Core Insights - The article emphasizes the need for businesses to adapt to a rapidly changing global environment characterized by geopolitical tensions, economic fragmentation, and technological advancements [2][4][41] Group 1: Geopolitical and Economic Trends - The decline of the liberal international order is accelerating, leading to increased geopolitical tensions and economic fragmentation [8][9] - Businesses must navigate a more fragmented global market with diverse regulatory and compliance risks [10][12] - The weakening of multilateral cooperation in areas like climate governance and public health increases uncertainty for cross-border operations [10][12] Group 2: Strategic Responses for Businesses - Companies are encouraged to adopt strategic hedging by diversifying supply chains and partnerships across geopolitical regions to mitigate risks [10][12] - There is a growing expectation for businesses to take on more social responsibility, particularly in education and community integration [13][18] - Firms should enhance their operational resilience by optimizing supply chain structures and integrating advanced technologies [28][30] Group 3: Technological Advancements - The rapid evolution of artificial intelligence is driving transformative changes across various sectors, necessitating a new understanding of its implications [31][36] - Companies must focus on building AI-ready talent and leveraging data as a competitive advantage [36][39] Group 4: Resource Management and Sustainability - The strategic importance of critical minerals is rising, with companies needing to ensure resource security through long-term contracts and geopolitical due diligence [34][35] - Businesses should prioritize sustainability and ethical compliance in their supply chain practices to mitigate reputational risks [35][42] Group 5: Future Outlook - The global economic landscape is shifting towards a more multipolar currency system, requiring businesses to diversify their currency exposure [26][27] - Companies must proactively define their development goals and establish sustainable operational pathways to thrive amid uncertainty [23][41]

Core Insights - The field of autoimmune diseases is rapidly evolving, with a competitive research pipeline reshaping market dynamics, drawing parallels from the advancements in hematologic oncology [1][2] - The significant breakthroughs in hematologic oncology over the past 15 years have led to unprecedented treatment options, which can serve as a model for the development of autoimmune therapies [1][4] Group 1: Treatment Innovations - The rapid expansion of diverse targets such as checkpoint inhibitors (e.g., PD-1), cell therapies (e.g., CD19, CD20), and targeted therapies (e.g., BTK, Bcl2) has provided multiple treatment options in hematologic oncology, emphasizing the need for biomarker-driven patient stratification [3] - The past decade has seen the introduction of several groundbreaking drugs in hematologic oncology, with a similar pace of innovation expected in the immunology field [8] - Multi-indication products like Bcl2 inhibitors and BTK inhibitors have significantly improved treatment outcomes in lymphoid cancers, showcasing the potential for similar advancements in autoimmune diseases [10] Group 2: Patient Outcomes and Quality of Life - The introduction of 15 new therapies from 2003 to 2021 has increased the five-year survival rate for multiple myeloma patients in the U.S. from 29% in the 1990s to 62% in 2021, highlighting the impact of modern treatments on patient outcomes [10] - In the realm of severe asthma, the introduction of biologics has led to a significant reduction in mortality rates, demonstrating the potential for improved patient outcomes in autoimmune diseases [12][13] Group 3: Strategic Insights for the Industry - The evolution of treatment strategies in hematologic oncology, from broad disease control to curative approaches, provides a blueprint for the next phase of autoimmune disease development [14][16] - The industry must learn from the successes and challenges faced in hematologic oncology to navigate the rapidly changing healthcare landscape for autoimmune diseases [18] - Key differences between autoimmune diseases and hematologic cancers include the chronic nature of autoimmune diseases, which require long-term management rather than immediate intervention, and the larger patient population affected [18] Group 4: Future Directions - The future of autoimmune disease treatment is likely to be driven by combination strategies, biomarker-based precision medicine, and sequential approaches rather than solely relying on single-agent efficacy [20] - The current technological environment, including AI-driven drug discovery and real-world evidence integration, presents new opportunities for accelerating innovation and improving patient outcomes [22]

收入增长管理（RGM）已经从投资热议的概念，转变为董事会的战略要务。过去12个月，全球 前20大消费品公司中，有超过半数企业明确指出， RGM是其定价能力、利润保护及高质量增长 的核心 ，已然成为兑现盈利承诺、提振股东信心的"硬通货"。如今，RGM已跻身CEO核心议 程，既是实现短期业绩的助推器，更是创造长期股东价值的关键引擎。 随着这一认知的深化，企业关注的重点也随之转变，不再纠结于"是否需要建立RGM能力"，而 是聚焦于 "如何通过合理的组织架构、资源配置与赋能机制，实现RGM能力的规模化落地" 。很 多企业已经着手建立恰当的组织架构与资源配置，确保为RGM提供坚实支撑。例如，推动该职 能与盈亏（P&L）负责人密切协同，通过区域中心与共享服务实现能力的规模化，并依托治理完 善、AI驱动的智能代理实现收入增长管理的落地，确保责权清晰。这些变革正在推动RGM从传 统的支持职能，跃升为 定价、包型-价格架构（PPA）、促销策略、产品组合及渠道条款 等关键 商业决策的核心驱动力。 然而，实现RGM的全面规模化仍然任重道远。尽管有67%的CEO认可其是驱动卓越财务表现的关 键赋能因素，但仅有三分之一的RGM负责人认 ...

科尔尼医疗与生命科学团队 近期在《Nature Reviews Drug Discovery》发表论文，分析了自身免疫疾 病领域的发展趋势。过去几十年，通过 细胞因子靶向 实现的 免疫调节 进展推动了治疗创新，据IQVIA 数据，全球自身免疫药物市场在2023年已达到1560亿美元，年复合增长率为15%。这个时代的标志是 肿瘤坏死因子α抑制剂的成功 （现已成为许多疾病的标准治疗）以及 白细胞抑制剂 的出现。然而，推 动此轮增长的明星产品，如修美乐（UMIRA (anti-TNF)）和喜达诺（STELARA (anti-IL-12/23)），如今 面临生物类似药的竞争，而其他领先产品，如达必妥（DUPIXENT (IL-4/13)）和喜开瑞（SKYRIZI (IL- 23)），则在各自适应症中设定了很高的"疗效天花板"。下一个突破性创新时代将与今天大不相同。 未来三到五年，我们预计市场将继续增长，主要驱动力是JAK抑制剂和IL抑制剂在多疾病领域的上市， 以及首创药物（尤其是TNFα以外的TNF靶点）的涌现——这些都将试图提高自身免疫疾病的疗效标 准。 本文探讨自身免疫疾病的研发技术趋势，并分析其影响。 自身免疫 ...

伟大的企业，是让员工可以骄傲地离开。每一位自科尔尼毕业的同事，都带着他们对商业的深刻理解，对 专业与职业的精进追求，在各自的领域成功驰骋，完美绽放。我们邀请每位"科班出身"的毕业校友来分享 职场发展与人生经历，以此了解科尔尼带给他们的改变和他们在"后科尔尼"时期丰富而精彩的人生。 何飞博士，材料科学家、技术创新领军者，曾在科尔尼上海办公室任职，之后在一家总部位于荷兰的顶 尖化工集团担任多项高管职位，后创立新材料初创企业，成为业内具有代表性的创新者。 从北大化学系，到 UC Davis 博士，再到美国国家强磁场实验室博士后，后又获得美国密歇根大学罗斯 商学院MBA学位，何飞始终在科学与商业的交汇处探索可能。他发表多篇论文，拥有20余项专利，以 稳扎稳打的脚步在跨界路径中找到属于自己的方向。 在宏大与微芒之间找到坐标 如果推荐一本书或电影，您会推荐什么？为什么？ 我最推荐刘慈欣的《三体》三部曲。它把人类放在更宏大的宇宙背景下，让我们在纷繁复杂的现实 里重新校准视角，告诉我们哪些值得执着，哪些值得敬畏。 什么让您重新充满能量？ 运动和阅读，是我身心力量的来源。 灵感与目标从哪里而来？ 来自信任，也来自达成目标后的成 ...

Core Insights - The aftermarket service sector is expected to grow faster than overall product sales and GDP growth due to customers delaying new equipment purchases and focusing on enhancing existing equipment performance [1][2][4] - Original Equipment Manufacturers (OEMs) have opportunities to improve profit margins through strategies such as expanding networks, managing complexity, developing supplier solutions, and optimizing pricing [1][4] Group 1: Market Trends - The global industrial service market is projected to grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2030, driven by demand for maintenance, spare parts, and other value-added services [2] - In the North American machinery and new equipment market, the CAGR is expected to be only 1.12% from 2025 to 2029, indicating a stagnation in new equipment sales [2] - The Chinese aftermarket service market is anticipated to grow at a CAGR of 7.8% from 2025 to 2030, surpassing the global average, fueled by industrial upgrades and smart manufacturing [4] Group 2: Profitability and Pricing Strategies - Aftermarket services typically yield higher profit margins, with an average EBITDA margin of 27% compared to just 11% for new equipment sales, highlighting the importance of aftermarket services for OEM growth [4] - Companies often face pitfalls such as inconsistent cross-channel pricing and immature cross-selling strategies, leading to significant value loss, including profit losses of 10% or more [5] Group 3: Pricing Optimization Steps - Five key elements are essential for optimizing aftermarket service pricing capabilities, including price strategy, price setting, price execution, price monitoring, and enabling factors [6][15] - A clear pricing strategy should be established to optimize part pricing, taking into account the unique value propositions of parts and tailoring prices to different customer segments [8] - Price execution is crucial for adapting to market changes, requiring improved governance processes and enhanced contract management capabilities [12] Group 4: Additional Growth Opportunities - OEMs can enhance profitability and customer loyalty by unlocking growth potential in the aftermarket service sector through continuous evaluation and refinement of pricing strategies [17] - Bundling products or services can maximize customer value and increase sales, while upselling higher-value parts can help OEMs capture market share without sacrificing profit margins [17]

Core Viewpoint - The article discusses the dual challenges of decarbonization in hard-to-abate industries such as oil and gas, cement, and steel, highlighting the emergence of Carbon Capture, Utilization, and Storage (CCUS) technology as a solution to prevent carbon emissions from entering the atmosphere. However, the current global progress on CCUS projects is insufficient to meet the International Energy Agency's net-zero emissions roadmap due to economic factors, particularly the high costs associated with CCUS compared to low carbon prices in regulated markets [1][3]. Group 1: CCUS Technology and Economic Viability - Over 500 CCUS projects have been announced globally, but the average cost of CCUS is approximately $150 per ton, while carbon prices remain below $100 per ton in regulated markets [1][3]. - Future changes are anticipated as governments explore carbon pricing mechanisms and regulations to increase carbon prices, alongside technological advancements that will lower CCUS costs [3]. - Industry participants are beginning to optimize carbon transport and storage costs through the construction of centralized CCUS hubs, indicating a potential shift towards more economically viable CCUS solutions [3]. Group 2: CCUS Business Models - Four potential CCUS business models are identified for hard-to-abate industries: 1. **Decarbonization through CCUS**: Focuses on reducing the carbon footprint of operations and monetizing captured CO2 through enhanced oil recovery [5]. 2. **Value Creation through CCUS**: Captures carbon emissions from operations or other sources, potentially accessing additional carbon sources through CCUS hubs [6]. 3. **CCUS as a Service**: Offers full-chain CCUS services through carbon purchase agreements or partial services where clients deploy their own capture technologies [7]. 4. **CCUS Technology Provision**: Involves providing technology for CCUS projects and hubs, such as CO2 transport or oxygen combustion technologies [8]. Group 3: Key Market Opportunities - The article highlights five countries with significant CCUS potential: - **United States**: Announced projects totaling 308 million tons of CO2, with costs between $60-$85 per ton due to a combination of offshore and onshore storage advantages [10]. - **Canada**: Announced projects of 156 million tons of CO2, with costs around $50 per ton, benefiting from onshore storage [10]. - **Norway**: Announced projects of 123 million tons of CO2, with costs approximately $90 per ton, manageable due to coastal storage sites [10]. - **Germany**: Announced projects of 114 million tons of CO2, with similar costs to Norway but higher due to offshore storage in neighboring countries [10]. - **Denmark**: Announced projects of 56 million tons of CO2, with costs around $90 per ton, also benefiting from coastal proximity [10].

Core Viewpoint - The aviation industry can enhance value by focusing on every aspect of the passenger experience, from product design to service delivery, leading to improved customer satisfaction and financial performance [3][24]. Group 1: Value-Driven Design - The concept of "value-driven design" integrates industry experts and industrial designers to drive innovation and product-oriented transformation, enhancing passenger satisfaction and corporate profitability [3][4]. - Airlines are shifting from passive procurement roles to actively challenging the supplier-dominated landscape, particularly in China, where airlines are engaging in cabin product design and creating unique services [3][4]. Group 2: Product Redesign Impact - Simple product redesigns, such as switching to double-walled coffee cups, can significantly enhance passenger experience while reducing costs and environmental impact [5][10]. - A comprehensive cost model based on detailed product analysis can help airlines achieve high cost-performance ratios in seat design, potentially saving over 20% per seat [10][12]. Group 3: Cabin Kitchen Transformation - The initial moments of a passenger's journey involve numerous visual elements that impact their experience, highlighting the importance of detail in product design [14][18]. - A successful product transformation requires a collaborative approach across the value chain, improving both passenger experience and financial outcomes [14][22]. Group 4: Modular and Platform Design - Modular and platform designs can enhance operational efficiency and customization capabilities, allowing airlines to adapt to various service needs [18][19]. - The optimization of the entire supply chain, from planning to delivery, can significantly reduce complexity and costs while improving service consistency [19][22]. Group 5: Competitive Advantage through Detail - In a competitive aviation market, addressing every aspect of the passenger journey can create significant opportunities for differentiation and brand building [24].

Group 1: Current Market Environment - The renewable energy sector has shifted from rapid growth to facing complex challenges, with signs of friction emerging within the growth framework [2] - In the U.S., federal support for clean energy is significantly reduced, leading to increased investor caution and altered capital flows [4] - In Europe, 16 countries have renewable energy projects totaling 1,700 GW currently stalled due to grid access limitations, resulting in billions of euros in unexpected costs [4] - China's renewable energy industry is transitioning from reliance on policy subsidies to competition based on capabilities, exemplified by a recent pricing auction in Shandong province [4] Group 2: Value Creation Levers in Renewable Energy - A set of strategic and operational levers has been identified to enhance performance and manage risks across the renewable energy value chain [6] - Companies must focus on core markets and technologies while continuously adjusting their business models to ensure sustainable growth and profitability [8] - Prioritizing project pipelines and optimizing targeted projects are crucial for improving returns, as 30% of projects generate 80% of total value [9] - Engineering, procurement, and construction (EPC) decisions significantly impact project costs and timelines, with leading companies adopting customized EPC models [12] - Active asset management and targeted maintenance strategies can enhance performance and reduce operational costs, with some companies achieving 10% to 40% reductions in operating expenses [14] Group 3: Comprehensive Transformation for Competitive Advantage - Focusing solely on individual segments of the value chain is insufficient; a comprehensive transformation using a tailored end-to-end approach is essential for maintaining competitiveness [19] - Companies are encouraged to leverage digital and analytical technologies across the value chain to unlock new levels of operational and financial performance [16]

Core Insights - Electrification is a decisive infrastructure challenge and opportunity in the 2020s, with global passenger electric vehicle sales expected to exceed 17 million in 2024 and 20 million by the end of 2025 [1] - The integration of transportation, energy, and digital technologies is reshaping the entire value chain, but profitability remains uncertain, particularly for early movers in electric vehicle infrastructure [1][5] - Investors face a fundamental dilemma in allocating capital to drive transformation while achieving reliable infrastructure-like returns [1][5] Investment Framework - Infrastructure investors typically categorize assets into core and core-enhanced assets, with electric vehicle infrastructure presenting unique challenges due to uncertain demand and evolving technology standards [5][9] - Public charging infrastructure is capital-intensive but faces low average utilization rates, with European public charging stations averaging below 15% [5][9] - The shift from public funding to private capital requires a change in investment logic, emphasizing profitability and cost discipline [9] Emerging Trends - The Electrification-as-a-Service (EaaS) model bundles vehicles, charging, and energy into long-term service agreements, reducing demand risk and aligning incentives among stakeholders [6][15] - The current electric vehicle market is rapidly developing but unevenly, with China leading at nearly 40% penetration, followed by Europe at around 25%, and the U.S. lagging below 10% [9][12] - The integration of oil giants, utility companies, OEMs, and digital solution providers is creating both competitive and collaborative opportunities within the value chain [10] Profitability and Total Cost of Ownership (TCO) - TCO plays a critical role in consumer purchasing decisions, with subsidies significantly influencing sales, as seen in Germany's sharp decline in sales after subsidy cuts [12][13] - For commercial operators, TCO parity has been achieved in some regions for light commercial vehicles, but overall economic viability remains uncertain due to various cost factors [12][13] - Fluctuations in electricity prices and the absence of long-term supply contracts can erode profit margins, complicating the investment landscape [13] Risk Factors - Utilization risk remains a significant concern, with many public charging assets underperforming, necessitating careful contract design to mitigate revenue erosion [17][19] - Technological and reliability risks are heightened due to rapid hardware standard evolution, impacting the long-term viability of assets [17][19] - Structural risks must be managed through diversified revenue streams and resilient project designs to ensure sustainable returns [19][23] Strategic Opportunities - The most attractive investment opportunities lie in areas that can ensure dedicated utilization, such as fleet-based charging and long-term service contracts [28] - A balanced investment strategy should combine current infrastructure-like returns with future growth potential, particularly through EaaS models [15][26] - Collaborations among various stakeholders can enhance resilience and economic viability, as demonstrated by successful projects in the UK bus electrification sector [21][24]