本位作者分别来自南京大学，罗格斯大学和马萨诸塞大学阿默斯特分校。第一作者韩廷旭与共同第一作者王震霆是分别来自南京大学和罗格斯大学的博士生，研 究方向聚焦于大模型推理以及安全负责任的生成式人工智能。通讯作者为南京大学房春荣教授。 随着大型语言模型（LLM）技术的不断发展， Chain-of-Thought（CoT） 等推理增强方法被提出，以期提升模型在数学题解、逻辑问答等复杂任务中的 表现，并通过引导模型逐步思考，有效提高了模型准确率。 然而，这类方法也带来了新的挑战：模型生成的中间推理过程往往冗长，产生了大量冗余 Token ，这显著增加了推理阶段的计算成本和资源消耗。在 LLM 日益走向实际部署的背景下，如何在保证推理能力的同时控制成本，已成为制约其大规模应用的核心问题。 为解决这一矛盾，近日来自南京大学、罗格斯大学和马萨诸塞大学阿默斯特分校的研究团队提出了一种基于 Token 预算感知 的 LLM 推理新框架 TALE ， 旨在保证推理准确率的同时，显著压缩输出长度、降低计算开销。 TALE 的核心理念是在推理过程中引入「Token 预算」这一约束机制，引导模型在限定的 Token 预算范围内完成有效推理 ...

Flex (FLEX) 2025 Conference June 04, 2025 04:20 PM ET Speaker0 Global Technology Conference. My name is Ruplu Bhattacharya, and I cover EMS companies, electronics manufacturing services companies as part of Bank of America's IT hardware and supply chain equity research team. Today, we have the team from Flex, and I'm honored to have CEO Revathi Advaithi here. Revathi, as you know, has joined the company. I think she joined in 2019, and she's done a phenomenal job on two fronts. One is, like, amazing job on ...

行业报告 | 行业研究周报 大众品：看好四大主题逻辑。5 月 26 日-5 月 30 日大众品中保健品仍延续良好态势（前期持 续推荐），而零食/乳制品则表现相对平稳，大众品方面目前我们重点推荐四条主线：①降本控 费逻辑；②新消费逻辑；③具备强α&Q2 存潜在业绩弹性标的；④主题性预期标的（乳制品/ 食品连锁等）。 板块投资建议 【首推】软饮料&低酒精"新品+低基数+即将迎来旺季+成本红利"下的投资机会：李子园/ 承德露露/东鹏饮料/百润股份/香飘飘等。 【港股食饮】建议关注：青啤 H、华润啤酒、百威、蒙牛乳业、卫龙美味、悠然牧业、康师傅、 统一等。 【白酒板块】推荐强α&持续享受集中度提升红利的白酒龙头酒企：山西汾酒/贵州茅台等。 【大众品】建议关注：①降本控费逻辑：西麦食品/五芳斋/李子园/立高食品等；②新消费逻辑 （市场空间大/有渠道或品类红利）：H&H/仙乐健康/康比特/百龙创园/卫龙美味/盐津铺子/甘 源食品等。③具备强 α/Q2 存潜在业绩弹性标的（结合基数）：三只松鼠/农夫山泉/青岛啤酒/ 燕京啤酒等；④ 主题性预期标的（乳制品/食品连锁等)：伊利股份/新乳业/周黑鸭/巴比食品 等。 食品饮料 证 ...

Company Overview - AutoZone, founded in 1979, has grown from a single store to 6,500 locations in the U.S. and expanding in Mexico and Brazil [4] - The company is recognized for its strong brand and customer service, catering to both automotive repair technicians and DIY customers [3] Financial Performance - For fiscal 2024, AutoZone reported net sales of $18.5 billion, a year-over-year increase of nearly 6%, and earnings per share (EPS) rose 13% to $149.55 [5] - In the third quarter of fiscal 2025, net sales increased by 5.4% to $4.5 billion, with domestic same-store sales up 5% [5] - EPS in the latest quarter decreased by 3.6% compared to the previous year, attributed to aggressive investments in growth rather than weak demand [6] Growth Strategy - AutoZone is focusing on expanding its market share in the commercial sector by enhancing delivery capabilities, increasing sales staff, and opening "mega-hub" stores [7] - The company is committed to long-term growth despite short-term margin pressures due to these investments [7] Market Position - The automotive aftermarket, valued at over $2.3 trillion globally, is characterized by inelastic demand, making AutoZone's core business resilient even during economic downturns [9][10] - The average age of vehicles on U.S. roads has reached a record 12.8 years, indicating a growing need for maintenance and parts, which benefits AutoZone [13] Share Buyback Program - AutoZone has repurchased over $38 billion of its own shares since 1998, significantly reducing its shares outstanding [14][15] - The company has $1.1 billion remaining in its current buyback authorization, indicating a strong commitment to returning value to shareholders [15] Valuation and Future Outlook - AutoZone's forward price-to-earnings ratio is around 25, which is lower than competitor O'Reilly Auto Parts at 31, suggesting reasonable valuation [17] - The U.S. automotive aftermarket is projected to reach $617 billion by 2027, providing substantial growth opportunities for AutoZone [17]

美联储会议纪要：弹性平均通胀目标制在通胀高企时的益处已减弱。 ...

Group 1 - The three major indices opened high but experienced fluctuations, with the securities sector undergoing a pullback, as evidenced by the 0.29% decline in the CSI All Share Securities Companies Index [1] - The largest securities ETF in the Shenzhen market (159841) saw a decrease of 0.21%, with a trading volume exceeding 40 million yuan, while only a few constituent stocks like Hongta Securities, Huatai Securities, Guosheng Financial Holdings, and Caitong Securities showed positive performance [1] - Notably, the securities ETF (159841) has recorded a continuous net inflow of funds over the past seven trading days, accumulating over 120 million yuan [1] Group 2 - According to Citic Securities, the current valuation of the securities industry has adjusted to a reasonable level, supported by favorable fundamentals, policies, and liquidity, as well as the stimulus from industry mergers and acquisitions [1] - The investment strategy recommended by Citic Securities includes focusing on companies with high growth expected in the mid-2025 interim report and low valuations, as well as monitoring the ongoing implementation of regulatory policies and the development prospects of financial advisory, buy-side advisory, and derivatives businesses [1] - Yongxing Securities suggests that the underweighting of the securities sector by public funds may present a reallocation opportunity, particularly for leading securities firms [2] - Zhongyuan Securities indicates that the securities sector is currently in a consolidation phase, awaiting the start of the next upward cycle, with a favorable opportunity for reallocation due to the relative low valuation [2]

Core Viewpoint - The implementation of a flexible work schedule, specifically the "4.5-day workweek" and "2.5-day weekend," is gaining traction in various provinces and cities in China, aimed at stimulating consumer spending and improving work-life balance [1][2]. Group 1: Policy Initiatives - Multiple provinces, including Sichuan, Jiangsu, and Zhejiang, have proposed or implemented policies encouraging flexible work schedules to boost consumption [1][3]. - Mianyang's initiative includes a clear principle of "fully utilizing paid leave" and encourages businesses to adopt flexible adjustments, particularly the "Friday afternoon + weekend" model [1][2]. Group 2: Historical Context - The evolution of China's vacation system reflects a balance between efficiency and fairness, with significant changes occurring from the single day off in the planned economy to the current proposals for flexible work schedules [3][4]. - The establishment of the standard workweek of 40 hours in 1995 marked a shift towards prioritizing efficiency over mere labor hours [4][5]. Group 3: Challenges in Implementation - Despite the encouragement from local governments, the execution of flexible work schedules remains voluntary for employers, leading to inconsistent application across different sectors [2][5]. - The low implementation rates of paid leave, particularly in private enterprises, highlight the challenges in translating legal rights into actual practice [6][7]. Group 4: Societal Implications - The push for flexible work schedules is intertwined with broader societal issues, including the need for work-life balance and the impact of overwork on health and productivity [14][15]. - The changing attitudes of younger generations towards work-life balance indicate a shift in societal values, with increasing demands for better working conditions [16][18]. Group 5: Recommendations for Reform - A comprehensive reform of the vacation system is necessary, moving beyond mere encouragement to enforceable regulations that ensure the right to paid leave is respected [19][20]. - Implementing measurable indicators for vacation rights and integrating them into corporate evaluations could drive compliance and improve worker satisfaction [20].

一。 近日，四川绵阳宣布试行4.5天弹性工作制，鼓励2.5天休假模式相关话题冲上社交平台热搜第 四川绵阳官宣试行4 . 5天弹性工作制 官方回应：并非强制 近日，四川省绵阳市商务局印发《绵阳市提振消费专项行动2025年工作清单》，旨在全面提 升居民消费能力和市场活力。 《工作清单》提出开展七大核心行动，包含29条具体措施，涵盖了收入、教育、养老、住房、 赛事、夜经济、休假等多个方面。备受关注的落实休假政策中提到， 落实年休假应休尽休和 带薪休假政策，鼓励企业弹性调休，推广夫妻共享。试行4.5天弹性工作制，鼓励有条件的地 区推行"周五下午与周末结合"的2.5天休假模式 。 △《绵阳市提振消费专项行动2025年工作清单》 5月24日，极目新闻记者致电绵阳市政府值班室，工作人员表示没有接到相关通知。记者随后 联系到绵阳市商务局，该局工作人员介绍，相关文件中写的是鼓励有条件的地区实行4.5天弹 性工作制度，但并非强制要求。 对此，不少网友表示建议在全国推广。 已有1 0多个省市鼓励实行2 . 5天休假 事实上，四川绵阳并非全国最早提出试行2.5天休假的城市。早在2015年，在国务院办公厅印 发的《关于进一步促进旅游投 ...

主动式博弈范式升级。欧佩克近期增产决策标志着其从传统"防御性限产"转向"主动式博弈"，通过释放 闲置产能转化为市场定价的期权工具，构建多维威慑体系。超预期增产表面削弱短期价格控制力，实质 通过"产能弹性调节"重塑市场预期锚定点，为未来政策调整预留战略空间。 全球石油软实力博弈正酣：欧佩克增产稀释油价，美国页岩油减产筑底。油价在每桶65美元新井成本线 形成支撑，双方策略角力下，市场呈现中枢下移而非崩盘。欧佩克"口号与行动分离"的精细调控，与页 岩油"价格-产量弹性"的反向对冲，共同维系着每桶60~70美元的微妙平衡。邓正红软实力表示，当前全 球石油软实力博弈集中在两股势力，即欧佩克联盟增产稀释石油软实力价值，而美国页岩油减产则支持 石油软实力运行。自欧佩克宣布增产后，油价开始触及美国页岩油新井成本线，造成油价中枢下移，而 非趋势下跌，页岩油对油价的反应对油价形成底部支撑。欧佩克的增产进度缓慢，给予页岩油支撑油价 的缓冲过程。从欧佩克实际产量来看，虽然欧佩克增产幅度较超预期，但实际增产推进较为缓慢，体现 欧佩克增产推进仍旧保持相对克制。基于邓正红软实力思想框架，结合当前全球能源市场动态，对欧佩 克增产策略、页岩油 ...

近日 四川绵阳市商务局印发 《绵阳市提振消费专项行动2025年工作清单》 其中提到 试行4.5天弹性工作制 鼓励企业弹性调休 2025年最低工资标准上调至2200元/月 适当提高退休人员基本养老金 提高城乡居民基础养老金标准 …… 记者梳理发现，《工作清单》提出开展七大核心行动，包含29条具体措施，旨在全面提升 居民消费能力和市场活力。 七大核心行动包括城乡居民增收、消费能力保障、消费升级换代、服务消费提质、消费品质 提升、消费环境优化、国际消费升级。 此外，备受关注的落实休假政策中提到，落实年休假应休尽休和带薪休假政策，鼓励企业弹 性调休，推广夫妻共享。试行4.5天弹性工作制，鼓励有条件的地区推行"周五下午与周末结 合"的2.5天休假模式。 相关话题登上热搜。该消息引发网友关注讨论。对此，不少网友表示：建议全国推广！对于 4.5天弹性工作制，你怎么看？ 来源：证券时报 综合自今日绵阳、封面新闻、南方日报等 更多财经视频，请关注视频号"新浪财经" 推行线下购物七日无理由退货 往期回顾 4 孟羽童会重回格力吗? 董明珠最新回应 官方通报"安徽凤阳鼓楼瓦片大面积脱落" ...