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]

11月19日，福耀集团创始人曹德旺到访宁波，与宁波市长见面，聊了聊产业研究院项目。 福耀与宁波的合作，有着扎实的产业基础。福耀是国内规模最大的汽车玻璃生产供应商，全球市场份额达到34%；宁波是汽车配件大市、单项冠军之城，4 家企业跻身全球汽车零部件百强。 无论是校企共建产业研究院，还是探索新型研究型大学，宁波的尝试都有望成为产业升级的助力、教育转型的窗口。 -01- 同时，福耀与宁波也是教育转型的探路者。今年年中，由知名企业家捐建的福耀科技大学、宁波东方理工大学双双获批，录取到近700分的学霸考生，成为 民办高校"双子星"。 曹德旺在宁波走访3天 推进产学研合作 曹德旺是冲着产业合作来的。他在宁波待了3天，参观了圣龙集团、乾生（宁波）科技、均胜投资、永新光学、摩根集团以及甬江实验室。其中，圣龙集团 是福耀的合作伙伴，双方已有研发成果进入生产环节。 之所以选定宁波，在于福耀与宁波有着广泛的合作基础。福耀是国内规模最大、技术水平领先的汽车玻璃生产供应商，产品供给奔驰、宝马、奥迪、大众、 比亚迪、华为等知名车企，全球市占率约34%、中国市占率约68%。 宁波的支柱产业之一就是汽车制造，尤其是汽车零部件。全市汽车零部 ...

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]

Market Overview - The automotive industry index increased by 14.79% as of November 21, 2025, outperforming the Shanghai Composite Index and CSI 300 Index by 0.38 percentage points and 1.61 percentage points respectively [11][12] - The automotive sector's performance was strong in the first half of 2025 but became more aligned with the broader market in the second half [11][12] - The majority of sub-sectors showed positive growth, with motorcycles and other segments leading the gains [17][18] Financial Performance - The automotive industry achieved a revenue of CNY 36,976.27 billion in 2024, a year-on-year increase of 3.35%, and a net profit of CNY 1,363.61 billion, up 9.98% [30] - In the first three quarters of 2025, the industry reported revenues of CNY 28,712.84 billion, reflecting a 10.73% year-on-year growth, and a net profit of CNY 1,165.36 billion, up 10.72% [30][31] - The industry’s gross margin was 15.83% in the first three quarters of 2025, a slight decline from the previous year, while the net margin improved to 4.29% [33] Passenger Vehicle Segment - The passenger vehicle market is expected to reach record sales in 2025, driven by policy support and increased penetration of new energy vehicles (NEVs) [43] - NEV retail sales reached 10.15 million units from January to October 2025, a year-on-year increase of 21.9%, with a market share of 52.73% [45][50] - The market structure is shifting towards domestic brands, which captured nearly 70% of the market share by September 2025, while foreign brands are losing ground [50][51] Commercial Vehicle Segment - The commercial vehicle market showed signs of recovery in 2025, with production and sales increasing by nearly 10% year-on-year in the first three quarters [5] - The growth in the commercial vehicle sector is driven by policies promoting vehicle replacements and the rising sales of new energy commercial vehicles [5][6] Automotive Parts Sector - The national strategy emphasizes "intelligent and connected" technologies as the main axis for upgrading the automotive industry [5] - The penetration of advanced driver-assistance systems (ADAS) is expected to drive market expansion and domestic substitution in core hardware [5][6] Investment Recommendations - The report maintains a "stronger than market" rating for the automotive sector, recommending key companies in the passenger vehicle segment such as BYD, Changan Automobile, and Great Wall Motors [6] - In the commercial vehicle segment, Yutong Bus is recommended, along with a focus on China National Heavy Duty Truck [6] - For the automotive parts sector, companies like Feilong Co., Top Group, and Desay SV are highlighted as potential investment opportunities [6]

Core Viewpoint - The article discusses the upcoming World New Auto Technology Collaboration Ecosystem Summit, highlighting the importance of collaboration in the automotive industry and the focus on new technologies and supply chain development [1][5][29]. Group 1: Event Overview - The summit will take place on December 5-6, 2025, at the Wyndham Grand Suzhou, featuring various sessions including keynote speeches, roundtable discussions, and professional exchanges [12][21]. - Keynote speakers include executives from major automotive companies such as Dongfeng Motor Group, SAIC Volkswagen, and Geely, addressing current challenges and future prospects in automotive technology collaboration [12][21]. Group 2: Themes and Discussions - The summit will cover various themes such as the current state of automotive technology collaboration, supply chain development, and the evolution of intelligent cockpit systems [13][19][25]. - Roundtable discussions will focus on topics like the new dynamics of supplier relationships in the Chinese automotive market and the long-term trends in new energy vehicle range extension systems [13][19]. Group 3: Awards and Recognition - The event will also feature the 10th Lingxuan Award ceremony, recognizing outstanding contributions in the automotive parts industry, with various categories including Excellent Award, Gold Award, and Popularity Award [26][28]. - The awards aim to highlight the achievements of supply chain leaders and promote innovation within the automotive sector [26][28].

Group 1: Banking Sector - The banking sector is highlighted as a "dividend king," with valuations at historical lows and dividend yields surpassing many investment products [3] - Industrial and Commercial Bank of China (ICBC) is identified as a leading state-owned bank with a dividend yield exceeding 4.5% and stable non-performing loan ratios [3] - Ningbo Bank is noted as a high-performing city commercial bank with a dividend yield around 3.8%, strong profitability, and good asset quality [3] Group 2: Public Utilities Sector - The public utilities sector is characterized by its essential nature, ensuring stable performance regardless of market fluctuations [3] - Yangtze Power is mentioned as a leading hydropower company with a consistent dividend yield between 3.5% and 4%, supported by stable cash flow and government policies favoring clean energy [3] - China Shenhua Energy, with a dual focus on coal and electricity, offers a dividend yield exceeding 5% and possesses substantial resource reserves [3] Group 3: Consumer Sector - The consumer sector features undervalued blue-chip stocks with improved dividend yields [3] - Yili Group, a leader in dairy products, has a valuation below 20 times earnings and a dividend yield of around 3%, benefiting from consistent domestic demand for milk [3] - Midea Group, a leading home appliance manufacturer, has a dividend yield around 4% and a valuation of approximately 12 times earnings, supported by a well-established global presence [3] Group 4: Manufacturing Sector - The manufacturing sector includes high-quality stocks with strong dividend yields and low valuations, backed by industry logic [4] - Fuyao Glass, a global leader in automotive glass, has a dividend yield of about 3.5% and a valuation around 15 times earnings, with increasing demand driven by the rise of electric vehicles [4] - China Railway Construction Corporation is highlighted as a leading infrastructure company with a dividend yield exceeding 4% and a valuation below 8 times earnings, benefiting from ample infrastructure orders under stable growth policies [4]