近日，"第十九届深圳国际金融博览会暨2025中国金融机构年会"在深圳举行。在"中国保险业资产负债 管理年会"分论坛上，中再资产党委书记、董事长李巍发表了《坚持长期主义，在识变与应变中推动保 险资管高质量发展》的主题演讲。 李巍分析，保险资管凭借长期视野、稳健风格和跨周期配置能力，在为保险主业提供坚实支撑的同时， 也在大资管格局中逐渐展现独特而重要的影响力。当前，保险资管行业面临两个重要命题：一是如何 在"低利率、高波动"环境中实现稳定可持续的投资收益，以匹配负债的长期属性与刚性成本；二是如何 在高度不确定性的环境中准确识变、科学应变、主动求变，推动行业行稳致远。 结合实践探索，李巍分享了保险资管稳健发展与识变应变的思考。一是立足行业属性，在功能定位与错 位发展中坚守本源。他表示，宏观经济转型、行业功能强化与财富管理格局演变，共同构成了保险资管 发展的三大驱动力。保险资管既要坚守服务国家战略、保险主业与财富管理需求的三重使命，也要在顺 应经济发展大势中把握机遇，在强化资产负债匹配中筑牢防线，在坚守稳健投资与多元竞合中找准差异 化发展路径，实现与实体经济共发展、与资本市场同成长的价值追求。二是顺应行业趋势，在底层 ...

Core Insights - Chery Group reported a significant increase in electric vehicle sales, with November sales reaching 117,000 units, a year-on-year growth of 50.1%, marking the fourth consecutive month of growth [1] - Cumulative sales from January to November reached 814,000 units, representing a year-on-year increase of 69.4%, surpassing the 800,000-unit milestone for the first time in a year [1] - This growth reflects not only the company's achievements but also the broader transformation of China's electric vehicle industry and the competitive strength of domestic brands [1] Technological Foundation and Strategic Layout - Chery's sales growth is rooted in long-term technological accumulation and a clear strategic layout, establishing a multi-path approach that includes hybrid, extended-range, pure electric, and hydrogen energy vehicles [4] - The Kunpeng power platform integrates fuel, hybrid, pure electric, and hydrogen energy technologies, showcasing Chery's forward-thinking in the industry's transitional phase [4] - Chery has achieved significant technological milestones, including the development of high-efficiency engines and solid-state battery technology, reinforcing its leadership in the electric vehicle power technology sector [4][7] Brand Value and Market Positioning - The competition in the Chinese automotive market has shifted from individual products to comprehensive technological systems, with Chery alleviating consumer concerns about range and charging efficiency [7] - Chery's technological foundation has enabled its high-end series, such as the Zongheng, Fengyun, and Starway, to successfully penetrate the mid-to-high-end market, demonstrating that brand elevation is fundamentally rooted in technological advancement [7] Ecosystem Development and User Experience - Chery is expanding its competitive dimensions to encompass the entire lifecycle experience, moving beyond mere product updates to create a "people, car, home" smart ecosystem [8][10] - The company has launched multiple new models to meet diverse consumer needs, facilitating the transition of traditional fuel vehicle users to electric vehicles [8] - Chery's collaborative initiatives, such as the "Global Co-Creation Plan," aim to enhance the charging network and vehicle connectivity, fostering an open ecosystem that accelerates technology implementation and service standards [10] Long-term Vision and Investment Strategy - Chery's commitment to long-term investment in clean energy technology since 1999 and continuous investment in electric vehicles since 2005 has led to significant technological breakthroughs [11] - The company's strategy emphasizes sustained R&D investment and the development of solid-state batteries, reflecting a philosophy of avoiding short-term speculation in favor of sustainable competitiveness [11][13] - Chery's collaborative ecosystem model accelerates the industrialization of cutting-edge technologies, contributing to the overall progress of the automotive industry [13] Conclusion - Chery's achievement of surpassing 800,000 electric vehicle sales in a year illustrates the growth trajectory of China's independent brands, emphasizing the importance of core technology, ecosystem collaboration, and long-term vision in navigating industry cycles [11][13]

Core Insights - The article reflects on the challenges and lessons learned from the journey of a company in the Hong Kong capital market, emphasizing the importance of understanding market dynamics and the need for sustainable value creation through industry fundamentals [1][5][14]. Group 1: Company Journey and Market Challenges - The company began its journey in the automotive parts manufacturing sector, acquiring a struggling state-owned enterprise in 2005 and successfully listing on the Hong Kong Stock Exchange in 2011, despite facing a harsh market environment [2][3]. - Initial public offerings were difficult, with the company raising less than 100 million HKD, which was insufficient for its operational needs, leading to low trading volumes and market capitalization stagnation [2][4]. - A strategic shift occurred in 2015 when a strong investor joined, providing significant capital and resources, allowing the company to transition from manufacturing to the education sector, resulting in a dramatic increase in market capitalization from under 1 billion HKD to over 40 billion HKD by 2018 [3][4]. Group 2: Lessons on Value Creation and Management - The experience highlighted that rapid expansion without solid internal governance can lead to vulnerabilities, as seen when the company faced a crisis due to external factors and poor strategic decisions, resulting in a market value drop of over 90% [4][5]. - The article emphasizes that sustainable value creation is rooted in industry fundamentals, and that capital markets reward companies that respect these principles [6][9]. - A long-term perspective and compounding philosophy are crucial for both business growth and personal development, suggesting that true value growth comes from strategic focus and time [7][10]. Group 3: Strategic Insights for Future Growth - The company advocates for a shift from a "billion" mindset to a "trillion" vision, encouraging businesses to think beyond immediate profits and focus on long-term industry evolution and capital integration [12][14]. - Effective market management is described as a systematic approach that combines strategic planning, sustained growth, and robust governance, essential for navigating market cycles [13][14]. - The establishment of the Hong Kong Small and Medium-sized Enterprises Association aims to support companies in navigating the capital market, leveraging AI to enhance financing capabilities and market visibility [15][16].

Core Viewpoint - The rapid iteration of artificial intelligence (AI) technology is profoundly changing human production and lifestyle, reshaping the global industrial landscape. The company emphasizes the importance of focusing on specific sectors to leverage its strengths in AI development and application [1][4]. Group 1: Company Strategy and Focus - The company has transitioned from a speech recognition team to a competitive player in the AI field, leveraging its technological foundation established through its cognitive intelligence laboratory [1][2]. - The strategy of "AI + industry" is chosen to ensure that AI applications have tangible scenarios and measurable outcomes, with ongoing development of the "Xunfei Spark Model" aimed at various sectors [2][4]. - The company acknowledges the need to focus on its core competencies, reducing the number of product lines from over 200 to optimize its offerings and support other entrepreneurs through an open platform [3][4]. Group 2: Financial Performance and Investment - Despite revenue growth, the company experienced a decline in net profit due to increased investment in technology research and development, which accounts for approximately 20% of sales revenue [4][10]. - The company stresses the importance of long-term investment in R&D to avoid being left behind in the era of general artificial intelligence [4][10]. Group 3: Domestic Innovation and Challenges - The company emphasizes the necessity of using domestic computing power for training large models to ensure long-term development and avoid reliance on foreign technology [6][7]. - There is recognition of the existing gap between domestic and foreign computing capabilities, and the company advocates for deep integration and innovation across the AI industry chain [7][8]. Group 4: Social Impact and Responsibility - The company believes that AI can fundamentally change lifestyles and improve productivity, but it also highlights the need for social safety nets for those displaced by AI advancements [13][14]. - The company is committed to using AI for social good, providing services to special education schools and assisting hearing-impaired individuals with over 200 million minutes of free transcription services [15].

12月3日，2025企业家博鳌论坛系列活动"她力量 共融与共创"木兰悦享荟在海南博鳌举办。现场，茶香与"她力量"交融共鸣。云南大益茶业集团（以下简 称大益集团）董事长张亚峰以茶为喻，分享了深耕茶界二十余载的经营智慧与企业担当，展现出女性企业家柔韧、细腻、包容的独特魅力，也勾勒出大益 集团以茶为媒链接产业、文化与社会的发展蓝图。 产业共融上，作为全产业链茶企，大益集团通过 "科技向善+渠道出山+品牌出海" 模式，搭建起茶山与世界的桥梁，带动云南勐海县近 30 万茶农增收致 富；文化共融层面，大益茶道院培育2万余名职业茶道师，全国2000家专营店打造多元化饮茶空间，让 "茶文化社交" 成为连接不同群体的纽带；价值共融 则聚焦公益，2007年成立的云南大益爱心基金会已成为5A级社会组织，2022年启动的 "大益乡村振兴项目" 计划投入不少于5000万元改善茶农生活，158 户茶农喜迁 "茶香新居"。 以茶创未来：三重共创，让中国茶香走向世界 以共融为根基，大益集团正不断拓展 "共创" 的边界。在产品层面，大益集团面向新人群、新场景跨界合作，与慕田峪长城共创 "大益长城砖茶"，与迪斯 尼推出木兰主题茶，为广东宏远打造 ...

铭感科技，这家仅成立两年的新锐企业，近期不仅斩获2025高工金球奖——年度（投资）价值奖项，还完成了乔迁扩产，以扎实的技术硬实力与快速 成长势能，成为锂电安全领域的"黑马"。 摘要 在需求端的持续驱动下，锂电产业缺货涨价信号已然显现，新一轮上行周期正式开启。 高工锂电董事长张小飞博士在 2025高工锂电年会上明确指出， 2025年动力电池出货量将首破TWh，未来10年仍有近3倍增长空间，储能电池出货量也将 持续翻倍，仅2026年行业新增有效产能就将超700GWh。 与前几轮周期单纯追求规模增长不同，新一轮锂电产业发展中， "长期主义"被提升至前所未有的高度。 宁德时代董事长曾毓群博士 在展望行业未来十五年发展路径时强调，随着产业规模持续扩大，企业必须认清锂电行业 "重研发、长周期、高投入" 的本质 属性，坚守行业自律，以 长期主义心态深耕技术与产品 ； 亿纬锂能董事长刘金成博士 也直言 "长期主义是锂电池的天生属性" ——动力电池需满足15年车载使用寿命，储能电池更要支撑20年以上稳定运营，短期 投机心态绝无可能做好这个行业。 而践行长期主义的核心前提， 是攻克锂电产业的关键难题：安全 。 在过去几轮产业快速 ...

12月2日，北京蒙牛数科公园新工区迎来了一位"老伙伴"——奥运冠军、蒙牛品牌代言人谷爱凌。这是 双方携手六年来，谷爱凌首次到访蒙牛，这也是她第一次到访合作伙伴公司。 "老伙伴"到访：奥运伙伴与冰雪冠军的"双向奔赴" 苜蓿为灵感设计的丝巾。 火炬，象征着奥林匹克精神的传承与双方携手六年、初心不改。丝巾，灵感来源于优质牧草紫花苜蓿， 它的花语——"被选择的幸运"，是蒙牛作为奥运伙伴对谷爱凌的深远祝福，希望这份幸运能够相伴每一 次训练与赛场。 对于这位"老伙伴"，蒙牛高级执行总裁李鹏程表示："在她身上，我们看到了"天生要强"最闪耀的模样 ——她不断突破的勇气、跨越文化的视野和阳光自信的心态，完美诠释了新时代的拼搏精神。" 在2026年米兰科尔蒂纳冬奥会备战的关键时刻，这场"奥运伙伴迎接自己的冠军伙伴"，只为一件事—— 互相鼓劲儿，约定米兰"顶峰"见。 谷爱凌与蒙牛的合作远非一纸合约，更是一场携手同行。这既是蒙牛作为奥林匹克全球合作伙伴与冰雪 冠军的双向奔赴，也是双方在"天生要强"精神上的共鸣与共勉。一位是持续为运动员和消费者提供"冠 军品质"营养保障的乳业巨头，一位是在国际赛场上不断突破、闪耀世界的冰雪冠军。 本次 ...

随着2025年临近尾声，白酒市场也进入全年最受关注的冲刺阶段。贵州茅台（600519）在四季度的表现 如何、能否在旺季消费推动下再上台阶，成为行业与资本市场共同聚焦的话题。数据显示，市场对茅台 依然保持强劲信心，这信心既源于其稳固的价格体系，亦来自其2025年第一次临时股东大会上所传递的 明确信号。 从区域来看，综合"速达酒价""今楚酒讯""苏茅直通车""广西酒价速递" 12月2日最新价格数据来看，飞 天茅台全国价盘保持一致，市场供需平稳向好。其中，河北地区25年飞天原箱稳定在1770元，24年飞天 原箱为1915元；江苏地区25年飞天原箱为1775元，24年飞天为1955元；广西地区飞天原箱1760元，24年 原箱为1875元。北部、东部、南部区域间虽有一定差异，但总体相差不大。 其中，大湾区表现最为亮眼。第五十五期《湾区酒价》显示，湾区四城（广州、深圳、佛山、东莞）茅 台价格稳定回升。11月20日，2023/24年份飞天茅台单瓶市场均价为1947.48元。佛山涨势尤为突出，均 单价约1989.21元，部分线下零售甚至报到2299元/瓶。深圳总体均价为1915.12元，但零售商普遍反 映"长期缺货"，后续价 ...

Core Viewpoint - Meituan's Q3 2025 financial report reflects the intense competition in the food delivery industry, with significant sales expenses impacting profitability, yet the company demonstrates resilience and maintains market leadership despite challenges [1][2][10]. Financial Performance - Meituan reported Q3 revenue of 95.5 billion yuan, a year-on-year increase of 2%, with an adjusted net loss of 16 billion yuan, primarily due to a core local business loss of 14.1 billion yuan [1][3]. - The overall sales expenses in the food delivery sector increased by 61.4 billion yuan, nearly equivalent to the net profit of Q3 2024 [1]. Market Position - Meituan retains its leading position in the market, with an estimated GTV ratio of 6:4 compared to major competitors, and dominates high-value segments with over two-thirds market share in orders above 15 yuan and 70% in orders above 30 yuan [2][3]. Operational Metrics - Key operational metrics show strong performance: peak daily orders exceeded 150 million in July, daily active users (DAU) grew over 20% year-on-year, and the number of transaction users surpassed 800 million [3]. - Despite a strong order volume, revenue growth was only 2% year-on-year, attributed to accounting treatment differences where a portion of subsidies offset revenue [3]. Competitive Landscape - The third quarter was characterized by high competition and significant investment in flash purchase services, with expectations of reduced subsidy intensity in subsequent quarters, indicating a potential improvement in Meituan's performance [4][5]. Strategic Developments - Meituan continues to execute its strategic plans, including the launch of the "Brand Flagship Flash Warehouse" project, which aims to enhance supply chain efficiency and expand its reach across various product categories [6][7]. - The company reported that its international delivery brand Keeta achieved profitability in Hong Kong within 29 months of launch, ahead of schedule [7]. Ecosystem and Social Responsibility - Meituan emphasizes an "ecosystem win-win" approach, providing comprehensive support for riders, including insurance and housing initiatives, while also investing in merchant support programs [8][9]. - The company is committed to enhancing consumer trust through initiatives like the "Bright Kitchen" program, which encourages transparency in food preparation [9]. Long-term Growth Potential - Meituan's focus on technological investment, including AI and drone delivery, underpins its long-term growth strategy, with significant R&D spending of 6.9 billion yuan in Q3, a 31% increase year-on-year [9][10]. - The financial report indicates that Meituan has successfully navigated extreme market conditions, positioning itself for future growth as competition stabilizes and new revenue streams materialize [10].

0:00 马云的聪明，沈南鹏一句话说透： 布局、人性与长期主义。 ...