他在峰会上说道："在这个两极分化的时代，管理公司绝非博取好感的人气竞赛，要做出艰难的决策。" 马可·奥勒留（Marcus Aurelius）既是罗马皇帝，也是斯多葛学派哲学家。图片来源：PAOLO GAETANO—Getty Images 在充满不确定性的时代，如今领导者面临的问题并非脚下的根基是否会动摇，而是何时会动摇。要驾驭 这种不确定性，单凭战略规划与前瞻眼光是不够的，还需具备韧性、清醒的头脑和严于律己的内在品 质。对于牛津大学商学教授、不确定时代的领导力一书的作者卡蒂克·拉曼纳（Karthik Ramanna）而 言，这种思维方式在一种古老但日益重要的思想框架中得以体现：斯多葛主义。 拉曼纳表示，斯多葛主义曾是像马可·奥勒留和塞涅卡（Seneca）这样的古希腊政治家们奉行的思想， 如今在企业董事会和高管层中重新受到关注。事实上，推特（Twitter）创始人杰克·多尔西（Jack Dorsey）、风险投资家布拉德·费尔德（Brad Feld）以及GoDaddy前首席执行官布莱克·欧文（Blake Irving）都是斯多葛主义的当代践行者。但正如拉曼纳在2025年《哈佛商业评论》领导力峰会上所强调 的，斯 ...

Core Viewpoint - CATL's IPO in Hong Kong is set to be one of the largest in recent years, with an expected fundraising of $4 billion to $5 billion, coinciding with favorable developments in US-China trade relations that may enhance investor sentiment [1][2]. Group 1: IPO Details - CATL's Hong Kong IPO has attracted cornerstone investors with a total subscription of HKD 20.371 billion, accounting for 65.7% of the offering [2]. - The pricing strategy for the IPO is set at HKD 263 per share, which is only about 5% lower than its A-share price, indicating a strong value proposition aimed at long-term investors [2][3]. - The funds raised will primarily be allocated to the construction of CATL's factories in Hungary, which will enhance local supply chains and reduce logistics costs by 30% [3]. Group 2: Financial Health and Strategy - As of Q1 2025, CATL reported cash and cash equivalents exceeding CNY 321.3 billion, indicating that the IPO is not merely for capital replenishment but also for strategic partnerships with long-term investors [2][3]. - The IPO represents only 5% of CATL's total equity, with 90% of the raised funds directed towards the first and second phases of its Hungarian project [3]. Group 3: Market Position and Future Outlook - CATL's overseas revenue is projected to decline by 15% in 2024, but the company aims to mitigate risks associated with currency fluctuations and market competition through the IPO [3][4]. - The European market, where electric vehicle penetration is currently around 18%, presents significant growth opportunities for CATL, especially in the context of increasing demand for energy storage [4]. - CATL's collaboration with Ford to supply lithium iron phosphate batteries starting in 2026 is expected to bolster its position in the US market, despite previous challenges [5].

图片来源：DaniloAndjus / Getty Images 从摩根大通（J.P. Morgan）到美国资管公司阿波罗（Apollo）的经济学家均发出预警：美国或将出现经 济衰退。鉴于此，美国民众正将资金托付给更加稳健的政府——瑞士，并在那里大规模开设投资账户、 抢购黄金。 瑞士咨询公司Alpen Partners International首席执行官皮埃尔·加布里斯在接受美国全国广播公司（NBC） 新闻采访时表示："可谓是接踵而至"。 自特朗普对国际贸易挥舞关税大棒以来，美国经济陷入混乱。在4月2日这个其自称的"解放日"，特朗普 宣布对所有美国进口商品征收10%的基准关税。受惊的投资者迅速抛售股票和美债，导致全球股市市值 蒸发10万亿美元。随后在4月9日，特朗普宣布"暂缓"征收部分关税。 不同于在低谷抛售或试图进行波段操作的策略，美国富豪们正在多元化其投资组合，并押注全球最安全 稳定的经济体：瑞士。 瑞士缘何吸引美国富豪 瑞士百达银行（Pictet）向美国全国广播公司透露，其在美国证券交易委员会（SEC）注册的瑞士实体 机构迎来了客户咨询量的"显著增长"。 受益于客户"去美国化"的投资策略，Alpen ...

在现任美国总统唐纳德·特朗普于2024年11月5日胜选前后的数周之内，特斯拉（Tesla）的股价经历了公 开上市股票历史上最惊人的涨势之一，在短短一个多月的时间里，其股价涨幅超过50%，市值增加了近 5,000亿美元。 这一波涨势扭转了特斯拉在过去三年来的颓势。此前，这家电动汽车制造商的基本面持续恶化，首席执 行官埃隆·马斯克屡次未能兑现其关于全自动驾驶汽车和经济型大众市场车型的承诺，令投资者大失所 望。但在2024年10月，马斯克承诺将在2025年的年中开始生产期待已久的Cybercab无人驾驶出租车。更 为重要的是：在2024年的美国总统大选过后，投资者认为马斯克作为特朗普经济团队里备受瞩目的成员 的新身份，有望引领特斯拉重振雄风。马斯克通过美国政府效率部（Department of Government Efficiency）在削减联邦官僚机构方面取得的初步成果，唤醒了特斯拉的支持者们对马斯克那种化不可 能为可能的魔力的信念。 埃隆·马斯克的政治活动引发争议，而这一情况对特斯拉的销量与股价造成负面影响。图片来源：Chip Somodevilla—Getty Images 然而，这种魔力很快就消失了。如今 ...

Core Insights - Mark Lore, a billionaire entrepreneur, is focused on building Wonder, a virtual food hall aimed at revolutionizing food delivery and dining experiences [2][3][28] - Lore's ambition is to create a platform that meets all food delivery needs for families, integrating various food options through an AI-driven application [3][10] - The company plans to expand its physical presence significantly, with a target of 90 locations by the end of 2025 [5][28] Company Overview - Wonder operates 39 locations across six states, primarily in New Jersey and New York, with plans to increase to 90 by the end of 2023 [2][5] - The company has raised $1.5 billion in funding and has made strategic acquisitions, including Blue Apron and Grubhub, to enhance its service offerings [2][26] - Wonder aims to become the "Amazon of the food industry," providing a diverse range of meal options through its app [2][3] Business Model and Strategy - Wonder's business model includes a mix of in-house prepared meals and partnerships with existing restaurants, offering over 500 menu items at each location [10][27] - The company utilizes AI to personalize meal recommendations based on individual preferences and dietary needs [3][10] - Lore emphasizes the importance of adapting the business strategy based on market feedback, shifting from a delivery-only model to incorporating physical locations [27][28] Market Challenges - The food delivery industry is highly competitive, with significant challenges in maintaining food quality and customer loyalty [27][28] - Wonder's ratings on Google vary widely, indicating inconsistency in food quality, which poses a risk to customer retention [27][28] - Despite ambitious growth plans, the timeline for an IPO has been adjusted to 2029, reflecting the uncertainties in achieving sustainable profitability [28]

马来西亚柔佛州即将建成的"探索新城"办公楼的内部设计效果图。图片来源：Courtesy of ZA 19世纪40年代，新加坡的华人先民横渡柔佛海峡（Johor Strait），在马来西亚柔佛州的原始丛林中披荆 斩棘，建立起绵延不绝的黑胡椒种植园。20世纪的英国殖民时期，这些胡椒农场逐渐被广袤的橡胶林与 油棕榈园所取代。如今，在同一片土地上，柔佛州正在悉心培育数字时代的新型经济作物——为缓解全 球算力饥渴而建设的人工智能数据中心群。 柔佛的数据中心建设狂潮，与当年改种胡椒的产业转型如出一辙，根源都在新加坡的资源瓶颈。这个城 邦国家虽然贵为东南亚的数字中枢，却连水电供给都依赖进口。2019年，因为庞然巨物般的数据中心不 仅消耗大量水资源，更消耗了新加坡7%的电力，政府不得不叫停新建项目。投资方与运营商旋即跨海 而来，在土地成本优势显著、能源供给充沛，以及矢志助推数字经济发展的马来西亚落子布局。 而柔佛跻身数据中心重镇的另一关键推力，在于全球算力争夺战的白热化。尽管新加坡在2022年1月已 经放开数据中心禁令，但岁末ChatGPT的震撼问世引爆全球人工智能基础设施需求，也在马来西亚掀起 新一轮的投资狂潮。房地产咨询 ...

Core Viewpoint - The article discusses the impact of the tariff war on U.S. companies, leading to significant reductions in advertising spending as businesses prepare for a challenging economic outlook in 2025 [1][2]. Group 1: Advertising Industry Response - Major advertising firms like Publicis Groupe and Omnicom Group report that while their clients have not yet cut marketing budgets due to the tariff war, future difficulties are anticipated [1]. - Publicis CEO Arthur Sadoun indicated that many clients face challenging situations due to tariff uncertainties, inflation, and geopolitical instability, suggesting potential budget cuts in the remaining months of the year [1][2]. - Omnicom has lowered its growth forecast for the year from 3.5% to 2.5%, reflecting a cautious outlook amid the current economic climate [2]. Group 2: Sector-Specific Insights - The automotive sector, represented by Forvia SE, is particularly vulnerable to trade war impacts, leading to significant cuts in marketing and travel expenses [1]. - Analysts suggest that reducing advertising budgets is a logical response for companies in uncertain environments, as it is easier than layoffs or store closures [2]. Group 3: Historical Context and Strategic Shifts - Historical lessons indicate that drastic cuts in advertising during economic downturns can harm long-term business prospects, as seen in previous crises [3]. - Analysts emphasize that during economic slowdowns, companies should focus on strategic spending in areas with clear conversion metrics, potentially reducing expenditures on less effective channels like television advertising [3][4]. Group 4: Current Market Performance - Alphabet's search advertising revenue reached $50.7 billion in Q1, exceeding analyst expectations, driven by sectors like insurance, retail, healthcare, and travel [4]. - The upcoming earnings reports from Meta and Amazon are anticipated with caution, as investors seek signs of a slowdown in the advertising market [4].

图片来源：Getty Images—Samir Hussein/WireImage 特温尼表示："当前融资形势之严峻远超以往，投资者与各国政府都在应对瞬息万变且充满变数的政治 和市场环境。"（财富中文网） 译者：中慧言-王芳 在财富Plus，网友们对这篇文章发表了许多有深度和思想的观点。一起来看看吧。也欢迎你加入我们，谈谈你的 想法。今日其他热议话题： 加拿大初创企业通用核聚变公司（General Fusion Inc.）得到了杰夫·贝佐斯（Jeff Bezos）的支持。在成 功筹集逾3亿美元资金用于推进恒星能量利用系统研发后，该公司正向投资者发出呼吁。 该公司首席执行官格雷格·特温尼（Greg Twinney）在周一的一封公开信中写道："我们已准备好执行计 划，但当前的经济和地缘政治环境迫使我们等待时机。如今，我们亟需的，仅是推进此项工作的资金支 持。" 根据公开信内容，通用核聚变公司正积极与投资者、采购方及多国政府探讨战略方案。 据该公司发言人格蕾丝·皮奇（Grace Peach）称，由于资金短缺，该公司已解雇了至少四分之一员工， 并着手缩减运营规模。通用核聚变公司还在寻求筹措1.25亿美元额外资金，以完 ...

图片来源：Kevin Mazur/Getty Images for Robin Hood 曾 预言"黑色星期一"股市崩盘的对冲基金传奇人物保罗·都铎·琼斯，再次对华尔街做出悲观预测。 他在周二早晨表示，由于唐纳德·特朗普推行的关税政策，美股很可能将"跌至新低"。即便将对华关税 从当前的145%下调至50%，这一趋势仍有可能无法避免。 琼斯在接受CNBC采访时表示："对我而言，情况已经非常明确。特朗普坚持推行关税政策，美联储则 坚决不降息。这样的组合对股市极为不利。" 琼斯表示："当股市跌至新低时，真正艰难的日子就会开始，那时可能会促使美联储采取行动，也会促 使特朗普做出改变。到那时，我们才可能回归某种现实。"(财富中文网） 译者：郝秀 审校：汪皓 在财富Plus，网友们对这篇文章发表了许多有深度和思想的观点。一起来看看吧。也欢迎你加入我们，谈谈你的 想法。今日其他热议话题： 查看《松下计划全球裁员10000人》的精彩观点 查看《中美瑞士贸易谈判能否成为世界经济的风向标？》的精彩观点 推荐阅读 他预计特朗普最终会下调对华关税，但即使如此，他依然认为这将对经济增长造成显著影响。 琼斯表示："特朗普会把关税调降到5 ...

Core Viewpoint - OpenAI has decided to maintain control under its non-profit organization after months of implementing a for-profit transformation plan, emphasizing a balance between shareholder interests and its mission as a public benefit corporation [1][3]. Group 1: Organizational Structure - OpenAI's CEO Sam Altman stated that the transition from a limited liability company to a public benefit corporation aims to clarify the company's structure for better operational efficiency [2]. - The non-profit organization will retain control over the new public benefit corporation, with board members likely to be selected from the current non-profit board [1][3]. Group 2: Financial Strategy - OpenAI has removed its previously set profit cap, citing that market demand for AI tools exceeds expectations, which will facilitate easier access to capital for mergers and acquisitions [3]. - OpenAI's valuation has reached $300 billion, with its flagship product ChatGPT achieving a weekly user base of 400 million [3]. Group 3: Legal and Regulatory Challenges - OpenAI faces scrutiny from the attorneys general of Delaware and California regarding its restructuring plans, with ongoing evaluations of the implications for its charitable mission [3][5]. - Concerns have been raised by former employees and advocates about the potential risks of prioritizing profit over public safety in AI development [5]. Group 4: Investment Landscape - Altman believes that OpenAI will secure significant investment from SoftBank Group, which announced plans to form a joint venture with OpenAI to advance AI services [6]. - Microsoft remains OpenAI's largest investor, although it has not commented on the recent developments [7].