Core Viewpoint - The article emphasizes the transformation of the automotive industry in China, highlighting BMW's commitment to innovation and collaboration with local partners as it adapts to the rapidly changing market landscape [4][5][10]. Group 1: BMW's Strategy in China - BMW has established itself as a significant player in China, with over 7 million users, and views China as its largest market and innovation hub [9][10]. - The company has integrated local technological advancements, such as AI and collaboration with Chinese firms like Huawei and Alibaba, to enhance its product offerings [11][20]. - BMW's "Home in China" strategy reflects its deep commitment to the Chinese market, aiming to co-create technology and drive innovation alongside local enterprises [10][11]. Group 2: Future of Automotive Industry - The automotive industry is undergoing a significant transformation, moving beyond mere technological advancements to a systematic integration of these technologies into products [15][20]. - BMW is focused on balancing innovation with sustainability and quality, ensuring that its vehicles remain a worthwhile investment for consumers [21][25]. - The introduction of the "New Generation" models signifies BMW's commitment to electric and digital innovations while maintaining its core values of driving pleasure and safety [25][26]. Group 3: Globalization and Cooperation - BMW's leadership emphasizes the importance of international cooperation, asserting that global interdependence is crucial for innovation and market success [33][34]. - The company maintains a diverse powertrain strategy, offering multiple driving options to cater to varying consumer preferences across different markets [30][31]. - BMW's experience serves as a model for other Chinese companies aspiring to expand globally, highlighting the necessity of embracing globalization despite current geopolitical challenges [33][34].

点击图片▲立即试听 " 只有当一件商品能同时承载情感共鸣、文化认同与社交价值时，它才真正具备了穿透国界、扎根本地的力量。这种力量不仅推动着企业营收增长，更能重塑着世界 对中国文化的认知。 " 文 / 巴九灵（微信公众号：吴晓波频道） 哪个中国商品能无惧特朗普的 关税，依然畅销美国？ 正在排队的美国人民会告诉你，那就是拉布布（ Labubu） 。 随着4月25日 推出了新品 第三代搪胶毛绒产品，拉布布掀起了一股全球抢购潮。 尽管在关税影响下，拉布布在美国的售价从22美元涨到了28美元，但在美国洛杉矶门店，排队人数依然多得看不到队尾；到了英国伦敦的牛津 街，抢购粉丝则排得 "转角再转角"；意大利米兰的抢购队伍甚至排出了近两条街道。 国内也不例外，许多媒体报道了多地人们排队购买买拉布布新品的情形，有的人甚至排队近两个小时。 一时之间，全世界都在排队购买拉布布，上一次见证这样排队，还是iPhone新机首发 。 当线下人群搭帐篷、搬折叠椅排队时，更多人拿出手机在线上"拼手速"。4月25日， 拉布布所属公司——泡泡玛特 （POP MART）的App登顶美 国App Store购物榜，并且单日排名飙升114位排在免费总榜第 ...

Core Viewpoint - The article discusses the tumultuous first 100 days of Trump's presidency, highlighting his numerous executive orders and the resulting economic and political turmoil, including low approval ratings and significant market declines [2][3][5][6][8]. Group 1: Economic Impact - Trump's first 100 days saw a 7.3% drop in the S&P 500 and a 6.8% decline in the Dow Jones, marking the worst performance for U.S. stocks in a president's first 100 days since Nixon in 1973 [3]. - Consumer confidence has fallen for five consecutive months, reaching its lowest level since the COVID-19 pandemic began [3]. - The economic damage from Trump's policies is expected to persist, with rising prices and potential layoffs as businesses adjust to uncertainty [27]. Group 2: Political Turmoil - Trump has faced 211 lawsuits during his presidency, with many related to immigration, tariffs, and education policies, reflecting deep political polarization and concerns over executive power [36][37]. - The article notes that over 100 court rulings have blocked actions deemed illegal by Trump, indicating a strong resistance from the judicial system [37]. - Trump's aggressive stance towards allies and international organizations has led to a reevaluation of U.S. commitments abroad, with some allies seeking to bolster their own defense capabilities [13][14]. Group 3: Trade Policies - Trump's "reciprocal tariffs" policy has triggered a global market downturn, with U.S. stock markets losing $6.6 trillion in value over two days [18]. - A significant portion of the American public, including 70% of respondents, believe Trump's tariff policies will negatively impact inflation [27]. - The article mentions that Trump's administration is considering lowering tariffs on China, indicating a potential shift in trade strategy [27]. Group 4: Corporate Reactions - Elon Musk's involvement in the DOGE initiative has faced criticism, with Tesla's stock down 40% and a significant drop in revenue and profit [28]. - Musk's political actions and the resulting backlash have affected Tesla's public perception and operational stability [30]. - The article highlights that the DOGE initiative has not achieved its intended savings, with projected costs outweighing claimed benefits [32].

Group 1: Private Economy Promotion Law - The Private Economy Promotion Law was passed and will take effect on May 20, 2025, consisting of 9 chapters and 78 articles aimed at optimizing the development environment for the private economy [2] - This law is the first foundational legislation specifically for the development of the private economy in China, ensuring fair market competition and promoting healthy growth of private enterprises [2] - The law aims to provide legal support for the healthy development of private enterprises, which are sensitive to market changes and require a supportive legal framework rather than excessive restrictions [2] Group 2: Manufacturing PMI - In April, the manufacturing PMI recorded at 49.0%, a decrease of 1.5% from the previous month, indicating a decline in manufacturing activity [3] - The non-manufacturing business activity index was at 50.4%, down 0.4%, while the composite PMI output index fell to 50.2%, a decrease of 1.2% [3] - The decline in PMI is attributed to external trade friction affecting domestic economic performance, particularly a drop in export demand [4][5] Group 3: Guizhou Moutai Financial Performance - Guizhou Moutai reported a 10.67% year-on-year increase in total revenue for Q1 2025, reaching 51.443 billion yuan, and an 11.56% increase in net profit to 26.847 billion yuan [6] - The revenue from Moutai's sauce-flavored liquor increased by 18.3%, indicating a successful upgrade in product structure [6] - The company also saw significant growth in overseas markets, with revenue from international sales rising by 37.53% [6] Group 4: Tencent's AI Model Development - Tencent has restructured its mixed Yuan model research system, focusing on three core areas: computing power, algorithms, and data [8] - The establishment of new departments for large language models and multimodal models aims to enhance the capabilities of AI models and improve training efficiency [8] - The demand for AI applications is diversifying, with large language models excelling in deep reasoning and multimodal models performing well in cross-modal queries [9] Group 5: UBS Becomes Fully Foreign-Owned Broker - UBS Securities has transitioned from a joint venture to a fully foreign-owned broker, becoming the fifth foreign firm to achieve this status in China [12] - This change reflects China's gradual opening of its financial markets to foreign investment, allowing for greater participation from foreign financial institutions [12][13] - The move is seen as essential for aligning domestic financial markets with international standards and enhancing the role of foreign capital in China's economic development [13] Group 6: Banking Wealth Management Market - The banking wealth management market saw a reduction of over 800 billion yuan in Q1 2025, with the total scale at 29.14 trillion yuan [14] - The decline in wealth management scale is attributed to poor performance in the bond market, which negatively impacted product yields [14][15] - However, there are signs of recovery in April, with an increase in wealth management scale as market conditions improve [15] Group 7: Stock Market Performance - On April 30, the stock market experienced mixed performance, with the Shanghai Composite Index remaining stable while the Shenzhen Component Index rebounded [16] - The banking sector faced pressure following the release of Q1 earnings reports, contributing to a decline in bank stocks [17] - Market activity is influenced by expectations of potential interest rate cuts and the ongoing impact of U.S.-China trade tensions [17]

点击上图▲立即报名 文 / 巴九灵（微信公众号： 吴晓波频道） 过去二十年，中国企业顺应全球化浪潮，实现了从产品出海、资本出海到能力出海的跃迁。 未来，随着中国企业在全球价值链上的不断攀升，我们有望见证更大范围的中国跨国企业崛起。 正如美国在20世纪初，日本在战后经济腾飞时期，通过出海战略催生了通用、福特、丰田、三菱、索尼等一大批国际化企业，今天的中国企业也 正站在全球化的新起点上。 麦肯锡数据显示，中国领先企业海外收入占比为30%—40%，而这一比例在成熟的全球化企业中达到了80%。这一显著差距，体现出中企出海未来 的发展潜力巨大。 但差距背后也有隐忧，据麦肯锡调查，超过50%的中企认为人才短缺是其国际化进程中最为艰巨的挑战之一。 这暴露出一个亟待弥补的深层问题—— 数百万精通跨国经营、跨文化管理、全球合规的人才缺口。 当TikTok在欧美遭遇审查甚至禁令，当新能源车企在东南亚陷入本土化困局，我们比任何时候都清楚： 没有一支素质过硬的"全球战队"，再好的 战略也只是纸上蓝图。 企业出海，人才先行 上世纪80年代，美国通用汽车在欧洲建厂，福特将流水线推向全球；90年代，日本丰田以"精益生产"席卷欧美，索尼用W ...

点击图片▲立即试听 对话 / 何建志 × 吴晓波 整理 / 巴九灵（微信公众号：吴晓波频道） 吴老师在伊春的桦树林 盛产白桦 树 的俄罗斯、中国东北等地区，都有饮用 白 桦树汁的传统。作家迟子建在小说《额尔古纳河右岸》中，描述了鄂温克族人采集桦树汁 的过程： "你只要用猎刀在树根那里轻轻划一个口，插上一根草棍，摆好桦皮桶，桦树汁就顺着草棍像泉水一样流进了桦皮桶里。那汁液纯净透 明，非常清甜，喝上一口，满嘴都是清香。" 上世纪 80年代，伊春的林业科研人员研发了桦树汁的浓缩技术，但这款冷门的土特产始终没能走向全国。 直到 202 0 年冬天，事情迎来了转机。 一个名叫何建志的创业者，冒着零下 40度的严寒来到伊春。他 和团队 花了三天时间，走访工厂、了解工艺、调研产业。当时的产业规模很小， 当地几家 白 桦树汁工厂的销售额就是百万级，产量也就小几千吨。 起初， 何建志采购了 18万元的 白 桦树汁 作为样品 进行 体验 。 后于 2022年上架至自家的"远方好物"微信小程序电商平台上， 这个单品 —— 浓缩白桦树汁经过三年的孵化、推广， 最终成为 平台 超级爆品，去年在 远方好物 上的销售额超过了 2亿元。后来 ...

点击按钮 ▲预约直播 支持以旧换新特别国债资金下达 4月 29日消息，国家发展改革委近日印发通知，会同财政部及时向地方追加下达今年第二批810亿元超长期特别国债资金，继续大力支持消费品 以旧换新。1月6日，国家发展改革委、财政部向地方下达首批超长期特别国债资金，支持地方做好跨年政策衔接和资金接续，推动消费品以旧换 新加力扩围取得显著成效。 截至4月27日24时，全国汽车以旧换新281.4万辆，12类家电以旧换新4941.6万台，手机等数码产品购新3785.5万件，家装厨卫"焕新"4090.6万 件，电动自行车以旧换新超420万台，带动相关消费品销售额约7200亿元，支撑一季度全国社会消费品零售总额同比增长4.6%。（国家发展改革 委） ｜点评｜ 以旧换新补贴，确实为当下促消费提供了重要动力。对于消费者来说，政策期内购物可以享受到实实在在的价格优惠，在"买到就是赚 到"的心理下，置换需求得到了有效释放。目前，外部经济不确定性增强，第二批资金接续，能为消费市场及时补充火力。消费侧繁荣，才能带 动企业生产投资复苏，进而以内需支撑起经济增长。 需要注意的是，现行补贴政策更多激发的或还是存量置换需求，在新增需求上的刺激 ...

点击按钮 ▲ 预约直播 文 / 巴九灵（微信公众号：吴晓波频道） 当杭州的桃花开始飘落时，吴老师从江南奔赴东北，在白桦林里按下暂停键。 这里不是文艺电影的场景，而是全国森林覆盖率最高的地级市——伊春。 今天12:30 ，锁定吴晓波频道视频号直播间，吴老师与 远方好物的合伙人何建志 将带领大家一同走进黑龙江省伊春市的白桦林，开启一场自然 与经济交织的探索之旅。 伊春市白桦纯林面积24.87万公顷，每亩300株，现有10万吨产能带动近万名农民增收，每人7500元左右。 在直播中，吴老师不仅将深入北纬47°白桦林腹地，探索森林与经济的共生未来，还将与何建志共同探讨消费信任的本质重构。 ◎ 白桦树流淌出的汁液为何成为市场爆品？ ◎ 这种每年仅有15天分泌期的"自然馈赠"，如何从深山走向餐桌？ ◎ 传统林场如何转型为健康产业基地？ ◎ 1986年研发的浓缩技术，为何沉睡三十年后被电商唤醒？ 在电商蓬勃发展的当下，信任成为了消费者与品牌之间最珍贵的纽带。远方好物作为"信任电商"的践行者，一直致力于将优质的源头好物带给消 费者。 今天的直播中，吴老师和何建志将深入探讨信任电商如何为传统制造业注入新动能，以及它如何改变我们对 ...

点击上图 ▲立即预约 一季度规上工业企业利润由降转增 一季度小米手机登顶中国区销冠 4月28日消息，根据IDC发布的数据，2025年第一季度，中国智能手机市场前五大厂商出货量及市场份额分别为：小米出货量1330万台，市场份 额 18.6% ， 同 比 增 长 39.9%； 华 为 出 货 量 1120 万 台 ， 市 场 份 额 15.7% ， 同 比 增 长 10%；OPPO 出 货 量 1110 万 台 ， 市 场 份 额 15.5% ， 同 比 增 长 0.5%；vivo出货量1080万台，市场份额15.0%，同比增长4%；苹果出货量980万台，市场份额13.7%，同比下降10%。时隔十年，小米手机中国 区销量再次登顶。 4月 27日，国家统计局公布数据显示，1—3月份，全国规模以上工业企业实现利润总额15093.6亿元，同比增长0.8%，去年全年同比下降3.3%。 3月份，规模以上工业企业利润由1—2月份下降0.3%转为增长2.6%，企业当月利润有所改善 。 具体来看，近六成行业利润实现增长，制造业改善明显。一季度，在41个工业大类行业中，有24个行业利润同比增长，增长面近六成；有24个 行业利润增速 ...

点击图片▲立即试听 文 / 巴九灵（微信公众号：吴晓波频道） 4 月 9 日，当特朗普还在白宫熬夜等待那个让他期待落空的跨洋电话时， CFA 餐连盟创始人范国寅正带领着一支由中餐供应链企业组成的考察 团，漫步在印尼雅加达。 这里弥漫着潮热的空气和一种让人兴奋的气息 —— 卖兑水速溶饮料的小贩骑自行车从身边穿过。将小吃摊支在马路上的摊主，抓起食物塞进塑料袋递给顾客。路上有 " 野生交警 " 通过疏通被堵死 的车流换取一些报酬。有时能看到，道路左侧是低矮破败的民房，右侧设计新潮的写字楼拔地而起，玻璃幕墙倒映着蔚蓝的天空。 眼前的场景，尤其是饮食，让一些人意识到当地的牛羊肉加工还停留在家庭作坊阶段，冷链、冷库也并不成熟。他们于是开始兴奋起来。一位设备 商问范国寅，自己在国内有一些淘汰的设备和产线，能不能拉到这边来？ 当然，当然。印度尼西亚，这个拥有 2.87 亿人口、水稻两年最多能熟 9 季的温暖国家，正在张开怀抱欢迎来自中国的冒险家。 它确实埋着宝藏。 2.87 亿人中一半在 30 岁以下，人均消费支出占可支配收入比重常年维持 90% 以上，若印尼政府连续 5 年达成定下的 GDP 增 速目标，它还将超越德国成为 ...