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 ...

小鹏汽车于北京时间2025年5月21日港股盘后、美股盘前发布了 2024 年一 季度财报。一季度财报表现都在预期之中，但二季度指引是呈现边际改善的，从实际表 现来看： 1）卖车毛利率仍然站上了低双位数，环比继续改善： 虽然本季度卖车单价还在下滑（主要低价小车Mona M03占比提高+清老款库存降价），但卖车毛利率因为 M03和P7+的热销带来的规模效应释放，仍然站上了低双位数10.5%的水平，环比继续提升0.5个百分点，也要略超市场10%的预期。 2）二季度销量指引符合预期： 二季度销量指引10.2-10.8万辆，隐含5/6月平均月销3.4万-3.7万辆，相比4月实际销量3.5万辆基本算是持平， 主要由于大产品周期在 三季度才能开启，二季度这样的销量指引也还可以。 3）收入预期隐含的卖车单价在环比回升： 收入预期隐含的卖车单价15.8万元，还继续环比回升0.5万元，仍然是呈现边际改善趋势，主要由于车型结构中更高价的 改款G6&G9占比的回升。 ① 新品周期非常强劲： 从小鹏2025年的产品周期来看，二季度末还有Mona M03智驾版本及中型SUV上市，预计开始放量都要集中在三季度，同时三季度及之后还有4款车型 ...

建筑物内的 温度控制 占其能耗的一半。 电致变色智能窗 （ Electrochromic smart windows，ESW） 能够主动控制光和热的传递，有助于按需控制室内温度， 从而提高建筑物的能源效率。然而，ESW 的实施在颜色中性、长期耐久性、有效可回收性和集成性方面仍面临诸多挑战。一些商用有机 ESW 已经得到安装，但 采用更优质的无机 ESW 以提高建筑能源效率值得进一步研究。 在这篇综述中，作者们讨论了 ESW 的工作模式、装配方式和实施情况。ESW 的有效性和运行的关键方面包括材料选择以及电化学和光学过程 。此外，论文作者 主张在无机 ESW 中采用双频段调节和可逆金属沉积技术 。替代透明导体 （例如碳纳米管、石墨烯和金属网格） 、增材制造方法、高集成度以及可改装的电致变 色薄膜能够通过克服成本效益、可扩展性和耐久性等问题，使无机 ESW 更有效且应用更广泛。 编辑丨王多鱼 排版丨水成文 2025 年 5 月 19 日， 山东大学 李海增 教授作为通讯作者，在 Nature 旗下综述期刊 Nature Reviews Clean Technology 上发表了题为： Inorganic elec ...

1、本科以上学历 2、对企业和上市公司感兴趣 3、有较强的职业精神 主要职责： 负责企业和上市公司调研、访谈、报告撰写等 工作地点： 北京西直门 五险一金，薪资面议 欢迎 发送简历至 youngcaijing@163.com 期待你的加入。 ■ YOUNG财经从商业伦理视角关注商业世界，倡导帕累托最优的进化发展方式，支持市场公平和市场 效率，提倡第三方监督的力量。期待共赢而没有人受损的永续繁荣。关注绿色、社群和公司治理，倡 导包容、可持续发展理念。 岗位要求： YOUNG财经 招聘财经编辑数名 【YOUNG财经——关注商业伦理】 ...

的追逐，对成本管理的持续优化，对产品质量和性能的执着，造型和座舱竞争力，都极大提高了中国自 主品牌汽车在国内和海外市场的竞争力。与此同时，在技术趋同、突破性技术需要时间的情况下，就会 出现我们目睹的各种"内卷"。有"卷续驶里程"的，有"卷发动机热效率"的，有"卷智能驾驶"的。 笔者在国外和国内长期从事汽车动力总成研发，特别想围绕续驶里程和发动机热效率认证阐述一下自己 的观点，供读者参考。希望能将我们有限的宝贵资源用于为消费者带来价值，有助于汽车产业可持续发 展的"外卷"上去。 插电混动续驶里程竞赛：科学优化还是资源浪费 传统燃油车一箱油的续驶里程在600公里左右，不曾听闻有里程焦虑，因为加油站基础设施已很完善， 加油时间就几分钟。纯电动汽车所对应的充电站从无到有，还在完善过程中，且充电时间还是远长于加 油时间，导致新能源汽车用户有里程焦虑，研发高续驶里程的纯电动汽车有必要，能解决或缓解用户里 程焦虑的痛点。 在本世纪过去的25年里，中国汽车产业发生了巨大变化。2000年，中国乘用车销售量约80万辆，中 国自主品牌汽车市场份额约20％。北京率先实施汽车尾气排放国一标准（比欧洲1992年引入的欧Ⅰ标准 更加宽松） ...

Financial Data and Key Metrics Changes - In Q1 2025, the company reported a total parcel volume of 8.5 billion, representing a year-over-year increase of 19.1% [6] - Adjusted net income reached RMB 2.3 billion, up 1.6% year-over-year [6][15] - Total revenue increased by 9.4% to RMB 10.9 billion [15] - Average selling price (ASP) for core express delivery services decreased by 7.8% due to competitive pressures [16] - Gross profit decreased by 10.4% to RMB 2.7 billion, with a gross profit margin of 24.7%, down 5.4 percentage points [18] - Operating cash flow increased by 16.3% to RMB 2.4 billion [19] Business Line Data and Key Metrics Changes - Retail parcel volume increased by 46% year-over-year, with reverse logistics volume surging over 150% [8] - The company achieved a daily average parcel volume of around 6 million, with a year-over-year increase of 45% [27] - Reverse logistics exceeded a daily volume of 3.5 million, reflecting significant growth [27] Market Data and Key Metrics Changes - The express delivery industry grew its parcel volume by 21.6% in the first quarter [6] - The company noted intensified price competition and an increase in the proportion of lower-value parcels [7] Company Strategy and Development Direction - The company aims to solidify its leadership in service quality and scale while achieving reasonable profit levels [13] - Strategic initiatives include enhancing network policy effectiveness, strengthening last-mile capabilities, optimizing revenue mix, and maximizing resource utilization [10][12] - The company is focusing on building long-term competitive advantages through improved service quality and collaboration with e-commerce platforms [8][13] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by intensified competition and the misalignment between volume growth and revenue expansion [7] - The company remains committed to its strategic goals of high-quality service and outpacing industry average volume growth [10] - Management expressed confidence in achieving full-year parcel volume guidance of RMB 40.8 to 42.2 billion, representing a 20% to 24% increase year-over-year [20] Other Important Information - The company has made significant progress in developing differentiated products and services, enhancing brand awareness and customer loyalty [8] - Capital expenditure for Q1 totaled RMB 2 billion, with an annual CapEx forecast of RMB 5.5 to 6 billion for 2025 [19] Q&A Session Summary Question: Competition and Volume Growth - Management emphasized the goal of achieving volume growth while ensuring service quality and maintaining reasonable profit levels, with a focus on narrowing the gap between their growth and industry averages [26] - Retail parcel and reverse logistics have shown significant growth, with daily parcel volume expected to increase further [27][28] Question: Unit Revenue and Cost Forecast - Management noted that unit revenue decline is driven by competition and an increase in lower-weight parcels, while cost efficiency initiatives have led to significant reductions in unit costs [38][40] - Future cost reductions will be supported by technology upgrades and improved operational processes [41] Question: AI Application in Operations - The company is actively exploring AI applications in sorting operations and route planning, which have already shown improvements in efficiency [42] - Future plans include further integration of AI in last-mile delivery and autonomous vehicles to enhance operational capabilities [42]

Core Insights - The article discusses Elon Musk's assertion that a $2 trillion cost-saving target for the Department of Government Efficiency (DOGE) is dependent on the U.S. government [1] Group 1 - Musk emphasizes the significant role of the U.S. government in achieving the proposed cost savings [1]

Core Viewpoint - There is no conflict of interest between the Department of Efficiency (DOGE) and the company's business operations [1] Group 1 - The company emphasizes the separation of its operations from governmental interests [1]

Core Viewpoint - Vale's stock performance has lagged behind competitors, with a year-to-date increase of approximately 10%, compared to ArcelorMittal's 36% and United States Steel's 26% [1] Financial Performance - Q1 2025 earnings showed a revenue of $8.12 billion, a 4% decline year-over-year, slightly below the consensus estimate of $8.39 billion [2] - Net income decreased by 17% to $1.39 billion from $1.67 billion in Q1 2024 [2] - Free cash flow dropped significantly to $504 million from $2.2 billion in Q1 2024 [2] - Iron ore production fell by 4.5% to 67.7 million metric tons due to heavy rainfall, while sales volumes increased by 3.6% to 66.1 million tons [2] - The average realized iron ore price was $90.80 per ton, nearly a 10% reduction compared to the previous year [2] - Copper and nickel production both rose by 11%, reaching approximately 90,900 tons and 43,900 tons, respectively [2] Market Position and Strategy - Vale's focus on cost efficiency and strategic project development is expected to enhance its performance despite declining commodity prices and adverse weather [3] - The company has acquired the remaining 50% interest in the Baovale iron ore project, gaining full control of the Agua Limpa mine [6] - Vale aims to source 90% of its natural gas from the free market by 2025 through agreements with Eneva and Origem Energia [6] - The company plans to reduce cash costs by 15% in 2025 compared to 2024, optimizing logistics and utilizing automation [7] - Vale increased shipments to Europe by 18% in Q1 2025, benefiting from the EU's carbon border adjustments [7] Valuation Metrics - Vale's current Price-to-Earnings (P/E) ratio is 6.6x, significantly lower than the 9.3x in 2020, indicating potential undervaluation [8] - In comparison, ArcelorMittal's P/E ratio is 17.4x, and United States Steel's is 22x, suggesting that Vale's stock price is substantially below various intrinsic value estimates [8]

哔哩哔哩Q1营收同比增长24%，毛利率提升至36.3%，经调整后净利润实现扭亏为盈，经营现金流翻 倍。 5月20日，哔哩哔哩发布未经审计的2025年第一季度财报。 Q1营收同比增长24%至70.03亿元，市场预估为69.1亿元人民币。 Q1调整后每股收益0.86元人民币，去年同期亏损1.06元人民币。 Q1月活跃用户3.68亿，同比增长7.8%。 哔哩哔哩美股盘前一度涨超4%，现涨幅收窄至逾2%。 月均付费用户创新高，广告、游戏业务带动利润增长 B站Q1营收同比增长24%至70.03亿元，经调整净利润为3.62亿元，去年同期则为亏损4.56亿元，实现扭 亏为盈。 分业务看，B站四大收入来源呈现不同增长态势： 增值服务：营收28.07亿元，同比增长11%，占总营收40%。 广告业务：营收19.98亿元，同比增长20%，占总营收28.5%。 Q1经调整净利润为3.62亿元，去年同期则为亏损4.56亿元。 手机游戏：营收17.31亿元，同比增长76%，占总营收24.7%。 IP衍生品及其他：营收4.67亿元，同比下降4%，占总营收6.8%。 值得注意的是，游戏业务的突出表现主要来自独家授权游戏《三国：谋定天下》的强 ...