与此同时，亦有一些企业在变局中实现了"与周期共舞"，用一份不俗的成绩单回答了"我们该如何 赢得竞争"。近日，兰博基尼汽车2024年业绩出炉：营业额首次突破30亿欧元，达到30.9亿欧元；交付 量达10687台；营业利润创历史新高，达8.35亿欧元，较2023年增长15.5%，巩固了兰博基尼品牌在全球 奢侈品行业中的最佳盈利地位。 就上述佳绩，兰博基尼汽车主席兼首席执行官史蒂芬·温克尔曼（Stephan Winkelmann）近期接受了 《中国经营报》等媒体记者的专访，分享了兰博基尼保持前列的"秘籍"。值得一提的是，这位曾因优异 表现被意大利政府授予"大军官勋位功绩勋章"，辗转掌舵兰博基尼十几年的掌门人在采访中多次提 及："保持稀缺性，不急于求成，始终对当下趋势保持中长期的视角。" 我们看到，行业变局残酷也充满机遇，在战略转折的混沌期，保持优势的企业需"站在未来看现 在"，拒绝路径依赖，战略随时代发展而进化。这也从侧面印证了《孙子兵法》中"势者，因利而制权 也"的顶层兵法战术。 首家实现全系车型混动化的超级跑车制造商及超豪华车制造商 《中国经营报》：在行业承压，各个区域性市场都面临挑战的情况下，兰博基尼还能有一 ...

尤其难得的是， 这三个IPO企业个个是硬科技赛道稀缺的行业灯塔。 英诺赛科 成为全球首家实现量产8 英寸硅基氮化镓IDM的领军企业，上市后市值 超过500亿港币； 珂玛科技 是中国先进陶瓷材料的龙头，目前市值达260亿元； 汉朔科技 则卡位物联网，以数字化门店解决方案第一股登陆创业板，上 市首日市值冲300亿元。 将投中网设为"星标⭐"，第一时间收获最新推送 长达8年的暗夜长跑，恰是中国硬科技投资的生动注脚。 作者丨簪竹 来源丨投中网 8个月内3家被投企业IPO，总市值过1000亿，2024年新增募资额20亿，新一期基金完成首关，来自深圳的华业天成，在这个"资本寒冬"，交出了一份令 人羡慕的成绩单。 如果考虑华业天成的出手阶段之早、投入筹码之重，这三个IPO的含金量还会上升。三家企业之中，珂玛科技上市前仅开放过一轮融资，华业天成是其 中除CVC外主要的财务投资人之一；汉朔科技则在2017年就已入场，此后又追投两轮；英诺赛科是在2019年市场未形成共识的高风险阶段就投入，后两 轮加码。它们成功上市后，回报倍数都非常可观。 华业天成也因此成为"现象级"焦点，背后不仅是数字的胜利，更是一场关于时间的隐喻。 这三个上 ...

Core Viewpoint - The article emphasizes the resilience and strategic foresight of Ping An Insurance in navigating market cycles, highlighting its long-term commitment to sustainable growth through innovation and ecosystem development [2][20]. Group 1: Financial Performance - In 2024, Ping An achieved revenue of 1.03 trillion yuan, a year-on-year increase of 12.6%, and a net profit attributable to shareholders of 126.6 billion yuan, up 47.8% [4]. - The weighted average return on equity was 13.8%, an increase of 4.1 percentage points year-on-year, indicating strong overall performance [4]. - The life insurance and health insurance business generated new business value of 28.534 billion yuan, a year-on-year growth of 28.8% [5]. Group 2: Business Segments - The life insurance segment showed high-quality growth, with a 3.6 percentage point increase in the 13-month policy continuation rate and a 3.9 percentage point increase in the 25-month policy continuation rate [5]. - The property insurance segment reported service revenue of 328.146 billion yuan, a 4.7% increase, and a net profit of 15.021 billion yuan, up 67.7% [6]. - The overall combined cost ratio for property insurance improved by 2.3 percentage points to 98.3%, with the auto insurance combined cost ratio at 98.1%, outperforming the market average [7]. Group 3: Investment Strategy - As of the end of 2024, Ping An's insurance fund investment portfolio exceeded 5.73 trillion yuan, a growth of 21.4% from the beginning of the year, with a comprehensive investment return rate of 5.8%, up 2.2 percentage points year-on-year [8]. - The company’s long-term investment discipline is reflected in its consistent performance, with an average comprehensive investment return rate of 5.1% over the past decade [8]. Group 4: Shareholder Returns and Innovation - Ping An plans to distribute a cash dividend of 1.62 yuan per share for the 2024 year-end, marking a 5% increase in total annual dividends to 2.55 yuan per share, with a cash dividend payout ratio of 37.9% [10]. - The company has filed 55,080 patent applications, ranking among the top international financial institutions, showcasing its commitment to technological innovation [12]. - In 2024, Ping An's AI service volume reached approximately 1.84 billion, covering 80% of its total customer service, demonstrating the integration of technology into its operations [12]. Group 5: Strategic Positioning - The aging population in China, with over 20% of the population aged 60 and above, presents significant opportunities for Ping An's healthcare and pension services [14][15]. - Ping An's "insurance + service" model transforms infrequent insurance transactions into frequent health management interactions, enhancing customer loyalty and creating a competitive advantage [16]. - The integration of AI in healthcare services is expected to improve service quality and accessibility, with Ping An developing a leading remote diagnosis platform covering over 2,000 diseases [18].

Core Viewpoint - NIO is facing significant challenges in a competitive market and needs to shift from a long-termism approach to a more pragmatic, market-oriented strategy to improve operational efficiency and profitability [4][11][12]. Group 1: Internal Challenges and Management Response - A departing employee highlighted the need for NIO to focus on practical solutions and market realities, urging the company to concentrate resources and face challenges directly [2][3]. - CEO Li Bin acknowledged the criticism and emphasized the importance of enhancing operational awareness among all employees [3][4]. - NIO's sales performance has been underwhelming compared to competitors, with the company selling 221,900 vehicles last year but still facing significant losses, totaling over 50 billion yuan for four consecutive quarters [4][11]. Group 2: Organizational Changes and Cost Management - NIO is implementing a new operational mechanism called Cell Business Unit (CBU) to improve accountability and cost management across departments [8][9]. - The CBU mechanism requires each business unit to establish clear ROI metrics and performance evaluation systems, promoting a culture of accountability [9][10]. - Li Bin has initiated a comprehensive review of costs, emphasizing the need for precise financial management and resource allocation [11][12]. Group 3: Supply Chain and Cost Reduction Strategies - NIO is restructuring its supply chain management, with Li Bin taking a more hands-on approach to cost control and procurement processes [14][15]. - The company aims to enhance component reuse and standardization to reduce costs, with initiatives leading to a 10% decrease in overall seat costs [16][17]. - NIO is also focusing on transparency with suppliers through joint operating reports, which helps in cost and profit visibility [17]. Group 4: Service and User Experience Adjustments - NIO is reevaluating its service offerings, aiming to reduce operational costs while maintaining user satisfaction [24][28]. - The company has begun outsourcing certain service functions to third-party partners to improve efficiency and reduce costs [25][26]. - Despite cost-cutting measures, NIO's service operations have reportedly achieved profitability in 2024 [28]. Group 5: Sales Strategy and Market Positioning - NIO is shifting its sales strategy to enhance efficiency, reducing bureaucratic hurdles and empowering frontline sales teams [41][43]. - The company is increasing its marketing efforts, planning to utilize over 7,000 advertising points across its stores to boost visibility [44]. - NIO is adapting its product offerings and marketing messages to better resonate with a broader audience, moving away from its previous niche focus [35][36]. Group 6: Long-term Vision and Market Adaptation - NIO is reassessing its long-term strategies, emphasizing the need for immediate results rather than prolonged planning cycles [22][19]. - The company is committed to a transformative organizational change, likening it to rewriting an operating system to enhance efficiency and profitability [47][52]. - Li Bin has made it clear that adapting to market realities is crucial for survival, stating that complacency could lead to failure [12][52].

Core Viewpoint - Vietnam presents unique opportunities for investment due to its rapidly growing economy, young population, and increasingly open business environment, but it also poses significant risks that require careful navigation [2][6]. Group 1: Market Characteristics - Vietnam's industrial upgrade is lagging behind consumer upgrade, providing opportunities for Chinese brands to establish a foothold, as seen with Anta becoming the third-largest sports brand after Nike and Adidas [3]. - The population distribution in Vietnam is characterized by fewer large cities and more towns, contrasting with Indonesia and Thailand, which affects retail dynamics [5]. - Offline retail dominates the market with a 90% share compared to 10% for online, with Shopee and TikTok e-commerce holding significant market shares of 50% and 30% respectively [5]. Group 2: Challenges for Entering the Market - High failure rates for companies entering Vietnam are often due to compliance issues, market misjudgment, and a lack of long-term commitment [8][9]. - Many businesses mistakenly apply domestic success strategies to Vietnam, underestimating local market conditions and consumer expectations, particularly in sectors like maternal and infant care and skincare [9][10]. - The perception of Vietnam as a dumping ground for low-quality products is outdated, as the market is evolving with higher consumer standards [9]. Group 3: Strategic Recommendations - Companies should prioritize compliance and long-term investment strategies rather than seeking quick profits through short-term partnerships [10][11]. - Avoiding price wars among Chinese brands is crucial, as this internal competition can hinder overall market growth and brand development [12]. - A thorough understanding of local market dynamics, consumer behavior, and retail structures is essential for successful market entry and sustainability in Vietnam [6][10].

Core Viewpoint - The article discusses the shift in consumer behavior from international luxury brands to domestic handbag brands, highlighting the rise of affordable yet high-quality options that appeal to a more practical and aesthetic sensibility among consumers [4][6][9]. Group 1: Consumer Behavior Shift - Consumers who previously favored international luxury brands are now opting for domestic handbags, especially as brands like COACH and MK reduce prices while domestic brands increase their prices to around 1,000 yuan [6][18]. - The trend reflects a broader consumer sentiment of "demystifying" luxury brands, with many individuals seeking practicality and quality over brand prestige [6][9]. - The rise of domestic brands is characterized by their ability to offer products that appear luxurious without the high price tag, appealing to a demographic that values both aesthetics and functionality [9][10]. Group 2: Market Dynamics - The domestic handbag market has seen significant growth, with brands like 山下有松 (Songmont) and 古良吉吉 (Gulianjiji) achieving notable sales figures, such as 山下有松 surpassing 100 million yuan in overall sales [18][24]. - The price range for domestic handbags has shifted, with the 1,000-1,999 yuan segment now accounting for 40.4% of the market share, indicating a rapid growth in this price category [18][19]. - The competitive landscape is becoming crowded, with over 40 domestic handbag brands gaining traction on social media platforms, reflecting a shift in consumer preferences towards local products [19][24]. Group 3: Brand Positioning and Storytelling - Domestic brands are increasingly focusing on storytelling and brand narratives to enhance their appeal, with many brands leveraging cultural and artisanal elements in their marketing [23][24]. - The average price of products from brands like 山下有松 has risen to around 1,550 yuan, with some items reaching up to 3,900 yuan, indicating a strategic shift towards higher-end positioning [24][30]. - The emergence of a "knowledgeable" consumer base that values design and cultural significance is driving brands to refine their offerings and marketing strategies [24][26]. Group 4: Challenges and Future Outlook - Despite the growth, domestic brands face challenges such as rising production costs and the need for innovation in design to differentiate themselves from competitors and counterfeit products [26][28]. - The increasing marketing costs and brand collaborations with celebrities may lead to consumer skepticism regarding price increases, as some consumers feel that the value proposition is diminishing [25][26]. - The long-term sustainability of these brands will depend on their ability to maintain quality while managing consumer expectations and market dynamics [26][30].

Core Viewpoint - The article emphasizes the emergence of "her power" in the financial industry, showcasing the unique experiences and insights of female leaders like Wang Lin, who has nearly 20 years of experience in the banking sector [1][3]. Group 1: Career Development and Influences - Wang Lin's interest in the financial industry was sparked by a television program featuring interviews with top entrepreneurs, which inspired her to pursue a career in business [3]. - She chose to study at Shanghai University of Finance and Economics and accepted a position as a management trainee at Hang Seng China, marking the beginning of her career in finance [3]. Group 2: Challenges and Gender Bias - Wang Lin views daily work difficulties as manageable, but acknowledges significant challenges during economic crises that require strategic adjustments [4]. - She believes that gender bias exists in the workplace, but emphasizes the importance of proving oneself through actions and performance, noting that both men and women face similar challenges in the finance industry [4][5]. Group 3: Leadership Philosophy - Wang Lin's leadership philosophy is summarized as "going with the flow and ensuring everyone finds their place," focusing on adapting to industry trends and individual team member needs [7]. - She emphasizes the importance of building authority through providing value and support to colleagues, rather than through power [7]. Group 4: Future Goals and "Her Power" - Wang Lin aims to continuously improve and lead her team to achieve better results while adapting to technological advancements in the industry [8]. - She advocates for women to pursue their ambitions and contribute positively to corporate culture, highlighting the importance of leading by example [9].

以下文章来源于杭州钱塘企业出海服务基地 ，作者钱塘出海 杭州钱塘企业出海服务基地 . 钱塘大江东，出海进行中 大阪官方机构亲自解读日本投资机会点， "杭州六小龙"也来了！ 出海的风，吹向邻国日本。 武田庸平特别提到，O-BIC可以帮助在大阪府内设置总部功能的外资企业申请大阪府政府和大阪市政府的补助、税制优惠及O- BIC补贴，以促进外资企业在大阪的投资活动。 3月6日，"钱塘·日本双向投资沙龙活动"在杭州钱塘区成功举行。本次沙龙由钱塘区商务局和杭州钱塘区建设投资集团有限公司主 办，杭州江海之城投资开发有限公司与中企国际服务中心承办， 聚焦日本投资机遇、产业发展合作和企业落地痛点等关键议题。 日本大阪商工会议所国际部与日本大阪外国企业招商中心代表在现场解读日本市场环境与投资机会，日资企业电装（杭州）与宇 树科技、PIX Moving、Prime Particle、艾森智能、暖芯迦（Nanochap）等多家出海日本优秀企业也出席沙龙活动，与10多家专业 服务机构、50多家出海企业进行深入互动交流。 开幕致辞中，36氪副总裁谢作强介绍了本次沙龙活动的背景及参会嘉宾。钱塘区商务局相关领导对 钱塘区战略定位与中企国际服 ...

以下文章来源于初心资本 Monad Ventures ，作者田江川 初心资本 Monad Ventures . 这一段故事里有我的错误，精英主义的傲慢；我的思考，对于反共识的思考，对于反人性的长期主义 的思考；我的成长，带领基金的投资方法论的迭代。 初心资本成立于 2015 年 6 月，是一家以科技与互联网为中心、积极布局新兴业态的早期股权投资基 金，专注于企业服务、科技创新等领域的投资。 作为全球领先的机器人创新企业，宇树科技以其卓越的技术实力和前瞻性产品屡屡惊艳世界 — 从 CES 展上大放异彩、成为全球科技焦点，到人形机器人登上春晚舞台、以灵动舞姿征服全国观 众，宇树始终走在行业前沿，展现了中国科技创新的非凡魅力。 初心资本在 2017 年底与宇树科技创始人王兴兴相识，在 2020 年初完成了宇树的 Pre-A 轮融资。管理 合伙人田江川基于基金过去 8 年陪伴宇树的心路历程，分享了她的投资故事。故事里有她对于错误决 策的反思、对于反共识及长期主义的思考、带领基金迭代投资方法论的成长。 初心资本管理合伙人田江川是混沌学园一期同学。 以下为正文全文： 作者 | 田江川 转载自 | 初心资本 Monad V ...

理想与现实的差距 不知以下的这些场景、这些话您是否熟悉? - 对长期持有产生愤怒 "说好的长期持有能赚钱,我越跌越买,结果一 套就是三年!" 当价值投资变成一场 = 自我欺骗" 普通投资者为何知易行难? 1 对专家观点无言以对 "去年专家还说产业逻辑依旧成立,结果现在改 口了,说逻辑变了,让慎重,真是涨也是他 们,跌也是他们。" 对市场波动胆颤心惊 "每次跌到我想加仓的时候,手都在发抖!总是 一卖就涨,一买就跌。" 对投资之难自我调侃 "看财报比高考还难,看K线也读不出个一 四五,买股票不如买彩票。 「对投资结果情何以堪 "拿着我这些所谓的好股票,PE都个位数了, 结果拿了两年还不如别人搞个概念两天挣的 多,让我情何以堪。" 「对信息焦虑黑色幽默 "千挑万选的'优质股',董事长突然被带走了, 股价连连跌停,难不成炒个股还得24小时监控 董事长。" 如果屏幕前的您也曾经历上述场景、也曾说过类似的 话,说明您在价值投资,长期主义的道路上已经迷失 了航向,所谓的"价值投资"俨然已经异化成了一场 "自我欺骗、自我麻痹"和"口号式的赶集"。那么请 您务必看完以下五条关于价值投资的经典误区。 e C .......... ...