Core Insights - Leap Motor, celebrating its 10th anniversary, reported significant achievements for 2025, including nearly 600,000 annual sales and expansion into 35 overseas markets with over 800 stores [1] - The company's growth trajectory aligns with China's strategic transformation periods, showcasing a successful example of "bending the curve" in manufacturing [1] - Leap Motor's commitment to core technology independence has been evident since its inception, focusing on self-developed components to differentiate itself from competitors [2][3] Company Development - Leap Motor launched its first model, the S01, in 2017, which, despite low sales, served as a testing ground for its self-research capabilities [2] - The company transitioned to the high-value micro electric vehicle market with the T03 in 2020, achieving rapid sales growth and funding further research [3] - Leap Motor has built a robust engineering team of 6,000, with over 80% in R&D, achieving over 65% self-manufacturing of core vehicle components [3] Technological Advancements - Leap Motor has developed key technologies such as the "Lingxin 01" automotive-grade intelligent driving chip and an integrated battery chassis system, breaking foreign technology monopolies [3][4] - The company has achieved an 88% commonality rate in parts across its C series SUVs, significantly reducing R&D and manufacturing costs [3] - Advanced features previously exclusive to luxury vehicles are now standard in Leap Motor's models, promoting wider adoption of smart electric vehicles [4] Market Positioning - Leap Motor has strategically targeted the mainstream market (priced between 100,000 to 200,000 yuan), emphasizing cost-effectiveness over brand premium [6] - The company has achieved over 600,000 annual sales and 60,000 overseas deliveries by 2025, leading among new energy vehicle brands [6][8] - Leap Motor's unique approach of focusing on engineering capabilities rather than market trends has allowed it to navigate industry challenges successfully [6][7] Global Expansion - Leap Motor's global strategy includes partnerships with Stellantis to enhance its international presence, with over 800 overseas channels established [9][10] - The company showcased its models at international auto shows, gaining attention and interest from global automotive leaders [8][9] - Leap Motor plans to expand into South America, establishing a network of dealerships and local partnerships to facilitate market entry [10] Strategic Vision - Leap Motor's journey reflects the broader evolution of China's electric vehicle industry, emphasizing the importance of technological independence and long-term commitment [11][12] - The company maintains a cautious approach to its achievements, recognizing the need for continuous improvement to reach global competitiveness [12] - Leap Motor's story is a testament to the potential of Chinese manufacturing to excel on the global stage through innovation and strategic alignment with national goals [12]

Core Insights - The year 2025 witnessed a significant reshaping of the global business landscape driven by AI, with OpenAI emerging as a "shadow giant" despite not being publicly listed, influencing market valuations through orders and narratives [1][3] - Nvidia became the world's first company to reach a market capitalization of $5 trillion, while Google aggressively pursued AI pricing power [1][3] - The year marked a collision of old and new orders, characterized by a mix of high-stakes bets and reversals, reshaping technology, capital, and the direction of the era [1][3] Group 1: Major Events - The U.S. government launched the "Stargate" initiative, committing $500 billion to build 20 large-scale AI data centers, but faced challenges in execution, leading to a significant reduction in project scope [5][6] - CoreWeave went public with a valuation of approximately $230 billion, marking the first public market pricing of AI computing power, and secured substantial long-term contracts with major clients [7][9] - Nvidia invested $5 billion in Intel, marking a strategic partnership aimed at enhancing competitiveness in the PC and data center markets [11][13] Group 2: OpenAI's Market Influence - OpenAI, although not publicly traded, became a key driver of market sentiment, with its initiatives and financial performance causing significant fluctuations in stock prices across the AI sector [15][17] - The company faced scrutiny over its financial sustainability, with concerns about its revenue and valuation mismatch leading to a decline in market confidence [19] - By the end of the year, OpenAI's perceived value shifted from a premium label to a risk exposure, reflecting the changing dynamics in the AI market [19] Group 3: Industry Dynamics - The AI competition evolved from a focus on strength to considerations of cost-effectiveness and usability, with Google positioning itself to challenge Nvidia's dominance in AI infrastructure [38][39] - The automotive industry saw a significant policy reversal in Germany, allowing internal combustion engines to remain viable beyond 2035, highlighting the tension between aggressive transition goals and market realities [33][34] - SpaceX's record number of launches in 2025 redefined the concept of "industrialized space," showcasing the potential for scalable operations in the aerospace sector [28][30]

Core Insights - The article discusses the concept of reward functions in life and how they influence human behavior and satisfaction [4][6] - It emphasizes the importance of understanding one's own desires and motivations to achieve a fulfilling life [9][10] Group 1: Reward Functions - The reward functions developed by society often self-reinforce, leading to a continuous desire for higher achievements, making it difficult to find lasting satisfaction [4] - The best life pursuits should have characteristics such as non-decreasing marginal utility, positive externalities, and the ability to accumulate benefits over time [6] Group 2: Self-Understanding - Understanding oneself is crucial, as it helps in recognizing personal strengths and weaknesses, which can influence one's reward function [9][10] - The article suggests that many individuals struggle with low-quality rewards in childhood, making it challenging to develop sensitivity to positive rewards later in life [9] Group 3: Relationships and Environment - Surrounding oneself with the right people is essential, as they significantly impact an individual's reward function and overall happiness [9] - The article highlights that high salaries may not always reflect contributions but can serve as compensation for sacrifices made [9] Group 4: Happiness and Pain - Happiness is closely linked to expectations for the near future, and emotional issues often stem from cognitive misunderstandings [10][11] - Pain is perceived not just as a negative experience but as an opportunity for deep reflection and growth [11] Group 5: Creativity and Content Creation - Creative thinking can occur in both focused and unfocused states, with the latter often leading to more innovative ideas [14][15] - The article notes that successful content creators often undergo a long accumulation period, emphasizing the importance of continuous creation and improvement [15][16]

二是严控成本，夯实资本实力。一方面要大力压缩各类经营成本，提升盈利能力，为资本金补充创造有利条件；另一方面 需积极推进业务创新，重点开拓低资本消耗的资产类业务，通过资本节约型发展模式满足监管要求。于学军特别提醒，随 着适度宽松货币政策持续，商业银行资产负债规模不断扩大，资本补充压力将日益凸显，提前做好相关准备比以往更为关 键。 三是科技立行，抢占转型先机。人工智能掀起的行业变革已成为市场竞争的关键变量，更是银行业系统性提升竞争力的核 心手段。当前各家银行虽已在金融科技领域多有布局与创新，部分领域甚至处于领先水平，但行业内差距依然明显。于学 军呼吁，银行需主动拥抱人工智能，全面重构科技管理、人才结构与业务体系，抢抓金融科技发展风口，以先发优势赢得 未来发展主动权。 银行频道更多独家策划、专家专栏，免费查阅>> 岁末启新，共谋发展。在"十四五"收官与"十五五"开局的关键节点，由金融界主办、宁波银行支持、清华大学经济管理学院 中国金融研究中心提供学术支持的"启航·2025银行业高质量发展年会"于12月26日在北京成功举办。本次年会以"凝心启新， 聚力致远"为主题，汇聚监管专家、学界精英、行业领袖及科技企业代表，围绕 ...

茅台凭借其"硬通货"的属性，成为消费市场凝聚信心的关 键"压舱石"。 作者：曹坤/文 封图：图片资料室 茅台对主业的长期专注、对品质的始终敬畏，以及对价值的持续坚守，共同构成了其"以不变应万 变"的战略内核。这份定力，不仅是其平稳穿越行业起伏的关键依托，更是其在多变的经济形势下 稳健前行、赢得长远发展的根本支撑。 "压舱石"价值凸显 2025年末，一股消费暖流悄然涌动，首先在白酒行业的温度计——飞天茅台身上得到显现。 作为洞察行业冷暖的核心指标，飞天茅台自2025年12月中旬以来流通速度显著提升。华东地区某 大型酒行负责人表示，近期终端对500ml飞天茅台的咨询量与实际提货频次同步增加，"市场活跃 度正持续升温"。 价格走势进一步印证了其市场韧性。12月25日，新浪财经"酒价内参"数据显示，53度500ml飞天 茅台成交价已企稳攀升至1825元；同期，贵州茅台酒（精品）单日上涨53元，报2366元/瓶。市 场调研还显示，近期飞天茅台全国批发价在两日内涨幅超过百元，陈年茅台15单日大涨450元， 其他非标产品也均有不小涨幅，渠道动销表现强劲。 在当前的消费环境中，拥有深厚品牌积淀与鲜明社交属性的高端消费品，正展 ...

点击按钮▲预约直播 海天，这家从佛山老酱园起步、传承百年酿造技艺的企业，为何能打破"传统产业"的刻板印象，成为全球酱油酿造领域唯一的灯塔工厂？ " 所有看得见的 ' 快赢 ' ，其背后都是看不见的 ' 慢功 ' 。 " 文 /巴九灵（微信公众号：吴晓波频道） 佛山，地处北纬22°38′至23°34′，北回归线横穿其间，一年能有两次太阳直射。 得天独厚的光照条件，让这里自古以来就是酱油酿造的优选之地。2007年列入佛山市非物质文化遗产传统技艺名录的"海天酱料制作技艺"，是这 片土地上传统酿造文化的见证。 从现代产业发展来看，根植于千年古法酿造技艺，佛山也形成了颇具规模的酱油产业集群，其中更诞生了今天家喻户晓的调味品行业的龙头企业 ——海天味业。 今年1月，位于佛山高明区的海天高明工厂，被世界经济论坛评选为"灯塔工厂"，这也是全球唯一一座酱油酿造领域的灯塔工厂。 站在高明工厂的海天纬线上，吴老师抛出了今年产业调研中最常问的一个问题："你们和人工智能有什么关联？" 吴老师参访海天高明工厂 过去，这个问题多指向服装、电器等制造业企业，但当它投向酱油酿造这一极具传统色彩的行业——依赖天时、讲究自然发酵与阳光滋养——便多 ...

感谢主办方证券日报的邀请，也感谢舒总刚才的介绍。结合主题——大资管时代，财富如何保值增值这 个主题，我想从金融投资的角度，谈一谈如何运用指数法则，培育耐心资本，践行长期主义，以金融活 水助力AI产业，我汇报的题目是耐心资本投资AI产业的指数法则。指数法则又称幂律分布，也叫二八 定律，有时候也叫马太效应，是风险投资领域普遍适用的规律性准则，它之所以叫指数法则，是因为少 数几个项目的成功所获得的回报，足以覆盖整个基金其他项目的亏损，并留有剩余。 正如彼得·蒂尔最先提出指数法则的时候，他在《从0到1》这本书中指出风险投资的最大幂律，是最佳 投资所带来的回报等于或者超过整个基金其他投资的总回报，指数法则作为一个法则非常重要，但是在 当前的金融投资领域并不为大家所熟悉，所以还有重申的必要。特别是在当今AI新时代，万物源自比 特，信息技术投资本身也遵循风险投资的总体规律，也就是遵循着指数法则的规律。在指数法则适用的 条件下，投资于AI领域的资本我认为对当前有以下五个方面的启示： 第一，在时间维度上，我们要做耐心资本，不耐心是人的天性，耐心是我们后天的努力和追求。具体在 AI投资领域，耐心还是一个理性的选择。根据指数法则， ...

12月26日，由金融界主办的"启航·2025金融年会"在北京举行。本次年会以"新开局、新动能、新征 程"为主题，来自政、商、学、研等领域的100多位嘉宾、500余家金融机构和上市公司齐聚一堂，共赴 这场思想盛宴。 原中国银保监会副部长级干部、国有重点金融机构监事会主席于学军作了《长期趋势下利差收窄，银行 需克服短期思维积极应对》的主题演讲。于学军表示，据统计2019年到2024年5年时间，银行业累计处 置不良资产17.8万亿元，银行的营业收入、盈利、风险资产三个指标与资产和负债增长相比明显不匹 配。到今年9月底，银行业净息差是1.37%，不良贷款率是1.47%，不良贷款率比净息差高0.1个百分点。 银行业出现低利率、低利差、低收益的"三低"现象。 于学军分析称，未来在我们可预见的时间内，由于国内消费需求不足，投资出现下滑，结构性调整动能 转化，新的增长模式形成等这些因素的变化都需要时间。在这种情况下，刺激性宏观经济政策的力度还 要进一步加大。因此利率很难提高或者会进一步下调，进而影响利差、净息差难以扩大。 于学军表示，长期趋势下利差收窄，银行经营管理要克服短期思维，坚持长期主义。对此，于学军提出 了三个重点。 ...

来源：资管网 基金行业里，能穿越牛熊周期、跨越不同类型平台，在每一段职业生涯中带来改变的管理者并不多。 刘翔，正是其中之一。 这位在金融业深耕近三十年的老将，近日将出任诺德基金总经理。消息一出，就引起业内关注的目光。 这并非简单的"履新"，更像是一次"双向奔赴"——一家亟待突破的基金公司，与一位善于在关键时 期"开新局"的资深管理者，在行业发展的又一节点相遇。 我始终认为，评价一位基金经理，关键看其净值曲线；而评价一位基金公司的掌舵人，则要看他在不同 阶段留下的"发展曲线"。从这条曲线来看，刘翔的每一步，都踩在了行业演进的关键节奏上。 01 从银行到基金：被验证的变革能力 刘翔的职业生涯始于1990年代，大学毕业后即加入银行业。在深圳发展银行境内外分支机构以及招商银 行总部的工作履历，为他打下了扎实的金融根基。那个年代，深发展曾是代码000001的唯一上市银行， 深市龙头，资产利润率银行业第一；而招行作为银行业的标杆，锐意进取，奋发有为，资本回报率银行 业第一。这两家股份制银行的工作经历非常重要，能让刘翔深刻理解金融的逻辑，这或许是后来他能在 市场端和管理端厚积薄发的深层原因。 真正的蜕变发生在他进入基金行业 ...

中国青年报客户端北京12月26日电（中青报·中青网记者 朱彩云）今天，国家创业投资引导基金在京正 式启动。3只区域基金与首批49个子基金以及27个项目代表正式签约。 在国家发展改革委当天召开的专题新闻发布会上，国家发展改革委创新和高技术发展司司长白京羽介 绍，在募资环节，引导基金开创性设立"基金公司-区域基金-子基金"3层架构，有效发挥了中央资金"四 两拨千斤"的杠杆效应，逐级吸引社会资本，实现万亿元的市场"造血"。 日，国家发展改革委召开专题新闻发布会，介绍国家创业投资引导基金有关工作。中青报·中青网记者 朱彩云/摄 对于国家创业投资引导基金的定位，白京羽用"四个坚持"概括，即做早期基金，坚持做耐心资金，坚持 做市场化基金，做标杆基金。 在做标杆基金方面，他介绍，引导基金将与已设立的各类政府投资基金、市场化基金错位发展，不搞重 复投资、不与市场争利，重在解决创投行业长期资本（20年存续期）短缺的问题；同时，积极推动创投 行业改革创新，通过搭建综合性服务平台，打造理念创新、机制灵活、政策务实的"试验田"，更好引领 创投行业高质量发展。 早在今年全国两会期间，国家发展改革委主任郑栅洁透露，国家正在推动设立"航母 ...