会议现 场。周佩琳 摄 会议现场，福耀玻璃工业集团股份有限公司创始人(下称"福耀玻璃")、终身荣誉董事长曹德旺分享了传 统产业提升竞争力和可持续发展的问题，提示传统制造业在应对时代的发展变化时，要有穿越周期的信 心与定力，并建议大家要积极拥抱新技术、不断完善自我。 曹德旺介绍，如今，福耀玻璃已成为全球最大的汽车玻璃专业供应商，在中国18个省市和全球13个国家 设有生产基地和研发中心，占全球市场份额近40%。 "中国企业家从来不曾忘记一种精神，那就是'先天下之忧而忧，后天下之乐而乐'。"曹德旺表示，企业 不仅仅是为了赚钱，一定要为国家、社会和人民创造属于自己的价值。他75岁时，拿出100亿元，创办 福耀科技大学。 中新网广州12月1日电 题：海内外企业家羊城共话中国经济韧性与新质生产力 中新网记者 王坚 2025年"读懂中国"国际会议(广州)正在羊城举行。其间，海内外多位企业家齐聚一堂，共话中国经济韧 性与新质生产力，并分享自己对中国经济发展的切身感受。 有同样见解的还有正佳集团董事长谢铁牛。"旅游的本质是文化，文化的核心是精神，而精神的根源则 是国家的历史和文明。"他在会上表示，希望通过打造以"华夏五千年，读 ...

中新网广州12月1日电 (记者 蔡敏婕)"我理解的读懂中国，不仅是从政治、经济、文化等宏观叙事的维 度，通过一个企业、一个产业的发展来观察。"福耀玻璃工业集团股份有限公司创始人、终身荣誉董事 长曹德旺12月1日在广州表示，机遇是留给相信的人，发展要守住"自己要做什么"的清醒，"当你坚 定'为国家、为社会、为人民'的信念时，就拥有抵御一切变化的底气"。 今年全球经济激烈动荡，福耀集团靠着自主技术和过硬品质逆势而上，前三季度税后利润同比增长超 30%，实现了产销两旺。 大数据、互联网、物联网、人工智能深度改变了生产力发展。对此，曹德旺表示，这些是助力传统产业 提质增效的有力工具，福耀集团借助数字技术提升生产效率，并创新产品，研发出轻量化低碳玻璃、智 能调光玻璃等高端产品，精准匹配新能源汽车、智能汽车的核心需求。 曹德旺认为，无论是个体还是集体，要想可持续的发展，不能仅局限于独善其身，而应该积极地承担起 社会的责任。 福耀玻璃 工业集团股份有限公司创始人、终身荣誉董事长曹德旺。记者 陈骥旻 摄 当天，2025年读懂中国国际会议(广州)开幕式在广州举行。曹德旺在大会演讲环节中表示，福耀集团是 一家生产制造汽车玻璃的企 ...

1985年，曹德旺抵押了房子，尝试改革，于1985年承包了乡镇水表玻璃厂，改为汽车玻璃的生产制造。 也就是从那时起，福耀玻璃始终心无旁骛，专注于主业。 他介绍，如今，福耀玻璃已成为全球最大的汽车玻璃专业供应商，在中国18个省市和全球13个国家设有 生产基地和研发中心，占全球市场份额近40%。 "正是因为这份信心，让我把握住了时代的机遇。"曹德旺说，"定力"体现在"不为"上。"这些年，房地 产、金融、互联网、AI等领域的盈利诱惑层出不穷，很多朋友也约我做一些布局，但我都拒绝了。"曹 德旺在会上讲道，企业不仅仅是为了赚钱，一定要为国家、社会和人民创造属于自己独有的价值。 12月1日，福耀玻璃工业集团股份有限公司创始人（下称"福耀玻璃"）、终身荣誉董事长曹德旺受邀出 席2025年"读懂中国"国际会议（广州），并发表演讲。 演讲片段，点击播放 会上，他分享了传统产业提升竞争力和可持续发展的问题，提示传统制造业在应对时代的发展变化时， 要有穿越周期的信心与定力。但这并不意味着墨守成规，他建议必须积极拥抱新技术、不断完善自我。 曹德旺从年轻时抵押房子办厂造玻璃谈起。他第一次接触玻璃生产，是在他老家福清高山镇的一个集体 所 ...

12月1日上午，2025年"读懂中国"国际会议开幕式在广州举行。在大会演讲环节，福耀玻璃（600660） 工业集团股份有限公司创始人、终身荣誉董事长曹德旺发表了主旨演讲，他表示作为企业家一定要为国 家、为社会负责，而不仅仅是赚钱。 ...

Core Viewpoint - The article discusses the contrasting paths of family business succession in China, using the cases of Zong Qinghou (Wahaha) and Cao Dewang (Fuyao Glass) to illustrate the importance of clear ownership, governance structures, and the development of successors through real-world experience [4][26]. Group 1: Ownership and Governance - The first step in family business succession is to clarify "who owns the business," which is influenced by the founder's understanding of property rights [6]. - Zong Qinghou's approach to ownership was characterized by a lack of clarity, leading to potential risks for Wahaha, while Cao Dewang established a clear ownership structure from the outset, ensuring Fuyao Glass's stability [9][11]. - The governance structure at Fuyao Glass includes independent directors and transparent financial practices, which help avoid conflicts of interest and ensure accountability [11][17]. Group 2: Leadership and Decision-Making - Zong Qinghou's leadership style was marked by unilateral decision-making, which worked in the early stages but became problematic as the company grew, leading to governance issues after his departure [13][14]. - In contrast, Cao Dewang emphasized the importance of checks and balances in governance, actively involving independent directors and ensuring that decisions were made collectively [16][17]. Group 3: Successor Development - The article highlights the difference in successor preparation between Zong Qinghou and Cao Dewang, with Zong's daughter, Zong Fuli, lacking practical experience, while Cao's son, Cao Hui, was trained through hands-on experience in the company [21][25]. - Cao Hui's journey from a factory worker to a strategic decision-maker exemplifies the value of real-world experience in developing capable leaders [25]. Group 4: Legacy and Corporate Responsibility - The contrasting legacies of the two founders illustrate different philosophies regarding corporate responsibility, with Cao Dewang integrating social responsibility into Fuyao's mission, while Zong Qinghou's approach was more self-centered [28][35]. - The article concludes that true succession is about passing on responsibilities and values rather than merely transferring power or wealth, emphasizing the need for a broader societal perspective in business [35].

Core Viewpoint - The article emphasizes that successful investing is not about being the smartest but about adhering to fundamental principles of value investing, which allows investors to avoid the pitfalls of competing with more intelligent market players [2][6]. Group 1: Value Investing Principles - Value investing is a win-win strategy that avoids competition with other investors, focusing instead on fundamental growth rather than market timing [6]. - Long-term tracking and research of companies within one's "circle of competence" can lead to better investment outcomes, as demonstrated by the performance of long-term bull stocks in the A-share market [2][7]. - The article highlights that the growth in earnings per share (EPS) of long-term bull stocks is primarily driven by fundamental improvements rather than valuation expansion [7]. Group 2: Historical Performance of Bull Stocks - The article provides data on several companies that have shown significant growth in EPS over the past 20 years: - Fuyao Glass: EPS increased from 0.39 CNY in 2004 to 2.87 CNY in 2024, a growth of 6.36 times, with total dividends of 14.85 CNY per share [7][8]. - Huayu Automotive: EPS grew from 0.22 CNY to 2.12 CNY, an increase of 8.59 times, with total dividends of 10.99 CNY per share [7][9]. - Changjiang Electric Power: EPS rose from 0.39 CNY to 1.33 CNY, a growth of 2.43 times, with total dividends of 10.05 CNY per share [7][9]. - The article includes a detailed table of various long-term bull stocks, showcasing their EPS growth and total dividends over the past two decades [8][9].

Core Insights - The forum focused on the theme "Standards Leading the Way: Digital Empowerment to Co-create New Models in the Automotive Aftermarket," highlighting the automotive glass industry's transition towards intelligent and ecological transformation through digital empowerment and standardization [2] Group 1: Industry Trends - The automotive glass sector is facing challenges such as high claims costs and limited consumer service options, despite China being the largest automotive market globally [2] - The establishment of the CARG data platform by Fuyao creates a unique "identity" for each piece of automotive glass, enabling comprehensive supply chain management from product development to delivery [2] - The automotive glass industry is encouraged to unify technology and rules to combat counterfeit products and promote sustainable development through collaboration among leading enterprises [3] Group 2: Technological Innovations - The development of smart electric vehicles is transforming automotive glass from a passive component to an interactive medium, necessitating advancements in safety, privacy, and sensing capabilities [3] - Future automotive glass is envisioned to integrate with AI technologies, potentially allowing it to perceive emotions and adjust interactions based on passenger states, marking a significant evolution in functionality [3] Group 3: Expert Contributions - Industry representatives shared insights on future trends in automotive glass, adhesive technology innovations, and the construction of ecological systems within the sector [4]

Investment Focus - Alphabet (GOOGL US) is expected to maintain good visibility in its advertising business due to the gradual release of its valuation under pressure from AI search, with a projected 30%+ growth in cloud business for the year and margin improvement driven by scale effects [1] - Alibaba (BABA US) is anticipated to see a cloud business growth rate of 28%-30%, benefiting from strong momentum in instant retail, with Taobao expected to achieve a 20-30% MAU growth driven by flash purchase [1] - NVIDIA (NVDA US) is projected to achieve strong revenue growth in FY2027, with GB300 series products expected to account for two-thirds of Blackwell series products, and a revenue target of $500 billion over the next five quarters [1] - Tencent (700 HK) is recommended as a top pick, with a target price of 700, driven by steady growth in core gaming and advertising businesses, and a projected near 20% growth rate in advertising [3] - New Oxygen (SY US) is focusing on the light medical beauty sector with a rapid expansion plan, aiming to open 50 self-operated stores by 2025, supported by a strong marketing capability and low customer acquisition costs [3] - Ctrip (TCOM US) is expected to benefit from steady growth in domestic leisure travel and the recovery of outbound travel, with a projected revenue growth of 14% to 71.1 billion yuan in 2026 [3] - Huazhu (HTHT US) is transitioning to a high-margin franchise model, with a target price of $52, supported by a strong recovery in industry RevPar [4] - Futu (FUTU US) is positioned for long-term growth in the virtual asset business, with a user base of 3.1 million and a current valuation offering a safety margin [4] - AIA (1299 HK) is expected to see steady growth in new business value and operational indicators, with a forward PEV of 1.46x [4] - Dongfang Electric (1072 HK) is actively involved in global power station project contracting, with significant opportunities in the U.S. market due to the demand for power supply capabilities [9]

Core Viewpoint - Fuyao Group's founder, Cao Dewang, visited Ningbo to discuss the establishment of an industrial research institute, highlighting the strong industrial foundation and collaboration potential between Fuyao and Ningbo [1][2]. Group 1: Industrial Collaboration - Fuyao is the largest automotive glass supplier in China, holding a global market share of approximately 34% and a domestic market share of about 68% [4]. - Ningbo is a major city for automotive parts, with over 5,000 automotive parts companies and more than 40 listed companies, including local champions that rank among the top global automotive parts suppliers [4][6]. - Cao Dewang's visit included tours of several companies, emphasizing the importance of industry-academia collaboration to drive research and development [3][4]. Group 2: Educational Transformation - Ningbo is addressing its educational shortcomings by establishing new research-oriented universities, with significant investments from both the government and private sector [9][10]. - The Ningbo Oriental Institute of Technology and Fuyao Technology University have been approved, with substantial funding aimed at creating high-quality educational institutions that align with local industrial needs [9][10]. - These institutions have high admission scores, indicating a focus on attracting top talent, which is essential for supporting local industry upgrades [9][10]. Group 3: Research and Development Initiatives - Ningbo has established over 70 various industrial technology research institutes, focusing on key sectors such as digital industry, automotive manufacturing, and artificial intelligence [12]. - The city has set ambitious goals for technological self-reliance and innovation, which are crucial for its economic development and educational transformation [12].

Key Insights - The report highlights the strong growth potential of companies in the automotive sector, particularly those with established brands and innovative technologies [3][4][5] - The focus on electric vehicles and smart technologies is driving significant changes in the industry, with companies like BYD, Geely, and XPeng being recommended for investment [3][4][5] Company Updates - **Uxin**: The profitability of new stores is increasing faster than expected due to brand establishment, which enhances profit elasticity in a favorable market [3][4] - **SAIC Motor**: Future prospects hinge on Huawei's involvement, with adjustments in new car launches expected to create opportunities [3][4] - **Tuhu**: Anticipated stable earnings in Q4 2025, with potential for growth in the aftermarket sector [4] - **Hengbo Co., Ltd.**: Strong positioning in the robotics sector with high technical added value and a comprehensive supply chain [5] - **Double Ring Transmission**: Direct collaboration with Tesla on reducers, with significant growth expected in traditional and new energy sectors [5] - **Great Wall Motors**: Plans to launch multiple new models and power versions in 2026, with expected sales growth [8] - **XPeng Motors**: Anticipated improvement in sales structure and gross margins, with new technologies aiding in profitability [8][9] - **Leap Motor**: Expected to exceed 1 million units in sales by 2026, with stable gross margins despite industry challenges [9] Industry Trends - The automotive industry is witnessing a shift towards electric and smart vehicles, with companies focusing on innovation and brand strength to capture market share [3][4][5] - The integration of advanced technologies and partnerships with tech firms like Huawei is becoming crucial for automotive companies to enhance their product offerings and market positioning [3][4][5]