"中国汽车经历了高度竞争的蓬勃发展之后，必须回归本源，追求长期主义，追求高质量发展的新 阶段，这也是中国汽车由大变强的必经之路。" 奇瑞控股集团董事尹同跃，在2025中国汽车重庆论坛上 为中国汽车发展指明方向，并呼吁越是百舸争流的时候，越是要坚守安全品质的底线。 "工信部及时发布了动力电池安全的新国标，强化了智能网联汽车准入和软件在线升级管理，并就 隐藏式门把手安全问题征求意见，不断念紧安全规范的紧箍咒。"尹同跃表示，最近工信部、中汽协等 更是发出要求，旗帜鲜明反对内卷式竞争，抵制无序价格战。 在尹同跃看来，降价是最无奈的一招，是无奈之举，是饮鸩止渴的手段。"奇瑞自觉维护行业良性 竞争环境，不跟风'价格战'，做一个负责任、讲规矩讲文明的中国汽车品牌。" 具体来看，一是要全力加大创新投入，夯实技术底座。我们既要投入资源，把前瞻科技的聪明活干 好，也要把安全技术、质量管理等笨功夫做扎实；二是要加快品牌向上，提升经营质量，企业经营的高 质量核心是靠品牌向上走，而不是价值价格向下走。 三是提升出海水平，坚持长期主义。出海车企要有大格局，大家都是中国汽车工业的组成部分，都 顶着中国汽车的帽子，一荣俱荣，一损俱损，不能把 ...

Industry Overview - The construction agency industry has transitioned from a "blue ocean" to a "red ocean," leading to slowed growth, intensified competition, and differentiation among companies in 2024 [1][2] - The new construction area reached a record high of 215 million square meters in 2024, doubling from 2020, but the year-on-year growth rate decreased to 13%, a drop of 14 percentage points from 2023 [2] - The difficulty in acquiring new projects is increasing, with a mere 5% year-on-year growth in new construction area in Q1 2025 [2] Challenges Facing the Industry - The macroeconomic environment continues to impact market confidence and expectations, with a sluggish real estate market reducing the willingness of clients to develop, thus affecting demand for construction agencies [3] - Over 100 real estate companies have entered the construction agency sector, significantly increasing competition and making it harder for agencies to expand [3] - Policy uncertainties following the implementation of favorable regulations, such as land transaction stagnation and reduced willingness to start new projects, are also challenges [3] Key Players and Their Strengths - **Greentown Management**: Leads in scale with a strong standardized system supporting product reputation and brand premium. It has a significant presence in first- and second-tier cities, with 44% of its total construction area located there [8][9] - **Blue City Group**: Differentiates itself through ecological empowerment, particularly in affordable housing and government public construction. It has signed contracts for over 136 million square meters of construction area, maintaining a balanced business development [15][17] - **Gemdale Management**: Focuses on management-driven growth with a robust project management system and a diverse client base. It has signed management areas of 38.31 million square meters, a 33% year-on-year increase [18][19] - **Runze Management**: Operates under China Resources Land, focusing on public construction and maintaining a leading position in government projects. It achieved a revenue of 1.18 billion yuan in 2024, with a managed area of 7.607 million square meters [22][23] Strategic Insights - The industry is shifting from a focus on rapid monetization to co-creating long-term value with clients. Construction agencies must build core competencies and explore niche markets to create competitive advantages [24][25] - The emphasis is on providing high-quality services and establishing long-term partnerships with clients, moving away from mere scale expansion [24][25] - The future of the construction agency industry will favor companies that adhere to "long-termism" and possess "core competitiveness," enabling them to navigate the challenges of a competitive landscape [25]

Core Insights - The 2025 China Automotive Chongqing Forum focused on shaping the future of the industry amid transformation, emphasizing high-quality development in the context of new energy, intelligence, and globalization [1] Group 1: Industry Perspectives - Industry leaders stressed the importance of long-termism and technological innovation, advocating against disorderly competition driven by price cuts [2] - The automotive industry is viewed as a marathon, where endurance and fundamentals are more critical than short-term speed [2] - The need for a collaborative approach in the industry was highlighted, with a focus on quality and service to succeed in global markets [2][3] Group 2: Technological Advancements - Companies are transitioning from being followers to leaders in the automotive sector, with a focus on original technology to break through existing limitations [3] - The integration of AI in vehicles is seen as essential for enhancing user experience, with companies aiming to transform AI assistants from tools to family-like companions [4] - The importance of open-source technology and collaborative innovation within the industry was emphasized, with significant investments planned for research and development [4] Group 3: Globalization and Market Strategy - The forum discussed the shift of Chinese automotive brands from quantity to quality in international markets, with examples of successful pricing strategies in regions like Thailand [3] - The necessity for Chinese automotive companies to create emotional value for users was noted as a key competitive factor in the future [3] - Companies are planning to expand their technological capabilities and market reach, with specific goals set for new product launches and international market penetration by 2025 [3][4] Group 4: Future Outlook - The automotive transformation is described as a long-term journey, requiring a commitment to technological respect and collaborative ecosystem building [5] - The industry is encouraged to embrace a mindset of openness and cooperation to navigate the challenges posed by AI and energy revolutions [5]

Core Viewpoint - BYD's annual shareholder meeting in 2024 saw record attendance, indicating increased shareholder enthusiasm compared to the previous year [1] Group 1: Company Strategy and Market Position - Chairman Wang Chuanfu emphasized the transition between the electrification and intelligentization phases of the new energy vehicle market, noting unresolved issues such as slower charging speeds compared to refueling [4] - Wang expressed a commitment to long-termism and innovation, stating that BYD's core mission is to use technological innovation to change the world and society [6] - The company is currently implementing a new round of price reductions across 22 models in its Dynasty and Ocean series, with discounts reaching up to 53,000 yuan [6] Group 2: Management Responses and Principles - BYD's management, including Secretary Li Qian, stated that the company is prepared to handle any price wars initiated by competitors, focusing instead on technological innovation and efficiency improvements [7] - Li Qian addressed concerns about long supply chain payment terms, asserting that BYD's practices are standard for a rapidly growing company and that they are selectively partnering with suppliers capable of scaling and reducing costs [7] - General Manager Li Yunfei proposed four initiatives to combat industry "involution," including responsible marketing, production-based sales, and resisting negative competition tactics [9]

Core Viewpoint - Pinduoduo's Q1 financial report reveals concerns about the company's growth strategy, showing that revenue and profit fell short of expectations due to external environmental changes and ongoing investments in high-quality development [2][5]. Financial Performance - Q1 revenue from transaction services grew by 5.8% to 47 billion RMB, below the expected 56 billion RMB [2]. - Sales and marketing expenses surged by 10 billion RMB to 33.4 billion RMB, marking a 43% increase [2][5]. Strategic Initiatives - Pinduoduo's significant increase in marketing expenses is attributed to heightened promotional and advertising spending, indicating aggressive support for merchants and consumer subsidies [5]. - The company reported a GMV growth rate of 16% in Q1, projecting a GMV of approximately 1.07 trillion RMB for the current quarter [5]. - Pinduoduo's strategy has evolved from "100 billion subsidies" in 2019 to the "1 trillion support" initiative in 2024, focusing on stimulating real consumer demand and upgrading the supply side [5][7]. Long-term Vision - Pinduoduo's chairman emphasized the importance of sacrificing short-term profits to support merchants, which is seen as essential for long-term platform health [5][20]. - The company aims to transform the e-commerce landscape by shifting from a focus on short-term gains to a long-term collaborative model involving merchants and consumers [22]. Market Dynamics - The financial report reflects a broader transformation in China's e-commerce sector, moving from a focus on traffic competition to a deeper engagement with supply chains [7][17]. - Pinduoduo's initiatives are seen as part of a supply-side revolution, enhancing the capabilities of manufacturers and addressing consumer needs more effectively [10][17]. Consumer Insights - The company's approach has led to significant improvements in product offerings, with average product price increases of 18% due to investments in research and development by merchants [11][16]. - Pinduoduo's data-driven strategies have enabled merchants to better understand consumer preferences, leading to more tailored product offerings [19][20]. Industry Implications - Pinduoduo's practices are viewed as a potential model for other e-commerce platforms, suggesting a shift towards platforms acting as innovation engines rather than mere transaction intermediaries [22]. - The company's focus on long-term value creation and ecosystem development may redefine competitive advantages in China's manufacturing sector [22].

Core Viewpoint - The article discusses the current state of the market, highlighting a lack of confidence in macroeconomic recovery and the ongoing challenges posed by external shocks, particularly in the context of U.S.-China trade relations and geopolitical tensions [3][4][5]. Group 1: Macroeconomic Environment - The macroeconomic changes are minimal, with no systemic confidence being rebuilt. The average tariff between the U.S. and China is expected to remain high, around 30%-40% [4]. - U.S. debt pressure and fiscal constraints are weakening the strength of the U.S. economy, leading to a decline in the "American exceptionalism" narrative [5]. - The market is experiencing a price stagnation where prices remain the same but purchasing power is diminishing, creating a poor trading experience [3]. Group 2: Commodity Prices and Market Dynamics - Commodity prices are low enough that the market does not anticipate immediate negative shocks comparable to the lows seen in early April [5]. - Certain commodities, such as glass and rubber, have fallen below their early April lows, indicating a return to previous pricing levels [5]. - Oil and coal are seen as leading indicators for commodity prices, with geopolitical issues potentially driving oil prices higher despite recent market corrections [5][7]. Group 3: Geopolitical Tensions - Recent attacks on Russian airports by Ukraine indicate a shift in military dynamics, suggesting that Ukraine may have opportunities to challenge Russian dominance [6]. - The ongoing geopolitical conflicts are likely to create long-term threats to energy exports, particularly oil [6]. Group 4: Supply and Demand Dynamics - Current U.S. retail inventory levels are increasing, suggesting that demand may be overstretched, with inventory growth at 5% while sales growth is only at 4% [6]. - The supply growth rate is currently double that of demand growth, indicating a trend towards oversupply, which will pressure PPI recovery [8]. Group 5: Investment Considerations - The article raises questions about the potential for market recovery in a long-term weak economic environment, emphasizing the need for systematic thinking regarding investment strategies [9]. - There are structural contradictions in trading, with some sectors appearing overvalued while others, like the photovoltaic and black industrial chains, may offer valuation recovery opportunities [9].

编者按： 十载春华秋实，鉴往知来；十年星河璀璨，与光同行。自破茧初啼至引领风潮，"金长江"评选始终以专业 为炬、以公正为尺，丈量中国私募基金行业的奔腾浪潮。值此华章再启之际，证券时报·券商中国倾情推 出"金长江风华录·十年十人"，特邀十位穿越牛熊周期的行业翘楚，以躬身力行的灼见为经纬，以栉风沐 雨的征程为注脚，共同镌刻一部激荡人心的奋进诗篇。此间星霜，既见群峰竞秀，亦显大江奔流。 本期是"寻访金长江之十年十人"第五期，券商中国记者走进老牌百亿量化私募——因诺资产，专访其创始人、 总经理兼投资总监徐书楠。从清华园到麻省理工学院，再到2014年创办因诺资产，徐书楠坚定走在量化投资的 道路上。他不仅是中国最早一批回国创业的海外量化人才，也是一位将人工智能技术深度嵌入策略体系、始终 坚守长期主义的实践者。 十年创业，恰逢量化投资在中国的快速发展期。从最初亲自主导策略研发，到搭建起多团队协作、策略多元共 生的系统平台；从早期多策略的探索，到扩展至多资产类别、多周期维度、全球市场的策略布局；从AI工具 辅助投研的尝试起步，到实现从数据采集、因子挖掘、信号构建到交易执行的全链条智能系统。徐书楠和因诺 的成长脉络，也正是中国 ...

此次直播活动贯穿整个12月，从新疆"雪城"阿勒泰到"羊城"广州，以实景的形式给南方人造了一场心心 念念的雪。在镜头外，来自天南地北的网友和消费者都能感受到独属于林氏木业的诚意与浪漫。尤其是 对于广大"时尚潮人"而言，林氏木业通过把时尚、美学、家居和冰雪几大关键词融合，应时又应景。数 据统计，林氏木业12月份的冰雪话题，获得了1.6亿的总曝光量、 立足时尚前沿，做家居市场引领者。秉持着"让生活过得更好"的企业愿景和使命，以及"坚持永远比别 人先走一步"的发展观引导下， 林氏木业一直是家居行业发展的风向标。尤其是在解读美学与时尚，与 消费者共鸣方面，林氏木业更是自有妙招。岁末年初，随着冰雪季热度持续升温，"林氏家居X天猫品 牌超级会员日"联合打造的雪地木屋派对直播间也备受各方关注，一场消费者与品牌双向奔赴的欢乐嘉 年华，为2024年冰雪季留下浓墨重彩的一笔。 林氏木业在市场调研中刚发现，对高级审美品味、独特风格搭配的自我表达，以及在"能力范围内给自 己最好的"消费意识，让高质价比的"长期主义"成为新消费时代的主流思潮，这也和林氏木业的内核高 度契合。基于此，林氏木业选择以"冰雪经济"为切入点，邀请全网用户"共赴一 ...

Core Viewpoint - The article discusses the evolution of Luo Zhenyu from a knowledge service provider to a cultural facilitator, emphasizing his commitment to long-termism and the pursuit of true value in a rapidly changing world [1][3][8]. Group 1: Long-term Commitment - Luo Zhenyu announced the launch of "Civilization Journey," a long-term project aimed at narrating China's millennia-long history over 20 years, reflecting his dedication to patience and enduring value [3][7]. - He expresses a desire to "sit in his own prison," indicating a commitment to long-term goals rather than immediate gratification [7][8]. - The essence of long-termism is to resist the trap of instant satisfaction and to accumulate strength through consistent daily efforts, preparing for significant moments in life [8]. Group 2: Navigating Change - In a world of constant change, Luo Zhenyu believes in identifying unchanging truths and making valuable choices amidst the chaos [10][12]. - He founded the "Dede" knowledge service platform, which embodies his long-held ideals and principles, focusing on genuine knowledge transmission rather than superficial metrics [10][12]. - Luo Zhenyu prioritizes enduring value over fleeting trends, adopting a "farmer's mindset" that emphasizes consistent effort and meaningful engagement rather than chasing immediate results [12]. Group 3: Embracing Limitations - After facing personal challenges, Luo Zhenyu has come to appreciate the importance of making wise choices within limited options, leading to a broader perspective on life [14]. - He remains calm in the face of rapid advancements in artificial intelligence, believing that human resilience will counterbalance technological dominance [16]. - Looking ahead to his future at age 70, he envisions a life of simplicity and connection, focusing on meaningful interactions rather than the pressures of modern life [16]. Group 4: Value Reconstruction - The article highlights the philosophy of "no gain without loss," where Luo Zhenyu chooses to forgo immediate rewards in favor of creating lasting cultural value through projects like "Civilization Journey" [18]. - This approach parallels the philosophy of "Shede" liquor, which emphasizes the importance of time and patience in achieving quality, reinforcing the idea that true creation transcends zero-sum thinking [18][19]. - The narrative concludes with a call for growth through sacrifice, suggesting that the current era necessitates a mindset of giving up short-term gains for long-term fulfillment [19].

Group 1: Business Insights - The essence of business is to acquire barriers [7] - A useful ancient rule in business involves finding a simple principle and strictly adhering to it [8] - Successful businesses can make decisions easily, while struggling businesses face significant difficulties in decision-making [11] Group 2: Work and Personal Conduct - Understanding the limitations of one's own intellect is crucial for effective problem-solving [18] - The importance of simplicity in thought and seriousness in action is emphasized [20] - Avoiding the temptation to conform to the average is essential for achieving exceptional results [22][23] Group 3: Investment Philosophy - The essence of investment is to seek mispriced opportunities [31] - The principle of investing in great companies at fair prices is reiterated multiple times [29] - The focus should be on long-term value rather than short-term gains [41] Group 4: Cognitive Models - Common sense is often misunderstood and is actually quite rare [39] - Self-deception is a significant barrier to personal growth and success [40] - The importance of maintaining integrity and honesty in one's actions is highlighted [49]