Core Viewpoint - Google is accelerating its AI transformation of the Android operating system, introducing an AI-driven "Notification Organizer" to help users manage notifications more effectively amidst the overwhelming number of app notifications they receive [1][3]. Group 1: AI Notification Organizer - The planned "AI Notification Organizer" will categorize notifications into four types: promotions, news, social, and recommendations, and will automatically summarize notifications using AI [3][11]. - The AI summary feature will initially be limited to summarizing "conversation notifications" from social media, avoiding the broader application of AI summaries to prevent potential issues seen with Apple's similar feature [3][11][15]. Group 2: User Engagement and App Competition - As of January 2025, the average Chinese internet user is expected to use 28.7 apps monthly, with a total of 70 apps installed, indicating that only 40% of apps are frequently used, leading developers to seek ways to keep their apps relevant [5]. - Developers are resorting to push notifications to maintain visibility for their apps, as Google and manufacturers crack down on non-compliant practices like chain wake-ups [8][9]. Group 3: Challenges in Notification Management - The Android ecosystem faces challenges due to the lack of a unified push notification system, with developers using various services, leading to users being overwhelmed by notifications each time they unlock their devices [9][11]. - Google's Firebase Cloud Messaging (FCM) service, which was previously mandatory for developers to use for notifications, is now optional due to antitrust investigations, complicating the notification landscape further [8][9]. Group 4: Lessons from Apple - Apple's previous attempt at an AI notification summary feature faced significant issues, leading to misinformation and a subsequent pause of the feature for news and entertainment apps [13][15]. - Google is strategically limiting its AI summary feature to private messages and group chats to mitigate potential backlash from developers and users, learning from Apple's missteps [15].

他表示："这些权利的目的是设定平台实际使用这些出版物的条件，同时允许出版商从这种使用中获得 平台产生收入的公平份额。""所引入的限制是出于欧盟立法机构所认可的公共利益，即加强新闻媒体的 经济可持续性。" 智通财经APP获悉，欧盟最高法院的一位顾问周四表示，只要不损害合同自由，欧盟成员国有权实施自 身措施，以加强出版商在与大型在线平台打交道时的地位。欧盟法院(CJEU)正在处理一场诉讼，原告 为Meta(META.US)，被告为意大利通信监管机构AGCOM，双方争议焦点在于Meta是否必须向意大利的 新闻出版商支付使用其新闻摘要内容的费用。 此外，Maciej Szpunar强调意大利监管机构应尊重合同自由。他表示："赋予AGCOM的权力——包括为 确定报酬设定基准标准、解决争议以及监督信息披露义务——在仅限于提供辅助支持的情况下是可以接 受的，前提是这些权力不会剥夺当事方的合同自由。" Meta质疑，这类国家级措施是否与欧盟现行的版权立法下已授予出版商的权利相符。然而，欧盟法院 的总法律顾问Maciej Szpunar表示，欧盟赋予出版商的权利不仅仅是让他们有权在未获得报酬的情况下 拒绝内容被使用。 Meta ...

Core Insights - The 618 shopping festival has concluded, leading to varied price movements in the white liquor market, with some products experiencing price increases while others continue to decline [1][2][3] Price Trends in Major Cities - In Guangzhou, among 21 sampled white liquor products, 9 saw a decrease in average retail price, while 8 experienced an increase, and 4 remained unchanged [2] - Notably, high-end products like Moutai and Guojiao 1573 have seen price drops, with Moutai's average retail price falling to approximately 2304 RMB, a decrease of about 100 RMB from the previous period [2][3] - In Shenzhen, Moutai's average retail price is reported at 2298.5 RMB, with a notable decline in several high-end products due to ongoing market pressures [7][10] - East Dongguan's market shows a mixed trend, with 9 products increasing in price and 5 decreasing, highlighting the volatility in high-end liquor pricing [12][13] Online vs. Offline Pricing - Online platforms, particularly instant retail channels, are showing lower prices compared to offline supermarkets, with Moutai priced at 2229 RMB online, which is about 75 RMB lower than the overall average [3][8] - The price discrepancies between online and offline channels are significant, with products like Junpin Xijiu and Qinghua Lang being sold for much lower prices online compared to their offline counterparts [3][8] Impact of Regulatory Changes - The ongoing "ban on alcohol" has significantly impacted sales, particularly in high-end segments, leading to price reductions as businesses attempt to stimulate demand [9][10] - The combination of the 618 festival and regulatory changes has created a challenging environment for liquor companies, as they navigate maintaining sales volume and pricing stability [1][17] Summary of Average Prices - The average prices for key products as of July 4th are as follows: - Moutai: 2367.62 RMB [19] - Wuliangye: 1010.27 RMB [19] - Junpin Xijiu: 833.17 RMB [20] - Qinghua Lang: 943.11 RMB [20] - Guojiao 1573: 993.42 RMB [20]

6 月 27 日，华润啤酒（ 0291.HK ）公告称，董事会主席侯孝海辞任，且不再担任董事会辖下财务 委员会主席、执行委员会以及购股权总务委员会各自之成员。 侯孝海离任的原因，白酒业内不少人的第一反应是，或与其主持高达 123 亿对价的金沙收购有关。 导 语："啤白协同"本不存在。但在"泡沫年代"，品牌与渠道的认知错位之下，它成为一个听上 去顺理成章的故事。 减不减值？ 曾主持"白酒史上最大并购案"的董事长，离开了。 以笔者在行业走访来看，从投资者到白酒从业者，从收购动议到运营至今，几乎没有人对该项目抱 有积极和正面的评价。 对比侯孝海离职，投资者更关心的是，接下来，收购金沙产生的 74 亿元商誉，是否会被计提减 值、从而影响华润啤酒业绩？ 图源：华润啤酒财报 业内人士告诉笔者，华润啤酒在去年秋天某交流会中表示：金沙不亏损不减值；如亏损，视现金流 而定。 不过，按照行业"潜规则"，新领导就任后，公司大概率会出现"业绩洗澡"。这样做，一来，能把"包 袱"甩给前任；二来，可降低就职前的业绩基数，便于在自己任期内做出高增长。 蒙牛（ 2319.HK ）上一任总裁卢敏离职后，高飞于 2024 年 3 月接任。蒙牛 ...

Core Insights - The joint research by ZhiDeMai Technology and Nankai University focuses on the impact of AI-generated summaries on consumer decision-making in e-commerce, highlighting a reduction in indecisive behavior by 2.8% and a faster decision-making process [1][2] Group 1: Research Findings - The study utilized a triple difference method (DDD) to assess how AI-generated summaries enhance user decision efficiency on e-commerce platforms [1] - AI-generated summaries have been shown to decrease the hesitation of users, leading to more decisive purchasing behavior [1] - The research fills a gap in existing AIGC studies by demonstrating the acceleration of consumer decision-making speed and efficiency [2] Group 2: Implications for E-commerce Platforms - The findings suggest that platforms should prioritize AI summaries for experiential products and low-priced items to improve user decision efficiency [2] - There is a need to balance decision efficiency with user engagement to prevent a decline in platform activity due to reduced interaction with comments [2] Group 3: Company Strategy - ZhiDeMai Technology has been exploring AI since 2023 and plans to release a comprehensive AI strategy in 2024, focusing on building a high-quality AI ecosystem [3] - The company collaborates with major model platforms and smart terminal enterprises to open AI capabilities to partners, enhancing its technological reach [3] - ZhiDeMai Technology is also partnering with various universities to integrate cutting-edge academic research with AI applications, fostering collaborative innovation [3]

今年5月份，新修订后的《党政机关厉行节约反对浪费条例》正式印发，其中明确"工作餐不得提供高档 菜肴，不得提供香烟，不上酒"。一时间，"公务接待不上酒"的禁令在舆论场上持续发酵。 一位酒企人士对南都湾财社记者表示，其实政策端此前也出台过"禁酒令"，从理性角度来看，当前政务 消费在整个白酒消费占比较小，因此对应"禁酒令"对白酒行业的影响也较小，目前来看，市场"情绪大 于实质"，白酒市场预期受到较大影响。记者注意到，从茅台股东会晚宴喝蓝莓汁到飞天茅台补贴价跌 破2000元等可窥见相关政策的影响确实存在。 高端白酒产品之外，相关政策影响下，昔日的高端酒"平替者"们也深受影响：前面"禁酒令"出台后对应 市场的缩量，背后是茅台等高端酒降价对其造成"降维打击"。中酒协在近期发布的《2025中国白酒市场 中期研究报告》中坦言"500-800元价位带产品生存则最为困难"。 "禁酒令"风暴下的行业变局：高端酒价一降再降 对于"禁酒令"的影响，一位白酒分析师对南都湾财社记者："经过多年的调整优化，酒类的政务消费占 比不高于5%，更是很少有政府直接采购行为，虽然短期来看，商务与民间消费受到政策的高压，会对 社会酒类消费造成一定负面影 ...

来源：新华社客户端 6月22日，"美好生活、书香中国"城市行活动第二季在青岛冰山之角·海尔世界家电博物馆举办。本次活 动以"大变局背景下的创新与企业家精神"为主题，旨在通过阅读与分享，探讨在当今复杂多变的市场环 境中，企业如何以创新为驱动，以企业家精神为引领，实现高质量发展。 范世凯代表冠名品牌摘要酒发表致辞时表示，本次活动不仅是一场读书会，更是一次创新思想的盛宴。 在这里有引领行业变革的企业领袖，有深耕学术研究的专家学者，有充满激情的青年创业者，相信通过 这样的思想碰撞一定能激发出更多创新的火花，为中国经济高质量发展注入新动能。 本次活动还为荣获"书香企业创建工程"示范单位的海尔集团举行了授牌仪式。活动由摘要酒独家总冠 名，总裁读书会、海尔集团主办，中关村产融合作与转型促进会联合主办。 如是金融研究院院长管清友在领读《消费繁荣与中国未来》时表示，有效激活中国社会中"沉默的大多 数"的消费潜力，是消费繁荣与中国经济长期繁荣的坚实基础。 在主题演讲环节，著名经济学家、万博新经济研究院院长滕泰发表了关于"提振消费，创新需求：政府 和企业应该怎么做"的主题演讲。他表示，中国的消费市场也是中国下一个最重要的竞争力，中 ...

Core Viewpoint - A proposed class action lawsuit filed on June 18 claims that Reddit misled investors regarding the impact of changes in Google's search algorithm and AI summaries [1] Group 1: Lawsuit Details - The lawsuit was filed by investors in the U.S. District Court for the Northern District of California [1] - On May 21, analysts downgraded Reddit's stock rating due to concerns about a permanent disruption in traffic, leading to a 9.3% drop in Reddit's stock price [1] Group 2: Stock Performance - As of the market close on June 18, Reddit's stock had increased by 30.72% over the past month [1]

Group 1 - Amazon's CEO Andy Jassy stated that the introduction of generative AI tools will lead to a significant reduction in the number of employees needed for certain jobs, indicating a shift in workforce requirements [1] - The company anticipates a decrease in total corporate employee numbers in the coming years due to efficiency gains from AI [1] Group 2 - Elon Musk's xAI is reportedly burning through $1 billion per month to develop advanced AI models, with revenues remaining limited, leading to a significant funding gap [2] - xAI is seeking to raise $9.3 billion through debt and equity financing, including a new $4.3 billion equity financing plan and $5 billion in debt financing with Morgan Stanley's assistance [2] Group 3 - Reddit's stock price surged over 15% following the announcement of new AI advertising tools, including "Reddit Insights" for real-time trend analysis and a "conversation summary plugin" for showcasing positive user content [3] - These tools are powered by the "Reddit Community Intelligence Engine," which converts posts and comments into structured insights [3] Group 4 - Coinbase is seeking approval from the SEC to launch a "tokenized equities" service, which would allow investors to hold digital assets representing ownership in publicly traded stocks [4] - Approval would enable Coinbase to offer stock trading services via blockchain technology, reflecting ongoing innovation in the cryptocurrency space [4] Group 5 - SoftBank raised approximately $4.8 billion by selling shares in T-Mobile, which will fund its ambitious AI initiatives [5] - The company plans to invest up to $30 billion in OpenAI and collaborate on infrastructure investments amounting to hundreds of billions globally [5]

研究报告 Research Report 16 Jun 2025 华润啤酒 China Resources Beer Holdings (291 HK) 业绩修复明确，估值具备吸引力 Clear earnings recovery with attractive valuation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$24.90 目标价 HK$35.60 HTI ESG 2.6-2.0-4.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$80.78bn / US$10.29bn 日交易额 (3 个月均值) US$70.62mn 发行股票数目 3,244mn 自由流通股 (%) 48% 1 年股价最高最低值 HK$35.85-HK$22.10 注：现价 HK$24.90 为 2025 年 06 月 13 日收盘价 资料来源： Factset 1mth 3mth ...