日本4月劳动现金收入年率 2.3%，预期2.60%，前值由2.10%修正为2.30%。 ...

Core Viewpoint - Since 2025, A-shares have experienced a significant reshuffling in revenue recognition methods, with over 30 listed companies adjusting their accounting practices, leading to a total revenue reduction exceeding 10 billion yuan [1][2]. Group 1: Revenue Recognition Adjustments - More than 30 listed companies have announced corrections related to revenue recognition methods, switching from gross to net accounting, resulting in a total revenue adjustment of over 10 billion yuan [1]. - Companies like *ST Hu Ke and Te Rui De have made significant adjustments, with *ST Hu Ke's revenue dropping by over 90% for the first nine months of 2024 due to the change in accounting method [1]. - The adjustments are primarily concentrated in trade, especially in bulk commodities and supply chain trade, where misapplication of revenue recognition methods is common [2]. Group 2: Areas of Misapplication - The misapplication of revenue recognition methods is prevalent in several sectors, including trade, charging services, and technical services [2]. - For instance, companies like Aote Xun and Beiba Media have changed their revenue recognition from gross to net due to their role as service intermediaries in the new energy charging service business [2]. - Other sectors affected include e-commerce platform operations, advertising agency services, and entrusted processing, where the choice between gross and net accounting is frequently misused [2]. Group 3: Regulatory and Practical Challenges - The improper use of gross and net methods has been highlighted in multiple regulatory cases, with 63 companies penalized by the China Securities Regulatory Commission for such misapplications since 2020 [4]. - The complexity of determining control transfer and the distinction between principal and agent roles in transactions complicates the correct application of revenue recognition methods [5]. - Regulatory bodies have emphasized the need for clearer guidelines and training to help companies navigate the complexities of revenue recognition [7]. Group 4: Investor Considerations - Investors are advised to focus on cash flow rather than revenue, remain cautious of companies frequently changing their main business, and avoid complex related-party transactions that may indicate financial manipulation [8]. - The use of net accounting can reflect a company's true commercial role, and investors should analyze the underlying business logic and regulatory dynamics to assess revenue authenticity [7][8].

金十数据6月4日讯，俄罗斯财政部周三公布的数据显示，俄罗斯5月份的石油和天然气收入同比下降 35%，至5127亿卢布（合65.5亿美元），这可能会使俄罗斯更加抵制欧佩克+的石油增产。由于全球油 价下跌和卢布走强，俄罗斯油气预算收入也较4月份下降了53%。石油和天然气收入一直是克里姆林宫 最重要的现金来源，在过去10年占联邦预算总收入的四分之一到一半左右。 俄罗斯5月份油气预算收入同比下降35% ...

研究员：赵丽/谷馨瑜/孙梦琪/蔡涵 基于快于预期的成本费用端优化，我们上调2025/26 年经调整净利润6%/9%至19.3/22.0 亿元，并基于 SOTP 估值上调未来12 个月目标价至240 港元（原184 港元），其中1）核心业务贡献223 港元，基于优 质内容及版权公司平均20 倍年市盈率，以及2025-26 年平均经调整净利润20.1 亿元，2）现金贡献17港 元，基于30%折价。网易云音乐付费墙及ARPPU 仍有较大运营空间，看好长期会员收入增长潜力，维 持买入。 1 季度毛利率优化超预期。2025 年1 季度网易云音乐公布收入18.6 亿元（人民币，下同），同比降 8%，较2024 年下半年2%的降幅扩大，主要因社交娱乐收入下降。毛利率36.7%，同比提升3.7 个百分 点，较2024 年下半年提升4.4 个百分点，好于我们/市场预期，受益于会员订阅收入增长，数专业务收 入增加，及直播分成优化。 机构：交银国际 2025 年展望：1）在线音乐：我们看好会员订阅延续稳健增势，预计在线音乐收入同比增15%，其中会 员订阅收入或增16%，仍受会员规模扩张拉动，预计ARPPU 短期基本持稳，高端会员增 ...

Core Insights - Goldman Sachs hosted the Alternative Revenue Forum, highlighting Target's strategic positioning and performance in the current retail environment, focusing on diversified revenue channels and inventory management for sustainable growth [1] Group 1: Revenue Diversification - Target's Roundel business has become a significant revenue contributor, accounting for 10% of total revenue with expectations for continued growth due to expansion in the retail network and synergy with Target Plus [1] - Target Plus achieved a gross merchandise volume (GMV) of $1 billion last year, with plans to increase GMV to $5 billion over the next five years through a differentiated market strategy [2] Group 2: Customer Engagement and Digital Growth - Target Circle 360, a loyalty program, offers same-day delivery for orders over $35, with plans to enhance customer benefits by eliminating price markups on Shipt market items [3] - The digital business is profitable and shows strong growth potential, with various fulfillment options and an efficient order processing system leveraging store resources [3] Group 3: Inventory Management and Financial Performance - Target is carefully managing inventory to avoid over-purchasing, with plans to shift more home and hardline products to the marketplace to free up warehouse space [4] - Financially, Target's market capitalization is $42.3 billion, with fluctuating revenues projected to grow from $106.57 billion in Q1 2025 to $112.19 billion in Q1 2026 [5]

文章指出，稳步增加居民收入是激活消费引擎、拉动经济增长的关键，也是保障人民共享发展成果、实 现共同富裕的重要基础。稳步增加居民收入，首先需稳就业。稳步增加居民收入，还要拓宽增收渠道， 特别是增加财产性收入。要稳定资本市场，推动"长钱长投"，提升资本市场回报率。推动房地产市场平 稳健康发展也是关键。房地产是居民资产中最大的一部分。楼市稳住了，就可以释放财富效应，也可以 更好地提振消费。此外，还需关注中低收入群体，强化社会保障。 ...

习近平总书记近期在主持召开部分省区市"十五五"时期经济社会发展座谈会时强调，谋划"十五五"时期 经济社会发展，要深入研究优化区域布局、促进区域协调发展和巩固拓展脱贫攻坚成果、推进乡村全面 振兴和城乡融合发展、加快农业农村现代化等方面的有效措施，稳步增加城乡群众收入。今年3月，中 办、国办印发《提振消费专项行动方案》，也明确提出"城乡居民增收促进行动"。 近年来，我国居民收入增长已与经济增长基本同步。2024年，我国国内生产总值同比增长5%，全国居 民人均可支配收入41314元，实际增长5.1%；今年一季度，全国居民人均可支配收入12179元，实际增 长5.6%。然而，居民收入在国民收入分配中比例偏低，居民收入预期不稳，不仅影响群众切身利益， 也成为制约消费增长的重要因素。 稳步增加居民收入是激活消费引擎、拉动经济增长的关键，也是保障人民共享发展成果、实现共同富裕 的重要基础。 稳步增加居民收入，首先需稳就业。一方面，努力增加就业岗位，扩大就业机会。加大对中小企业政策 扶持，增强经营主体就业吸纳力，加快培育发展一批知识密集型、技术密集型战略性新兴产业，创造更 多新就业形态岗位，打造新的就业增长点，稳定收入来源。 ...

Core Insights - SpaceX is projected to achieve a revenue of $15.5 billion in 2023 [1] Company Summary - The revenue forecast for SpaceX indicates significant growth and reflects the company's strong position in the aerospace industry [1]

本报记者苏向杲 杨洁 近日，避免"内卷式"竞争成为银行业持续关注的话题。一方面，国家金融监督管理总局明确提到，防止 并纠正涉农信贷业务"内卷式"竞争。另一方面，多家银行也发声拒绝"价格战"，呼吁避免低效竞争。 《证券日报》记者与多位业内人士交流了解到，当前商业银行内卷最突出地体现在存款与贷款业务上。 分析其根源，既有外部经济环境变化对银行负债与资产两端的冲击，也有部分商业银行市场应对能力不 足，依然固守"规模情结"、缺乏创新动力。 在监管纠偏内卷与银行发声"不打价格战"的同时，不少商业银行已然积极行动起来，基于自身资源禀 赋，加大创新力度，调整业务结构，积极探索差异化发展之路。主要表现为，积极运用金融科技等手 段，开拓存贷款增量业务，提升非息营收占比，持续增强穿越经济周期的能力。 内卷的"表"与"因" 当前，我国银行业主要利润来源于存贷款利差，商业银行内卷也主要集中在存款端与贷款端。 去年11月份，中国人民银行（以下简称"央行"）在《2024年第三季度中国货币政策执行报告》（以下简 称《报告》）中明确指出，商业银行内卷严重，出现了贷款利率"下行快"、存款利率"降不动"的现象， 导致存贷款利率与政策利率调整幅度 ...

纽约联储：2025年运营净收入可能为负。 ...