5年9个月前，我告别硅谷。 那时，中美科技脱钩严冬初露锋芒：海外据点在硅谷立足不稳，中资基金大幅撤退，301法案精准阻 击。硅谷依然是硅谷，孵化器灯火通明，投资人奔走如织。而我，也试图在东西之间找寻自己的坐标。 去年冬天，在北京寒冷而炽热的一间办公室，我突然又"听见了"硅谷——不是新闻、不是公告，是一种 被时间打磨的召唤，也是重新寻找的答案。 离开与归来，我写在了《5年9个月，再回硅谷：起初纪年》里。今天的这篇，是我回到硅谷后的记录， 是一个创投观察者的再定位，也是一位曾经的参与者，对时代叙事变迁的个人备忘。 于是再回硅谷，见证落幕与告别，看到重生与希望，感悟创新与未来。 是以为纪。 一、旧时代的终章：脱钩与解体 无需否认，中美科技跨境的叙事早就结束了。 6月的下午，我在盛名一时的硅谷中关村创新中心门口看着落寞的广告牌。7年前，那里车水马龙，人声 鼎沸。大领导到来时，中国背景的政府，央企，风投，机构，创业公司们将门厅挤得水泄不通。平时的 孵化器也是灯火通明。 如今那里门可罗雀，停车场空无一人，只剩待租招牌在风中孤单伫立。 几公里之外，是当年深圳花大价钱投入的硅谷创新中心，哪怕地处如日中天的英伟达斜对面，它也难 ...

根据权威机构数据，2024年前三季度，中国快速消费品市场实现温和增长，其中广东作为消费大省，市 场规模持续领跑全国。然而，细分品类表现分化显著：家庭护理类目以3.5%的增速领跑，饮料类目增 长3.3%，而包装食品和个人护理类目则增长乏力。这种分化背后，是消费者对健康、品质和个性化需 求的升级，以及渠道碎片化带来的竞争加剧。 1.2 全渠道销售的三大挑战 1.3 智能升级的必然性 在数字经济浪潮的推动下，广东快消品行业正经历着前所未有的变革。作为中国消费市场的风向标，广 东快消品市场不仅规模庞大，且竞争激烈，消费者需求日益多元化、个性化。面对这一挑战，全渠道销 售模式已成为快消品企业突破增长瓶颈、提升市场响应速度的关键路径。然而，全渠道销售并非简单的 线上线下融合，而是需要构建一套覆盖供应链、渠道管理、数据分析和智能决策的数字化体系。数商云 B2B解决方案，凭借其深厚的技术积累与行业洞察，正成为广东快消品企业实现全渠道销售智能升级的 重要引擎。 一、广东快消品行业全渠道销售的挑战与机遇 1.1 行业现状：规模增长与结构分化并存 在消费者主权时代，全渠道销售的竞争本质是"数据+算法"的竞争。通过智能升级，企业可实 ...

Core Insights - The article emphasizes the importance of B2B industrial platforms in enhancing transaction efficiency and restructuring supply chain competitiveness in the context of the deep integration of digital and physical economies [1] - Statista reports that the global B2B e-commerce transaction volume surpassed $14.9 trillion in 2023, projected to reach $7.9 trillion by 2025, accounting for 35% of total B2B transaction volume [1] - Traditional B2B platforms face challenges such as information silos, fragmented processes, and data delays, leading to extended transaction cycles and increased costs [1] Technology Architecture - The core competitiveness of B2B industrial platforms lies in the stability and scalability of their technology architecture [2] - The company employs a "microservices + platformization" cloud-native architecture, supporting millions of concurrent accesses with a fault isolation rate of 90% [2] Distributed Microservices Decoupling - The platform is divided into over 200 independent microservices covering essential modules like product management and order processing [3] - In a project for an automotive parts company, the platform achieved over 5,000 orders processed per second with a response time of under 0.3 seconds [3] Data Platform Driving Decision-Making - The data platform is central to the intelligence of the B2B platform, integrating data from various systems to create a unified data warehouse [4] - For a chemical company, inventory data is synchronized every 5 minutes, reducing out-of-stock rates by 40% [4] Blockchain for Trust Assurance - The company utilizes Hyperledger Fabric blockchain technology to ensure transaction data integrity [5] - In a cross-border transaction for a building materials company, the blockchain feature reduced dispute resolution time from 30 days to 7 days, with a 60% decrease in dispute rates [5] Core Functions - The B2B platform focuses on three main goals: cost reduction, efficiency enhancement, and risk control, featuring six core functional modules [6] Intelligent Demand Forecasting and Procurement Collaboration - The platform uses AI frameworks to build demand forecasting models, improving inventory turnover by 25% and reducing procurement costs by 12% for an electronic components company [7] Electronic Contracts and Fund Escrow - The integration of an electronic signature system enhances contract signing efficiency by 90% and reduces dispute rates by 60% [8] - A cross-border e-commerce company reduced overseas payment cycles from 30 days to 7 days, with a 35% decrease in bad debt rates [8] Inventory Sharing and Logistics Tracking - The platform enables real-time inventory data synchronization, reducing out-of-stock rates by 40% for a fast-moving consumer goods company [9] - Logistics tracking features have improved temperature anomaly rates in cold chain transport from 5% to 0.5% for a pharmaceutical company [9] Quality Traceability and Credit Assessment - The platform implements a traceability system for product quality, improving issue resolution efficiency by 70% for a food company [10] - Credit assessment features have increased supplier collaboration efficiency by 60% for a machinery equipment company [10] Implementation Path - The implementation of the B2B platform follows a five-step process to ensure efficient project execution and continuous optimization [11] Industry Applications - The platform has been successfully applied in manufacturing, agriculture, and cross-border e-commerce, enhancing transaction efficiency and reducing costs [16] Future Trends - The company is developing an AI-native B2B platform to automate and enhance various processes, including contract generation and negotiation [21] - The exploration of industrial metaverse applications aims to create virtual showrooms and digital twin factories [22] - Integration of carbon footprint calculation tools supports companies in tracking emissions and meeting ESG requirements [23] Conclusion - The B2B industrial platform has evolved into a core competitive tool for enterprises, with the company assisting over 500 businesses in achieving supply chain intelligence upgrades, reducing average transaction cycles by 50% and operational costs by 30% [24]

Company Announcement - Liquidity Services expects to report its third quarter fiscal year 2025 results on August 7, 2025, prior to market open [1] - The conference call to review the results will be hosted by Bill Angrick, Chairman and CEO, and Jorge Celaya, EVP and CFO, at 10:30 AM Eastern Time [1] Conference Call Participation - Interested participants can register to receive the dial-in number and unique conference pin for the conference call [2] - A live webcast of the conference call will be available on the company's investor relations site, with an archive accessible until August 7, 2026 [2] Company Overview - Liquidity Services operates the world's largest B2B e-commerce marketplace platform for surplus assets, with over $10 billion in completed transactions [3] - The company serves more than five million qualified buyers and 15,000 corporate and government sellers globally [3] - Liquidity Services supports sustainability efforts by extending the life of assets, preventing waste and carbon emissions, and reducing landfill products [3]

Group 1 - The liquidity contract between 74Software and Kepler Cheuvreux was reviewed, with specific trading volumes and cash amounts reported as of June 30, 2025 [1] - As of June 30, 2025, the liquidity account included 15,512 shares valued at 996,585.86 euros and 19,820 shares valued at 838,684.39 euros [5] - The report indicates that 36,191 shares were purchased for 1,138,124.19 euros and 40,499 shares were sold for 1,289,318.95 euros during the reporting period [5] Group 2 - 74Software is an enterprise software group formed from the merger of Axway and SBS, focusing on mission-critical software solutions [3] - The company serves over 11,000 clients, including more than 1,500 in the financial services sector, highlighting its significant market presence [3]

Key Takeaways AFRM shares jump 145.7% in a year, outpacing peers and major indexes on strong product and execution gains. 94% of Q3 transactions came from repeat users, showing success of short-term plans and wallet integrations. AFRM is expanding into Europe via Shopify, targeting gaming and essentials to diversify transaction growth.Shares of Affirm Holdings, Inc. (AFRM) have surged 145.7% over the past year, significantly outperforming the broader market and peers. By comparison, the industry rose 35.1 ...

在数字经济与全球贸易深度融合的2025年，B2B电子商务已从"信息撮合"阶段迈入"全链路数字化"时代。据Statista数据显示，全球B2B电商市 场规模突破14.9万亿美元，其中中国占比超35%，且年复合增长率保持在18%以上。然而，传统B2B平台在应对复杂交易场景时，普遍面临三 大痛点： 技术架构僵化导致的高并发处理能力不足、行业定制化需求响应滞后、供应链协同效率低下。在此背景下，数商云凭借其"云原生 +微服务"技术底座、垂直行业解决方案及生态化服务能力，成为企业突破增长瓶颈的核心选择。 一、技术架构：破解B2B交易复杂性的底层密码 1.1 分布式微服务架构：弹性扩展与高并发处理 数商云采用"微服务解耦+容器化部署"技术组合，将系统拆解为商品管理、订单处理、供应链金融等30余个独立服务模块。以某大型机械制造 企业为例，其百亿级交易平台通过微服务架构实现订单处理服务横向扩展，支持每秒5000笔订单并发，响应时间稳定在300毫秒内。这种架构 的核心优势在于： 服务独立部署：每个微服务可独立升级，避免"牵一发而动全身"的维护风险。例如，某快消品企业通过单独优化库存管理模块，将订单查询性 能提升300%，数据库吞 ...

Company Information - 74Software is an enterprise software group formed from the merger of Axway and SBS, specializing in mission-critical software for a data-driven world [3] - Axway has been a pioneer in enterprise integration solutions for 25 years, providing services to major brands and government agencies globally [3] - SBS focuses on empowering banks and financial institutions with a cloud-based architecture for various financial services [3] - The company serves over 11,000 clients, including more than 1,500 in the financial services sector [3] Voting Rights and Shares - As of June 30, 2025, the total number of shares is 29,746,194 [5] - The total number of theoretical voting rights is 41,294,444 [5] - The number of exercisable voting rights is 40,813,815, which includes shares with suspended voting rights [1]

Core Insights - The article highlights the challenges faced by traditional enterprises in securing financing due to limited scale and insufficient collateral, which restricts the vitality and efficiency of supply chains [1] - It emphasizes the need for innovative financial models and technological solutions to address these pain points and achieve inclusive financing under controlled risk [1] Supply Chain Financial System - A robust supply chain financial system, particularly in the B2B sector, integrates three pillars: loan management, big data risk control, and intelligent credit assessment, revolutionizing corporate financing [3] - The system aims to enhance efficiency through full online processes, from loan applications to repayments, ensuring a paperless and automated flow [5] Pain Points in Traditional Financing - Information barriers and asymmetries hinder financial institutions from accurately assessing the repayment capabilities and risks of SMEs, leading to a significant credit gap [4] - Traditional risk control overly relies on the financial statements and collateral of borrowing enterprises, which is often ineffective for asset-light or early-stage companies [4] - The lengthy and costly traditional loan processes fail to meet the flexible and high-frequency funding needs of supply chains, with SMEs facing financing costs that are 3-5 percentage points higher than larger enterprises [4] Technological Innovations - The system enables real-time verification of trade background authenticity by integrating with core enterprise ERP systems and other platforms, ensuring financing is based on genuine transactions [5] - It supports flexible product configurations for various financing scenarios, such as accounts receivable and inventory financing, to meet diverse supply chain needs [5] - Dynamic risk modeling utilizes machine learning and graph computing to create models based on supply chain relationships and transaction characteristics [5] Intelligent Credit Assessment - The focus of credit assessment shifts from the borrowing enterprise's credit to the quality of specific transactions and the creditworthiness of trading partners [6] - A multi-dimensional credit scoring model incorporates various factors, generating more accurate and dynamic credit assessments [6] - Financial institutions can offer differentiated pricing and services based on refined credit evaluations, aligning risk with returns [6] Industry Transformation - The digital transformation of supply chain finance is reshaping corporate borrowing landscapes, providing much-needed liquidity to traditionally overlooked SMEs [8] - Companies can build efficient, intelligent, and secure financing platforms, fostering a more vibrant and competitive supply chain finance ecosystem [8] Comprehensive Solutions - The company offers tailored supply chain finance platform development strategies, modular system construction, and robust technical support to meet industry-specific needs [9] - Continuous operational support includes system maintenance, optimization, data analysis, and business operation guidance [9] - The overall impact includes broadening financing channels for SMEs, enhancing supply chain stability for core enterprises, and improving asset quality for financial institutions [9]

证券研究报告 | 2025年07月03日 | 晨会纪要 | | --- | | 数据日期:2025-07-02 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3454.79 | 10412.62 | 3943.68 | 11859.99 | 2991.26 | 982.63 | | 涨跌幅度（%） | -0.08 | -0.60 | 0.02 | -0.64 | -1.23 | -1.22 | | 成交金额（亿元） | 5431.30 | 8338.36 | 2466.37 | 3018.38 | 3937.80 | 239.91 | $$\overline{{{\mathbb{M}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ 【常规内容】 宏观与策略 宏观快评:宏观经济数据前瞻-2025 年 6 月宏观经济指标预期一览 策略专题:ESG 产品月报(2025.7)-ESG 主动基金业绩优异 策略专题:主题策略专题 ...