每经记者｜郑雨航 每经编辑｜高涵 ④ 【C3.ai盘前涨超18%】AI软件供应商C3.ai盘前涨超18%。消息面上，该公司在截至今年4月的上个财 年收入增长25%，远超分析师预期。 ⑤ 【惠普盘前跌超8%】惠普盘前跌超8%。消息面上，该公司下调了2025年全年利润预期。 ⑥ 【受关税影响，梅西百货计划涨价】美国梅西百货公司28日表示，受关税上调等因素影响，该公司 下调2025财年（从2月2日开始）盈利预期，并计划上调所售商品价格。 ⑦ 【美国比特币ETF过去五周吸金90亿美元】美国交易所交易基金（ETF）市场正在呈现分化格局，彭 博数据显示，过去五周美国比特币ETF吸金超90亿美元，贝莱德iShares比特币ETF（IBIT）吸金最多， 同期黄金ETF资金流出超过28亿美元。 ① 【三大期指齐涨】截至发稿，道指期货涨1.10%、标普500指数期货涨1.49%、纳指期货涨1.89%。 ⑨ 【美法院裁定禁止执行特朗普政府多个关税行政令】当地时间5月28日，美国国际贸易法院裁定，禁 止执行特朗普政府依据《国际紧急经济权力法》对多国加征关税措施的行政令。根据法院裁决，《国际 紧急经济权力法》没有授权美国总统出台任何全 ...

② Palantir 护城河深厚（政府关系+技术壁垒），但 3000 亿市值、500 倍市盈率的天价估值令人生疑。纵观过去 9 个季度的收入增速，Palantir 更像是一家"增速稳健"的科技公司而非"爆发性增长"的 AI 新锐。此外，高度依赖政府合同也埋下风险隐患。 ③ RockFlow 投研团队认为，伟大愿景仍需合理定价。Palantir 短期估值泡沫明显，持仓者应适度减持。观望者可等待回调，但长期仍看好其 在 AI 时代的战略价值。 ① Palantir 通过 Gotham（政府业务）+ Foundry（商业客户）双平台布局，AIP引领AI原生架构创新，深度客户绑定形成高壁垒。它不仅仅是软 件平台，还帮助客户重塑决策方式。这种"战略合作伙伴"模式带来了长期合同和深度运营整合。 在科技投资的舞台上，Palantir 一直是特立独行的角色。这家由 Peter Thiel 创立的公司，从最初专注于政府情报分析的神秘科技公司，逐步成为 AI 时代最 炙手可热的科技巨头之一。不久前 25Q1 财报的发布，不仅让我们得以一窥这家公司的业绩现状，也给市场抛出了一个更大的难题。 在过去一年股价暴涨 500% 后，这家 ...

《澳洲金融评论报》报道称，矿企大亨Gina Rinehart连续第6年蝉联Financial Review Rich List榜首，尽 管铁矿石价格下跌导致其身家缩水6%至381亿澳元，但 依旧遥遥领先于其他人。 大宗商品价格疲软也导致其他排名前10的富豪身家缩水，包括排名第5的Clive Palmer（201亿澳元）和 第9的Nicola Forrest（128亿澳元）。 这导致澳洲10大富豪的总身家缩水了9.2%，至2020亿澳元。 但尽管如此，200名富豪的总财富仍有所增 长。 矿业依旧首当其冲，总价值1413亿 澳元（下降4.6%），其次是房地产业，总价值1258亿澳元（增长 5.5%）。 今年是Rich List发布的第43个年头，完整榜单将于周五公布。 第一份较简短的榜 单于1983年在Business Review Weekly发布，1984年扩展至200人。 （图片来源：《澳洲金融评论报》） Rinehart的父亲Lang Hancock曾跻身首份富豪榜，此后这个家族一直是榜单的常 客。 （图片来源：《澳洲金融评论报》） Rinehart的Hancock Prospecting不仅是澳洲最大的 ...

Group 1 - The core message emphasizes the importance of implementing Xi Jinping's speech during his visit to Henan, focusing on driving development and modernization in the region [1][2][3] - Zhengzhou High-tech Zone aims to integrate technology innovation with education and talent development, enhancing the modern industrial system and focusing on key industries such as intelligent sensors and new materials [2][3] - The city plans to optimize the business environment to boost high-quality development, including support for small and micro enterprises and industrial land reforms [2][3] Group 2 - The focus is on cultural and tourism integration, with efforts to enhance cultural heritage protection and promote high-quality development in the tourism sector [4][5] - The city of Dengfeng aims to become a world-class cultural tourism destination by leveraging its rich cultural resources and implementing innovative projects in heritage protection and tourism [4][5] - The integration of "culture and tourism" is seen as a means to meet the public's demand for a better quality of life, with initiatives to enhance local cultural narratives and tourism experiences [7]

Group 1 - Shenzhen Feisu Innovation Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with joint sponsors including CICC, CITIC International, and招商证券国际 [2] - Shanghai Xiangong Intelligent Technology Co., Ltd. has also submitted a listing application to the Hong Kong Stock Exchange, with CICC as the sole sponsor [3] Group 2 - A court ruled that a company must pay 262,665 yuan in compensation to an employee who was demoted from director to a front desk position, which was deemed insulting and punitive [4][5] - The employee's average monthly salary before the demotion was 20,205 yuan, and the company argued that the demotion was due to poor performance [4] Group 3 - Nvidia reported a first-quarter revenue of $44.1 billion, a 69% year-over-year increase, with a net profit of $18.78 billion, up 26% [16] - HP announced a second-quarter revenue of $13.2 billion, reflecting a 3.3% year-over-year growth [17] Group 4 - Jiangsu Aislon Holdings Co., Ltd. completed a 50 million yuan Series A financing round, led by Fuxing Capital, aimed at advancing renewable energy technology and smart manufacturing [17]

Group 1: Corporate Developments - Didi Enterprise Edition has become the first travel service provider for 3M in China, offering efficient and sustainable travel management solutions [1] - Samsung Medical is expected to win a procurement project from State Grid with a total estimated value of approximately 213 million yuan [2] - Weir Shares is reportedly preparing for an IPO in Hong Kong, aiming to raise no more than 1 billion USD [3] - ExxonMobil is in exclusive negotiations to sell its majority stake in its French subsidiary Esso to a Canadian energy group, with a share price of 149.19 euros [4] - Lenovo has upgraded its Tianxi personal super-intelligent system to create a comprehensive human-machine collaboration ecosystem [4] - Volvo has temporarily halted production at its South Carolina plant due to supply chain issues related to a hardware component [5] - Midea Group has established a new retail company in Foshan with a registered capital of 10 million yuan [5] - Wuliangye has stated that it has no plans to list in Hong Kong [6] - Xiaohongshu e-commerce has launched the "Friendly Market," providing over 1 billion traffic support for selected products [7] - Suning.com has started its 618 sales event, offering various discounts and subsidies [8] - Kingsoft reported a revenue of 2.338 billion yuan for Q1 2025, a 9% year-on-year increase [9] - Ant Group showcased its focus on applications and exploration of AI capabilities during its technology open day [10] Group 2: Investment and Financing - Hangzhou Daka Technology Group has completed a 20 million yuan Series A financing round, aimed at enhancing its smart IoT platform and AI applications [11] - Jiangsu Eslong Holdings has completed a 50 million yuan Series A financing round, focusing on new energy technology and green technology commercialization [12] Group 3: New Products and Market Trends - DJI is set to enter the robotic vacuum market with its first product expected to launch in June [13] - The China Passenger Car Association reported that retail sales of passenger cars from May 1-25 reached 1.358 million units, a 16% year-on-year increase [15] - Retail sales of new energy vehicles during the same period reached 726,000 units, a 31% year-on-year increase, with a penetration rate of 53.5% [15]

Core Viewpoint - The high gross margin of 93% for Fanwei Network is notable, surpassing that of Moutai, but the company faces a low net profit margin of less than 8% in 2024, raising questions about its authorized operation model and the potential need for transparency in its profit structure [1][7][10]. Financial Performance - In 2024, Fanwei Network reported revenue of 2.362 billion yuan, a year-on-year decrease of 1.31%, while net profit reached 203 million yuan, an increase of 13.58% [1]. - The first quarter of 2024 showed a decline in both revenue and net profit, with revenue at 329 million yuan, down 4.32%, and net profit at 26.12 million yuan, down 6.71% [1]. - The company's gross margin consistently exceeds 93%, with 2024 gross margin reported at 93.25%, significantly higher than peers like Yonyou Network (47.54%), Zhiyuan Huilian (64.22%), and Dingjie Zhizhi (58.25%) [3][4]. Business Model - Fanwei Network operates primarily through an authorized operation model, where over 90% of its revenue comes from this model, which allows costs to be transferred to operators, resulting in high gross margins but low net profits [1][4][7]. - The authorized operation centers are responsible for customer service and project implementation, while Fanwei Network retains contract income and pays a portion to these centers as project implementation fees [5][8]. Cost Structure - In 2024, the company's sales expenses reached 1.613 billion yuan, accounting for 68.28% of revenue, with 1.347 billion yuan paid to authorized operation centers, representing 81.46% of sales expenses [8][9]. - The company has a high level of prepayments, with 500 million yuan in prepayments at the end of 2024, constituting nearly 20% of current assets, and maintains a consistent level of 900 million yuan in advance receipts [22][24]. Employee and Operator Relationships - There is a notable mismatch between revenue growth and employee numbers, with a 25% decrease in employees from 2022 to 2024 despite slight revenue growth [10][18]. - The company has been questioned regarding the close relationships between its authorized operators and its employees, with some operators having significant financial ties to the company [13][16]. Regulatory Scrutiny - The company's accounting practices and the potential for cost manipulation have drawn regulatory inquiries, particularly regarding the high gross margins and the relationship with authorized operators [12][26]. - Fanwei Network's prepayment and advance receipt practices, along with its procurement from related parties, have raised concerns about transparency and potential conflicts of interest [22][25].

Group 1 - The European Union (EU) officials have requested major EU companies and their CEOs to report detailed plans for investments in the United States to prepare for trade negotiations with the US [1][3] - The European Business Association members received a questionnaire from the European Commission, asking for their future investment intentions in the US [3] - The European Industrial Roundtable, which includes major companies like ASML, BASF, SAP, BMW, and Mercedes-Benz, has also been contacted to provide their investment plans for the next five years [3] Group 2 - Recent trade negotiations between the EU and the US show signs of progress, with President Trump delaying the imposition of a 50% tariff on EU imports from June 1 to July 9 [3][7] - The EU aims to negotiate the cancellation of any tariffs on EU products or at least prevent new tariffs, exploring conditions that could satisfy the US [7] - European companies are currently focusing significant investments in the pharmaceutical sector, with Roche and Novartis committing to invest $50 billion and $23 billion respectively in the US [7] Group 3 - A survey by the German Chamber of Commerce revealed that 24% of surveyed companies intend to increase investments in the US, while 29% plan to reduce their investments [7] - The uncertainty caused by the fluctuating policies of the Trump administration is a primary reason for companies considering reducing their investments in the US [7] - Trump's recent executive order requiring pharmaceutical companies to lower drug prices in the US has led Roche to reconsider further investments in the US [8]

Core Viewpoint - SteamOS has opened installation support for more gaming handhelds, allowing users to replace Windows 11 with a more optimized gaming experience [1][2]. Group 1: SteamOS Development - Initially, SteamOS only supported Steam Deck, while other gaming handhelds from brands like Lenovo and ASUS ran on Windows 11, which is less effective for gaming [2]. - The latest SteamOS 3.7.8 is based on an updated Arch Linux, featuring Linux Kernel 6.11 and Plasma 6.2.5 for desktop mode [2]. - Valve provides recovery images and setup guides for users, with current support limited to AMD hardware and NVMe SSDs [2]. Group 2: Future Prospects and Features - There is a high probability that SteamOS will support additional hardware in the future, potentially including non-AMD devices, due to its Linux foundation [3]. - New features in SteamOS 3.7.8 include battery charge limit settings, frame rate limiting for VRR displays, and the ability for Bluetooth controllers to wake the device from sleep [3]. - Lenovo plans to release the Legion Go S with pre-installed SteamOS in the coming weeks, priced lower than the Windows 11 version, attracting potential buyers to consider third-party handhelds running SteamOS [3].

Core Insights - The collaboration between Alibaba and SAP marks a significant partnership between a Chinese tech giant and a European software leader, focusing on AI integration and market expansion [1][15][16] - SAP has seen a remarkable increase in its market value, becoming the highest-valued company in Europe, driven by strong AI business growth [2][4] - The contrasting performance of SAP and the overall German economy raises questions about the disconnect between high-performing tech stocks and macroeconomic fundamentals [4][13] SAP's AI Strategy - SAP's AI strategy is supported by innovative products like Joule, which aims to enhance user productivity by 30% and reduce migration time to SAP Business Suite by 35% [5][10] - The Business Data Cloud (BDC) serves as the data foundation for SAP's AI initiatives, with a projected market size of $300 billion by 2028 and a compound annual growth rate of 24% [6][8] - SAP's ambition extends beyond individual products, aiming to establish itself as a leader in "Suite as a Service" with a comprehensive AI ecosystem [8][9] Financial Performance and Projections - SAP's AI initiatives are expected to significantly boost its cloud service revenues, with a potential increase from €11 billion in support services to over five times that amount in cloud revenues [10][11] - Analysts predict a 17-20% growth in SAP's earnings per share (EPS) for the fiscal year 2026/2027, driven by AI [11][12] Market Response and Analyst Consensus - Positive market feedback was evident during SAP's Sapphire annual conference, with strong attendance and favorable partner responses [12] - Analysts from Morgan Stanley and Bank of America express confidence in SAP's growth potential, citing its robust product pipeline and AI narrative as key drivers of valuation [12][18] Future Collaboration and Market Impact - The partnership between Alibaba and SAP aims to create tailored AI solutions for markets in China, Southeast Asia, the Middle East, and Africa, potentially accelerating the AI transformation of traditional industries [16][18] - This collaboration reflects a broader trend of companies seeking to share innovation risks in the increasingly complex landscape of AI technology [18]