15 年，从设备商到生态加速器。 今年 7 月，调研机构 IDC 发布的报告显示，大模型及智能体在工业企业中的渗透率正快速提升， 2025 年应用比例从 2024 年的 9.6% 激增至 47.5%。其中，超过 73.7% 的企业的应用已不再停留于试 点，而是将 AI 扩展到公司内十数个乃至数十个具体场景。 Google 云去年 10 月发布的《生成式 AI 的投资回报》报告显示，在接受调查的 2500 多位企业高管 中，超过 70% 表示其公司在部署生成式 AI 后的第一年便获得了回报。 2025 年，人工智能正从辅助工具与前沿探索，全面迈入实际生产流程，评判标准不再仅是技术是否先 进，而是投资能否在回报上兑现。相应地，客户需求也从早期的技术验证，转向更明确的实效导向 ——他们开始计算 AI 的 "投资回报率"，期待解决方案提供商能够帮助其获得切实的业务增长与财务 回报。 在这种需求转向下，华为 9 月的全联接大会上主动回应，分享了诸多关于行业智能化转型的最新实 践，并发布了多项重要产品和解决方案。 作为华为服务金融客户的窗口，华为数字金融军团不仅在全联接大会上回顾了过往案例，更重点推出 了应对 AI 落地 ...

以下文章来源于晚点财经 ，作者晚点团队 晚点财经 . 用框架思维分析上市公司的增长逻辑与投资价值。 "出海四小龙" 各自在错位竞争。 文 丨 管艺雯 我们此前报道 ，为应对 4 月以来爆发的关税战，Temu 和 Shein 都在商品价格中明确标注 "Import Charges"（进口费用），并都在拓展美国以外的市场，美国在 Shein 全球 GMV 中的占比，已经不及 30%，Temu 则为 35%。 Temu 为 2025 年定下了超过 30% 的 GMV 增长目标，这源于它从去年才开始做欧洲等市场，今年的 增速会很快，据我们了解，Temu 也重新在美国市场恢复了市场投放。目前，Temu 的业务以本对本的 半托管模式为主，这种模式下，平台上出售的商品由卖家自行运到美国的仓库并承担关税。 但大多数公司很难做到 Temu 面向商家、员工、供应商几乎不留余地的极致效率，因此也无法实现 Temu 那样的极致低价。 据我们了解，全球关税战爆发后，速卖通内部就开始反思，低价路线的天花板太低，"如果没有差异化 很难做，最终大家都是在压价格。" 他们意识到，只有中国品牌商品还有溢价空间，加税之后的价格 在全球市场仍然有竞 ...

Core Viewpoint - The company aims to be a leading business media outlet in China, focusing on technology, AGI, and societal evolution while providing reliable information and insights to help readers understand complex changes in the world [4][5]. Group 1: Company Overview - The company, established on April 1, 2019, has a team of 49 members with an average age of 31.8 years, and has documented significant companies, figures, and business events in China over the past six years [2]. - The company emphasizes professionalism and believes in the power of written content to engage human curiosity and rationality [6]. Group 2: Content and Audience Engagement - The company seeks to create content that prompts readers to reflect and understand the complexities of the world, aiming to provide reliable information and highlight overlooked voices [5]. - The company aspires to host the best interviews with contemporary Chinese entrepreneurs [5]. Group 3: Recruitment and Work Environment - The company is looking for writers with a deep understanding of business, technology, and social change, who can tell stories, conduct interviews, and analyze complex systems [7]. - The company values quality over quantity in reporting, with a KPI of one long report per month, allowing ample time for investigation and revision [8]. Group 4: Compensation and Resources - The company offers competitive salaries within the industry [9]. - The company provides excellent interview resources and a supportive team environment, with offices located in Beijing and Shanghai [11].

Core Viewpoint - The Chinese dairy industry has transitioned from merely meeting supply to ensuring high quality, with a focus on integrated supply chains and innovation in production processes [3][10]. Industry Overview - The quality of fresh milk in China has significantly improved, with a testing pass rate of 99.96% in 2024 and an average annual milk yield of 9.9 tons per cow [3]. - The proportion of large-scale dairy farming (over 100 cows) has reached 78%, indicating a shift towards more efficient production methods [3]. - The penetration rate of low-temperature fresh milk has increased from 23% in 2020 to 41% in 2024, reflecting changing consumer preferences towards higher quality dairy products [3]. Company Strategy - Junlebao Dairy has developed a unique "zero-distance integration" model that connects grass planting, cow breeding, manure recycling, and milk powder processing into a closed-loop system [6][9]. - This model allows for fresh milk to enter the factory within 98 seconds and be processed within 2 hours, significantly reducing quality loss and ensuring superior product standards compared to international benchmarks [6][9]. - The company has invested approximately 10 billion yuan in the upstream dairy supply chain over the past decade, focusing on full-process quality control [8]. Innovation and Research - Junlebao has undertaken 77 research projects and filed 414 patents, collaborating with global research institutions to enhance its technological capabilities [10]. - The company has introduced a "brain and body dual excellence" infant formula model, which has been recognized as internationally leading in its field [10]. - The results of these innovations are reflected in the company's growth, with double-digit increases in sales and leading market shares in various dairy segments [10]. Societal Impact - The dairy industry is interconnected with agriculture, manufacturing, and consumer health, playing a crucial role in national strategies such as "Healthy China" and "fertility-friendly society" [11]. - Junlebao has initiated a 1.6 billion yuan childcare subsidy plan, aligning its business objectives with public welfare and societal needs [11]. - The company's integrated approach serves as a model for sustainable industry upgrades, emphasizing the importance of collaboration and innovation in the dairy sector [11].

Core Viewpoint - The article discusses the journey of Hesai Technology, highlighting the importance of adapting to market needs and the evolution of its CEO, Li Yifan, from a technology-focused entrepreneur to a savvy business leader who understands the significance of sales and marketing in the tech industry [4][10]. Group 1: Company Background and Evolution - Hesai Technology was founded by Li Yifan, Sun Kai, and Xiang Shaoqing, who have impressive academic backgrounds and experience in technology [6]. - The company initially focused on detecting hazardous gases using lidar technology but pivoted to the automotive lidar market, where it has become a leader with a market share of over 100% in China [6][10]. - The first product was designed to be high-performance and cost-effective, significantly undercutting competitors like Velodyne [6][10]. Group 2: Market Challenges and Strategies - Since 2016, lidar prices have plummeted by 99.5%, leading to intense price competition [7]. - Li Yifan learned the importance of understanding customer needs and effectively communicating the value of lidar technology, especially in the face of skepticism from industry leaders like Elon Musk [7][10]. - The company emphasizes the need for a strong brand identity and product differentiation rather than merely competing on price [21][25]. Group 3: Leadership and Management Philosophy - Li Yifan's leadership style evolved from a technical focus to a more holistic approach that includes understanding market dynamics and customer relationships [11][14]. - The company values a culture of ownership among employees, encouraging them to think beyond their immediate roles [33]. - Li Yifan believes that maintaining a balance between innovation and operational efficiency is crucial for long-term success [18][31]. Group 4: Future Outlook and Market Position - Hesai Technology aims to maintain a competitive edge by investing at least 30% more in R&D compared to its closest competitor [26]. - The company recognizes the importance of the Chinese automotive market while also exploring opportunities in higher-margin sectors like robotics [25][26]. - The focus remains on delivering high-quality, high-performance products while ensuring that pricing remains reasonable to avoid losing customers to competitors [25][26].

Core Viewpoint - The tea beverage industry has shifted from a brand-centric model to a fast-moving consumer goods (FMCG) approach, emphasizing scale and efficiency over brand loyalty and innovation [1][9][26] Group 1: Industry Trends - The competition in the tea beverage market has intensified, with brands focusing on price and convenience rather than unique offerings [1][9] - The trend of fast consumerization in tea beverages continues, with brands like Gu Ming and Mi Xue Bing Cheng engaging in aggressive pricing strategies [1][4] - The number of stores and operational efficiency have become the core competitive advantages for leading companies in the industry [1][3] Group 2: Franchise and Store Operations - Most major tea brands operate primarily through franchise models, with Luckin Coffee being an exception with a significant number of direct stores [3][4] - Mi Xue Bing Cheng has opened over 6,500 stores in six months, indicating a rapid expansion that could exceed 10,000 stores for the year [7][8] - The average number of stores per franchisee for Mi Xue Bing Cheng is 2.4, compared to less than two for other brands, highlighting its appeal to franchisees [8] Group 3: Financial Performance and Efficiency - The financial performance of leading brands varies significantly, with Ba Wang Cha Ji showing a sharp decline in revenue and profit despite having the highest average revenue per store [15][16] - Mi Xue Bing Cheng and Gu Ming have maintained stable revenue while expanding, while other brands have seen declines [16] - The cost structure for franchisees is heavily influenced by the operational efficiency of the brand, with Mi Xue Bing Cheng having the lowest employee-to-store ratio [19] Group 4: Marketing and Brand Strategy - Marketing expenditures vary widely among brands, with Ba Wang Cha Ji historically spending more on marketing per unit of revenue compared to others [19][22] - The proliferation of stores serves as a form of advertising, with brands like Mi Xue Bing Cheng leveraging their extensive network for promotional activities [22][23] - The boundaries between tea and coffee brands are blurring, as companies diversify their product offerings to capture more market share [26]

Core Viewpoint - OPPO has taken a significant step upstream by establishing its own screen manufacturing lines, aiming to enhance display technology and user experience in the smartphone industry [2][4]. Group 1: Industry Context - As smartphone component performance approaches physical limits, the evolution of core hardware like screens, imaging, and batteries is shifting from reliance on upstream suppliers to active involvement from terminal brands [2]. - Many smartphone brands are now opting for collaborative R&D to tackle technical bottlenecks in various scenarios [2]. Group 2: OPPO's Initiative - On September 19, OPPO announced the establishment of China's first self-researched screen "dual production line," marking it as the first smartphone brand in the country to directly engage in screen manufacturing [2][3]. - OPPO's initiative aims to overcome common technical bottlenecks in the industry and create the next generation of foundational user experiences [2][4]. Group 3: Technical Challenges - The "Mura" issue, characterized by uneven brightness and color on OLED screens, has long plagued the industry, affecting user experience [3]. - OPPO's dual production lines include a custom line with top-tier screen manufacturer Tianma and a self-researched display science production line, costing 1 billion yuan, to address these challenges [3]. Group 4: Technological Advancements - OPPO has achieved breakthroughs in screen uniformity and display performance, particularly in low-light environments, allowing for clear display and eye protection [4]. - The company has developed a "dark light color model" to compensate for color perception at extremely low brightness levels, stabilizing the minimum brightness to a comfortable "1 nit" [4]. Group 5: Industry Impact - OPPO's advancements provide an opportunity for other screen manufacturers and terminal brands to improve display uniformity and advance technologies like higher refresh rates and under-display cameras [5]. - By investing in screen manufacturing, OPPO aims to enhance industry capabilities and establish new standards that benefit the entire sector [5]. - The initiative represents a shift from merely reducing costs to empowering the entire industry through foundational innovation [5].

Core Viewpoint - Alibaba is launching a new group buying service through its platforms Taobao, Alipay, and Gaode, focusing initially on the restaurant sector to compete with Meituan and Dazhong Dianping during the peak shopping season [4][10]. Group 1: Launch Details - The group buying service will start in Shanghai, Shenzhen, and Jiaxing on September 20, coinciding with the peak order day for Taobao's instant delivery service [4][8]. - The first batch of group buying categories includes beverages, Chinese cuisine, pastries, fast food, and local snacks, featuring brands like Nayuki Tea and Zunbao Pizza [5][10]. Group 2: Strategic Importance - The initiative is part of Alibaba's strategy to enhance its consumer platform by integrating in-store traffic, which is essential for increasing merchant engagement [8][10]. - The team managing the group buying business is primarily from Ele.me, with hundreds of employees involved in the project [8][9]. Group 3: Competitive Landscape - The new group buying service is distinct from the previous operations of Koubei, which has been sidelined in favor of a more unified approach to local services [10][11]. - Competitors like Douyin have made significant inroads into the local services market, posing a threat to Meituan and prompting Alibaba to solidify its position [10][11]. Group 4: Operational Insights - Ele.me has been ramping up its sales force, planning to recruit over 1,000 sales personnel and additional logistics managers to support the new service [8][9]. - The operational model for the group buying service will likely mirror existing practices, focusing on promotions and in-store redemption [9][10]. Group 5: Market Sentiment - There is renewed confidence among Alibaba's brand merchants regarding the potential for growth in the instant retail sector, with some planning to participate in the upcoming Double Eleven shopping festival [12].

Core Insights - The hotel industry in China is facing significant challenges in 2024, with a sharp decline in profitability and increased competition leading to price wars [1][3][13] - Major hotel groups like Jinjiang are adapting by restructuring and focusing on internal efficiencies while exploring new market opportunities [8][27][34] Industry Overview - In Beijing, the average monthly profit for hotels is only 6,179 yuan, insufficient to cover basic employee social security contributions, with profits down 92.9% year-on-year [1] - The hotel sector is experiencing a supply-demand imbalance, exacerbated by an influx of new entrants and aggressive pricing strategies [3][13] Jinjiang's Strategy - Jinjiang has historically capitalized on market opportunities through strategic acquisitions, including Louvre and Radisson, expanding its global footprint [4][8] - The company is now focusing on integrating its various brands and improving operational efficiency to better respond to market changes [8][27] Market Dynamics - Post-pandemic, consumer preferences have shifted, leading to a rise in demand for brands like Atour and All Seasons, while traditional hotel metrics like RevPAR and ADR are declining [1][8] - The competitive landscape has intensified, with platforms like Ctrip and Meituan benefiting from the increased number of hotel rooms available [3][13] Operational Adjustments - Jinjiang is undergoing a structural transformation to streamline operations, moving from a multi-headquarters model to a more centralized approach [27][32] - The company aims to enhance its brand recognition and customer loyalty through improved service offerings and a unified membership system [30][34] Financial Considerations - Despite the current downturn, Jinjiang remains optimistic about long-term growth, emphasizing the importance of maintaining a robust investment strategy and operational efficiency [16][34] - The company is also exploring international expansion opportunities, particularly in Southeast Asia, where it sees potential for its mid-range and budget hotel offerings [35][36]

"大家都想寻找新故事，但最多的资金还是流向了算力基建龙头股。" 对二级资本市场、对不服老的创始人、对还想上一个台阶的大公司和想干掉旧巨头的新巨头，AI 现在 都是最灵的神药。 股价高涨的根源是，没有人敢第一个放松对基础算力的投资。 据甲骨文季报，他们在上一季度与三家不同客户签了四份大合同，未交付合同价值已超 4500 亿美 元，单季度就暴增 3000 亿美元——后来市场得知，开出巨额算力支票的是 OpenAI。 而这些算力基建投入，又化作英伟达、博通、甲骨文、AWS（亚马逊云）、Azure（微软云）、GCP （Google 云）的收入，给烈火烹油的美国科技股持续提供超预期业绩的兴奋剂。 由于这些最大的公司之间互相购买服务，当趋势向上，欣欣向荣的乐观被传导、放大；而当趋势反 转，变化程度也可能也超乎寻常。 8 月底，在美股科技股因一些消息因素小幅走低时，我们与两位二级资产投资配置从业者——刘迪凡 和张博，聊了他们观察到的美国机构投资者逻辑。机构是美股中的主要交易者。 刘迪凡 2020 年创立 CT Associates（赤兔资本），在全球范围寻找新兴的、有潜力的基金，为中国 LP（出资人）设计海外资产配置方案。 ...