Core Insights - The article discusses the growth and strategic direction of Haoyuan Pharmaceutical, a CRO company in China, emphasizing its commitment to long-term development and innovation in the biopharmaceutical industry [2][8]. Company Overview - Haoyuan Pharmaceutical was founded in 2006 with an initial investment of 1.5 million yuan, aiming to contribute to China's transition from a "big pharmaceutical country" to a "strong pharmaceutical country" [2]. - The company has developed a comprehensive service chain covering "starting materials - intermediates - active pharmaceutical ingredients - formulations" [2]. Business Model - The company operates with a dual business model, focusing on both front-end life science reagents and back-end CDMO services, enhancing its competitive edge [3][4]. - As of September 2025, Haoyuan has accumulated over 152,000 types of life science reagents, including more than 96,000 molecular building blocks [3]. Market Strategy - The company aims to provide a full-process service from candidate molecules to commercial production, significantly reducing quality and time costs associated with segmented production [4]. - Haoyuan has established a diverse Payload-Linker sample library and has completed FDA sec-DMF filings for 15 ADC-related small molecule products [4]. Global Expansion - Since 2015, Haoyuan has initiated a global strategy for its life science reagent business, establishing an international business development team and logistics systems, currently serving over 13,000 global customers [5]. - The company reported overseas revenue of 862 million yuan in 2024, a year-on-year increase of 24.7%, and 560 million yuan in the first half of 2025, a growth of approximately 40% [6]. Innovation and Technology - Haoyuan is actively exploring the application of AI technology in drug development, aiming to shorten research cycles and enhance the quality and efficiency of compound screening [9]. - The company is focused on cutting-edge fields such as small molecules, ADC/XDC, peptides, and small nucleic acids, with the goal of making drug development more efficient and accessible [9].

据永赢基金披露的季报数据显示,截至2025年9月30日,近一年为持有人实现盈利383.15亿元,展现出较强的 持续盈利能力和产品韧性。亮眼数据的背后,是永赢基金坚持的"投资者利益至上"核心价值观与"长期主 义"企业文化的深厚积淀。 永赢基金与行业同频共振,推动公司高质量可持续发展迈向新高度。秉持"向下扎根、向内思考、向外探 寻"的理念,以投资者获得感为核心追求,在投研文化、产品布局、标准化管理等多维度升级迭代。 产品布局方面,永赢基金坚持广泛观察、深度分析客户需求,结合各类可投标的风格属性,提供多元化、综 合性的产品方案,并根据不同投资者定位,进行科学划分,力争实现投资能力与客户需求的高效匹配。多年 来,打造了丰富多元的产品线,全面覆盖不同类型、主题与风格,力争让每位客户都能寻找到匹配自己投资 目标的产品。 以上数据均截至2025/9/30。近1年利润数据来源:基金各季度报告,取所有产品24Q4/25Q1/25Q2/25Q3季报 披露的利润总和,单只产品利润为各份额合计。主动权益系列包含永赢基金旗下产品分类为偏股混合 型、灵活配置型、普通股票型的产品,近1年具体利润为231.04亿元。指数系列包含永赢基金旗下 ...

Group 1 - The core theme for 2025 is "persisting to the extreme," highlighting the importance of long-term commitment and dedication across various industries [1] - The story of academic and practical contributions in soybean breeding by Guo Junyi, who has dedicated over 60 years to the field, exemplifies the value of long-termism in scientific research [1] - The Blue Sky Rescue Team volunteers demonstrate extraordinary courage through their consistent and selfless actions during emergencies, emphasizing that greatness often lies in the mundane and persistent efforts [2] Group 2 - The launch of the brand video "A Letter from Andy Lau" resonates across different circles, where the artist reflects on the significance of repeated practice and hard work over innate talent [2] - Huawei's "Ultimate Design" philosophy aligns with the spirit of persistence and excellence, focusing on the idea that extraordinary results come from dedication and hard work [4][5] - The Huawei Mate 80 RS Ultimate Master embodies this brand value through its exceptional craftsmanship, reliability, and aesthetic appeal, rather than just technical specifications [7] Group 3 - The Huawei Mate 80 RS Ultimate Master enhances user experience with advanced features such as full-link BT.2020 ultra-wide color gamut technology and dual SIM capabilities, ensuring reliable connectivity for users [9] - The launch event for the Huawei Mate series symbolizes a commitment to continuous innovation and exploration, reinforcing the brand's value of embracing change and pushing boundaries [11] - The Huawei Mate 80 series is set to be launched at a starting price of 4699 yuan, with significant discounts and offers, making high-end technology more accessible to consumers [13]

Core Insights - The article discusses the challenges and opportunities in early-stage investment in China, emphasizing the need for patience and a long-term vision in the current investment landscape [2][5][6]. Investment Landscape - The current investment environment is characterized by difficulties in fundraising and high costs of customer acquisition, leading to longer exit cycles for investments [3][4]. - Historically, companies like Li Auto and Niu Technologies had shorter IPO timelines, but now the best companies may take up to 12 years to go public [4]. Investment Logic - The author outlines three key investment strategies: 1. **Investing in "Unicorn Tigers"**: Focus on companies that can dominate their market rather than those that merely exist alongside competitors [7][9]. 2. **Investing in "Town Youth"**: Emphasizes the importance of young entrepreneurs from smaller towns who are more likely to adopt a long-term focus and avoid chasing trends [10][11][13]. 3. **Alignment of People, Events, Timing, and Valuation**: Successful investments require the right team, the right business model, favorable market conditions, and reasonable valuations [14]. Current Investment Activity - The company has invested in over 600 enterprises, with around 70 to 80 achieving profitability close to A-share listing standards, indicating a high success rate in their investment strategy [14]. Upcoming Events - A learning event is scheduled in Xi'an, focusing on technology manufacturing and exploring opportunities in various sectors, including robotics, aerospace, and new materials [15][21].

Core Insights - The article discusses the transformation of commercial spaces in response to new consumer demands driven by economic recovery, emphasizing the importance of quality and scenario-based innovations in urban commercial environments [1][16] - The launch of "Jingwu Food Collection" at Wuhan's Yuexiu International Financial Center marks a significant step in integrating local culture with modern commercial experiences, aiming to create a dialogue between urban memory and commercial space [1][3] Group 1: Commercial Space Transformation - The State Council has outlined measures to support the development of international consumer cities, focusing on upgrading commercial facilities and creating diverse business districts [1][16] - The "Jingwu Food Collection" project aims to revive local culinary culture by incorporating traditional flavors and modern aesthetics, thus enhancing consumer experience [3][5] Group 2: Design and Experience - The design of "Jingwu Food Collection" is inspired by traditional Wuhan architecture, utilizing materials like red brick and wood to evoke a sense of warmth and nostalgia [5][10] - The project emphasizes a sensory experience through innovative spatial design, creating an environment that fosters community interaction and cultural connection [5][8] Group 3: Long-term Operational Philosophy - Yuexiu Commercial Management adheres to a "long-termism" operational philosophy, focusing on sustainable growth through refined management and cultural integration rather than short-term gains [7][10] - The "Jingwu Food Collection" offers a variety of experiences, from breakfast ordering to family baking classes, enhancing customer engagement through a membership platform [7][8] Group 4: Ecosystem and Community Engagement - The success of "Jingwu Food Collection" is supported by a comprehensive ecosystem that integrates commercial, cultural, and office spaces, enhancing the overall urban experience [14][16] - The project aims to create a sense of belonging for various community members, including office workers and residents, through cross-industry collaboration [14][16] Group 5: Future Expansion Plans - "Jingwu Food Collection" serves as a pilot project for Yuexiu's broader strategy to launch similar concepts in other major cities, each tailored to local cultural contexts [11][18] - The company plans to continue developing the "City Food Collection" series, ensuring that each location reflects its unique urban narrative and culinary heritage [11][18] Group 6: Company Overview - Yuexiu Commercial Management, a subsidiary of Yuexiu Real Estate, focuses on comprehensive asset management across various commercial real estate sectors, with a total operational area exceeding 7.3 million square meters and total assets over 109 billion [19]

Core Insights - The fifth Live E-commerce Festival in Guangzhou highlighted the recognition of XinXuan Group's long-term commitment and value-driven approach in the live e-commerce industry [1][3] - XinXuan Group has achieved significant sales milestones, including over 30 million orders and 5 billion views during the recent Double 11 shopping festival, showcasing its strong market presence [3][4] - The industry is transitioning from a focus on scale to creating value, with XinXuan Group emphasizing the importance of deep-rooted trust and emotional connections with consumers [4][6] Company Developments - XinXuan Group has shifted its influencer collaboration model from a signing system to a partnership system, resulting in a 29% year-on-year sales increase for mid-tier influencers during Double 11 [4][5] - The company is nurturing new talents alongside established influencers, creating a diverse ecosystem referred to as the "Huangpu Military Academy of Influencers" [5] - XinXuan Group has launched an immersive live streaming model that incorporates multiple scenes and themes, enhancing emotional engagement with consumers [6] Consumer Focus - The company has adjusted its product offerings to cater to middle-aged female consumers, with jewelry sales accounting for 37% and personal care products for 21% during Double 11 [6] - XinXuan Group has introduced a special fund of 100 million yuan to address consumer after-sales issues, reinforcing its commitment to trust and customer satisfaction [6] Industry Context - The live e-commerce sector is entering a "post-competition era," where the focus is shifting from scale to value creation [4] - The Greater Bay Area is recognized as a hub for live e-commerce, supported by a robust supply chain and logistics system [7][9] - XinXuan Group plans to enhance its brand and channel strategies while leveraging data and technology to provide high-quality products [9] Global Expansion - The company is exploring international markets, achieving significant sales in overseas live streaming events, with notable figures such as 1 billion yuan in Russia and 8 billion yuan in Thailand [9] - XinXuan Group aims to create real value rather than relying solely on price advantages in its international endeavors [9]

Core Insights - Xiamen Xiangyu Group has achieved significant growth over 30 years, with total assets increasing by over 1,100 times and net assets by 6,800 times, reflecting strong momentum in high-quality development [1] - The company has established a clear strategic path rooted in national development, market principles, and a philosophy of long-term mutual benefit [1] Group 1: Company Development and Strategy - Founded in 1995, Xiangyu Group emerged from the Xiamen Free Trade Zone, initially facing a high debt ratio of 95.7% but transformed into a pioneer in various sectors, including logistics and warehousing [1] - The company has implemented a risk management culture, prioritizing risk over profit and scale, which has been integral to its sustainable growth [1] - Xiangyu Group's mission is encapsulated in the phrase "计利天下 相与有成," emphasizing a commitment to mutual success and societal contribution [2] Group 2: Agricultural and Supply Chain Services - Xiangyu Group has developed a comprehensive agricultural service system, including planting, storage, logistics, trade, and deep processing, contributing to national food security [2] - The company operates seven modern logistics centers with a total storage capacity of 13 million tons, capable of meeting the food needs of 1.4 billion people for 18 days [2] - Xiangyu has established a global supply chain service system, with operations in over 110 countries, integrating various resources to provide comprehensive solutions [2] Group 3: International Cooperation and High-End Manufacturing - The company actively participates in international capacity cooperation, exemplified by its investment in a stainless steel project in Indonesia, which is recognized as a key project under the Belt and Road Initiative [2] - Xiangyu's aluminum division has built a complete production chain, producing over 2 million tons annually, and has successfully integrated into high-end manufacturing sectors [3] Group 4: Regional Development and Community Engagement - Xiangyu Group has played a vital role in the development of Xiamen, creating a central business district that has attracted nearly 700 enterprises with a registered capital exceeding 60 billion [3] - The company has initiated various community support programs, including education and infrastructure development, enhancing local living standards [3] - Xiangyu's commitment to environmental sustainability is evident in its ecological restoration projects and green transformation initiatives across multiple sectors [3]

Core Viewpoint - The article discusses the unique approach of Chery's iCAR brand in the competitive Chinese automotive market, emphasizing its strategy of creating distinctive, classic electric vehicles rather than participating in the prevalent price wars and mass production trends [4][29]. Group 1: Market Positioning and Strategy - The Chinese automotive market is characterized by a "sea of cars" strategy, leading to a homogenized product offering and intense price competition [4][8]. - iCAR aims to break this trend by focusing on creating unique, timeless models, with the goal of achieving significant global sales, similar to iconic models like the MINI and Beetle [7][29]. - The V27 model, which debuted at the Guangzhou Auto Show, is positioned as a versatile family SUV that meets diverse consumer needs while maintaining a distinct identity [9][11]. Group 2: Product Features and Innovations - The V27 is designed to cater to family needs, combining aesthetics, performance, and smart technology, making it a "happy family bucket" vehicle [9][15]. - It features a unique design that draws from classic elements while incorporating modern innovations, such as a spacious interior and customizable options for various activities [12][15]. - The vehicle is equipped with advanced safety and intelligent driving systems, meeting stringent safety standards and enhancing the overall driving experience [13][22]. Group 3: User Engagement and Community Building - iCAR has adopted a user-centric approach, engaging with potential customers through direct interactions and feedback to refine its product offerings [16][20]. - The brand focuses on a specific target demographic characterized by a youthful mindset, valuing individuality and family experiences over traditional market segmentation [17][18]. - iCAR's internal culture promotes open discussions and collaboration, allowing team members to contribute ideas freely, which enhances product development [20][22]. Group 4: Long-term Vision and Global Expansion - iCAR is committed to a long-term strategy, aiming to excel in niche markets rather than chasing short-term trends, which is reflected in its production philosophy of creating classic vehicles [23][26]. - The brand is expanding its presence internationally, with plans to establish over 100 sales networks by 2026, demonstrating its ambition to become a leading global player in the electric vehicle market [28][29]. - iCAR's focus on quality and distinctive features positions it to attract consumers who prioritize uniqueness and craftsmanship, allowing it to avoid price competition and foster brand loyalty [28][29].

Core Insights - The articles emphasize the importance of focus and long-term commitment in both personal growth and industry development, particularly in the context of Shanghai's technological innovation and the integrated circuit industry [2][4]. Group 1: Focus on Development - The concept of "reading marathons" is highlighted as a method to regain focus and enhance learning abilities, contrasting with the distractions of modern technology [1][2]. - Shanghai's integrated circuit industry, which began in the 1950s, is projected to exceed a scale of 390 billion yuan by 2024, showcasing the benefits of long-term planning and investment [2]. Group 2: Collaborative Efforts - The integration of the Yangtze River Delta region is presented as a model for collaborative development, where provinces and cities work together towards common goals, enhancing overall efficiency and cooperation [3]. - The focus on human resources, particularly the dedication of party members and local leaders, is crucial for driving local development and achieving tangible results [3][4]. Group 3: Persistence and Resilience - The articles stress that success requires sustained effort and resilience, with a call for individuals and organizations to maintain patience and determination in the face of challenges [4].

● 大成基金管理有限公司总经理 谭晓冈 当前，我国经济正处在迈向高质量发展的关键时期。中央金融工作会议鲜明提出要做好金融"五篇大文 章"，系统擘画了建设金融强国的宏伟蓝图。新"国九条"的发布，为资本市场深化改革与稳健发展注入 了强劲动力。《推动公募基金高质量发展行动方案》的出台，系统校正行业发展定位，突出投资者回报 导向，为行业高质量发展指引了方向。在一系列顶层设计的引领下，高质量发展是公募基金行业持续健 康发展的必由之路，是回报投资者信任的内在要求，更是服务国家战略的根本体现。面对这场深刻的价 值观重塑，大成基金系统谋划、精准发力，全面推进一系列落实工作，力求在高质量发展新征程上走 稳、走实、走远，共筑行业高质量发展新生态。 深刻理解"长期主义"的丰富内涵，以恒心立恒业 资产管理之道，不在朝夕之功，而在长远之绩。大成基金深刻认识到，"长期主义"是一种融入血脉的投 资理念，是一种对于稳定投资风格的长期坚持，更是一种敢于包容短期波动的战略定力。 投资研究的长期视角：深度研究，摒弃浮躁。大成基金的投研理念是"长期回报、超额收益、产业视 角"，排在第一的就是"长期回报"。长期回报是指以长期为客户创造收益为目标，要求 ...