点击上图 ▲立即加入 5月25日，市场监管总局发布《网络交易平台收费行为合规指南（征求意见稿）》。《指南》共28条，主要包括明确平台收费要遵循的原则、倡 导降低平台内经营者负担、强化平台合规自律、规范平台收费行为、加强监督与实施5个方面内容。其中，《指南》明确了重复收费、只收费不 服务、转嫁应由平台自身承担的费用等8种不合理收费行为。 对于《指南》起草的考虑，市场监管总局表示，在平台经济健康发展的过程中，平台的商户反映平台存在收费名目繁多、计算方法复杂、平台收 费不透明等问题。许多平台企业在发展过程中逐渐健全合规管理机制，但在收费行为方面，其内部合规管理制度还不够完善，导致平台企业收费 风险防控不足。（综合澎湃新闻） ｜点评｜ 平台经济发展，不仅颠覆了传统商业模式，通过大数据提高了资源配置效率，而且打造出多方主体共同参与的生态，拓宽了市场的边 界，也吸纳大量劳动力。作为中介服务提供方，平台收取费用的行为本身具有合理性。但也要注意到，费用和流量分配规则不透明、平台内低 价竞争都挤压了中小商家的生存空间，进一步传导，还可能损害保护消费者权益。此外，多方参与以及算法等技术介入，同样增加了平台收费 的复杂性和隐蔽性。 ...

图：2025中国金融产品年度报告封面 每当这份沉甸甸的报告最终成稿，我们的心中总会涌起一种满满的收获感。这不仅是对过去一 年辛勤耕耘的总结，更是对未来探索的期待。十四年的坚守与沉淀，见证了市场的风云变幻， 也见证了我们在专业道路上的稳步前行。 去年的金融产品年度报告中，我们首次提出 财富与资管行业迈向服务化 的转型方向。令人欣慰 的是，这一理念在业内引发了广泛共鸣。回首2024年，我们也清晰地看到，整个行业在这条转 型之路上已然迈出了坚实的步伐，不断探索前行。 然而，迈向服务化的进程并非单个机构的孤立行动，而是需要整个行业的协同共进，需要财富 生态的重构与升级。这是一场全方位、深层次的蜕变，我们将其称之为生态跃迁—— 这就是今 年我们报告的主题。 作为金融市场深刻变革的见证者和参与者，我们深知， 研究服务的价值不仅在于洞察趋势，更 在于搭建认知跃迁的阶梯。 优秀的研究应该如同一盏明灯，照亮前行的道路，帮助从业者们从 纷繁复杂的市场变化中捕捉到那些关键的信号，为行业转型提供坚实的方向指引。 未来， 我们将继续以买方视角为锚点 ，让研究成果如毛细血管般渗透到我们每个服务的触点 ——因为真正的跃迁，从来不是孤立的质 ...

Group 1 - The Chinese supply chain is undergoing a reshaping and restructuring process as companies expand overseas, requiring them to develop new capabilities and organizational structures [2] - 52TOYS is struggling to replicate the high-profit model of Pop Mart, indicating challenges in the toy industry [3] - The perception of Chinese electric vehicles as "cheap" by Western media highlights the need for better positioning in international markets [4] Group 2 - The Chinese government aims to enhance the modern enterprise system by 2035, focusing on improving international competitiveness and governance structures [5] - Meituan's new business segment reported a revenue increase of 19.2% to RMB 22.2 billion, with operating losses narrowing by 17.5% to RMB 2.3 billion [6] - The surge in shipping demand due to reduced tariffs between China and the U.S. has led to a significant increase in freight rates, with prices rising over 40% [7] Group 3 - SoftBank's Masayoshi Son proposed the establishment of a U.S.-Japan sovereign wealth fund for large-scale investments in technology and infrastructure, potentially requiring around $300 billion in initial capital [8] - Tesla's CEO Elon Musk has returned to a full-time work schedule, focusing on key projects, while a former Tesla executive criticized the suitability of the Optimus robot for factory work [8] - The establishment of a new round of financing for ZhiYuan Robotics, backed by JD.com and other investors, indicates growing interest in robotics technology [9] Group 4 - GAC Group launched its "Brazil Action" strategy, introducing five new car models in Brazil, aiming to strengthen its market presence [9] - Four Chinese companies are interested in investing in electric vehicle manufacturing in Indonesia, reflecting the growing global interest in EV production [9]

文︱陆弃 近期，软银集团CEO孙正义提出了设立美日联合主权财富基金的构想，消息一经披露，便引起了广泛 关注。根据《金融时报》的报道，三位知情人士透露，孙正义的这一提议旨在通过大规模投资美国科技 与基础设施领域，推动美日两国经济的深度合作。消息指出，这一计划已被美国和日本两国的最高政治 层级讨论过，并有可能成为其他国家政府与美国深化投资合作的模范。 美日联合主权财富基金的设想，无论从规模、结构还是潜在影响来看，都充满了震撼效应。根据初步的 设想框架，美国财政部与日本财务省将共同拥有和运营该基金，双方各自持有重大股权，并计划将其对 外开放，吸引其他有限合伙投资者参与。更为引人注目的是，该基金的初始资本预计将达到3000亿美 元，未来还将通过高杠杆运作进行扩展，资金规模庞大，且投资目标明确，聚焦于科技与基础设施两大 关键领域。 这一提议的背后，孫正義和软银显然看中了美日两国的战略合作潜力，尤其是在全球科技竞争日益激烈 的背景下，如何通过金融手段推动两国在高技术领域的投资合作，成为了一个备受瞩目的话题。而这种 合作模式，若顺利推进，也有可能为其他国家和地区提供一种新的合作范式，重新定义全球资本流动与 跨国投资的模式。 ...

Core Viewpoint - The global capital markets are experiencing significant shifts in interest rates, with various central banks adopting different monetary policies, leading to a complex environment for high-net-worth families and their asset allocation strategies [3]. Group 1: Interest Rate Changes by Country - China has initiated a new round of interest rate cuts, lowering the one-year Loan Prime Rate (LPR) by 10 basis points to 3.0% and the five-year LPR by 10 basis points to 3.5%, marking the first reduction since October 2024 [4]. - The U.S. Federal Reserve has maintained its federal funds rate target range at 4.25% to 4.5%, prioritizing inflation control despite some easing in inflation rates [5]. - The Bank of England has cut its benchmark rate by 25 basis points to 4.25%, the first reduction since 2023, amidst internal disagreements on the extent of the cut [7]. - Australia has also reduced its cash rate by 25 basis points to 3.85%, the lowest since May 2023, in response to slowing economic growth and inflation returning to target [8]. Group 2: Implications for Family Offices - The divergence in global interest rates poses dual challenges of currency fluctuations and interest rate differentials for family asset allocation strategies [9]. - Traditional asset allocation frameworks, heavily reliant on a stable interest rate environment, are being reassessed as families consider the impact of rapidly declining rates on cash flow predictions and investment returns [10]. - There is a growing interest in alternative assets such as gold, strategic resource funds, and sovereign digital currencies as families seek to hedge against inflation and geopolitical risks [11]. Group 3: Future Considerations for Wealth Management - Family offices are shifting their focus from maximizing returns to ensuring structural stability and resilience across economic cycles, prompting a reevaluation of their asset structures [12]. - The need for a robust "asset immune system" is emphasized, as families aim to navigate the complexities of fluctuating interest rates and geopolitical tensions [13].

Core Viewpoint - The founder of SoftBank, Masayoshi Son, proposed the establishment of a US-Japan joint sovereign wealth fund aimed at large-scale investments in the technology and infrastructure sectors in the United States [1] Group 1 - The idea has been presented at the highest political levels in both the US and Japan, potentially serving as a template for other countries to deepen investment relations with the US [1] - To effectively achieve its investment goals, the fund's scale must be "huge," with initial capital potentially reaching $300 billion, followed by high leverage operations [1]

Core Viewpoint - The CEO of SoftBank, Masayoshi Son, proposed the establishment of a joint sovereign wealth fund between the United States and Japan aimed at making significant investments in the technology and infrastructure sectors in the U.S. [1] Group 1 - The proposed fund is intended to facilitate large-scale investments in American technology [1] - The initiative reflects a strategic move to strengthen economic ties between the U.S. and Japan [1] - The focus on infrastructure indicates a potential shift towards enhancing the foundational sectors of the U.S. economy [1]

Group 1 - The core idea of investment is not merely to make money, but to achieve life goals, as money is just a resource for realizing those goals [1] - The wealth management industry faces a significant issue where most ordinary investors do not clearly understand their investment objectives, often chasing high-risk, high-reward products without a solid foundation [1] - The supply side of investment products is also problematic, as firms aim to create attractive product performance metrics, leading to unsustainable growth despite regulatory constraints [1] Group 2 - The key to breaking the current deadlock in wealth management lies in establishing a truly "client-centered" investment advisory system that aligns investment goals with life planning [2] - Wealth management institutions need to help clients clarify their life goals to prevent their investment objectives from becoming misaligned or drifting [2] - A successful investment advisory approach should involve understanding clients' life responsibilities and financial situations to derive tailored financial needs and investment goals for different life stages [2]

点击上图 ▲立即加入 美国5月Markit制造业PMI创三个月新高 美国 5月Markit服务业PMI初值52.3，创下两个月新高，预期51，前值50.8。企业在将进口商品和材料关税上涨的成本转嫁给消费者方面也取得 了成功：综合销售价格指数连续第三个月加速上涨，达到2022年8月以来的最高水平。（华尔街见闻） ｜点评｜ 美国 5月PMI回暖，增速仍然处于历史低位。5月美国PMI的变动还是与美国关税政策息息相关，美国与中英两国达成初步贸易协定， 制造业企业加紧从这两个国家购进所需产品，以防未来关税政策有变，带动新订单指数走高，企业库存水平快速提升，部分企业试图用囤货来 减弱关税风险。 值得注意的是，美国制造业和服务业出口订单均持续下滑，供应链延期时间被拉长。包括沃尔玛、耐克等美国企业在内，已经开始将关税压力 传导至下游消费者，美国消费者信心连续下降，美国 5月CPI大概率将有所上升。 5月22日，标普全球公布的数据显示，美国5月Markit制造业、服务业、综合PMI初值均好于预期，且录得扩张。具体来看，美国5月Markit制造 业PMI初值52.3，创今年2月以来的三个月新高，也是该数据连续第五个月高于50荣枯 ...

上天天基金APP搜索【777】开户即可领98元券包 ，优选基金10元起投！限量发放！先到先 得！ 说白了就四步：拼命挣钱、玩命存钱、让钱生钱、别瞎折腾！ 1. 挣钱：别嫌累，往钱多的地方挤 干啥挣钱多就干啥 ：别跟钱过不去！互联网、直播、人工智能这些行业工资高，哪怕996， 干5年攒个100万不算离谱。 别死磕一家公司 ：老板抠门不加钱？赶紧跳槽！跳一次工资涨几千，比等老板发善心靠谱。 下班别闲着 ：送外卖、拍短视频、帮人写PPT，啥能来钱就干啥。比如白天上班，晚上开滴 滴，一个月多赚三四千不难。 2. 存钱：对自己狠点，别装大款 工资到手先剁手 ：一发工资立刻把20%转进"只进不出"的卡，就当这钱被狗吃了。 穷得有尊严 ：手机用旧的、奶茶戒了、衣服拼多多，一个月硬存5000，5年本金就30万。 别信毒鸡汤 ：谁说"钱是赚的不是省的"？你月入3万但天天星巴克+海底捞，10年后还是穷光 蛋。 3. 投资：用时间换复利 新手先练基本功 ：初期用低风险工具打底，比如货币基金、国债，先尝试保住本金再谈收 益。 定投指数基金 ：每月拿固定比例钱买入沪深300、纳斯达克100这类宽基指数，长期持有吃 经济增长红利。 远离 ...