一个选择与陪伴的故事。 作者｜王艺 编辑｜王博 今天沐曦股份（下文简称"沐曦"）正式在上海证券交易所科创板挂牌上市。这是继摩尔线程之后，"国产GPU四小龙"（摩尔线程、沐曦股份、壁仞科技和 燧原科技）中第二家成功上市的企业。 数据显示，沐曦发行价104.66元/股，发行4010万股，占总股本大约10%，发行市值419亿元。上市首日，沐曦股份以700元/股开盘，高开568.83%，超过了 摩尔线程上市首日的开盘价，盘中最高价一度达到895元/股。截至本日收盘，沐曦股份报829.9元/股，较发行价涨692.95%，总市值达到3320.43亿元。 沐曦股份敲钟现场，图片来源：沐曦 对于早期的投资人而言，沐曦的上市不仅是一次财务回报的兑现，也是一次关于"时间价值"的深刻验证。 昨晚，在沐曦上市前的晚宴上，沐曦创始人陈维良握着光速中国、心资本创始人韩彦的手说："感谢一路支持，实属不易。"作为沐曦A轮的投资人，韩彦 也很动情地对陈维良说："是我们一起坚持下来了。" 在半导体这个投入巨大、周期漫长、不确定性极高的赛道里，能够陪跑至此，本身就是一种稀缺的胜利。 然而，2010~2015年，随着腾讯、阿里、美团等互联网公司的相 ...

来源 ：中欧基金 我们正身处一个信息纷繁、节奏飞快的时代。屏幕上的热点此起彼伏，市场的情绪朝夕变幻。在追求即 时满足与短期效率的浪潮中，有一种声音，选择用另一种节奏前行——它相对缓慢，却沉稳有力；它不 轻易表态，却认真回应每一次的叩问。 这些声音从何而来？声音背后是怎样的人？他们如何在喧嚣中保持定力，在周期里构建体系？为此，中 欧基金推出全新长视频访谈栏目——《中欧长谈》，那些关于"长期"的追问，在连贯、松弛且相互激荡 的对话中，浮现出答案。 《中欧长谈》第一季·价值派 蓝小康从化学实验中领悟"实事求是"的哲学，将投资置于社会分配、全球信用周期的大图景下审视，并 追求一种能走得更远的"共赢的久期"。 他系统性地阐述不同的行业、不同的生命周期阶段，需要完全不同的估值模型。面对当前宏观经济 的"感知温差"，他表示中国经济正处在"新旧动能转换"的关键阶段，虽然部分传统领域承压，但新的结 构正在逐步构建与巩固，我们应该更乐观一些看待未来的竞争格局。 付倍佳 从容、理性的人更容易 在价值投资的长期旅程中自洽 在付倍佳心中，她选择价值投资不仅因为方法论，更因为这种方式与她的性格特质、生活态度高度一致 ——从容、理性、追求 ...

专题：2025企业家之夜启动仪式 "为中国经济点赞——企业家之夜"启动仪式于12月17日在北京举行。《财经》杂志主编何刚出席并致 辞。 何刚表示，有人认为当下特别艰难，但对很多企业和企业家而言，现在恰是大干快上的时代。他具体谈 了三点。 第一，要全面理性认识全球变局和中国变化。何刚指出，变局真实发生，但变局并非全是坏事，从历史 和现实看皆是如此。认识全球变局和中国变化，能让我们保持理性客观心态。 第二，对于企业和企业家，所有成功者从来都是乐观且长期的，尤其能长期保持成功。所以，乐观主义 和长期主义是企业家面对变局时必须重新思考的事。 第三，未来世界机会肯定存在，放眼全球机会更大。何刚称，若企业家要用创新引领、配置全球资源， 从去年9月以来，全球投资家给出很好答案，即重新评估中国价值、重新评估中国资产价值、重新评估 中国企业和中国企业家价值，以及重新评估中国市场价值。也许随着收入增长，物质商品消费会减少， 但精神文化娱乐消费大量增加。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：王翔 专题：2025企业家之夜启动仪 ...

Core Viewpoint - The news discusses the potential sale of Shanghai Mutong Technology Co., Ltd. (Mutong Technology) by ByteDance, indicating a shift in ByteDance's gaming strategy from focusing on research and development to prioritizing platform development and monetization through a light-asset business model [1][10]. Group 1: Background and Acquisition - Mutong Technology was acquired by ByteDance in March 2021 for approximately $4 billion, with the aim of enhancing ByteDance's gaming portfolio and competing with established players like Tencent and NetEase [3][4]. - Prior to the acquisition, ByteDance had made significant investments in the gaming sector, totaling around 30 billion yuan across 22 deals involving 19 companies from 2020 to 2021 [3]. Group 2: Performance and Challenges - Mutong Technology's flagship game, "Mobile Legends: Bang Bang" (MLBB), generated total revenue of $502 million by January 2020, with 61% of that revenue coming from Southeast Asia [4]. - In November 2023, reports emerged that ByteDance was seeking to sell Mutong Technology for no less than $5 billion, hiring Goldman Sachs as a financial advisor [4][6]. - ByteDance's gaming division has faced significant challenges, including a major downsizing in 2023, with many projects being halted and teams disbanded [6][8]. Group 3: Strategic Shift - Industry experts suggest that ByteDance's gaming strategy is characterized by a "traffic-driven, quick in and out" approach, focusing on capital and traffic leverage rather than deep gameplay innovation [4][6]. - The company is now shifting towards a more platform-oriented model, emphasizing user acquisition and AI efficiency, rather than competing directly with traditional game developers [10]. Group 4: Future Directions - ByteDance's gaming division is undergoing a restructuring under new leadership, aiming to adopt a long-term perspective on product development and operations [8]. - The company is also exploring new game projects and acquisitions to enhance its capabilities, such as the acquisition of part of Hangzhou Xinguangliumei's team and assets [9].

2025年，转瞬即逝。 说到这里，想先和大家交个底：接下来的内容会涉及商业合作。关注我久的朋友都清楚，我始终把"真诚"二字放在首位，因为唯有这样才不辜负我们之间 的信任。 今天的商务对于像我一样对翡翠痴迷的朋友们，绝对算得上是超级大利好！品牌方也很有诚意，让我上广告之前，先给大家安排 30 份精美礼品。 用他们的话说，就是：交朋友，不能空着手来！ 礼物图片我放在文末了，毫不夸张，豪气程度震惊我一整年！ 如果你是翠友，可以先抢礼物后看文，毕竟名额有限，大家拼手速吧！ 大家都知道，今年翡翠在珠宝界表现出了惊人的稳定度！ 这一年，G市的K线图跳动如惊涛骇浪；楼市信仰变得不堪一击；"避险之王"的黄金价格剧烈波动... 世界几乎夺走了，我们所有的安全感！ 在充满不确定性的时间迷雾中，我们该如何找回"确定性"的方向呢？！ 尽快如此，想给大家做推广还是要十分小心。我对接商务非常审慎，只推荐那些我自己尝试过的, 绝不能让大家跟我踩坑！ （▼近期一点小收获，翡翠蛋面出货实拍▼） 翡翠市场是一个无比纷杂的圈子，但是，我却在鱼龙混杂之中，罕见地结识了一位十分值得信赖及推崇的牛人——赵老师！ 他，是真正懂得与时间做朋友的"长期主义者 ...

Core Viewpoint - The era of individual heroism in the star-driven model is fading, and the platform-based approach emphasizes the importance of cohesive teams to succeed in the market [1][4]. Group 1: Market Changes and Trends - The recent market changes since September 2022 have diminished the allure of star fund managers, leading to a shift in investor confidence towards team-based management [2]. - The public fund industry has witnessed cycles of "star movements," where individual fund managers attract significant attention and capital due to impressive performance [2]. - The need for institutional mechanisms to mitigate the irrational aspects of human nature in investment decisions has become increasingly apparent [2]. Group 2: Fund Company Transformation - The true strength of a fund company in this transformation is measured by its mechanisms, culture, and people, which are challenging to implement effectively in the asset management industry [3]. - Leading fund companies are advocating for a "platformization" approach, but the transition from individualistic to team-oriented thinking poses significant challenges [3][4]. Group 3: Mechanisms Supporting Research and Investment - The public fund industry is undergoing a profound restructuring, necessitating a shift from a star-driven model to a team-based approach to address market complexities [4]. - The establishment of a "1+7" operational model at the company aims to break down departmental barriers and promote integrated research and investment [6]. - This model includes an "Asset Allocation and Industry Comparison Group" and seven industry chain groups, enhancing both the breadth and depth of research [6]. Group 4: Tools and Cultural Empowerment - The company emphasizes the importance of tools in supporting investment strategies, including the establishment of a multi-strategy investment innovation department [7]. - The integration of big data and AI technologies is enhancing research efficiency and expanding cognitive boundaries [7]. - A culture of "integrity, focus, and openness" is being cultivated to drive the platform's development, emphasizing humility and collaboration over individual brilliance [8]. Group 5: Overcoming Internal Challenges - The biggest challenge in platformization is not technical but rather the human element, including entrenched interests and internal competition [9]. - The company is redefining talent selection criteria to prioritize passion for investment, alignment of interests with clients, and open-mindedness [10]. - Significant progress has been made in integrating research and investment, fostering a collaborative environment across departments [10]. Group 6: Long-term Value Creation - The company is embedding a culture of long-termism into its operations, ensuring that decisions align with core values even in challenging situations [12][13]. - The focus is on building a sustainable and replicable capability that can provide clients with stable returns and manage risks effectively [14][15]. - The future of the public fund industry will rely on teams that can deliver consistent performance through deep integration of research and investment processes [15].

当前，资本市场机遇与挑战并存，高净值人群对专业财富管理服务的需求持续攀升。在此背景下，国信证券于2025年10月正式推出"国信财富百川计划 ——'洞见α'金牛私募下午茶全国系列活动"。活动自启动以来，在短短两个月内，活动足迹遍布上海、广州、深圳、杭州、武汉、天津、成都等20多座城 市，携手工、农、中、建、交等多家银行，成功举办逾60场深度交流盛宴，吸引了数千名高净值客户积极参与。 图片来源：国信证券 百川汇海：覆盖全国的财富智慧版图 "洞见α"系列活动旨在顺应资本市场回稳向好的趋势，响应投资者对专业投资见解的迫切需求。 活动以轻松开放的"下午茶"形式，营造出沉浸式、互动化的交流场景。每一场活动，都是国信证券织就的财富服务网络中的重要一环，确保将前沿的投资 视角与专业的资产配置理念，精准、及时地传递至客户。 预计到2026年2月，该系列活动总场次将突破100场，持续拓展活动影响力。 群星璀璨：与"金牛"同行，洞见投资真谛 明星私募阵容的加持，让每场活动都成为一场投研智慧的盛宴。 活动特邀多位斩获"私募金牛奖"的明星私募基金管理人担任分享嘉宾——金牛奖被誉为私募行业的"奥斯卡"，获奖者往往具备扎实的投研实力与稳健 ...

鲁南制药：以内容筑信任 从声量到留量 郁杰率先分享了医药行业的独特破局路径。他表示，医药行业的特殊性决定了品牌不能单纯追求知名 度，而应聚焦美誉度建设。"做药是良心活，品牌价值观的核心是'做好人，做好药'"，这一理念已成为 企业内部的强大共识。 通过构建从内容到24小时真人药师服务团队，鲁南制药做到了从声量到留量的转化。契合官方平台传播 方向，用专业内容和专业服务构建用户信任，让"鲁南制药 健康世界"的理念润物有声。 在2024-2025年度营响大会暨（第二十三届）杰出品牌营销年会的主题论坛环节，合动力咨询创始人、 君品习酒顾问、泸州老窖（000568）三人炫高级品牌顾问徐郢担任主持，与鲁南制药集团品牌总监郁 杰、华侨城商管公司总经理边界、安踏跑步总经理程旸三位企业嘉宾齐聚一堂，围绕"共生视角下的品 牌实效增长"展开深度对话。四位嘉宾分别深耕医药、文旅商、运动品牌领域，结合实践经验分享了品 牌与流量的平衡之道。 论坛伊始，三位嘉宾分别介绍了所在企业的核心定位与发展现状，展现了不同领域老牌企业的深厚底 蕴。 鲁南制药作为第一批试水社会化营销的传统药企，品牌价值已跃升至130多亿，在电商领域表现亮眼， 凭借"做好 ...

Core Viewpoint - The article discusses the historical evolution of the semiconductor industry, particularly focusing on the DRAM market, highlighting how Japan and South Korea navigated challenges through long-term investments and strategic decisions, ultimately leading to shifts in market dominance. Group 1: Japan's Rise in DRAM - In 1976, Japan initiated a national program called VLSI to catch up with the U.S. in the semiconductor industry, focusing on DRAM as a standardized product with high capital requirements and significant scale effects [2] - From 1978 to 1984, Japanese companies expanded production during a downturn in the DRAM market, betting on long-term scale economies despite short-term financial losses [3] - By 1985, Japan's strategy paid off, capturing over 80% of the global DRAM market share, while U.S. companies like Intel exited the market due to unsustainable losses [5][6] Group 2: South Korea's Aggressive Strategy - In the 1990s, South Korea, particularly Samsung, adopted a similar strategy to Japan, investing heavily in DRAM during the Asian financial crisis, while Japanese firms opted for cost-cutting [7][9] - Samsung's aggressive investment during the crisis allowed it to gain a significant cost advantage over Japanese competitors, leading to a shift in market leadership by the 2000s [9][10] - The failure of Japan's Elpida to compete effectively against Samsung and SK Hynix resulted in the collapse of Japan's DRAM industry by 2012 [10] Group 3: Taiwan's Unique Approach - Taiwan's TSMC, founded by Morris Chang in 1987, focused solely on chip manufacturing without engaging in design, which was a departure from the integrated model prevalent at the time [11][13] - TSMC's strategy of maintaining neutrality and not competing with its customers allowed it to build trust and a strong customer base, leading to a self-reinforcing cycle of growth [13][14] - By the late 2010s, TSMC became the go-to manufacturer for leading chip design companies, solidifying its position in the industry despite high capital expenditures [14] Group 4: Lessons from the Semiconductor Industry - Success in capital-intensive industries requires long-term patience and the ability to endure short-term financial pressures, as demonstrated by Japan and South Korea's strategies [16] - Industry competition is a long-term game, where decisions made at critical junctures can have lasting impacts, as seen with Intel's exit from DRAM [17] - The ability to tolerate long-term failures is crucial for industry success, as evidenced by the supportive environments in Japan and Korea during their respective rises [18] - In capital-intensive sectors, maintaining clear boundaries and focusing on core competencies can provide a competitive edge, as illustrated by TSMC's approach [19]

岚图汽车与宁德时代签署深化合作协议。双方将在新技术合作、产品供应、全球市场协同等领域展开全 方位深度协同，确保岚图汽车未来动力电池的稳定供应与技术领先性，持续提升在电池技术与供应链安 全领域的综合竞争力。 东风汽车董事、总经理、党委副书记冯长军，岚图汽车董事长、党委书记卢 放，宁德时代董事长兼CEO曾毓群、市场体系联席总裁韩伟等出席座谈并共同见证签约。岚图汽车总经 理蒋焘，宁德时代国内乘用车产品线副总裁罗慧萍分别代表双方签署协议。 与宁德时代达成长期深化 合作，是岚图汽车坚持"长期主义"理念的生动实践，更是与核心供应商伙伴打造风险共担、价值共享、 命运与共"共赢链"的又一关键举措。通过前瞻性布局，不断完善的产品矩阵，自立自强的技术创新，岚 图汽车正稳步构建起面向未来的体系化核心竞争力，在打造央国企转型新标杆的同时，也持续彰显中国 高端新能源品牌向上攀登的自信和实力。（岚图汽车） ...