【导读】美股全线下挫，中概股逆市上涨 中国基金报记者 伊万 美东时间5月6日，美联储决议前夕，贸易谈判进展引发市场担忧，美股三大指数全线下挫。 美股全线收跌。截至收盘，道指跌0.95%，报40829点；标普500指数跌0.77%，报5606.91点；纳指跌0.87%，报17689.66点。 为安抚市场，美国财政部长贝森特重申可能最早于本周达成贸易协议，并表示，没有任何数据表明美国正处于衰退之中；预计第一季度GDP数据将上调。 此外，美国东北部各州州长正在寻求加强与加拿大的经济联系，并抵消特朗普政府的激进贸易政策。在当地时间周一发出的一封信中，马萨诸塞州和纽约 州等六个州的州长邀请加拿大六个省的省长在未来几周内到波士顿举行会议。贝森特还表示，他预期美中贸易谈判未来几周内将出现进展，并指出特朗普 对中国的145%关税无法长期维持。 财报不振 超微电脑盘后股价跌超5% 美东时间5月6日盘后，芯片股超微电脑公布业绩。 财报显示，超微电脑第三财季净销售46亿美元，分析师预期为47.6亿美元；预计全年净销售218亿～226亿美元，公司原本预计235亿～250亿美元；预计第 四财季净销售56亿～64亿美元，分析师预期为65 ...

Group 1: Express Delivery Industry - During the "May Day" holiday from May 1 to May 5, 2025, the national express delivery industry handled over 4.8 billion packages, marking a year-on-year growth of over 20%, setting a historical record for the same period [1] - The growth in express delivery volume is attributed to the government's efforts to boost consumption and expand domestic demand, enhancing service supply capabilities and supporting diverse consumption scenarios [1] Group 2: Second-hand Market - During the "May Day" holiday, the total number of recycling orders on the platform "Zhuanzhuan" increased by 40%, with offline store transaction orders rising by 50% [2] - Specific categories such as personal care appliances, kitchen appliances, and photography equipment saw significant growth in recycling orders, with increases of 700%, 550%, and 106% respectively [2] Group 3: Ride-hailing Industry - Didi Chuxing reported a 17% year-on-year increase in ride-hailing demand during the "May Day" holiday, with intercity ride-hailing demand rising by 29% [3] - Didi issued over 400 million yuan in driver subsidies to thank drivers for their service during the holiday, reflecting a strong recovery in the tourism market and consumer reliance on convenient transportation services [3] Group 4: Logistics Sector - Zhejiang Daniao Logistics Technology Co., Ltd. increased its registered capital from approximately 98.39 million yuan to about 498 million yuan, representing an increase of approximately 407% [4] - This capital increase is part of Alibaba's strategic layout in the logistics sector, aimed at enhancing market competitiveness and optimizing logistics network layout [4] Group 5: Robotics Industry - "Qianjue Robotics" recently completed financing of several tens of millions of yuan, with funds allocated for research and development, product iteration, and accelerating mass production delivery [5] - The company focuses on multi-modal tactile perception and operation technology for robots, with core products including high-resolution multi-modal tactile sensors and intelligent control modules [5]

Group 1 - The "May Day" holiday saw a record high in travel demand, with Didi Chuxing reporting a 17% year-on-year increase in ride-hailing requests, marking it as the busiest "May Day" holiday ever [1][4] - Didi issued over 400 million yuan in driver subsidies to thank drivers for their service during the holiday period [1][17] - The demand for intercity rides increased by 29% year-on-year, with rides over 2000 kilometers seeing a 38% rise [4][14] Group 2 - The top three scenarios for ride-hailing demand during the holiday were dining, major transportation hubs, and shopping districts, with significant increases in demand for tourist attractions, hotels, and pet services [2][5] - The demand for ride-hailing to ancient towns and cultural sites surged by 46%, with cities like Quanzhou and Dali becoming popular destinations [7][13] - The demand for ride-hailing to music events and sports competitions saw dramatic increases, with some events experiencing over 200 times the usual demand [8][10] Group 3 - Self-driving trips to coastal cities gained popularity, with car rental orders increasing by 13% compared to last year, particularly among younger generations [11][13] - The demand for ride-hailing from inbound tourists rose by 75%, with significant increases in orders from Hong Kong and other international destinations [14][16] - Didi's efforts to enhance driver support included various welfare programs and the establishment of dedicated service teams to ensure smooth travel experiences during peak times [17]

2025年滴滴的产品经理可以上线了一个新功能，叫做女乘客可以选择女司机。 如果说一个好的产品会说话，那么这次滴滴的产品经理显然上线了一个口碑传播的新功能，掐中了用户痛点。 功能上线后，在网络产生了热点新闻，有非常多的女司机吐槽投诉希望可以下架这个功能，有女司机博主说投诉自己收到的 异味、服务态度不佳等， 90%都来自于女乘客。 而这个投诉的性别比例占比数据就是产品经理做需求分析的数据依据了。因为我们产品经理做任何需求分析都是基于数据的，尤其是在大厂，几乎都杜绝 了拍脑袋的需求，任何小的功能变动或者新产品从0到1，除了政策相关的，其他都是有数据依托才能过得了需求评审。 产品经理的数据分析是需求调研依据 反推时间线，2024年滴滴上线了乘客可以投诉司机是否车内有异味的功能，为了其规范司机处理车内异味。当时也有相当多的公众号投票，收集用户希望 滴滴要上线的新功能，可以看到女乘客选女司机功能也是最高投票选项。 投票是几乎每个产品经理都会使用的最简单数据分析 但要想根本去解决这个问题，产品经理还的考虑可以做其他的功能，比如找到是哪些人会投诉异味，结果我们从现在的一些女司机博主得到，原来90%的 投诉都来自女生，甚至是小 ...

Core Viewpoint - The article draws parallels between the ride-hailing market's evolution from 2020 to 2023 and the public fund industry, highlighting the challenges faced by smaller companies amid a competitive landscape and declining profits. Group 1: Ride-Hailing Market Overview - The ride-hailing market experienced significant fluctuations from 2020 to 2023, transitioning from a subsidy war to a focus on driver retention and cost-cutting as the market contracted [6][7]. - In 2020, the ride-hailing industry was in its "golden age," with platforms offering high rewards to attract drivers, leading to increased earnings for drivers [11][12][16]. - By 2021, the market saw the emergence of new players and aggressive promotional strategies, such as "zero commission" offers, which significantly boosted driver earnings [17][20][21]. Group 2: Market Contraction and Challenges - The ride-hailing market began to saturate by 2022, leading to increased competition and a decline in demand, which resulted in many smaller platforms struggling to survive [31][34][35]. - The economic downturn in 2023 exacerbated the situation, with a surge of new drivers entering the market while passenger demand decreased, leading to a significant drop in earnings for existing drivers [38][44]. Group 3: Public Fund Industry Parallels - The public fund industry has mirrored the ride-hailing market's trajectory, experiencing a boom followed by a downturn, with many fund companies facing pressure to reduce fees and cut costs [45][55]. - As the market for public funds contracted, smaller firms began to struggle, with some even shutting down operations or significantly downsizing [48][53][55]. - The competitive landscape in the public fund industry has led to a "survival of the fittest" scenario, where larger firms continue to thrive while smaller ones face extinction [77].

Core Viewpoint - Caocao Travel is facing significant challenges in its upcoming IPO due to substantial financial losses, high debt levels, compliance issues, and strained relationships with drivers and passengers [3][10]. Financial Performance - Caocao Travel has reported continuous losses over four years, with losses of 3.007 billion RMB, 2.007 billion RMB, 1.981 billion RMB, and 1.246 billion RMB for the years 2021 to 2024, totaling 8.241 billion RMB [3]. - The company's total liabilities have been increasing, reaching 11.283 billion RMB by December 31, 2024, with net current liabilities of 8.146 billion RMB, significantly above industry averages [3][4]. Business Model Challenges - The company heavily relies on aggregation platforms for order acquisition, with orders from these platforms accounting for 49.9%, 73.2%, and 85.4% of Gross Transaction Value (GTV) from 2022 to 2024 [4]. - This dependency undermines Caocao Travel's pricing power and market competitiveness, making it vulnerable to changes in aggregation platform policies [4]. Compliance Issues - Caocao Travel has numerous compliance failures, with a significant number of active vehicles and drivers lacking the necessary transport and driver certificates. In 2022, 15.8% of active vehicles and 18.0% of active drivers were unlicensed [5]. - The company has faced over 3,000 administrative penalties, primarily for operating vehicles without the required transport certificates [6]. Relationship with Drivers and Passengers - There is a growing tension between Caocao Travel and its drivers due to high commission rates and unfair penalties, leading to dissatisfaction among drivers [10]. - Passengers have also expressed dissatisfaction, citing issues such as fare discrepancies and poor service quality, which have eroded trust in the platform [10]. IPO Prospects - Given the financial, operational, and compliance challenges, Caocao Travel's path to a successful IPO in Hong Kong is fraught with difficulties, raising questions about its ability to overcome these obstacles and achieve a turnaround [10].

市场继续关注贸易谈判最新进展。 上周国际市场风云变幻，贸易形势缓和前景提振投资者信心。美股全线走高，道指周涨3.00%，纳指周 涨3.42%，标普500指数周涨2.92%。欧洲三大股指表现不俗，英国富时100指数周涨2.15%，德国DAX 30指数周涨3.80%，法国CAC 40指数周涨3.11%。 本周看点颇多，外界继续密切聚焦贸易谈判进展。在关税的不确定性中，美联储或继续按兵不动，市场 将关注未来几个月降息的可能性。在欧洲，预计英国央行将降息，瑞典和挪威也将作出利率决定。欧美 经济体更新4月采购经理人指数PMI。财报季继续进行，AMD、迪士尼等披露业绩。 美联储或按兵不动 上周美国总统特朗普通过签署命令来缓和汽车关税的打击，软化其在贸易问题上的立场。美国政府还表 示，已非常接近与印度和韩国签署贸易协议。 美联储将于本周召开议息会议，尽管特朗普最近向美联储施压要求其降息，市场普遍预期联邦公开市场 委员会（FOMC）将按兵不动。目前，通货膨胀率仍然居高不下，美国就业市场仍然健康。 本次会议的焦点将集中在美联储对今年晚些时候是否可能因关税而降息以支撑经济的任何信号的附带评 论上。然而，美联储需要在支持经济的需要 ...

Core Viewpoint - Caocao Travel has submitted an updated listing application to the Hong Kong Stock Exchange, indicating significant growth in its operations and financial performance since its establishment in 2015 as a ride-hailing platform incubated by Geely Group [1] Financial Performance - The total revenue for Caocao Travel is projected to grow from RMB 76.31 billion in 2022 to RMB 146.57 billion in 2024, maintaining a growth trend [3] - The company reported losses of approximately RMB 20.07 billion in 2022, RMB 19.81 billion in 2023, and RMB 12.46 billion in 2024, with losses narrowing over the years [3] - The gross margin improved from -4.4% in 2022 to 8.1% in 2024, attributed to the introduction of customized vehicles and optimization of total cost of ownership (TCO) strategies [3] Market Operations - By the end of 2024, Caocao Travel is expected to operate in 136 cities with a market share of 5.4% [1] - The company has a customized fleet of over 34,000 vehicles in 31 cities, making it the largest fleet of its kind in China [1] - The contribution of customized vehicle orders to the total GTV is expected to reach 25.1% by 2024 [1] Revenue Sources - The primary revenue source for Caocao Travel is ride-hailing services, which is projected to account for 92.6% of total revenue in 2024 [2] - The company has a high dependency on aggregation platforms, with orders from these platforms constituting 85.4% of GTV by 2024 [2] Future Developments - Caocao Travel plans to launch a Robotaxi service in Suzhou and Hangzhou by February 28, 2025, marking a significant milestone in the commercialization of autonomous driving services [4] - The company is collaborating with Geely Group to develop a new customized vehicle specifically for Robotaxi services, including an L4 level Robotaxi expected to be launched by the end of 2026 [4]

作者 |Piotr Kasprzyk 尽管大部分分析师给予优步 ( NYSE: UBER ) 的评级为"强力买入"。但我依旧觉得优步不值得入手。 比 尔 · 阿 克 曼 效 应 2025年2月7日，华尔街著名人物比尔·阿克曼宣布，他已在优步（Uber）增持了20亿美元股票。这一消息起到了催化剂的作用，一度推高了股 价。尽管比尔·阿克曼是一位受人尊敬的投资者，也是投资界许多人敬仰的人物，但在长期买入并持有股票方面，他并非最可靠的投资者。 他在加拿大太平洋堪萨斯城有限公司（CP）的持仓并非一项回报丰厚的投资。他于2021年底开始投资。当然，时间还不够长，不足以做出判断。然而 委婉地说，这是一家增长非常缓慢的公司。自最初购买以来，股价一直没有上涨。 Netflix（NFLX）可能是他近年来最著名的收购案。然而，这笔收购最终以失败告终。比尔·阿克曼以平均416.3美元的价格收购了该公司，并以 平均221.7美元的价格出售了全部股份，最终亏损了46.7%。 过 于 乐 观 的 预 测 Uber 在其 2024 年第四季度补充数据中自豪地表示，自动驾驶仅在美国就能占据超过 1 万亿美元的市场份额。 对于那些因为管理层有最 ...

新京报贝壳财经讯（记者陈维城）4月30日，享道出行与航旅纵横共同发布《中国场站出行效率及服务 质量报告》显示，受访人群中约有87.5%的旅客在机场、高铁等场站出行场景中使用过网约车服务。 当前大交通（铁路、航空、公路等）与接驳小交通（出租车、网约车、地铁、公交等）在数据互联与服 务衔接方面仍有明显断层，存在"信息孤岛"与"服务鸿沟"。由于"大小交通"在调度机制、服务标准、用 户体验等方面尚未实现统一融合，旅客在抵达场站后的接驳环节普遍存在效率损耗、体验断层等痛点。 今年3月，享道出行联合上海浦东国际机场在机场内设立享道车站。截至目前，司机平均等待时长大幅 缩短了36.77%，旅客机场打车寻车难的问题得到了改善，乘客满意度提升超过8%。 编辑 陈莉 校对 柳宝庆 出行效率层面，机场接驳场景下，从准备下单到成功上车，77.7%旅客需要等待10分钟以上，其中 14.29%旅客平均等待耗时超过30分钟。机场用车需求在每日凌晨2～3时迎来波谷时段，早晨5时达到全 天出行峰值，约有66.67%乘客在夜间0-6点抵达或出发时，遭遇过叫车困难。 从预约用车偏好选择来看，机场出行场景下，仅有13%的旅客会通过网约车等平台预约" ...