服务消费一头连着民生福祉，一头牵着经济转型，是衡量社会发展和人民生活品质的重要标尺。在推动 经济高质量发展过程中，更大力度提振服务消费，离不开金融的强力支撑与深度赋能。 不过，服务消费领域的经营主体，普遍具有"轻资产、缺抵押、融资急"的特点，传统信贷模式往往难以 有效覆盖其融资需求。这就造成了巨大的市场潜力与金融支持不足之间的矛盾。笔者认为，为有效破解 这一矛盾，金融机构应主动作为，将信贷资源精准投向服务消费领域。这既是响应国家战略、服务实体 经济的责任担当，也是优化信贷结构、培育新增长点的内在要求。 首先，创新信贷产品，应实现"量体裁衣"。金融机构须摒弃"一刀切"的惯性思维，深入调研不同细分行 业的特点，开发出更具适配性的金融产品。如针对知识付费、在线服务等轻资产企业，可探索以知识产 权、订单数据等为授信依据的信用贷款。 其次，深化科技赋能，提升服务效率与风控水平。金融机构应积极拥抱金融科技，利用大数据、人工智 能、云计算等技术，为缺乏传统抵押物的消费服务企业精准画像，大幅提升融资效率，降低企业融资成 本。同时，科技赋能也能帮助金融机构更有效地识别和管控风险，提供坚实的技术保障。 最后，优化服务模式，不断延 ...

Core Viewpoint - The recent trade agreements between Europe and the U.S. have not mitigated the damaging impacts of U.S. tariffs, leading to a significant increase in France's trade deficit and raising concerns about the competitiveness of French exports [1][2]. Trade Deficit and Economic Impact - In June, France's trade deficit expanded to approximately 7.7 billion euros, with imports rising by 400 million euros to 57.6 billion euros and exports increasing by 300 million euros to 49.9 billion euros [1]. - For the first half of 2025, France's cumulative trade deficit reached 43 billion euros, an increase of about 4.4 billion euros compared to the second half of 2024 [1]. - The trade deficit for the second quarter of 2025 was 22.9 billion euros, widening by approximately 2.8 billion euros from the first quarter [1]. Structural Issues in Trade Agreements - The framework agreement between the U.S. and Europe reveals significant structural differences, particularly regarding tariff exemptions, with the U.S. interpreting a 15% tariff as broadly applicable to European goods, while Europe seeks exemptions for key industries [2]. - French officials emphasize the need to advocate for exemptions beyond the aviation sector, including pharmaceuticals and food processing [2]. Agriculture and Food Sector Concerns - French agricultural products, including wine and cheese, are excluded from tariff exemptions, with potential additional tariffs of 800 million euros if wine and spirits do not receive exemptions [3]. - The U.S. demands simplification of health certifications for meat and dairy, which could impact food safety standards in France and Europe [3]. Digital Services and Technology - The U.S. claims that Europe has committed to exempting American companies from certain taxes, while Europe has only stated it will coordinate further [3]. - France views the digital services sector as a critical area for exerting pressure on the U.S. and aims to implement a digital tax on American tech giants [3]. Military and Energy Procurement - The U.S. has indicated that Europe will significantly purchase American military equipment by 2026, but European officials argue that military procurement was never formally on the agenda [4]. - France is pushing for exemptions in energy and pharmaceuticals to protect domestic jobs and industries, criticizing the reliance on U.S. fossil fuels [4]. France's Position and Strategy - France expresses dissatisfaction with compromises made in negotiations with the U.S. and vows to maintain its competitiveness through "strategic autonomy" [5]. - French officials argue that the U.S. tariffs will lead to a "lose-lose" situation, affecting both American consumers and exports [5]. - The French government aims to strengthen its position in trade negotiations by focusing on collective unity within the EU and addressing structural imbalances in service trade [6]. Future Coordination and Policy Recommendations - Experts suggest that France should enhance coordination in trade strategy, avoid unilateral actions, and utilize "anti-coercion tools" against U.S. threats [6]. - Policy recommendations include targeted subsidies, diversifying export markets, and increasing investments in innovation and green development to counteract U.S. tariff impacts [6].

Core Insights - The rental crisis in Australia is intensifying, leading potential renters to hire individuals to view properties on their behalf [1] - Demand for rental viewing tasks on the Airtasker platform surged by 166% year-on-year in June, indicating increased pressure on renters [1] - The CEO of Airtasker, Tim Fung, noted that the high demand for rentals makes it difficult for renters to secure housing quickly [1] Summary by Categories Rental Market Dynamics - The rental market is characterized by high demand, making it challenging for renters to find suitable housing [1] - Renters are employing various strategies, including hiring others to view properties, to increase their chances of securing a rental [1] Airtasker Platform Insights - Airtasker allows users to post tasks for property viewings, with prices ranging from 40 AUD to 200 AUD [1] - The platform's growth reflects the difficulties renters face in the current market, as they seek faster and more efficient ways to find housing [1][3] Expert Opinions - Leo Patterson Ross, CEO of Tenants Union of NSW, highlighted the dual impact of limited viewing opportunities and time constraints on potential renters [1] - He also pointed out the risks associated with hiring individuals for viewings, as the industry lacks regulation and oversight [3][6] - The effectiveness of hiring someone to view properties can vary, with some individuals potentially lacking the necessary expertise to provide valuable insights [5][6] Implications for Renters - The trend of hiring others for property viewings may exacerbate inequalities in the rental market, favoring those with more resources [6] - There is a concern that this practice could lead to increased pressure on renters, either through higher rental bids or the need to hire viewing assistance [6]

Core Viewpoint - The CEO of Fiverr, Micha Kaufman, emphasizes that 99% of AI companies are likely to be bubbles, as most do not provide significant value or innovation, and the market will eventually clear itself [27][29]. Group 1: AI's Impact on Employment - AI is perceived as a threat to various professions, with Kaufman stating that it will automate many tasks, leading to a need for individuals to enhance their skills or consider changing careers [7][11]. - The CEO encourages employees to aim for full automation of their current tasks, which would free up time for more strategic thinking and creativity [11][12]. - There is a growing concern about the fear and resistance to AI among employees, which Kaufman believes should be addressed through personal responsibility for self-improvement [12][13]. Group 2: The Future of Work - The current job market is compared to the dot-com bubble, with Kaufman suggesting that many young people are disillusioned with work, but those who seek meaning and purpose will continue to thrive [15][16]. - The importance of competition and the drive for resources is highlighted, indicating that individuals must adapt to the changing landscape to avoid becoming burdens [16]. Group 3: Market Dynamics and AI Bubble - Kaufman identifies a saturation of AI startups, predicting that many will fail due to oversupply and lack of differentiation [18][28]. - The concept of "cloning time" is introduced, where the speed of product replication has drastically decreased, making it harder for new entrants to establish a unique market position [18][19]. - The CEO stresses that true innovation and value creation are essential for survival in the AI space, as many current offerings lack differentiation [19][29]. Group 4: The Role of Founders - In a market where technology is democratized, the unique value of a startup increasingly relies on the capabilities and vision of its founders [24][25]. - Kaufman emphasizes the importance of strong leadership and the ability to navigate challenges, as successful companies often have resilient teams that can adapt and overcome obstacles [25]. Group 5: The Future of Content Creation - The discussion on copyright highlights concerns that AI-generated content may undermine the motivation for human creativity, as original creators may not receive recognition or compensation [31][34]. - Kaufman argues that the essence of creativity and the role of humans in content creation must be preserved, despite the rise of AI [34]. Group 6: The Evolution of Business Strategy - The CEO notes that the rapid pace of technological change makes it difficult to predict the future, contrasting it with the predictability of past technological advancements like Moore's Law [38]. - Companies must remain agile and responsive to market changes, focusing on speed and direction to maintain competitive advantage [44][46].

Group 1 - Fiverr's CEO Micha Kaufman emphasizes the need for individuals to adapt to the changing job landscape influenced by AI, suggesting that traditional roles may become obsolete and that workers should focus on automating their tasks to free up time for more complex thinking [2][11][5] - The company has successfully navigated various technological shifts since its founding in 2010, including the transition from PC to mobile internet and the rise of the gig economy [2][3] - Fiverr went public in 2019 with a valuation of $650 million, and its revenue surged to $189.5 million in 2020 due to the COVID-19 pandemic and the shift to remote work [3][2] Group 2 - Kaufman warns that 99% of AI startups are likely to fail within one to two years, with only a few companies that provide foundational infrastructure or solve specific problems surviving [4][30] - He stresses that true innovation should focus on identifying new problems rather than merely optimizing existing products [4][30] - Speed is identified as a critical competitive advantage in the rapidly evolving AI market, where being first to test and validate ideas can determine a company's survival [4][30] Group 3 - The conversation highlights a collective anxiety regarding AI's impact on employment, with Kaufman stating that individuals must continuously update their skills and knowledge to remain relevant [11][14][16] - He argues that the essence of human value lies in creativity, aesthetic judgment, and moral discernment, which machines cannot replicate [11][14] - The current AI landscape is compared to the dot-com bubble, suggesting that many companies are entering the market without offering substantial value, leading to an inevitable market correction [30][19] Group 4 - Kaufman believes that the rapid pace of AI development has made traditional predictive models obsolete, as the industry is now characterized by uncertainty and volatility [39][40] - He notes that the market is currently oversaturated with AI companies, and only a few will emerge as leaders, similar to the consolidation seen in the cloud services market [32][40] - The importance of human creativity and the unique contributions of individuals are emphasized, as technology alone cannot drive success without the right people behind it [26][27]

Core Viewpoint - The article discusses Ruoming Pang's transition from Apple to Meta, highlighting his contributions to Apple's foundational model and the development of AXLearn, a modular large model training system designed for heterogeneous infrastructure. Group 1: Ruoming Pang's Transition - Ruoming Pang, head of Apple's foundational model team, is moving to Meta's newly established superintelligence team, with a reported offer of $200 million [2][3]. - Despite the transition, Pang continues to contribute to Apple by promoting his research on AXLearn [3][4]. Group 2: AXLearn Overview - AXLearn is a production-grade system designed for large-scale deep learning model training, emphasizing scalability and high performance [6]. - The system features a modular design and comprehensive support for heterogeneous hardware infrastructure, allowing for efficient integration of functionalities like Rotary Position Embeddings (RoPE) with minimal code [6][8]. - A new method for measuring modularity, based on lines of code (LoC-complexity), is introduced, showing that AXLearn maintains constant complexity during system expansion, unlike other systems that exhibit linear or quadratic growth [7][23]. Group 3: Performance Evaluation - AXLearn's training performance is compared with systems like PyTorch FSDP, Megatron-LM, and MaxText across various hardware platforms, demonstrating competitive iteration times and throughput [26][29]. - The system shows near-linear scalability in weak-scaling experiments, indicating its robustness in handling increased workloads [30]. Group 4: Production Use and Impact - AXLearn has evolved from a tool for a few developers to a large platform supporting hundreds of developers in training models with billions to trillions of parameters [35]. - It can concurrently support over 10,000 experiments and is deployed across various heterogeneous hardware clusters, contributing to features used by billions of users [36][37].

Core Viewpoint - The legal opinion letter confirms that the 2024 annual general meeting of Shanghai Jinjiang Online Network Service Co., Ltd. was convened and conducted in accordance with relevant Chinese laws and regulations, as well as the company's articles of association [3][4][10]. Group 1: Meeting Procedures - The notice for the 2024 annual general meeting was published on June 5, 2025, in compliance with the regulations [6]. - The meeting will be held on June 27, 2025, at 1:30 PM at the Xinjingjiang Hotel in Shanghai, combining on-site and online voting methods [5][6]. - The notice was published 20 days prior to the meeting, meeting legal requirements [6][10]. Group 2: Voting Participation and Qualifications - A total of 7 shareholders (including proxies) participated in the on-site voting, representing 214,083,113 shares, which is 38.81% of the total voting shares [6][7]. - The combined results of on-site and online voting showed participation from 188 shareholders, representing 215,575,642 shares, or 39.08% of the total voting shares [6][10]. - The qualifications of the participating shareholders and proxies were verified and deemed valid [7][10]. Group 3: Voting Procedures and Results - The meeting adopted a combination of on-site and online voting to deliberate on various proposals, including a special resolution regarding amendments to the company's articles of association [8][10]. - Proposals 1 to 6 and 8 to 10 were passed by ordinary resolution, while proposals 11 and 12 were elected through cumulative voting [9][10]. - The special resolution (Proposal 7) was approved with more than two-thirds of the voting shares in favor [10]. Group 4: Conclusion - The legal opinion concludes that the meeting's convening, procedures, participant qualifications, and voting results are all in compliance with applicable laws and the company's articles of association [10].

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $107.2 million, up 15% year over year, accelerating from 30% year over year growth in Q4 2024 [15] - Adjusted EBITDA for Q1 was $19.4 million, representing an adjusted EBITDA margin of 18%, an improvement of 100 basis points from a year earlier [15] - Free cash flow totaled $27.4 million, up 31.6% year over year [15] Business Line Data and Key Metrics Changes - Marketplace revenue reached $77.7 million, driven by 3.5 million active buyers and a take rate of 27.7% [16] - Services revenue was $29.5 million, representing year over year growth of 94%, and accounted for 27.5% of total revenue in Q1 [18] Market Data and Key Metrics Changes - The overall demand for freelancing has been stable, with no direct exposure to tariffs [7] - The company has seen strong engagement for Fiverr Go, with over 6,000 sellers activated and more than 200,000 buyers interacting with the product [11] Company Strategy and Development Direction - The company’s strategic priorities include strengthening the marketplace by going upmarket, expanding value-added services, and investing in AI [8] - Fiverr Pro has been a focus, with enhancements to the product offerings aimed at driving buyer conversion and maximizing customer engagement [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business for the remainder of the year, raising guidance for both revenue and adjusted EBITDA [19] - The macroeconomic environment is viewed as stable, with opportunities for growth identified in business solutions [30] Other Important Information - The board authorized an additional $100 million for the stock repurchase program, reflecting confidence in long-term business opportunities [16] - The company expects services revenue to exceed 30% of total revenue for the full year 2025 [18] Q&A Session Summary Question: Insights on Fiverr Go and broader demand environment - Management highlighted that Fiverr Go is designed to enhance customer satisfaction and conversion rates, with strong initial results [26][30] Question: Dynamics for buyers using Fiverr Go - Buyers appreciate the always-on nature of the service, which provides instant results and enhances their confidence in decision-making [41] Question: Sustainability of services revenue growth - Management confirmed that services revenue growth is sustainable and expected to increase as more value-added services are introduced [50] Question: Impact of macroeconomic volatility on freelancing - Management noted that enterprises are increasingly seeking freelancers to complement their internal teams, especially during periods of market volatility [58] Question: Sales and marketing opportunities in Q1 - The company capitalized on various opportunities across different channels and geographies, which contributed to strong performance in Q1 [88] Question: Incentives for Fiverr Pro customers - Customers are incentivized to engage with Fiverr Pro through exclusive services, account management, and rewards for spending above a certain threshold [90]