising by about 160% and 300% [6]

Core Points - The "Clean Industry Agreement" aims to accelerate decarbonization and ensure the future of manufacturing in Europe, focusing on energy-intensive industries and clean technologies [1][2] - The agreement is a continuation of the "European Green Deal," emphasizing the importance of sustainable development and the return of strategic production to Europe [1][2] - It aims to create high-quality jobs and enhance economic autonomy by reducing reliance on external supplies [1][2] Group 1: Key Priorities of the Clean Industry Agreement - The agreement promotes investment in renewable energy and nuclear power to stabilize the energy system [1][2] - It aims to establish an interconnected energy alliance to provide affordable and predictable electricity prices, fostering attractive conditions for new investments [2][3] - The legislation framework under the net-zero emissions industry regulations supports the development of manufacturing technologies for solar panels and wind turbines [2][3] Group 2: Enhancing Energy Competitiveness - The Clean Industry Agreement includes specific legislation to modernize electricity transmission infrastructure, aiming to balance electricity prices across member states [3][6] - Lower and predictable energy prices are expected to reduce production costs and enhance the competitiveness of European companies in the global market [3][6] - The Energy Efficiency Directive (EU) 2023/1791 introduces mechanisms to reduce energy consumption and improve energy efficiency in public buildings [3][6] Group 3: Promoting Sustainable Technology Innovation - The EU actively supports innovation and investment in sustainable technologies through financial mechanisms like the recovery plan, emphasizing green technologies [4][6] - Member states receive additional support to create conditions for public-private partnerships, which are crucial for achieving long-term goals [4][6] - The net-zero emissions industry regulations facilitate the construction of strategic projects across Europe, prioritizing companies developing new technologies [4][6] Group 4: Cooperation Mechanisms for Energy Connectivity - The EU relies on cross-border cooperation to improve energy connectivity and stability, including the construction of strategic electricity transmission infrastructure [6] - Financial incentives are provided through European funds to support infrastructure modernization [6] - The Energy Efficiency Directive (EU) 2023/1791 mandates annual renovations of public buildings to meet energy-saving standards, contributing to a more interconnected energy network [6]

Group 1 - The core viewpoint of the article is that Guangdong has introduced policies to promote the high-quality development of the online gaming industry, focusing on technological advancements and collaboration with educational institutions [1] Group 2 - The policies encourage enterprises to conduct research and development around "bottleneck" technologies in the gaming sector, particularly in areas such as virtual engine development and data security [1] - Support is provided for the application of cutting-edge technologies like artificial intelligence in game development and the transformation of advanced gaming technologies to other fields [1] - The provincial government will allocate funds to support high-quality projects that achieve significant breakthroughs in gaming technology, with a maximum one-time subsidy of 5 million yuan available [1]

当被问及是否已经决定在美国中期选举中投入多少资金时，马斯克回答称，"我认为，就政治支出而 言，未来我会大幅减少投入。"当主持人追问原因时，马斯克直截了当地说，"我认为我已经做得够多 了。" 综合外媒报道，在巨额资助了2024年美国大选后，当地时间20日，美国企业家、"政府效率部"负责人马 斯克表示，他"今后将大幅削减"对政治选举的投入，并称自己"已经做得够多了"。分析认为，这是马斯 克有意暂时退出美国政坛前台、回归其商业帝国的最新信号。 马斯克的政治参与花了多少钱？ 据美国《纽约时报》报道，马斯克20日线上出席由彭博社主办的卡塔尔经济论坛时，接受了火药味十足 的采访。 2025年4月，马斯克把目光转向州一级，在威斯康星州最高法院竞选中投入了超过2300万美元，以支持 一位共和党背书的候选人。最终，马斯克以失败告终，一位自由派候选人胜出。 报道指出，与2025年前几月频繁现身华盛顿不同，马斯克近期去华盛顿的次数减少，连在社交媒体X平 台上发帖都少了。3月，马斯克曾日均发帖103条，4月骤降至日均52条。多数帖子也不再关联政治新 闻，而与其旗下企业有关。 目前尚不确定马斯克是否会停止或减少捐助共和党阵营。知情人士 ...