Core Viewpoint - The CEO of BGI Group, Yin Ye, emphasizes that China's total fertility rate ranks second lowest globally, indicating a significant demographic challenge that could lead to a future scenario where three 60-year-olds support one newborn [1][2]. Group 1: Fertility Rate Concerns - China's fertility rate is critically low, currently competing with South Korea for the lowest rate, even below Japan [1]. - The low birth rate is attributed to a complex interplay of factors, including high infertility rates, which are reported to be between 15% and 20% [2]. Group 2: Economic Considerations - The decision to have children is heavily influenced by the perceived "input-output ratio," where families weigh the costs and benefits of raising children [2][3]. - There is skepticism about the effectiveness of subsidies in increasing birth rates, as successful long-term examples globally are rare, with only short-term effects observed in countries like France and Hungary [2]. Group 3: Future Implications - The demographic trend poses a significant challenge for future societal structures, with a potential imbalance where an aging population outnumbers the youth, leading to unsustainable support systems [2]. - The advancement of technology raises questions about the necessity of a large human population, as future innovations may alter traditional roles and needs [3].

7月5日开始的最新一轮外卖大战，发生得非常突然。此时，京东外卖对美团的冲击已经不像一开始那么 声势浩大，外卖江湖看上去还比较风平浪静。 没想到淘宝闪购（+饿了么）突然发起了冲锋，5日当天，不少新用户收到了"满19减19""满18减18"以 及"满25减22"等多张大额优惠券。 补贴力度之大，补贴之疯狂，前所未有。市值远超美团和京东的阿里，正在展示非凡的"钞能力"。 同一天下午，美团迅速跟进反击，将原计划的夏季补贴活动提前投入战场，补贴力度同样前所未有。 企业自己统计的当天战果是：美团即时零售的日订单量突破1.2亿，淘宝闪购和饿了么的日订单量超过 8000万。 在这轮"史诗级"外卖大战中，之前动静挺大的京东，反倒显得声量较弱。（在三家企业中，京东的市值 也最小。） 二是触达的消费人数多。由于茶饮和咖啡的门店数量众多，平台补贴在这两个品类重点投入，能够覆盖 尽可能多的消费者，让补贴的覆盖面尽可能广。 三是这两个品类的客单价相对于其他品类要低。这样一来，同样金额的补贴能够覆盖更多的订单，让更 多人享受到；同时，一份订单中补贴所占的比重会更大，消费者的感知会更明显。例如，同样是优惠15 元，那么一杯15元的奶茶就成了 ...

Core Viewpoint - The article emphasizes the importance of efficiency over mere growth and scale in the current economic environment, advocating for a shift in focus towards efficiency as a primary metric for business success [3][4][10]. Group 1: Investment Philosophy - The founder of 嘉御资本, Wei Zhe, has led successful investments in various sectors, including new consumption, cross-border e-commerce, and technology, with a notable focus on efficiency as a key performance indicator [3][4]. - 嘉御资本 has invested in 14 leading companies in the overseas market, including Anker Innovations and Pop Mart, demonstrating a strong track record in identifying high-potential investments [3][4]. - The company plans to enter the medical sector, viewing it as an opportunity despite the current challenges in the industry, indicating a contrarian investment approach [3][4][27]. Group 2: Efficiency as a Key Metric - Wei Zhe argues that in the current "stock economy," efficiency should take precedence over growth and scale, as many companies fail not due to lack of funding but due to inefficiencies [9][10]. - The concept of "first efficiency indicators" is introduced, which should be personally monitored by founders, highlighting the critical role of efficiency in a company's DNA [11][12]. - The article discusses the need for companies to adapt to a new reality where efficiency is paramount, especially in a market where capital is becoming scarcer and more expensive [14][15]. Group 3: Insights on AIGC and Innovation - The emergence of AIGC (Artificial Intelligence Generated Content) is discussed, with a focus on the importance of affordability in technology adoption, as exemplified by DeepSeek's cost-effective solutions [16][17]. - Wei Zhe emphasizes that innovation should not come at the expense of efficiency, advocating for a balanced approach to technological advancements [16][17]. Group 4: Investment Success Stories - The article highlights the investment strategies behind successful companies like Anker Innovations and Pop Mart, focusing on their high product development success rates and global market aspirations [20][21][22]. - The efficiency in product development and market entry strategies of these companies is noted as a key factor in their success, showcasing the importance of strategic planning in investment decisions [20][21][22]. Group 5: Future Predictions - Wei Zhe shares three predictions regarding the future of technology and work, including a significant reduction in work hours due to AI advancements and a potential increase in human lifespan through medical innovations [33][34]. - The predictions reflect a belief in the transformative power of technology and its implications for business and society [33][34].

星舰第四次发射成功返回，我们重发这篇文章。 文丨 贺乾明 李梓楠 编辑丨黄俊杰 美国东部时间 6 月 6 日，SpaceX 第四次发射星舰（Starship）太空船。飞船进入轨道，并重返大 气层，按计划落入印度洋海域。 商业公司以相对低成本提供媲美登月火箭的运载能力，是商业太空探索的一次大跨越。SpaceX 计划 在后续的测试飞行中尝试平稳回收利用发射火箭，进一步降低成本。装载新发动机的第二代星舰也 在准备中。 今年 3 月，星舰首次成功进入近地轨道后坠毁， 我们发文 介绍了 SpaceX 如何建立新的研发、生产 体系，支持星舰的诞生。现在我们根据最新进展调整部分内容，重发这篇文章。 2011 年夏天，美国国会和美国宇航局（NASA）共同宣布了一个宏伟的计划：投入 180 亿美元，开 发前所未有的巨型火箭和新飞船，重整载人航天，也为之后登陆火星做准备。 这是一个理所当然的 "举国体制" 项目。国会拨巨资、政府机构（NASA）设目标，让合作几十年的 军工巨头们推进。 几个月后，NASA 从庞大的预算里拨了个零头（不到 3 亿美元）给 SpaceX、蓝色起源等四家商业公 司，让他们尝试做出能自负盈亏的载人飞船。分 ...