图文内容的长期主义 自短视频兴起以来，唱衰图文内容的声音就从未断绝。相比于图文这一纸媒时代的"老古板"，短视频经常被认为是更大众的，更有趣的，更易于接受的， 而当AI生成的大量视频出现后，人们本就忙碌的眼球更是目不暇接，在每天本就不多的空闲时间中，我们似乎很难分出用十几分钟甚至个把小时，来阅 读一篇上千字图文内容的精力。 文｜毛巾 编｜陈梅希 2025年，距离首届头条创作者大会已经过去了十年。在这一独特的时间节点，今日头条在海南重启创作者大会，邀请300余位优质图文创作者，一同讨论 当下内容行业的发展前景，也召唤深度内容的回归。 在短平快的注意力经济下，深度内容经历着严峻的挑战，但这也成为它彰显出长远价值的契机。在2025今日头条优质深度创作者大会上，刺猬公社 （ID：ciweigongshe）看到，今日头条始终认可深度内容的价值，让深度内容能被大众看见的同时，也持续保障着深度创作者的收益。正因为此，才有了 这场平台与创作者双向奔赴的"十年之约"。 头条优质深度创作者们在会上合影 但图文内容，从来不是和短视频抢夺注意力的产物。或者说，图文内容所争取的，是一种长久的注意力。一篇优秀的深度内容，其生命力往往不在于 ...

Core Viewpoint - The domestic wealth management market has transitioned away from rigid guarantees, prompting all market participants to seek sustainable investment returns amidst volatility [1][2] Group 1: Market Transition and Challenges - The shift from guaranteed returns to net value management has exposed the risks behind investment returns, compelling the industry to focus on value creation through professional capabilities [1] - The dual challenges of low interest rates and asset scarcity have led to a commitment to long-term investment strategies by companies like Penghua [1][2] Group 2: Performance Metrics - Penghua's active bond management has achieved a five-year return of 17.09%, leading the industry [3] - The company has generated over 69.3 billion yuan in profits for investors, with a growth rate exceeding 103% [6] - The number of bond fund holders has increased by over 19 million in five years, reflecting a growth rate of over 50% [1][8] Group 3: Investment Strategy and Team Development - The investment strategy has evolved to focus on systematic management across various asset types, enabling the team to navigate market cycles effectively [3][11] - The research team has expanded from 66 to 97 members, enhancing the platform's professional and systematic capabilities [11][12] Group 4: Sustainable Profitability - Penghua's products have consistently generated profits, with bond funds and money market funds contributing over 30.3 billion yuan and 39 billion yuan, respectively [6][7] - The company has built a diverse product matrix to cater to different risk-return profiles, ensuring sustained profitability [6][7] Group 5: Trust and Growth - The number of Penghua's bond fund holders has surpassed 56 million, with significant growth in individual investors, indicating a shift towards a more balanced investor base [8][9] - The trust built over five years has resulted in a healthy growth trajectory, emphasizing that scale is achieved through trust rather than the other way around [10][12] Group 6: Future Outlook - The company aims to continue creating certainty in an uncertain world, focusing on professional, disciplined, and responsible investment practices [15]

Core Insights - The article discusses the challenges faced by Sichuan cuisine brands in achieving long-term brand value due to a reliance on a franchise model that prioritizes short-term cash flow over sustainable growth [1][17]. Group 1: Model Dependency - Sichuan cuisine is complex, leading 80% of restaurateurs to prefer simpler, more replicable business models like hot pot and snacks [4][5]. - The unique flavors and ingredients of Sichuan cuisine create a diverse culinary landscape, but this also complicates standardization and consistency in restaurant offerings [4][5]. Group 2: Resource Dependency - The abundance of culinary resources in Sichuan has led to a "resource curse," where the ease of creating popular dishes diverts focus from building unique Sichuan cuisine brands [6][8]. - Many entrepreneurs are drawn to quick success through single-item brands rather than investing in the long-term development of Sichuan cuisine [8]. Group 3: Marketing Dependency - A strong marketing culture in Chengdu has led to rapid brand creation and a focus on short-term gains, often at the expense of long-term brand value [9][12]. - Many new brands rely heavily on marketing to create buzz and quickly expand through franchising, which can lead to unsustainable business practices [12][18]. Group 4: Competitive Challenges - The high density of restaurants in Chengdu creates intense competition, where successful concepts are quickly imitated, leading to a cycle of rapid brand turnover [13][15]. - The prevalence of imitation and aggressive competition makes it increasingly difficult for brands to establish a lasting presence in the market [15][16]. Group 5: Conclusion - The challenges faced by Sichuan cuisine brands reflect a broader issue within the local restaurant ecosystem, where quick returns overshadow the pursuit of long-term brand value [17][18].

Group 1 - Shandong Energy Group has invested in the construction of a 900,000 kW offshore wind farm, achieving full-capacity grid-connected power generation by the end of December 2022 [2] - Shandong is the only province in China with all 41 industrial categories, with its state-owned enterprises leading in total assets and operating income among provincial-level regulated enterprises [4] - The province's state-owned enterprises are expected to maintain their leading position in total profit and net profit by 2025 [4] Group 2 - Companies like Weichai Power are focusing on long-term R&D investments, exemplified by their hydrogen internal combustion engine that took eight years to develop without profit but is expected to secure future growth [5][6] - Shandong's state-owned enterprises are actively engaging in high-end manufacturing and technological innovation, with significant R&D investments leading to breakthroughs in various fields [6][7] - The provincial government has implemented a "R&D reserve fund system" to support major technological breakthroughs, with a plan to allocate 20% of the previous year's net profit to a dedicated R&D fund [7] Group 3 - The "chain leader system" has been introduced to enhance collaboration among state-owned enterprises and their supply chains, promoting joint development and innovation [10][17] - Shandong's state-owned enterprises are acting as "chain leaders," fostering innovation and resource sharing among smaller enterprises, thus enhancing overall industry competitiveness [14][15] - The province aims to cultivate 50,000 high-tech enterprises and achieve 200 major innovation results by 2027, reflecting a commitment to long-term industrial development [17] Group 4 - Shandong's traditional industries are undergoing transformation through technological innovation and smart upgrades, demonstrating that established sectors can also generate new growth [18][25] - The province's focus on optimizing traditional industries aligns with national strategies to enhance innovation capabilities and competitiveness [25][29] - Shandong's state-owned enterprises are encouraged to concentrate on their core businesses while exploring reasonable extensions to enhance overall performance [26][28] Group 5 - The provincial government emphasizes the importance of a balanced relationship between government intervention and market dynamics, promoting a model where state-owned enterprises can lead in high-risk, long-cycle R&D areas [33][35] - Shandong's approach to innovation and development showcases a blend of strategic government support and market-driven initiatives, aiming for high-quality growth [35][36] - The province's experience serves as a valuable reference for other regions in China, illustrating that transformation does not require starting anew but can be achieved through leveraging existing strengths [25][36]

Core Insights - The company emphasizes a long-term development strategy, focusing on steady progress rather than short-term market fluctuations [2][9] - The semiconductor materials industry requires strategic determination and deep technical accumulation over decades, rather than being driven by temporary market trends [2][9] Company Strategy - The company has set an ambitious growth target of "ten times in ten years," driven by the vast growth potential within the domestic semiconductor industry [4] - The company believes that the push for self-sufficiency in the supply chain will lead to a rapid growth phase in the next five to ten years, supported by ongoing breakthroughs in key technologies [4] - The company has maintained a stable median growth rate of around 20% despite fluctuations in recent years [4] Location and Talent - The company has strategically chosen to establish its operations in Kunshan due to its proximity to a dense semiconductor customer base and manageable operational costs [4] - Kunshan's appeal lies in its ability to attract and retain talent, providing a balance between operational costs and quality of life for employees [4] Business Segments - The company has evolved from a follower to a leader in the semiconductor electroplating sector, achieving international standards in product performance [6] - The company has expanded into the photoresist market, becoming a key player in advanced packaging, with a goal to lead the industry [6][8] - Currently, electroplating accounts for 70% of total revenue, while photoresist contributes approximately 25%, with expectations for balanced growth in the future [6] Competitive Position - The company is one of the few in China capable of providing a complete material solution for advanced packaging, integrating both electroplating and photoresist [7] - The company has achieved significant differentiation in the market, particularly in the photoresist sector, where it competes effectively with international giants [8] Research and Development - The company invests heavily in R&D, with nearly 40% of its workforce dedicated to this area, which is typical for semiconductor material firms [8] - The company has filled domestic technological gaps, such as in the PSPI (photo-sensitive polyimide) sector, establishing a first-mover advantage [9]

当中国汽车市场陷入同质化价格战的漩涡，多数品牌在短期销量焦虑中疲于奔命时，捷豹路虎却以十五 载深耕的定力穿越市场周期，走出了一条长期主义的豪华之路。 在2025年行业分化与消费升级交织碰撞的关键节点，这家英伦豪华品牌坚守"品牌重塑"战略，向上聚焦 70万元以上豪华SUV核心市场并稳居领先地位。凭借路虎卫士OCTA、全新揽胜运动SV等重磅车型强化 产品力，通过"揽胜之境""士在八方"等特色活动深化客户情感联结，更以合资模式2.0加速电动化转 型。面对豪车税调整、网络安全事件等突发挑战，其快速响应的补贴政策与高效危机处置能力，更彰显 了深厚的运营韧性与供应链实力。 捷豹路虎正在用行动重新定义：真正的豪华，从来不止于车，更在于长期主义的坚守与责任担当的厚 度。 正如捷豹路虎全球董事、捷豹路虎中国首席执行官兼总裁潘庆所言："越是充满不确定性的环境，越需 要坚守长期价值。2025年，捷豹路虎在中国市场所展现的韧性，源于对豪华本质的坚定投入，也源于我 们对中国市场长期发展的信心。" 商业筑基公益铸魂 但捷豹路虎始终坚信，真正的豪华更在于对社会的持续回馈与价值创造。 为此，捷豹路虎以社会责任、文化交流与企业文化为三大支点， ...

1901年，首台电动真空吸尘器问世，从此改写了人类家庭清洁的历程。如今，中国清洁电器市场进入白热化激战，2025年可以说是"洗牌"的 一年。中国家庭清洁理念的不断提升、智能化技术的突飞猛进及国补的政策刺激等，共同推动了中国清洁电器市场规模的扩大。国产品牌 迅速崛起、推陈出新，中国消费者对清洁机器人的要求早已不止于"扫得干净"，避障功能、自清洁能力、续航能力、甚至是否有噪音等，都 成为能够左右消费者决策的变量。速的市场产品迭代和变革里，有一个品牌，似乎一直并没有跟风堆参数，卷功能。而是按照自己的研发 节奏和对市场的洞察，坚持创新。 官方图片 最近，戴森推出了一款新品——戴森真Ai清洁机器人，作为该品牌首款干湿两用的清洁机器人，它真正践行了Jake Dyson所提及的长期主 义。其实，戴森研发机器人已有20年的技术积淀，从上世纪90年代首款吸尘机器人DC06，到搭载视觉导航技术的360 Eye，再到去年登陆中 国的360 Vis Nav，每一步都彰显着戴森对创新的不懈努力，践行了以科技解决实际问题的承诺。 其实，清洁远比看上去复杂。清洁机器人是否能在复杂的家具间行进自如、是否能处理中国家庭厨房中的酱油等难以清除的 ...

随着民企退潮，这几年，中小房企几乎集体退出了大家的视野。 行业的关注点，都聚焦到高能级城市的国央企身上。 当行业普遍认为小城市已无布局价值时，一些中 小房企却在低调生长。 这些房企，用自身的经历，谱写出了行业低谷阶段中小房企的生存秘诀。 1 在低能级城市，改善市场还有机会 在前些年地产单边上行的时代，大型房企的布局基本"全面开花"，有的甚至深入 五六线城市。 而最近四五年，规模型房企对低能级城市已集体失去"兴趣"，大家都在收缩战线，将精干力量集中投入 热点一二线城市。巨头扎堆，叠加优质地块供应放量，核心城市核心地段高价地频出，不断刷新地王记 录。 尽管三四线城市普遍不被看好， 但深入了解会发现，近几年部分本土中小房企正悄然成长。 一方面，土地出让条件友好。 土拍由卖房市场转变为买房市场，地方对房企的态度也空前友好。某房企就表示， 拿地前可先行协商 配套条件，如提前解决学位问题，待条件符合预期再 拿 地。 这样一来，地块的确定性会高很多。 另一方面，优质的供应商资源唾手可得。 随着房企撤退，供地缩水，三四线城市新开地产项目锐减，房地产供应链市场也陷入僧多粥少的竞争。 就连过去抢手的供应商，都可能面临无业务可做的 ...

12月22日，以「新进阶 新星途」为主题的星途品牌之夜在北京璀璨启幕。这场承载中国汽车豪华品牌向上征程的盛典，通过新技术、新设计、新产品、新 征程四大维度的全面进阶，正式开启星途3.0时代。 未来，星途将从基础性能、价值体验、情绪表达三大层面持续进阶，打造面向新时代的豪华品牌体系，开启中国汽车品牌迈向全球豪华市场的新征程。 以28年全球积淀，打造全球认可和尊敬的豪华品牌 在新能源与智能化汽车全面到来的时代，奇瑞希望成为全球新能源智能化豪华品牌的定义者。奇瑞人的目标与星途的使命——从不模仿和跟随别人的豪华车 定义，而是创造一个"我就是我"、拥有独立灵魂与价值主张的豪华品牌；瞄准新质生产力与向上的年轻一代，打造与他们精神世界深度共鸣，生活方式完美 契合的高情感、高势能豪华品牌。 星途始终是奇瑞集团品牌金字塔的"塔尖"，如何打造全球认可和尊敬的豪华品牌，关键在于三个核心能力。大会现场，奇瑞汽车股份有限公司董事长尹同跃 表示：第一，以产品为根基打造极致产品力，不追求配置的简单堆砌，而是专注于最核心的差异化体验；第二，以文化为灵魂打造高端品牌的核心驱动力， 星途要深度理解、展望智能时代"原住民"的全球年轻用户追求趣味、 ...

政府投资基金是支持产业发展和创新创业的重要政策工具，对社会资金具有"四两拨千斤"的撬动作 用。"十五五"规划建议提出，发挥政府投资基金引导带动作用。然而，各地在产业投资领域常面临不敢 投、投不好的局面。对此，成都高新区坚持培育耐心资本，设立规模庞大的产业基金集群，推动资本与 优势项目高效对接，为区域高质量发展注入不竭动能。 什么是好的产业投资？在成都高新区，有一笔长达10年的投资回答了这个问题。 好的产业投资是战略价值与财务回报的完美融合，要"看得准、投得巧、管得好、退得出"，不仅追求短 期盈利，更致力于长期产业价值创造。成都国资作为海光信息的耐心资本，投入周期近10年。截至今年 三季度末，成都国资旗下3家投资平台合计持有海光信息股票3.952亿股。据估算，成都国资这笔投资浮 盈超千亿元。 除了盈利回报，当地还通过投资引入重大项目，带动产业链发展。投资之后，海光信息两家核心子公司 ——海光集成、海光微电子落地成都高新区，此后以海光集成为链主企业，成都市集成电路产业蓬勃发 展。2024年，成都市电子信息产业实现营收1.34万亿元。 投资成就绝非一日之功，是对长期主义的坚守，是科技、产业、金融逐渐形成的良性循环， ...