《战法：成就下一个商业奇迹》 吴 婷 著 中信出版集团 2023年8月出版 以财经逻辑解码企业战略 ——读《战法：成就下一个商业奇迹》 ◎杨翔菲 在全球经济深度调整的2025年，企业面临的竞争环境呈现出前所未有的复杂性。吴婷以"遍访天下公 司，纪录时代商业"为愿景，结合自身创业经历写作《战法：成就下一个商业奇迹》一书，通过对40个 经典商业案例的深度解析，为企业管理者提供了一套兼具理论深度与实践价值的战略工具箱。 吴婷出身媒体，后创业创办"嘉宾商学"平台，以案例教学为特色，深度辅导了中国近300位企业家成 长。其制作并主持的财经节目《我有嘉宾》，也被誉为商学"宝典"级栏目。作为一个"讲故事的人"，吴 婷以独特的视角记录并传播了这些商业案例，系统性地拆解了企业在复杂经济环境中的生存法则，为读 者呈现了一幅从"知道"到"做到"的实战地图。 中国上市公司协会会长宋志平在本书序言中评价：吴婷把小故事组合成大故事的能力，其实也是一种战 法。 从"灯塔"到"导航" 企业管理是一门实践性很强的学问，企业案例是对企业实践的观察和归纳概括。本书的案例覆盖了企业 全生命周期，既有迪士尼、可口可乐等百年老店的"守成战法"，也有拼多 ...

Core Insights - The article highlights the busy operations at Ningbo-Zhoushan Port, particularly in the context of international trade and logistics, emphasizing the importance of efficient shipping channels for exporters [2][4]. Group 1: Export Activities - Export activities are notably active as companies prepare for shipments, with specific examples such as a shipment of nearly 10,000 plastic Christmas trees to Naples, Italy [2]. - The logistics company, Yiwudexiang, utilizes Yiwupor as a primary export channel, benefiting from its proximity to the international trade city [3]. Group 2: Port Development and Efficiency - Yiwupor is enhancing its capabilities by developing the "Sixth Port Area" to facilitate smoother international trade operations, aiming to extend port services inland [3]. - The "Sixth Port Area" reported a throughput of 165,000 TEUs in Q1, marking a 5.5% increase year-on-year, with significant growth in container handling and logistics efficiency [3]. Group 3: Overall Port Performance - Ningbo-Zhoushan Port is projected to handle 1.38 billion tons of cargo and 39.3 million TEUs in 2024, maintaining its position as a global leader in port operations [4]. - In Q1, the port achieved a container throughput of 10.072 million TEUs, reflecting a 10.2% year-on-year increase, indicating a strong start to the year [4]. Group 4: National Port Statistics - Nationally, ports completed a cargo throughput of 4.22 billion tons in Q1, with a year-on-year growth of 3.2%, and container throughput of 83.03 million TEUs, up 8.2% [5]. - The external trade container throughput reached 50.44 million TEUs, growing by 11.5%, showcasing resilience in international trade despite global challenges [5].

就在4月的最后几天，中国贸促会举办的新闻发布会上，公开了一份非常敏感的数据报告。针对中国1100多家外贸企业的调查问卷显示，近50%的企业表 示会减少对美业务，而75.3%的企业考虑开拓新兴市场，减少对美国贸易占比。毫不客气的说，这份报告数据，信号非常强烈，直接击穿了当前的中美关 系。最后的"压舱石"正在沉底。 很直观的说，当前的中美经贸关系，已经在过去几年，发生了结构性剧变。2025年1至3月，中美货物贸易额仅占中国进出口总额的11.2%，这一比例甚至 低于2001年中国加入WTO时的水平。美国从中国第一大贸易伙伴跌至第三，被东盟、欧盟反超。与此同时，中国对"一带一路"沿线国家贸易额占比攀升 至42%，RCEP框架下的原产地证书签发量同比增长27%。 更深远的结构性矛盾在于，美国无法接受中国在高端制造业的崛起。中国制造业占全球比重达28.7%，半导体自给率从2018年的15%跃升至2025年的 45%，新能源汽车全球市场份额突破60%。当"中国制造"从袜子升级至芯片，美国的技术霸权遭遇釜底抽薪，只能用"制裁""处罚"，来延缓衰落进程。 必须指出的是，当压舱石沉底，中美关系将步入"零和博弈"的危险水域。现在一 ...

Core Viewpoint - The U.S. and China have not engaged in any negotiations regarding tariffs, contradicting claims from the Trump administration that talks were ongoing [1][3][30] Group 1: U.S. Position and Actions - The Trump administration has repeatedly claimed to be in negotiations with China, but these assertions have been firmly denied by Chinese officials [3][5] - U.S. Treasury Secretary Mnuchin's admission of uncertainty regarding Trump's claims of negotiations indicates a lack of actual dialogue [5] - The U.S. is attempting to create a false narrative of negotiations to stabilize market sentiment and project a psychological advantage over China [5][8] Group 2: China's Response and Strategy - China maintains a clear stance: it is open to negotiations but insists that any discussions must be based on equality and respect [8][18] - Chinese officials have actively countered U.S. claims, emphasizing that the trade conflict was initiated by the U.S. and that they are prepared to respond firmly [18][20] - China's strategic measures include imposing tariffs on U.S. goods and controlling exports of rare earth materials, which are critical for U.S. military and high-tech industries [24][26] Group 3: Economic and Political Context - The U.S. economy is showing signs of distress, with a reported GDP contraction of 0.3% in Q1 2025, raising questions about the effectiveness of the tariff strategy [8][10] - The U.S. stock market has experienced significant losses, with a drop of approximately $6.6 trillion in market value following the announcement of tariff policies [10] - Trump's approval ratings have plummeted to a record low of 39%, reflecting growing domestic dissatisfaction with his administration's handling of the trade conflict [10][13] Group 4: Global Implications and Future Outlook - The trade conflict has led to a backlash against U.S. unilateralism, with allies like the EU and Japan expressing discontent [14][18] - The ongoing tariff war is not just a trade issue but a reflection of broader geopolitical shifts, with the U.S. struggling to adapt to a multipolar world [28] - China's ability to diversify its export markets and maintain a stronghold on critical resources positions it favorably in the ongoing trade dispute [20][26]

2025年5月28日-30日 · 上海 2025年资本市场论坛 资本市场论坛是中信证券的半年度策略会,是每年规模 最大、规格最高、客户最多、影响力最广的年度大会之一。 历届年会参会人员均在四千人以上,主要包括百余位发言 嘉宾,中信证券境内外研究员,1000余家备受市场关注的 上市公司,重要的公私募基金、保险、银行、QFII和海外投 资者以及其他市场参与主体等,是专业的投资交流平台,也 是经济和金融领域的盛会。 2025年,全球经济在多重变局中探索发展路径。大国博弈 持续深化,外部经贸扰动明显加剧,产业链面临深度重构。特 朗普政府以"对等关税"为名,持续加码贸易壁垒,加剧市 场动荡。在复杂外部环境下,一季度中国经济开局良好,高 质量发展的根基持续夯实。 尊敬的客户: 您好! 中信证券2025年资本市场论坛定于2025年5月28日至5月 30日在上海举办，诚邀您的光临。 面对外部冲击影响加大,4月政治局会议强调强化底线思 维,充分备足预案。美关税政策仍可能因自身压力不断反复, 在此背景下,提升经济韧性、保护市场主体、团结国际力量 尤为重要。展望后续,财政政策将持续发力,专项债发行有 望进一步提速。货币政策延续适度 ...

Core Viewpoint - The leadership of Shenwan Hongyuan's research institute is undergoing a significant change, with Wang Sheng set to take over as the new head, reflecting the company's internal talent development strategy and a shift towards younger leadership [2][4][12]. Group 1: Leadership Transition - Wang Sheng, a veteran researcher who joined the company in 2009, is being appointed as the head of the research institute, succeeding Zhou Haichen, who has moved into a higher executive role [2][4]. - Zhou Haichen, who has been with the company since 2006, has transitioned to a senior management position, indicating a trend of promoting internal talent within Shenwan Hongyuan [3][4]. - The appointment of Wang Sheng signifies a new phase for the research institute, emphasizing the importance of internal talent cultivation and continuity in leadership [3][4]. Group 2: Research Institute's Historical Context - Shenwan Hongyuan's research institute has a rich history, tracing back to 1992, and has been recognized as a leading research entity in China's securities market [7][8]. - The institute has been pivotal in developing a systematic industry classification standard, which has become a benchmark for investment research in China [7][8]. - The research institute has evolved through various mergers and reforms, enhancing its operational capabilities and expanding its research coverage [8][9]. Group 3: Focus on Young Talent - The leadership transition is part of a broader trend towards younger management, with Wang Sheng and other key figures being from the post-80s generation [12][13]. - The emphasis on internal promotion and the integration of younger professionals is expected to bring vitality and innovative perspectives to the research institute [12][14]. - The company is also facing challenges, such as declining commission revenues, which necessitate effective leadership and strategic direction from the new generation of leaders [14]. Group 4: Dual Chief Economists - Shenwan Hongyuan currently has two chief economists, Yang Chenguang and Zhao Wei, which is uncommon in the industry [15][16]. - Yang Chenguang, a long-standing member since 2001, focuses on policy research, while Zhao Wei, who joined in 2024, is responsible for macroeconomic research [15][17]. - This dual leadership structure aims to enhance the research capabilities of the institute, ensuring a smooth transition as Zhao Wei prepares to take on more responsibilities [17].

Core Viewpoint - The proposal by Tsinghua University economist Li Daokui to issue 1 trillion yuan in consumer subsidies has sparked debate, with supporters calling it a "precise market rescue" and opponents questioning its effectiveness in addressing fundamental issues in the economy [1]. Group 1: Subsidy Mechanism and Multiplicative Effect - Li Daokui's logic is based on the "subsidy multiplier effect," suggesting that a 1 yuan fiscal subsidy could stimulate 4 yuan in consumer spending, with a potential 200 billion yuan investment leading to a total consumption increase of 1 trillion yuan [3]. - Historical data from cities like Hangzhou and Shanghai indicate that consumption vouchers have achieved a multiplier effect of 3-4 times, with even higher effects in less developed areas [3]. Group 2: Challenges to the Subsidy Logic - Consumer willingness has a "ceiling," as evidenced by a 13%-14% year-on-year decline in retail sales in Beijing and Shanghai in 2024, indicating that subsidies may only be used for necessities rather than stimulating large-scale consumption [4]. - There is a structural imbalance where high-income groups have low marginal propensity to consume, while low-income groups are constrained by savings and debt, leading to a situation where subsidies may convert into savings rather than spending [4]. Group 3: Consumption Decline in Major Cities - In 2024, retail sales in Beijing and Shanghai fell by 2.8%-3.1%, despite a 6.8% growth in service consumption, highlighting three paradoxes: high income does not equate to high consumption, service consumption upgrades are misaligned with traditional retail data, and online consumption is replacing offline without adequate digital transformation [6]. Group 4: Policy Tools for Stimulating Consumption - The debate on stimulating consumption has led to differing opinions on policy tools: direct cash payments are effective in the short term but may lead to inflation, while increasing income is a long-term solution that takes time to implement [9]. - A combination of short-term vouchers and long-term income increases is suggested, including targeted subsidies for durable goods and tax reforms to expand the middle-income group [10]. Group 5: Policy Recommendations - Recommendations include precise distribution of consumption vouchers, addressing barriers in service consumption, promoting "lifestyle entrepreneurship," and enhancing digital infrastructure for offline merchants [12]. Group 6: Conclusion on Subsidy Effectiveness - While subsidies are not a panacea, they may be a necessary step in transitioning China's economy from investment-driven to consumption-driven, with the potential to alleviate inventory pressures and boost market confidence in the short term [14].

南方财经全媒体记者李金萍 深圳报道 支持外贸企业拓展国内市场，深圳出招不断。 在支持企业组团参加展会方面，对深圳企业组团参加展会的展位费、装修费、配套经贸活动费、承办费 等给予最高80万元资助。 《政策要点十条》提出支持企业参加消费品以旧换新补贴活动、投保国内贸易信用保险、数字化升级等 10条具体措施，进一步助力企业稳订单、开拓国内市场。 记者梳理发现，在十条举措中，有八条举措将给予企业真金白银支持。 其中支持企业触网上线开店的补贴最多，《政策要点十条》明确对首次纳入限额以上网络零售统计且达 到相关条件的企业给予一次性最高50万元奖励；对年度限额以上网络零售额增长达到一定规模的，按网 络零售增长额的0.5%给予最高2500万元奖励。 同时，对投保国内贸易信用保险且符合条件的企业，按其实际缴纳保险费用给予25%的资金补助，单家 企业每年累计资助金额最高50万元，以此降低企业交易风险； 深圳也支持商圈、行业协会、企业举办系列促消费活动，对纳入 "深圳购物季" 市级重点活动项目，按 实际投入的50%给予最高200万元资助；支持商贸企业数字化改造，对商贸企业消费场景数字化和信息 化投入，按实际投入的20%给予最高30 ...

Core Viewpoint - Jiangsu's foreign trade exports reached 904.99 billion yuan in the first quarter, showing a year-on-year growth of 9.6%, reflecting the province's resilience amid complex international trade conditions [1] Group 1: Trade Performance - Jiangsu's foreign trade growth of 9.6% in the first quarter is notable against the backdrop of rising trade protectionism and de-globalization [1] - The province's performance is indicative of China's foreign trade transformation and upgrading, supported by policy tools and enterprise innovation [1] Group 2: Policy Support - In 2024, China has optimized foreign trade foreign exchange processes and introduced six policy measures to facilitate trade, including simplifying customs procedures for special regulatory areas [2] - Jiangsu's imports and exports to ASEAN increased by 22.3% year-on-year, driven by the benefits of free trade agreements [2] Group 3: Innovation and Competitiveness - Jiangsu enterprises have demonstrated remarkable innovation capabilities, with examples such as Moteng Sports capturing niche markets and Changzhou Guangyang Motor enhancing electric vehicles with smart systems [3] - Traditional industries are adapting by shortening delivery cycles to under one week, exemplifying a shift from price competition to value-driven strategies [3] Group 4: Dual Circulation Strategy - The implementation of the dual circulation strategy is evident in practices like the mixed loading of domestic and foreign trade containers, which has reduced logistics costs by over 10% [4] - Innovations such as the "same package, same vehicle" model by Jinling Customs have further lowered transaction costs, enhancing the resilience of the supply chain [4]

文 | 新华社客户端 随着可再生能源在电力系统中的占比逐年提高，以新能源为主体的新型电力系统正在加速构建。 近期，国家发改委、国家能源局联合发布的《关于深化新能源上网电价市场化改革促进新能源高 质量发展的通知》(发改价格〔2025〕136号）（以下简称"136号文"）指出，推动新能源上网电 量参与市场交易，上网电价通过市场交易形成，并建立"新能源可持续发展价格结算机制"，电力 市场化交易成为现实。 在"双碳"目标驱动能源变革的浪潮中，光伏储能领军企业固德威以"双循环"战略为引擎，通 过"源网荷储智"全场景解决方案创新，不仅领跑国内市场，更加速国际化发展步伐。成立十五 载、深耕新能源领域的固德威，以储能技术撬动万亿级市场机遇。 双循环战略锻造核心竞争力 王英歌指出："面对百年未有之大变局，中国提出了双循环战略，固德威积极响应，一方面高度 重视国内市场，坚持重金投入，取得了显著成效。在2025年第一季度，固德威在国内户用光伏逆 变器市场取得了排名第一的好成绩，固德威在国内光伏市场份额较之2024年有大幅度提升。此 外，国内光电建材业务一季度表现优异，同比大幅增长；昱德、智慧能源、固德热等也取得了傲 人的成绩，各项 ...