海外市场方面，2025年第三季度荣耀在中东市场以10%份额位列第四，同比增速高达128%，成为当地 增长最快的手机品牌；欧洲市场虽份额仅4%，2025年第二季度出货量同比增长42%，增速领跑头部厂 商。但国内市场则面临挑战，IDC数据显示，2025年第三季度荣耀以14.4%份额与OPPO并列第五，出货 量同比下降2.1%，较2024年一季度17.1%的份额峰值有所回落。 业内分析指出，郭锐此时离职正值荣耀推进全球化与AI转型的关键期，其构建的全球营销体系仍将发 挥基础作用。目前荣耀尚未公布继任人选，如何在激烈竞争中延续品牌增长势能，成为新管理团队的重 要课题。 值得关注的是，原极氪汽车首席品牌官关海涛近日重新入职荣耀，负责全球市场营销。此前，关海涛曾 担任荣耀业务部营销部副部长、中国区CMO、中国区电商部部长等职，2023年9月加入极氪。 公开资料显示，郭锐毕业于北京大学信息科学技术学院。2021年8月，郭锐以创始管理团队成员的身份 加入独立后的新荣耀，后担任荣耀公司品牌营销部（一级部门）总裁，统一管理品牌、营销各体系工 作。此前，郭锐于2017—2021年担任华为终端大中华区CMO，并曾在宝洁、中粮蒙牛等大 ...

Core Viewpoint - Oracle's recent financial report has sparked significant discussion on Wall Street, highlighting a substantial reliance on non-recurring income to inflate profits, despite a record backlog of $523 billion in orders and a notable increase in non-GAAP EPS [1][3][8] Financial Performance - Oracle reported a non-GAAP EPS of $2.26, significantly exceeding market expectations of $1.65, primarily due to $2.7 billion in non-recurring income from the sale of its stake in Ampere [8] - The company's total revenue grew by 13% year-over-year, slightly below market expectations, with cloud infrastructure revenue at $4.079 billion, a 66% increase, but still below UBS's forecast of 68% growth [7][8] Order Backlog and Conversion Concerns - The order backlog reached a record high of $523 billion, with a $67.7 billion increase in the quarter, reflecting a year-over-year surge of 583% in implied order value, driven by AI-related purchases from major clients like Meta and Nvidia [6][8] - Despite the impressive order growth, concerns are rising regarding the conversion of these orders into sustainable revenue, with analysts noting a lack of confidence in the company's ability to translate order volume into profits [7][10] Capital Expenditure and Cash Flow - Oracle's capital expenditures soared to $12 billion, more than doubling year-over-year, leading to a negative free cash flow of -$10 billion [8][9] - The management has raised the capital expenditure target for FY2026 to $50 billion, which is 75% of the expected annual revenue, indicating a significant investment in AI infrastructure [8][9] Market Reactions and Analyst Ratings - Following the earnings report, Oracle's stock price fell over 10%, prompting several investment banks, including UBS and Morgan Stanley, to lower their target prices or reassess their ratings [5][10] - UBS maintained a "Buy" rating but reduced the target price from $380 to $325, while Bank of America also retained a "Buy" rating, lowering its target from $368 to $300 [10][11] Valuation and Future Outlook - The valuation logic for Oracle has shifted from a premium based on order potential to a discount reflecting conversion risks, with analysts emphasizing the need for clearer signals of revenue growth and improved profit margins [10][12] - Discrepancies in valuation perspectives stem from differing views on Oracle's potential for AI transformation, with some analysts optimistic about the long-term potential of the $523 billion backlog, while others call for more concrete evidence of profitability improvements [12][14]

Core Insights - Oracle's stock plummeted over 10% after the earnings report, prompting several investment banks to lower target prices or reassess their ratings [1] - Concerns have shifted from order growth to conversion efficiency, with a significant increase in RPO but doubts about sustainable profit generation [2][6] - The discrepancy between strong EPS and weak core profitability raises questions about the underlying business health [3][4] Financial Performance - Oracle reported a record RPO of $523 billion, with new orders increasing by $67.7 billion, driven by AI-related purchases from major companies like Meta and Nvidia [2] - Total revenue grew by 13% year-over-year, but cloud infrastructure revenue of $4.079 billion fell short of market expectations [2][3] - Non-GAAP EPS reached $2.26, significantly exceeding the expected $1.65, primarily due to $2.7 billion in non-recurring gains from the sale of Ampere shares [3] Capital Expenditure and Cash Flow - Capital expenditures surged to $12 billion, a 200% increase year-over-year, leading to negative free cash flow of -$10 billion [3][4] - Management raised the capital expenditure target for FY2026 to $50 billion, which is 75% of the expected annual revenue, indicating a mismatch between high investment and slow revenue conversion [3][4] Market Reactions and Valuation Adjustments - Investment banks have collectively downgraded target prices, reflecting a shift in valuation logic from premium based on order potential to discount due to realization risks [6][7] - UBS maintained a "Buy" rating but lowered the target price from $380 to $325, while Bank of America also retained its "Buy" rating with a target price cut from $368 to $300 [6][7] - Morgan Stanley has placed its rating and target price under review, expressing concerns over order conversion and margin trends [6][7] Future Outlook - UBS and Bank of America remain optimistic about the long-term potential of Oracle's $523 billion RPO, anticipating recovery as OCI growth accelerates [6][7] - Morgan Stanley emphasizes the need for clearer signals of revenue growth, stable margins, and positive cash flow to rebuild confidence in Oracle's AI business profitability [7]

专题：2025《中国企业家》影响力企业家年会 责任编辑：李昂 专题：2025《中国企业家》影响力企业家年会 12月5日-7日，由《中国企业家》杂志社主办的"2025（第二十三届）《中国企业家》影响力企业家年 会"（原中国企业领袖年会）在北京举行，主题为"涌现·无限——共创智能商业新形态"。埃森哲全球副 总裁、大中华区主席朱虹出席并演讲。 她认为对今天企业应该专注三点，一是核心高管层对于AI的战略认知和战略领导力；二是数据和人才 队伍的构建能力和构建速度；三是企业和组织有没有拥抱不确定性的勇气和能力。 12月5日-7日，由《中国企业家》杂志社主办的"2025（第二十三届）《中国企业家》影响力企业家年 会"（原中国企业领袖年会）在北京举行，主题为"涌现·无限——共创智能商业新形态"。埃森哲全球副 总裁、大中华区主席朱虹出席并演讲。 朱虹指出，企业AI转型最大的挑战就是不确定性，可能带来无法想象的结果。 她认为对今天企业应该专注三点，一是核心高管层对于AI的战略认知和战略领导力；二是数据和人才 队伍的构建能力和构建速度；三是企业和组织有没有拥抱不确定性的勇气和能力。 新浪声明：所有会议实录均为现场速记整理，未经演讲 ...

12月6日至7日，2025（第二十三届）影响力企业家年会（原中国企业领袖年会）在北京举行。 活动期间，江汽集团控股公司党委书记、董事长、总经理项兴初应邀出席，并围绕"寻找高质量发展新范 式"话题，与多位专家以及行业优秀企业家就汽车产业发展、AI转型、汽车出海等话题进行了深入探讨，并重点分 享了江淮汽车的战略思考与实践。 项兴初认为，高质量发展的本质在于高水平的可持续发展。对汽车产业而言，其核心是告别低水平扩张，走 向以创新引领、品质驱动、绿色低碳为特征的新阶段。 项兴初介绍，为了打造尊界S800这款标杆产品，江汽与华为联合全球一流供应链伙伴，组建了超过5000人的 专项研发团队，将智能科技深度融入用户体验的每一处细节，致力于实现可感知、可共鸣的"科技豪华"。 市场的反馈是最有力的证明。尊界S800自上市以来，表现持续超出预期，上市175天累计大定订单突破1.8万 台。这一成绩，在百万级豪华车市场这一长期由国外传统品牌主导的领域，堪称里程碑式的突破。 关于企业如何实现可持续成功，项兴初也从三个方面进行了总结与分享。一是产品线拓展。江淮汽车将通过 持续打造精品爆款，强化品牌在消费者心中的认知基础。二是要加大创新投 ...

以下文章来源于盐财经 ，作者辰夕 盐财经 . 洞察趋势，睿智人生。《南风窗》旗下专业财经媒体。 作者： 辰夕 来源：盐财经 2023年春天，李怡驱车再次开往通向省考的高速。她已经记不清这是自己第几次为了公考往返这 条路。从2014年大学毕业后，她几乎每年都在经历备考、报名、进面、落榜，再重新来过。 ------------------------------- 那年她30岁，在当地的乡镇行政服务中心做了八九年的合同工，年收入一直稳定在八九万。虽然她 和其他 有编制 同事在同一间办公室办公，工作内容也没有太大不同，但工资和福利待遇却差得很 多。当初一起入职的几个有编制的同事，现在也已经成了她的领导。 "人家考上了，我没考上。差别就是这么来的。"李怡并不觉得不平衡，只是淡淡地承认。同时，她 也认识到了考公考编的意义。 2023年是她第三次省考进面。前两次，她的总分都排第二，有一次甚至只差零点几分。第三次， 她笔试考了70多分，又是第二，她决定再拼一把。 她不再是淘宝买书、自己刷题，而是报名了中公教育的5天4夜协议面试班，交了1万块钱，合同写 明不过退7500。 在众多考公机构中，她没有太多犹豫，直接选择了中公教育 ...

Core Viewpoint - The steel industry in China is currently facing supply-demand contradictions, but with the implementation of "stabilizing growth" policies, steel demand is expected to remain stable or slightly increase, supported by real estate stabilization, steady infrastructure investment, continuous manufacturing development, and high steel exports [1] Group 1: Production and Demand - In October, China's stainless steel crude steel production reached 3.6244 million tons, an increase of 78,700 tons month-on-month, representing a growth of 2.22% [1] - The overall profit of the steel industry is declining, but the total steel demand is anticipated to remain stable due to various supportive factors [1] Group 2: Supply and Industry Structure - The supply side is expected to tighten under the influence of policy expectations, leading to increased industry concentration [1] - The macro trend of high-quality economic development and new productive forces is expected to benefit high-end steel products, particularly those with high barriers and added value [1] Group 3: Investment Opportunities - The steel industry is expected to see a stable and improving industrial pattern, with some companies currently undervalued, presenting structural investment opportunities [1] - Companies with high gross margins and strong cost control, as well as leading steel enterprises benefiting from economies of scale, are likely to have valuation recovery opportunities in the future [1] Group 4: Long-term Outlook - Under the ongoing supply-side "anti-involution," steel production capacity is concentrating on quality leading companies [1] - On the demand side, special steel is expected to benefit from manufacturing upgrades and AI transformation, while leading companies in the ordinary steel sector may benefit from improvements in the industry supply-demand structure in the medium to long term [1]

图片由AI生成 根据协议，埃森哲将为其数万名IT专业人员配备ChatGPT Enterprise，并成为OpenAI的首要合作伙伴， 帮助全球企业采用和部署生成式AI技术。这不仅是一次简单的商业合作，更可能成为欧美企业AI转型 从概念验证走向规模化应用的分水岭。 我们可以看到，这次合作的内容其实远不止于两家公司之间的技术授权。它实际上意图去解决众多企业 在AI时代转型效率提升、如何将AI技术有效地嵌入到企业工作流程中等关键问题，而埃森哲将会替代 OpenAI扮演这样的角色。 2025年12月1日，OpenAI与埃森哲宣布达成一项战略合作伙伴关系，这一消息可能标志着欧美企业AI转 型新纪元的到来。 其实在中文世界，这条新闻内容只有短短几句话，但详细看原版英文新闻，我们会发现该战略合作可能 蕴含着丰富的信息。 AI转型不仅涉及技术变革，更涉及工作方式和思维方式的根本改变，许多员工还会担心AI会取代自己 的工作，进而会演变成对AI转型推进的抵制。 可以预期的是，OpenAI与埃森哲的这次战略合作，会促使欧美企业AI转型速度将在未来2-3年内明显加 快。 从两家企业合作方案的细节上，我们能看到，他们正在试图构建一个成 ...

Core Viewpoint - The article discusses the challenges faced by the public examination training industry, particularly focusing on the experiences of a student named Li Yi with a leading training institution, Zhong Gong Education, highlighting issues related to refund difficulties and the decline of the company's financial health [3][6][17]. Group 1: Company Overview - Zhong Gong Education is a leading provider of training services for national and provincial civil service examinations, having established itself as a benchmark in the vocational education sector since its inception in 1999 [5][20]. - The company experienced rapid revenue growth, peaking at nearly 27 billion yuan, and was once valued at over 260 billion yuan after going public in 2019 [22][23]. - The business model of "money-back guarantee" for training programs was initially seen as innovative, significantly reducing the risk for students and attracting a large number of enrollments [20][21]. Group 2: Financial Challenges - Since 2021, Zhong Gong Education has faced a continuous decline in revenue, with year-on-year decreases of 38.3%, 30.19%, 36.03%, and 14.89% from 2021 to 2024 [26]. - The company reported a total of 700 new litigation and arbitration cases from January 25 to July 15, 2025, with a total amount involved reaching 53.8 million yuan, which is 7.43% of its audited net assets for 2024 [18][19]. - The refund rate has surged, exceeding 65% since 2021, indicating that for every three payments received for guarantee programs, two had to be refunded [27]. Group 3: Operational Issues - Complaints regarding refund difficulties have become a prominent issue for Zhong Gong Education, with over 100,000 complaints related to refunds on consumer complaint platforms [17][18]. - The company has implemented a new refund policy, where students who enrolled in guarantee programs from 2022 to 2023 can only receive partial refunds, significantly extending the waiting period for refunds [33]. - The operational chaos during training sessions, including disorganized logistics and inadequate facilities, has led to dissatisfaction among students [8][10]. Group 4: Market Dynamics - The public examination training market is becoming increasingly competitive, with new entrants and alternative training methods emerging, leading to a decline in Zhong Gong Education's market share [40][41]. - The company is attempting to pivot towards AI-driven educational tools, but initial market responses have been lukewarm, and the financial impact of these new initiatives remains uncertain [42][43]. - The overall trend in the public examination sector indicates a growing number of candidates, with 2.83 million participants expected for the 2026 civil service examination, yet this has not translated into improved financial performance for Zhong Gong Education [30][33].

Core Insights - The 12th China Brand Chain Development Conference was held in Shenzhen, focusing on high-quality development of consumer brands through the launch of the "China Brand Asset Price Index" and the "China Consumer Brand Empowerment Plan" [1][3][10] Group 1: Brand Asset Pricing - The "China Brand Asset Price Index" was introduced as a systematic solution to quantify brand value and establish pricing in the capital market, developed by the China Human Rights Development Foundation [3] - The index is based on the theory that "the essence of a brand is information," utilizing three dimensions: brand information volume, unit information price, and industry price average, covering 32 representative industries [3] - This index is the first purely price-oriented brand index, addressing the gap in pricing for intangible brand assets [3] Group 2: Empowerment Plan - The "China Consumer Brand Empowerment Plan" was launched to address brand development challenges, focusing on ten empowerment directions to create a full-service system [5] - The plan emphasizes new trends such as the silver economy and instant retail, providing comprehensive support from strategy to financing and global expansion [5] - The establishment of the "First Economic Service Center" aims to integrate government and enterprise resources to support innovative models like brand launches and IP collaborations [5] Group 3: AI and Transformation - The conference highlighted the role of AI in driving business transformation, with examples of companies leveraging AI for operational efficiency and product innovation [9] - AI is recognized as a consensus for industry transformation, with companies like Baima Tea and Zhixingli showcasing their digitalization journeys [9] - The event featured a brand and service area for resource matching, demonstrating a complete ecosystem of "brand-technology-service" [9] Group 4: Industry Trends and Future Directions - The conference outlined three major paths for industry transformation: embracing cross-industry integration with policies, reshaping business models with AI, and creating emotional new scenes through culture [10] - The promotion of the "China Brand Asset Price Index" and the implementation of the empowerment plan are expected to accelerate the transition of consumer brands from "product output" to "value output" in the global market [10]