每一次的上涨行情，总有公募基金公司脱颖而出。 如2015年的"杠杆牛市"天弘、华夏以及易方达三家公募基金成功脱颖而出，仅当年三家公募的增幅就分别达842亿元、2669亿元和3557亿元。 而在2019到2020年的白马股"抱团行情"中，虽然天弘、华夏以及易方达表现依旧亮眼，但最大的黑马莫过于拥有诸多明星基金经理的广发基金和中欧 基金。 到2025年，A股再度走出了一轮上涨行情。截至11月24日收盘，上证指数从年内最低的3040点上涨至最高的4034点，从最低点到最高的上涨近1000 点；创业板更是从年内最低的1756点上涨至最高的3331.86点，指数涨幅接近翻倍。这一轮上涨行情背后，表现最为突出的公募基金公司当属永赢基 金。 那么，今年永赢基金的表现究竟如何？ 从收益来看，截至11月21日收盘，永赢基金旗下的"永赢科技智选混合发起A"近一年来斩获178.11%的收益，同一时间段同类基金的收益仅为 22.63%，沪深300指数的收益为13.04%，永赢科技智选混合发起A远远跑赢了同类基金和沪深300指数，另外该基金在同类4455只基金中排名第一。 从管理规模变动来看，最近一年来永赢基金的混合型基金规模大幅增长 ...

编者按： 潮涌万象，中国公募基金业正经历从规模增长到价值创造的深刻变革。在高质量发展的时代命题下，如何在变革中把握机遇、锻造持久优 势，成为每家机构的核心课题。那些持续创造价值的公司，必有其独特基因——或是穿越周期的投研智慧，或是引领创新的产品布局，或 是对长期主义的执着坚守。证券时报星基金周刊推出"解码中国基金业优秀基因"系列报道，旨在探寻支撑行业行稳致远的内在动力，记录 那些推动行业持续进步的坚实力量。 在公募基金规模迈过36万亿元的今天，行业格局似乎日益固化，头部巨头们凭借全能作战体系构建了坚实的护城河，留给中型基金公司的 生存空间越来越窄。 然而，总有例外者试图打破宿命。永赢基金，一家典型的银行系公司，在2025年的市场中上演了一场惊人的突围。截至三季度末，其主动 权益产品规模达到934.64亿元，年内规模激增766亿元，增量高居市场第一。 数据来源：Wind 陈书玉/制表 在巨人的战场上，永赢基金究竟做对了什么？证券时报记者经过多方深度调研，试图解构其高增长背后的成长动因，这不只是一次业绩上 的爆发，更像是一场长期谋划的战略突围。 决心：权益投资是关乎生存的"必答题" 永赢基金成立之初就有发展权益的 ...

Core Viewpoint - The article discusses the transformation of the Chinese public fund industry from scale growth to value creation, highlighting the unique strategies of companies like Yongying Fund that have successfully navigated this change [1][18]. Group 1: Industry Landscape - The public fund industry has surpassed 36 trillion yuan, with leading firms establishing strong competitive advantages, leaving less space for mid-sized companies [2][18]. - Yongying Fund, a bank-affiliated company, has achieved remarkable growth, with its active equity product scale reaching 93.464 billion yuan, an increase of 76.6 billion yuan in the year, marking the highest growth in the market [2][18]. Group 2: Strategic Decisions - Yongying Fund's management recognized that developing equity investment was essential for the company's survival, leading to a strategic focus on this area despite initial challenges [6][8]. - The company made significant investments in talent acquisition and launched ten new funds focused on innovative production capabilities and traditional industry upgrades during a market downturn [8][12]. Group 3: Organizational Innovation - The introduction of the concept that "every fund manager is also a product manager" has reshaped the investment culture at Yongying Fund, emphasizing the importance of understanding client needs and product positioning [9][10]. - A unique "product meeting" mechanism has been established to facilitate collaboration across departments, enhancing decision-making efficiency [10][12]. Group 4: Market Positioning - Yongying Fund's "Smart Selection" product line has gained traction by focusing on high-potential sectors like humanoid robots and cloud computing, aligning with national strategic directions [12][19]. - The company has adopted a customer-centric approach, prioritizing customer acquisition over sheer scale, which has proven effective in building trust and brand loyalty [13][19]. Group 5: Future Aspirations - Yongying Fund aims to evolve into a platform-based asset management company, emphasizing the importance of diverse product lines to mitigate market volatility [14][15]. - The company acknowledges the need for continuous investment in talent and strategy to achieve its long-term goals, particularly in areas like quantitative analysis and multi-asset allocation [15][16]. Group 6: Industry Implications - Yongying Fund's success illustrates that mid-sized firms can thrive through differentiated strategies and a focus on core competencies [16][18]. - The shift towards tool-based products reflects a broader industry trend, raising questions about the evolving responsibilities of fund managers and investors [20][21].

五年前的江小白，像被按在舆论的谷底反复摩擦。曾经火遍街头巷尾的"青春小酒"，转眼成了行业里 的"反面教材"――自媒体翻来覆去拆解"营销大于产品"的"原罪"，一点也不管它在中国白酒的金三角产 区，有中国西部规模最大的清香型酒厂；人人都在质疑：这个走低度化的品牌，怕是撑不下去了。 更刺眼的是，货架上的产品明明还在，消费者明明都还在买，却总被贴上"过气网红"的标签，连创始人 都坦言那段日子像"在漆黑的隧道里开车，看不到尽头"。 江小白不再只盯着"把货卖出去"，而是钻进年轻人的消费场景里：2025年前10个月现代渠道整体增长 57%，果立方增速更是飙到87%；跟美团合作的"轰趴"项目，半年就卖了33万套，即时零售彻底活了。 对经销商，它用"不忽悠、不推责"的五不原则搞共创，把果立方的库存周转率压到1.9个月，北京、长 沙等试点城市的经销商跟着吃肉，长沙果立方单城增长就超215%。 2024年底，母公司更名"瓶子星球集团"，宣告从单一白酒品牌向新酒饮集团的跨越；截至2025年10月， 集团连续22个月每月平均增长超20%，2025年1-10月整体增幅达25%，果立方和梅见成了新酒饮市场 的"双子星"。 绝境之中，江小白 ...

在公募基金规模迈过36万亿元的今天，行业格局似乎日益固化，头部巨头们凭借全能作战体系构建了坚 实的护城河，留给中型基金公司的生存空间越来越窄。 编者按：潮涌万象，中国公募基金业正经历从规模增长到价值创造的深刻变革。在高质量发展的时代命 题下，如何在变革中把握机遇、锻造持久优势，成为每家机构的核心课题。那些持续创造价值的公司， 必有其独特基因——或是穿越周期的投研智慧，或是引领创新的产品布局，或是对长期主义的执着坚 守。证券时报星基金周刊今起推出"解码中国基金业优秀基因"系列报道，旨在探寻支撑行业行稳致远的 内在动力，记录那些推动行业持续进步的坚实力量。 然而，总有例外者试图打破宿命。永赢基金，一家典型的银行系公司，在2025年的市场中上演了一场惊 人的突围。截至三季度末，其主动权益产品规模达到934.64亿元，年内规模激增766亿元，增量高居市 场第一。 在巨人的战场上，永赢基金究竟做对了什么？证券时报记者经过多方深度调研，试图解构其高增长背后 的成长动因，这不只是一次业绩上的爆发，更像是一场长期谋划的战略突围。 决心：权益投资是关乎生存的"必答题" 永赢基金成立之初就有发展权益的梦想，但由于2013年才进入 ...

文 | 光子星球 科技语境里，"热闹"的往往不是新闻本身，而是人们如何解读它。 近日，大疆投资智能派的新闻，有如一枚石子，在3D打印这池静水里，溅起了剧烈的水花。 众多涟漪里，最惹人注目的，无疑是拓竹创始人陶冶的一则"小作文"。一席话，让这条原本算不上喧嚣 的赛道，突然有了"风声鹤唳"的感觉。 坊间渲染之下，仿佛"狼来了"的叙事，即将出演。 但若把情绪抽离，这个故事，其实远没有这么多惊悚色彩——不是谁被盯上、遭到啃食的戏码，而是一 个行业终于熬到了，值得被更多玩家严肃对待的节点。 而当一贯谨慎的大疆，也愿意为此停下脚步、投下筹码时，属于3D打印赛道的"成人礼"，便已不再遥 远。 3D打印的一次价值确认 消费级硬件行业，真正令人焦虑、心慌的，从来不是巨头踏进来，而是巨头从始至终，都无意靠近。 一个赛道，若是内部锣鼓喧天，喊得震天响，赛道内玩家沸腾、故事四起，而外部巨头依旧按兵不动， 甚至懒得往里看一眼，那反倒更显寒意。 沉默，就是最直接的否决。 同理，一个赛道的嬗变节点，往往亦非一次融资，或一次产品迭代，而是巨头竞相招兵买马，认真望向 它的那一刻。 原因很简单，那时的XR赛道看似风生水起，实际上并没有"长大"的 ...

2025年11月17日，珠海召开的元气森林全国经销商大会上，一组亮眼数据引发行业关注：在快消行业整体增速仅4.8%的背景下，元气森林实现连续三年双 位数增长，2025年整体增速达行业平均水平的4倍，其中维生素水同比暴涨128%，冰茶系列增长56%，气泡水核心口味增长52%。创始人唐彬森以"慢即是 快"的产品哲学，揭开了这份稳健增长的密码："做饮料是个慢活，唯有沉下心打磨好产品，才能穿越市场周期，给中国人创造真正有爱的饮品。" 以 "慢"立根：产品主义穿越行业周期 如今的元气森林，早已摆脱"气泡水单品依赖"，成长为产品矩阵日趋成熟的稳健型品牌。经销商大会上，唐彬森用"产品组合更加稳健、产品结构更加有前 景、产品储备更加有信心"三个"更加"，诠释了品牌的成长底气。这份底气，源于对"什么火就做什么"的行业浮躁心态的拒绝，更源于对"有爱产品六原 则"的长期坚守。 这六项原则，构成了元气森林的产品底色："加一点"有益成分让饮水更具价值，"减一点"负担成分契合健康需求；以对待家人的细致精打细算做产品，以长 期陪伴的心态深耕用户体验；追求接近手工现做的原生口感，打造兼具美感与时代符号的包装设计。那些当初看似"缓慢"的决策— ...

Core Viewpoint - The company, Banu, is expanding its store presence despite the overall contraction in the hot pot industry, aiming to enhance customer experience and operational efficiency [2][3][4]. Group 1: Expansion Strategy - Banu has opened nearly 160 direct-operated stores as of October 13, 2023, compared to 145 in the first quarter, indicating a significant increase in store openings [3]. - The company is focusing on second and third-tier cities, with new store openings in locations like Zibo, Huizhou, and Yangzhou, which marks its first entry into these markets [3][4]. - Banu's expansion strategy is aligned with the current market trend, capitalizing on the exit of competitors and filling market gaps left behind [4]. Group 2: Quality Control and Supply Chain - Banu adheres to the principle of "build the supply chain before opening stores," which is crucial for maintaining the quality of its hot pot offerings [4][5]. - The company emphasizes strict supply chain management, ensuring fresh ingredients through centralized processing and daily deliveries, which supports its reputation for quality [8]. - Banu's commitment to product quality has positioned it as a leader in the premium hot pot market, holding a 3.1% market share in China as of 2024 [8]. Group 3: Market Dynamics and Consumer Trends - The hot pot market is experiencing a cyclical adjustment, with the number of hot pot restaurants expected to peak at 535,500 in Q3 2024 before declining [3]. - Consumer preferences are shifting from quantity to quality, with increased demand for fresh ingredients and brand differentiation in the hot pot sector [7][8]. - Banu's focus on high-quality offerings aligns with the evolving consumer expectations, which is critical for its sustained success in a competitive landscape [7][9].

Core Insights - The core theme of the event was "Return to the Origin," emphasizing a focus on product and user experience rather than blind business expansion [2][8] - Meizu's strategy is to establish a "full-domain smart ecosystem" through collaboration among various devices, including smartphones, AI glasses, and automotive systems [1][6] Product Focus - Meizu 22 flagship smartphone was launched with a focus on balanced user experience, opting for a 6.3-inch screen to enhance single-handed usability [2][3] - The smartphone features significant upgrades in imaging technology, including four 50MP cameras and advanced stabilization features, catering to long-term usability rather than short-term trends [3][5] Cultural and National Significance - The "Meizu 22 Return to the Origin Chinese Flagship Limited Edition" symbolizes national technological self-reliance, incorporating design elements that pay homage to the Fujian aircraft carrier [4][5] - The collaboration with the military reflects a commitment to integrating technology with national defense, showcasing a blend of precision and cultural significance [4] Ecosystem Development - The integration of Flyme AIOS 2 and Flyme Auto 2 with the Meizu 22 illustrates a shift from standalone products to a cohesive smart ecosystem [6][7] - Flyme Auto 2 enhances user experience in smart vehicles, with features designed to minimize distractions while driving [6][7] Strategic Vision - Meizu's approach is characterized by an "open base" model, allowing automotive manufacturers to customize user interfaces while sharing core system architecture [7] - The company aims to expand its international presence with Flyme Auto, supporting Google ecosystem integration and seamless service usage for overseas users [7][8] Conclusion - The "Return to the Origin" initiative is not a retreat but a recalibration of Meizu's core values, aiming for a stronger future in the competitive tech landscape [8]

Core Viewpoint - Meizu's "Return" signifies a commitment to product and user-centric design, emphasizing a shift back to core values in a competitive smartphone market [5][6]. Group 1: Product Launch and Features - On September 15, Meizu held the "Return" annual launch event in Zhuhai, introducing the Meizu 22 flagship smartphone along with AI photography glasses StarV Snap and the PΛNDΛER series [2]. - The Meizu 22 features a unique camera setup with four 50MP lenses, including a rare Sony IMX882 3x periscope lens, ensuring high-quality images across different focal lengths [7][10]. - The device adopts a 6.3-inch display with a 94.6% screen-to-body ratio, prioritizing user comfort and portability, which aligns with consumer preferences for smaller screens [10]. - Meizu 22 is powered by the fourth-generation Snapdragon 8s mobile platform and a 5510mAh battery, supporting 80W wired and 66W wireless fast charging, balancing performance and efficiency [11]. Group 2: Brand Strategy and Collaborations - The collaboration between Meizu 22 and the aircraft carrier Fujian symbolizes a deep connection to national pride and technological advancement, enhancing the brand's narrative [12][15]. - The limited edition "Meizu 22 Return · Chinese Flagship Limited Edition" incorporates design elements from the Fujian aircraft carrier, reflecting a unique brand identity in the tech industry [15][20]. - Meizu's strategy of linking its products with national symbols like the Fujian aircraft carrier showcases a commitment to high-tech aspirations and a unified brand ethos [19][24]. Group 3: Market Positioning and Future Outlook - Meizu aims to position the Meizu 22 as a "comprehensive experience flagship," focusing on user needs rather than merely competing on specifications [11][20]. - The brand's historical collaborations with military technology, such as the J-20 and aircraft carrier editions, highlight a consistent narrative of national pride and technological excellence [22][24]. - Meizu's CEO emphasizes the importance of staying relevant in the smartphone market by focusing on core user groups and enhancing product experiences over time [24].