信诚证券发布研报称，滨海投资(02886)公布2025年中期业绩，因暖冬及中国经济仍在复苏，上半年销 气量及接驳受到影响，令收入及毛利承压；但经过一系列降本增效措施，公司保持盈利增长。在剔除暖 冬一次性影响，毛差明显修复和增值服务增长迅速下，加上接驳业务很有可能见底，信诚证券预期滨海 投资25至27年EPS能稳定增长，配合增加派息政策，维持"买入"评级，目标价1.58港元。 销气业务受累暖冬，但毛差显著修复 信诚证券指出，20251H，公司总销气量同比下跌14%至11.4亿方，当中管销气同比下跌12%至8.3亿方， 管输气同比下跌18%至3.1亿方。主要首季供气量受暖冬、暖冬所带来的市场需求变化及部分主要客户 年内停工检修等因素影响，减少1.18亿立方米。 不过公司毛差水平修复明显，去年开始公司优化上下游产业链，重中之重是全面优化气源成本，今年继 续优化气源结构。公司在年初表示中石化今年气价大幅向下调整，20251H公司气源结构约55%来自三 桶油，主要因为Q1仍是旧合同年，但已令综合毛差及城镇燃气平均毛差皆上升0.07元人民币/方，分别 达到0.44元人民币及0.50元人民币，管销气毛利率升1.1个百分点到 ...

（文章来源：证券日报） 证券日报网讯双鹭药业9月1日在互动平台回答投资者提问时表示，公司将不断加强自己的电商平台建 设。 ...

Group 1 - The core viewpoint of the article highlights the strong performance of Binhai Investment (02886), a leading clean energy operator in China, which saw its stock price rise over 16.3% amid a broader market recovery, with a significant increase in shareholder profit reaching approximately 173 million yuan, marking a post-pandemic high [1][2][3] Group 2 - For the first half of 2025, the company reported a net profit margin of 6.0%, up 1.2 percentage points from the previous year, significantly exceeding the industry average of 3.7%, indicating high-quality performance [2][3] - Despite a 14% year-on-year decline in total gas sales volume to 1.14 billion cubic meters due to a warm winter, the second quarter showed a 13% increase, suggesting ongoing growth in gas sales [2][3] - The company maintained its annual gas sales target of approximately 1.87 billion cubic meters, having completed 830 million cubic meters in the first half of the year [2][3] Group 3 - The company has been actively expanding value-added services, reflecting management's confidence in business prospects and the positive impact of increasing sales contracts and channels [3][4] - As of June 2025, the total number of users grew to 2.47 million, a 1% year-on-year increase, with 28,600 new users, achieving 40% of the annual target [3][4] - The company has launched new value-added services, including small installations, gas appliance sales, insurance services, and non-residential maintenance, with revenue and gross profit from these services growing by approximately 7% [3][4] Group 4 - The sales of gas appliances and non-residential maintenance saw remarkable gross profit growth of 91.0% and 60.5%, respectively, maintaining a high overall gross profit margin of 67.4% [4] - The launch of the "Taiyuejia" brand in August 2024 has been directly linked to the strong performance of value-added services, providing a comprehensive smart home solution [4] - The company has introduced a new beautification service and is set to launch an e-commerce platform by the end of September, which includes a store system, after-sales service system, and an online mall, aimed at enhancing revenue and profit margins [4]

在软件开发领域，创新的浪潮从未停歇。近年来，零代码开发逐渐崭露头角，为众多开发者和企业带来了新的机遇与变革。而当 DeepSeek、Cursor 和 Devbox 这三款强大的工具组合在一起时，更是构建出了一种前所未有的零代码开发新范式，彻底改变了软件开发的流程与效率。 DeepSeek 作为一款先进的人工智能工具，在零代码开发新范式中扮演着至关重要的 "智慧大脑" 角色。它具备强大的自然语言理解能力，能够深入解读开 发者用日常语言描述的项目需求。无论是构建一个简单的信息展示网站，还是复杂的企业级应用系统，只需将需求清晰地告知 DeepSeek，它便能迅速展 开分析。 比如，当提出 "开发一个电商平台，需要具备商品展示、用户注册登录、购物车、在线支付以及订单管理等功能" 的需求时，DeepSeek 会立即识别出各个 关键功能点，并进一步细化。它会思考商品展示需要涵盖哪些信息，如图片、名称、价格、描述等；用户注册登录要采用何种验证方式，密码强度要求如 何；购物车如何实现商品的添加、删除、修改数量以及总价计算；在线支付需对接哪些主流支付渠道；订单管理又要包含订单状态跟踪、发货处理、退换 货流程等。通过这样深入细致 ...

Group 1 - Beijing serves as a political and cultural center, and is also a significant economic engine for China, with State Grid being the highest-ranked enterprise in the region, reflecting its strong power supply capabilities and leadership in the energy sector [2] - Shanghai ranks second with 33 listed enterprises, showcasing its robust steel manufacturing strength through China Baowu Steel, and its manufacturing development has a profound impact on the Yangtze River Delta and the entire country [4] - Shenzhen, known for its high-tech industry, has 27 listed enterprises, with Ping An Insurance leading in financial services, and the city is recognized for its unique "Shenzhen speed" in attracting innovative tech companies [6][7] Group 2 - Hangzhou ranks fourth with 25 listed enterprises, driven by the rapid growth of the e-commerce sector, with Alibaba being a significant player, positioning the city as an important center for the internet economy [8] - Other cities like Chengdu, Wuxi, Jinan, Wuhan, and Chongqing also have over 10 listed enterprises each, each representing unique industrial strengths such as agriculture in Chengdu and automotive manufacturing in Wuhan [10] - The analysis indicates that as China's economy continues to grow and transform, cities are strategically positioning themselves based on their resource endowments and development strategies to gain competitive advantages [12]

近一个月，拼多多正在悄悄加快AI、大模型等方面的人才招聘。 尽管在财报电话等公开渠道，拼多多仍然是唯一不提AI布局的互联网大厂，但记者注意到，近一个月，拼多多正在悄悄加快AI、大模型等方面的人才招 聘。 8月5日，记者查看拼多多招聘官网的信息发现，近一个月来，拼多多密集发布大模型相关岗位，涉及机器学习工程师-推理方向，CUDA/GPU开发工程师 （大模型基础架构方向），大模型Infra架构工程师，多模态算法工程师（CV/多模态大模型），算法工程师（NLP方向）等多个岗位。 从正在招聘的岗位职能观察，拼多多提到，大模型Infra架构工程师要构建适合电商领域的大模型，与算法工程师密切合作，持续提升大模型的能力。多模态 算法工程师的岗位职能则包括，深入研究和探索多模态算法在跨境电商的使用场景和应用落地，用于商品理解、属性识别、AIGC等场景。 这意味着，至少在垂直电商行业的大模型研发领域，拼多多已有相关团队和业务布局，国内电商、跨境业务均有涉及。记者就拼多多是否正自研电商垂直大 模型询问拼多多，截至发稿未获官方回应。 同时，记者注意到，拼多多还在招聘C端电商AI产品经理，AIGC策略产品经理-广告用增方向等。尽管拼 ...

在中国企业中，拼多多同样表现出色，排名从去年的442位大幅提升至今年的266位，成为中国上升最快的企业之一。而华为在经历了两 年的沉寂后，今年重返前100位，排名第83位，较去年上升了20位，显示出其经营状况的企稳回升。 从2008年到2024年，沃尔玛的营收除了在2015年出现小幅下跌外，其余年份都在稳步增长。特别是在2024年，其营收高达6809亿美元， 依然保持着5.1%的增长率，实属不易。很多人可能认为沃尔玛只是一家大型超市，但实际上，它更像是一家高科技公司。 2025年7月29日，备受瞩目的《财富》世界500强排行榜新鲜出炉，这份榜单再次成为了全球企业实力的大舞台。 小米集团和碧桂园同样值得关注。小米集团今年排名第297位，比去年提高了100位；而碧桂园则重返榜单，排名第460位。然而，榜单上 的名额有限，有企业上升就有企业下滑。万科和绿地控股这两家房企的排名就大幅下滑，分别跌至第319位和第480位。 沃尔玛在研发上的投入堪比科技公司，虽然它没有直接公布研发投入，但据其披露，2023财年在"技术与基础设施"板块的年度支出高达 120亿美元。这一费用涵盖了供应链数字化、电商平台开发、全渠道技术（如A ...

以下文章来源于奇点湃 ，作者人造天堂 奇点湃 . 奇点·商业新坐标 本文来自微信公众号： 奇点湃（ID：qidianpai） ，作者：人造天堂，题图来自：AI生成 读这篇文章的，大概率是互联网从业者，如果还没丧失现实清醒，或者即使并非同行，也总会认识那 么几个搞互联网的，行业最热时，在中关村随便扔个砖头，能砸到三个揣着创业计划书的，正好获得 旁观者的视角，无论哪一种，你们感觉到了么，如今行业的精神状态令人堪忧。 最近几条新闻连起来看，两位连襟的外卖员短时间相继猝死，有关部门约谈各平台。京东看到某种机 会，进军外卖。这不是一个赛道的问题，外卖不过最敏感，先暴露而已。在全行业乃至行业以外，有 一种重新分配存量的倾向，尽管面对巨大的阻力，一直在暗中日拱一卒顽强地推进。历来动存量是最 招人恨的。 也不止分配的问题。不出意外撞上南墙。明知有墙也要撞，透露出平静的疯狂。近年行业大量裁员， 一些小佬去小厂再就业，看重他们之前的大厂经历，更多的走投无路，干脆退出"正常"职业发展，退 出行业，五花八门地自救转型。探索可能的边界，也凸显个体差异。 结合网上对大厂空降主管的吐槽，这几年自己和身边一些人扑腾的体会，最难的是什么？外部 ...

Core Insights - The article highlights the entrepreneurial journey of a young entrepreneur, Hu Yuxing, who founded Changde Xingxian Media Co., Ltd. during his college years, achieving significant early success and learning valuable lessons through challenges faced in business expansion [1][3][4]. Company Overview - Hu Yuxing established Changde Xingxian Media Co., Ltd. in 2021, achieving a remarkable initial revenue of 400,000 yuan within the first month of operation [1][3]. - The company currently maintains an average annual revenue of approximately 18 million yuan [1][9]. Industry Context - The rapid growth of the e-commerce sector in China, particularly the integration of short videos and social commerce, presents unprecedented opportunities for entrepreneurs [3]. - The article emphasizes the importance of thorough market research and understanding industry trends before launching a business [3]. Challenges and Lessons Learned - The company faced significant challenges during its expansion phase, including unexpected operational costs and management issues, leading to its first monthly loss [4][6]. - Hu Yuxing learned that without a solid financial foundation and mature operational systems, expansion efforts could lead to resource depletion and potential debt crises [4][6]. - After reevaluating the business strategy, the company refocused on core operations and improved customer retention rather than pursuing aggressive growth [6][7]. Future Aspirations - Hu Yuxing plans to continue expanding the company by diversifying sales channels across multiple platforms, including Douyin, WeChat Video Accounts, Taobao, and Pinduoduo [9]. - The entrepreneur aims to establish a self-owned brand and develop an intelligent warehousing system as part of the company's long-term growth strategy [9].

Group 1: Macroeconomic Insights - Recent increase in overseas ultra-long-term government bond yields, with Japan's 30-year bond yield reaching 3.15% and the US 30-year bond yield at 5.08%, the highest since October 2023 [2][4] - Concerns over inflation and fiscal policies are driving the rise in yields, with expectations of a potential short-term pullback in Japanese bond yields after temporary factors dissipate [2][4] - The report suggests that the long-term outlook for US Treasury yields may remain elevated [2] Group 2: Currency Dynamics - The US has adjusted tariffs, leading to a slight rebound in the US dollar index and a 0.5% increase in the RMB against the USD [3] - The report indicates that the RMB may have upward appreciation potential due to structural rebalancing in global asset allocations, particularly in Asia [3] Group 3: Fixed Income Market - Global bond yields have risen, with Japan's 10-year bond yield increasing to 1.53% and the US 10-year bond yield reaching 4.58% [4] - The report highlights that the rise in yields is influenced by various factors, including uncertainty surrounding tariff policies and inflation expectations [4] Group 4: Real Estate Sector - The report discusses the "pre-sale + current sale" model used in many overseas real estate markets, emphasizing the importance of third-party fund supervision to protect buyers [5] - This model ensures that most payments are made after project completion, reducing the risk of fund misappropriation [5] Group 5: Oil and Gas Sector - Oil prices have rebounded due to revised demand expectations following tariff reductions and OPEC+ production adjustments, with WTI and Brent prices rising by 5.8% and 2.8% respectively [6] - The report notes that trade tensions and OPEC+ production strategies are key short-term factors affecting oil prices [6] Group 6: Hong Kong Market Dynamics - The report highlights the recent surge in liquidity in Hong Kong's banking system, driven by currency interventions and successful IPOs, such as that of CATL [6] - It suggests that Hong Kong's market may benefit from a structural shift in global capital flows, particularly in the context of de-dollarization [6] Group 7: Company-Specific Insights - Black Sesame Intelligence is highlighted as a leading supplier of AI chips for smart driving and robotics, with a target price of 24.04 HKD and a "buy" rating [14] - Meitu's strategic partnership with Alibaba is expected to enhance growth prospects, with a "buy" rating maintained [16] - ZTO Express reported a revenue of 10.89 billion RMB, with a focus on market share despite short-term profit pressures, maintaining a "buy" rating [18] - Baidu's transition towards AI cloud services is noted, with a "buy" rating based on strong revenue growth in this segment [23]