众所周知，技术分析的基础是承认趋势的存在，同时趋势具有分形的特征，即在不同的时间尺度上都存在趋势，都含有投机意义。专业的投机者根据自己的认知范围、理论、模型等选择在不同的尺度上进行投机，从毫秒，数天，几个月到若干年不等。价值投资者如巴菲特的信徒等常对捕捉市场趋势不屑一顾，但从根本上讲，所有的价值投资都基于一个大的前提，即投资所处的经济体长期健康向好，而这种社会稳定长期向好的历史阶段，却不啻也是一种趋势，只是时间长了点。而就如同短期趋势一样，长期的历史趋势也终究会有掉头转向的那一天，于是在历史的图...

Bottom line: Xiaomi's poor handling of a case involving malfunctioning fitness bands in the US is unlikely to erupt into a crisis, but shows how unprepared the company is for moving into PR-savvy western markets.

Xiaomi wristband suffers from bad race relations in US

Smartphone maker Xiaomi just can't seem to catch a break in the final days before the Lunar New Year. Earlier this week the company made headlines when Hugo Barra, its prized foreign catch who was heading it...

Bottom line: Alibaba's Koubei is unlikely to gain major traction despite its $1.1 billion in new funding, due to its late arrival to a crowded O2O take-out dining space already dominated by Baidu, and Meituan-Dianping.

Koubei raises $1.1 billion

The longer I stay in China, the more the latest stories coming from the Internet sector look like I've seen them before. That's certainly the case with Koubei, the Alibaba (NYSE: BABA) online-to-offline (O2O) take-out dining deli...

Bottom line: The departure of former Google executive Hugo Barra from Xiaomi marks the end of a chapter for the smartphone maker, which stands only a 50-50 chance of surviving over the next 5 years in the cutthroat market.

Xiaomi's Barra heads back to US

The world was all abuzz in 2013 when Hugo Barra suddenly gave up his cozy position as a high executive at Google (Nasdaq: GOOG) to join a then-little-known Chinese smartphone maker called Xiaomi. Gossip swirled that his ...

在2016年的结尾，许多人看到了不同的虚拟现实头盔预计销售数字，并且倍感失望。但他们不该失望，因为本来的预期就过高了。多家公司曾预测在2020年以及更远的未来，虚拟现实市场规模将达到天文数字，这其中也包括了对2016年不切实际的期望。但实际上，早在2015年11月我就谈到过这些预期的危险性，这些预期似乎从那时起就开始对虚拟现实行业构成了压力。从那篇文章发表以来，大量报告下调了他们的预期，有些甚至下调了两次。

（图片来源：Jaguar）

那么现实点讲，我们应该期待什么呢？

事实上，我们确实可以把201...

Bottom line: IDG Capital is likely to buy out the venture funding business of US affiliate IDG in the next year, setting the stage for the emergence of China's first global venture capital firm.  

IDG Capital roars with purchase of US parent

A sort of "mouse that roared" story is in the headlines today, with word that US tech finance and information giant International Data Group (IDG) has been bought out by its China affiliate. The China affiliate, IDG Capital, is actua...

过去几年，研究服务器处理器市场一直没什么意思，因为英特尔作为行业巨头牢牢控制了超过99%的出货量市场份额。整个行业都在期待一个有实力的竞争者，也有很多厂商已经尝试参与到角逐中来，包括IBM和AMD。此外，Cavium、Applied Micro Circuits、博通和其他一些厂商都已基于ARM的低功耗架构开发出了服务器芯片。这些竞争者都处于不同的发展阶段，但迄今为止仍然没能有足够的影响力去撼动英特尔的主导地位。

一年前，高通宣布了进入服务器处理器市场的计划，并展示了首款基于ARM架构的服务器芯片样品。最近，高通正式发布了它的首款服...

Bottom line: Meitu's new disclosure of rapid growth in its internet services revenue looks encouraging, as it takes advantage of its early arrival status in a beauty products sector with big profit potential. 

Meitu makes over image with internet revenue growth

A month after its lackluster IPO, beauty app operator Meitu (HKEx: 1357) is trying to shore up its sagging stock by releasing some financial data that proves it's more than just a place for people to doll up selfi...

本文由北京君众律师事务所创始合伙人、主任律师张明君原创。

根据苏宁云商的晚间公告，江苏苏宁物流有限公司与天天快递有限公司的相关股东签署了《股权转让协议》，苏宁将以现金出资人民币29.75亿元(含股权转让税)收购转让方持有天天快递70%股份。在交割完成后12个月内，苏宁将以12.75亿元(含股权转让税)购买剩余30%的股权，至此天天快递100%股权将由江苏苏宁物流及其运营公司将持有。

此公告一出引起社会的热议。天天快递为何突然卖身？苏宁物流又为何要收购天天？随着电商和物流业的发展，未来的电商物流又会朝什么样的方向发展...

Bottom line: Xiaomi could return to growth mode in China this year on the strength of stronger models, while Huawei's local market share will contract as it focuses on profitable sales and backs away from money-losing businesses.

Huawei meets reduced smartphone target

Two of China's former smartphone leaders are in the headlines going into the weekend, casting a spotlight on the difficulties these past high-flyers face after becoming king of the world's biggest market. In...

最近，如果问互联网圈到底什么最火，相信微信小程序无疑就是这火到极致的东西，如果说有一款产品正式颠覆了中国人对于移动社交的定义的话，这个产品的名字无疑就是微信。想当年的前社交时代，要么是延续着PC思维的手机QQ，要么是并不能跨运营商使用的飞信，直到微信的出现，彻底颠覆了中国人的移动社交市场。而时隔六年过去，微信之父张小龙再次携带一款产品的来袭，他的名字就叫小程序，这个产品尚未面世之前就引发了所有人的关注。

​

而正如当年微信订阅号风口让个人IP时代崛起一样，小程序的出现在很多人看来这是一场让“程序猿”...

Bottom line: Seagate's closure of its Suzhou factory, combined with its earlier formation of a Chinese technology-sharing joint venture, reflect the changing approach away from local manufacturing that western tech firms are taking towards China.

Seagate closes Suzhou factory

New reports are saying that hard disk drive maker Seagate (NYSE: STX) is closing down a factory in the eastern city of Suzhou, as part of a restructuring plan to revive its operations. Such a develop...

三国时开立魏国的曹丕曾说：“盖文章，经国之大业，不朽之盛事。”这话传承千年，至今受用。就像最近热映的《星球大战：侠盗一号》，它源于1977年第一部《星球大战》片头字幕的一句话，由一位“星战迷”演绎成“外传”小说，赢得全球粉丝认可，最后获得官方认定，制作成这部电影。该片上映数周，全球票房已突破7亿美元。

毋庸置疑，这就是IP（Intellectual Property，知识产权）的力量，也正是国内万亿娱乐产业最渴望的“头部”力量——无论是谁，得一“星战”，可安天下。但这恐怕还要再等等，就像法国思想家伏尔泰所说：解决问题之...

Bottom line: Alibaba will closely watch the performance of the newly minted Altaba over the next 1-2 years, and could make a privatization bid with Softbank if it feels the company is undermining its own stock.

Yahoo to morph into Altaba

Yahoo (Nasdaq: YHOO) co-founder Jerry Yang never would have dreamed a decade ago that the ground-breaking search engine he co-founded might someday morph into a Chinese e-commerce company called Alibaba (NYSE: BABA). But that's pretty mu...

微信小程序在苹果手机10周年纪念日推出，按照张小龙的意思，它承载了微信的“下半场”最大的希望，不可否认，它将使得这个庞大的流量黑洞吸入的流量，寻找到更垂直细分的，商业价值的体现将更加明确。

翻译成人话：微信将庞大的有账户体系的用户，导流给那些做电商、音频视频内容、O2O服务的店家、新媒体、餐厅、饭店、按摩院提供方便的用户接入，直接扫码，就可以完成点菜、购买等交易，而且此后还会留存用户，等于微信直接给商家对接了会员体系，有利于了解用户的消费习惯、偏好，有利于针对性地做推荐、诱导购买、会员优惠等。

Bottom line: A meeting between Jack Ma and Donald Trump is a major coup for Alibaba and bodes well for its US relations, while a privatization plan for its partly owned Intime Retail reflects its spottier record for strategic investments.

Jack Ma scores Donald Trump meeting

E-commerce giant Alibaba (NYSE: BABA) is wasting no time making big headlines in the New Year, starting with a major coup that has seen founder Jack Ma become the first big Chinese business leader to ...

语文老师说“锄禾日当午，汗滴禾下土”，每一颗粮食里都凝结了农民伯伯的汗水。

（图片来自于网络）

 政治老师说“资本主义的每一个铜板都滴着血和肮脏的东西”。

（图片来自于网络）

那么，到底每一颗粮食里凝结了多少汗水？每一个铜板里又滴着多少血呢？数学老师有没有教咱们怎么算呢？

答案是确定的。在回答之前，请大家脑补一下常被诟病的一道数学题：一个水池，它每小时进水量多少，每小时出水量多少，问多久可以将水池装满。相信很多同学边做题边吐槽，傻不傻啊，一边放水一边进水，不知道把水笼头关...

上回说到，共享交通的方式可以大致分为基于站点的车辆共享、自由流动式共享、P2P车辆共享和旅程共享，今天来看看这些共享模式的世界版图如何、以及它们的未来发展还面临哪些挑战。

一、哪种方式最火爆？

几种不同的共享交通方式在世界上不同国家和地区发展程度有很大不同。如何不同？请看下图。

图1. 共享交通世界版图（制图：常雪羽|可道）

一个大体的观感首先是欧美地区在模式创新和市场竞争的活跃度上一如既往地领先于其他国家和地区；其次，类似滴滴打车的旅程共享基本席卷了全球市场；最后，相较于发达国家...

雾霾来袭，单双号限行让你累觉不爱？堵在离家五百米的路中动弹不得？买得起新车但还没有攒够买车位的钱？还没有摇到号？走下地铁站看到拥挤的人潮就头晕？骑自行车但是附近没有车桩？

城市出行我们还有没有更好的选择？

今天给大伙聊几种除了自己开车和坐公交之外、基于交通工具共享平台的城市出行方式。

世界范围内现有的共享交通方式大致可以分为两大类，一类是车辆共享（bike/car sharing），一类是旅程共享（ride sharing）。两者最大的区别是车主人是否在场，比如你去借别人的车开，这叫车辆共享；别人开车捎你一程，这叫旅...

Bottom line: Chinese smartphone brands with local production are most likely to survive upcoming price wars they are exporting to India, while Nokia's new smartphones are unlikely to make any inroads in China over the next 2-3 years. 

China exports smartphone price wars to India

A case of deja vu is rapidly shaping up in India, where Chinese smartphone makers have flocked over the last two years in search of growth outside their overheated home market. In this case media ...