就在中美关税停战结束的最后一刻，特朗普终于签了字，把关税休战期延长了90天，截止到11月10日。这个时间点很微妙，因为外界普遍猜测，中美高层可 能会在10月底的APEC峰会期间会面。这样一来，双方至少多了一个能面对面谈的机会。 值得一提的是，这个签字的过程并不顺畅。其实早在7月底，斯德哥尔摩谈判结束后，中方就已经表态，双方会继续暂停24%的加征关税，还会延长90天。 美国财政部长贝森特也早就把消息汇报给特朗普。但白宫这边迟迟没有动静，直到最后一晚，特朗普才在社交媒体上低调宣布。要知道，这种事根本不需要 拖半个月。 为什么特朗普拖这么久？原因很可能是他心里并不想让外界觉得自己在向中国妥协。对特朗普来说，"对华强硬"是个政治标签，一再对中国让步，必然会成 为内部反对派的把柄。所以这半个月，特朗普一边拖延签字，一边在别的议题上加码对中国施压。比如点名批评中国进口俄罗斯石油，威胁加征更多关税。 可不管特朗普怎么拖，最后这个字他还是得签，因为美国经济真的撑不住新一轮的关税大战了。最新的就业数据就是一个警告。数据显示，上个月美国新增 非农就业只有7.3万人，远低于预期。5月和6月的数据还被大幅下调，总共少了25.8万人。 ...

来源：智趣财经社 更值得关注的是，东方财富证券正从传统经纪商向综合服务商转型。上半年，获批上市证券做市交易业 务资格，成为少数同时具备科创板、创业板做市资质的券商之一；与此同时，其研究业务加速扩容，广 纳投研人才，聚焦新质生产力领域，试图在机构服务市场中分一杯羹。 与证券业务的强势形成对比，天天基金上半年陷入"规模增长、利润停滞"的尴尬。尽管非货币基金保有 规模较2024年末增长10.45%至6752.66亿元，但权益类基金保有规模仅增加14.34亿元至3838.1亿元，与 行业整体回暖趋势脱节。更微妙的是，其营业收入14.24亿元、净利润0.64亿元，几乎与上年同期持平， 利润率不足5%，远低于东方财富证券的66.7%。 天天基金的困境源于多重因素：其一，2025年权益市场虽结构性行情显著，但基民风险偏好仍偏保守， 货币基金、债券基金更受青睐；其二，蚂蚁基金、天天基金等第三方平台竞争白热化，费率战、服务战 持续升级，天天基金虽上线基金数量突破2.1万只，但用户转化效率未见提升；其三，公司聚焦高净值 用户的策略尚未见效，AI驱动的"全场景陪伴"虽优化了社交体验，但未能有效激活长尾客户贡献利润。 8月15日，东 ...

Core Viewpoint - Tencent Holdings is focusing on its core business and shareholder returns, contrasting with competitors like JD.com and Meituan, which are heavily investing in subsidies for their delivery services [2] Group 1: Financial Performance - Tencent reported a revenue growth of 14% and a net profit increase of 18% in its latest half-year report, with stock buybacks amounting to HKD 365 billion [2] - The company's financial technology and enterprise services revenue reached CNY 1,104 billion, growing by 7.5% year-on-year, driven mainly by commercial payments and consumer credit services [3] - Tencent's advertising revenue grew by 20% to CNY 676 billion, marking the 11th consecutive quarter of double-digit growth [5] Group 2: Business Segments - Tencent's gaming revenue reached CNY 1,197 billion, a record high with a 24% increase, driven by new game launches and strong performance from established titles [8] - The company is focusing on enhancing advertising efficiency through AI technology, which has led to increased click-through rates and improved revenue per click [6] - WeChat's monthly active users surpassed 1.4 billion, while QQ's user base has been declining, indicating a shift in user engagement towards WeChat [11] Group 3: Strategic Initiatives - Tencent is expanding its workforce, with employee numbers exceeding 110,000, marking a significant increase in labor costs to CNY 65 billion [12] - The company has launched a major employment initiative, planning to add 28,000 internship positions over three years, with 10,000 new hires in 2025 alone [15] - Tencent is leveraging its mini-programs to expand into various commercial applications, with a 18% year-on-year increase in GMV generated from these platforms [11]

Core Insights - The core viewpoint of the article highlights the aggressive strategy of JD.com in the instant retail market, particularly its significant losses in the food delivery sector, which have impacted overall profitability despite a notable revenue increase [2][10]. Financial Performance - In Q2, JD.com reported a total revenue of 356.7 billion yuan, a year-on-year increase of 22.4%, marking the highest growth rate in three years [5]. - The net profit for Q2 fell by 50.8% to 6.2 billion yuan compared to the same period last year [10]. - The retail segment generated 310.1 billion yuan in revenue, up 20.6%, with a profit margin of 4.5%, the highest during promotional seasons [6]. New Business Ventures - JD.com's new business, primarily focused on food delivery, generated 13.85 billion yuan in revenue, a staggering year-on-year growth of 198.8% [6]. - However, the food delivery segment incurred significant losses, with operational losses reaching 14.78 billion yuan in Q2, a substantial increase from 1.33 billion yuan in Q1 [9]. Strategic Focus - JD.com’s founder, Liu Qiangdong, emphasizes a long-term vision, prioritizing user acquisition through high-frequency delivery services, which he believes is more cost-effective than purchasing traffic from competitors [2]. - The company aims to leverage its supply chain capabilities to achieve profitability in the food delivery sector, despite initial losses [2]. Competitive Landscape - The entry of JD.com into the food delivery market has intensified competition with Alibaba and Meituan, prompting regulatory scrutiny [3]. - JD.com has opted not to engage in aggressive price wars, focusing instead on sustainable business practices and long-term growth [16]. Future Directions - JD.com is exploring new avenues such as AI and international expansion, with significant investments in these areas [12][13]. - The recent acquisition of Germany's Ceconomy for 18 billion yuan is part of JD.com's strategy to enhance its international presence and operational efficiency [14][15].

Group 1 - The article discusses the mixed reactions to the use of AI in personal communication, particularly in messages from family and friends [1][3][27] - Many users express understanding towards the use of AI for supportive messages, indicating that the intention behind the message is what matters [8][20] - There is a concern that AI-generated messages may lack genuine emotion, leading to discomfort in personal relationships [15][29][31] Group 2 - The article highlights the growing trend of using AI for generating greetings and messages during festive occasions, which is seen as a way to enhance user engagement [11][12][30] - Users express frustration when AI is used in more intimate communications, such as apologies or relationship discussions, feeling it undermines the authenticity of the interaction [21][26][28] - The piece raises questions about the future of emotional expression and communication, suggesting that reliance on AI may alter perceptions of sincerity and personal connection [27][31][32]

Core Viewpoint - Faraday Future Intelligent Electric Inc. is set to announce a major strategic upgrade on August 16, 2025, at 7:30 PM PDT in Pebble Beach, marking a significant milestone in the company's Bridge Strategy aimed at creating new growth opportunities [1][6]. Group 1: Announcement Details - The strategic upgrade announcement will be livestreamed on FF.com and various social media platforms, with the video remaining available post-event [1][2]. - California State Treasurer, Fiona Ma, will deliver the opening speech at the event [1][8]. Group 2: Company Overview - Faraday Future is a California-based company founded in 2014, focused on disrupting the automotive industry through a user-centric, technology-first approach [4]. - The flagship model, FF 91, represents the company's vision for luxury, innovation, and performance, while the FX strategy aims to introduce mass production models targeting a broader market with mid-to-low price offerings [4]. Group 3: Event Context - The announcement is part of a series of activities during the 2025 Monterey Car Week, which takes place in Pebble Beach from August 14-17 [3].

Core Viewpoint - The first humanoid robot sports event showcased various competitions, highlighting advancements in humanoid robotics and AI technology, while also providing entertainment through unexpected and humorous incidents during the matches [18][19][15]. Group 1: Event Overview - The event featured hundreds of humanoid robots competing in various sports such as running, soccer, boxing, dance, and martial arts [18]. - The competition included a 5V5 soccer match between teams from Beijing Information Technology University and Tsinghua University, using the same robot models but differing in algorithm designs [20][21]. - The soccer match was characterized by real-time calculations for offense, defense, and teamwork among the robots [22]. Group 2: Soccer Match Highlights - The match was intense, with frequent collisions and players falling over each other, showcasing the robots' ability to recover and continue playing [29][38]. - A standout player from the blue team scored three goals, indicating a well-trained algorithm that allowed for precise ball control [34]. - The red team's performance improved in the second half, demonstrating that even with algorithmic advantages, outcomes can vary, similar to human sports [36]. Group 3: Boxing Match Insights - The boxing match featured teams using the same robot models, with scoring based on different types of strikes and knockdowns [50]. - The match displayed a range of strategies, with one robot losing focus and attacking the air, adding a comedic element to the competition [54]. - The final score of the boxing match was 75:87, with different strategies employed by the competing robots [58]. Group 4: Notable Achievements - The humanoid robot "Yushu" won the gold medal in the 1500-meter race, setting a world record with a time of 6 minutes and 34 seconds [63]. - The event is set to continue for three days, with additional competitions planned in martial arts, basketball, dance, and industrial applications [67].

Core Viewpoint - The cloud computing industry is facing challenges in communication strategies as the complexity of technology increases, leading to a disconnect between cloud service providers and decision-makers in companies [2][3][4]. Group 1: Challenges in Cloud Communication - The complexity of cloud technology has raised the barrier for decision-makers, making it difficult for them to understand the offerings [3][4]. - The decision-making chain has become longer and more fragmented, with various stakeholders (CTO, CFO, CEO) having different priorities and concerns [4][5]. - Cloud providers often use a one-size-fits-all communication approach, which fails to resonate with diverse audiences, leading to a lack of memorable messaging [5][6]. Group 2: Current Communication Strategies of Major Cloud Providers - Alibaba Cloud emphasizes its technological superiority, but this approach may alienate business leaders who seek direct connections to business growth [9][10]. - Tencent Cloud focuses on ecosystem integration, highlighting its connections with WeChat and other platforms, but this may raise concerns about dependency on Tencent's ecosystem [10]. - Baidu Cloud centers its messaging around AI capabilities, which may be too advanced for many potential clients still in the early stages of digital transformation [10][11]. Group 3: Effective Communication Approaches - Successful cloud providers like AWS focus on customer case studies, demonstrating tangible benefits and cost savings, which resonate well with decision-makers [12][25]. - Microsoft Azure promotes integrated productivity solutions, making it clear how its services enhance employee efficiency [13][14]. - Google Cloud engages developers through community-driven initiatives, fostering a positive reputation that influences corporate decision-making [15][16]. Group 4: Recommendations for Improvement - Cloud providers should clarify the structure of their services, ensuring that different stakeholders understand their respective roles and benefits [22][23]. - Using industry-specific scenarios and case studies can help bridge the gap between technical jargon and business needs, making the value proposition clearer [24][26]. - Collaborative marketing strategies, such as showcasing industry-wide adoption of a cloud service, can enhance credibility and appeal to potential clients [28][30][34].

经济观察报 记者 罗文利 外资美妆企业近两年集中提出的以"利润优先"为目标的各项变革计划，在2025年半年报发布期间迎来验收节点。 资生堂2025年上半年销售额下滑7.6%至4698.3亿日元，但核心营业利润达 233.7亿日元，同比增长21.3%；欧莱雅上半年销售额为224.73亿欧元，同比增长 3%，低于去年同期的7.3%；营业利润约为47.4亿欧元，同比增长3.1%，但增速低于去年同期的8%；雅诗兰黛在今年前三个月实现净销售额35.5亿美元，同 比下滑10%，实现净利润1.59亿美元，同比下滑52%，但相较上一季度实现了扭亏转盈。 共同的增长命题下，以"恢复利润"为目标的赛程过半，外资美妆企业的各项举措还在持续更新中。 成效 2023年至2024年，为提振业绩，外资美妆企业集中推出了一系列变革或重组计划，聚焦利润恢复、提高运营效率。 目前，外资美妆企业在"利润优先"上各有进展：雅诗兰黛自2023年11月启动自称"史上最大规模的运营变革"后，净利润已连续四个季度录得下滑，但今年前 三个月，净利润相较上一季度实现扭亏为盈； 欧莱雅得益于对成本控制和运营费用的严格管理，营业利润率在2025年上半年达到创纪录的 ...

Core Viewpoint - The article highlights the rapid growth of the PCB industry, particularly focusing on Shenghong Technology as a key player benefiting from the AI boom and its connection to Nvidia, showcasing significant stock price increases and market potential [1][3][13]. Group 1: Company Overview - Shenghong Technology's stock price surged from 41.54 yuan per share at the beginning of the year to 230.70 yuan by August 15, 2023, marking a 452% increase and a market capitalization of 199 billion yuan [1]. - The company is recognized as an important player in the "Nvidia chain," with its CEO, Chen Tao, emphasizing efficiency and execution as core cultural values [3][6]. - Shenghong Technology has expanded its business from traditional consumer electronics to automotive electronics and AI computing, with plans for a Hong Kong IPO to seek greater overseas development opportunities [3][14]. Group 2: Industry Dynamics - The PCB industry has experienced significant shifts, with production moving from North America, Europe, and Japan to Asia, particularly China, which became the largest PCB producer in 2006 [5][6]. - Shenghong Technology was founded in 2006, with a focus on high-layer PCBs, and has since grown rapidly, achieving revenue growth rates of nearly 35% from 2016 to 2018 [6][7]. - The company has consistently leveraged capital markets for expansion, with significant investments in high-end PCB projects and technology upgrades [9][10]. Group 3: Market Trends and Projections - The global PCB market is projected to recover in 2024, with an estimated total value of approximately $74 billion, reflecting a growth rate of about 5.8% [10][11]. - The demand for high-layer and HDI boards is expected to grow significantly, with compound annual growth rates of 15.7% and 6.4%, respectively, indicating a shift towards high-end products [11]. - Shenghong Technology's client base includes major international firms such as Nvidia, AMD, and Tesla, with a strong focus on AI-related products [11][13]. Group 4: Strategic Initiatives - Shenghong Technology plans to invest up to 1.98 billion yuan in AI HDI projects in Vietnam and high-layer PCB projects in Thailand, indicating a strategic push for international expansion [14][15]. - The company aims to enhance its global presence through a planned listing in Hong Kong, which will support high-end capacity expansion and technological advancements [14][15]. - The CEO noted that while China accounts for 56% of global PCB output, core technologies remain concentrated in Japan and South Korea, highlighting the need for further development in the domestic PCB industry [15].