蔡崇 信承认阿里失败过 "要有韧性，始终想着再多活一天。" 日前，在第五届BEYOND国际科技创新博览会上，阿里巴巴集团董事长蔡崇信亮相闭幕式，并与 BEYOND Expo联合创始人贺建东对谈。 此次对谈中，蔡崇信很坦然地承认了阿里过去五年遭遇的挫折。比如在国际化方面，阿里确实在一些国 家取得过成功，但也在一些国家经历了失败。 图源：新浪 科技 像是2021年，阿里曾推出对标Shein的跨境B2C独立站AllyLikes，主攻物美价廉的服饰品类产品，主要 针对年轻的欧美女性。 但根据similarweb数据，自2021年9月创下23万的流量峰值后，AllyLikes流量便持续下行；截至2022年11 月，其月均访问总数仅有2.4万。 此后阿里在国际化进程中坚持多元化的市场布局，战略上更加聚焦重点区域。也不再盲目照搬国内的电 商运营模式，而是与本地商家等合作伙伴紧密联系，做好本土化。 就像蔡崇信说的那样，国际化发展的一个关键原则，是能够真正理解当地文化，并实现管理团队的本地 化。 阿里最新财报显示，今年第一季度，阿里国际数字商业集团（AIDC）收入同比增长22%至335.79亿 元，经调整EBITA由亏损40. ...

Group 1: Overview of the Cultural Industry Expo - The 21st China (Shenzhen) International Cultural Industries Fair (Cultural Expo) was held in Shenzhen, showcasing a vibrant exchange between domestic enterprises and foreign merchants, highlighting the significance of bilateral cultural and service trade growth [1][8] - The expo emphasized the theme of "going out," with a dedicated exhibition area for cultural exports, indicating a strategic focus on international expansion for domestic companies [2][3] Group 2: Domestic Companies' International Expansion - BlueFocus Communication Group (300058) reported that in 2024, it expects revenues to exceed 60 billion yuan, with over 48 billion yuan from overseas operations, accounting for approximately 80% of total revenue [3][4] - BlueFocus has developed a comprehensive overseas marketing service system, including media placement, content creation, and various SaaS products, establishing a global service network across multiple countries [4] - Pop Mart, a leading cultural entertainment company, has opened over 500 offline stores in more than 30 countries and regions, with overseas revenue reaching 5.07 billion yuan in 2024, a year-on-year increase of 375.2%, representing 38.9% of total revenue [5][6] Group 3: International Participation and Cultural Exchange - The expo attracted 305 overseas exhibitors from 65 countries and regions, with professional attendees from 110 countries, facilitating a rich cultural exchange [7] - The presence of international exhibitors, including those from India, South Korea, and Egypt, showcased diverse cultural products, enhancing the expo's global appeal [10] Group 4: Recommendations for Cultural Export - Experts suggest enhancing understanding of cultural export destinations, focusing on legal, policy, and cultural nuances to create more market-appropriate products [9] - There is a call to promote digital cultural products, leveraging China's strengths in various digital content forms and platforms to expand internationally [9] - Continuous optimization and innovation in cultural products are essential to compete with global entertainment giants, emphasizing the need for sustained creativity and marketing efforts [11]

Core Viewpoint - The 21st China (Shenzhen) International Cultural Industries Fair (Cultural Expo) serves as a significant platform for domestic enterprises to expand internationally while attracting foreign businesses, highlighting a two-way cultural exchange that enhances both economic benefits and cultural understanding [1][2][10]. Group 1: Domestic Enterprises Going Global - The Cultural Expo emphasizes the theme of "going global," with a dedicated exhibition area for cultural exports [4]. - BlueFocus Communication Group reported that in 2024, it expects revenues to exceed 60 billion yuan, with over 48 billion yuan coming from overseas operations, accounting for approximately 80% of total revenue [5]. - BlueFocus has developed a comprehensive overseas marketing service system, including media placement, content creation, and influencer marketing, with a global office network covering multiple countries [6]. - Pop Mart, a leading cultural entertainment company, has established over 500 physical stores in more than 30 countries and regions, with overseas revenue reaching 5.07 billion yuan in 2024, a year-on-year increase of 375.2% [7][8]. Group 2: Foreign Participation - The Cultural Expo attracted 305 overseas exhibitors from 65 countries and regions, along with professional attendees from 110 countries, showcasing a diverse range of cultural products [10]. - Exhibitors from countries like India, South Korea, and Egypt presented unique cultural artifacts, enhancing the event's international appeal [11][14]. Group 3: Cultural Exchange and Economic Impact - The two-way cultural exchange at the expo not only boosts bilateral trade but also fosters deeper understanding and collaboration in various fields [12][13]. - Experts suggest that successful cultural products have gained international attention, laying a solid foundation for future cooperation [13]. - Recommendations for enhancing cultural exports include understanding local laws and customs, promoting digital cultural products, and continuously optimizing cultural offerings [15][16].

Group 1 - The 21st China (Shenzhen) International Cultural Industries Fair (CICIF) showcased domestic companies actively seeking to expand overseas, while foreign merchants attended to explore collaboration opportunities [1][2] - BlueFocus Communication Group (300058) aims for over 60 billion yuan in revenue for 2024, with 48 billion yuan from overseas business, accounting for approximately 80% of total revenue [1] - BlueFocus presented immersive VR cultural tourism products at the fair, integrating traditional elements with modern technology, which have been well-received in overseas exhibitions [1] Group 2 - Pop Mart has established over 500 offline stores in more than 30 countries and regions since launching its overseas business center in August 2018, shifting its strategy from B2C to DTC [2] - The fair featured diverse international exhibitors, including those from India, South Korea, Vietnam, Turkey, Iran, and Egypt, showcasing unique cultural products [2][3] - The event facilitated closer ties between Chinese and foreign cultural enterprises, promoting mutual understanding and collaboration [3] Group 3 - The executive director of the Urbanization Institute at the Shenzhen Comprehensive Development Research Institute noted the increasing global interest in Chinese cultural products, which lays a foundation for future international cooperation [3] - To further promote cultural products and services abroad, there is a need for continuous optimization and iteration of these offerings, particularly in digital cultural products [4] - The cultural industry faces challenges from multinational entertainment giants, necessitating ongoing innovation and marketing efforts [4]

Group 1: Core Consumption Growth - The city achieved a 30% year-on-year increase in second-hand car retail sales [1] - The supply of commodity housing is set at 120,000 units [1] - The city aims for a 5% growth in total retail sales of consumer goods by 2025, with service consumption retail accounting for over 50% [2][3] Group 2: Service Consumption Expansion - The city is promoting sports consumption, targeting a scale exceeding 80 billion yuan [1] - Over 120 large concerts and music festivals will be held [1] - More than 1,000 exhibition events, including the Chengdu International Auto Show, will be organized [1][2] Group 3: New Consumption Initiatives - The city has launched 800 new stores and plans to host 100 premiere events [1] - Online retail sales are expected to grow by over 5% year-on-year [1] - The establishment of 30 overseas panda tourism stations is part of the new consumption strategy [2] Group 4: Consumer Environment Improvement - The implementation of paid annual leave policies is encouraged to enhance the consumer environment [2] - The city plans to add at least 150 "reassuring and comfortable consumption units" [2] - The initiative includes the construction of 75 new or expanded basic education schools, adding 50,000 new student places [2] Group 5: Targeted Consumer Support - The city will provide 12,000 units of commodity housing and expand the use of housing provident funds [3] - The plan includes the development of community-based elderly education resources and the establishment of childcare service centers [3] - The initiative aims to stimulate consumption through a combination of local subsidies, merchant discounts, and product price reductions [3]

Core Insights - The 21st China (Shenzhen) International Cultural Industries Fair (Cultural Fair) opened on May 22, featuring 6,280 exhibitors, an increase of 224 from the previous year, showcasing over 120,000 cultural products and more than 4,000 investment and financing projects [1] Group 1: Technology Empowerment - AI technology is deeply involved in cultural content production, with Tencent showcasing tools for text generation, script writing, and poster creation, allowing users to co-create digital art with AI in under a minute [2] - VR technology offers immersive experiences, with large space positioning technology enabling users to explore expansive virtual environments beyond traditional VR limitations [2] Group 2: IP Expansion - The logic of IP industry expansion is shifting from single derivative product sales to an ecosystem competition model that integrates content, industry, and technology, focusing on emotional value, content ecology, and technological interaction [3] - The construction of a "content + industry" ecosystem is essential for the longevity of IP, with over 2,000 new anime IPs created annually in China [3] Group 3: Cultural Export - The domestic web literature IP ecosystem is well-established, driving the development of downstream industries such as audio, animation, film, and games, with a focus on global co-creation of IP [4] - The "localization" strategy is key for the success of cultural exports, with companies adapting products to meet the preferences of overseas markets, exemplified by a game that generated over 10 billion yuan in revenue [4][5]

Group 1 - Lei Jun announced the upcoming release of Xiaomi's YU7, acknowledging the intense competition in the SUV market but expressing confidence in the product's unique appeal [2] - Huawei's Yu Chengdong shared his commitment to work despite being ill, emphasizing the importance of balancing work and health during a speech at Southern University of Science and Technology [2] - Honor's chief imaging engineer responded to a viral incident involving a photo taken by Honor Magic7 Pro, stating that the phone's algorithm could not replicate the image and that legal actions have been initiated [2] Group 2 - Alibaba's entertainment division rebranded as Whale Entertainment Group, with its subsidiary Alibaba Pictures set to become Damai Entertainment, focusing on user satisfaction through its core platforms [3] - iQIYI reported a total revenue of 7.19 billion yuan for Q1 2025, with membership services contributing 4.4 billion yuan and online advertising services 1.33 billion yuan [3] - Baidu's Q1 2025 revenue reached 32.5 billion yuan, with core revenue growing by 7% year-on-year to 25.5 billion yuan, and a 48% increase in core net profit to 7.63 billion yuan [3] Group 3 - XPeng Motors' chairman expressed confidence in achieving over 100% sales growth this year, aiming for profitability by Q4 [4] - Tesla's CEO announced plans to order more GPUs from NVIDIA and AMD for AI development, highlighting the importance of chip supply for AI advancements [5] - OpenAI is set to acquire an AI hardware startup founded by former Apple designer Jony Ive for nearly $6.5 billion, marking its largest acquisition to date [6] Group 4 - Apple Stores in mainland China have begun accepting WeChat Pay, expanding payment options for customers [7] - Global sales of new energy vehicles reached 4.02 million units in Q1 2025, marking a 39% year-on-year increase, with new energy vehicles accounting for 18.4% of total global car sales [9]

Core Viewpoint - The Shanghai Municipal Government has launched a "Special Action Plan to Boost Consumption" aimed at transforming the economic development model and enhancing the role of consumption in economic growth [1] Group 1: Enhancing Consumer Capacity - The plan prioritizes enhancing consumer capacity by focusing on stabilizing employment, improving skills, and increasing income to stimulate consumer willingness [5] - An employment-first strategy will be implemented, including support plans for key sectors and small businesses, as well as one-time job expansion subsidies [5] - Skills training will be improved in key industries such as AI and elderly care, with policies to enhance vocational skills and support for high-skilled talent development [5] - Measures will be taken to promote reasonable income growth, including collective wage negotiations and improved wage distribution mechanisms [5] Group 2: Targeting Potential Consumption - The plan aims to improve the quality of consumption supply, focusing on service consumption, bulk consumption, and new consumption types [7] - In service consumption, initiatives include developing cultural consumption, supporting major performance events, and enhancing tourism and sports event economies [7] - For bulk consumption, policies will support trade-in programs for vehicles and appliances, as well as new subsidies for digital products [8] - New consumption will be fostered through the application of advanced technologies like AI and VR, and by catering to the elderly demographic with tailored services [8] Group 3: Strengthening Policy Coordination - The plan emphasizes the coordination of consumption policies with macroeconomic policies to ensure consistency and effectiveness [10] - A three-year action plan will be implemented to optimize the consumption environment, including improved consumer rights protection and efficient complaint handling mechanisms [10] - Statistical monitoring will be established for service consumption, silver economy, and new consumption models to support data-driven policy adjustments [10]

5月21日，上海市人民政府办公厅正式发布《上海市提振消费专项行动方案》（以下简称：《行动方案》）， 推出提振消费六大行动，旨在切实转变经济发展方式，进一步增强消费对经济增长的拉动作用。 提振消费，上海行动! 《行动方案》还把提升消费供给质量作为主攻方向，推动服务消费、大宗消费、新型消费提质升级，让居民 既"拥有更多"，也"体验更好"。 激发居民消费意愿 《行动方案》把提升消费能力放在优先位置，着力稳就业、提技能、增收入，激发居民消费意愿。 一是实施就业优先战略。落实重点领域、重点行业、城乡基层和中小微企业就业支持计划，稳定和扩大就业规 模。实施一次性扩岗补助政策。统筹用好各类政策资金促进就业，将稳岗扩岗作为奖励、补贴的重要因素。统 筹优化高校毕业生等青年群体就业支持政策，加大就业、创业和安居支持力度。 二是推进技能培训教育提质增效。实施人工智能、智能制造、家政服务、养老护理等重点行业技能人才培养计 划。以促就业稳就业为导向，完善职业技能提升补贴政策。加强新职业标准开发，畅通高技能人才与专业技术 人才职业发展通道。加快优化高校学科布局，推进应用型人才培养改革试点等。 三是多措并举促进收入合理增长。积极推行工资集 ...

Market Overview - A total of 102 stocks hit the daily limit up in the A-share market, with 77 stocks remaining after excluding 25 ST stocks, resulting in a limit-up rate of 70.83% [1] Limit-Up Stocks - The highest limit-up order volume was for Tianqimo with 881,500 hands, followed by ST Lingnan, Zongyi Shares, and Palm Shares with 806,100 hands, 767,600 hands, and 407,200 hands respectively [2] - Notable stocks with consecutive limit-ups include *ST Lvkang with 5 consecutive limit-ups, and *ST Jinguang, Liren Liren, Zhengzhong Design, and *ST Hengjiu with 4 consecutive limit-ups [2] Mergers and Acquisitions - The China Securities Regulatory Commission (CSRC) recently announced modifications to the "Management Measures for Major Asset Restructuring of Listed Companies," which has led to multiple stocks in the mergers and acquisitions sector hitting the limit-up [3] - Tianqimo plans to acquire 50% equity of Dongshi Shares [4] - Zongyi Shares intends to gain control of Jilaiwei through cash capital increase or share transfer [5] - Oufeiguang plans to purchase 28.2461% equity of Oufeimicroelectronics (Nanchang) through share issuance and cash payment [5] Pet Economy - Stocks related to the pet economy that hit the limit-up include Yuanfei Pet, Tianyuan Pet, and Yiyi Shares [6] - Yuanfei Pet has launched high-end baking staple food and freeze-dried products under its own brand [7] - Tianyuan Pet is expanding its pet food business to enhance domestic sales channels [7] - Yiyi Shares has established a comprehensive online and offline channel layout for its brands [7] Cultural and Creative Economy - Stocks related to the cultural and creative economy that hit the limit-up include Chuangyuan Shares, Aofei Entertainment, and Guangbo Shares [9] - Chuangyuan Shares focuses on "IP + Technology + Cultural Creation" and aims to develop a product matrix with creative and practical value [9] - Aofei Entertainment continues to invest in content creation, leveraging popular IPs like "Pleasant Goat and Big Big Wolf" [9] - Guangbo Shares plans to expand its IP derivative product line by 2025 [9] Institutional Investment - Institutional net purchases exceeded 300 million for Zhongzhou Special Materials, with Oufeiguang, Liyang Chip, and Zhongzhou Special Materials being the top three net purchases [10][11] - Specific net buying amounts include 311 million for Oufeiguang and 233 million for Liyang Chip [11]