4月29日，港股市场低开高走，新能源车、社交、短视频、餐饮连锁、传媒等大消费方向弹性居前。港 股消费指数成分股中，零跑汽车涨超7%，美团-W、理想汽车-W涨超3%，中升控股、百胜中国、哔哩 哔哩-W、吉利汽车、阅文集团。港股消费ETF（159735）当前折价0.67%买入性价比凸显。 相关产品：港股消费ETF（159735）。 消息面上，有调研报告显示，中国消费品和零售行业正迎来消费结构升级带来的深刻变革。从居民消费 结构看，服务性消费占比上升，交通、教育等领域需求增长显著。同时，人口老龄化和家庭小型化推动 消费偏好转向情绪价值和质价比，健康与数字消费理念逐渐渗透各年龄段。从消费者需求趋势看，情绪 价值、质价比及可持续消费成为核心诉求。 （文章来源：每日经济新闻） 港股消费ETF（159735）跟踪港股消费指数，是"更新的消费"，相较A股消费以白酒高端消费为主，港 股消费板块中电商、餐饮、旅游、文娱传媒、国潮服装等新型消费比例更高，服务消费和大众消费占比 也更高，或更能充分反映本轮大力提振消费政策驱动下的消费景气复苏。 平安证券表示，近期的政治局会议强调了"支持科技创新、扩大消费、稳定外贸"等方向，明确提出 ...

Group 1 - The 2025 Zhejiang Province and Hangzhou City Intellectual Property Promotion Week focused on copyright themes, featuring multiple signing ceremonies and the launch of the "International Short Drama Ecological Platform" [1] - Seven regions, including Lin'an District and several counties, were designated as pilot areas for the protection and promotion of folk literature and art copyrights, aiming to enhance copyright awareness and address challenges in copyright protection [2] - The "International Short Drama Ecological Platform" aims to facilitate resource sharing and technological collaboration, leveraging AI technology and creative materials to empower creators and foster commercial innovation [3] Group 2 - A new model for resolving copyright disputes was established in Hangzhou, with the launch of the "Hangzhou Copyright Dispute Diversified Resolution Center," which aims to enhance the efficiency and quality of copyright dispute resolution [4] - As of April 2025, the Hangzhou Internet Court and the Copyright Protection and Industry Development Promotion Association have handled 808 mediation cases, achieving a mediation success rate of 52.45% [4]

很多人喜欢给投资做总结。比如，价值投资的理想标的，得兼具好生意和好的管理层。 生意指的是商业模式，管理层通常用来代指公司能力。一眼看去，这总结自然没错。但问题是，在很多时 候，市场并没有那么多同时满足好生意和好公司这两个条件的标的。所以在投资中我们会不时面对现实选 择，如果好模式与好能力无法兼得，是选"好商业模式+平庸能力"，还是选"平庸商业模式+好能力"？ 要做这道选择题，我建议先来厘清模式和公司能力，以及它们分别会如何影响企业盈利。 在我看来，商业模式指的是一个企业如何做一门生意，包括但不限于客户需求是什么，支付意愿如何，采 购目标如何，成本结构如何等问题。好的商业模式，指的是在既有的做生意方式下，可能会产生更大的可 持续差异上限。 比如说浓香型白酒，都是52度500毫升，品质都很好，可同类产品间溢价差别却非常明显。 化工就是其典型的例子。这种行业往往产品同质化严重，客户粘性几乎为零，只能靠成本取得优势。但即 使在这样的商业模式下，有些企业仍然可以通过后天努力，比如生产管理，范围经济等手段实现持续的成 本优势，从而实现可观的盈利能力。记得有个化工从业者曾经跟我说过，"当行业毛利率集体跌破5%时， 我们愣是 ...

Key Points Summary of Kuaishou Technology Q4 2024 Earnings Call Company Overview - **Company**: Kuaishou Technology - **Industry**: Short video platform and content community Core Insights and Arguments 1. **User Engagement and Financial Performance**: - Average daily active users (DAUs) exceeded 1 billion, with total revenue increasing by 8.7% year-over-year to RMB 35.4 billion in Q4 2024 [2][17] - Adjusted operating profit reached RMB 4.7 billion, marking a new quarterly high [2][17] - For the full year 2024, total revenue grew by 11.8% to RMB 126.9 billion [20] 2. **AI Strategy and Technological Advancements**: - Kuaishou is leveraging AI technology to enhance content creation and commercial ecosystems, aiming to lower the cost of video production significantly [3][4] - The launch of the "Kling AI" model has generated substantial interest, with over 1 million applications for its use within a month of its release [4][5] - The company plans to continue investing in AI to maintain its competitive edge and drive future growth [26][25] 3. **Marketing and E-commerce Growth**: - Online marketing service revenue reached RMB 20.6 billion in Q4 2024, a 13.3% increase year-over-year, contributing to 58.3% of total revenue [9][17] - E-commerce monthly active buyers grew by 10% to 143 million, with a significant increase in active user penetration [11][20] 4. **Content and User Experience Enhancements**: - The average daily usage time per user reached 125.6 minutes, with total usage time increasing by 5.8% year-over-year [8] - Kuaishou is focusing on improving user interaction and retention through enhanced product features and user experience [8][9] 5. **Financial Metrics and Cost Management**: - Gross margin improved to 54%, with adjusted net profit for Q4 2024 at RMB 4.7 billion, a 7.8% increase year-over-year [19][20] - Sales and marketing expenses rose by 11% to RMB 11.3 billion, driven by increased promotional activities [19] Additional Important Insights 1. **Global Expansion and Local Market Focus**: - Kuaishou is deepening its presence in the Brazilian market, with daily active users increasing by 9.3% [14] - The local life business saw GNV (Gross Merchandise Value) grow by over three times year-over-year, indicating strong market demand [15] 2. **AI Commercialization Progress**: - Since the commercialization of Kling AI began, cumulative revenue has exceeded RMB 100 million, with expectations for significant growth in 2025 [32] - The company is exploring diverse monetization models, including C-end subscriptions and B-end API services [31][32] 3. **Future Outlook and Strategic Goals**: - Kuaishou aims to maintain its leadership in AI-driven content creation and expand its commercial applications [26][30] - The company plans to enhance its AI capabilities to improve user engagement and operational efficiency, with a focus on sustainable growth [38][40] 4. **Investment in AI and R&D**: - Kuaishou anticipates a controlled increase in AI-related capital expenditures in 2025, focusing on ensuring sufficient training computing power for Kling AI [39][40] - The expected impact of AI investments on adjusted operating margins is projected to be around 1-2% [40] This summary encapsulates the key points discussed during Kuaishou Technology's Q4 2024 earnings call, highlighting the company's performance, strategic initiatives, and future outlook in the competitive landscape of the short video and content community industry.

点击上图 ▲立即预约 京沪楼盘单日销售额创纪录 3月26日消息，楼市热度近期有所攀升，积极信号频现：北京、上海等地有楼盘单日揽金数十亿元，杭州重现购房"摇号"。具体来看，北京海淀 区两大高端项目引发市场关注。3月21日，和樾望雲项目开盘即实现85亿元销售额，相邻的和樾玉鳴项目同日开盘，实现67亿元销售额。两项目 单日合计销售额突破152亿元，创下北京同期市场新高。 长三角区域同样表现亮眼。3月22日，马来西亚开发商嘉里建设在上海最大投资项目迎来入市，销售额达92.34亿元，刷新上海新房市场2025年 单日销售金额最高纪录。在杭州，绿城玉澜月华项目也颇受市场关注。据悉，该项目共152套房源，吸引了1224组购房家庭摇号"选房"，登记人 数和房源比例大于十比一。（证券日报） ｜点评｜ 京、沪、杭都是核心城市，持续吸引人口流入，购房需求有支撑，楼市热度也比较高。近期在这几座城市卖得比较火爆的项目，基本 处在较好的地段，房型也是以大户型、高得房率为主，满足了市场内改善型客群的需要。楼市政策进入宽松期后，高端改善需求正在逐渐成为新 房市场的主力。 值得一提的是，这些楼盘的地块，不少都是房企在去年才竞得的。从销售端的表现 ...

各位童鞋搭嘎猴啊，上周"剧综市场洞察"看的怎么样？有童鞋在后台留言：" D e epSe e k开 源周太猛了，当然最猛的猛料是自曝收费只有Ope nAI的25分之一，那么低的价格，利润率 竟然还有500%，果然是颠覆式……"行业看到的是进步和未来，老程序猿们看的是提 心吊胆、胆战心惊，生怕历史的车轮碾压过来O(∩_∩)O哈哈~ 言归正传，今天就给大家分享一下 2024年中国移动互联网年度大报告。如去年报告中 Mr.QM所言"数智化"破晓时刻临近，短短一年时间，在庞大的用户基数、数字基建托 底、"百模大战"催化"科研内卷"等等因素作用下，不仅"破晓"如期而来，大家还看到了"霞 光万丈"，正所谓"轻舟已过万重山"，在D e epSe e k开源的作用下，"数智化"已经在全网无 数"云端"遍地开花，用户需求爆发、数字化基建释放出的巨大能量，可以说，我们正无限逼 近"AI奇点时刻"！ Qu e s tMobi l e数据显示，截止到2024年12月，全网月活用户已经达到12.57亿，一线、新 一线、二线城市用户接近五成，其中，一线城市用户同比增长了1.2%，一改过去几年持续 出现的四五线城市用户持续增加的局面；同时 ...