将投中网设为"星标⭐"，第一时间收获最新推送 "我看到了中国强的一面。" 整理丨 蒲凡 来源丨 投中网 作为中国风险投资行业史上最富标志性的名字，符绩勋近几年的动作，似乎很好地投射了当下中国创投行业的整体状态，关键词是"思考"、"重 构"和"再出发"： 2023 年， GGV 宣布将两地业务进行拆分，并不再使用已沿用 18 年的" GGV "这一英文品牌——在近期的《超级投资家》上，符绩勋说这个决定 是"艰难"、"心酸"、但也很必要的事—— 2024 年，纪源资本主动放慢投资节奏，开始重构能力模型，比如对团队的组织架构进行了调整，再比如开 始拓展债权能力。 4 月 16 日，在 " 第 19 届中国投资年会 · 年度峰会 " 上，投中信息 CEO 杨晓磊与纪源资本管理合伙人符绩勋进行了一次现场版《超级拾日谈》。 会上，符绩勋谈到了他对当下的市场分化、科技泡沫、企业出海、投资策略的观察与思考。 以下为现场实录，由投中网进行整理： 我看到了中国强的一面 杨晓磊： 容我先介绍一下符绩勋先生。符绩勋先生是行业 " 老炮 " ，同时是新加坡人，不远万里在中国做 VC 做了 30 年。我今天特别想聊几个问 题，第一，这背 ...

"P7的八大价值是不同、不晕、不累、不悬、不糙、不卡、不慌、不怕。"4月15日，在广汽本田P7上市发布会上，广汽本田汽车有限公司副总经理袁小华用 了8个"不"来诠释这款产品的价值。 在经历了4年的研发周期，耗费整车和白车身402台，实地测试总里程逾150万公里后，这款SUV终于问世。当市场在质疑合资能否做好新能源时，广汽本田 用了"长期主义"几个字来回应。 面对国内新能源市场的快速崛起，广汽本田方面多次强调，希望烨P7的上市成为机会，未来在电动车市场取得一席之地。 为了响应市场，广汽本田投资了35亿元在广州建设新能源工厂，用于广汽本田P7的生产。全新广汽本田P7驶下新能源工厂生产线，也标志着这家合资企业 主动拥抱变化，在电动化与智能化转型方向上虽迟却不晚。 对于市场所关注的定价，记者在现场了解到，新车一口价19.99万元—24.99万元。"P7定价的过程非常非常非常痛苦,因为它要打破传统定价模型。"在公布价 格时，袁小华用了三个"非常"。 袁小华表示，针对用户存在的"怕晕车、怕不安全、怕坐起来累、怕华而不实、怕里程焦虑、怕做工粗糙、怕车机卡顿"等纯电用车痛点，为用户提供"不 晕、不累、不慌、不悬、不卡、不怕、 ...

将投中网设为"星标⭐"，第一时间收获最新推送 FRE 文学 全国社会保障基金理事会 原副理事长 66 99 正在经历深度的重构,主要的驱 动力将是竞争、积极变化的市场 和正面稳定的政策。 99 論壇 中美关系专家 中国人民大学中国对外 战略研究中心主任 面对"关税战",我们要想办法 把坏事变好事,用美国的压力推 动国内的统一大市场建设,真正 实现双循环、内循环。 新质生产力时代,创投基金将居 于金融服务体系的核心的地位, 但核心地位并非一定要单打独 斗、孤军深入。有健全的服务体 系才能实现真正的科技产业与金 融的良性循环。 前海女敏 上海国有资本投资有限公司 党委副书记、总裁 面对市场主体的分化,只有技术 创新卓越、商业模式清晰、市场 壁垒深厚、团队复合能力强的企 业,才能获得持续的进步。 99 66 8 66 '奇' 词词 纪源资本 管理合伙人 吴晓求 中国人民大学 国家金融研究院院长 中国资本市场研究院院长 什么是长期主义?长期就是守住 核心能力,掌握科技趋势,坚持 相信企业的发展。但过去企业的 发展都是想做大做强、现在这个 环境很难允许你那么做。所以长 期的方式要有变化。 66 99 张 维 基石资本 ...

尽管表述各有侧重，但核心观点高度一致——短期波动不改长期价值，科学的资产配置与理性应对是关 键，信中内容不仅是对当前形势的深刻洞察，也为投资者注入了一剂"强心针"。 智通财经4月14日讯（记者 王晨）4月初，美国单方面宣布对华实施"对等关税"政策，引发全球股市及 大宗商品市场剧烈震荡。在此背景下，包括中金财富、国元证券、粤开证券等券商相继发布致投资者公 开信，呼吁以长期视角应对短期波动，强调"短期波动不改长期价值"。 信中的一个核心观点是，中国经济韧性足、政策工具箱储备充裕，叠加资本市场深化改革与高质量发展 趋势，为抵御外部冲击提供了核心支撑。 与此同时，又都建议投资者保持理性，通过科学的资产配置对冲风险，避免情绪化操作，并借助专业投 顾服务优化决策。面对复杂环境，机构重申坚守长期主义的重要性，认为波动是检验投资组合健康度的 契机，鼓励在市场恐慌中逆向布局优质资产。 粤开证券认为，面对本轮关税风波，中央迅速启动应对机制，构筑"流动性供给—结构优化-信心托 底"的三维防御体系，彰显高质量发展的决心——央行预留充足的降准、降息空间；金融监管总局推动 险资入市优化资金结构；中央汇金、国新控股等"国家队"持续增持核心 ...

Core Insights - The founder of Ruilian Jingchun, Xu Zhongxiang, emphasizes the importance of maintaining a long-term perspective in investment, especially during periods of market volatility [1][2][3] - Ruilian Jingchun has achieved good performance in multi-asset allocation products despite a general downturn in the quantitative industry, attributing this success to a combination of strategic consistency and strategy evolution [2][3] Company Overview - Ruilian Jingchun, established in 2014, is a foreign private equity firm indirectly controlled by Ruilian Caizhi through Hong Kong Ruilian Asset Management [1] - The firm is recognized for its fundamental quantitative strategies and has been a pioneer in Smart Beta strategies in China [1][2] Market Position and Strategy - The company has continued to expand its team and strengthen research and channel development even during challenging market conditions [2] - Ruilian Jingchun has focused on localizing its strategies to adapt to China's unique policy environment and market characteristics [2][3] Long-term Outlook - Xu maintains a strong belief in the long-term prospects of the Chinese market, citing the country's population base, savings habits, and manufacturing competitiveness as core advantages [3][4] - The firm observes a shift in foreign investment attitudes towards China, moving from avoidance to active interest [3] AI and Quantitative Revolution - The company recognizes the potential of AI in enhancing efficiency within the quantitative investment sector but stresses that AI cannot replace investment logic [4] - AI technologies are being integrated into various aspects of Ruilian Jingchun's research and investment processes, including automated report generation and natural language processing for macroeconomic analysis [4] Investment Strategy - The firm advocates for diversified investments across different assets and strategies to achieve stable long-term returns while managing risks [4]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is recognized as a leading player in the Chinese soft drink market, with a dual-engine development strategy focusing on packaged water and beverages. It has shown robust growth with a revenue CAGR of approximately 16% and a net profit CAGR of about 27% from 2018 to 2023 [9][15]. - The report emphasizes the company's strong competitive advantages, including a solid supply chain, diversified product offerings, effective branding strategies, and extensive distribution channels. These factors contribute to its resilience and long-term value [9][15]. - The report forecasts revenue growth for the company, projecting revenues of 494.88 billion, 552.17 billion, and 608.07 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 141.48 billion, 159.76 billion, and 178.49 billion yuan [1][9]. Summary by Sections Introduction - The company has maintained a long-term focus on quality, achieving significant growth through strategic positioning in the natural water segment and innovative product offerings [15]. Development of the Soft Drink Leader - The company has successfully expanded its product range since its establishment in 1996, now offering packaged water, tea beverages, functional drinks, and juices, which collectively drive its growth [16]. Competitive Advantages - The company has established a robust supply chain with 12 premium water sources and advanced production capabilities, ensuring quality and efficiency [38]. - Its product strategy includes a diverse portfolio that meets various consumer needs, with a strong emphasis on health and natural ingredients [39]. Industry Outlook - The packaged water market in China is expected to continue growing, with increasing per capita consumption and expanding market opportunities [9][15]. - The beverage market is also projected to grow steadily, particularly in segments like sugar-free tea, which has seen rapid expansion [9][15]. Financial Forecast and Valuation - The report anticipates continued revenue and profit growth, with projected earnings per share (EPS) increasing from 1.07 yuan in 2023 to 1.59 yuan by 2027, reflecting a positive outlook for the company's financial performance [1][9].

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is recognized as a leader in the soft drink industry, with a dual-engine development strategy focusing on packaged water and beverages. The report highlights the company's long-term commitment to quality and its robust competitive advantages [9][15]. - The report anticipates steady revenue growth, projecting revenues of 49.5 billion, 55.2 billion, and 60.8 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 14.15 billion, 15.98 billion, and 17.85 billion yuan [9][15]. Summary by Sections 1. Introduction - The company has demonstrated a compound annual growth rate (CAGR) of approximately 16% in revenue and 27% in net profit from 2018 to 2023, driven by strategic focus on natural water and consumer health trends [15][24]. 2. Development of China's Soft Drink Leader - The company has expanded its product range from packaged water to include tea drinks, functional beverages, and juices, achieving a dual-engine growth model [16][24]. - The company has a stable and concentrated shareholding structure, with the founder holding 83.97% of the shares, ensuring strong control over strategic decisions [17]. 3. Strong Competitive Advantages - The company has established 12 premium water sources, ensuring a competitive edge in supply chain management and production efficiency [39][40]. - The beverage segment has shown significant growth, with tea drinks experiencing a 32.3% increase in revenue, driven by rising health consciousness among consumers [26][35]. 4. Industry Outlook - The packaged water market in China is expected to continue growing, with a CAGR of about 7% from 2018 to 2023, indicating room for increased penetration [9][15]. - The beverage market is also expanding, with specific segments like sugar-free tea showing rapid growth, suggesting a favorable environment for the company's product offerings [9][15]. 5. Profit Forecast and Valuation - The report forecasts revenue growth of 15.4%, 11.6%, and 10.1% for 2025, 2026, and 2027, respectively, with net profit growth of 16.7%, 12.9%, and 11.7% during the same period [9][15].

为者常成，行者常至。但在利率下行、净息差收窄压力下，2024年银行业要平衡规模和效益面临考验。 日前，邮储银行在这样的环境中交出了一份"逆周期"答卷：2024年，该行资产规模突破17万亿元，营收同比增长1.83%，实现利润总额945.92亿元，同比 增长3.27%，净息差1.87%稳居行业前列。 这份成绩单背后，是邮储银行对"长期主义"的坚守——不盲目追求规模扩张，而是通过精细化管理实现"量价险"均衡优化。正如该行董事长郑国雨所 言："因势而变、顺势而行。" 净息差1.87%"稳"字诀： "量价险"均衡优化 商业银行的资产负债管理核心目标是在盈利性、安全性和流动性之间寻找平衡。 面对LPR（货币市场报价利率）、存量房贷利率下调，"报行合一"政策等因素叠加影响，2024年邮储银行不仅实现了营收、净利润"双增长"，更以1.87% 的净息差水平领跑，其秘诀在于"稳净息、提非息"的双轮驱动策略。 截至2024年年末，邮储银行资产总额突破17万亿元，达17.08万亿元，较2023年年末增长8.64%；其中客户贷款总额8.91万亿元，较2023年年末增长 9.38%。负债总额突破16万亿元，达16.05万亿元，较2023 ...

Core Viewpoint - Zhejiang Commercial Bank reported steady growth in key financial metrics for 2024, emphasizing a strategic shift towards low-risk, sustainable revenue generation amidst ongoing external challenges [2][4][12]. Financial Performance - In 2024, Zhejiang Commercial Bank achieved operating income of 67.65 billion yuan, a year-on-year increase of 6.19%, marking three consecutive years of growth [2][4]. - The bank's net profit attributable to shareholders reached 15.19 billion yuan, up 0.92% from the previous year [2]. - Total assets exceeded 3.33 trillion yuan, growing by 5.78%, while total liabilities reached 3.12 trillion yuan, increasing by 5.70% [2]. Income Composition - Interest income was 45.16 billion yuan, down 4.99%, while non-interest income surged to 22.49 billion yuan, a 39.05% increase, now accounting for 33.25% of total revenue [4][5]. - Investment income rose to 11.34 billion yuan, up 28.21%, driven by enhanced research capabilities [4][5]. Risk Management - The non-performing loan (NPL) ratio decreased to 1.38%, continuing a three-year downward trend [2][8]. - The bank's proactive risk management strategies included reducing high-risk loans and increasing low-risk mortgage loans [6][11]. Strategic Focus - Management emphasized a shift towards "smart management," prioritizing long-term sustainability over short-term gains, and focusing on a diversified revenue model [12][14]. - The bank aims to enhance its research capabilities and digital transformation to support sustainable growth [4][12]. Future Outlook - For 2025, the bank anticipates a continued decline in net interest margin, but at a reduced rate compared to 2024 [7]. - The focus will remain on stabilizing the real estate sector and managing risks associated with small and micro enterprises [11].

Core Viewpoint - The new president of Zhejiang Commercial Bank, Chen Haiqiang, emphasizes the importance of long-termism in navigating economic cycles and aims to shift the bank's focus from short-term gains to sustainable value creation [1][2]. Group 1: Leadership Transition - Chen Haiqiang has been appointed as the new president of Zhejiang Commercial Bank, succeeding the previous interim leadership by Chairman Lu Jianqiang [2]. - Chen has extensive experience within the bank, having served in various key positions, including as the head of two major branches and as the Chief Risk Officer [2][16]. Group 2: Strategic Focus - The bank is shifting its operational strategy from asset-driven to liability-driven, aiming to optimize its funding structure and reduce costs [4]. - A focus on reducing high-risk, high-return assets in favor of low-risk, stable-return investments is being implemented, with a notable decrease in the non-performing loan ratio from 1.53% in 2021 to 1.38% in 2024 [5][18]. - The bank aims to enhance customer-centric services and improve asset allocation through comprehensive reforms [6][7]. Group 3: Performance Metrics - In 2024, the bank reported a total asset increase to 3.33 trillion yuan, reflecting a 5.78% growth year-over-year [18]. - Revenue and net profit also showed positive growth, increasing by 6.19% and 0.92% respectively compared to the previous year [19]. - The number of personal customers grew by 20.75%, while corporate customers increased by 14.92%, indicating a dual growth in customer base and scale [8]. Group 4: Digital Transformation - The bank is committed to digital transformation, integrating technology to enhance service delivery and operational efficiency [11]. - Chen highlights the importance of combining technology with practical applications to better serve the community [11]. Group 5: Market Position - Zhejiang Commercial Bank has maintained a stable growth trajectory, distinguishing itself as one of the 12 national joint-stock banks in China [17]. - The bank's wealth management segment has also seen double-digit growth in both scale and revenue, supporting its new strategic direction [9].