● 本报记者 林倩 金融，作为国民经济的血脉，其发展离不开文化的滋养与引领；文化，则是金融行业进步的灵魂，赋予 其深厚的底蕴与活力。近日，中国证券报记者从上海证券获悉，公司2025年职工文化季正如火如荼开 展，其中由上海分公司主办的"金融正能量"新媒体传播挑战赛日前收官。本次活动以"弘扬金融行业核 心价值观、深化文化认同、凝聚发展共识"为主线，历时三个月，通过系统化组织，创新性实践，丰富 了金融文化传播路径，助推公司高质量发展。 全周期管理 构建文化创新闭环 据介绍，作为上海证券2025年职工文化季的重要组成部分，本次挑战赛自设计之初便秉持高站位规划、 精细化推进的原则，构建起"动员-创作-评审-表彰"的全周期管理体系，确保文化建设与业务发展同频共 振。 上海证券上海分公司将本次活动明确为其年度文化建设的重点任务，同步制定详细实施方案与竞赛规 则，通过线上线下（300959）多渠道宣导，推动文化建设从要求转化为行动。本次活动累计产出短视 频、微电影、动画等原创作品54部，涉及合规经营、文化建设、公益责任、投资者教育等主题。 "此次活动注重过程管理与机制创新，通过将主题鲜明、内容积极的作品进行内部巡展以及建立' ...

vivo 移动互联网业务为全球超过 4 亿用户提供应用商店、短视频、广告等服务，其分布式消息中间件 平台承担了实时数据接入与分发的关键角色，日均处理数据量达十万亿级别。面对业务规模的持续增 长，vivo 在消息系统架构演进中通过引入 Apache Pulsar，有效解决了原有 Kafka 架构在多集群管理、 弹性扩缩容和海量分区场景下面临的诸多瓶颈。 业务痛点与挑战 随着 vivo 业务流量的数十倍增长，原有基于 Kafka 的消息系统逐渐显露出架构局限性。Topic 和分区数 量的持续增加严重影响了集群性能，大量分区导致磁盘随机读写加剧，违背了 Kafka 依赖顺序读写实现 高性能的设计初衷。集群规模扩张后，资源组隔离与集群拆分的运维成本显著上升，且 Kafka 无法实现 动态扩缩容，机器资源利用率低。在面对突发流量时，扩容速度缓慢，流量均衡耗时较长，消费端性能 过度依赖分区数量，造成元数据急剧膨胀。此外，集群基数增大导致硬件故障频发，且故障直接传导至 客户端，缺乏有效的中间容错层。 技术选型 滴滴大数据团队于 2021 年 1 月开始调研 Apache Pulsar，同年 8 月正式上线首个 Pulsar ...

Core Viewpoint - The article discusses the impact of liquidity improvements on market performance, highlighting a significant rise in the CSI 300 index in the third quarter, driven by enhanced liquidity conditions [2][3]. Group 1: Market Performance - The CSI 300 index recorded a cumulative increase of 18.7% in the third quarter, outperforming emerging markets which rose by 10.9% [2]. - Despite a lackluster performance in the first half of the year, the market has shown resilience due to rapid liquidity improvements [2]. Group 2: Liquidity Outlook - The expectation of continued liquidity support is anticipated to drive stock market performance in the fourth quarter, with potential benefits from a loosening monetary policy by the Federal Reserve [3]. - There is a consensus in the market regarding the weakness of the fundamentals, but optimism regarding potential policy support may offset these concerns [3]. Group 3: Earnings Forecast - The company maintains its earnings growth forecast for the CSI 300 index at 2.8% and 6.7% for 2025 and 2026, respectively, amid increasing pressure on bank profitability [4]. - Revenue growth is projected at 4.5% and 5.3% for the same periods, reflecting a cautious outlook on macroeconomic growth [5]. Group 4: Investment Strategy - The article suggests an investment strategy focusing on sectors with confirmed growth potential, advocating for a shift from dividend stocks to technology growth sectors [6]. - Key themes for investment include "aesthetic overseas" through new consumption trends and high-end intelligent manufacturing, with a focus on industries such as electronics, appliances, automotive, and military [6].

"文化体力不足"是近年来社交媒体上网友的高频词，它描述的是这样一种状态：白天上了一天的 班，耗光手机电量的同时也耗光了自身的电量，晚上回到家只想打打游戏、刷刷短视频；周末休息日， 大部头的书捧起来却"看不进去"，打开人文历史类纪录片几分钟后大脑就"自动宕机"；日常手机上刷到 长文章，从来看不到尾，文艺欣赏满足于那些"3分钟说清一部小说""5分钟速看一部电影"的简易版…… 文化休闲，尤其是欣赏性、审美性、创造性的文化休闲活动，本应是人走向全面发展的必经之路， 是让人放松身心、恢复精力、积蓄能量的，而不是让人们在情绪的积累与释放之中坐过山车，让审美享 受变成快感满足之后的疲惫与虚无，最终落入劳动与休闲的"双重倦怠"。 我们都知道，肌肉需要锻炼才能强劲，同样，文化体力也需要在专注、沉潜、迎难而上中才能养 成。要想积蓄文化体力，不妨试着克服对智能手机的依赖，减少不必要的屏幕使用时间；试着打破工作 与休闲的二元对立，以专注、充实、忘我的态度面对工作，从劳动中获得价值感和存在感；试着回到现 实中的文化现场，一次读书会、一场音乐会、一个美术展，在与艺术和他人的联结中感受内心的丰盈。 更重要的是，恢复人在文化休闲生活当中的自 ...

我们都知道，肌肉需要锻炼才能强劲，同样，文化体力也需要在专注、沉潜、迎难而上中才能养成。要 想积蓄文化体力，不妨试着克服对智能手机的依赖，减少不必要的屏幕使用时间；试着打破工作与休闲 的二元对立，以专注、充实、忘我的态度面对工作，从劳动中获得价值感和存在感；试着回到现实中的 文化现场，一次读书会、一场音乐会、一个美术展，在与艺术和他人的联结中感受内心的丰盈。 更重要的是，恢复人在文化休闲生活当中的自主和自为，不要将你的文化选择拱手相让，任由算法、大 数据和人工智能等接管精神园地。找到自己的文化兴趣、审美爱好，沉浸到文艺的天地中安放身心，从 中汲取超越性的力量，如此才能产生余裕的文化心力，才能保持充沛的文化体力。 《 人民日报 》（ 2025年09月30日 20 版） "文化体力不足"是近年来社交媒体上网友的高频词，它描述的是这样一种状态：白天上了一天的班，耗 光手机电量的同时也耗光了自身的电量，晚上回到家只想打打游戏、刷刷短视频；周末休息日，大部头 的书捧起来却"看不进去"，打开人文历史类纪录片几分钟后大脑就"自动宕机"；日常手机上刷到长文 章，从来看不到尾，文艺欣赏满足于那些"3分钟说清一部小说""5分钟速 ...

Group 1 - The report by Zhongyin Securities focuses on the development trends of the consumption industry during the "15th Five-Year Plan" period, particularly highlighting the global competitiveness of the lifestyle and entertainment soft consumption sector [1] - The report presents characteristics and future directions of the consumption industry, analyzing retail formats, international expansion, and industry data [1] Group 2 - In terms of retail formats and store scale, the global retail landscape is dominated by major players, with Walmart leading at $676 billion in revenue and 10,692 stores by 2025, followed by Amazon and Schwarz Group [2] - Domestic chain brands are expanding significantly, with brands like Mixue Ice City exceeding 41,000 stores and Luckin Coffee reaching 21,343 stores, indicating accelerated market penetration and chain development in China [2] - The rise of instant retail and delivery services is evident, with brands like 7-Eleven integrating with platforms like Uber Eats and DoorDash to enhance online channels [2] Group 3 - The internationalization of lifestyle and entertainment soft consumption is becoming a significant trend, with domestic entertainment companies accelerating their global presence in long videos, short dramas, and variety shows [3] - Platforms like iQIYI and Tencent Video are collaborating with international platforms such as Netflix and Disney+ to promote quality content globally, while short dramas are rapidly penetrating overseas markets [3] - Short video platforms like TikTok and Kuaishou are experiencing significant growth in overseas user bases, with TikTok leading in global downloads and user interactions [3] Group 4 - From an industry data perspective, the consumption sector is showing differentiated performance in 2024-2025, with essential consumption sectors like food and beverages remaining stable, while discretionary sectors like social services and textiles exhibit volatility [4] - The Hang Seng consumption-related index indicates that the non-essential consumption sector in Hong Kong is outperforming essential consumption, reflecting growth potential in discretionary consumption [4] - The report emphasizes that during the "15th Five-Year Plan" period, lifestyle and entertainment soft consumption will further rely on content innovation, technological empowerment, and globalization to gain prominence in global markets [4]

Group 1 - The report by Galaxy Securities focuses on the development of the consumption industry during the "14th Five-Year Plan" period, highlighting the global competitiveness of the soft consumption sector in lifestyle and entertainment [1][2] - In the global retail landscape, leading companies are primarily from the US, Europe, and Japan, with Walmart topping the list at $676 billion in revenue and 10,692 stores by 2025 [1][2] - Chinese retail brands are rapidly expanding, with notable examples including Mixue Ice City with over 41,000 stores and Luckin Coffee with over 21,000 stores, indicating strong market penetration of local brands [1][2] Group 2 - The soft consumption sector, particularly in entertainment, has shown significant international expansion, with Chinese productions like "Ne Zha" being featured on platforms like Netflix and Disney+ [2][11] - The domestic consumption-related sectors have experienced varied performance since 2025, with indices like the CSI 300 and Hang Seng showing different trends in non-essential and essential consumption [2][11] - Valuation disparities exist across different consumption segments, with sectors like food and beverage, home appliances, and social services showing fluctuations around industry averages [2][11] Group 3 - The report anticipates continued growth in the lifestyle and entertainment soft consumption sector during the "14th Five-Year Plan," driven by domestic consumption upgrades and globalization efforts [2][11] - Digitalization and localized operations are identified as key strategies for enhancing competitiveness among domestic brands in the global market [2][11] - The report emphasizes the importance of cultural exports in enhancing China's cultural influence globally, with policies supporting the internationalization of cultural products and services [31][32]

Core Viewpoint - The article discusses the importance of solidifying the manufacturing base in the context of the U.S. competitive geopolitical economic strategy, highlighting the mixed views on its effectiveness in improving employment, national defense, and innovation [2][5]. Group 1: Manufacturing Employment and Economic Impact - Manufacturing has a high employment multiplier effect, creating approximately 2.2 indirect jobs for every direct manufacturing job, which is significantly higher than other sectors [11][12]. - Despite the employment multiplier, the average wage in manufacturing is lower than in the service sector, with 2024 manufacturing average hourly wage at $34.5 compared to $35.6 in services [9][11]. - The decline in manufacturing's share of the economy raises concerns about increasing income inequality, as the service sector shows greater wage variability [9][11]. Group 2: National Defense and Manufacturing - Manufacturing is critical for national defense, with the U.S. Defense Industrial Base (DIB) relying heavily on the manufacturing ecosystem [18]. - The reduction in the number of defense contractors and manufacturing personnel does not necessarily indicate a decline in the defense industry, as actual production output has been increasing [18]. - The COVID-19 pandemic highlighted vulnerabilities in the supply chain, reinforcing the need for domestic manufacturing capabilities to ensure national security [18]. Group 3: Innovation and Manufacturing Outsourcing - Manufacturing is seen as a growth engine, particularly for developing countries, while its role in developed countries is more about high R&D investment and driving IT innovation [19][20]. - There is ongoing debate about whether outsourcing manufacturing jobs weakens innovation capabilities in developed countries, with some studies indicating negative impacts on R&D due to increased transaction costs and reduced feedback loops [36][37]. - The modularity and maturity of manufacturing processes influence the extent to which outsourcing affects innovation, with certain industries being more susceptible to negative impacts [38][39]. Group 4: Tariffs and Manufacturing Return - The article explores the potential for tariffs to encourage the return of manufacturing jobs to the U.S., although the effectiveness and economic implications of such tariffs are debated [41]. - The optimal tariff rate is influenced by the price elasticity of supply and demand, which determines the impact of tariffs on domestic manufacturing [41].

Core Insights - The 2025 Shanghai Internet Audio-Visual Content Creators Conference highlighted the evolving landscape of the internet audio-visual industry, focusing on the theme "Collective Creation for Joy" and emphasizing the need for a robust ecosystem to support creators [1] Group 1: Industry Overview - The internet audio-visual industry is projected to exceed 12.2 trillion yuan by the end of 2024, with over 757,000 related enterprises, marking a 16% increase in new companies in 2024 alone [1] - The number of internet video users has surpassed 1.07 billion, nearly covering the entire online user base, while short video creator accounts have reached 1.62 billion, with daily uploads exceeding 130 million [1][4] Group 2: Technological Impact - The rise of AIGC (Artificial Intelligence Generated Content) is transforming the industry, with predictions that by 2026, up to 90% of online content may be AI-generated, indicating a shift in creator roles and capabilities [20][22] Group 3: Content and Commercialization - The trend is moving from a focus on quantity to quality in content creation, with platforms emphasizing long-form content and community engagement, as evidenced by Bilibili users averaging 102 minutes of daily usage [13][16] - Platforms like Douyin and Xiaohongshu are fostering diverse monetization strategies, with Xiaohongshu's community contributors exceeding 100 million, showcasing a decentralized content ecosystem [23][41] Group 4: Cultural Integration and Globalization - The integration of online and offline cultural products is evident, with creators like Li Ziqi revitalizing traditional culture through modern platforms, indicating a blending of entertainment and cultural heritage [8][10] - The internationalization of Chinese content is shifting from mere export to establishing communities abroad, with creators like Dianxi Xiaoge gaining significant followings on platforms like YouTube [28][30] Group 5: Future Outlook - The future of the internet audio-visual industry is expected to focus on building cultural assets and enhancing creator support systems, with platforms transitioning from traffic-driven models to asset-driven operations [36][40] - The establishment of supportive policies, such as those from Shanghai, aims to create a conducive environment for diverse creators, fostering a sustainable ecosystem for content creation [24][27]

央视网消息：互联网时代成长起来的孩子们，被称为"互联网的原住民"，社交平台上流传的各类直播、短视频等内容成了他们认知世界的 重要窗口，却也潜藏着风险。近期，北京市网信办启动了2025年未成年人网络保护专项整治工作，指导属地各平台清理了近百万条涉及未成年 人的违法违规短视频，并发布了一批典型案例。 重点整治的有4类问题，第一是网络侵害，第二是隐蔽传播违法违规信息。第三是诱导未成年人线下从事危险的活动。第四就是利用未成 年人形象牟利。 这条短视频的画面是孩子们熟悉喜爱的《小猪佩奇》，但是配音却被篡改了，其中充斥着暴力与低俗的语言。北京市网信办的工作人员表 示，这类视频隐蔽传播违法不良信息，严重危害未成年人的身心健康。 在查处过程中发现还有一类短视频，不光在线上"带歪"孩子，还有可能诱导孩子在现实生活中去模仿高风险动作，甚至直接对未成年人实 施侵害。 这条短视频标题赫然写着："10秒教会你制作可以发射的狙击枪，指哪打哪，轻松远距离穿水果、破气球"。视频内容详细演示了如何用签 字笔等日常文具组装成可发射的"笔枪"。 北京市互联网信息办公室网络信息服务管理处工作人员宁洁称："这种二次创作的漫画通过加入一些不良元素，完全 ...