Core Viewpoint - The newly released "Beijing Old Brand Recognition Management Measures" aims to enhance the recognition of old brands by focusing on their cultural and economic value, rather than just their historical longevity [1][2]. Group 1: Recognition Criteria - The new regulations require that brands must have been established for at least 50 years and possess distinct Chinese cultural characteristics and regional features [1]. - The emphasis has shifted from merely being "old" to also being "good," highlighting the importance of quality and value in addition to historical significance [1]. Group 2: Impact on Consumption and Employment - Old brands play a significant role in promoting consumption, stabilizing employment, and preserving culture, with Beijing having 274 recognized old brands across various sectors as of last November [1]. - During the recent "May Day" holiday, many old brand stores experienced a surge in customer traffic, demonstrating their strong consumer appeal and cultural influence [1]. Group 3: Challenges and Opportunities - Despite their historical significance, some old brands face challenges such as outdated concepts and conservative products, leading to marginalization in the market [1]. - There is a need for these brands to resonate with younger consumers, as relying solely on nostalgia is insufficient for sustainable growth [1]. Group 4: Dynamic Management Mechanism - To activate old brand resources, a dynamic management mechanism should be established, transitioning from "recognition of qualifications" to "stimulating vitality" [2]. - The proposal includes the creation of an "Old Brand Vitality Index" to regularly assess brand performance, social reputation, and innovation capabilities, thereby enhancing social recognition [2]. Group 5: Cultural Significance - Revitalizing old brands is not only about expanding consumption and stimulating domestic demand but also about awakening urban cultural genes and fostering cultural confidence [2]. - Optimizing the system to invigorate brand vitality will help transform "visible history" into a "sustainable future," allowing more old brands to become "new classics" of the era [2].

Core Viewpoint - The Chinese government emphasizes stabilizing employment, enterprises, markets, and expectations to respond to external uncertainties with high-quality development [1] Group 1: Employment Initiatives - The target for urban new employment in 2025 is set at over 12 million, with enhanced public employment services and support for key groups [1] - A series of recruitment events have been launched, with over 1,000 events and 697,000 job postings from more than 350,000 employers, attracting nearly 7.42 million job-seeking graduates [2][4] - Various specialized service zones have been established at job fairs to provide policy consultation and career guidance [4] Group 2: Policy Support and Financial Aid - The government has implemented incentive policies to expand job opportunities in key sectors, including new productivity development and basic livelihood services [6] - Employment support policies have been enhanced, with a cumulative issuance of over 640 billion yuan in loans to stabilize and expand employment positions [13] - In the first quarter, 35.2 billion yuan in stabilization funds were distributed to 588,000 enterprises, reducing costs by 45.6 billion yuan through lowered unemployment insurance rates [15] Group 3: Skills Training and Development - The "Skills Illuminate the Future" training initiative aims to address structural employment issues by increasing the supply of skilled labor in high-demand sectors [20] - Over 1 million people are expected to receive subsidies for vocational skills training, focusing on advanced manufacturing and modern services [26] - Specialized training programs for sectors like elderly care and domestic services have been initiated to support workforce stability [30]

Investment Rating - The report maintains a "Buy" rating for all covered companies in the internet and education sectors, indicating a positive outlook for their performance [4]. Core Insights - The fundamental aspects of the internet and education industries continue to support valuation, with a focus on service platform opportunities. The report anticipates a potential increase in market expectations due to low base effects in the first half of 2025 [1][3]. - The report highlights the expected growth in Gross Merchandise Volume (GMV) for major e-commerce players, with projections of +6% for the industry, +6% for Alibaba, +10% for JD.com, +13% for Pinduoduo, and +15% for Kuaishou [3]. - The report notes that the valuation of most companies is currently lower than the average level for 2024, presenting opportunities for companies with stable performance and potential for business expansion, particularly those leveraging AI [3]. Company Performance - In April 2025, the stock price performance of covered companies showed significant variation, with notable increases for companies like Cloud Music (+22%) and Youdao (+17%), while companies like TAL Education saw a decline of -34% [5]. - The report indicates that the proportion of Hong Kong Stock Connect holdings for covered companies has increased, with Alibaba's holding rising to 8.7% as of April 2025 [3][6]. - The report anticipates a small wave of companies returning to Hong Kong for listing, as nearly 30 companies meet the conditions for such a move [3]. Financial Metrics - The report provides a detailed valuation summary for various companies, including projected earnings per share (EPS) and price-to-earnings (P/E) ratios for FY25E and FY26E. For instance, Tencent is projected to have a P/E of 17.4 for FY25E, while Alibaba is expected to have a P/E of 10.7 [4]. - The average P/E ratio across the covered companies is projected to be 16.0 for FY25E, indicating a generally favorable valuation environment [4][9]. Market Trends - The report notes that the market for Chinese concept stocks listed in the U.S. is facing potential delisting risks, but the impact is expected to be less severe than in previous years [3]. - The report highlights the increasing trading volume of Chinese concept stocks in Hong Kong, with a significant rise in trading activity since the introduction of dual-class share structures [7][8].

◎白丽斐 记者 李苑 就业是最基本的民生。近期，人力资源社会保障部等多部门推出新一轮稳就业政策"组合拳"，包括扩容 就业空间、突出保障重点群体就业、加大职业技能培训力度等。 开栏语 中共中央政治局会议指出，"着力稳就业、稳企业、稳市场、稳预期"。近期，国新办就稳就业稳经济推 动高质量发展政策措施有关情况举行新闻发布会，多部门透露正在密集部署一系列增量政策。即日起， 上海证券报推出"稳经济增量政策"系列报道，从就业、外贸、投资、工业、消费等多维度跟踪解析政策 落地情况和实效。 市场人士表示，此次政策"组合拳"通过"短期纾困+长期转型"双轨并行，既解决企业现金流压力，又引 导资源向新质生产力领域聚集，有利于以产业带就业、以就业促产业，为保障和改善民生、激发企业内 生动力提供有力支撑。 加大岗位释放力度 围绕新质生产力发展、消费新热点打造、重点工程项目实施、基本民生服务提供等重点领域，央地出台 激励政策，加大岗位释放力度。 ■"稳经济增量政策"系列报道 高校毕业生等青年群体是稳就业的重中之重。2025届全国普通高校毕业生规模预计达1222万人，同比增 加43万人。人力资源社会保障部、教育部、财政部日前联合印发的《关 ...

Core Viewpoint - The Ministry of Human Resources and Social Security emphasizes the importance of stabilizing employment and expanding job opportunities in key sectors, reflecting the labor market's potential for growth [1] Employment Expansion Efforts - The government plans to enhance job release efforts by focusing on new productivity, major engineering projects, and basic livelihood services [1] - There is a commitment to actively explore new employment growth points in various industries [1] Industry-Specific Insights - Data shows that in the first quarter of this year, there was a year-on-year increase in recruitment demand in sectors such as life services, transportation logistics, and resident services [1] - The demand for positions related to artificial intelligence, such as robot algorithm engineers, has seen a year-on-year growth of over 30% [1]

金十数据4月27日讯，4月27日，美团发布声明称，在澄清"去其他平台跑单会被美团永久封号"的谣言 后，社交平台上依旧出现了骑手App显示"永久停止接单原因为：存在使用双开或京东软件的行为"的谣 言图片。经核实，该图片源自平台封禁违规抢单外挂的正常提示页，但ip地址在广东的个别网民，对图 片进行恶意P图后，极少数网民在微信群内进行传播。目前公司已针对谣言传播情况进行证据固定，将 通过法律手段维护自身权益。对于恶意发布上述不实图片，持续散播谣言的虚假摆拍账号、幕后推手， 公司也会加大固证和打击力度。 美团："因使用双开或京东软件，被永久停止接单"系恶意P图造谣 ...

Economic Growth - China's GDP grew by 5.4% year-on-year in Q1 2025, indicating a positive start for the year amid external uncertainties [1] - The continuous release of policy effects has contributed to high-quality development and economic recovery [1] Consumer Trends - Retail sales of consumer goods increased by 4.6% year-on-year in Q1, accelerating by 1.1 percentage points compared to the previous year [2] - Emerging consumption trends such as ice and snow economy, low-altitude economy, and silver economy are driving demand and attracting investment [2][3] Demand-Side Management - Effective demand management is crucial for economic recovery, with a focus on enhancing domestic consumption as a driving force [3] - The government has implemented policies to stimulate consumption, particularly targeting the shortfalls in effective demand [3][4] Investment Opportunities - The government is promoting effective investment to boost short-term economic growth and long-term stability [4] - Successful case studies, such as the transformation of a failed project into a biopharmaceutical park, highlight the potential for effective investment to enhance resource utilization [4] Export Growth - China's exports grew by 6.9% in Q1, reflecting the competitiveness of "Made in China" products in the global market [4] - The diverse demands of the global market are being met by Chinese enterprises, showcasing the adaptability and strength of the manufacturing sector [4] Market Potential - The Chinese market offers significant opportunities due to its large population and stable growth, fostering a positive interaction between supply and demand [5] - The ongoing development trends indicate a robust economic foundation, with potential for further growth and innovation [5]

各位童鞋搭嘎猴啊，上周 "营销市场洞察市场篇"看的怎么样？有童鞋在后台留言："在拜太 公的路上，经历一个惊心动魄的假期……"o( *≧▽≦)ツ淡定淡定，想开点啊，毕竟，企鹅 岛的企鹅没招谁惹谁，也被强行征了税，上哪儿说理去？最重要的还是吃好喝好，正所谓： 他强任他强，清风拂山岗；他横由他横，明月照大江！ 言归正传，今天就给大家分享一下营销市场洞察报告。Qu e s tMobi l e数据显示，在消费多元 化驱动下，整个2024年不同行业的营销方式和热点差异巨大，既有结构盘整的行业，也有巨 量投入新营销抢夺市场的行业，由此营销热度也出现了巨大差异，美妆、汽车、奢侈品、运 动鞋服、生活服务以及AIGC成为高投入的热门行业。 在美妆行业持续的高热度之中，国产美妆品牌持续突围，在行业营销投放、市场声量中均占 据重要份额。同时，美妆品牌数量众多、产品线广，代言人营销数量占所有行业比例达到 11.9%，远超个人护理品、奢侈品的7.2%、4.7%。 汽车行业在"内卷"的态势下，营销投放日趋追求精准化，一方面各家拼命巩固现有高价值媒 介资源，而非盲目拓展新的渠道，表现在投放上，2024年硬广投放费用增长至141.38亿 元， ...

Core Viewpoint - The 2024 China Mobile Internet Annual Report highlights the rapid growth of AI applications and the deep integration of digital economy with traditional industries, indicating a significant shift towards "smartization" and user engagement in various sectors. Group 1: Market Overview - The overall internet market is steadily increasing, with active users reaching 1.257 billion by December 2024, driven by technological innovation and policy support [5][6][10]. - User engagement is deepening, with average monthly usage time per person rising to 171.7 hours, reflecting a growing demand for content consumption, particularly in video, social media, and gaming [7][8][10]. - The user base in first-tier cities has increased by 1.2% year-on-year, indicating a shift in user demographics towards urban centers [6][10]. Group 2: AI Application Growth - AI applications are experiencing explosive growth, with over 70% of apps with over 100 million monthly active users integrating AI by December 2024 [2][11]. - The user base for AI-native apps reached 120 million, with an average usage time of 132.8 minutes per month, marking a year-on-year increase of 232% [2][11]. - Traditional apps are undergoing transformation, with 70% of major apps on the path to integrating AI functionalities [12][20]. Group 3: Advertising and Marketing Trends - The internet advertising market grew by 3.5% year-on-year in Q4 2024, reflecting advertisers' confidence in digital marketing strategies [21][22]. - Brands are increasingly leveraging event-driven marketing and IP collaborations to enhance consumer engagement and brand recognition [28][30][32]. - The marketing landscape is characterized by a matrix approach, with brands focusing on diverse content strategies to influence consumer preferences [25][26][27]. Group 4: Sector-Specific Insights - The entertainment sector, particularly short videos, is thriving, with active users exceeding 1 billion and a growth rate of 9% [47][50]. - The financial sector is witnessing significant user growth, with stock trading apps experiencing a surge in activity due to favorable market conditions [68][70]. - The e-commerce landscape is evolving, with major platforms integrating content and commerce strategies to enhance user experience and drive sales [76][78][80].