11月20日，当北京队以3:1战胜上海队，37岁的马龙终于填补上职业生涯"最后一块拼图"——全运会男团金牌。虽然他还不会退役，但在全运会的赛场上 显然是"最后一舞"。赛后新闻发布会上，马龙声音哽咽，所有嘱托与不舍，化作一句朴素的祝愿："好好成长，好好变老。" 一位是苏炳添。 此前他已经表示全运会后会谢幕，但没有马龙那么幸运与完美。当日晚间的田径赛场，"百米飞人"领衔的广东男队在男子4×100米接力决赛中排名第四， 无缘领奖台。赛后，这位36岁的老将表示，今天虽然是一场短暂的告别，但自己不会离开热爱的体育事业。 英雄老去，终有告别的一天。不管是最后的坚持，还是暂时的告别，也不管是完美的收官，还是遗憾地离开，他们都用极致的热爱与坚持，书写了属于自 己的传奇。 每经编辑｜段炼 全运会的赛场，精彩纷呈，群星涌现。闭幕之际回首，最令人动容的是两位老将。 一位是马龙。 这种 "把平凡事做到极致"的努力，是每个为生活打拼的普通人都能产生共鸣的真相。英雄不必天生强大，平凡人也能通过努力创造奇迹。成功不是一蹴 而就，而是把简单的事重复做、认真做，是"接纳平凡"的真勇气。 平凡的底色，闪烁人性的光芒。马龙和苏炳添更打动人心的，是 ...

Core Insights - The global economy is seeking a new balance amid downward pressures and structural challenges, with geopolitical conflicts and supply chain restructuring posing significant tests [3] - The "2025 First Financial Value Annual Conference" focused on key topics such as the internationalization of the RMB, new trends in the Chinese economy, and paths to enhance household consumption [3][4] Group 1: RMB Internationalization - China is entering a "dual investment" phase, balancing "bringing in" and "going out" investments, amid a backdrop of global trade adjustments and rising geopolitical risks [5][7] - Since the Belt and Road Initiative, China's outbound direct investment (ODI) has rapidly increased, surpassing foreign direct investment (FDI) in 2015, with a significant diversification of trade partners [7] - The internationalization of the RMB is expected to accelerate during the 14th Five-Year Plan, with breakthroughs in trade settlement, payment systems, and reserve allocation, although it remains mismatched with China's economic scale [7][9] Group 2: Economic Growth and Consumption - The new quality productivity, driven by technological innovation and deep integration with the industrial chain, is becoming a core variable in China's economic growth [9][11] - There is potential for an increase in household consumption over the next five years, but challenges such as income structure, family burdens, and aging population must be addressed [11][13] - Solutions to enhance consumption include systemic reforms, stabilizing the real estate and capital markets, and improving service supply and market regulation [13] Group 3: Market Trends and Investment Opportunities - The global economy is at a crossroads, with rising gold prices reflecting market uncertainty and diverging monetary policies reshaping global asset allocation [15] - The contribution of real estate to the economy has decreased to about 10%, while the stock market benefits from emerging industries and economic recovery [17] - Long-term investment opportunities remain in sectors like innovative pharmaceuticals, with the stock market's upward trend expected to continue [17][18]

近日，在中宣部文艺局公布的"优秀微短剧创作扶持计划"作品名单中， 由哔哩哔哩（以下简称B站）出品并全网独播的短剧《人生冷场没关系》入选 。 该剧主要以Vlog形式，讲述了一个失意UP主和两位好友共同成长，通过脚踏实地的努力，最终逆风翻盘的故事。此外，2025中国广播电视精品创作大会 期间， B站于10月29日上午在北京会议中心举办"新大众文艺：UGC赋能影视新生态"主题沙龙 ， 来自B站的代表、行业专家及内容创作者齐聚一堂，共 同探讨UGC与影视产业深度融合的路径与前景。 在互联网技术飞速迭代、网络视听产业蓬勃发展的当下，作为年轻人高度聚集的综合性视频社区，B站在影视领域持续发力，以生态为基、内容为核，走 出了一条兼具差异化与高品质的发展道路。从精品剧集的持续输出到特色剧场的创新打造，从PUGV生态的深度赋能到多元题材的不断拓展，从明星与社 区的双向奔赴到影视宣发的模式革新，B站正在以独特的影视生态，成为年青一代心中不可或缺的影视内容聚集地，奋力书写着网络视听产业的新篇章。 走差异化与高品质发展道路 在影视宣发领域，B站成为了行业新标杆，今年暑期档《罗小黑战记2》《长安的荔枝》《浪浪山小妖怪》等影片均选择在B ...

Group 1 - The global economy is seeking a new balance amid downward pressures and structural challenges, with geopolitical conflicts and supply chain restructuring posing significant tests [1] - The "2025 First Financial Annual Financial Value Conference" held in Shanghai focused on key topics such as the internationalization of the RMB, new trends in the Chinese economy, and paths to enhance household consumption [1] - The conference highlighted influential figures in the financial industry who have significantly impacted industry transformation and market research [1] Group 2 - Three key trends are shaping the current global landscape: deep adjustments in globalization, the rise of protectionism, and the integration of technology with the economy [2] - China is entering a "dual investment" phase, balancing both inbound and outbound investments [2] Group 3 - Since the Belt and Road Initiative, China's outbound direct investment (ODI) has rapidly increased, surpassing foreign direct investment (FDI) in 2015 and maintaining a leading position in most years [3] - The structure of China's trade partners has diversified, with exports to the US, EU, and ASEAN decreasing from 50.8% in 2019 to 45.5% in 2024, while exports to Belt and Road countries have risen to approximately 47% [3] Group 4 - The internationalization of the RMB is expected to accelerate during the 14th Five-Year Plan, with significant breakthroughs in trade settlement, payment systems, and reserve allocation over the past 16 years [3][5] - The necessity for RMB internationalization has increased due to changes in the global trade landscape and rising dollar credit risks [5] Group 5 - The new core variable of China's economy is the new quality productivity, driven by technological innovation and deep integration with the industrial chain [5] - The contribution of real estate to the economy has decreased to about 10%, while the stock market is benefiting from emerging industries and economic recovery [12] Group 6 - The long-term trend of the Chinese stock market remains upward, with investment opportunities in sectors such as innovative pharmaceuticals, new energy vehicles, semiconductors, and artificial intelligence [12] - The conference included discussions on wealth growth in a low-interest-rate environment, emphasizing a shift from single yield pursuit to long-term stable allocation strategies [12][13]

Core Viewpoint - The article emphasizes the "Pareto Principle" in investing, highlighting that a small percentage of key decisions and time periods contribute significantly to overall returns, suggesting that wealth accumulation relies on making the right choices and being present during critical return periods [2][3]. Group 1: Value Investors and the Pareto Effect - Value investors focus 80% of their efforts on identifying the 20% of companies that possess sustainable competitive advantages, thereby ignoring short-term market noise and concentrating on long-term factors such as business model sustainability and cash flow health [3][4]. - The strategy of value investors is to accept periods of low returns while remaining vigilant for opportunities when high-quality assets are undervalued due to market panic [5][6]. Group 2: Long-Termism in Value Investing - Long-termism is a rational response by value investors to the 80/20 distribution, allowing them to maintain focus on enduring value rather than short-term fluctuations [6][5]. - The quote from Benjamin Graham illustrates that while short-term market movements are driven by emotions, long-term performance reflects true value, reinforcing the importance of patience in investment [5]. Group 3: Staying Present to Capture Returns - The article provides data on the S&P 500 index, showing that missing the top 20 trading days from 2005 to 2023 would significantly reduce annualized returns from approximately 7.42% to 5.5%, and missing the top 100 days could lead to near-zero returns [9]. - In emerging markets, the disparity in returns is even more pronounced, with significant gains concentrated in a small fraction of time, emphasizing the need for investors to remain engaged during these critical periods [9][10]. - The concept of "being present" is crucial for value investors, as it ensures they do not miss out on key moments when market prices align with intrinsic value [10].

Core Insights - The roundtable discussion titled "Opportunities and Challenges for Chinese Enterprises Going Global" was held during the 2025 UK-Greater Bay Area Forum, focusing on how Chinese companies can seize global market opportunities and overcome challenges in the context of a shifting global economic landscape [2] Group 1: Methodologies for Going Global - Professor Tan Liang emphasized the importance of a long-term approach for companies venturing abroad, advocating for the mindset of "think ten years, look three years, act one year" to overcome the short-term execution focus [4] - The concept of "slow is fast" was introduced, suggesting that companies should seek high ground, find experts, and listen to insights to better understand overseas market dynamics [4][8] - Xu Huafeng, CEO of Tuling Technology, shared his experience in the UK market, highlighting the importance of understanding local needs, particularly in the context of an aging population [4][12] Group 2: Compliance and Cultural Integration - ACCA's South China Director, Tan Yingmin, pointed out that compliance and regulatory risks are major concerns for companies going global, with 85% of firms identifying these as primary worries [8] - The need for cross-cultural communication skills and building local networks was emphasized as essential for successful overseas operations [11] - The importance of cultural adaptation was highlighted, with recommendations to prioritize hiring individuals who align with local values and understand community dynamics [11][12] Group 3: Future Opportunities - The aging population in the UK presents significant market opportunities for products like smart mobility solutions, with Tuling Technology planning to expand its offerings in this area [12] - The integration of AI technology is seen as a key area for enhancing operational efficiency and breaking down cultural barriers between Chinese and UK enterprises [12] - Potential collaboration in sustainable development and biotechnology was identified, with the UK being a leader in these fields, providing a complementary relationship with China's application scenarios [13]

Core Viewpoint - The Chinese lithium battery industry aims not only to be the world leader but also to achieve high-quality development that earns global respect [1][9]. Group 1: Industry Characteristics and Challenges - The lithium battery industry is entering the TWh era in 2024, with significant challenges ahead for high-quality development [1][3]. - There is a lack of true innovation in the industry, with many companies focusing on short-term profits rather than investing in R&D and quality [1][2]. Group 2: Long-term Development Strategy - The industry must embrace long-termism to drive high-quality development over the next 15 years [2]. - Recognizing the industry's characteristics is essential for identifying the correct long-term development path [2]. Group 3: Energy Transition Responsibility - Lithium batteries are crucial for energy transition, with increasing demand driven by the electrification of energy consumption and clean power supply [3]. - The penetration rate of new energy vehicles in China has surpassed 50%, indicating a growing market for electric commercial vehicles and other emerging sectors [3]. Group 4: Innovation and Technology - The lithium battery sector is technology-intensive, requiring continuous breakthroughs to expand development space [5]. - There is a significant potential for innovation, but the industry suffers from severe homogenization and insufficient disruptive innovation [6][7]. Group 5: Manufacturing and Profitability - The lithium battery industry is part of the manufacturing sector, which necessitates reasonable profit expectations for sustainable growth [8]. - Quality and technology iteration are critical, with significant technological upgrades occurring every 3 to 5 years [8]. Group 6: Global Competition and Market Dynamics - Chinese companies face intense competition in major markets like Europe and the Middle East, with some firms reducing prices by 30% while promising increased lifespan [9]. - The industry must establish high levels of self-discipline and adhere to long-term strategies to maintain its competitive edge [9].

Core Viewpoint - The Chinese lithium battery industry aims not only to be the world leader but also to achieve high-quality development that earns global respect [1][18]. Group 1: Industry Challenges and Innovations - The lithium battery industry is entering the TWh era in 2024, a year earlier than previously predicted [3]. - There is a lack of genuine innovation in the industry, with many companies focusing on short-term profits and engaging in price wars rather than investing in R&D and quality [4][14]. - The industry must embrace long-termism to drive high-quality development over the next 15 years [4]. Group 2: Energy Transition Responsibility - Lithium batteries are now recognized as part of the energy sector, responsible for the transition to cleaner energy consumption and supply [6]. - The penetration rate of new energy vehicles in China has surpassed 50%, with significant growth in electric commercial vehicles and emerging sectors like electric aviation and marine [6]. - There is a strong demand for energy storage solutions, with electrochemical storage being the most economical and reliable option for short-duration needs [7]. Group 3: Technological Innovation - The lithium battery industry is technology-intensive, requiring continuous breakthroughs to unlock further development [10]. - The complexity of lithium battery technology is highlighted, with billions of particles involved in the battery's operation, making high-quality production challenging [11][12]. - The industry faces severe homogenization, and there is a pressing need for disruptive innovations to maintain competitive advantages [13][14]. Group 4: Manufacturing and Profitability - The lithium battery sector is part of the manufacturing industry, which typically does not allow for excessively high profits, especially in a low-price competitive environment [15]. - A reasonable profit expectation is essential for pursuing long-term, stable growth [15]. - The industry must focus on quality and technological iteration, ensuring that production lines align with technology cycles to maintain competitiveness [17]. Group 5: Industry Self-Regulation and Future Outlook - The industry is experiencing intense competition not only domestically but also in international markets, with some companies reducing prices by 30% while promising increased product lifespan [17]. - The Chinese lithium battery industry has achieved world leadership and must now focus on high-quality development to maintain this position [18]. - Establishing a high level of industry self-discipline and adhering to long-termism is crucial for building a responsible and respected lithium battery sector [17][18].

Core Insights - The China Securities Regulatory Commission (CSRC) has issued a plan to promote the high-quality development of public funds, emphasizing investor-centric principles and the establishment of a mechanism linking fund company income to investor returns [1][3] - The recent draft guidelines for performance benchmarks aim to enhance the stability and clarity of fund products, allowing investors to better match their needs with suitable products [1][3] - The public fund industry is maturing, with increasing scale and influence, and the integration of professional capabilities, trust systems, and responsibility is essential for sustainable growth [1][2] Investor-Centric Approach - The long-termism of public funds is centered around the needs and growth of investors, with measures to optimize fund operations and reduce costs [1][2] - Guotai Fund has implemented fee reductions and floating fee rate funds to enhance investor experience and trust [2][3] - The Guotai CSI A500 ETF generated a profit of 4.275 billion yuan for investors in the first three quarters of 2025, ranking first among similar products [2] Research and Development Platform - The CSRC's action plan emphasizes the need for a robust research and development (R&D) platform to support high-quality development in the industry [3][4] - Guotai Fund believes that a clear product line and stable investment style are crucial for adapting to the industry's evolving demands [4][5] - The public fund management scale in China has surpassed 36 trillion yuan, necessitating enhanced core research capabilities and systematic support [5] Talent Development and Retention - Guotai Fund has established a resource-sharing system and a clear growth path for research personnel, emphasizing ethical standards and long-term investment logic [6][7] - The company focuses on creating a supportive culture that encourages long-term value creation and retains core research talent [7] Technological Integration - The action plan encourages the application of emerging technologies like AI and big data to enhance fund management efficiency [7][8] - Guotai Fund has developed an AI application platform to improve decision-making and operational efficiency across various business scenarios [8] Enhancing Investor Experience - Guotai Fund aims to improve investor satisfaction by aligning with national strategies and investing in key sectors such as technology and green development [9] - The company is committed to innovating product offerings and enhancing research capabilities to provide better investment experiences [10] - A systematic investor education program is being developed to foster a mature and rational investor community [11] Commitment to High-Quality Development - Guotai Fund expresses its dedication to transforming the vision of high-quality development into tangible benefits for investors, contributing to the overall stability and growth of the asset management industry in China [12]

Core Viewpoint - The lithium battery industry has experienced rapid growth over the past fifteen years and is expected to continue its upward trajectory into 2025, driven by high-quality internal growth and global expansion [4][5]. Industry Insights - The industry has entered a post-lithium era, shifting from scale and cost-driven growth to a dual focus on high-quality internal growth and global expansion, with equipment providers facing higher demands for quality and service [5]. - Long-term sustainability is inherent to lithium batteries, with power batteries requiring a lifespan of 15 years and energy storage batteries needing to support 20 years of operation, indicating that short-term speculation is not viable in this sector [12]. - The global energy transition remains unchanged, with China's new energy industry maintaining its comprehensive advantages in system, efficiency, and innovation [13]. Technological Developments - Companies are innovating in welding technologies, with advancements such as the development of pressure melting welding that enhances control precision and stability in power output [8][17]. - The industry is moving towards breaking down barriers between equipment manufacturers and battery companies, fostering a partnership model to tackle challenges in cutting-edge fields like solid-state batteries [9]. Market Strategies - Battery enterprises are encouraged to focus on scaling, technological innovation, and product quality to meet market expectations, emphasizing customized services [16]. - The next generation of battery technology will prioritize high safety and adaptability across diverse scenarios, which is seen as a core direction for the lithium battery industry's development [21]. Collaborative Efforts - The establishment of industry data standards and the integration of equipment and process data are essential for creating a global benchmark in battery manufacturing, supporting the transition to green energy [9]. - Companies are urged to adopt a long-term perspective and collaborate closely to address the industry's evolving challenges and opportunities [12][13].