Core Concept - The article discusses the concept of "blind spots" in both vision and scientific understanding, emphasizing that humans often overlook evident truths due to cognitive biases, which shape their perception of modern science [3][6][8]. Group 1: Understanding Science - Science has become an indispensable cognitive tool in daily life, necessitating awareness of inherent "blind spots" and the historical context of scientific discourse [6]. - Different attitudes towards science exist, with some viewing it as an endless potential for discovery, while others caution against its rapid development, suggesting a need for reevaluation to prevent irreversible harm to society and the environment [6][7]. - The authors of "What is Science" diagnose a crisis in modern science, attributing it to the adoption of a "blind spot" worldview that obscures the true nature of scientific inquiry [6][8]. Group 2: Limitations of Modern Science - Modern science, while rooted in human subjective experience, is increasingly distancing itself from direct experience, leaning towards mathematical abstraction [7]. - The limitations of modern science are highlighted in addressing complex global challenges such as climate change, habitat destruction, and emerging diseases, revealing the inadequacies of abstract theories in practical applications [7][8]. - The authors argue that the over-reliance on abstract theories has hindered humanity's ability to effectively address real-world issues [7][8]. Group 3: The Nature of Scientific Inquiry - The book emphasizes that science is a product of human experience, and the process of refining this experience has led to a perception of scientific authority [8]. - The authors critique the reductionist view in life sciences, advocating for a holistic understanding of life that acknowledges its dynamic and autonomous nature [11]. - The final sections of the book reflect on the impact of the "blind spot" worldview on environmental issues, linking it to global crises like climate change and pandemics [11][12]. Group 4: Overcoming Blind Spots - The authors propose that recognizing the existence of blind spots is the first step towards overcoming them, advocating for a rejection of errors that neglect human experience [12]. - They do not dismiss the value of science or abstract thinking but criticize the philosophical bias that leads to overlooking human experience [12].

[ 编者按 ]一年前，很多人玩了《黑神话：悟空》之后都很好奇：这只猴子的故事要怎么讲下去？近日，其制作 团队游戏科学在科隆游戏展开幕活动上，用全新作品《黑神话：钟馗》的CG预告片告诉了大家：新角色、新玩 法、新视觉、新技术、新叙事。 对此，游戏科学创始人、CEO冯骥与联合创始人、《黑神话：悟空》美术总监杨奇分别发文，用真挚而坦诚的 话语，对每位玩家的殷切期待做了回应，讲述了团队在《黑神话：悟空》爆火后一年的努力与思考，解释了团 队为什么先暂停了《黑神话：悟空》DLC开发，转而开始一个新故事。 这两封出自肺腑的信件，也让玩家们看到了团队背后对游戏行业最本真的热爱，和对艺术与技术极致追求。这 种信念感，引起了大众的广泛讨论与点赞。我们也从中发现了两件品牌的"底层武器"： 会讲故事的能力，和懂 共情的心法 。 每期监测和精编全球高价值情报，为你提供先人一步洞察机会的新鲜资讯，为你提供升级思维方式的深度内 容，是为 [ 红杉汇内参 ] 。 品牌故事与内容营销是两件截然不同的事情。 品牌故事，或者说品牌叙事，是创作其他营销素材的核心工具，甚至可以说它是整个营销策略的支柱。 大 多数广告或营销活动通常都源自品牌故事，并以 ...

Core Viewpoint - The investment logic and strategy in the healthcare sector remain fundamentally unchanged despite market fluctuations, driven by continuous breakthroughs in life sciences and the evolution of tools to address these challenges [7][12]. Group 1: Key Drivers of the Industry - The biopharmaceutical industry is primarily driven by two core factors: the deepening understanding of drug targets in biology and the development of molecular tools to target these [9][12]. - The increasing investment in capital accelerates the industry's development, although short-term market sentiments do not fundamentally alter the industry's trajectory [11][12]. Group 2: Innovations and Market Trends - Recent years have seen rapid advancements in innovative drug molecules such as ADCs (Antibody-Drug Conjugates) and bispecific antibodies, reflecting the ongoing evolution of the two core drivers [13]. - The success of ADCs in China validates the efficiency of the innovation ecosystem, with expectations for further developments in next-generation ADCs and small nucleic acid drugs [13][14]. Group 3: Commercialization Strategies - The commercialization of biopharmaceuticals is evaluated based on whether new products are faster, cheaper, or better than existing ones, with a focus on maximizing one of these aspects [15]. - CAR-T therapy exemplifies a case where clinical effectiveness is high, but complexity and cost hinder its commercialization progress [17]. Group 4: Strategic Licensing and Collaborations - The surge in licensing-out transactions in China's innovative drug sector is attributed to improved infrastructure, talent availability, and capital contributions, enhancing the industry's global recognition [19][20]. - For some companies, licensing agreements serve as a strategic choice to secure funding and industry validation, especially in a challenging capital market environment [20][22]. Group 5: Market Outlook and Investor Sentiment - The outlook for China's biopharmaceutical industry is optimistic, with expectations for more robust growth in the coming years as companies increasingly engage in global markets [24]. - The long-term nature of drug development necessitates strong conviction from entrepreneurs and investors, with a shift away from speculative ventures leading to a more resilient entrepreneurial landscape [24].

Core Points - YUE Accelerator is designed for early-stage entrepreneurs, providing essential resources and support for those at the angel round or pre-angel stage [3][5] - The program offers a significant investment of at least 7 million RMB or equivalent in USD from Sequoia China [6] - YUE provides a comprehensive entrepreneurial methodology covering key areas such as idea evaluation, product development, talent recruitment, fundraising, and governance [6][10] Group 1: YUE Accelerator Overview - YUE is a program launched by Sequoia China aimed at supporting early-stage entrepreneurs [3] - There are no restrictions on the location of the entrepreneurs or the market for their products and services, as long as they are serious about their entrepreneurial journey [5] Group 2: Benefits of YUE - Participants receive a startup fund of at least 7 million RMB or equivalent in USD [6] - The program includes a practical entrepreneurial methodology developed through six previous cohorts, focusing on various critical aspects of early-stage entrepreneurship [6] - YUE offers access to a network of successful entrepreneurs and experts who provide valuable advice and mentorship [7] Group 3: Course Structure and Schedule - The YUE 07 program will run for two months, starting on October 9, with classes held every other week in different cities [8][9] - Key topics covered include idea validation, team building, financial management, commercialization, fundraising, corporate governance, and growth strategies [9][10][11] Group 4: Alumni Network and Ongoing Support - YUE fosters a community of over 1500 companies, allowing participants to connect with past graduates for resource sharing and collaboration [7][12] - Even if applicants are not accepted into the program, they can maintain contact with Sequoia investors and participate in future networking events [14]

Core Insights - YUE is an accelerator program launched by Sequoia China aimed at early-stage entrepreneurs, providing them with resources, mentorship, and funding opportunities [4][6][13] Group 1: YUE Accelerator Overview - YUE is designed for entrepreneurs at the angel round or pre-angel stage, welcoming those with just an idea [4] - The program does not impose restrictions based on the entrepreneur's location or market focus, as long as they are serious about their entrepreneurial journey [4] Group 2: Benefits of Joining YUE - Participants receive a minimum investment of 7 million RMB or equivalent in USD from Sequoia China's seed fund [6] - YUE offers a comprehensive entrepreneurial methodology covering key areas such as idea assessment, product development, talent recruitment, fundraising, governance, and growth strategies [6][9] - The program includes access to a network of over 1500 companies backed by Sequoia, fostering collaboration and resource sharing among entrepreneurs [7] Group 3: Course Structure and Content - The YUE 07 program will run from October 9 to December 9, with classes held in Shanghai, Guangzhou, and Hong Kong [8] - Key topics covered include: - Idea validation and trend assessment [9] - Building core teams and effective organizational structures [9] - Financial management and cash flow optimization [9] - Commercialization strategies for sustainable revenue [9] - Fundraising from an investor's perspective [10] - Company governance and risk management [10] - Growth strategies to overcome market challenges [10] - Visits to leading companies for firsthand learning experiences [10] Group 4: Alumni Engagement - YUE hosts regular reunions for past participants to share insights and experiences, reinforcing the community aspect of the program [11] - Alumni can continue to engage with Sequoia and participate in networking events, even if they do not enter the program [13]

Core Insights - YUE Accelerator, launched by Sequoia China, aims to support early-stage entrepreneurs, providing them with essential resources and methodologies to enhance their entrepreneurial journey [1][3]. Group 1: YUE Accelerator Overview - YUE is designed for entrepreneurs at the angel round or pre-angel stage, welcoming those with just an idea [1]. - Participants can expect a minimum investment of 7 million RMB (approximately 1 million USD) from Sequoia China's seed fund upon joining [3]. - The program offers a comprehensive entrepreneurial methodology developed over six iterations, covering critical areas such as idea assessment, product development, talent recruitment, fundraising, and governance [3][6]. Group 2: Program Structure and Benefits - The program includes a "think tank" of experienced entrepreneurs and experts who provide personalized advice and support during critical decision-making processes [3][4]. - A community of over 1500 companies backed by Sequoia is accessible to participants, fostering networking and collaboration opportunities [4]. - The curriculum spans four weeks, with modules on idea validation, team building, financial management, commercialization, fundraising, governance, and growth strategies [6][7]. Group 3: Course Details - Specific courses include: - Idea Course: Focuses on trend analysis and idea validation [6]. - Recruitment Course: Covers team building and organizational management [6]. - Financial Course: Emphasizes cash flow management and resource optimization [6]. - Commercialization Course: Discusses revenue generation and market positioning [6]. - Fundraising Course: Provides insights from an investor's perspective on successful fundraising [7]. - Governance Course: Addresses decision-making, legal compliance, and risk management [7]. - Growth Course: Aims to help entrepreneurs understand growth principles and strategies [7]. - Company Visits: Participants engage with leading companies for firsthand learning experiences [6]. Group 4: Alumni Engagement - YUE hosts regular reunions for alumni to share experiences and insights, facilitating resource exchange and networking [8]. - Even unsuccessful applicants can maintain contact with Sequoia investors and participate in future events, fostering ongoing relationships [10].

Core Viewpoint - The CFOs are tasked with navigating their companies through turbulent market conditions while ensuring financial stability and innovation, particularly in the context of AI's transformative impact on the finance sector [2][4]. Group 1: Event Overview - The 2025 Sequoia China CFO Day was held on August 8 in Shanghai, focusing on the theme "Innovate with Principle:守正出奇," bringing together over a hundred CFOs, experts, and representatives from third-party institutions to discuss financial integrity and navigating economic cycles [2]. - Sequoia China's founder and managing partner, Shen Nanpeng, emphasized the necessity for CFOs to understand and utilize AI tools, integrating them into daily practices to enhance business value [2]. Group 2: Insights from Partners - Zhou Kui, a partner at Sequoia China, interpreted "守正出奇" as maintaining a positive mindset to identify opportunities and focusing on core strategies while enhancing operational efficiency through organizational intelligence [4]. - Zheng Qingsheng, another partner, highlighted that great companies are built on a foundation of information nodes and efficiency, with the rise of AI agents creating unprecedented opportunities for value creation [6]. Group 3: CFO Discussions - A roundtable discussion featured CFOs sharing strategies for maintaining operational efficiency amidst complexity, with insights on standardizing processes and using collaborative approaches in business [8]. - CFO Wang Yutong stressed the importance of establishing standard processes and maintaining a consensus within management teams, especially when pursuing IPO goals [8]. - CFO Zhang Zhi emphasized the need for CFOs to understand strategy and business to effectively communicate financial narratives to stakeholders [8]. Group 4: AI in Finance - A panel discussion on AI applications in finance highlighted the need for companies to clarify the three "W"s: Work, Worker, and Workplace, to effectively integrate AI into their operations [9]. - Jin Ke pointed out that successful AI implementation requires top-down commitment from CFOs and a culture that encourages innovation [9]. - Lin Yiyong suggested a gradual approach to AI adoption, starting with lightweight tools to address specific pain points before scaling up [9]. Group 5: Economic Insights - Sequoia China's chief economist and a global market strategist from JPMorgan shared insights on domestic and international economic conditions, emphasizing the importance of economic literacy for CFOs [16]. - Discussions also covered the significance of compliance and strategic planning in navigating international markets and investment opportunities [20].

Core Insights - The focus of the WAIC and WRC this year is on practical applications of robotics, moving away from mere demonstrations of capabilities to real-world tasks such as sorting on production lines and retail operations [3][12][19] - The emergence of embodied intelligence is highlighted, with many companies showcasing robots that can interact and perform complex tasks, indicating a significant advancement in the field [6][8][21] Group 1: Event Highlights - The WAIC featured 80 companies focused on embodied intelligence, showcasing robots like boxing humanoids and agile quadrupeds [3][6] - At the WRC, robots demonstrated various skills, including delivering goods and engaging in interactive games, emphasizing their practical utility [3][8] - Companies like Yushutech and Zhiyuan Robotics attracted attention with their advanced humanoid robots capable of complex movements and interactions [6][9] Group 2: Technological Advancements - The integration of large models and high-precision dynamic performance has expanded the application scenarios for robots [5] - Companies are focusing on enhancing the realism and emotional engagement of robots through advanced expression simulation and sensory technologies [21][24] - The development of versatile robotic hands and components is crucial for the overall functionality of humanoid robots, with several companies showcasing innovative designs [30][31] Group 3: Industry Trends - The trend towards a diverse product ecosystem is evident, with companies developing a wide range of robots for various applications, from industrial to service sectors [28] - The industry is witnessing a deepening of the supply chain, with a focus on collaborative technologies and shared innovations among manufacturers [29] - The commercialization of robots in retail and service industries is progressing, with several companies demonstrating robots capable of performing specific tasks in real-world environments [18][19]

Core Insights - The article emphasizes the growing trend of Chinese innovative companies choosing to expand overseas as a strategic option, reflecting a significant shift in the entrepreneurial landscape [2] - YUE's entrepreneurial curriculum has integrated "going overseas" as a core module, covering various business scenarios such as recruitment, legal, financial, marketing, and branding [2] Group 1: Overseas Expansion Strategies - Liu Chao, founder of Supao Power, highlights the importance of selecting a "local number one" for overseas market expansion, emphasizing the need for a senior individual who can establish long-term trust [6] - Raven, a founder in the AIGC field, suggests that entrepreneurs with limited overseas experience should focus on lightweight overseas configurations while prioritizing local talent adaptation and language strategies [7] - Huang Kai, founder of Xiaoguangzi, stresses the necessity of direct engagement with overseas users to avoid disconnection and to optimize product feedback [9] Group 2: Market Promotion and Brand Building - Xiaoguangzi established groups on overseas social networks to engage seed users and provide customer support, leveraging user-generated content (UGC) for effective brand promotion [9][10] - Liu Chao believes that establishing brand trust gradually is crucial, advocating for direct sales methods to ensure feedback loops and product definition [10] - Raven emphasizes the significance of leveraging trusted brands or influential figures for brand endorsement, which can significantly enhance brand visibility [10] Group 3: Partner Expansion - The article identifies three key groups for overseas companies to connect with: the decision-makers of partners, investors, and industry KOLs [10] - Liu Chao shares his experience of directly meeting with a German partner's CEO, highlighting the effectiveness of face-to-face communication in building trust [10] - Raven points out that investor resources can facilitate direct connections with key individuals in potential partnerships, enhancing project advancement [10][11]

Core Viewpoint - The article emphasizes the importance of demonstrating the true value of HR departments, shifting the perception from a cost center to a strategic driver of business outcomes through the HR value chain model [3][4]. Summary by Sections HR Value Chain Concept - The HR value chain is a structured tool that connects HR activities to significant business outcomes, helping to illustrate how HR contributes to organizational performance [6][8]. - Originating from research by J. Paauwe and R. Richardson in 1997, the model outlines a three-stage process: HR management activities, HR management outcomes, and organizational goals [6][8]. HR Management Activities and Metrics - HR management activities include daily functions such as recruitment, compensation management, and training [8]. - Efficiency metrics are used to measure these activities, reflecting the efficiency of HR functions but not necessarily their impact on business outcomes [9]. HR Management Outcomes - HR management outcomes are traditional key performance indicators (KPIs) that reflect employee performance, influenced by both HR practices and line management [10][12]. - Positive HR outcomes are aimed at achieving higher employee retention, satisfaction, and attendance rates [10][12]. Organizational Goals and Business Outcomes - The final component of the HR value chain is organizational goals, which are strategic objectives that add value and ensure long-term sustainability for the company [13]. - Examples of these goals include market share, profit margins, and customer satisfaction [13]. Levels of HR Organizations - Different levels of HR organizations (Level 1, Level 2, Level 3) reflect varying degrees of maturity in aligning HR activities with business contributions [14][16]. - Advanced HR teams focus on the impact of talent policies on business performance, ensuring that investments in HR lead to measurable improvements in innovation and profitability [16][17]. Practical Application of HR Value Chain - To implement the HR value chain model, organizations should align HR strategies with business objectives, assess existing HR activities, identify gaps, prioritize strategic activities, and update KPIs to reflect HR's impact on business [17][18]. - Regular reviews and updates of the HR value chain are essential to maintain alignment with changing business priorities [18].