Group 1 - The Chinese liquor industry is undergoing a deep adjustment, shifting from scale expansion to quality enhancement and from channel-driven to consumer sovereignty [2] - In 2025, under overall industry pressure, the company achieved steady development with a slight increase in dealer shipment volume compared to 2024, highlighting the resilience of the manufacturer-distributor value community [2] - The company emphasizes a three-pronged strategy of "quality, brand, and taste" to strengthen its foundation, supported by significant production and storage capacity [2] Group 2 - In 2026, consumer demands for products and experiences are increasing, marking a critical phase for liquor companies to refine their core competencies [2] - The company adheres to long-termism by investing in quality, having established leading production and storage capacities among top Chinese liquor enterprises over the past 20 years [2] - The company practices altruism by implementing market policies aimed at maintaining a healthy channel ecosystem and stable value chain, emphasizing that short-term profit-seeking undermines long-term trust [2] Group 3 - The company is leveraging its winery as a strategic pivot for innovation and global engagement, aiming to enhance international communication and collaboration with global liquor giants [3] - The company intends to use the "winery" concept to narrate the story of Chinese liquor to the world, reinforcing its commitment to quality and consumer trust [3] - The company positions itself as a friend to time, consumers, and the world, focusing on quality and value creation in its interactions [3]

1 在周期波动中锚定品牌信任 坚守、进化、连接，破除瓶颈 过去的一年，受多重要素影响，黄金珠宝行业热潮涌动，在成本与价格成为主流叙事的趋势下，周生生则转向了更深层的命题：当材质价值被过度放大， 品牌如何构建超越金属本身、更具韧性的长期价值体系？ 周嘉颖的答案是"坚守、进化与连接"，这是周生生对2025年的三个总结词，也是其在周期中锚定百年的方法论。 2025年，在行业的波动起伏中，中国黄金珠宝品牌用工艺、文化、审美，将世界目光聚集于东方。 当符号表达被品牌价值取代，情感体验跃升为消费的关键词，在价格波动、消费需求迭代、行业竞争重塑的背景下，中国黄金珠宝品牌们站在了穿越市场 周期，迈向高质量发展的关键节点上。 本期《看见2026》系列访谈邀请了周生生首席品牌长周嘉颖，从从业者的视角出发，解读一家有着长达九十余年发展史的珠宝品牌，如何秉持"周而复 始，生生不息"的核心理念，穿越时代变化的洪流，构建长期主义发展的护城河。 不断"进化"产品，是周生生适配行业变革、贴合消费者需求的关键。周嘉颖敏锐洞察到，当前中国黄金珠宝消费已发生深刻转变，消费者对珠宝的认知， 正在从"价格及材质敏感"转向"价值综合判断"。品牌价值的构 ...

专题：资本市场大咖2026新春献词：骏马踏春来 驭势稳行启新程 编者按：辞旧迎新，金马贺岁。值此新春佳节，新浪财经特邀公私募领域数十位领军人物，通过镜头与 文字，为投资者送来马年新春祝福。信心如磐，笃行致远。愿这一声声真挚寄语，伴您策马扬鞭，共赴 投资长路。 中欧基金总经理刘建平送来新春祝福。他表示，身处时代交汇处，公募基金作为金融行业服务实体经济 与居民财富管理的重要力量，更应融入发展大局。中欧基金也将继续以"用长期业绩说话"为锚，以"工 业化"投研体系为帆，专注提升核心投研能力，用心守护持有人的每份托付，力争提升他们的投资体 验，在财富管理的大时代中谱写新的篇章。向广大基金持有人及社会各界朋友致以最诚挚的感谢和祝 福，"用长期业绩说话"，是我们过去、现在乃至未来不变的承诺。祝愿大家新春快乐，马年大吉，投资 长虹，万事胜意！ 星霜荏苒，岁律更新。在这新春序启、万象澄明之际，我谨代表中欧基金祝大家一马当先鸿运开，万马 奔腾福自来。 过去一年，全球经济在多重变量的交织中曲折前行：新一轮关税调整与供应链重构并行，主要经济体在 抗通胀与稳增长之间审慎平衡；与此同时，以人工智能为代表的科技革命持续深化，以前所未有的广 ...

Core Insights - The article highlights the success of iFlytek's "iFlytek Hearing" app, which has surpassed 100 million users, showcasing the viability of a paid AI SaaS model in contrast to the prevalent subsidized growth strategies in the industry [1][2] - iFlytek Hearing's approach emphasizes long-term sustainability and profitability, adhering to a "three no" product strategy: no splash ads, no in-app ads, and no sharing ads, focusing instead on subscription services [2][11] Group 1: Business Model and Performance - iFlytek Hearing has achieved over 60% gross profit growth for three consecutive years, with a user renewal rate exceeding 50%, maintaining a leading position in the voice transcription category [2][11] - The SaaS model's core value is demonstrated through a positive cycle of technology iteration, paid conversion, and user retention, distinguishing it from traditional tool-based products [2][11] Group 2: Market Competition - The competitive landscape includes major players like Feishu, DingTalk, and Tencent Meeting, which have integrated voice transcription features, creating a dual competition of software and hardware products [3][5] - iFlytek Hearing's strategy of focusing on voice transcription and AI minutes allows it to avoid direct competition with larger collaborative office platforms, targeting specific user needs [6][11] Group 3: Technological Advancements - The transition from a non-real-time transcription model to a subscription-based SaaS service aligns with the global trend of large models, enhancing user experience with features like "one-click manuscript generation" [7][9] - The introduction of personalized AI minutes that adapt to user notes and preferences marks a significant upgrade from traditional transcription services, showcasing iFlytek Hearing's evolution into an intelligent SaaS product [9][10] Group 4: Industry Implications - The success of iFlytek Hearing serves as a lesson for the AI industry, emphasizing the importance of respecting user value and adopting a long-term perspective in product development [11] - As the market shifts from broad platform solutions to specialized SaaS products, there is an increasing demand for tailored solutions that meet specific user needs in the context of digital transformation [11]

Core Insights - The number of private equity firms with over 10 billion yuan reached a record high of 122 in January 2026, with several firms achieving historical highs in product performance during the same month [1] - Tianyan Capital, a well-established quantitative private equity firm, emphasizes a long-term investment philosophy, which is reflected in both their investment strategies and team culture [1][2] Group 1: Investment Philosophy - Tianyan Capital's founders, Xie Xiaoyang and Zhang Sen, advocate for a long-term approach in both investment and lifestyle, which is evident in their team's participation in running events [1][2] - The firm has a product that achieved a cumulative net value of 12 yuan, a rare accomplishment in the private equity industry, showcasing their commitment to long-term performance [1][11] Group 2: Team Culture and Values - The company promotes a culture of teamwork and work-life balance, encouraging employees to engage in sports and maintain a healthy lifestyle [6][7] - Tianyan Capital organizes various activities, such as corporate running competitions and training camps, to foster a strong community among employees [7] Group 3: Founding and Growth - Tianyan Capital was founded in 2014 by Xie Xiaoyang and Zhang Sen, who identified profitable trading opportunities through rigorous mathematical analysis [9][10] - The firm has experienced significant growth since its inception, achieving impressive returns through a combination of quantitative strategies and a focus on long-term investments [12][13] Group 4: Investment Strategy - The firm emphasizes a data-driven and systematic approach to investment, avoiding subjective influences and focusing on long-term alpha generation [13][14] - Tianyan Capital integrates various modeling techniques, including linear models and advanced machine learning, to adapt to diverse market conditions [13][14]

Core Viewpoint - The Chinese automotive market is currently characterized by intense price wars, but Great Wall Motors stands out as a model of high-quality management, focusing on solid technology and genuine sales rather than gimmicky marketing or low prices [1][13]. Group 1: Sales and Revenue Performance - In 2025, Great Wall Motors sold 1.3237 million vehicles, which, while not the highest in the industry, reflects real market demand [3]. - The company's revenue reached 222.79 billion yuan, a year-on-year increase of 10.19%, with revenue per vehicle rising to 168,300 yuan, an increase of 4,500 yuan from the previous year [3]. Group 2: Technological Strength - Great Wall Motors emphasizes a comprehensive power solution, offering fuel, hybrid, electric, and hydrogen options, showcasing its commitment to diverse consumer needs [5]. - The Hi4 hybrid technology, recognized with a top award from the China Automotive Engineering Society, exemplifies the company's technical prowess, enabling both performance and fuel efficiency [5]. Group 3: Market Positioning and Brand Strategy - Great Wall Motors focuses on technology rather than price competition, achieving significant sales in the high-end MPV and luxury SUV markets, with models like the Wei brand achieving national sales leadership [7]. - The company maintains a strong market presence in niche segments, such as the pickup market, where it has been the sales leader for 28 consecutive years [7]. Group 4: Global Expansion Strategy - Great Wall Motors adopts an "ecological export" strategy, establishing a factory in Brazil and achieving over 2 million cumulative sales overseas, focusing on high-end products rather than cheap vehicles [9]. - The company’s approach to global markets emphasizes technological exports, positioning itself to capture high-end market segments internationally [9]. Group 5: Long-term Vision and Principles - The core of Great Wall Motors' success lies in its commitment to long-termism, avoiding short-term profit pursuits and excessive marketing, instead investing in research and development [11]. - The company’s strategy includes self-research across the entire supply chain, creating a technological moat that is difficult for competitors to replicate [11][13].

Core Viewpoint - The article discusses a dialogue featuring Zhao Yan, the chairman of Huaxi Biological, focusing on the themes of organizational rejuvenation and long-termism in business amidst challenges like aging organizations and industry saturation [1][2]. Group 1: Company Insights - Zhao Yan emphasizes the importance of addressing organizational aging and leading companies through cycles to achieve renewal [1][2]. - The dialogue highlights the need for companies to learn from younger generations and to redefine concepts such as "self-satisfaction consumption" and emotional value [1][2]. Group 2: Industry Trends - The discussion reflects on the current state of the industry, where concepts are becoming overly saturated, prompting a return to scientific fundamentals [1][2]. - The event is part of a broader initiative by Sina Finance and Weibo to explore significant themes in business and investment through in-depth conversations [1][2].

Group 1 - The core investment philosophy of Liu Yicheng emphasizes "doing the long-term right thing," balancing returns and risks while aiming to provide products with long-term investment value and stable elasticity [1] - Liu Yicheng's investment framework combines trend and value investing, focusing on asset value to enhance investment success rates [1] - The South Fund Yu Ying One-Year Holding Mixed A (014094) has achieved a net value growth rate of 24.60% since its inception, outperforming the benchmark growth rate of 18.14% [1][2] Group 2 - Liu Yicheng believes the current market is in a "relatively easy decision-making phase," with attractive overall stock market valuations and structural opportunities due to many sectors being at the bottom [2] - Key investment focuses include technology innovation and high-end manufacturing, globally competitive overseas enterprises, bottom cyclical sectors, and traditional dividend assets [2] - Liu Yicheng maintains an optimistic outlook for the capital market in 2026, supported by three core variables: the continuation of a global loose credit cycle, the ongoing rebalancing of global asset allocation towards China, and the long-term trend of domestic residents increasing equity asset allocation [2]

Core Viewpoint - In 2026, the company faces a clear dichotomy between success and failure, as articulated by Chairman Li Weiguo, who emphasizes a strong commitment to the company's development and outlines ambitious targets for growth in the waterproofing and mortar sectors [1][3]. Industry Analysis - The real estate growth era is ending, shifting focus to renovation demands, which currently account for about 50% of residential needs and are expected to rise to 70% by 2030 [3]. - The price wars among waterproofing and coating companies have subsided, but profitability recovery requires proactive measures [3]. Company Strategy - The company is moving away from a high accounts receivable model reliant on large clients, adopting a balanced development approach between retail and engineering channels [3]. - Actions include activating idle real estate and stock assets, divesting non-core businesses, and reducing financial leverage to stabilize the core team and mitigate risks [3][4]. Operational Initiatives - The company has set specific annual targets: 1 billion square meters of waterproofing membrane and over 20 million tons of mortar sales by 2026, with actionable steps to achieve these goals [5]. - Production capacity is being enhanced, with the launch of a high-performance industrial coating project and successful production lines in Saudi Arabia [5][6]. Market Expansion - The company has secured nearly 700 million yuan in orders and established strategic partnerships to broaden retail channels [6]. - Internationally, the company has won high-end projects in Cambodia and formed strategic collaborations in Indonesia and Vietnam, expanding its global footprint [6]. Cultural Commitment - The company emphasizes a culture of unwavering determination, translating the concept of "absolute commitment" into actionable strategies and collective efforts across all levels [4][7].

2 0 2 6年1月，国货护肤品牌绽媄娅在其成立十周年的节点上，官宣演员刘萧旭成为其首位品牌 大使。尽管美妆行业明星代言已成常态，但当人们将视线从此次"代言"本身，移向品牌十年跋 涉的科研长路与这位演员七载沉浮的磨砺生涯时，一种超越流量交换的深层共鸣逐渐浮现。 这场合作的主题被定义为"绽现光采，旭能新生"，它不只是一种美好的祝愿，更像是两个在不 同轨道上长期奔跑者的精神互文。 自2 0 1 6年诞生之日起，绽媄娅始终坚持以再生医学为基石，专注护肤科技，打造PDRN全生态 布局。这条路上，没有捷径可走，唯有对皮肤科学的持续深耕。十年间，它从一个再生医学精 准护肤引领者，成长为被沙利文权威认证的"中国PDRN护肤第一品牌" [ 1 ] ，构建了从技术、 产品到行业标准的全生态布局。 如 今 ， 在 迈 入 第 二 个 十 年 的 起 点 ， 绽 媄 娅 选 择 与 刘 萧 旭 携 手 。 品 牌 十 年 深 耕 所 积 累 的 专 业 厚 度，与演员七年沉淀所打磨的职业口碑，在此刻形成了一种关于"专注"与"沉淀"的同频共振。 这是一次价值观高度契合的双向奔赴——绽媄娅的科研坚守与刘萧旭的演技磨砺，在各自的轨 道上 ...