Group 1: Market Overview - The price of gold is projected to reach a historical high of $3,500 per ounce by April 2025, driven by geopolitical tensions and a dollar credit crisis, highlighting the renewed focus on precious metals [2] - Gold has seen a year-to-date increase of 28.51%, reinforcing its status as a safe-haven asset amid inflationary risks in the U.S. [2] - Central banks' ongoing purchases of gold emphasize its unique role as a sovereign credit hedge [2] Group 2: Silver and Platinum Group Metals - Silver is expected to surpass $43.50 per ounce in 2025, with its essential role in 5G electronics and new energy batteries due to its conductivity [3] - The market for platinum is facing challenges due to reduced demand from traditional fuel vehicles, but hydrogen fuel cell vehicles present new opportunities [3] - The usage of platinum in vehicles has decreased from 1.1g/kW in 2000 to 0.17g/kW, prompting accelerated research into low-platinum catalysts [3] Group 3: Palladium and Rhodium Dynamics - Palladium's demand in automotive emissions control is declining, with its market share dropping from 75% in 2020 to 60% in 2025, while new demands in electronics and hydrogen fuel cells are emerging [4] - Rhodium prices have surged from 1,200 yuan per gram in 2020 to over 3,000 yuan per gram in 2025, driven by demand from hydrogen vehicles and 5G glass [4] - The development of rhodium-free catalysts in Japan poses a potential risk to rhodium prices if mass production occurs [4] Group 4: Recycling and Geopolitical Risks - The precious metals recycling market in China is expected to expand, with new technologies increasing recovery rates to over 95% [4] - Geopolitical risks remain high, as 80% of rhodium and 40% of palladium supply relies on South Africa and Russia, making the supply chain vulnerable to disruptions [4] - The interplay between resource concentration and technological breakthroughs is creating uncertainties in the precious metals market [4] Group 5: Future Outlook - Each precious metal faces unique challenges and opportunities, with gold balancing monetary and medical applications, platinum undergoing energy transition pains, and palladium and rhodium navigating traditional and emerging demands [5] - The precious metals market in 2025 transcends simple safe-haven investments, serving as a lens to observe global industrial changes and geopolitical dynamics [5]

Core Viewpoint - The company initially adopted Rust for its advantages in speed, safety, and modernity, but ultimately banned its use due to the discomfort it caused within the organization by exposing inefficiencies and raising performance expectations [1][22][28]. Group 1: Initial Adoption of Rust - Rust was seen as an ideal choice for the company, promising rapid development and safety features [2][6]. - The first service rewritten in Rust was a high-traffic application that had significant memory leak issues, which Rust effectively resolved, leading to impressive performance metrics [7][17]. Group 2: Consequences of Using Rust - The development speed increased dramatically, with new features being developed in just three months, which was deemed unacceptable by management [10]. - The ease of hiring Rust developers led to an influx of highly qualified candidates, making existing engineers feel inadequate [12][14]. - The internal toolchain was found lacking compared to Rust's ecosystem, highlighting organizational inefficiencies [15][16]. Group 3: Organizational Response - The CTO held a meeting questioning if the company would still be bogged down by bugs and technical debt without Rust, leading to a decision to ban its use [20][21]. - The decision was framed as a response to Rust's ability to expose the company's inefficiencies and elevate performance standards that the organization was not ready to meet [22][28]. Group 4: Aftermath and Reflection - Following the ban, 90% of services reverted to using Go, which was seen as adequately slow and safe, aligning with the company's strategic approach to managing technical debt [23]. - The company expressed regret over the decision only when stability was desired, indicating a complex relationship with the efficiency Rust brought [25][26].

Group 1: Core Themes in New Consumption - The new consumption sector is accelerating around three main themes: "well-being," "technological transformation," and "travel consumption" [1] - Sub-sectors such as trendy toys, healthy eating, beauty economy, and AI+ consumption show structural growth potential [1] Group 2: Well-being Consumption - Trendy toys are experiencing a historical opportunity with global IP cross-regional penetration and category innovation, expected to see significant growth by 2025 [2] - The global market for trendy toys is expanding, with interactive features driving user engagement and product innovation [2] - Beneficiaries in this sector include Pop Mart, Blokus, and Huali Technology [2] Group 3: Healthy Eating and Efficiency - The Chinese meal replacement industry has grown from 5.8 billion yuan in 2017 to 132.2 billion yuan in 2022, with a projected CAGR of 21.7% from 2022 to 2027 [2] - Major brands like KFC and Nayuki are expanding into the healthy salad market, while beverage companies are launching popular fruit and vegetable products [2] - Beneficiaries include Mixue Group, Guming, Bawang Tea, and Luckin Coffee [2] Group 4: Beauty Economy - Online channels continue to show growth potential, particularly on platforms like Douyin [3] - The market share of domestic brands is expected to rise from 13.3% in 2022 to 19.9% by 2024 [3] - Key players benefiting from this trend include Juzhibio, Mao Geping, and Shangmei [3] Group 5: Travel Consumption - Post-pandemic travel is becoming a relatively essential low-frequency optional consumption, showing strong anti-cyclical resilience [4] - The travel sector is expected to maintain a growth rate of 7-8%, with ongoing recovery in inbound and outbound tourism [4] - Beneficiaries in this sector include Trip.com Group and Tongcheng Travel [4] Group 6: Technological Transformation - AI is driving a new marketing ecosystem, with significant growth in content creation and diverse application scenarios in beauty and beverage sectors [5] - The number of active creators on content platforms is expected to grow by 62% year-on-year by June 2024 [5] - Beneficiaries include Meitu, Youdao, Keri International, and Tongdao Recruitment [5] Group 7: Travel Consumption Expansion - Local life services are expanding, with Meituan and Didi entering the Brazilian food delivery market, valued at over 20 billion USD [6] - Chinese tea culture is spreading globally, with brands like Mixue Ice City and Bawang Tea entering markets in Europe and the Americas [6] - Key players in this expansion include Mixue Ice City and Bawang Tea [6]

Core Viewpoint - The article emphasizes the importance of understanding China's historical context to navigate the current turbulent economic landscape, particularly in light of recent global trade tensions and the impact of policies like tariffs [1][2][3]. Group 1: Historical Context of Chinese Modernization - The Opium War in 1840 marked the beginning of China's modernization journey, leading to significant efforts for national revival and social progress [6][7]. - Throughout history, Chinese entrepreneurs have played a crucial role in pivotal moments of national transformation, intertwining their entrepreneurial journeys with the country's modernization [7][9]. - The article outlines three waves of entrepreneurial evolution in China since the Opium War, highlighting the connection between entrepreneurs and national modernization [9]. Group 2: Three Waves of Entrepreneurial Evolution - The first wave occurred during the Self-Strengthening Movement, characterized by "official merchants" and "compradors," with key figures like Zeng Guofan and Li Hongzhang leading initiatives to modernize industry [10][12]. - The second wave emerged in the Republican era, where a new class of national entrepreneurs focused on consumer goods and industrial products, marking a golden age for private enterprise [16][18]. - The third wave followed the reform and opening-up period, where diverse entrepreneurs emerged, including township enterprise representatives and urban reform pioneers, driving economic growth through practical approaches [19][22][23]. Group 3: Current Economic and Geopolitical Landscape - The article discusses the current economic cycle starting in Q4 2024, which will significantly influence China's economic development through changes in fiscal, monetary, and real estate policies [27]. - It also highlights the unpredictable geopolitical landscape, particularly the implications of U.S.-China relations and the challenges posed by technological decoupling and factory relocations [27]. - The rapid advancements in technology, especially in AI, are reshaping traditional business models, necessitating entrepreneurs to adapt to these changes [27][29]. Group 4: Educational Initiative - The "2025 Wu Xiaobo Lecture Hall" aims to help entrepreneurs understand the historical context of China's modernization and its implications for future business strategies [29][30]. - The program will cover significant historical events and their impact on modern entrepreneurship, providing insights into the successes and failures of past business leaders [30][31]. - The initiative emphasizes the need for entrepreneurs to learn from history to navigate future uncertainties effectively [32].