Group 1: Overview of Li Ka-shing's Business Empire - Li Ka-shing has maintained his status as Hong Kong's richest person for 21 consecutive years, building a vast business empire that spans across continents, particularly in the UK where he controls significant portions of essential services [1] - His overseas investments, especially in the UK, include controlling 30% of the electricity supply, 25% of gas services, and 7% of drinking water resources, showcasing a strategic approach to wealth accumulation [1][5] Group 2: Strategic Investments and Acquisitions - In 1986, during a global oil crisis, Li Ka-shing made a bold move by acquiring 52% of Husky Energy for 3.2 billion HKD, later increasing his stake to 95% and transforming the company into a major player in the energy sector [3] - His UK investments began in 1991 with the acquisition of the Thames River Dock, leading to the control of nearly one-third of the UK's container throughput by acquiring major ports and gas networks [5] - Li's acquisition of NGN gas network in 2005 for 557 million GBP now provides gas services to 25% of the UK population, while his 2010 purchase of National Grid's gas business for 11 billion GBP further solidified his influence in the energy sector [5] Group 3: Business Philosophy and Risk Management - Li Ka-shing's business philosophy emphasizes seizing opportunities during crises, as demonstrated by his land acquisitions during the 1967 Hong Kong riots, which later appreciated significantly [9] - His approach to risk management includes diversifying into stable sectors like electricity and water services, ensuring his asset portfolio remains resilient against economic fluctuations [12] - The narrative of Li's success reflects a long-term investment strategy, focusing on industries with slow but steady growth, allowing for compounding returns over time [14] Group 4: Controversies and Globalization - Li Ka-shing has faced scrutiny for his asset divestments in China, reportedly selling over 200 billion HKD worth of properties since 2013, while reallocating investments towards European infrastructure projects [11] - Despite criticisms of monopolizing the UK economy, his business practices illustrate a broader trend of globalization in capital allocation, where investments are directed towards regions with higher returns [11][16]

可以说，从经营企业到培养管理者再到投资，段永平的经历让人看到了成功往往是有章可循的，其秘诀 或许就是他经常强调的"平常心""本分""长期主义"等理念，这些在充斥着浮躁和投机的商界不失为一股 清流。 这也是段永平的言论这几年在网上流传甚广的原因。 买股票就是买公司 段永平可以说是中国商业界的一位传奇人物。 早在90年代，他就成功创立了小霸王、步步高两个消费电子品牌；在他40岁、事业处于巅峰时却急流勇 退，把步步高一分为三，交给了陈明永、沈炜和黄一禾，三人执掌的企业衍生出了被大众熟知的三个品 牌：OPPO、vivo和小天才。此外，拼多多创始人黄峥也自称是段永平的徒弟。 "退休"后的段永平专注于投资，也取得了相当惊人的成绩： 他曾在2001年以每股0.8美元买入网易，持有了接近10年，最终清仓时网易股价已超100美 元，他获得了超百倍收益。此外，他重仓的苹果、通用、茅台、腾讯等股票均取得了极其丰 厚的收益。 买股票就是买公司，买公司就是买其未来现金流折现。这里现金流指的是净现金流、未来指的是公司的 整 个生命周期。 折现率实际上是相对于投资人的机会成本而言的。最低的机会成本就是无风险回报率、比如美国国债的 利率。 ...

中国汽车流通协会报告显示，2024年汽车行业利润率仅为4.3%，低于整个下游工业利润率及2023年同 期水平。以"价格战"为代表的"内卷式"竞争，不仅会挤压企业利润空间，消磨消费者的购车热情，还破 坏了产业链和市场环境的稳定。视觉中国供图 从今年年初开始，家住天津的王存毅就频繁地前往各大汽车品牌的4S店看车试驾，但直到现在，他仍 没有下定决心买车。 "几个月下来，我试驾过差不多有十几台新车了。"王存毅对记者说，"在看车过程中，我发现很多车企 新车价格浮动很大。同一型号、同一配置的汽车，可能晚买几个月就能让我省下几千甚至几万元。" 事实上，近两年来汽车市场中出现了不少像王存毅这样"持币观望"的购车者。价格的频繁浮动、优惠活 动的持续推出、新款车型的迅速亮相……以上情况让一些消费者担心一旦买车，就会发生"买完车没多 久发现买贵了""新车没开几天突然变旧款"的情况。 "如今汽车市场已进入'短兵相接'的白热化阶段。降低利润、吸引消费者进而扩大市场占有率的'价格 战'，成为不少车企的'常规手段'。"汽车产业评论员万青林对记者说。 中国汽车流通协会报告显示，2024年汽车行业利润率仅为4.3%，低于整个下游工业利润率及2 ...

"什么是企业家精神？"5月28日，在市委统战部、市工商联组织的传承弘扬企业家精神 座谈会上，湖北省长江经济研究院执行院长王涛一语道破，"正是'不服周'的闯劲、'不信 邪'的创劲和'不独行'的义劲，让武汉民营企业在四十载风浪中深深扎根，勇立潮头。"这一 观点，引发了在场企业家的共鸣。 "传感器是高端制造的神经末梢，必须握在自己手里。"四方光电股份有限公司董事长熊 友辉回忆，当公司研发的PM2.5传感器打破国际垄断、高灵敏度甲烷传感器赢得美国客户追 加订单时，他更深信，"向下扎根，才能在深海搏击风浪。"如今，四方光电的运营基地已在 布达佩斯落成，并接受了沃尔沃、路虎等企业的审厂确认，美国密歇根工厂也正在加快建设 中。 高德红外股份有限公司副总经理、董事黄晟说，正是靠着这股"闯劲儿"，公司最终研发 出自主高性能芯片。"这些'根技术'，不仅让企业获得核心竞争力，还为国家筑牢安全防 线，带动了民用汽车、电力、智造等千行百业的发展。" "如果说创新是破土而出的力量，那紧贴民生需求就是深扎的土壤。"利楚商服创始人王 朋谈到，企业家精神不是追逐风口，而是俯身倾听市井巷陌的真实声音。"这些年，从'扫 呗'聚合支付到'小区e家' ...

同一企业，同一板块，开盘时间相距不过20天，销售额总计约23.2亿，在均价3万+的高端市场实现量价双冠。这场被业内称为"金茂现象"的传奇背后，是金 茂西安七年深耕的厚积薄发。 1. 别人学不会的健康底盘 以长安金茂府为起点，金茂是西安市场上"健康科技住宅"这一品类当之无愧的"开创者"，而伴随金茂在西安不断生长扎根，"科技系统"已经某种程度上成 为"高端住宅"的必选项。 作为市场上的"开先河者"，金茂所拥有的底气来自——别人学不会的健康科技住宅营造方法论。在金茂，科技系统并不仅仅指一套硬件配置，而同时包含了 正式购买前的"试住体验"和交付入住后全生命周期的"绿建运维"服务。 2025年的西安高端人居市场，注定被金茂重新定义。 当5月的热浪席卷古城，金茂西安以双盘齐发之势，在曲江这片千年文脉之上，奏响了高端住宅市场的现象级交响——4月29日，金茂璞逸东方首开告捷，以 约12.6亿销售额再现金茂璞系高端市场话语权；5月18日，曲江金茂府携TOP系产品力惊艳开售，再度上演"开盘即罄"的盛况，单日认购金额突破10.6亿！ 其中，"试住体验"是指金茂的客户均可以在签约前通过试住体验科技系统及金茂产品带来的实际居住感受；" ...

（原标题：和讯投顾都业华：芒格思维模型59 红皇后效应） 接下来，我们来探讨一个有趣的思维模型——红皇后效应。不知道大家是否看过《爱丽丝梦游奇境 记》，小时候我读过这本书，后来国外还拍了一部电影。红皇后效应正是来源于电影中的一句台 词："只有努力奔跑，你才能停留在原地。如果你想走得更远，就必须以两倍的速度奔跑。如果你停止 奔跑，你就会被甩在后面。" 这句话最初是由一位美国心理学家提出的。 第二个例子是所谓的"打板"策略。这种策略也在不断更迭。老的游资如果思路跟不上市场变化，就会被 淘汰。现在大家经常提到某某营业部很厉害，比如呼家楼等。然而，与过去相比，像宁波解放南路、深 圳红岭等曾经辉煌的营业部，如今已经不太被提及了。这就是不同时代下的不同玩法。营业部的人员也 在不断更迭，跟不上的人逐渐被淘汰，而新人不断涌现。这种不断更迭的现象，同样体现了红皇后效 应。 如果你身处这样的赛道，你别无选择，只能拼命奔跑。否则，你就会被淘汰。贝索斯曾经说过，虽然他 也认同要不断适应变化，但亚马逊更关注的是在众多变化中，有没有什么是相对不变的。他强调要盯住 那些不变的东西。如果想避免红皇后效应这种拼命奔跑、内卷的状态，我们需要思考 ...

近些年来，长期主义逐渐成为商业和投资领域里一个颇为时髦的词汇，标榜和宣传企业的精神内核是长期主义似乎成为了一种新的风尚。然而，置于时间的 长河里，能以长期主义的觉悟和定力始终坚持同一件事绝非易事。尤其是在商业世界里，各种新潮的概念"乱花渐欲迷人眼"才是常态，能够五年、十年朝着 同一个目标坚定前行的企业恐怕寥寥无几。 就拿最近的例子来说，DeepSeek的爆火出圈，让AI赛道一下子变得拥挤不堪，一时间不论是传统行业里的前辈，还是互联网行业里的新贵，纷纷跨界过去 想要分一杯羹。 AI如此热闹，不过也有一些企业面对热点显得十分淡定，拼多多（PDD.US）便属于此列。就在刚刚过去的4月里，拼多多继"百亿减免"后，又火线推出 了"千亿扶持"，大有将电商行业有史以来最大的惠商行动进行到底的气势。 更难得的是，结合拼多多日前披露的2025年第一季度财报来看，公司所主张的惠商并非是一句空喊的口号，而是实实在在真金白银的投入。数据显示，Q1 期间拼多多的销售费用大增至334亿元。哪怕是在短期业绩增速面临下滑的压力之下，拼多多仍义无反顾地开启"全面惠商"的新时代。在笔者看来，这其实 也与拼多多重视平台与产业生态的风格一脉相承。 ...

如果说，价值投资是穿透市场迷雾的灯塔，那么，长期主义便是跨越市场周期的舟楫。两者合力，让资本于喧嚣中沉 淀，令价值于浪潮里绽放。 2024年4月，资本市场新"国九条"出台，"大力推动中长期资金入市，持续壮大长期投资力量"作为重要议题之一，是金 融机构助力资本市场健康稳定发展的关键指引。此后，推动中长期资金入市的指导意见和实施方案先后发布，着力打 通各类中长期资金的堵点痛点，推动形成"长钱长投"的制度环境。 Q：光大理财在资产端、产品端参与资本市场的情况分别如何？权益类产品业绩如何？有哪些代表性的含权产品？ 好风凭借力，扬帆正当时。30万亿体量的银行理财资金在政策支持"长钱"入市的号角下，持续为资本市场注入源头活 水，润泽实体经济、托举产业巨轮。近期，财经网发起"长期资金稳步入市 资管行业开启新篇"专题报道，对话光大理 财股票投资部总经理梁珉，就理财公司如何通过布局权益资产锚定价值投资航向、强化投研实力破除客户接受度边界 等问题进行探讨。 光大理财股票投资部总经理 梁珉 光大理财是自去年9月26日以来，市场首家落地理财资金定增的理财公司。该公司把权益资产配置作为战略重点，持 续进阶投研能力，打造以多资产、多策略 ...

Group 1 - Gold has emerged as a standout asset since 2025, driven by factors such as increased tariffs under the Trump administration, rising inflation, global economic uncertainty, weakened dollar credit, and central banks accumulating gold [1] - Zhaojin Mining (01818) has a strong resource endowment and is actively expanding its gold mining operations both domestically and internationally through mergers and acquisitions [1] - Since 2023, Zhaojin Mining has completed 22 high-grade project acquisitions, increasing its mining rights area by 799%, equivalent to "recreating seven Zhaojin Minings" [1] Group 2 - The Ecuadorian project, King Mining, has discovered an additional 141 tons of gold resources, with a single project valuation exceeding 30 billion RMB, setting a benchmark in global gold mining development [2] - Zhaojin Mining has identified over 1,000 tons of gold resource potential across top global mining belts, with a potential market value exceeding 100 billion RMB [2] - The company is implementing a "gold resource doubling plan" with a special exploration fund of 100 million RMB, focusing on a tripartite growth engine of "expansion + exploration + acquisition" [2] Group 3 - Zhaojin Mining plans to leverage its mining rights across 12 core mineralization belts globally, utilizing advanced technologies like 3D geological modeling and big data targeting to enhance exploration efficiency [3] - The establishment of a special fund aims to create a resource storage fund pool, enabling a counter-cyclical operation strategy of "locking in resources during lows and releasing capacity during highs" [3]

Core Viewpoint - Huicuilou Jewelry Group was awarded the "2025 National Chain Recommended Brand Award" at the 9th China Brand Boao Summit, highlighting its strong brand influence and recognition in the jewelry industry [1][4][6] Group 1: Event Overview - The 9th China Brand Boao Summit took place on May 25, 2025, focusing on brand development in the new era [3] - The summit gathered government representatives, industry experts, and top brands to discuss brand transformation and upgrading paths [4] Group 2: Brand Recognition - Huicuilou Jewelry has received the "National Chain Recommended Brand Award" for two consecutive years, showcasing its significant impact in the industry [4][6] - The brand has a rich history dating back to 1855 and has evolved into a large-scale chain jewelry enterprise with over 600 stores nationwide [6] Group 3: Brand Values and Innovations - The company emphasizes core values of sincerity, excellence, and shared growth, along with a customer-centric service philosophy [6] - Huicuilou Jewelry has introduced innovative service models and maintenance services to enhance customer experience and brand reputation [6] Group 4: Product Development and Future Plans - The company is committed to long-term brand development through innovation, launching diverse product lines to meet consumer preferences [7] - A brand upgrade plan is set to begin in the second half of 2025, focusing on product innovation, store redesign, and enhancing customer experience [9]