Core Insights - China has the highest number of convenience stores globally, totaling 321,000, but the per capita coverage is lower than that of South Korea and Japan, with one store serving an average of 4,441 people [1][2][3] - Major cities like Beijing and Shanghai have lower convenience store coverage compared to second and third-tier cities, with Beijing having one store for every 7,696 people, indicating a "convenience store desert" [1][9] - The density of convenience stores is higher in cities like Dongguan, which has the highest single-store population coverage at 2,048 people per store, while cities like Yichang have the lowest at 17,982 people per store [8][9] Market Dynamics - The leading convenience store brands in China are Meiyijia and Yijie, with 33,848 and 28,633 stores respectively, while international chains like Lawson and 7-Eleven have significantly fewer stores [7] - The operational costs in first-tier cities are high, making it challenging for convenience stores to thrive due to expensive rent and labor costs, which leads to a preference for opening in lower-cost second and third-tier cities [9] Consumer Behavior - Asian consumers have similar dietary preferences, making convenience store offerings like bento and rice balls popular, while American consumers prefer fast food options, which affects the types of products sold in convenience stores [4] - In China, convenience stores are not seen as primary shopping destinations but rather as supplementary options for busy lifestyles, which limits their market penetration compared to countries like Japan and South Korea [4][12] Future Outlook - The success of convenience stores in lower-tier cities raises the question of whether the next major brand could emerge from these less prominent locations, similar to how brands like Mixue Ice City have gained popularity [12][13] - The affordability and accessibility of convenience stores cater to everyday needs, suggesting that their growth potential remains strong in the context of evolving consumer habits [13]

Group 1: Gold Market - Gold prices have been experiencing a significant decline, with London spot gold dropping over 2% to $3222.32 per ounce and COMEX gold futures down 2.6% to $3232.9 per ounce as of May 1 [2] - Several gold jewelry brands have reduced their prices, with some falling below 1000 yuan per gram, such as Lao Miao at 995 yuan, Chow Sang Sang at 1002 yuan, and Chow Tai Fook at 1009 yuan [2][4] - The World Gold Council reported that global gold demand reached 1206 tons in Q1 2025, a 1% year-on-year increase, with investment demand soaring by 170% to 551.9 tons [5] Group 2: Oil Market - International crude oil futures saw a sharp decline, with Brent and NYMEX crude oil futures dropping by 1.72% and 1.92% respectively on May 1 [6] - Analysts suggest that oil prices are facing short-term uncertainties due to upcoming OPEC+ production policy meetings and ongoing tariff negotiations between the US and other countries [6][7] - Despite the recent price drop, short-term inventory pressure in the oil market remains manageable [7]

Group 1 - The core viewpoint of the articles highlights the perception of Trump's Middle East policy as aggressive and dismissive of international norms, with accusations of the U.S. acting as a bully and igniting conflict in the region [1][2][3][7] - Trump's support for Israel's actions in Gaza and his perceived disregard for Palestinian rights reflect a colonial mindset, as noted by various analysts [2][3] - The U.S. has lost credibility in the Middle East, as indicated by the comments from regional experts who believe that Trump's actions have exacerbated conflicts rather than resolved them [3][4] Group 2 - The Trump administration's approach towards Iran involves a combination of extreme pressure through sanctions and military threats, while simultaneously claiming to seek diplomatic solutions [4] - The U.S. military actions in Yemen have led to further humanitarian crises, raising concerns among Gulf states about the stability of the region [4] - Trump's demands for free passage of U.S. ships through the Suez Canal reflect a broader pattern of perceived economic and political extortion directed at sovereign nations [6][7]

选自 Ahead of AI 作者：Sebastian Raschka 机器之心编译 推理模型发展正盛，著名 AI 技术博主 Sebastian Raschka 也正在写一本关于推理模型工作方式的新书《 Reasoning From Scratch 》。在此之前，他已经出版了多本 AI 领域的著名书籍，包括《Build a Large Language Model (From Scratch)》、《Machine Learning Q and AI》、《Machine Learning with PyTorch and Scikit-Learn》。 近日，他在自己的博客上放出了这本书的第一章，为 LLM 领域的推理进行了入门级的介绍，同时还概述了推断时间扩展和强化学习等技术方法。 机器之心编译了这本书的第一章，以飨读者。 原文地址：https://magazine.sebastianraschka.com/p/first-look-at-reasoning-from-scratch （注：为了行文清晰，本文会将 inference 译为「推断」，将 reasoning 译为「推理」；其中 inference ...

铜行业专题：勘探降速 vs 需求升浪，构筑"赤金时代" 复盘：铜定价逐步向供需基本面逻辑切换。2025 年铜价定价逻辑从宏观 经济因素主导逐步转向供需基本面的驱动。随着全球主要经济体加息周期 结束，货币政策对大宗商品价格的影响或逐渐淡化，铜价定价框架重新转 向商品供需面逻辑。2024 年上半年铜价受宏观宽松预期、矿端供给扰动 以及需求边际扩张预期的推动而上涨，但下半年随着美联储降息落地后宏 观利好逐步被消化，加之需求端表现平淡，铜价呈现冲高回落趋势。尽管 供应端紧张局面持续，但下游企业对高价铜采购意愿减弱，市场观望情绪 浓厚。未来，铜价走势将受到宏观政策与供需基本面的双重影响，需求改 善信号和政策刺激将成为价格突破的关键。整体来看，2024 年全年铜价 在宏观与基本面因素的交替作用下呈现震荡走势，但进入 2025 年后，随 着供需矛盾的进一步激化，铜价或将更加依赖于基本面的改善。 证券研究报告 | 行业专题研究 gszqdatemark 2025 04 30 年 月 日 工业金属 铜供给：矿端增速放缓，冶炼端静待产能出清。全球铜矿供给格局仍以拉 丁美洲为主导，智利和秘鲁占据核心地位。但铜产量增长放缓；对比来看 ...

2024年金融股（包括银行、券商、保险）的分红总额均创下三年新高，甚至上市券商也涌现了股息率达到4%的个股。 银行股一直被市场视为红利股的代表，国有大行30%的利润用于分红，适合长期配置；而券商股则被称为"牛市旗手"，分红比例虽然不低，但业绩周期波动大，适 合弹性投资。 值得思考的是，当分红力度持续加大，股息率可以比拼银行股的时候，券商股的投资逻辑是否会发生变化？ 据券商中国记者统计，上市券商2024年累计分红536亿，同比增长28%；年度现金分红占归母净利润的比例达到了34.38%，同比提高了3.82个百分点。按4月28日最 新收盘价计算，股息率达到3%以上的券商股包括东吴证券、华泰证券、国信证券、广发证券。 金融股分红创三年新高 近日，年报披露进入尾声，现金分红作为上市公司重视股东回报的表现之一，备受市场关注。券商中国记者统计发现，今年除了银行股以外，保险股、券商股等金 融股也纷纷拿出大手笔分红，不论是年度现金分红总额，还是年度分红占归母净利润（简称"现金分红比例"）的比例都创下近三年新高。 从现金分红总额来看，银行股年度分红总额最大。其中，6家国有大行2024年累计分红4206亿元，同比增长2%，现金分 ...

Core Viewpoint - The total cash dividends from financial stocks, including banks, brokers, and insurance companies, reached a three-year high in 2024, indicating a strong focus on shareholder returns in the market [1][2]. Financial Sector Dividend Summary - The total cash dividends from banks amounted to 4,206 billion yuan in 2024, a 2% increase year-on-year, with a stable cash dividend ratio of around 30% and a dividend yield exceeding 4% [2][5]. - Insurance companies collectively distributed 908 billion yuan in dividends, marking a 20% year-on-year growth and a three-year high, although the average cash dividend ratio has been declining [2]. - Listed brokers reported a total cash dividend of 536 billion yuan, a significant 28% increase from the previous year, with an average cash dividend ratio exceeding 30% [2][6]. Broker Dividend Insights - In 2024, seven listed brokers had cash dividend ratios exceeding 50%, with East Wu Securities achieving a dividend yield of 4%, comparable to bank stocks [3]. - The cash dividend ratio for Red Tower Securities was the highest among brokers at 90.63% in 2024, while Industrial Securities had a ratio of 51.88%, up from 44% in 2023 [4]. Investment Logic of Broker Stocks - The increasing cash dividends from brokers raise questions about the traditional investment logic, as their dividend yields are now competitive with those of bank stocks [6]. - Historically, broker stocks were seen as more volatile due to market cycles, making them suitable for flexible investments, but the current trend of higher dividends may shift this perception [6]. Fund Holdings and Market Position - Despite the strong dividend performance, banks and non-bank financial stocks remain underweighted in fund holdings, with bank stocks representing about 3% of the market value and non-bank financials at 0.9% as of the end of Q1 2025 [7]. - The low allocation in these sectors suggests that while dividends are a key consideration for fund managers, the performance volatility linked to economic cycles remains a concern [7].

"女士们、先生们，"法警面对围坐在桌边的12位陪审团成员，指着一沓文件说，"这些是法官给你们宣读的指示。"接着，他又指向另一沓文件说："这些 是你们的裁决表格。" 房间里的7男5女，除了都居住在威斯康星州，并在1985年11月的一个寒冷清晨，按照指令出现在法院门前外，几乎没有共同之处。此刻，他们作为陪审员 要负责决定一个名叫勒罗伊·里德的男人的命运。 在过去的两天里，他们对这个男人有了全面的了解。里德，42岁，有犯罪前科，9年前从州立监狱释放，此后一直在密尔沃基的一个贫民区过着平静的生 活。在此期间，他没有任何被捕或缺席假释审查的记录，也没有斗殴或被邻居投诉的情况。从各方面来看，他都是一位模范公民，直到此次因持枪而再次 被捕。由于里德有犯罪前科，所以他拥有枪支是违法的。 审判伊始，里德的辩护律师便向陪审团承认，那些对其不利的证据确实很有说服力。"首先，我要明确地告诉各位，"他对陪审团成员说，"勒罗伊·里德曾 犯有重罪。去年的12月7日，也就是11个月前，他购买了一把枪。对此，我们毫不隐瞒，也毫无异议。" 根据《威斯康星州第941.29号法令》，这意味着里德可能面临长达10年的监禁。但是，他的律师接着说，"他应 ...

回家之后，里德将枪支连同包装盒原封不动地放进了自己的衣柜，之后再也没有碰过它。 里德购买枪械这件事原本很可能就这样神不知鬼不觉地过去了。然而，直到有一天，他在法院附近寻找 当侦探的机会，希望有人雇他破案。这时，一名警察走上前要求他出示身份证明。无奈之下，里德只能 从口袋里掏出了唯一带有他姓名的东西：那家体育用品商店的购枪收据。 "你随身携带了那把枪吗？"警察问道。 审判伊始，里德的辩护律师便向陪审团承认，那些对其不利的证据确实很有说服力。"首先，我要明确 地告诉各位，"他对陪审团成员说，"勒罗伊·里德曾犯有重罪。去年的12月7日，也就是11个月前，他购 买了一把枪。对此，我们毫不隐瞒，也毫无异议。" 根据《威斯康星州第941.29号法令》，这意味着里德可能面临长达10年的监禁。但是，他的律师接着 说，"他应该被判无罪"，因为他患有严重的精神障碍，再加上被捕时情况特殊，所有迹象都表明他并无 意犯罪。一位心理学家作证指出，里德只有二年级的阅读水平，且智商"远低于平均值"。十多年前，里 德无意间在一起便利店的抢劫案中，充当了朋友逃跑时的司机，因而被定罪。不过，他最终被提前释 放，部分原因在于官方怀疑即使在被定罪之后 ...

智通财经APP获悉，来自全球最大规模资管机构贝莱德(BlackRock)的股票分析师团队敦促投资者们仍应保持对于人工智能驱动型股票(AI-driven)的适度配置 敞口(若无敞口则应选择逢低布局)，尽管面临近期的全球范围内贸易政策剧烈波动，该机构仍然强调，特朗普政府掀起新一轮面向全球范围的激进关税政 策，但AI投资主题以及所谓"AI投资逻辑"本身所具备的长期投资回报增长潜力仍然"完好无损"。 在贝莱德股票分析团队看来，特朗普政府所主导的关税政策重压难挡AI投资逻辑带来的"超额阿尔法属性"。贝莱德建议投资者们持续配置人工智能驱动型股 票，并认为这些股票具备强大的"阿尔法属性"——即跑赢美股大盘——标普500指数的概率，且相比消费、能源、矿业等其他热门板块投资收益而言将高得 多。 资管巨头贝莱德力挺AI投资主题 "具有强劲的盈利能力且资产负债表强劲的人工智能驱动型科技公司最能够在当前的宏观环境中运筹帷幄。"贝莱德分析团队在《春季投资指引》研究报告中 指出。 无独有偶，华尔街金融巨头摩根士丹利(以下简称"大摩")近期发布的研报显示，AI/ML(人工智能/机器学习)这两大前沿科技支出在美国科技类型企业的IT预 算中占 ...