Core Viewpoint - The article discusses the performance of actively managed equity funds in the context of the A-share market, highlighting the emergence of new "bull funds" and the fading glory of past top-performing funds, emphasizing the need for a shift from short-term performance to long-term investment strategies [1][11]. Group 1: Performance of Active Equity Funds - As of December 22, the Shanghai Composite Index has increased by 12.67% in 2024, with an annual increase of 16.87%, indicating a likely two-year consecutive rise in annual K-line [1]. - Nearly 40 actively managed equity funds have doubled their annual returns, with Yongying Technology Smart Selection A achieving approximately 219% annual return, marking it as the first "double fund" since 2008 [1]. - Historical analysis shows that only 5 out of 30 top-performing funds from previous bull markets have maintained strong performance, while 25 have returned to mediocre status [2]. Group 2: Reasons for Declining Performance of Former "Bull Funds" - Many former "bull funds" have lost their luster due to excessive scale growth, which reduces investment flexibility and increases transaction costs, making it harder to achieve excess returns [5][6]. - Over-reliance on a single star fund manager has led to significant performance drops when key personnel leave or fail to adapt to market changes [6]. - Short holding periods and frequent style shifts have hindered many funds from accumulating long-term returns, as they chase short-term trends without a stable investment framework [7]. Group 3: Structural Changes in the Fund Industry - The public fund industry is undergoing a structural transformation, moving from a "star-making" model focused on short-term rankings to a "systematic approach" that emphasizes value investing and stable returns [8][12]. - Successful long-term funds often have stable research teams and strong risk control capabilities, which help them navigate market downturns effectively [8][9]. - Companies are increasingly adopting innovative investment models and enhancing their research capabilities to adapt to market changes, indicating a shift towards a more collaborative and systematic investment approach [9]. Group 4: Long-term Investment Philosophy - The fate of past "bull funds" reflects the evolution of the A-share market and the investment philosophy of the industry, highlighting the importance of a stable investment strategy over reliance on individual fund managers [11]. - Investors are encouraged to focus on funds with clear investment philosophies, stable teams, and proven cross-cycle capabilities, rather than chasing annual performance champions [12].

Core Viewpoint - The article highlights the 20th anniversary of the all-cotton spunlace non-woven fabric developed by Weijian Medical, which addresses a global medical issue and signifies a significant upgrade in both the medical and consumer goods sectors, showcasing China's manufacturing innovation and long-term commitment [1] Group 1: Innovation and Development - The inception of the all-cotton spunlace non-woven fabric was driven by a personal experience of the founder, who faced post-surgical infection due to cotton remnants, leading to a commitment to create a material free of such risks [2] - The development process involved overcoming significant technical challenges, including the integration of multiple manufacturing processes, resulting in a patented technology that allows for the production of a clean, soft, and lint-free fabric within 2-3 hours, a major improvement over traditional methods [3] Group 2: Market Expansion and Brand Creation - Initial market entry faced challenges due to a lack of industry standards, leading to a three-year period without orders until a breakthrough occurred with a hygiene product brand seeking new materials, marking the beginning of commercial success [4] - The establishment of the "Cotton Era" brand in 2009 allowed the company to transition from medical to consumer products, launching various items such as cotton soft towels and sanitary napkins, ultimately serving over 67 million families and creating a market worth over 10 billion yuan for facial towels [5] Group 3: Sustainable Practices in Healthcare - The all-cotton spunlace non-woven fabric has been pivotal in upgrading medical dressings and protective products, with the introduction of industry standards and innovations in protective clothing, enhancing comfort and safety for healthcare workers [6] - Recent advancements include the use of this fabric in surgical masks and a comprehensive upgrade of operating room consumables to biodegradable products, improving both environmental sustainability and user experience in medical settings [6] Group 4: Corporate Philosophy and Long-term Vision - The company emphasizes a commitment to quality over profit, brand over speed, and social value over corporate value, reflecting a philosophy of altruism and long-termism in its operations [7]

如何做好出海业务？多位与会嘉宾均提到"长期主义"。 亿纬储能总裁陈翔表示，回想5年前甚至更早的时候，储能用的电芯都是淘汰下来的动力电池。如今， 企业认真研发500Ah以上的电芯，开始定义下一代储能电芯，储能行业已经有了巨大的飞跃，行业开始 认真思考储能行业未来如何发展。长期主义不仅是做锂电企业的基础，也是出海的基础，不管业务规模 是大是小。 易辉琼也认为，出海的长期主义包含产品创新，以及全球产业链布局。瑞浦兰钧的出海，不仅仅是电池 产能布局。她指出，从瑞浦兰钧成立开始，青山集团就一直致力于布局整个新能源产业链，从矿产到原 材料，到电池，再到终端和客户。青山集团在不锈钢和镍两个产业都做到全球最大，而且市占率超过 30%。 "世界的储能是中国的，中国的储能也是世界的。"12月11日，在深圳举办的2025高工储能年会上，这句 话反复被宁德时代（300750）、亿纬锂能（300014）等企业的发言嘉宾提及。前半句意为，中国储能电 池和储能系统在全球市场的份额分别达90%和70%，已形成主导之势；后半句则是指，海外储能市场目 前占据一半体量且利润更为丰厚，成为中国储能企业必须去的远方。 会上，储能头部企业分享了征战海外 ...

Core Viewpoint - The article emphasizes that despite the fluctuations in the liquor market, Kweichow Moutai (600519) remains strategically focused on quality and long-term value, adapting to the evolving industry landscape while maintaining its core principles [1][8]. Group 1: Market Dynamics - The price of Moutai liquor has been volatile, with the retail price of Feitian Moutai reported at 1827 yuan per bottle, reflecting an increase in both price and sales [2]. - The liquor industry is undergoing a deep adjustment phase, characterized by high channel inventory, price discrepancies, and slowing growth, which presents challenges for many liquor companies [2]. - Moutai's management acknowledges the existence of challenges but emphasizes the importance of recognizing structural opportunities while maintaining brand value [2]. Group 2: Supply and Demand Management - Moutai has maintained normal shipments of 500ml Feitian Moutai, while reducing allocations for certain non-standard products by 30%-50% [3]. - The company is focused on adapting supply to meet demand, ensuring that product releases are based on market conditions rather than blanket decisions [3]. Group 3: Innovation and Consumer Engagement - Moutai's approach to innovation is strategic, aiming to enhance real consumption and cultural heritage rather than pursuing innovation for its own sake [4]. - The company is building a brand ecosystem that resonates with younger consumers through immersive experiences and digital engagement, transitioning from merely selling liquor to promoting a lifestyle [4]. - Moutai is also addressing digital challenges by collaborating with e-commerce platforms to enhance consumer access and ensure product authenticity [4]. Group 4: Cultural and Ecological Commitment - Moutai is reinforcing its cultural identity by integrating traditional craftsmanship with modern aesthetics, promoting Chinese liquor culture through innovative products [5]. - The company is committed to ecological sustainability, implementing a "green development" strategy that focuses on environmental protection and sustainable practices [6]. Group 5: Long-term Strategic Vision - Moutai's stability is rooted in its deep systemic capabilities, including ecological protection, production capacity, and talent development [6][7]. - The company is actively enhancing its talent pool through partnerships with educational institutions, ensuring a blend of traditional brewing techniques and modern innovation [7]. - Moutai's consistent approach aligns with national strategies to boost domestic demand, positioning the company to respond effectively to market fluctuations [7][8].

尽管多方现实挑战仍存，但上海的国资引领底色仍然鲜明、市场主体的创新活力依然充沛。 2025年2月，"创·在上海"总决赛的舞台上，一份来自云脉芯联的创业成绩单格外亮眼：这家成立仅四年 的小微企业，成功攻克了AI算力集群芯片的互联瓶颈，研发出我国首款适配千万亿级算力的互联芯 片，成为该赛道中率先实现关键技术突破的中国力量。 这份荣光的背后，是硬科技创业的艰难跋涉与政府创投的鼎力支持。芯片研发是一条资本密集、技术密 集、回报周期漫长的赛道，对初创企业而言堪称"险途"。在云脉芯联芯片研发进入瓶颈阶段、最需要资 金与信心的关键时刻，上海浦东创投与张江科投为其联合注入亿元级资金，并提供产业链资源和政策辅 导的全程支撑，助推其顺利渡过难关。 云脉芯联的成长，是政府创投破解科创投融资瓶颈的生动缩影。面对创投整体活跃度的下降，以及社会 资本风险偏好的持续收缩，政府创投一次次出手，以坚定注资、长期陪伴和产业洞察为科创企业保驾护 航，并向市场释放清晰信号。 奋发：上海市政府创投的现状与成效 1.规模与能级：奠定科创资本的"压舱石" 科创巨轮的"致远"需要先确保"行稳"。上海的政府创投资本体量，正是这艘巨轮稳健前行的"压舱石"。 截 ...

近日，"迎峰而上，让美好触手可及"2025珀莱雅公益年会在余姚隆重举办。本次年会由浙江珀莱雅公益 基金会主办，大会系统呈现了珀莱雅十八载公益坚守与基金会成立三年来的实践成果，并展望了未来的 发展方向。会议由浙江卫视首席主播、主持人席文主持来自全国各地的近两百位珀莱雅生态伙伴、专家 学者、师生代表及公益同仁齐聚一堂，共赴此次公益之约。 多方肯定，见证公益担当 珀莱雅公益基金会自2023年8月成立以来，以 "汇聚爱的力量，让世界因爱而美" 为愿景，在女性发展、 教育助学及应急救灾等领域持续深耕，每一步都镌刻着与社会同频共振的责任足迹。 中国香料香精化妆品工业协会理事长、医学博士颜江瑛在致辞中对珀莱雅的公益坚守给予高度肯定。她 表示，作为国货美妆龙头企业，珀莱雅将公益重心聚焦教育帮扶、女性赋能等领域，既契合国家公益慈 善政策导向，又呼应生育发展相关社会需求，实现了企业发展与国家战略的同频共振。 浙江省工商联副主席、省商会副会长李立飞肯定了珀莱雅在香港火灾救援中迅速捐赠500万港币所展现 的 "浙商速度" 与责任担当。他指出，作为践行 "义利并举" 的浙商标杆企业，珀莱雅将公益实践扎根于 民生关切、行业协同等关键领域 ...

一辆第六代雅阁，行驶里程已经超过88万公里，在广汽本田躁梦节上经过精心修复后依旧活力满满。这位"老兵"的存在似乎在回应一个议题： 快节奏的汽车市场，需要什么样的产品？ 当修复完的第六代雅阁与最新的智能电动车并肩停放，时间仿佛被折叠。在当下，汽车厂商热衷于比拼屏幕尺寸、语音助手反应速度和智能驾驶硬件数 量。这种"参数内卷"的风潮，让汽车市场愈发像一个科技产品的竞技场。消费者在这个快节奏、配置不断迭代的时代，反而开始怀念那些能用扎实的机械素 养和可靠的品质陪伴他们更久的产品。 在电气化转型中，雅阁展示的是不追噱头、解决痛点的务实技术路线。它提供的不只是单纯从A点到B点的交通工具，而是一种全场景下都"不妥协"的 移动体验。 雅阁目前提供锐·T动燃油版和e：PHEV插电混动版两种动力选择，覆盖不同用户需求。其中，雅阁e：PHEV搭载的第四代i-MMD双电机混合动力系 统，其核心优势是彻底打破了"有电一条龙，没电一条虫"的行业痛点。 技术才是雅阁的真实力 这套系统能实现最长106公里的NEDC纯电续航（部分版本WLTC续航为82公里），满足日常通勤的纯电需求。更重要的是，在电池电量不足时，系统通 过高效的能量管理，依然 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：聪明投资者 这是2022年2月的一场长谈。彼时，詹姆斯·安德森（James Anderson）即将从柏基（Baillie Gifford）旗 下苏格兰抵押投资信托（SMIT）基金经理岗位上退休。 拥有"伟大公司捕手"标签的安德森，有着鲜明的成长股投资，长期主义特质：不靠解释下个季度，也不 靠押注美联储的下一次加息，而是把主要精力放在一件更难、也更慢的事情上——理解变化：变化从哪 里来，如何扩散，最终会把哪些公司推到怎样的规模。 这场近两小时的深度对话由Masters in Business的巴里·瑞特霍尔茨（Barry Ritholtz）主持，他本身也是非 常资深的企业家、投资顾问和财经作者。 安德森谈得最动人的部分，并不是具体某一只股票，而是他那套自上而下的"变化观"。 在他看来，金融市场长期最大的误区，是把世界默认成一个会自动回到均衡的系统：只会发生温和的小 波动，然后均值回归。可真正决定长期回报的，往往是少数远离均衡的时刻——技术、组织形态、产业 结构发生跳变，非线性地改写了商业版图。 但理解变化还不够。安德森更看重的是：谁 ...

这是 2022 年 2 月的一场长谈。彼时，詹姆斯 · 安德森（ James Anderson ）即将从柏基（ Baillie Gifford ）旗下苏格兰抵押投资信托（ SMIT ）基金经理岗位上退休。 拥有"伟大公司捕手"标签的安德森，有着鲜明的成长股投资，长期主义特质：不靠解释下个季度，也不靠押 注美联储的下一次加息，而是把主要精力放在一件更难、也更慢的事情上 —— 理解变化：变化从哪里来， 如何扩散，最终会把哪些公司推到怎样的规模。 这场近两小时的深度对话由 Masters in Business 的巴里 · 瑞特霍尔茨（ Barry Ritholtz ）主持，他本身 也是非常资深的企业家、投资顾问和财经作者。 安德森谈得最动人的部分，并不是具体某一只股票，而是他那套自上而下的 " 变化观 " 。 在他看来，金融市场长期最大的误区，是把世界默认成一个会自动回到均衡的系统：只会发生温和的小波 动，然后均值回归。可真正决定长期回报的，往往是少数远离均衡的时刻 —— 技术、组织形态、产业结构 发生跳变，非线性地改写了商业版图。 但理解变化还不够。安德森更看重的是：谁能把拥抱变化的蓝图执行出来。 这也是他对 ...

Core Insights - The "2025 New E-commerce Summit" highlighted the importance of innovation and growth in the Chinese consumer market, featuring discussions among economists, brand founders, and top investors [1][10] - Spes, a leading domestic brand in scalp care, won the "2025 New E-commerce Annual Innovation Brand Award," showcasing its strong market influence and innovative approach [3][4] Company Highlights - Spes has successfully identified and addressed unmet consumer needs in the saturated hair care market, focusing on specific pain points for young consumers, such as time constraints and scalp sensitivity [4][8] - The brand's core products are designed to solve real-life problems, leading to high repurchase rates and establishing Spes as a benchmark in the hair care sector [4][8] Industry Trends - The discussions at the summit emphasized that competition in a saturated market is not about chasing short-term trends but about embedding brands into consumers' lives and addressing genuine pain points [5][7] - The concept of "long-termism" was highlighted as essential for brands to adapt to evolving consumer needs and maintain market leadership [7] Future Outlook - The Chinese consumer market is transitioning towards high-quality development, with brands like Spes demonstrating that innovation is possible even in traditional categories [10] - Spes plans to continue focusing on user needs, enhancing research and development, and expanding its product offerings to solidify its market position [10]