近两年，天然钻石的价格不断失守。 当全美第二大钻石商WD宣告破产、行业龙头戴比尔斯被迫降价25%的消息传来，一场持续130年的资本游戏正在走向终结。 而这场变革的起点，竟源自中国河南省柘城县的一场技术革命。 在河南柘城不起眼的实验室里，中科院团队用30年蛰伏完成了对西方百年的产业颠覆。他们实现的不仅是技术突破，更是一场价值革命。据权威机构检测， 柘城县所生产的钻石在属性上与天然钻石完全一致，甚至超越。 就目前而言，河南省钻石年产量达400万克拉，占全球总产量44.4%，柘城县因产业集聚效应被行业认定为全球重要培育钻石生产基地之一。其总产能的突 破客观上改变了钻石资源稀缺性市场认知，国内"柘光ZG DIAMAND"等品牌依托供应链优势实现差异化发展，为消费者提供了更多选择。 香港英文媒体《南华早报》更是在近日发表的文章中称，"中国发生的变化正在迅速重塑全球市场。" 近期，上海一家地产公司的高管周先生选择在柘光京东官方旗舰店为妻子选购了一枚6克拉的钻石戒指，以满足她对大克拉高级定制钻石，特别是类似电影 明星佩戴的"鸽子蛋"款式的偏好。 周先生表示，他选择柘光品牌的原因在于，不仅能够享受到VVS级净度和D级颜色的大 ...

Valuation Factors - The report identifies that the EP, BP, and SP factors show strong predictive capabilities across different sample pools, while the PEG factor performs poorly [1][6][10] - The EP factor demonstrates significant returns, with notable performance across various industries, particularly in manufacturing [1][40] - The BP factor excels in asset-heavy industries such as utilities and finance, while the SP factor performs well in the TMT sector [1][40] Sources of Returns - The report states that the mispricing between valuation and fundamentals is the source of returns from valuation factors, with significant positive returns from low valuation-strong fundamentals combinations and negative returns from high valuation-weak fundamentals combinations [2][41][46] Long-term Effectiveness - Valuation factors are noted to be effective in the A-share market, although there is a potential for diminishing returns as the market becomes more institutionalized [3][59][75] - Historical data shows that the selected portfolios based on valuation factors achieved annualized returns of 14.87% in the CSI 800 and 19.11% in the CSI 1000, indicating the long-term effectiveness of these strategies [4][11] Industry Performance - The report highlights that the performance of valuation factors varies significantly across different industries, with the EP factor generally performing well across most sectors [40][41] - The BP factor shows strong performance in heavy asset industries, while the SP factor is particularly effective in the TMT sector [40][41] Investment Strategy - The report suggests constructing investment portfolios based on the mispricing of valuation and fundamentals, utilizing factors such as BP, EP, net profit growth rate, and ROE for selection [4][41][75] - The strategy emphasizes the importance of identifying undervalued stocks with strong fundamentals to achieve superior returns [7][75]

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欧洲央行管委卡扎克斯：没有必要急于降息。市场对下次会议的定价比较合适。 ...

编者荐语： 日经中文网与36氪开展内容交换合作。将精选36氪的精彩独家财经、科技、企业资讯，与读者分享。 以下文章来源于36氪Pro ，作者胡香赟 海若镜 36氪Pro . 36氪旗下官方账号。深度、前瞻，为1%的人捕捉商业先机。 文 ｜ 胡香赟 编辑 ｜ 海若镜 封面来源 ｜ 日经中文网 全球药价最贵的美国，终于坐不住了。 北京时间5月12日晚，特朗普召开白宫新闻发布会，宣布正式签署名为《为美国患者提供最惠国处方药定价》的行政令，要求相 关部门在30天内商议出一个最惠国定价，即药价向国际同等发达国家"看齐"。 行政令认为，美国人口不足世界的5%，却承担了高达75%的药品利润。药价上，对比法国、加拿大等国家，美国处方药价格平均 高出2-4倍。而本次文件落地后，一些处方药价格可能会"直接降低50%至80%，甚至是90%"。 尽管在实操层面尚未有定论，但过去两天，全球医药行业又一次随着特朗普的"处方药降价大戏"而上下颠簸。 其核心争议在于，行政令是否会导致美国7000亿药品市场"缩水"，进而影响药企收入，甚至颠覆过往以美国高价市场为核心形成 的全球医药投资逻辑。 尤其是对于中国药企来说，在药品集采和医保政策之下， ...

5月19日24时，国内新一轮成品油零售限价调整窗口将开启。多家机构预测，当天国内汽柴油下调幅度 约为230元/吨，迎来年内第五次下跌，多地92号汽油将重回6元/升。 按照现行成品油定价机制，国内成品油调价的主要依据是10个工作日国际原油价格加权平均价跟上一周 期国际原油价格加权平均价对比得出的变化率。如果变化率对应调价金额每吨不足50元，汽、柴油价格 不作调整，未调金额纳入下次调价时累加或冲抵。 本轮计价周期内(4月30日24时-5月19日24时)，国际原油价格呈现跌后反弹走势，前期欧佩克+意外大幅 增产导致市场情绪偏悲观，原油价格下跌，后期随着中美达成贸易协议及中东地缘因素影响，国际油价 震荡上涨。整体来看，本计价周期，国际油价均值环比下滑。 受此影响，国内油价调整参考的原油变化率持续处于负值水平。据卓创资讯测算，截至5月15日收盘， 国内第9个工作日参考原油变化率-5.23%，预计汽柴油下调230元/吨，调价窗口5月19日24时。 "距离调价窗口开启还有1个工作日，本次成品油零售限价下调已是大概率事件。"卓创资讯成品油分析 师曹莹莹表示，按照目前幅度计算，预计5月19日92号汽油跌幅在0.18元/升，0号 ...

Core Viewpoint - The luxury goods industry is experiencing a temporary cooling period, but this is seen as a market adjustment rather than a long-term trend. The demand for luxury goods is deeply rooted in human nature and transcends economic conditions [1][2][15]. Group 1: Market Resilience - Historical data shows that the luxury goods market has consistently demonstrated strong recovery after crises, such as the 2009 financial crisis and the 2020 pandemic, with a compound annual growth rate of over 5% since 2000 [3][15]. - The luxury goods sector is characterized by a unique ability to rebound, as evidenced by brands like Hermès and Bottega Veneta, which have thrived even during downturns by maintaining exclusivity and quality [3][12][13]. Group 2: Consumer Demographics - The primary consumers of luxury goods include ultra-high-net-worth individuals, stable high-net-worth individuals, and culturally aware middle-class consumers, who are less affected by economic downturns [6][8]. - Emerging markets, particularly in Asia, are seeing a rise in affluent consumers, while the "Henry" group in the U.S. represents a significant target demographic for luxury brands [8][21]. Group 3: Brand Dynamics - Luxury brands possess a strong competitive advantage through their historical narratives and cultural significance, which create a protective moat against market fluctuations [9][12]. - The luxury sector benefits from absolute pricing power and supply control, allowing brands to maintain exclusivity and resist deflationary pressures [12][13]. Group 4: Current Market Trends - The current downturn in the luxury market is viewed as a necessary cleansing process, eliminating unsustainable growth patterns and allowing for a focus on high-quality brands [15][16]. - The luxury industry is entering an era dominated by "super brands," which are outperforming the market average due to their scale, brand equity, and emotional connection with consumers [20]. Group 5: Future Opportunities - New growth drivers are emerging in the luxury market, particularly in regions like China, Southeast Asia, and the Middle East, as well as among younger generations who prioritize sustainability and personalization [21]. - The luxury goods sector is adapting its value system and growth logic to align with evolving consumer demands, indicating a robust long-term outlook despite short-term fluctuations [21].

编辑｜海若镜 全球药价最贵的美国，终于坐不住了。 北京时间5月12日晚，特朗普召开白宫新闻发布会，宣布正式签署名为《为美国患者提供最惠国处方药 定价》的行政令，要求相关部门在30天内商议出一个最惠国定价，即药价向国际同等发达国家"看齐"。 行政令认为，美国人口不足世界的5%，却承担了高达75%的药品利润。药价上，对比法国、加拿大等 国家，美国处方药价格平均高出2-4倍。而本次文件落地后，一些处方药价格可能会"直接降低50%至 80%，甚至是90%"。 尽管在实操层面尚未有定论，但过去两天，全球医药行业又一次随着特朗普的"处方药降价大戏"而上下 颠簸。 文｜胡香赟 其核心争议在于，行政令是否会导致美国7000亿药品市场"缩水"，进而影响药企收入，甚至颠覆过往以 美国高价市场为核心形成的全球医药投资逻辑。 尤其是对于中国药企来说，在药品集采和医保政策之下，到大洋彼岸寻找更大的利润空间，是近两年来 的核心课题。如今，终端市场的潜在变化，将如何影响中国企业出海？ 新令暗含药价"外升内降"之意， 矛头指向中间商 再次上任后，特朗普政府似有与药价"死磕"的架势。 今年4月中旬，他也曾签署一项旨在降低处方药的行政令，甚至直 ...

"五一"假期虽已落幕，记者近日发现，社交平台上关于酒店民宿"毁约"的投诉却持续发酵。 有网民反映，在抵达了目的地后突遭酒店取消订单、临时涨价，甚至被要求补缴数倍差价，令假期体验 大打折扣，这一现象引发广泛讨论。 深圳一市民在社交媒体上讲诉了他的经历：他在三月份就预订了五一假期出行的酒店，结果当天抵达当 地后，才被酒店告知无法办理入住，然而如果此时再订酒店，花费将上涨数倍。最后，该网友通过旅游 平台客服预订了一个周边的其他酒店才得以继续假期行程。"商家就算赔款后，还可再将房间高价卖出 赚钱，所以他们也不害怕，但却让我们消费者承担了这种不确定风险。"该市民表示。 类似的经历在社交平台上不在少数，有游客被商家以"设备升级"原因要求退订、也有被加私人联系方式 购买更低价为由诱导取消订单的。这些行为背后，暴露出部分商家利用假期供需失衡牟取暴利的投机心 态。 面对商家违规操作，记者了解到，有不少主流旅游平台已经开始通过服务保障为消费者托底。以携程为 例，若发生商家确认订单后推翻或到店无房的情况，平台将优先协调原酒店升级房型或帮助客人预订附 近同等酒店，并承担由此产生的差价。同时，平台对频繁违约的商家采取警告、流量降权等处 ...

Group 1 - The three major indices experienced a decline on May 15, with the Shanghai Composite Index down 0.68%, the Shenzhen Component Index down 1.62%, the ChiNext Index down 1.91%, and the CSI A500 Index down 1.04% [1] - Sectors such as beauty care, agriculture, and food and beverage showed strong performance, while the A500 ETF fund (512050) fell by 0.94% with a trading volume exceeding 3.7 billion yuan, leading its peers [1] - Financial data for April revealed that the social financing scale stock increased by 8.7% year-on-year, and the broad money supply M2 rose by 8%, indicating a supportive monetary policy for stable macroeconomic performance [1] Group 2 - CITIC Securities anticipates that the new public fund assessment rules will significantly impact the deviation from benchmarks and the ratio of profitable clients, as public funds have underperformed benchmarks over the past three years [2] - The A500 ETF fund (512050) is positioned to assist investors in efficiently allocating to core A-share assets, utilizing a balanced industry allocation and leading stock selection strategy [2] - The asset management industry is expected to see a clear differentiation in strategies, stock selection range, and pricing models between relative return and absolute return products [2]