Core Insights - Changan Automobile reported a total vehicle sales of 2.913 million units in 2025, marking an 8.54% year-on-year increase and achieving the highest sales in nearly nine years, with six consecutive years of positive growth [1] - The company's new energy vehicle (NEV) sales surpassed 1 million units for the first time, with a total of 1.109 million units sold in 2025, reflecting a 51% year-on-year growth [4] - The overseas market also showed strong performance, with sales reaching 637,000 units, an 18.9% increase year-on-year, contributing significantly to overall growth [4] Group 1: Sales Performance - In December 2025, Changan sold 254,800 vehicles, a 1.66% increase year-on-year [1] - The NEV segment achieved record sales with contributions from three brands: Changan Qiyuan (411,000 units), Deep Blue Auto (333,000 units), and Avita (120,000 units) [4] - The company has established a solid foundation for steady sales growth through a comprehensive brand matrix covering mainstream markets [3][4] Group 2: Strategic Initiatives - The establishment of the new central enterprise on July 29, 2025, has empowered Changan to accelerate its strategic initiatives in new energy, intelligence, and globalization [3] - Changan's technological innovations, including the "Golden Bell" battery and the SDA platform architecture, have enhanced product competitiveness and driven sales growth [4] - The "Haina Baichuan" plan has facilitated significant global expansion, with the completion of nine overseas factories and plans for 20 more in countries like Brazil and Indonesia [5] Group 3: Future Outlook - Changan aims to strengthen its core technological innovation and deepen the development of its five-brand matrix, targeting a production and sales goal of 5 million units by 2030 [5] - The company is committed to contributing to China's transition from a major automotive nation to a strong automotive nation through high-quality development [5]

Core Viewpoint - The anxiety of "if not going abroad, then facing elimination" is prevalent among domestic companies, making international expansion a realistic choice for growth in 2024 and beyond [1] Group 1: Changes in International Expansion Strategies - Chinese companies are shifting from traditional manufacturing and export models to high-value-added strategies that incorporate branding and innovation [1][2] - The approach to cultural output is evolving, focusing on the integration of Chinese and foreign cultures with local adaptations [1] - Companies are increasingly relying on local talent with strong operational and digital capabilities instead of overseas agents to enhance brand competitiveness [1] Group 2: Digitalization as a Foundation - Digital infrastructure is becoming the first step for companies going abroad, with a focus on establishing global systems and data centers to support operations across multiple countries [2][3] - The digitalization process is viewed as a core component of the business model, enabling direct connections with overseas customers [4] Group 3: Trends in Global Trade - The structure of global trade has shifted from being dominated by large companies to including more small and medium-sized enterprises, facilitated by advancements in network technology and mobile internet [5] - The geopolitical landscape has accelerated the restructuring of global trade chains, leading to a more interconnected trade network [5] Group 4: Cross-Border Payment Landscape - The changing dynamics of global trade present challenges for cross-border payment companies, as customer demographics and needs evolve [6] - The company plans to expand its payment licenses in several developing countries by 2025, reflecting a strategy to diversify market coverage based on demand [6] Group 5: Future Outlook - The next decade is expected to see a significant increase in the contribution of overseas clients to the company's business, potentially surpassing that of domestic clients [8] - Despite uncertainties in the global market, the growth of the best companies is increasingly tied to deepening globalization [10]

每经记者｜赵雯琪 每经编辑｜陈俊杰 提起迪拜，许多人想到的是摩天大楼与奢华传说。但对中国企业而言，这里是"极限试验场"，要直面高 温、沙漠与陌生的商业规则，也是走向全球化过程中，一个兼具战略意义的关键节点。 2025年，美团、新石器、九识智能、货拉拉等企业相继将业务拓展到阿联酋，与更早扎根于此的中资力 量共同织就了一张密集的出海网络。迪拜由此成为一面清晰的镜子，映照出中国企业与全球市场对话时 的一道必答题：如何在真正理解并尊重另一种文明底层逻辑的前提下，完成出海的创造性落地？ 2025年岁末，《每日经济新闻》未来商业智库特别策划了"镜像2025"，记者深度对话极兔速递、新石器 和九识智能在迪拜的业务负责人，以及货拉拉海外品牌Lalamove首席运营官卢家培，复盘这片市场的挑 战与机遇。 这里的挑战具体且深刻，从禁止三轮车上路导致快递配送成本急升，到自动驾驶要适应本地彪悍的驾驶 风格；从"清真寺后的白房子"等模糊的快递地址带来的困扰，到外籍快递员携款潜逃带来的风险；从40 多摄氏度高温的炙烤，到跨文化团队的管理难题…… 中国企业在这里褪去国内惯性，学习在陌生商业生态中重新扎根。他们在每一次调试、谈判与危机中， ...

专题：中国财富管理50人论坛2025年会 1月4日金融一线消息，中国财富管理50人论坛2025年会近日在京召开，本届年会的主题是"迈向'十五 五'建设金融强国"。在前沿对话环节，阿里云智能集团副总裁、新金融行业总经理张翅表示，阿里云的 战略方向锁定"全栈AI云"与"全球化"，强调从底层芯片、基础设施到模型应用的完整体系构建。 他认为，目前中美总体在不同模型领域能力上你追我赶、各有优劣，但在自动驾驶、具身智能等细分垂 类领域中国已经展现出明显领先优势。关于算力，他判断未来推理算力需求将超过训练算力，呈现"倒 置"趋势。 在商业模式上，云与AI是互为飞轮的相互提升促进关系，金融Agentic AI落地并非简单的Tokens流量和 Agent外挂逻辑，未来金融机构需构建"大飞轮驱动意图理解、小飞轮落实执行"的双轮体系，实现从辅 助到深度协同的跨越，真正让AI融入专业工作流程。与"双飞轮"架构带来技术范式革新匹配，"生产级 场景"的规模化落地更需要完整的解决方案构建一体化体系支撑。 责任编辑：王进和 专题：中国财富管理50人论坛2025年会 1月4日金融一线消息，中国财富管理50人论坛2025年会近日在京召开，本届年 ...

Group 1 - The core viewpoint of the article highlights Vietnam's impressive economic growth, with a projected GDP growth rate of 7.4% to 8% by 2025, making it a "star" in global economic development [4][5] - In the first half of 2023, Vietnam achieved a GDP growth rate of 7.52%, the highest in 15 years, and foreign direct investment (FDI) reached $11.72 billion, a year-on-year increase of 8.1% [5][6] - Vietnam's trade performance is notable, with an expected merchandise trade volume of $900 billion by 2025, significantly exceeding its GDP of over $470 billion in 2024 [6][8] Group 2 - Despite its current success, Vietnam faces significant long-term challenges, including geographical limitations that hinder the formation of a large domestic market and reliance on external trade [12][15] - The geographical position of Vietnam, while advantageous for trade, limits its resource availability and creates infrastructure challenges, leading to uneven economic development between the north and south [15][17] - Vietnam's economic dependency on foreign trade and investment makes it vulnerable to external geopolitical shifts, which could disrupt its export-driven economy [17][18] Group 3 - Historical opportunities that benefited other countries, such as the Marshall Plan for Western Europe, are not available to Vietnam, limiting its potential for rapid industrialization [19][21] - The current global economic environment is characterized by rising protectionism and localization of supply chains, which complicates Vietnam's ability to compete effectively [21][22] - Vietnam's struggle to transition from a low-cost manufacturing hub to a technology-driven economy is exacerbated by a lack of advanced industries and infrastructure in emerging sectors like artificial intelligence [22][23] Group 4 - Governance challenges in Vietnam, stemming from historical divisions and administrative inefficiencies, hinder effective policy implementation and economic management [24][26] - The administrative structure in Vietnam is overly fragmented, with a high percentage of the budget allocated to public sector salaries, limiting investment in critical areas like education and infrastructure [26][27] - The lack of skilled labor and governance capacity restricts Vietnam's ability to move beyond being an assembly hub for foreign companies, necessitating significant reforms for future growth [27][28]

培养一个健全的人格，获得如何生活的方向，这更为重要而根本。 【编者按】当 AI 能写出工整的论文，当短视频吞噬深度思考的时间，文化的根脉该往何处延伸？ 95岁史学大家许倬云将一生对教育、文化与未来的思考凝结成《以远见超越未见》。这部遗作深度剖析 当今时代教育、大学、国学、传统与现代等66个热门话题，为当代青年指明方向，提供新的思考维度。 经出版社授权，第一财经节选《全球化时代的教育与文化》，以飨读者。 谈论当今时代的教育，我们首先必须讨论教育的基本问题。我们该如何定义教育？教育当然不只是"上 课"而已，教育代表的是一种制度。我们的孩子，这种人类的幼体，从生物体转变成社会体，转变成文 化体的一部分，需要经由教育才能实现。也就是说，在其成长过程中，我们要把资讯输入他的头脑之 内，让他逐渐懂得如何获取资讯，怎样累积、解释资讯，让他终于可以经由资讯作为通道，与他人沟 通、交换，并参与到社群或者文化、体育活动的运作中。 资讯是原材料，也就是我们所谓的"知识"；往上一层，不同的知识累积起来，亦即"学术"；更高一层， 就上升为"智慧"了。所以严格而论，出生时空白一片的小孩子，其实就像一张张"白纸"，教育是"给这 些白纸染上 ...

Group 1 - The EU has decided to impose tariffs on Chinese electric vehicles, aiming to weaken their competitive edge in the European market [3][5] - The EU's justification for the tariffs is based on the belief that Chinese EV companies benefit from substantial government subsidies, creating an unfair competitive advantage [5] - In response, China has targeted the French brandy industry with restrictive measures, including increased tariffs and import inspections, significantly impacting the sector [7][20] Group 2 - French cognac producers are experiencing a sharp decline in orders and prices due to the trade tensions, leading to an uncertain outlook for the industry [9][20] - The French government is actively seeking to mitigate the situation, recognizing the critical importance of the Chinese market for its brandy exports [11] - The trade conflict highlights the complex economic relationship between China and the EU, with intertwined interests that can lead to significant repercussions from unilateral actions [13][14] Group 3 - The EU's tariff policy is viewed as a manifestation of trade protectionism, raising questions about the balance between protecting domestic industries and fostering fair competition in a globalized economy [15] - The trade friction may serve as a turning point in China-EU economic relations, with both sides needing to focus on equality and mutual benefit to avoid unnecessary conflicts [22][24] - The ongoing trade war could ultimately harm ordinary consumers and businesses, emphasizing the need for dialogue and cooperation to resolve differences and achieve win-win outcomes [26]

Group 1 - The establishment of the WTO in 1995 marked a significant shift in global trade rules, allowing for a more structured dispute resolution mechanism and reducing tariffs, which facilitated freer cross-border trade [1][3] - During this period, China was eager to join the global trade system, facing challenges related to intellectual property concerns raised by Western countries and the need to protect its domestic industries from foreign competition [5][10] - Local companies like Haier and TCL emerged as strong competitors against foreign brands by offering better services and significantly lower prices, capturing substantial market shares in their respective sectors [12][14] Group 2 - The economic situation in Russia during the same period was dire, with a drastic GDP decline and hyperinflation, highlighting the instability in the region [8][10] - The year 1995 saw significant layoffs in China, with millions of workers losing their jobs, yet some individuals adapted and thrived by starting new businesses, indicating resilience in the face of economic challenges [16][19] - The rise of the internet and technology companies began in 1995, with entrepreneurs like Ding Lei and Jack Ma laying the groundwork for future success, despite initial skepticism about their business models [21][23] Group 3 - The challenges faced in 1995, including adapting to WTO rules and managing domestic economic pressures, ultimately contributed to the foundation for future growth and resilience in the Chinese economy [24][25]

值得深入剖析的是，东风汽车集团于年中通过深度整合成立的东风奕派汽车科技公司，作为承载集团主 流市场期望与战略突围使命的核心载体，在短短数月内的战略选择与运营实践，恰恰是这场宏大转型中 一个极具代表性的"关键落子"。 2025年，中国新能源汽车市场在激烈的变革中，跨过了决定性的分水岭。中国汽车工业协会及多家市场 机构数据显示，国内新能源乘用车月度零售渗透率于年初首次突破50%大关后持续提升，至年末已稳健 攀升至62.3%的历史高位。这意味着，每销售10辆新车中，已有超过6辆是新能源汽车，市场主导权完 成根本性转移。 与此同时，国内新能源汽车全年产销量同比增幅预计均将超过30%，在整体汽车市场微增长的背景下， 新能源车作为核心增长引擎的地位无可撼动。 一系列数据清晰宣告：以电动化为核心的"上半场"规模化竞赛已近尾声，一个以智能化、生态化、全球 化为特征，更考验综合体系能力的"下半场"淘汰赛已然鸣哨。 在这场深刻的"体系战"中，传统大型汽车集团的转型速度与质量，成为观察行业走向的关键。近期，东 风汽车集团宣布其2025年新能源汽车销量突破百万辆大关，且自主品牌销量占比提升至63%，这为行业 提供了一个审视"国家队" ...

Core Viewpoint - The stock of Zhongwang Fabric (605003) has recently experienced a significant increase due to its strong performance in the home textile sector, global expansion, and innovative manufacturing capabilities. Group 1: Company Overview - Zhongwang Fabric specializes in the research, design, production, and sales of mid-to-high-end decorative fabrics and products [1] - The company is recognized as one of the most competitive enterprises in China's fabric industry [2] Group 2: Recent Stock Performance - The stock has seen a 21% increase over two trading days, with a strong upward trend indicated by moving averages and MACD showing potential for further gains [5] - The stock's trading volume indicates a net inflow of 11.066 million yuan from main funds [5] Group 3: Market Dynamics - The home textile sector is currently active, with Zhongwang Fabric's products used in sofas, outdoor furniture, RV furniture, and pet supplies, supported by a complete industrial chain [3] - The company has a significant international presence, with approximately 78.64% of its revenue coming from overseas markets, including the U.S., Australia, the Middle East, South Africa, and Europe [3] - The company has been recognized as a "Future Factory" in Zhejiang Province, highlighting its advanced design and research capabilities, which contribute to its competitive edge [4]