Core Viewpoint - Berkshire Hathaway, under the potential leadership of Greg Abel, may consider selling its 325 million shares of Kraft Heinz, indicating a shift in investment strategy from Warren Buffett's traditional approach of holding onto acquired assets [1][2]. Group 1: Company Background - Kraft Heinz was formed in 2015 through a merger facilitated by Warren Buffett and 3G Capital, with Berkshire Hathaway holding a significant stake in the company [1]. - The company has faced challenges as consumer preferences shift towards private label brands and away from processed foods, leading to a reassessment of its brand value [1]. Group 2: Financial Implications - Berkshire Hathaway recorded a $3.76 billion impairment on its Kraft Heinz investment last year, reflecting concerns over the company's performance [1]. - Following the announcement of potential share sales, Kraft Heinz's stock price dropped nearly 4%, closing at $22.85 [2]. Group 3: Leadership Transition - Greg Abel, who has been managing non-insurance businesses since 2018, officially became CEO on January 1, 2023, and is expected to bring a different leadership style compared to Buffett [2]. - Analysts speculate that Abel may evaluate all subsidiaries and divest those that do not meet internal performance standards, marking a significant shift in Berkshire's operational strategy [2][3]. Group 4: Market Reactions - The market reacted negatively to the news of potential share sales, with Kraft Heinz's stock experiencing a decline [2]. - There is speculation that large buyers may be waiting in the wings to acquire Berkshire's substantial stake in Kraft Heinz, given the challenges of selling such a large position in the open market [3].

Core Viewpoint - The article highlights a significant shift in China's consumer landscape, contrasting the performance of traditional consumer brands like Kweichow Moutai with new consumer brands like Pop Mart, indicating a transition towards "new" consumption driven by changing demographics, real estate cycles, and evolving consumer values [1][3]. Group 1: Company Performance - Kweichow Moutai announced a stock buyback plan of 1.5 to 3 billion yuan but saw its stock price decline after the initial buyback, reflecting a defensive market perception [1][3]. - In contrast, Pop Mart's stock buyback of 350 million HKD led to a market capitalization increase of nearly 60 billion HKD within a week, showcasing a strong growth narrative [1][3]. - On January 29, Kweichow Moutai's stock experienced a rare surge, recovering to over 1400 yuan, which also positively impacted other liquor stocks and the real estate sector [3]. Group 2: Market Dynamics - The article discusses the divergence in investment logic between traditional and new consumer brands, with the former viewed as defensive and the latter as growth-oriented [3][4]. - Traditional consumer stocks, particularly in the liquor sector, are closely tied to macroeconomic conditions and the real estate cycle, which has been under pressure, leading to a challenging environment for recovery [3][4]. - New consumer brands like Pop Mart, Anta, and Li Ning are not solely reliant on macroeconomic support but are leveraging innovation to create structural growth opportunities [4][5]. Group 3: Growth Drivers - The core driver for new consumption has shifted from "demographic dividends" to "emotional dividends," focusing on consumer identity and self-expression rather than basic material needs [4][5]. - The Hong Kong consumer index, which includes new consumption sectors, saw a cumulative increase of about 20% in 2025, while the Shanghai consumer index, dominated by traditional sectors, fell nearly 8% [4]. Group 4: International Expansion - Traditional consumer companies lacking international expansion capabilities face stagnation, while new consumer brands are showing strong growth overseas, with Pop Mart reporting a 3.7 times increase in overseas revenue by Q3 2025 [5]. - Successful international strategies are evident in brands like Anta and Li Ning, which are expanding rapidly in Southeast Asia, indicating a shift from "Made in China" to "Global Brands" [5]. Group 5: Valuation and Investment Considerations - Traditional consumer leaders like Kweichow Moutai still hold strong market positions and stable cash flows, with their valuations entering historically low ranges, appealing to risk-averse investors [6]. - New consumer brands face unique challenges, such as sustaining IP creation and managing acquisitions, with high valuations making them sensitive to any signs of growth slowdown [6][7]. - The sustainability of "self-indulgent" consumption is questioned, as it relies on consumer sentiment and disposable income, which may be the first to be scrutinized in uncertain economic times [8].

Core Viewpoint - The article highlights the transformative journey of the Chinese pharmaceutical industry from "catching up" to "leading," exemplified by the career of Qian Jiang, who has witnessed and contributed to significant changes over three decades [4][6]. Group 1: Career Development and Industry Changes - Qian Jiang's career reflects the evolution of the Chinese pharmaceutical sector, transitioning from a time when patients waited 8-10 years for innovative drugs to a present where rapid advancements are being made [1][4]. - The pharmaceutical industry in China is experiencing a shift towards innovation, with Qian emphasizing the importance of embracing change and technology, particularly artificial intelligence, to enhance efficiency and speed in drug development [8][9]. - The average time for scientific innovation to reach clinical application remains at 17 years, highlighting a significant gap that the industry aims to close [8]. Group 2: Personal Philosophy and Leadership - Qian Jiang views himself as a "fortunate child of the era," attributing his career advancements to the broader changes in the pharmaceutical landscape [3][11]. - His leadership philosophy centers on the idea that the role of pharmaceutical executives has evolved from mere management to becoming pioneers who connect global and local innovation ecosystems [14][15]. - The commitment to patient-centered care is a core value for Qian, emphasizing that the ultimate goal of pharmaceutical work is to improve patients' lives [19][20]. Group 3: Strategic Vision for BMS - BMS China aims to leverage its long-standing presence and adapt to the changing pharmaceutical ecosystem by fostering innovation and collaboration [15][16]. - The company’s strategy includes a commitment to delivering innovative drugs more rapidly to patients, reflecting a long-term vision for growth and value creation [16][24]. - Qian Jiang's experience in both multinational corporations and local biotech firms positions him uniquely to drive BMS's strategic initiatives in China [13][14].

Core Insights - Citigroup, led by CEO Jane Fraser, is proactively implementing mandatory AI training for its 175,000 employees across 80 global locations to help them adapt to the changing workplace dynamics brought about by AI technology [2][3][4]. Group 1: AI Training Implementation - Citigroup has confirmed that it sent a memo to its 175,000 employees, mandating AI training with a focus on prompt engineering to alleviate fears and misconceptions about AI tools [3]. - The training aims to enhance employees' skills in using AI tools effectively, which is expected to benefit their work and lives significantly [3][4]. - Fraser emphasizes that the training is not just an investment in employees' livelihoods but also a strategic move for the company, as about 50% of new positions are filled by internal employees [4]. Group 2: Training Outcomes and Effectiveness - The AI training program has shown significant results, with employees inputting over 6.5 million prompts into the company's AI tools last year [4]. - The internal memo indicated that the use of AI has drastically reduced the time required for tasks, with some jobs that previously took hours now completed in minutes [4]. - By Q4 2025, the usage rate of Citigroup's proprietary AI tools is projected to reach 70%, with over 21 million interactions from employees across 84 countries [4]. Group 3: Employee Perspective and Support - The training initiative is designed to reassure employees that AI is a collaborative partner rather than a threat to their careers [5]. - Experts suggest that such training is crucial in reinforcing the understanding that AI acts as a co-pilot in the workplace, rather than a replacement for human roles [5].

Core Viewpoint - The recent restructuring of TikTok's U.S. operations has led to significant user backlash, with accusations of censorship and content suppression emerging shortly after the transition to a new ownership structure [1][4][5]. Group 1: User Reactions and Censorship Claims - Users have reported that posts containing certain keywords are unable to be published on TikTok, leading to the trending hashtag TikTokCensorship on social media platforms [3]. - Prominent figures, including singer Billie Eilish, have expressed concerns that TikTok is "silencing our voices," highlighting a perceived decline in engagement for critical content [3]. - California Governor Gavin Newsom announced an investigation into TikTok following numerous user complaints about potential censorship related to political content [3]. Group 2: Ownership Structure and Data Management - TikTok has been split into two entities: one for the U.S. market and another for the rest of the world, with a new joint venture, TikTok USDS Joint Venture, established to manage U.S. operations [4][5]. - The new ownership structure includes significant stakes from American companies such as Oracle, Silver Lake, and the Abu Dhabi sovereign wealth fund, collectively holding approximately 80.1% of the new entity, while ByteDance retains a minority stake of 19.9% [4][5]. - All U.S. user data will be migrated to Oracle's cloud servers, with local oversight of content moderation and algorithm management [5]. Group 3: Historical Context and Political Implications - TikTok has faced scrutiny in the U.S. since 2020, being labeled a national security threat due to concerns over data privacy and potential influence from the Chinese government [6][7]. - Despite efforts like "Project Texas," which aimed to localize data and increase transparency, legislative pressure led to the requirement for a complete divestment from ByteDance [7]. - The new ownership's ties to political figures, particularly those aligned with former President Trump, raise concerns about potential biases in content moderation and algorithmic decisions, reminiscent of controversies surrounding other social media platforms [8].

Core Viewpoint - Despite soaring corporate profits and continuous GDP growth in the U.S., the labor force has not shared in the prosperity, with labor compensation's share of GDP declining to its lowest level since 1947 [1][2]. Group 1: Labor Market Trends - Labor compensation's share of GDP is projected to drop to 53.8% by Q3 2025, down from 54.6% in the previous quarter and below the decade average of 55.6% [1]. - The U.S. unemployment rate slightly decreased to 4.4% in December 2025, but remains higher than the 4.1% rate from a year prior, with only 584,000 new jobs added in 2025 compared to 2 million in 2024 [2]. Group 2: Economic Disparities - The contrasting performance of corporate profits and labor market data raises concerns about a "no job growth" phenomenon, exacerbating the K-shaped economic recovery where the rich get richer and the poor get poorer [4]. - The decline in labor income share is attributed to wealth distribution favoring capital, with automation replacing human jobs while productivity continues to rise [4][5]. Group 3: Automation and Job Replacement - Automation is expected to replace 25% of total work hours, with AI-driven productivity improvements potentially leading to a 6% to 7% job loss, equating to up to 1 million unemployed individuals [5]. - Despite the potential job losses from automation, new job creation from technological advancements may mitigate the impact [5]. Group 4: Immigration Policy Impact - Tightened immigration policies have led to a reduction of 881,000 foreign workers since January 2025, which has negatively affected job opportunities for domestic workers [9]. - The decrease in foreign labor contradicts claims that such policies would increase the domestic labor force, as evidenced by rising unemployment rates [9][10]. Group 5: Skills Training and Workforce Development - Addressing the automation trend and expanding the labor force requires a focus on skills training and retraining programs, which have not received adequate resources from both political parties [11][12]. - A significant increase in enrollment in vocational schools among Generation Z indicates a shift towards careers less susceptible to automation, with a 16% rise in community college enrollment for vocational programs in 2024 [11].

Core Insights - Mary Barra, CEO of General Motors, emphasizes personal communication by responding to every letter she receives, showcasing her commitment to customer engagement and brand loyalty [2][3] - This approach not only humanizes the corporate leadership but also fosters a sense of connection between the company and its stakeholders [3][4] Group 1: Personal Communication - Barra's practice of replying to letters, whether they express positive or negative sentiments, reflects her belief in the importance of communication [2] - The act of writing personalized responses has been shown to build lasting respect and loyalty towards the brand, as illustrated by the experience of Caroline Rodz, who felt encouraged and valued after receiving a reply from Barra [4] Group 2: Leadership Practices - Other CEOs, such as Chris Tomasso of First Watch, also value handwritten communication, believing it to be a significant leadership ritual that acknowledges employee loyalty [5] - Jeffrey Van Raamdonk, CEO of Saks, maintains a practice of writing thank-you notes, adapting to modern communication methods while keeping the essence of personal touch [6] Group 3: Impact of Personal Touch - The emphasis on personal communication in leadership roles highlights the enduring value of human connection in an increasingly automated business environment [4][5] - Leaders who engage in personalized communication not only enhance their brand's image but also create opportunities for meaningful relationships that can lead to future business prospects [6]

人工智能无疑是当今科技领域的核心议题，但它远非故事的全部，我们发布的第28期《财富》全球最受 赞赏的公司排行榜的全明星榜单便是明证。 这份榜单基于对约3,000名企业高管、董事及分析师的问卷调查得出的年度企业声誉排行，苹果 （Apple）连续第19年摘得榜首桂冠。尽管观察人士对其在人工智能领域的进展不乏忧虑，但调研受访 者不仅重视创新成果，也看重企业在人才、资本与供应链方面的管理能力。因此，苹果依然斩获最高评 分。 图片来源：视觉中国 人工智能仍然是影响今年榜单格局的关键力量：图形处理器巨头英伟达（Nvidia）高居第四位；芯片巨 头台积电第二年登上全明星榜单，排名由去年的45位上升至36位；两家新晋上榜企业的崛起同样得益于 人工智能浪潮的推动，它们是芯片制造商AMD（第48位）与企业级科技平台公司Workday（并列第49 位）。 在行业榜上，中国有6家公司入围，比去年多一家，分别是：计算机行业排在第6位的 联想 、第7位的 华硕电脑 ；互联网服务和零售行业排在第3位的 阿里巴巴 、第7位的 腾讯 、第8位的 美团 ；以及半导 体行业排在第2位的 台积电 。 ——本刊编辑部 苹果 图片来源：视觉中国 英伟达 ...

在当今劳动力市场，技术的获取已不再构成竞争优势，人类能力才是关键。在颠覆性变革与不确定 性叠加的时代，人工智能正重塑工作模式，那些在韧性、同理心和创造力等方面展现出卓越能力的 员工，将愈发受到企业的倚重。然而，人工智能驱动的变革正不断提速，这些能力面临着被弱化的 风险（恰在最为需要这些能力的时刻）。麦肯锡健康研究院与世界经济论坛的最新研究指出，人工 智能时代的赢家，会以投入技术的同等雄心，大力投资"脑力资本"。 脑力资本是与物质资本、金融资本同等重要的经济资产。它建立在两大基石之上。其一是脑健康， 指大脑功能处于最佳状态，需通过预防和治疗精神疾病、神经系统疾病及物质使用障碍问题来实 现。其二为脑技能，涵盖认知能力、人际交往能力、自我领导力及技术素养，这些能力使人们能够 适应变化、开拓创新并发挥领导作用。二者相互依存：良好的脑健康有助于提升脑技能，反之亦 然。 鉴于医疗成本持续攀升，再加上大脑相关疾病致残负担急剧加重，脑力资本建设的经济价值日益凸 显，已经达到前所未有的程度。麦肯锡健康研究院估算，通过现有干预手段改善脑健康状况，到 2050年每年可为全球国内生产总值累计贡献高达6.2万亿美元，同时还能挽回数以百 ...

亚当·普雷瑟（ Adam Presser ）是 TikTok 美国合资企业新任首席执行官。图片来源： Jon Kopaloff—Getty Images for TikTok 哈佛双学位毕业生亚当·普雷瑟将执掌TikTok新成立的美国合资企业，他计划借这家中国企业应对美 国监管调整的发展契机，推动公司实现长期成功。 根据其领英资料，2022年4月至2023年7月期间，他曾任TikTok首席执行官周受资的首席幕僚，之后 逐步晋升为运营主管，最终出任TikTok运营与信任安全负责人。这位驻洛杉矶的高管如今面临科技 界最具政治敏感性的挑战之一：掌舵TikTok新成立的美国实体，既要打消美国政府的监管顾虑，又 要留住用户。 TikTok未立即回应《财富》杂志置评请求。 不过，凭借顶尖的教育背景和近20年的企业从业经历，普雷瑟或已为应对这一挑战做好充分准备。 他高中就读于私立名校哈佛西湖中学，随后进入耶鲁大学深造，获得汉语言文学学士学位及东亚研 究硕士学位。在耶鲁求学期间，普雷瑟获得理查德·莱特奖学金，赴中国进行汉语研修。 他在2023年接受洛杉矶约翰·托马斯·戴伊学校（升入哈佛西湖中学前就读的学校）校友访谈时透 露， ...