Core Insights - The Chinese electric vehicle (EV) market in 2025 is experiencing a contradiction between "scale expansion and profit pressure," with ongoing price wars and accelerated淘汰赛 leading to clearer industry differentiation [1] - Seres has successfully listed on the Hong Kong Stock Exchange, becoming the first luxury EV company in China to achieve "A+H" dual listing, signaling a new phase of capital internationalization and strong market value recognition [1][4] - Despite industry-wide pressures, Seres has maintained profitability and growth, showcasing a unique competitive advantage rooted in a "long-termism" strategy [1][7] Industry Overview - In 2025, EV sales in China reached 12.466 million units, accounting for 50.3% of total vehicle sales, marking a significant shift as EVs surpassed traditional fuel vehicles [1] - The focus of competition has shifted from "quantity expansion" to "quality competition," indicating a transition to high-quality development in the industry [1] Financial Performance - The average gross margin for automotive companies in the first three quarters of 2025 was approximately 19.99%, with a slight year-on-year decline, contrasting with Seres' strong performance of a net profit of 5.312 billion yuan and a gross margin of 29.95% in Q3 [2] - Seres achieved sales of 472,269 EVs in 2025, with a record monthly sales of 60,981 units in December, representing a year-on-year growth of 63.40% [2] Strategic Positioning - Seres has opted for a high-end strategy, focusing on the mid-to-high-end market with flagship models like the Wanjie M5, M7, M8, and M9, which have collectively delivered over 970,000 units [3] - The company’s strategy has led to a virtuous cycle of simultaneous sales and profit growth, validating its approach [3] Capital Market Engagement - Seres raised 14.016 billion HKD in its IPO, the largest for a Chinese car company to date, with 70% of the funds allocated for R&D and product capability enhancement [4] - The company’s inclusion in the CSI A100 index reflects its growing influence in the A-share market, potentially attracting more long-term investment [4][5] Institutional Confidence - Over 40 brokerage firms have issued reports rating Seres as "buy" or "overweight," indicating strong institutional confidence in its growth potential [6] - Analysts project a 25x PE for A-shares and 20x PE for H-shares in 2026, with target prices of 195.80 yuan and 171.76 HKD respectively [6] Innovation and Competitive Advantage - Seres maintains high R&D investment, with 5.198 billion yuan spent in the first half of 2025, a 154.9% increase year-on-year, leading to significant technological advancements [8] - The collaboration with Huawei has strengthened Seres' competitive edge, creating a differentiated barrier in the market [8] Long-term Strategy - Seres exemplifies long-termism by focusing on high-end EVs and consistent R&D investment, providing a strategic reference for sustainable growth in technology-intensive industries [9] - The company's approach highlights the importance of innovation and value creation in navigating industry cycles and achieving lasting success [9]

Core Insights - In 2025, the Chinese automotive industry is accelerating its transition to new energy and facing intensified competition, shifting from "price competition" to "value cultivation" [1] - Yueda Kia has demonstrated resilience and stability, achieving a monthly sales figure of 20,666 units in December, with a total annual sales of 253,964 units, marking a 2.3% year-on-year growth [1] Group 1: Business Strategy and Performance - Yueda Kia's robust operational resilience and growth potential stem from its commitment to the "In China, For China" strategy, focusing on brand building, product renewal, marketing innovation, export expansion, and social responsibility [3] - The company has maintained a steady growth trajectory, with sales growth continuing to rank among the top of joint venture brands [1][3] Group 2: Brand and Customer Engagement - Yueda Kia is shifting its brand image from material value to emotional value, launching a new brand slogan "Kia, Driven by Heart" and a corresponding microfilm to resonate emotionally with users [4] - The company has initiated various public welfare activities under the "Driven by Heart" series, enhancing its brand's emotional connection with users and showcasing its commitment to social responsibility [4][5] Group 3: Product Development and Innovation - Yueda Kia is expanding its product line with a focus on hybrid strategies, introducing upgraded models such as the new Sportage and the 2026 Kia Seltos, which cater to diverse consumer needs [7][8] - The 2025 EV5 model continues to enhance its offerings, focusing on family travel needs and introducing new features to improve user experience [9] Group 4: Export and Global Presence - Yueda Kia has achieved significant export milestones, surpassing 530,000 vehicles since starting its export business in November 2018, with a total export value of $5.83 billion [10] - The company has also exported over 122,000 engines, demonstrating its strong manufacturing capabilities and global market reach [10] Group 5: Digital Transformation and Customer Service - In 2025, Yueda Kia has optimized its user service and channel construction, introducing smart customer service systems and enhancing after-sales service management [11] - The company has received accolades for its after-sales service, ranking high in customer satisfaction surveys [12] Group 6: Corporate Social Responsibility and Recognition - Yueda Kia has invested over 110 million yuan in social responsibility initiatives and has been recognized for its contributions to society, including awards for its public welfare projects [22] - The company has achieved a 93% employee trust index and received the "Great Place to Work" certification, highlighting its commitment to workplace culture and employee well-being [22]

赖世贤指出，其对林清轩的第一印象是"坚韧"和"专注"。"在当今竞争激烈、变化快速的化妆品行 业，一个品牌能够坚持二十几年如一日专注做一件事——把山茶花精华油做到极致，这在当下并不多 见。" "国货高端护肤第一股"。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，上海林清轩化妆品集团股份有限公司（以下简称"林清轩"）于2025年12月30日 正式以"2657"为股票代码在港交所主板挂牌上市，成为港股市场"国货高端护肤第一股"。 截至目前，林清轩市值超116亿港元。以此市值计算，林清轩已跻身国货上市化妆品企业TOP10。 事实上，除雅戈尔、碧桂园创投、头头是道基金、凯辉基金、启承资本等知名机构外，在林清轩IPO 中安踏集团执行董事、联席首席执行官赖世贤亦完成了对林清轩的投资。 据了解，这位亲历并推动了安踏每一次重大飞跃的企业家在本次投资决策中，主要看重了以下几个关 键点： 其一、稀缺的原生价值链： 林清轩从科研、原料种植、产品研发到终端零售，打造了一个闭环且可 溯源的产业链，这是其核心技术壁垒。 其二、极致的产品力与用户忠诚度： 林清轩产品的功效得到 ...

Core Insights - Kia achieved a record global sales of over 3.135 million vehicles in 2025, marking a 2% year-on-year increase, the highest since its establishment in 1944 [2] - In the competitive Chinese market, Yueda Kia maintained a monthly sales of over 20,000 units for 10 consecutive months, with a cumulative sales of approximately 254,000 units, also reflecting a 2% year-on-year growth [2] - The company attributes its success to a long-term commitment to a user-centric approach, which has garnered the trust of over 62 million car owners globally since its inception [2][4] Global Strategy - China remains a core market in Kia's global strategy, with the CEO emphasizing the importance of success in this region [4] - Over 23 years in China, Yueda Kia has sold over 6.6 million vehicles, generating sales revenue exceeding 652 billion yuan and contributing approximately 52.5 billion yuan in taxes [4] Market Positioning - Despite the turbulent changes in the Chinese automotive market, Kia continues to adhere to its user-centric philosophy, contrasting with competitors who may compromise on long-term values for short-term gains [7] - Kia's strategy includes a dual approach of offering both fuel and electric vehicles, catering to diverse consumer needs [8] Product Development - New models such as the EV5 with a 720 km range and the upgraded global model, the new Sportage, reflect Kia's response to evolving consumer demands for comfort, new energy, and intelligence [10] - Kia's after-sales service satisfaction score of 799, surpassing the mainstream brand average by 13 points, highlights its commitment to quality and customer satisfaction [10] Future Outlook - Looking ahead to 2026, Kia plans to navigate the challenges of the automotive market by maintaining its core values while adapting to new market dynamics [11][12] - The company aims to introduce three new global models in China, including the new Sportage, while continuing to invest in smart manufacturing upgrades to enhance product quality [15][17] Technological Advancements - Kia is actively investing in advanced technologies, including L4 autonomous driving systems, to meet the growing demand for smart vehicles in China [14] - The company is exploring partnerships with tech firms to enhance its offerings in smart driving and intelligent cockpit technologies [14] Brand Engagement - Kia plans to strengthen its relationship with existing customers through various online and offline activities, enhancing brand loyalty among its 6.6 million users in China [17] - The company's commitment to quality is further demonstrated by a significant investment in upgrading its manufacturing facilities in Jiangsu, ensuring adherence to global standards [17][18]

Group 1 - The consumer investment landscape in China has drastically changed, with the number of financing events dropping from 4,345 in 2016 to just 812 in 2025, indicating a cleansing of over 80% of false demands and PPT projects [4] - The number of IPOs is rebounding, increasing from 25 in 2024 to 38 in 2025, signaling a shift where the primary market is purging excess while the secondary market is identifying valuable opportunities [4] - The average age of companies going public in 2025 is 16.5 years, highlighting that only those with extensive industry experience and stable supply chains are able to secure IPOs [4][5] Group 2 - Investment is increasingly directed towards companies with high barriers to entry and essential needs, such as hard-tech consumer products, rather than purely marketing-driven DTC brands [5] - The pet industry is emerging as a significant sector, attracting investment in areas like pet CT and vaccine development, indicating a shift in consumer spending patterns [5] - Global expansion is a key trend, with 20% of funded projects having international attributes, emphasizing the importance of leveraging China's supply chain advantages in global markets [5][6] Group 3 - The current market environment favors companies with factories, technology, and overseas channels, which are considered scarce assets [6] - The era of relying on capital to sustain operations is over, and a focus on profitability from day one is essential for survival [5][6] - The lengthy wait for IPOs has filtered out truly valuable companies, marking a transition to an era that rewards craftsmanship, scientific innovation, and long-term thinking [7]

"丁祖昱评楼市2026年度发布会"高清PPT全公开！ 原创 编辑部 丁祖昱评楼市 2026年1月7日 17:13 上海 核心观点： 诚如"长期主义——丁祖昱评楼市2026年度发布会"的结语，"把握确定性，奔赴新征程"。"长期主义"不是坚持什么长期不变，而是判断什么 是"确定的"。 十年坚守 生生不息 长期主义 一转眼，"丁祖昱评楼市年度发布会"已经举办了十届。 1、中国房地产仍是中国经济的支柱产业。 2、好房子是中国房地产未来十年，二十年，最该关注的政策。 3、行业规模回到了2010年以前，但压力已基本释放完。 4、整体市场仍"L"型运行，还在止跌回稳的过程中。 5、 二手房成交占比越来越多 ，二手房是整体市场活跃度晴雨表 。 6、 企业规模增长时代已经结束 。 7、民企信心开始修复。 8、2026年行业底部确认，需要四个确定性。 9、一线城市重新划分：上海、北京、杭州、成都、广州5个一线城市。 10、现房销售将倒逼企业开发模式转变。 在房地产市场供求关系已经改变的当下，未来不再是速度与规模的狂欢，而是价值与时间的重构。 2026年，房地产行业一定会出现新的转机。 以下我们将为您呈现最全、最新的"长期主义—— ...

Core Viewpoint - The automotive industry is experiencing homogenization, reflected in both products and naming conventions. Great Wall Motors has taken a unique approach by allowing the public to name its new platform, resulting in the name "Guiyuan," which signifies a return to user-centric values and a commitment to technological innovation and strategic ambition [1][3]. Naming Origin: From User Co-Creation to the Essence of "Guiyuan" - The naming process involved over 96,000 participants and more than 110,000 votes, emphasizing user engagement and co-creation, aligning with Great Wall's long-term, user-centered development philosophy [3][6]. - The name "Guiyuan" encapsulates the essence of returning to the fundamentals of automotive design and technology, focusing on genuine user needs and the core logic of industry development [3][4]. Technical Foundation: User-Centric Implementation of the Guiyuan Platform - The Guiyuan platform is designed for the next 10-20 years, emphasizing versatility with capabilities for multiple powertrains and vehicle types, catering to diverse user needs [6][10]. - The platform's compatibility with various energy forms, including gasoline, hybrid, electric, and hydrogen, reflects a strategic approach to global market demands [7][11]. Global Strategy: Guiyuan as a Vehicle for China's Automotive Expansion - Great Wall Motors aims to expand globally, recognizing that understanding local user needs and adapting to diverse market conditions is crucial for success [11][12]. - The Guiyuan platform's ability to adapt to different powertrain requirements enhances efficiency and cost-effectiveness in international markets, addressing the challenges posed by varying energy structures and infrastructure [11][12]. Conclusion - The Guiyuan platform represents Great Wall Motors' commitment to innovation and user-centric design, supported by a robust technical foundation and a strategic vision for global expansion. This approach aims to transform the Chinese automotive industry from mere scale expansion to value enhancement [12][13].

Jay 发自 凹非寺 量子位 | 公众号 QbitAI 科技领域的重大突破，几乎是历史上所有大国，在崛起前的前兆。 央企 第一 家AI独 角 兽 ，诞生了。 中电信人工智能科 技 （北京） 有限 公司 （以下简称中电信AI公司） ，宣布完成首轮增资、引入 四家国家级战略投资方 ，此举使得这家AI 独角兽的「国家队」旗帜，更加坚实醒目。 这是对其成绩的认可。自大模型开启AI 2.0范式以来，中电信AI公司成为国家队出征代表，并且从第一天开始就坚定技术自研路线，积极响应 国家「开源协同、自主可控」的发展方向，持续加码基础能力建设。 而现在，这支早早出征的AI国家队，也率先成为了央企里第一家AI独角兽，实现了技术认可到市场认可的闭环。 弹药和粮草的补足，实际也是全球AI竞争更大决战的预示。大模型的争夺经过第一阶段收敛，已经到了决赛圈，而中电信AI公司， 三军未 动，粮草充足——背后是国家战略坚实的支撑 。 而这只央企独角兽的战略融资方，个个声名显赫： 首先是 国家人工智能基金和北京人工智能基金 。这两家基金，皆代表着国家级资源的倾斜。但在具体把关方向上各有所侧重： 今天，AI无疑是那道正悄悄酝酿，不知何时会猛然爆开 ...

Core Viewpoint - The article highlights the impressive growth and strategic positioning of Chery Commercial Vehicle's Zero Mi Light Truck in the competitive new energy vehicle market, emphasizing its commitment to customer-centric long-term value and innovative product offerings [1][3]. Group 1: Sales Performance - Zero Mi Light Truck achieved a sales milestone of over 5,000 units in 2025, ranking among the top seven in the industry [1]. - In November 2025, it recorded a monthly sales surge of 1,000 units, representing a year-on-year increase of 1008.7%, setting a record for the fastest growth in the startup pure electric light truck segment [1]. Group 2: Strategic Direction - The company has adopted a "de-assetization, de-platformization, and de-leasing" strategy to resist short-term profit temptations, reflecting a deep understanding of industry trends [3]. - Zero Mi Light Truck focuses on building brand strength, product capability, channel power, and service quality, establishing a solid foundation for market growth [5]. Group 3: Product Innovation - The company addresses core user concerns regarding battery reliability and service convenience through three key innovations: a partnership with CATL for battery supply, a "million-kilometer customized version" to assure durability, and a commitment to customer service excellence [6][8]. - The introduction of the Jin Mi version, designed to meet the needs of platform users transitioning from 3.8m to 4.2m vehicles, offers competitive performance at a price point accessible to mainstream users [8]. Group 4: Service and Team Development - Zero Mi Light Truck has implemented service guarantees such as "three-hour rescue response" and "repairs completed overnight," enhancing customer service efficiency [9]. - The company emphasizes team building by attracting diverse talent and fostering a unified culture, which aids in overcoming challenges in channel development, service coverage, and product innovation [11]. Group 5: Future Outlook - Positioned for a "year of rapid growth" in 2026, Zero Mi Light Truck is set to leverage its strategic focus, product innovations, and collaborative ecosystem to achieve significant scale and value in the new energy commercial vehicle market [11].

作者 | 叶二 编辑 | 魏晓 这一次，张朝阳带着我们"上了外太空"。 近四个小时的跨年演讲中，张朝阳带着我们坐着思想的飞船，从太阳附近出发，去访问水金地火木土星，用一个个数理公式，去探访太阳系熟悉而神秘的 世界。 这已经是张朝阳连续第三年开启如此硬核知识的跨年演讲了，从2024年"时间解码"到2025年的"量子力学"，再到此次的"太阳系"，张朝阳的物理视角也在 一步步延伸拓宽，形成了一条从基础物理到前沿领域、从微观世界到宏观宇宙的清晰探索脉络。 亦在这一过程中，一些神秘的概念、高深的物理知识，在大众层面有了更广泛的普及。 过去四年来，基于搜狐视频知识直播的主方向，张朝阳亲身下场以物理网红的身份持续输出硬核专业内容，张朝阳的跨年演讲只是其中之一。 这场长期主义的科普实践，不仅塑造了《张朝阳的物理课》的硬核科普IP，更成为搜狐视频知识直播业务的核心助推力，带动了平台关注流知识直播板块 的布局，并形成了多元化的知识内容生态。 于整体直播行业来说，张朝阳以及搜狐视频的长期深耕，更是为市场注入了一股饱满生机的差异化内容场，很优质，很稀缺。 张朝阳曾说过，"当你决定做一件事的时候，最重要的要坚持，长期坚持到一定程度，量 ...