本文来自：表外表里，作者：严贝贝 陈梓洁，编辑：曹宾玲 阿里员工万字离职信在网上掀起轩然大波时，阿烁正在游轮上吹着海风。 "我们不谈为社会带来改变，谈论工资、股票、房子""P8、P9、P10升了高级别就空谈""客户第一，不如老板第一"……信里浓郁的大厂味儿，瞬间把他拉回 了痛苦回忆里。 虽然不是阿里员工，但阿烁品尝过"大厂工牌不好戴了"的滋味，能体会写信人的心情——他哪怕跨过了30岁门槛，也深知裸辞博主集体回归职场了，仍辞掉 了年薪50万的光鲜工作。 "人生不该只有KPI与OKR，也要创造属于自己的可能。"这话听上去矫情，却是阿烁亲身尝试后的真心话。 像阿烁这样明知大环境充满挑战，仍放弃高薪、逃离大厂的人，不在少数。 一份调研显示，2024Q4国内互联网企业员工离职意愿度高达37%，相当于每3个大厂人里就有1个不想干了，某书上关于"大厂离职"的笔记已超过230万。 大厂的高薪、头衔、光环仍发着亮，但大厂人更怀念那些简单、纯粹、可以自由呼吸的日子。 但大饼实现前，他的日子还是一成不变，手上任务没收尾，产品经理又火急火燎赶过来，需求"既要又要还要也要"、DDL"尽快上线最好明天"，导致他不是 在做项目，就是在做下 ...

Company Overview - Sichuan Jiuyuan Yinhai Software Co., Ltd. focuses on three strategic directions: medical insurance, digital government, and smart cities, serving government departments and industry ecosystem entities [2] - The company utilizes technologies such as big data, cloud computing, blockchain, artificial intelligence, and mobile internet to empower people's livelihoods and assist in modernizing the national governance system [2] - Jiuyuan Yinhai is recognized as a national high-tech enterprise and has received multiple awards, including being listed among China's top 100 growth companies and top 30 in Sichuan's software and information technology service industry [2] Financial Performance - For Q1 2025, the company reported revenue of 208 million yuan, a year-on-year increase of 6.25%, and a net profit of 14.90 million yuan, up 17.18% year-on-year [3] - The gross profit margin for sales was 45.26% [3] Market Position - As of the latest data, Jiuyuan Yinhai's rolling price-to-earnings (PE) ratio is 94.20, significantly higher than the industry average of 73.14 and the industry median of 82.03, placing the company at the 108th position in the industry [1][3] - The total market capitalization of Jiuyuan Yinhai is 7.107 billion yuan [1] Shareholding Structure - As of Q1 2025, 11 institutions hold shares in Jiuyuan Yinhai, including 5 funds, 4 other institutions, 1 insurance company, and 1 trust, with a total shareholding of approximately 172.29 million shares valued at 3.101 billion yuan [1]

金十图示：2025年06月16日（周一）富时中国A50指数成分股午盘收盘行情一览：银行股普涨、汽车整车板块领跌 富时中国A50指数连续 保险 账 中国人保 中国太保 中国平安 081 3803.26亿市值 3472.94亿市值 9855.38亿市值 14.94亿成交额 5.15亿成交额 5.27亿成交额 54.12 36.10 8.60 +0.19(+0.53%) -0.36(-0.66%) +0.10(+1.18%) 酸酒行业 贵州茅台 五粮液 山西汾酒 17760.63亿市值 2099.19亿市值 4565.94亿市值 39.48亿成交额 10.73亿成交额 21.62亿成交额 117.63 1413.84 172.07 -13.11(-0.92%) -1.49(-1.25%) +0.97(+0.57%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2207.27亿市值 2517.14亿市值 3204.56亿市值 14.65亿成交额 7.50亿成交额 16.77亿成交额 413.21 602.97 137.87 -1.93(-0.32%) +2.65(+0.65%) +0.81(+0.59%) 汽 ...

Core Insights - The departure of a senior employee from Alibaba, who authored a lengthy article titled "Alibaba is not a fairy tale," highlights the existential crisis faced by employees in China's tech industry, reflecting a shift from idealism to pragmatism in corporate culture [1][4][19] Group 1: Employee Sentiment and Trends - Alibaba's Q1 2023 financial report indicates a 19% reduction in total employees compared to peak levels, marking the first negative growth since its IPO in 2014 [2] - The active resignation rate among employees in major tech companies reached 28% in 2023, a threefold increase from 2020, with over 70% of those resigning being under 35 years old [3] - The number of approved Chinese technical immigrants to New Zealand surged by 152% from January to May 2023, primarily targeting cities like Auckland and Christchurch [4] Group 2: Systemic Issues in Big Tech - Employees face a "performance trap," where frequent organizational changes lead to anxiety and burnout, as exemplified by one employee's experience of reporting to multiple supervisors in a short period [8] - Employee benefits have significantly decreased, with perks such as free meals and interest-free loans being replaced or restricted, reflecting a shift from investment in talent to cost-cutting measures [9] - New Zealand's immigration policies, including a "green list" for skilled workers and favorable living conditions, are increasingly attractive to tech professionals seeking a better work-life balance [9] Group 3: Societal Reflections and Debates - The departure of the employee sparked intense discussions on social media, revealing generational, regional, and industry-based cognitive gaps regarding immigration and work culture [11][12] - A survey indicated that 83% of respondents consider immigration primarily for children's education, while 76% seek better living environments, suggesting that migration decisions are often strategic rather than merely an escape from workplace pressures [12] Group 4: Recommendations and Future Directions - Employees are encouraged to create a "career safety net" by developing side projects to mitigate risks associated with their primary jobs [14] - Companies are advised to reassess their management practices to avoid talent attrition and to focus on building a strong employer brand that resonates with younger generations [15][16] - Policymakers are urged to consider implementing a "workplace health index" to address issues like excessive overtime and workplace bullying, as well as to explore pilot programs for a four-day workweek [17]

Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - The recent US-China trade negotiations in London have reached a principled framework, indicating substantial progress in managing differences and stabilizing economic relations, which may support global supply chain recovery [2][21] - OpenAI has launched the new o3-pro model, reducing its price by 80% and input/output costs by 87%, reflecting a shift towards efficiency optimization in large model technology and accelerating AI technology penetration into small and medium enterprises [2][21] - The report maintains a cautious optimism regarding trade negotiations and highlights AI as a key investment direction amid global macroeconomic volatility, emphasizing the importance of technological innovation and self-sufficiency for long-term development [3][22] Sub-industry Data Film Industry - The top three films by box office this week are "How to Train Your Dragon: The Hidden World" with 58.175 million yuan (25.6% market share), "Mission: Impossible 8" with 54.90 million yuan (24.2%), and "Time Son" with 28.366 million yuan (12.5%) [24][25] Gaming Industry - The top three iOS games by revenue are "Honor of Kings," "Peacekeeper Elite," and "Endless Winter," while the top three Android games by popularity are "Heart Town," "Sword Legend," and "My Leisure Time" [27][28] TV Series Industry - The top three TV series by broadcast index are "The Cang Hai Chuan," "Lin Jiang Xian," and "The Lychee of Chang'an," with indices of 85.3, 84.2, and 82.2 respectively [30][31] Variety Shows & Animation - The top variety show is "Ha Ha Ha Ha Season 5" with a broadcast index of 80.6, followed by "Run, Brother Season 9" and "Unlimited Exceeding Class Season 3" [32] - The top three animated shows by viewership index are "Cang Yuan Tu," "Xian Ni," and "Perfect World," with indices of 340.2, 225, and 222.5 respectively [34]

Group 1 - Australian Prime Minister Anthony Albanese announced Amazon's investment of AUD 7 billion to expand its data center network in Australia, bringing the total investment to AUD 20 billion [1] - The additional AUD 7 billion will be used to expand data centers in Sydney and Melbourne, and to support two new solar power plants in Victoria and one in Queensland [1] - Albanese emphasized the importance of U.S. investment in Australia and the need to further develop economic relations between the two countries [1][5] Group 2 - Amazon recently announced a USD 20 billion (approximately AUD 31 billion) investment in Pennsylvania to build two data center complexes, one powered by a nearby nuclear power plant [3] - Amazon Web Services CEO Matt Garman supports nuclear energy for AI development, while suggesting solar energy as a viable alternative in Australia [3] - Clare Savage, Chair of the Australian Energy Regulator, warned about rising costs in clean energy construction that could threaten Australia's ambitions in the growing data center market [3] Group 3 - Albanese plans to address business leaders and express opposition to Trump's tariff policies, highlighting the U.S. as Australia's largest overseas investment destination [5] - The Prime Minister aims to promote Australia's critical mineral supply, which is essential for the technology sector [5][6] - Albanese seeks to persuade Trump to exempt Australia from tariffs by advocating for free and fair trade, which he believes will create jobs and drive investment [6]

Group 1 - On June 13, 2025, Shandong Molong (00568), Alibaba-W (09988), and China National Offshore Oil Corporation (00883) were the top three companies by trading volume in the southbound section of the Shanghai-Hong Kong Stock Connect, with trading amounts of 75.70 billion, 60.17 billion, and 41.42 billion respectively [1] - In the southbound section of the Shenzhen-Hong Kong Stock Connect, Xiaomi Group-W (01810), Shandong Molong (00568), and Alibaba-W (09988) led the trading volume, with amounts of 22.51 billion, 21.76 billion, and 19.46 billion respectively [1] Group 2 - The top active companies in the southbound section of the Shanghai-Hong Kong Stock Connect included Shandong Molong (00568) with a net buying amount of +4547.99 million, while Alibaba-W (09988) and China National Offshore Oil Corporation (00883) had net selling amounts of -30.44 billion and -14.42 billion respectively [1] - In the southbound section of the Shenzhen-Hong Kong Stock Connect, Xiaomi Group-W (01810) recorded a net selling amount of -3.78 billion, while Shandong Molong (00568) had a net buying amount of +46.09 million [1]

Core Insights - The article discusses the launch of a high school entrance examination (Gaokao) volunteer application model by Quark, a subsidiary of Alibaba, aimed at assisting students and parents in the decision-making process for college applications [1][2] - The model features three main functions: "Deep Search for Gaokao," "Volunteer Report," and "Intelligent Volunteer Selection," which simulate the decision-making process of experienced volunteer planners [1] Group 1: Model Features - The "Volunteer Report" operates as an agent, generating a comprehensive report that includes strategies for application, recommended schools and majors, based on 12 personal information points provided by the student [1] - The "Intelligent Volunteer Selection" function is the most frequently used, allowing students to input their province, subjects, scores, and rankings to receive tailored recommendations for their applications [2] Group 2: Development and Impact - The model was developed with the input of over a hundred volunteer planning experts, converting their thought processes into high-quality reasoning data, enabling the model to think like a volunteer expert [2] - The platform has served over 120 million students and parents, with more than 50% of users coming from third-tier cities and below, highlighting the demand for quality information in underdeveloped areas [2]

Core Viewpoint - The company, Today International, is experiencing a decline in stock price and financial performance, with a significant gap between its price-to-earnings ratio and the industry average, indicating potential undervaluation or market concerns [1][2]. Company Summary - Today International's stock closed at 11.66 yuan, down 2.67%, with a rolling PE ratio of 21.29 times and a total market capitalization of 5.286 billion yuan [1]. - The company operates in the smart logistics and intelligent manufacturing systems sector, offering comprehensive solutions, smart hardware and software products, and after-sales maintenance services [1]. - For Q1 2025, the company reported revenue of 705 million yuan, a year-on-year decrease of 8.25%, and a net profit of approximately 69.91 million yuan, down 28.69%, with a gross profit margin of 21.64% [1]. Industry Summary - The average PE ratio for the internet services industry is 71.60 times, with a median of 77.30 times, positioning Today International at rank 67 within the industry [1][2]. - The company's PE ratio is significantly lower than the industry average, suggesting it may be undervalued compared to its peers [2].

金十图示：2025年06月13日（周五）富时中国A50指数成分股今日收盘行情一览：银行股走低，石油、航运股走强 保险 中国太保 队 中国人保 中国平安 04 3759.04亿市值 3454.66亿市值 9920.94亿市值 10.24亿成交额 26.17亿成交额 8.64亿成交额 35.91 8.50 54.48 -0.15(-0.42%) -0.33(-0.60%) +0.02(+0.24%) 酸酒行业 贵州茅台 五粮液 山西汾酒 17925.31亿市值 2087.36亿市值 4623.77亿市值 13.22亿成交额 43.95亿成交额 84.67亿成交额 119.12 1426.95 171.10 -2.75(-1.58%) -3.38(-2.76%) -32.05(-2.20%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2193.11亿市值 2525.20亿市值 3185.74亿市值 21.82亿成交额 24.36亿成交额 26.57亿成交额 410.56 604.90 137.06 +6.34(+1.57%) +0.10(+0.02%) +0.97(+0.71%) 汽车整车 铁路公路 比亚 ...