在很多人眼里，未来5年，国内贬值最快的是现金。主要原因是，我国央行货币超发严重，截至2025年8月末，中国广义货币供应量M2总额为331.98万亿 元，同比增长8.8%。M2规模是GDP的2倍，未来现金会越来越不值钱。但实际上，2025年8月份，全国居民消费价格同比下降0.4%。国内经济总体呈现通货 紧缩的趋势。 而导致货币超发严重，经济呈现通缩的原因有两个：一个是国内超发的货币在金融体系内空转，并没有流向社会。这就导致了社会各界都在喊缺钱。超发货 币之所以没有流向实体经济，主要是市场信心恢复还需要较长时间。 另一个是，现在实体经济都不景气，居民收入增长放缓或下降，消费需求出现萎缩。如此一来，企业生产出来的商品，库存积压严重，为了及时回笼资金， 只好把商品降价出售。 对于当前国内通缩的经济周期，有业内人士提醒大家：不出5年，国内贬值最快的不是现金，而是这4样东西，普通家庭要注意了。他们分别是：①房子；② 车子；③学历；④收藏品。让我们一起来了解一下： 第一，房子将逐步回归"居住属性" ②现在国内居民收入增长放缓或下降，已经支撑不起当前的高房价。③中国已经进入到老龄化社会。老年人越来越多，都有了属于自己的房子。 ...

Core Viewpoint - Recently, Jingdezhen Taipu Zhaowu Art Co., Ltd. was established with a registered capital of 100,000 RMB, focusing on the retail and wholesale of arts and crafts, excluding ivory products [1] Company Summary - The legal representative of the newly established company is Lai Yulian [1] - The company’s business scope includes retail and wholesale of arts and crafts, daily ceramic products, and tea sets, as well as internet sales [1] - The company also offers services such as art appraisal, cultural and artistic exchange organization, and technical services [1] Industry Summary - The company operates in the arts and crafts industry, specifically in the retail and wholesale sectors [1] - The business activities exclude the sale of ivory and its products, indicating a compliance with regulations regarding endangered species [1]

游戏驿站(GME.US)盘前涨近8%，报25.42美元。消息面上，游戏驿站公布2025财年第二季度业绩，营收 同比增长22%至9.72亿美元，高于市场预期的8.23亿美元；净利润同比暴增逾十倍至1.69亿美元，标志 着连续第五个季度盈利。期内，硬件和配件收入同比增长超31%至5.92亿美元，收藏品收入同比增长超 63%至2.28亿美元。截至第二财季末，公司持有的比特币价值达5.29亿美元。 ...

游戏驿站(GME.US)盘初一度涨近7%，最高触及25.23美元，创近三个月新高。 消息面上，游戏驿站公布2025财年第二季度业绩，营收同比增长22%至9.72亿美元，净利润同比暴增逾 十倍至1.69亿美元，标志着连续第五个季度盈利。期内，硬件和配件收入同比增长超31%至5.92亿美 元，收藏品收入同比增长超63%至2.28亿美元。截至第二财季末，公司持有的比特币价值达5.29亿美 元。(格隆汇) ...

Core Viewpoint - China State Construction (中建富通) reported a significant decline in revenue and an increase in net loss for the first half of 2025, primarily due to the sale of an unprofitable multimedia business and a weak global collectibles market [1] Financial Performance - Revenue for the first half of 2025 was approximately HKD 258 million, representing a year-on-year decrease of 19.4% [1] - The net loss amounted to approximately HKD 210 million, which is a year-on-year increase of 26.5% [1] - Earnings per share reflected a loss of HKD 0.132 [1] Reasons for Performance - The decline in revenue was attributed to the sale of the unprofitable multimedia business in June 2024 [1] - The ongoing weakness in the global collectibles market also contributed to the revenue drop [1] - The increase in net loss was primarily due to an impairment loss of approximately HKD 99.4 million related to assets classified as held for sale [1]

Group 1 - Five Below reported better-than-expected Q1 results, prompting UBS to raise its target price to $160, which is 25% higher than the average analyst expectation of $128 [1] - The strong performance of Five Below was driven by increased foot traffic, sustained growth in transaction volume, and enhanced product appeal, particularly in categories like collectibles, candy, beauty, and select apparel [1] - The company is adopting a conservative growth forecast for the year, anticipating same-store sales growth of 3%-5%, while planning to adjust prices on 15% of its products, ensuring that 80% remain under $5 [1] Group 2 - UBS highlighted that Five Below's 6.2% year-over-year increase in transaction volume sets a benchmark in the industry, with few retailers like Costco and Sprouts Farmers Market achieving similar growth [2] - Following the positive report, Five Below's stock rose over 5% on Thursday, with a year-to-date increase exceeding 20% [2]

Core Insights - The article emphasizes that individual investors should focus on their own investment strategies rather than being influenced by others' successes in the market [1][3][7] - It highlights the randomness of market success, suggesting that many perceived winners may simply be benefiting from luck rather than skill [3][5][6] Investment Philosophy - Successful investors should ignore market fluctuations and concentrate on their selected investments, as the performance of the broader market does not directly impact their chosen assets [3][6] - The concept of "strong force explanation" is introduced, indicating that people often rationalize successes with reasons that may not reflect the true nature of luck involved [3][4] Market Behavior - The article draws parallels between the stock market and lottery winnings, suggesting that while some individuals may profit, the majority of gains are fleeting and not indicative of sustainable success [2][6] - It critiques the tendency of media to glorify successful investments without acknowledging the underlying risks and randomness involved [5][6] Historical Context - The author references past real estate market successes that were largely driven by overconfidence and excessive leverage, which later led to failures [4][5] - The article cites Warren Buffett as a prime example of an investor who remains unaffected by market trends, focusing solely on his investment circle [6][7]

Group 1 - China's National Bureau of Statistics reported that in April, new consumption momentum is growing, indicating a clear trend of economic improvement [1] - Despite a slowdown in industrial and consumption growth rates due to the tariff war, the overall economy shows strong resilience, supported by effective macroeconomic policies [4] - The equipment manufacturing sector's added value increased by 9.8% year-on-year in April, contributing nearly 56% to the growth of industrial added value [4] Group 2 - China's inbound tourism is experiencing robust growth, with nearly 132 million international visitors expected in 2024, a year-on-year increase of 60.8%, and total consumption reaching $94.2 billion, up 77.8% [7] - The government has implemented measures such as lowering tax refund thresholds and increasing the number of duty-free shops to further stimulate foreign tourist spending [7] Group 3 - Local governments in China are innovating consumption models by bundling popular event tickets with discounts on hotels, dining, and travel bookings, which has significantly boosted consumer enthusiasm [10] - The live performance market is thriving, with total revenue expected to exceed 79.6 billion yuan in 2024, and over 60% of audiences attending performances in different locations, driving growth in transportation and accommodation sectors [10] Group 4 - The "Z Generation" in China, born between 1995 and 2010, is becoming a significant consumer force, characterized by emotional-driven purchasing behavior [11] - This demographic is both budget-conscious for everyday items and willing to spend on hobbies and personalized products, contributing to rapid revenue growth for related companies and injecting new vitality into the Chinese economy [11]

Group 1 - The rise of live-streaming e-commerce has led to various issues, particularly scams targeting the elderly, with tactics ranging from fake health products to low-cost travel offers [1] - Some live-streamers exploit the information asymmetry and emotional needs of older adults, causing harm to their interests and affecting the sustainable development of the industry [1] - The lack of regulatory oversight and the short-term profit motives of some streamers and merchants contribute to the prevalence of scams in live-streaming [1] Group 2 - Authorities need to improve legal regulations, clarify the responsibilities of platforms, streamers, and merchants, and ensure that special products like health supplements are properly documented and monitored [2] - There is a call for increased awareness among the elderly, with community organizations encouraged to provide training to help them recognize and avoid online scams [2] - A more refined social service system and family support are essential for older adults to navigate the digital world safely and to stimulate the growth of the silver economy [2]

Core Viewpoint - The article discusses the assets that are expected to depreciate the fastest over the next five years, highlighting the challenges faced by individuals in a struggling economy and the declining value of traditionally stable assets [1]. Group 1: Depreciating Assets - Educational degrees are becoming less valuable due to the oversupply of graduates, with 12.22 million expected in 2025, leading to a devaluation of degrees [6]. - Mid-range and high-end car prices are projected to drop significantly, with mid-range cars expected to decrease by 20,000 to 30,000 yuan and high-end cars by over 100,000 yuan due to reduced consumer demand and market saturation [8]. - Commercial properties are losing value, as evidenced by a shop purchased for 2.4 million yuan now valued at only 1.4 million yuan, driven by decreased consumer spending and a shift to online shopping [10]. Group 2: Real Estate and Luxury Goods - The value of old and dilapidated school district houses is declining as educational reforms randomize school admissions, undermining the previous demand for such properties [12]. - The luxury goods market is experiencing a downturn, with demand decreasing due to reduced disposable income among middle-class families and the rise of counterfeit products that appeal to lower-income consumers [15]. - The collectibles market is facing a bubble burst, with significant drops in value for items like badges, which have seen prices fall from 2,000 yuan to 300 yuan, indicating a risk for investors in this sector [17].