Chang Dong-Seon引用一项最新研究引发思考："通用AI的一大应用场景是陪伴和治疗，当人们感到沮丧 或孤独时，年轻人与AI交流的频率远高于年长者，这意味着人类的大脑可能会逐渐适应与AI互动。但 人类的大脑在过去30万年里生理结构没有太大变化，那么，AI和机器人会如何改变我们与他人建立连 接的能力？是让我们变得更好，还是更孤独、更局限？" 天津北方网讯：日前，2025天津夏季达沃斯分论坛之一"与社交机器人共舞"在国家会展中心（天津）举 行。面对机器人走上秀场、智能机器人助教进入课堂的文化现象，与会嘉宾研究探索如何与社交智能机 器人共存以及背后的原因。 关于如何打破"技术加剧孤独"的恶性循环？他强调需结构性破局："可借鉴世界经济论坛模式，在更小 规模和不同地区推广，未来用智能设备打破语言障碍，创造跨代际、跨文化的互动，例如让不同国家的 老人与儿童互动，探索让人们愿意相聚、学习的新方式。"（津云新闻记者 王金宇） 其一，若社交机器人能真实表达社交情感，人类或将其视为伙伴。研究发现，新一代年轻人与机器人一 起长大，他们已经不再严格区分人类和机器人，甚至对机器人产生共情。其二，人类与AI的互动可能 会使人变得 ...

天津北方网讯：日前，2025天津夏季达沃斯分论坛之一"与社交机器人共舞"在国家会展中心（天津）举行。面对机器人走上秀 场、智能机器人助教进入课堂的文化现象，与会嘉宾研究探索如何与社交智能机器人共存以及背后的原因。 特文特大学人类媒体互动研究小组教授Vanessa Evers提出，实现机器人的社交智能需构建"世界模型"。她以"钓鱼"为例解释技术 路径："钓鱼时需要考虑听觉、视觉等多种感官输入，如果只用定格画面来预测接下来的动作，几乎是不可能的，机器人需要在 真实环境中选择 '接下来做什么？'" 她指出当前局限："世界模型类似数字孪生，需将整个世界数字化。目前，我们只能在教室、医院等有限环境中尝试，即便有各 种传感器，实现起来仍困难重重。"关于社交能力培养，Vanessa Evers表示："机器人可通过分析YouTube视频学习人类表情与礼 仪，但其工作方式不必和人类完全相同。例如打开一个罐子，不一定需要像人类一样的手臂，可使用更优化的机械臂。我们可 将其视为"外星人"——有独特的语言，却能无缝与人类协作。" 针对研发社交机器人的终极目标（完全融入人类还是提供自我表达空间），她提出防误用思考："当可穿戴设备将人体 ...

近年来，随着消费升级与城市休闲生活方式的重构，"数字潮玩"正在成为线下文娱产业的新关键词。从 亲子家庭的周末打卡，到Z世代的社交聚会，从年轻白领的运动解压，到城市更新背景下的新兴商业配 套，新一代消费者对于"玩"的理解，已经不再局限于简单娱乐，而是融合了运动、社交、情感连接、亲 子陪伴等多重价值的复合体验。 比起传统健身或纯游乐，更多年轻人正在寻找一种"轻松不累、好玩上头"的社交方式。而数字运动的游 戏化、低门槛、强反馈特性，恰好满足了他们的"既动起来，又不费力"的需求。 这也使得数字运动潮玩馆正在成为"第三空间"的一种新形态：既不是单纯的娱乐场所，也不是专业运动 场地，而是介于其间的休闲社交场。三五好友组队挑战，情侣一起闯关竞技，甚至不期而遇的陌生人也 能并肩作战——这是线下场景最具粘性的社交动因，而这背后的体验感，正是我们持续打磨的方向。 四、新型商业空间的"标配解法" 正是在这样的背景下，运动蚂蚁自成立以来，始终以"数字运动+潮玩+社交"的创新路径，深耕潮玩场 景的构建与运营。从产品研发到场馆运营，从空间设计到用户动线，运动蚂蚁正在回应一类全新的市场 命题：在下一个线下消费周期中，潮玩场馆如何精准连接多 ...

Core Insights - The mobile internet traffic in China showed a slight year-on-year growth of 2.6% in Q1 2025, indicating a stabilization in market demand and a shift towards intensified competition in a saturated market [1] - User engagement metrics are declining, with the average daily effective usage time per device dropping to 268.0 minutes, a decrease of 3.9% year-on-year, and the number of daily usage instances falling by 5.1% to 63.4 times [1] Industry Changes - E-commerce sector saw peak traffic of 1.216 billion in Q1, driven by upgraded gifting features in platforms like Taobao, JD.com, and WeChat, leveraging the Spring Festival for marketing [2] - The food delivery market is characterized by fierce competition among major players, with JD.com entering the market in February and achieving over 10 million daily orders, while Meituan and Taobao's collaboration with Ele.me also reached similar order volumes [2] - Social networking app Xiaohongshu capitalized on the influx of over 170 million "TikTok refugees," topping download charts in multiple countries and enhancing its app with English translation features [2] - The AI sector experienced a year-on-year growth of 46.5% in Q1, with DeepSeek leading the industry and surpassing 100 million monthly active devices, focusing on practical applications in intelligent chat and image processing [2] App Changes - In March 2025, the top three apps with over 100 million monthly active users (MAU) showing the highest compound growth were Personal Income Tax, WiFi Master Key, and Xianyu [3] - Among apps with over 50 million MAU, the top three in compound growth were Huawei Health, Doubao, and Anjuke [3] - Preferences among Generation Z users favored Boss Zhipin, Honor of Kings, and Peacekeeper Elite, while the maternal and infant demographic preferred Meitu Xiuxiu, Xiaohongshu, and Xianyu [3]

Core Insights - The luxury goods market has traditionally relied on price increases to maintain brand prestige and consumer perception, leveraging the "Veblen effect" where higher prices signal higher quality and status [1][3] - However, recent trends indicate a shift in consumer behavior, with a reported average price increase of only 2% in luxury goods this year, the smallest in recent years, reflecting a more pragmatic approach from consumers [3][5] - Younger consumers are increasingly focused on the actual value of products rather than their price or brand, leading to a rise in discount platforms and sales events that offer luxury items at more accessible prices [5][7] Group 1 - Luxury brands have historically used price hikes to enhance their image and create a sense of exclusivity, making consumers feel that high-priced items signify success and status [3][5] - The recent HSBC report highlights a significant change in consumer attitudes, with a mere 2% average price increase in luxury goods, indicating a shift towards more practical purchasing decisions [3][5] - Consumers are now more informed and discerning, often researching product materials and craftsmanship, which diminishes the effectiveness of traditional pricing strategies [5][7] Group 2 - The emergence of discount platforms like Vipshop has gained popularity among consumers who still appreciate luxury brands but seek better value for their money [5][7] - Recent discount events featuring brands like Burberry and COACH have attracted not only regular luxury buyers but also new consumers who are eager to take advantage of lower prices [5][7] - Overall, the luxury market is adapting to a more diverse consumer base that values cost-effectiveness, leading to new sales models and a more varied shopping experience [7]

Investment Highlights - The company is initiating coverage on Zhizi City Technology (09911) with an "outperform" rating and a target price of HKD 11.30, based on a 14x Non-IFRS P/E valuation for 2025, implying a 2x P/S valuation for 2025 [1] - The company has launched dozens of applications and casual games in the social and gaming sectors, serving over 1 billion users across more than 100 countries and regions, with a focus on the Middle East and North Africa while actively expanding into Southeast Asia, Europe, and Japan [1] Market Opportunity - The global social application market is expected to grow from USD 61 billion in 2023 to over USD 300 billion by 2030, with a CAGR of 26%, indicating a healthy growth environment for overseas entertainment social platforms [1] - The company believes that smaller platforms with cultural depth can seize structural opportunities due to the limitations faced by major players amid geopolitical tensions [1] Product Matrix and Business Strategy - The company has strengthened its core business through the acquisition of Mico World, diversifying into niche social segments while maintaining a "bush" strategy that enhances commercialization efficiency [2] - The company expects MICO and YoHo to enter a mature phase, contributing stable cash flow, while SUGO and TopTop are anticipated to support revenue growth [2] Global Expansion and Innovation - The company has positioned the Middle East and North Africa as a long-term strategic region, contributing over 50% of its social revenue, and plans to deepen its presence in high ARPU markets in Europe and the U.S. [3] - The company estimates that several products in the growth phase will contribute approximately 10% of social revenue in 2024, supporting future performance breakthroughs [3] - The company anticipates that marketing expenses may remain high in the short term but expects operational leverage to gradually improve as customer acquisition efficiency increases [3] Earnings Forecast and Valuation - The company projects EPS of 0.8 CNY and 1.0 CNY for 2025 and 2026, respectively, with a CAGR of 54% [3] - The initial coverage gives an "outperform" rating based on a 14x Non-IFRS P/E for 2025, with a target price of HKD 11.30, representing a 20% upside from current trading levels [3]

爆火的Labubu被戏称为"年轻人的茅台"，那么这二者间究竟有何异同？ 据追风交易台消息，美银近日发布报告，将这一新潮玩IP与传统白酒巨头进行对标，试图厘清其背后是消费周期的历史重演，还是一场深刻的范式转移。 全球化进程： 茅台深植中国传统文化，全球化尚处早期；Labubu则已在全球范围内取得显著成功，契合全球潮流。 美银分析师Alice Ma、Chen Luo和Lucy Yu指出， 两者虽同为社交货币，但Labubu的社交属性更多基于年轻群体的共同兴趣和价值观，而茅台的社交功能则 更多依托权力和等级关系。这种差异反映了"新消费"与"传统消费"的本质区别。 美银指出，与茅台类似，泡泡玛特也面临着IP周期与投资属性带来的双重考验， 若在Labubu与下一个爆款IP之间出现较长空窗期，公司的全球增长或将放 缓。 此外，投资者无法忽视的还有监管与市场拥挤这两大风险。 报告提醒，当前资本集中涌入"新消费"赛道的现象，与此前资金抱团以茅台为代表的消费蓝筹股颇 为相似，这种拥挤交易的脆弱性可能对估值产生巨大影响。 美银维持泡泡玛特买入评级，目标价275港元。据统计，泡泡玛特股价在过去52周区间为34.4-283.4港元， ...

洞见 （ DJ00123987 ） —— 不一样的观点，不一样的故事， 3000 万人订阅的微信大号。点击标题下 蓝字 " 洞见 " 关注，我们将为您提供有价值、有意思的延伸阅读。 别给自己加戏，其实你没有那么多观众。 ♬ 点上方播放按钮可收听 洞见主播一凡朗读音频 生活中，你是否会这样： 领导在会议上批评某种现象，你总会不由自主地认为是在影射自己，从而惴惴不安； 朋友偶尔晚回你的消息，你总会认为是对方刻意疏远，因此患得患失； 同事更新一条朋友圈，你总会觉得某句话是针对自己，一直闷闷不乐。 别人的一句话，一个动作，乃至一个表情，就立马分析出几十种可能，这不仅会让关系出现误 会，更会让自己陷入无休止的内耗。 心理学家蒋良就提出过一个概念： 走出剧情。 我们每个人都有自己的剧本，习惯用自己的认知去分析别人，如果深陷其中，就看不到真实的 世界。 作者：洞见Moon 很多时候，我们脑海里的那些忐忑不安，不过是自己给自己编织的假象，其实大家根本无暇注 意你。 和人打交道，不必过度分析对方，揣摩得越多，越透支心力；思考得越深，越消耗能量。 01 将军并没有在意，摆了摆手就继续看戏。 小公务员却认为这看似无意的摆手动作，是 ...

Group 1 - Australian online regulatory agency calls for the government to revoke a controversial decision allowing YouTube to be exempt from social media bans for users under 16 years old [1] - Julie Inman Grant, the Australian eSafety Commissioner, emphasizes the need for legislation to be "fair, consistent, and moderate," citing research that shows YouTube is the most frequently used social media platform among Australian teenagers and a significant source of harm [1] - Grant lists harmful content on YouTube, including misogynistic remarks, hate material, violent fight videos, dangerous challenges, eating disorders, and suicidal tendencies [1] Group 2 - Competitors like Snap Inc. and Meta Platforms have expressed dissatisfaction with YouTube's special treatment, especially after reports that the Australian government made private commitments to YouTube executives before public consultations on the exemption [1] - YouTube responded by highlighting the benefits it provides to students and teachers, urging the government to fulfill its public commitments to ensure Australian teenagers can continue accessing valuable content on the platform [2]

Core Viewpoint - The discussion around university students' living expenses highlights a generational divide in financial expectations and lifestyle choices, with parents often adhering to a more frugal mindset while students seek a more comfortable and socially engaging experience [3][27][28]. Group 1: Living Expenses Overview - The average monthly living expense for university students in China is approximately 1280 yuan, with over 70% of students spending more than 1000 yuan [7]. - Living expenses vary significantly by region, with students in Fujian, Shanghai, and Beijing having the highest costs, while those in Qinghai, Xinjiang, and Ningxia face the lowest [8]. - A classification of living expenses reveals six tiers, ranging from basic needs under 1000 yuan to luxury spending over 5000 yuan [9][10]. Group 2: Generational Perspectives - Parents often view living expenses as a necessary cost, while students see them as essential for social engagement and personal enjoyment [24][28]. - The disparity in financial expectations has led to a clash of values between parents, who prioritize practicality, and students, who emphasize quality of life and emotional well-being [27][28]. - The rising cost of living for students has outpaced wage growth, creating a "scissors gap" that exacerbates the divide in financial perspectives between generations [19][28]. Group 3: Spending Habits and Influences - Students' spending habits are influenced by personal choices, with significant portions of their budgets allocated to food, entertainment, and social activities [14][15][29]. - Gender differences in spending are evident, with female students typically spending more on clothing and cosmetics, while male students focus on entertainment [14]. - Emotional spending, or "emotional consumption," is prevalent among students, with many believing it is crucial for maintaining mental health [24]. Group 4: Parental Concerns and Strategies - Parents express concerns about the financial burden of supporting their children, especially in light of rising living costs and the need for students to develop financial independence [28][30]. - Some parents adopt a formulaic approach to determine appropriate living expenses, factoring in daily meal costs, study materials, and emergency funds [38][39]. - The narrative emphasizes the importance of teaching financial literacy to students, encouraging them to manage their expenses wisely rather than solely relying on parental support [40].