Financial Data and Key Metrics Changes - Booking Holdings reported a strong quarter with adjusted EBITDA increasing by 28% year over year, driven by revenue outperformance and disciplined expense management [3][32] - Room nights reached 309 million, an 8% year over year increase, with gross bookings up 13% and revenue up 16%, both exceeding prior expectations [5][29] - Adjusted earnings per share grew 32% year over year, benefiting from a 5% lower average share count [32] Business Line Data and Key Metrics Changes - Alternative accommodations room nights grew by 10%, outpacing the core hotel business, with total listings reaching 8.4 million, an 8% increase year over year [8][25] - The Genius loyalty program saw over 30% of active travelers in higher tiers, contributing to a mid-50% share of total room nights booked [9][27] - Non-accommodation verticals showed strong growth, with flight tickets booked increasing by 44% and attractions ticket growth more than doubling year over year [12][27] Market Data and Key Metrics Changes - Asia experienced low double-digit room night growth, while the U.S. remained the slowest growing region, though growth improved slightly from the first quarter [10][22] - Europe saw high single-digit growth, and the Rest of World region also experienced high single-digit growth [22] - The U.S. market showed lower average daily rates (ADRs) and shorter lengths of stay, indicating cautious consumer spending [23] Company Strategy and Development Direction - The company is focused on expanding alternative accommodations, enhancing the Genius loyalty program, and developing AI capabilities to improve the travel experience [7][12] - The connected trip vision aims to provide a more personalized travel experience by integrating various travel services [11][82] - The company is investing in technology and partnerships to leverage AI for better service and operational efficiency [16][17] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about long-term growth in the travel industry despite geopolitical and macroeconomic uncertainties [18][39] - The company expects third quarter room night growth to moderate, with guidance reflecting a cautious outlook due to tougher year-over-year comparisons [35][72] - Full-year guidance has been increased, with expectations for low double-digit growth in gross bookings and revenue [39] Other Important Information - The company generated approximately $3.1 billion in free cash flow during the quarter, with an ending cash and investments balance of $18.2 billion [34] - The transformation program is expected to yield approximately $350 million in annual run rate savings [33] Q&A Session Questions and Answers Question: Can you provide details on the performance of different markets in Asia? - Management expressed satisfaction with overall performance in Asia, highlighting that while they do not compete strongly in China, inbound travel to China remains beneficial [45][46] Question: What is the potential impact of large language models (LLMs) on the business? - Management sees LLMs as an exciting opportunity for improved service and efficiency, although it is still early to quantify their impact [48][50] Question: What initiatives are being taken to boost growth in the U.S. market? - The company is focusing on small initiatives across product, supply, and marketing to gradually gain market share in the U.S. [58][60] Question: What are the key investments needed for scaling the Connected Trip? - Management emphasized the importance of expanding inventory across all travel verticals and leveraging data for personalized customer experiences [82][90]

证券日报网讯真兰仪表（301303）7月29日在互动平台回答投资者提问时表示，企业实施数字化的应用 可以一定程度上降低成本，公司已被评定为基于5G全连接工厂项目示范应用的上海市智能工厂。公司 根据发展需求，目前大量投入研发与生产制造体系的数字化、信息化与智能化建设，以数字化工具为引 擎，开发和引进各类信息化系统，对公司的研发、生产、质量、供应链、财务与销售管理等内部沟通、 流程、制度、知识库等体系进行全面升级和优化。公司将持续深入开展流程变革与数字化转型工作，驱 动公司战略管理、成本改善和效率提升，通过系统优化提升整体运营效能，助力组织持续成长。 ...

Group 1 - The article highlights the importance of weekly announcements from Sunday to Thursday, which include significant stock market updates such as suspensions, increases or decreases in holdings, investment wins, acquisitions, earnings reports, unlocks, and high transfers [1] - It emphasizes the need for investors to identify investment hotspots and prevent various black swan events by having sufficient time to analyze and find suitable listed companies [1] Group 2 - The first company mentioned is a leading enterprise in the field of direct-write lithography equipment in China, focusing on PCB concepts, lithography machines, advanced packaging, and third-generation semiconductors [1] - The second company specializes in high-frequency and high-speed copper cable connections, primarily supplying Amphenol, and is involved in sectors such as robotics, data centers, Huawei, and photovoltaics [1] - The third company is engaged in innovative drugs, including weight loss medications and medical aesthetics, with multiple innovative drug indications receiving clinical trial approvals this year [1]

中新网泉州7月25日电 (孙虹 张钰惠)"数字贸易已经成为全球经济发展的重要基石。"全球移动通信系统 协会(GSMA)大中华区总裁斯寒24日在福建泉州参加2025年世界互联网大会数字丝路发展论坛时表示， 以中国为代表的先进市场的数字联通，已对现代社会产生了根本性影响，为企业打开了全球市场的大 门。 斯寒指出，共建"一带一路"倡议强调通过联通经济体与民众以促进共同繁荣。"这种联通从传统意义上 说是依托物理基础设施的互联互通，例如历史上海上丝绸之路就是从这次论坛的举办地泉州出发。而在 我们所处的时代，社会与经济正以前所未有的速度发生变革，数字基础设施的互联互通显得更为重 要。" 论坛期间，全球政、企、学界的多位权威嘉宾围绕"一带一路"数字贸易开放合作、人工智能赋能民营经 济高质量发展、国际运输数智化转型与可持续发展等三个重要议题展开交流，共话数字丝路发展新篇 章。 7月24日， 全球移动通信系统协会大中华区总裁斯寒在2025年世界互联网大会数字丝路发展论坛上发言。主办方供 图 "中国正处于这一数字变革的前沿。"斯寒罗列了一组数据：2024年，移动技术和服务对中国GDP的贡献 率达6.2%，相当于1.2万亿美元；预 ...

根据标找找数据显示，2019至2025年6月，中国连接器招投标数达1.66万条，预算金额约160.85亿元，招采单 位、中标单位及代理单位分别为2000+家、2000+家以及168家。 转自：前瞻产业研究院 行业主要上市公司：立讯精密(002475.SZ)、中航光电(002179.SZ)、长盈精密(300115.8Z)、得润电子 (002055.SZ)、航天电器(002025.8Z)、意华股份(002897.SZ)等 本文核心数据：连接器招投标事件数量;连接器招投标金额分布;连接器招/中标主体类型 中国连接器行业招投标信息解读 ——中国连接器行业招标采购市场概况 注：标找找查询产品定义包括："连接器"，查询时间为2025.6.24。 ——中国连接器行业招投标数量呈波动趋势 根据招标公告整理，2019-2024年，中国连接器行业招标项目呈波动趋势，2024年中国连接器招投标项目数 量达到6139条，2025年1-6月连接器招投标项目数量达到2204条。 ——中国连接器行业主要招标主体为国有企业 截至2025年6月，从中国连接器行业招标公告中的招标主体类型来看，招标主体主要为事业单位，占招标总 数的31%;其次是 ...

点击下方 卡片 ，关注" 具身智能之心 "公众号 >> 点击进入→ 具身 智能之心 技术交流群 更多干货，欢迎加入国内首个具身智能全栈学习社区 ： 具身智能之心知识星球 (戳我) ， 这里包含所有你想要的。 实时强化学习来了！AI 再也不怕「卡顿」。 设想这样一个未来场景：多个厨师机器人正在协作制作煎蛋卷。虽然我们希望这些机器人能使用最强大可靠的智能模型，但更重要的是它们必须跟上瞬息万变的 节奏 —— 食材需要在精准时机添加，煎蛋过程需要实时监控以确保受热均匀。只要机器人动作稍有延迟，蛋卷必定焦糊。它们还必须应对协作伙伴动作的不确定 性，并做出即时适应性调整。 实时强化学习 然而，现有的强化学习算法多基于一种理想化的交互模式：环境与智能体轮流「暂停」以等待对方完成计算或响应。具体表现为： 环境暂停假设：当智能体进行计算决策和经验学习时，环境状态保持静止； 智能体暂停假设：当环境状态发生转移时，智能体暂停其决策过程。 这种类似「回合制游戏」的假设，严重脱离现实，难以应对持续变化、延迟敏感的真实环境。 下图突出显示了智能体在实时环境中出现的两个关键困难，而这些在标准的回合制 RL 研究中是不会遇到的。 首先，由于 ...

Core Insights - The third China International Supply Chain Promotion Expo opened in Beijing, featuring the release of the 2025 Global Supply Chain Promotion Report and four indices: Promotion Index, Connection Index, Innovation Index, and Resilience Index [1][3] Group 1: Global Supply Chain Trends - Global supply chain development is characterized by improved infrastructure connectivity, increased participation of developing countries in trade agreements, and a focus on enhancing supply chain resilience among major economies [3] - Technological innovation is playing a more significant role in driving global supply chains, while financial services are becoming more inclusive, enhancing the role of supply chain finance [3] Group 2: Index Performance - The indices are based on 2018 as the base year, with values for 2024 showing increases: Promotion Index at 2.71, Connection Index at 1.56, Innovation Index at 2.16, and Resilience Index at 1.22 [4] - From 2018 to 2024, the average annual compound growth rates for the Promotion Index, Connection Index, and Innovation Index were 18.1%, 7.7%, and 13.7% respectively, while the Resilience Index had a lower growth rate of 3.4% [4] - The Resilience Index has shown a decline for two consecutive years since 2022, indicating instability in the global supply chain's internal quality [4][5] Group 3: Interdependence of Indices - The Resilience Index only increases when the Promotion, Connection, and Innovation Indices also rise, highlighting the need for a comprehensive enhancement of the global supply chain promotion system to improve resilience [5]

人们订阅你，是为了听你的声音，而不是看到更多 AI 生成的内容。 商业模式层面，仍然以订阅为主，但是 Substack 生态里广告赞助已经自然发展起来，未来将会优化支 持，会鼓励创作者选择合适品牌合作。 Substack 认为主流社交平台正让用户越来越疲惫，人们渴望「真实连接」与更深的表达，这是长期增长 机会，因此 Substack 的目标是成为对抗"流量至上逻辑"的新网络阵地。 Creator Economy 这块又开始热起来了，在 Newsletter 平台 Beehiiv 突破 3000 万美金年营收后《 AI Coding Lovable 融资 2 亿美金，Newsletter Beehiiv 年营收突破 3000 万美金 》，今天 Substack 宣布完 成了 1 亿美金的 C 轮融资，由 Bond 和 TCG 领投，a16z 和几个创始人跟投，估值从之前的 6.5 亿美金增 加到了现在的 11 亿美金。 3 月份的时候 Substack 宣布平台的付费用户突破了 500 万 ，此次融资在官方博客里没有提到太多信息， 只是说融资后将加倍投入 Substack 的 App 应用，同时还在开发更多工具 ...

Core Insights - The rise of the "single economy" in China is driven by a significant increase in single-person households, which now account for 25% of families, up from 8% in 2000, indicating a shift in consumption patterns towards services like dining and entertainment [1][2][9] Group 1: Demographic Changes - The proportion of single-person households in China has surged from 8% in 2000 to 25.4% in 2020, with the average family size decreasing from 4.41 in 1982 to 2.62 in 2020 [2][6] - The percentage of individuals aged 25-29 living alone has increased from 5.0% in 2010 to 12.8% in 2020, while the highest rate of single living is among those aged 65 and above, at 15.7% [5][6] Group 2: Consumption Trends - Single-person households are more willing to spend on services, particularly in dining, leisure, and entertainment sectors, reflecting a fundamental change in consumption habits [9] - The "loneliness economy" is characterized by various forms of loneliness experienced by 21% and 24% of the population, leading to new investment opportunities [10] Group 3: Investment Opportunities - **Sports Industry**: The sports sector is growing rapidly, contributing 1.15% to GDP in 2023, with the number of sports facilities expected to rise from 3.2 million in 2018 to 4.9 million by 2024 [12][21] - **Non-Gambling Entertainment in Macau**: The demand for live performances has surged, with ticket sales for live theater increasing by over 30% in the past decade, and Macau hosting over 2,000 large-scale music events in 2023 [24][27] - **Solo Travel**: Solo travelers make up 62.3% of frequent travelers, with a notable trend among women preferring solo trips, indicating a shift in travel preferences [28][32] - **Virtual Emotional Connections**: The decline in marriage rates and the rise of romantic narrative games reflect changing dynamics in intimate relationships, with games like "Love and Deep Space" generating significant revenue shortly after launch [36][39]

Core Viewpoint - The article discusses the emergence of real-time reinforcement learning (RL) frameworks that address the limitations of traditional RL algorithms, particularly in dynamic environments where timely decision-making is crucial [1][4]. Group 1: Challenges in Traditional Reinforcement Learning - Existing RL algorithms often rely on an idealized interaction model where the environment and agent take turns pausing, which does not reflect real-world scenarios [3][4]. - Two key difficulties in real-time environments are identified: inaction regret, where agents may not act at every step due to long reasoning times, and delay regret, where actions based on past states lead to delayed impacts [7][8]. Group 2: New Frameworks for Real-Time Reinforcement Learning - Mila laboratory's two papers propose a new real-time RL framework to tackle reasoning delays and action omissions, enabling large models to respond instantly in high-frequency, continuous tasks [9]. - The first paper introduces an asynchronous multi-process reasoning and learning framework that allows agents to utilize available computational power effectively, thereby eliminating inaction regret [11][15]. Group 3: Performance in Real-Time Applications - The first paper demonstrates the framework's effectiveness in capturing Pokémon in the game "Pokémon: Blue" using a model with 100 million parameters, emphasizing the need for rapid adaptation to new scenarios [17]. - The second paper presents an architecture solution to minimize inaction and delay in real-time environments, drawing parallels to early CPU architectures and introducing parallel computation mechanisms in neural networks [22][24]. Group 4: Combining Techniques for Enhanced Performance - The combination of staggered asynchronous inference and temporal skip connections allows for reduced inaction and delay regrets, facilitating faster decision-making in real-time systems [27][36]. - This integration enables the deployment of powerful, responsive agents in critical fields such as robotics, autonomous driving, and financial trading, where response speed is essential [36][37].