Core Viewpoint - The public fund industry in China is expected to continue its growth trajectory, with projections indicating that the total scale may surpass 40 trillion yuan in 2026, driven by long-term capital inflows and favorable policy reforms [3][4][6]. Group 1: Industry Growth and Trends - The public fund scale is projected to exceed 40 trillion yuan in 2026, supported by long-term funds such as insurance and pension funds entering the market [3][4]. - The public fund industry has seen its net asset value grow from approximately 9.1 trillion yuan in 2016 to about 36 trillion yuan in 2025, with an average annual growth rate of around 16% [4]. - The low interest rate environment is driving a shift of savings into public funds, with equity and "fixed income plus" products expected to be the main growth drivers [3][4]. Group 2: Investor-Centric Approach - The industry is shifting towards an investor-centric model, emphasizing the importance of investor returns and experience in fund management [5][6]. - Regulatory changes are reinforcing the principle of prioritizing investor interests, which is expected to reshape the public fund ecosystem and operational models [6][11]. - The focus on long-term performance and investor satisfaction is anticipated to lead to a healthier industry environment, fostering a virtuous cycle of returns and growth [6][11]. Group 3: Product Innovation - There is a growing trend towards product innovation in the public fund sector, with new offerings such as REITs and thematic funds emerging to meet market demands [7][8]. - Future innovations are expected to focus on technology-driven products, low-volatility options, and diversified asset allocation strategies [7][8]. - The introduction of more diversified ETFs and thematic funds is anticipated, catering to specific industry sectors and investment themes [9][10]. Group 4: ETF Development - The ETF market is expected to enter a new phase of differentiated competition, with a focus on thematic and sector-specific ETFs [9][10]. - The demand for passive investment products is increasing, driven by a structural shift towards low-cost, high-transparency options [10][11]. - The competitive landscape for ETFs will focus on tracking accuracy, fee structures, and niche market offerings [10][11]. Group 5: Active Equity Funds - Active equity funds are moving towards a value investment approach, with a reduction in style drift and a focus on long-term performance [11][12]. - Regulatory frameworks are expected to enforce stricter performance benchmarks, promoting a return to fundamental research and value discovery [11][12]. - The emphasis on long-term performance metrics is likely to reshape the competitive dynamics within the active fund management space [12][13]. Group 6: Sales and Distribution Transformation - The sales model in the fund industry is transitioning towards a focus on maintaining existing client relationships rather than solely on new product launches [16][17]. - Fund sales strategies will increasingly prioritize client service and long-term investment experiences, moving away from a purely transactional approach [16][17]. - The revenue model for fund sales is expected to shift from transaction-based fees to advisory service fees, aligning more closely with client outcomes [17][18]. Group 7: AI and Digital Transformation - The integration of AI technology is becoming crucial for the asset management industry, enhancing efficiency and redefining service delivery [18][19]. - AI applications are expected to permeate various aspects of fund management, including product development, risk management, and customer service [19][20]. - The future of the industry will likely see a collaborative approach between human expertise and AI capabilities, optimizing operational processes and client interactions [20][21]. Group 8: Long-Term Focus and Specialization - The public fund industry is anticipated to return to a long-term investment philosophy, aligning more closely with wealth management and pension fund strategies [21][22]. - The industry is expected to see increased specialization, with firms focusing on niche markets and tailored investment solutions [22][23]. - The trend towards floating fee structures is likely to gain traction, linking fees more closely to fund performance and investor returns [22][23].

Core Viewpoint - The article emphasizes the significant rise of China's energy storage industry, highlighting its global leadership in energy storage capacity and international orders, marking a new era of growth and innovation in the sector [2][3]. Group 1: Industry Overview - The global energy storage market is experiencing a massive transition, with China emerging as a dominant player, leading in both domestic installations and international orders [2]. - The energy storage industry is characterized by intense competition, with many companies achieving double-digit growth despite market challenges [2][4]. Group 2: Key Players and Achievements - CATL (宁德时代) has grown from a small workshop to a global leader in energy storage, with total assets nearing 900 billion yuan and a revenue increase from 44 million yuan to 57.29 billion yuan over 11 years, marking a 1301-fold growth [6][8]. - EVE Energy (亿纬锂能) has maintained a strong position in the market, with overseas revenue growing 28.05% year-on-year, and a significant increase in R&D investment, totaling 136.97 billion yuan over 20 years [12][13]. - Sungrow (阳光电源) has seen its energy storage business grow from 383 million yuan to 24.96 billion yuan from 2018 to 2024, achieving a 64.17-fold increase [16][17]. Group 3: Financial Health and Capital Strength - CATL's financial health is robust, with a total asset-liability ratio of 61.27% and a net cash position of 327.18 billion yuan, providing a strong buffer against market fluctuations [9]. - Sungrow's capital strength is also notable, with a funding reserve of 27.76 billion yuan and a net cash position of 21.93 billion yuan, allowing for continued investment in growth [19][20]. Group 4: Innovation and Technology - CATL has invested over 800 billion yuan in R&D over the past decade, leading to significant technological advancements, including the production of a 587Ah energy storage cell and a 9MWh energy storage system solution [7][8]. - EVE Energy has developed a comprehensive range of lithium battery technologies and has a strong focus on R&D, with over 10,000 patents filed [13][14]. Group 5: Global Expansion and Market Strategy - CATL's international revenue has surged from 15 million yuan to 110.34 billion yuan over 11 years, with overseas orders totaling approximately 49.5GWh [8][9]. - EVE Energy has also expanded its international footprint, with overseas revenue growing significantly and a focus on diversifying its product offerings [12][13]. - Sungrow has established a strong global presence, with 50% of its revenue coming from international markets, and has signed numerous overseas contracts [19][21]. Group 6: Challenges and Future Outlook - The energy storage industry faces challenges such as safety incidents, price wars, and product homogenization, which could hinder healthy development [10][21]. - Industry leaders emphasize the need for innovation, safety, and a focus on long-term strategies to navigate the evolving market landscape [10][21].

（来源：湖州日报） 在面向企业员工的宣讲中，宣讲员方可媛用一首原创歌曲《我们这样走过》拉开本次理论宣讲的序幕， 歌声将宏大叙事融入青春旋律，娓娓道来"十四五"的奋斗足迹与"十五五"的奋进展望，迅速点燃了全 场。随后，宣讲员季誉恒以《横店变竖店，竖是哪个"术"》为题，探讨了影视产业发展背后所蕴含的技 术之"术"与创新之"道"；宣讲员郑德镇用轻松活泼的"开放麦"形式，让"相信"成为企业发展的信念。 在庾村兴头上未来工作空间的乡村专场，宣讲员王哲身穿戏服上台，深情讲述了艺术学子肩负传承与创 新的使命感，其间穿插的越剧表演赢得了阵阵叫好声；宣讲员张博文直面当代青年的思想困惑，在《一 撇一捺中的投资心法》里鼓励青年在新时代的浪潮中书写无悔华章……大家与乡村创客、基层干部等围 坐共话，让理论在泥土气息中生根。 据悉，此次巡讲活动覆盖干部职工、党员群众近300人次，全面展示了新时代理论宣讲工作的蓬勃生机 和创新活力，不仅搭建了交流互鉴的平台，也进一步激发了青年学习贯彻党的创新理论、投身湖州高质 量发展的热情。 转自：湖州日报 记者 张志炜 本报讯 由省委宣传部主办，潮新闻、市委宣传部承办的"党的创新理论青年说——学习贯彻党 ...

（来源：中华工商时报） 转自：中华工商时报 全球性咨询公司贝恩公司与Worldpanel消费者指数最新联合发布的《2025年中国购物者报告（系列 二）》显示，零售商自有品牌在过去两年间年均增长44%。报告指出，零售商自有品牌不仅在抢占增量 需求，而且将加剧品牌商面临的竞争压力。 零售业态不断演变，零售商从"卖货架"转型为"做商品"，开始"干品牌商的活"，他们以第一手消费者市 场需求洞察以及供应链整合优势，发展自有品牌。 今年10月，永辉超市宣布将在5年内打造500支自有品牌商品。合百集团旗下合家福超市自去年发力自有 品牌，截至今年11月，自有品牌单品数达到476个，销售超4000万元，同比增长92%。沃尔玛等超市门 店入口等醒目处也陈列着各种自有品牌商品。大润发除推出低价"超省"系列外，还推出"润发甄选"系 列。 自有品牌火热，原因在于当前消费潮流趋于务实，人们寻求优质性价比，加之消费市场下沉，自有品牌 的相对优势迎合了这些需求。Worldpanel消费者指数显示，2025年前三季度有超过48%的中国城镇家庭 购买过自有品牌，较去年同期提升10个百分点；此外，自有品牌在地级市的渗透率增长超过12个百分 点，显 ...

【导读】公募基金行业发展十大展望：明年规模将冲击40万亿元大关 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、 热门产业发展变化和大事件，展望2026年股市机会和基金行业发展前景，以飨读者。 2025年接近尾声，2026年即将起航。 过去的一年，证监会印发《推动公募基金高质量发展行动方案》，发布指数化投资高质量发展行动方 案，出台基金管理公司绩效考核管理指引；业绩比较基准新规落地，公募费率改革三阶段收官……行业 生态不断优化。 展望2026年，公募基金行业将有哪些新动向、新发展？中国基金报采访了多位业内人士，共同展望即将 到来的2026年行业变迁。 展望一： 公募基金规模冲击40万亿元大关 低利率环境下，资管行业将持续受益。行业机构和人士预计，2026年公募基金规模有望保持增长。 博时基金认为，2026年公募基金规模继续增长的核心逻辑在于三个方面：一是保险、个人养老金、社保 基金等长期资金持续入市，形成增量支撑；二是低利率推动储蓄"搬家"，ETF、固收类等多元产品精准 承接居民与理财资金；三是费率改革、长周期考核等政策红利持续释放，提升产品吸引力与投资 ...

【导读】公募基金行业发展十大展望：明年规模将冲击40万亿元大关 【编者按】2025年接近尾声，中国基金报推出"2025年终报道"，梳理总结2025年公募基金、券商行业、热门产业发展变化和大事件，展 望2026年股市机会和基金行业发展前景，以飨读者。 中国基金报记者 李树超 张玲 王思文 2025年接近尾声，2026年即将起航。 过去的一年，证监会印发《推动公募基金高质量发展行动方案》，发布指数化投资高质量发展行动方案，出台基金管理公司绩效考核管理 指引；业绩比较基准新规落地，公募费率改革三阶段收官……行业生态不断优化。 展望2026年，公募基金行业将有哪些新动向、新发展？中国基金报采访了多位业内人士，共同展望即将到来的2026年行业变迁。 展望一： 公募基金规模冲击40万亿元大关 低利率环境下，资管行业将持续受益。行业机构和人士预计，2026年公募基金规模有望保持增长。 博时基金认为，2026年公募基金规模继续增长的核心逻辑在于三个方面：一是保险、个人养老金、社保基金等长期资金持续入市，形成增 量支撑；二是低利率推动储蓄"搬家"，ETF、固收类等多元产品精准承接居民与理财资金；三是费率改革、长周期考核等政策红 ...

我看到一个画家谈自己的心得，他有句话真是很有道理：作画如禅家棒喝，当在一念之间决出高下！ 无论是在艺术领域，还是在战场、商场等领域，道理是相通的。 从方法论上讲，任正非的判断力很难学。 比如任正非创业时候为什么要选择通信行业？比如他为什么要大力投入研发？比如他为什么要设计员工持股制度？比如他为什么要从有线转无线，从国内走 向海外，从企业业务转为消费者业务，从硬件杀入软件……乃至2012实验室、备胎计划等，都体现了他的高瞻远瞩。 老板就没有不焦虑的，因为你要为所有人负责，在前途渺茫、不知道路该怎么走的时候，你如何当下立决？ 身为队伍的一号位，就必须要为成败负责，要为该发生而没有发生的事情负责：不管是学习IBM，构建全球化组织能力，还是面临公司内外危机，为"冬 天"储备粮草和棉衣等，都是如此。 做战略是很难的，你很难把所有信息都搜集全面，然后慢慢思考，你没有那么多时间，很多时候你只能迅速决断，赌一把。 我有时候想，华为之所以发展如此之快，成就如此之大，一定是跟任正非在重大发展节点上的正确决策有很大关系。 胜负往往是一瞬间的决策。 武功到了极致也是拼想法，拼电光火石间的念头。 可以说企业的竞争在某种意义上就看老板能 ...

Core Insights - Yu Hao, founder and CEO of Chasing Technology, was awarded the "2025 Cover Character Influence Industry Innovation Award" for leading the company towards high-end markets and making technological innovation accessible to the public [1][3]. Company Overview - Chasing Technology, founded in 2017, has become a global high-end technology brand, with products spanning high-end smart home appliances, smart cars, smart kitchen appliances, smart cleaning devices, outdoor smart equipment, and personal care products [4]. - The company has achieved a compound annual growth rate of over 100% for six consecutive years, positioning itself as a flagship of Chinese technological innovation on the global stage [3][8]. Strategic Focus - The company emphasizes a high-end, technological, and fashionable core competitiveness in the global market, adhering to a "long-termism" approach to enhance product innovation and brand recognition [5]. - Since 2023, Chasing Technology has successfully implemented its high-end brand strategy, achieving efficiency improvements, brand elevation, and market share growth, overcoming the industry's "impossible triangle" challenge [7]. Market Performance - Chasing Technology has achieved the number one market share in nearly 20 countries and regions, including Germany, France, and Singapore, demonstrating the importance of technological innovation for high-end technology brands [8]. Technological Innovation - Yu Hao believes that "core technology is fundamental," and the company invests significantly in research and development, allocating one-third of its budget to existing technology iterations, one-third to innovations in existing fields, and one-third to new field innovations [9]. - The company holds a series of authorized patents in core technology areas, enhancing product innovation and global influence [9]. Recent Developments - Recently, Yu Hao acquired 54.90% of Jia Mei Packaging for approximately 2.282 billion yuan, aiming to inject vitality into the traditional packaging industry through technological innovation and drive globalization efforts [10]. - The future global industry landscape is expected to present opportunities through the combination of China's manufacturing and engineering talent, disruptive technologies, and the restructuring of global supply chains [10].

12 月 19 日，《中国新闻周刊》发布 2025 封面人物，涵盖法治、科技、经济、文化、教育、体育、演 艺等多个领域。追觅科技创始人兼 CEO 俞浩凭借"领导追觅科技在全球化浪潮中坚定走向高端市场、让 技术创新真正普惠大众"的行业创新影响力荣膺"2025 封面人物影响力行业创新奖"。 从 2009 年开始，《中国新闻周刊》每年都会以一份厚重的"封面人物"，致敬推动时代前行的力量。中 国新闻周刊总编辑王晨波表示，"这些丰富、生动、真诚的面孔，构成了这个时代生生不息的影响力图 谱。记录下这些秉持'长期主义'的探索者、建设者和守护者，本身就是一项有价值的事业。" 《中国新闻周刊》评价俞浩，他是一位从清华园走出的科技探索者，怀揣"用造飞机的技术服务千家万 户"的初心，将尖端科技注入日常生活。他领导企业在全球化浪潮中坚定走向高端市场，短短七年将中 国智造带向百余个国家和地区。他坚持以用户为中心，让技术创新真正普惠大众。他带领下的追觅科技 不仅实现连续六年年复合增长率超 100%，更成为中国科技创新走向世界的一面旗帜。 过去几年，中国企业发展在全球化与科技创新中呈现出独特的发展态势。一方面，人工智能技术在智能 制造、科 ...

Group 1 - The core idea emphasizes the importance of recognizing mistakes and making timely corrections as a fundamental principle for successful investing [4][5][10] - The concept of "盈亏同源" (profit and loss originate from the same source) suggests that the strategies leading to profits can also lead to losses, highlighting the dual nature of investment decisions [7][8] - Rationality is portrayed as a crucial trait for investors, enabling them to navigate risks and uncertainties effectively [10][13] Group 2 - The principle of "buy low, sell high" is reiterated, with references to Buffett's strategy of acting contrary to market sentiment, which underscores the importance of judgment and rational decision-making [13][14] - Long-termism is presented as a necessary approach to understanding the cyclical nature of business and the relationship between gains and losses [14] - The narrative stresses that self-awareness and the ability to accept losses are vital for focusing on correct investment opportunities, thereby enhancing the potential for recovery and success [10][14]