本系列的第一部分回顾了大规模视频语言预训练的进展、应用、数据集和技术。该任务使用弱字幕和视频进行表征学习。预 训练和微调是深度学习中的一种标准学习范式，用于在大型数据集上对模型进行预训练，然后在较小的数据集上针对特定任 务进行微调。这消除了为不同任务训练新模型的需要，并降低了计算成本。 预训练通常使用自监督学习在 ImageNet 等大型数据集上进行，而无监督学习在自然语言处理 (NLP) 和计算机视觉 (CV) 领域 也表现出色。预训练模型的权重随后会在较小的数据集上进行微调，以实现特定任务的学习目标。 随着视频应用的发展，大量视频被上传到网上。因此，如何利用视频及其对应的弱字幕进行表征学习成为近期的热门话题。 本文将回顾大规模视频语言预训练任务的最新进展、后续应用、基础数据集和技术。 1. 简介 视频语言预训练利用大规模视频文本数据进行自监督/无监督学习，以获得泛化表征。主要的代理任务包括掩码语言模型 (MLM)、掩码帧模型 (MFM)、语言重构 (LR)、视频语言匹配 (VLM)、句子排序模型 (SOM) 和帧排序模型 (FOM)。这些任务 分别侧重于语言预测、帧预测、句子生成、视频语言对齐、句子排序和 ...

Financial Data and Key Metrics Changes - For the first half of 2025, the company reported net revenues of approximately €74.3 billion and adjusted operating income (AOI) of approximately €540 million, with a net loss of approximately €2.3 billion, including unusual items [6][10] - Industrial free cash flow was reported as a €3 billion outflow, which was attributed to insufficient AOI generation to cover capital expenditures and R&D spending [12][13] Business Line Data and Key Metrics Changes - The company experienced lower than expected volumes, particularly in the European light commercial vehicle (LCV) market, which was down about 13% year-to-date [21][22] - The ramp-up of newly launched products was slower than anticipated, impacting overall shipments [20][21] - The company noted a significant impact from higher industrial costs, including warranty costs and fixed asset absorption due to lower volumes [9][10] Market Data and Key Metrics Changes - The company reported a €1 billion to €1.5 billion net tariff impact for the full year 2025, with approximately €330 million felt in the first half [5][10] - Foreign exchange impacts were noted at just under €1 billion year-over-year, primarily due to the strengthening of the euro against the U.S. dollar and Brazilian real [9] Company Strategy and Development Direction - The company plans to reestablish current period financial guidance during the H1 2025 update call on July 29, which will encapsulate expected improvements in the second half [16][58] - The management emphasized the importance of product launches, including new B and C segment entries in Europe, to drive recovery and improve market share [15][16] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenging operating environment, citing economic and regulatory uncertainties that have led commercial customers to delay fleet renewals [22] - The company expressed optimism about the potential for improvement in the second half of 2025, driven by new product launches and a focus on regaining market share, particularly in the fleet segment [34][37] Other Important Information - The company noted that total vehicle inventories at the end of the first half of 2025 were unchanged, with OEM inventories up by about 60,000 units and dealer inventories down by about 60,000 units [13][14] - Management highlighted the need for continued investment in the business despite cash outflows in the first half [54] Q&A Session Summary Question: Continued share losses in the U.S. and Europe - Management indicated that market share in Europe increased by about 130 basis points compared to the second half of the previous year, despite challenges in the LCV market [20][21] Question: Operating leverage and margins in Middle East and LatAm - Management confirmed strong performance in the Middle East and LatAm, with expectations for positive traction in operating leverage and margins [24][25] Question: Gap between operating cash flow and free cash flow - Management explained that the negative cash flow was influenced by increased capital use in the financial services business, which is growing rapidly [29][30] Question: Regaining market share in fleet, particularly for Ram - Management highlighted the reintroduction of the V8 engine in the Ram pickup and plans to improve production numbers to regain lost market share [34][37] Question: Competitive pressure in Europe - Management acknowledged increased competitive pressure in Europe but noted that new product launches are expected to help mitigate this [42][43] Question: Tariff impacts and expectations for the second half - Management indicated that the €330 million tariff impact in the first half is not representative of what is expected in the second half, with potential for that figure to double [46][47] Question: Liquidity and cash generation outlook - Management reassured that liquidity remains sufficient, targeting 25% to 30% of trailing twelve months revenues, and emphasized the need to turn positive in industrial free cash flow [52][54]

Financial Data and Key Metrics Changes - For the first half of 2025, the company reported net revenues of approximately €74.3 billion and an adjusted operating income (AOI) of approximately €540 million, which excludes about €3.3 billion of net charges from IFRS figures [6] - The company experienced a bottom line net loss of approximately €2.3 billion, inclusive of unusual items, and reported an industrial free cash flow outflow of €3 billion [6][12] - The AOI was impacted by lower than expected volumes, higher industrial costs, foreign exchange fluctuations, and tariffs, with a net tariff impact of approximately €330 million in the first half [7][10][12] Business Line Data and Key Metrics Changes - The sluggish European light commercial vehicle (LCV) market and lower production ramp-up of newly launched products negatively affected volumes [7] - Fleet sales in North America remained low, impacting market share despite improvements in retail sales [7] - The company launched several new products in the first half, including five new B and C segment entries in Europe, which are expected to drive improvement in the second half [15] Market Data and Key Metrics Changes - The LCV market in Europe declined by about 13% year-to-date, significantly affecting the company's performance as it holds a strong share in that segment [21] - The company reported a sequential increase in market share in Europe by approximately 130 basis points compared to the second half of the previous year, despite the overall market challenges [21][46] - The company increased its battery electric vehicle (BEV) penetration in Europe to 13% in the first half, although profitability remains a challenge due to lower margins on BEVs compared to internal combustion engine vehicles [44] Company Strategy and Development Direction - The company plans to reestablish current period financial guidance in the upcoming call, reflecting expected improvements in the second half of 2025 [16] - The management emphasized the importance of product launches and addressing market share losses, particularly in the Ram brand, by reintroducing the V8 engine and targeting lower-end market segments [34][36] - The company is focused on navigating regulatory uncertainties and economic challenges while continuing to invest in new product development and market recovery strategies [22][44] Management Comments on Operating Environment and Future Outlook - Management acknowledged the significant headwinds faced in the first half, including tariff impacts, foreign exchange fluctuations, and lower volumes, but noted sequential improvements in cash flow outflows and AOI margin [15][46] - The management expressed optimism about upcoming product launches and the potential for improved performance in the second half, particularly with the return of the Jeep Cherokee and new medium nameplates [16] - The company remains committed to maintaining sufficient liquidity, targeting a liquidity level of 25% to 30% of trailing twelve months revenues, despite cash outflows in the first half [55] Other Important Information - The company is experiencing a significant impact from tariffs, with an estimated total net tariff impact for 2025 projected to be between €1 billion and €1.5 billion, with expectations for increased impacts in the second half [5][47] - The management highlighted the need for transparency regarding the financial services business and the potential for separating industrial cash flow from financing cash flow in future disclosures [32][34] Q&A Session Summary Question: Continued share losses in the U.S. and Europe - Management noted a 130 basis point increase in market share in Europe compared to the second half of last year, attributed to new product launches, but acknowledged slower ramp-up [20][21] Question: Operating leverage and margins in Middle East and LatAm - Management confirmed strong business performance in the Middle East and LatAm, with expectations for positive traction in operating leverage and margins [23][25] Question: Gap between operating cash flow and free cash flow - Management explained that the negative cash flow was influenced by increased capital use in the financial services business and insufficient AOI to cover investing activities [29][30] Question: Regaining market share in fleet, particularly for Ram - Management highlighted the reintroduction of the V8 engine and new product strategies aimed at regaining market share in the fleet segment [34][36] Question: Competitive pressure in Europe - Management acknowledged increased competitive pressure in Europe but emphasized the strength of their new products and market share gains despite challenges [42][46] Question: Tariff impacts and mitigation actions - Management indicated that the €330 million tariff impact in the first half is not representative of the expected second half impacts, which could be significantly higher [47][49] Question: Liquidity and cash generation outlook - Management reassured that liquidity remains sufficient and outlined expectations for positive industrial free cash flow in the second half, with further details to be provided in the upcoming call [55][56]

Core Viewpoint - MoneyHero Limited has regained compliance with Nasdaq's minimum bid price requirement after its share price remained above $1.00 for 10 consecutive business days [1][3]. Group 1: Compliance with Nasdaq - The company received a Compliance Notice from Nasdaq on July 17, 2025, confirming it has met the minimum bid price requirement [1]. - Previously, on April 7, 2025, Nasdaq notified the company that it was not in compliance as its share price was below $1.00 for 30 consecutive business days [2]. - The company’s ordinary shares closed at $1.00 or greater from July 2, 2025, to July 16, 2025, leading to the closure of the compliance matter [3]. Group 2: Company Overview - MoneyHero Limited operates as a personal finance aggregation and comparison platform and a digital insurance brokerage in Greater Southeast Asia, including Singapore, Hong Kong, Taiwan, and the Philippines [4]. - The company has a diverse brand portfolio, including B2C platforms such as MoneyHero, SingSaver, Money101, Moneymax, and Seedly, as well as a B2B platform named Creatory [4]. - As of March 31, 2025, MoneyHero had over 260 commercial partner relationships and approximately 5.7 million Monthly Unique Users across its platforms [4].

Group 1 - The 26th Shanghai International Photography Equipment and Digital Imaging Exhibition (P&I 2025) is currently taking place at the Shanghai New International Expo Center, with JD.com as a key exhibitor showcasing various interactive experience zones [1] - JD.com has launched a dedicated event venue for P&I 2025 on its platform, offering consumers the opportunity to purchase exhibition products with a 15% national subsidy in certain regions, along with limited-time coupon activities [3] - The lens display area features renowned brands such as Sony, Fujifilm, Nikon, Tamron, Sigma, Canon, and Panasonic, attracting many photography enthusiasts to experience the unique imaging effects [5] Group 2 - The camera display area includes a "dopamine display wall" featuring high-cost performance domestic cameras, colorful children's cameras, and popular retro CCD cameras, becoming a popular photo spot at the exhibition [7] - The independent booths of DJI and GoPro showcased their latest flagship products, including the DJI Mavic 4 Pro and GoPro HERO13 Black, which drew significant attention from professional photographers and outdoor enthusiasts [9] - The printer display area features portable pocket printers ideal for instant printing, as well as the Anker eufyMake E1 UV printer capable of high-precision printing on over 300 materials [11] Group 3 - The 8th JD Imaging Contest is ongoing, offering participants a chance to win a global trip, along with on-site photography teaching sessions to help attendees find suitable photography equipment [13] - JD.com's 3C digital sales live broadcast room is synchronizing the exhibition, allowing online viewers to experience the latest photography equipment and printing devices while accessing exclusive discounts [13]

Core Viewpoint - The advertisement of Youli Li on Anhui TV during the prime time of 11:00 - 12:00 in 2025 represents a significant milestone for the brand, highlighting its strategic marketing efforts and potential commercial value [1][6] Group 1: Unique Value of Anhui TV - Anhui TV holds a prominent position among provincial satellite channels in China, with a large and stable audience base, particularly appealing to family viewers and younger demographics [2] - The prime time slot of 11:00 - 12:00 is strategically chosen as it coincides with viewers preparing lunch, leading to higher attention and better advertisement reception [2] Group 2: Strategic Considerations for Youli Li - Youli Li's decision to advertise on Anhui TV aligns with its target demographic, particularly family consumers and young individuals seeking quality products [3] - The company operates as a global short video e-commerce platform, utilizing an S2K2C model to facilitate cross-border transactions and service enhancements, ensuring transparency in profit distribution [3][4] Group 3: Comprehensive Marketing Strategy - Youli Li's marketing strategy is multi-faceted, involving advertisements on various channels including CCTV and other provincial stations, as well as outdoor and online social media campaigns [5] - The collaboration with Anhui TV is expected to enhance brand recognition and market penetration, particularly in regions covered by the channel, thereby attracting potential customers and partners [5] Group 4: Future Development and Brand Positioning - The advertisement on Anhui TV marks a crucial step in Youli Li's brand development, aiming to establish itself as a leading player in the cross-border e-commerce sector [6]

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Investment Ratings - The report maintains an "Overweight" (OW) rating on 37IE, an "Equal Weight" (EW) rating on G-bits, and an "Equal Weight" (EW) rating on Perfect World [1][3][4]. Core Insights - China's game industry has experienced high-teens percentage revenue growth year-to-date, surpassing the previous year's growth of 8%, indicating improved demand despite macroeconomic challenges [2]. - The report highlights successful new game releases and the stabilization of evergreen games as key factors driving the rebound in performance for 37IE, G-bits, and Perfect World [2][10]. Summary by Company 37IE - The price target is set at Rmb23.00, reflecting a 15x 2026 estimated P/E ratio, with an attractive 6% dividend yield [3][17]. - Anticipated revenue growth is supported by new titles such as "Soul Land," expected to generate Rmb300-500 million in its first month and Rmb1.5-2 billion overall in 2025 [16][17]. - The company has a robust pipeline with over 40 self-developed and licensed games, indicating sustained growth momentum [16][34]. Perfect World - The price target is raised to Rmb16.30, based on an 18x 2026 estimated P/E ratio, reflecting strong growth expectations driven by the anticipated title "Neverness to Everness" [4][29]. - The company is expected to see an 18% year-over-year revenue growth in 2025, with significant contributions from new titles [28][32]. - The release of "Zhuxian 2" on August 7 is also expected to be a key growth driver [4][31]. G-bits - The price target is increased to Rmb330, derived from a 15x 2026 estimated P/E ratio, reflecting a busy 2025 but a slower 2026 due to a weaker pipeline [5][22]. - Revenue growth is projected at 22% and 29% quarter-over-quarter and year-over-year in 2Q25, driven by new titles [20][22]. - The company is expected to experience alternating busy and slow product years, with 2025 being particularly strong [18][22].

Core Viewpoint - GoPro, Inc. announced that an Administrative Law Judge (ALJ) of the International Trade Commission (ITC) found that Insta360 violated federal law by importing and selling products that infringe on GoPro's intellectual property related to its HERO camera design [1]. Group 1: Legal Findings - The ALJ's findings confirm that Insta360 infringed on GoPro's patent covering the HERO camera design (US Patent D789,435) and validated multiple patent claims related to GoPro's HyperSmooth video stabilization technology (US Patents 10,574,894 and 10,958,840) [2]. - GoPro plans to address other outstanding issues in its infringement case against Insta360 with the full ITC, which is expected to issue a Final Determination on all claims by November 10, 2025 [3]. Group 2: Intellectual Property and Innovation - The litigation process has enhanced GoPro's intellectual property portfolio, highlighting the company's history of innovation, which has resulted in over 1,500 US patents [3]. - GoPro's CEO, Nicholas Woodman, emphasized the company's commitment to protecting its intellectual property while welcoming fair competition that drives innovation [4].

Investment Advice - Suggests reconsidering luxury purchases like Rolex watches for individuals in developing countries who have profited from cryptocurrency [1] - Recommends considering alternative luxury watch brands such as Omega, Vacheron Constantin, or Jaeger Lecoultre [1] Safety and Security - Highlights the importance of not taking safety for granted in locations like Singapore and Dubai [1]