（作者陆昊 单位：中信证券股份有限公司） （责任编辑：关婧） 制度改革为长期主义立规，筑牢行业发展根基。《推动公募基金高质量发展行动方案》要求长周期 考核，对于基金经理，考核需覆盖至少3年的投资业绩，若某产品3年累计跑输基准超10个百分点，基金 经理的绩效薪酬将面临强制性下调。但是，对3年以上产品业绩显著超过业绩比较基准的基金经理，可 以合理适度提高其绩效薪酬，属于奖励机制，彻底打破"以短期排名论英雄"的考核怪圈，鼓励基金经理 沉心价值投资。对基金公司的评价体系升级更具导向性，将投资者盈亏及占比、业绩比较基准对比、权 益类基金占比、投研能力评价情况等纳入基金公司评价指标体系。同时，3年以上中长期业绩、自购旗 下权益类基金规模、投资行为稳定性、权益投资增长规模等指标的加分幅度在现有基础上提升50%，将 公司发展与投资者利益、长期价值深度绑定，从根源上扭转行业经营理念。 费率改革为长期投资引流，优化投资者体验。《公开募集证券投资基金销售费用管理规定（征求意 见稿）》要求，对持续持有期限超过1年的投资者，基金销售机构可以免收其后端认申购费；对持续持 有期限超过1年的股票型基金、混合型基金、债券型基金的份额，不再收取 ...

营销伙伴打造"客户好管家，需求分析师，服务小助手和成长教练团"专属"数智新伙伴"平台，全面助力 营销员走进数字时代，高效开展日常经营工作。 中信保诚人寿成立于2000年，由中信集团与保诚集团共同发起创建。截至2025年6月，公司注册资本 73.6亿元，总资产突破2700亿元。中信保诚广分已在广州、佛山等广东省内10个城市设立9家中心支公 司及近40个营销服务部，拥有近6000名从业人员，为超过50万个人客户及6000家企业客户提供风险保障 总额超1万亿元。 立足25周年新起点，中信保诚人寿坚持以"长期主义"为指引，聚焦客户全生命周期需求，持续推动保险 本质回归，并积极寻求与更多跨界精英合作，共同推进保险事业高质量发展。 制版:戴越 刘艳兰 黄炽林 跨界引才，优化结构。面对行业深度转型，中信保诚人寿推出"跨界为王"人才招募品牌，通过"双百万 计划"(祥龙奖+倚天奖)广纳各界精英，实现人才结构的优化与扩容，其中，"倚天奖"108万，"祥龙 奖"140万，"双百万计划"最高累计248万。2024年10月，公司与国内知名的终身学习平台"得到"达成战 略合作，将保险职业发展与知识学习深度融合，优化行业人才成长路径。据公 ...

Core Insights - The Chinese smartphone market is witnessing a significant shift, with domestic brands dominating the landscape, particularly vivo, which holds a 17.6% market share as of August 2025, maintaining its position as the top seller for four consecutive years [1][2] - Vivo's success is attributed to its diverse product range across various price segments, including the X, S, and iQOO series, rather than relying on a single blockbuster product [2] - The high-end market is increasingly competitive, with vivo's share in the 4000 yuan and above segment rising from 8.8% to 14.0%, while Apple's share dropped from 23.4% to 17% [2] Market Position - Vivo has emerged as a market leader in China, achieving a 19% market share in the first eight weeks of Q3 2025, continuing its streak as the top domestic brand for four years [2] - The combined market share of Huawei, vivo, and Xiaomi exceeds 50%, with their respective shares at 17.6%, 17.6%, and 16.4% [2] User-Centric Approach - Vivo's strategy is deeply rooted in understanding user needs, with a dedicated "image recognition team" established to translate user perceptions of beauty into technical specifications [4] - The company focuses on enhancing user experience through innovative features, such as fast autofocus and seamless cross-device collaboration, which have resonated well with users [3][5] Technological Innovation - Vivo's commitment to user feedback has led to significant advancements in imaging technology, with a focus on realistic texture and color representation, as well as user-friendly video editing capabilities [7][9] - The latest X300 series exemplifies vivo's technological evolution, integrating advanced imaging features and productivity tools tailored to various user demographics [9][10] Brand Loyalty and Word-of-Mouth - Vivo has cultivated a strong word-of-mouth reputation among users, with many choosing the brand based on positive experiences shared by peers rather than traditional advertising [6] - The brand's focus on user satisfaction and addressing specific pain points has fostered a loyal customer base, contributing to its sustained market leadership [10]

Core Viewpoint - The article discusses the emergence of a new competitive landscape in the Chinese smartphone market, characterized by the "Huawei, Xiaomi, vivo" triad, with vivo's recent X300 series launch highlighting this shift [1][9][22]. Group 1: Market Dynamics - The "华小v" (Huawei, Xiaomi, vivo) triad has collectively captured over 50% of the Chinese smartphone market, with Huawei and vivo each holding 17.6% and Xiaomi at 16.4% [4][9]. - In the high-end smartphone segment priced between 4000-6000 yuan, vivo's market share increased from 8.8% to 14% from January to July 2025, while Apple's share dropped from 23.4% to 17% [6][21]. - The presence of top-tier suppliers at the vivo X300 launch indicates strong industry support and confidence in vivo's product strategy [2][4]. Group 2: Competitive Strategies - Huawei employs a "top-down" approach focusing on technological innovation, while Xiaomi utilizes a "bottom-up" marketing-driven strategy. In contrast, vivo adopts a "demand deepening" strategy, concentrating on user-centric scenarios [10][11]. - Vivo's investment in imaging technology has led to significant advancements, including the development of a comprehensive visual platform and the introduction of the Dimensity 9500 flagship chip [12][14]. - The collaboration with leading suppliers like MediaTek and Zeiss reflects vivo's commitment to enhancing its product capabilities and user experience [21]. Group 3: Long-term Philosophy - The concept of "long-termism" is emphasized as a core business philosophy, focusing on integrity and genuine value rather than short-term gains [15][16]. - Vivo's strategy of co-research with partners like MediaTek illustrates a commitment to mutual growth and innovation, moving beyond traditional supplier relationships [19]. - The article highlights the importance of emotional value in consumer products, with vivo positioning its devices as "emotional containers" that resonate with users' experiences [18][21]. Group 4: Industry Evolution - The evolution of the Chinese smartphone industry is marked by a shift from low-end competition to high-quality, technology-driven competition, as exemplified by the "华小v" triad [22][23]. - The competitive landscape fosters a healthier ecosystem, preventing monopolistic stagnation and excessive competition, thus benefiting supply chain stability and innovation [22][23]. - The differentiation among Huawei, Xiaomi, and vivo showcases the potential for diverse development paths in the industry, challenging the traditional "winner-takes-all" mindset [23].

Core Insights - The rise of "sincere economy" is highlighted by the success of "Chicken Chop Brother" and "Fat Donglai," indicating that sincerity has become a rare competitive advantage in an era of excessive marketing and consumer fatigue [3][4][35] - A survey shows that 60% of respondents are willing to pay slightly higher prices for businesses that operate with integrity, reflecting consumer recognition and support for honest practices [3] Group 1: Trust Rebuilding - "Fat Donglai" emphasizes integrity through visible customer complaint handling, showcasing a commitment to customer satisfaction by publicly addressing issues and compensating affected customers [4][9] - "Chicken Chop Brother" gained popularity by maintaining a low price for nine years and offering discounts to students, breaking the stereotype of businesses always seeking high profits [6][7] Group 2: Emotional Value - In an era of material abundance, emotional value is becoming a key factor in business success, as seen in "Fat Donglai's" efforts to create a sense of respect and care for customers [12][13] - Positive shopping experiences significantly increase customers' willingness to pay and likelihood of recommending the business, indicating the economic benefits of emotional value [19][20] Group 3: Long-termism - Both "Fat Donglai" and "Chicken Chop Brother" exemplify long-term business strategies, resisting the temptation for rapid expansion and focusing on sustainable growth [24][26] - "Fat Donglai" has expanded slowly over 20 years, while "Chicken Chop Brother" has maintained a small stall for nine years, fostering deep customer relationships through consistent practices [25][27] Group 4: Micro Insights - The phenomena surrounding "Fat Donglai" and "Chicken Chop Brother" reflect deeper changes in consumer behavior, particularly among Generation Z, who prioritize authentic experiences over brand image [33] - The rise of small businesses leveraging social media demonstrates that even small-scale operations can have a significant impact in the market [33] Conclusion - The success of "Fat Donglai" and "Chicken Chop Brother" represents a victory of values, proving that sincerity, trust, and emotional connections are vital for sustainable business models in a digital age [35][38] - The future of business may belong to those who can balance efficiency with warmth, scale with depth, and profit with meaning [39][40]

Core Insights - The launch of the vivo X300 series marks the entry of a new player in China's high-end smartphone market, showcasing a collaborative ecosystem with top-tier partners [1][4] - The Chinese smartphone market is now dominated by three major players: Huawei, vivo, and Xiaomi, collectively holding over 50% market share [5][19] - The competition has shifted from low-end, chaotic battles to high-quality competition focused on technology, user experience, and ecosystem building [8][19] Market Dynamics - The presence of major suppliers like BOE, Sony, and MediaTek at the vivo launch indicates strong industry support and confidence in vivo's product strategy [4][5] - Huawei and vivo each hold a 17.6% market share, while Xiaomi has 16.4%, illustrating a significant shift in market power towards domestic brands [5][19] - The "华小v" (Huawei, Xiaomi, vivo) era signifies a new phase in the smartphone industry, moving away from reliance on carrier channels to a focus on innovation and user-centric design [8][19] Competitive Strategies - Huawei employs a "top-down" technology-driven approach, while Xiaomi uses a "bottom-up" market-driven strategy, and vivo focuses on "deep cultivation" of user needs [9][10] - Vivo's strategy emphasizes enhancing user experience through advanced imaging technology, positioning itself as a leader in this niche [10][12] - The collaboration with Zeiss and MediaTek has allowed vivo to develop a comprehensive imaging system that surpasses traditional smartphone capabilities [10][18] Long-term Vision - The concept of "long-termism" is central to the strategies of these companies, emphasizing integrity and genuine value in consumer relationships [13][15] - Vivo's approach to technology development reflects a commitment to building a sustainable competitive advantage through deep partnerships and innovation [17][20] - The competitive landscape fosters a healthier ecosystem, preventing monopolistic stagnation and encouraging technological advancements [19][20]

Core Insights - The opening of Guangzhou Hanxi K11 marks a significant cultural consumption initiative, aiming to create a space that attracts youth and families through cultural engagement [1][2] - The K11 brand is evolving to meet the demands of younger consumers who prioritize experience, culture, and value in their shopping environments [2][4] Group 1: Cultural and Consumer Trends - Cultural consumption is identified as a key growth area in the current market, with K11 providing a cultural space for community engagement [1][2] - The recent exhibition at Hanxi K11 features 14 giant art sculptures, making art accessible and engaging for the general public [2] - During the recent holiday period, Hanxi K11 attracted nearly 700,000 visitors within the first week of opening, with overall sales for K11 during the Golden Week increasing by 23% year-on-year [2] Group 2: Strategic Development and Market Positioning - K11's strategy emphasizes local cultural integration, with different locations adapting to their unique community needs, such as family-oriented experiences in Hanxi K11 [3][4] - New World Development's long-term approach to commercial complex development focuses on creating spaces that reflect local culture and stories, rather than imposing a fixed template [4][5] - The company has maintained a strong growth trajectory in both Hong Kong and mainland China, leveraging strategic policies to boost consumer engagement [4][6] Group 3: Future Outlook and Regional Focus - The Greater Bay Area is highlighted as a key region for economic development, with New World Development positioning itself to capitalize on this growth through innovative commercial strategies [6][7] - The opening of the second K11 in Guangzhou signifies a new phase in the company's expansion within the Greater Bay Area, enhancing its brand presence and market appeal [7] - New World Development aims to create a synergistic ecosystem in the Bay Area, focusing on cultural consumption and regional integration to enhance overall commercial attractiveness [7]

Core Insights - The article highlights the strategic focus of RuiNeng Co., Ltd. on independent research and development, which has established a strong technological moat over the past two decades [1][6] - The company has evolved from a small warehouse startup to a global leader in the new energy testing field, serving over 2,000 enterprises worldwide [1][6] Group 1: Early Challenges and Strategic Decisions - In the early stages, RuiNeng faced significant challenges, including a low cash balance of only 3,000 yuan, but chose to invest all profits into R&D rather than quick profits [2] - The first-generation CTS series intelligent battery testing equipment was developed with high precision and competitive pricing, securing a 500,000 yuan order [2] - RuiNeng's high-voltage direct current bus series technology has become a standard in the industry, significantly improving efficiency and reducing costs for clients [2] Group 2: Forward-Looking Technology Layout - The company has strategically positioned itself in the energy storage sector by developing MW-level energy storage container testing systems, enhancing safety and efficiency [3] - RuiNeng has developed high-performance testing equipment for solid-state batteries, addressing the unique challenges posed by their materials and processes [4] Group 3: Standard Setting and Global Influence - RuiNeng is actively involved in setting industry standards, including leading the formulation of operational guidelines for electrochemical energy storage stations [5] - The company has accumulated numerous patents and intellectual property rights, enhancing its technological leadership and global competitiveness [5] Group 4: Global Expansion and Market Position - As a representative of China's new energy equipment going global, RuiNeng has established a comprehensive service network across Asia, Europe, and America [6] - The company’s products and solutions are widely used in various sectors, including power batteries and energy storage systems, and have gained international certifications [6]

Core Viewpoint - The public fund industry is transitioning from a scale-oriented approach to a quality-oriented approach, with a focus on long-term value creation and sustainable returns for investors [1][5][11]. Industry Overview - The public fund industry has seen significant growth, with total managed assets reaching 36.25 trillion yuan by August 2025, up from 8 trillion yuan in 2015, highlighting its importance in the capital market [2][3]. - The rapid growth has led to challenges such as product homogenization and a mismatch between scale growth and investor satisfaction [2]. Policy and Regulatory Changes - The "Action Plan for Promoting High-Quality Development of Public Funds" was released in May 2025, emphasizing a return to a "return-oriented" approach and aligning financial support with the real economy [3][4]. - Key measures include optimizing assessment mechanisms, enhancing research capabilities, and promoting fee reforms linked to fund performance [3][4]. Company Strategy and Implementation - Under the guidance of the action plan, the company is committed to long-termism, aiming to create sustainable returns for investors through a systematic and professional approach [5][11]. - The company has established a comprehensive research and investment system that emphasizes deep research, risk control, and a diversified investment style [5][6]. Technological Innovation - The company has developed a forward-looking quantitative investment system, including a proprietary multi-strategy Alpha model that aligns with long-term value investment principles [6][8]. - A factor library covering over 300 factors across various dimensions has been created to assess the long-term competitiveness of listed companies [6]. Talent and Team Structure - The company has built a specialized investment research team with over 70 members, each averaging more than 8 years of experience in finance, ensuring effective collaboration across various investment departments [7][11]. Product Innovation - The company has diversified its product offerings, including various types of funds such as money market, bond, mixed, and thematic ETFs, aligning with national strategic directions [8][10]. - Specific products have been developed to meet long-term investment needs in areas like pension finance, technology, and green finance [8][10]. Investor Engagement and Education - The company prioritizes investor trust and engagement, conducting educational activities to enhance financial literacy and risk awareness among diverse groups [9][10]. - Initiatives include community outreach and tailored services for elderly investors, ensuring their financial needs are met [10]. Performance and Recognition - As of June 2025, the company managed approximately 140 billion yuan, serving over 19 million clients and generating over 20 billion yuan in returns for investors [11]. - The commitment to long-termism is seen as essential for both corporate survival and the safeguarding of residents' wealth, contributing to national strategic goals [11].

Core Viewpoint - The public fund industry is transitioning from a scale-oriented approach to a quality-oriented one, with a focus on long-term value creation and sustainable returns for investors [1][3][9] Industry Overview - The public fund industry has seen significant growth, with total managed assets reaching 36.25 trillion yuan by August 2025, up from 8 trillion yuan in 2015, highlighting its importance in the capital market [1] - The release of the "Action Plan for Promoting High-Quality Development of Public Funds" in May 2025 aims to correct the industry's scale orientation and emphasize return-oriented strategies [2][3] Key Initiatives - The action plan includes optimizing assessment mechanisms, enhancing research capabilities, and promoting fee reforms to align fund management with performance [2] - Fund companies are required to establish assessment systems focused on investment returns, with a minimum weight of 50% on investment performance [2] Company Strategy - The company, as a pioneer in public fund operations under an insurance asset management framework, emphasizes "long-termism" as a strategic pillar [1][3] - The company aims to create long-term sustainable returns for investors through a systematic and professional approach [3][4] Research and Investment Framework - The company's investment research system is built on deep research, value investment principles, and risk control, aiming for diversified investment styles and stable returns [4] - A platform-based investment research model is established to ensure efficient execution of long-term strategies while reducing reliance on individual fund managers [4] Technological Innovation - The company has developed a forward-looking quantitative investment system, including a proprietary multi-strategy Alpha model that aligns with long-term value investment [4][5] Professional Team Development - The company has built a specialized investment research team with over 70 members, each averaging more than 8 years of experience in finance, ensuring effective collaboration across various investment departments [5] Product Innovation - The company has diversified its product offerings, including various types of funds such as money market, bond, mixed, and thematic ETFs, aligning with national strategic directions [6] - Specific products have been developed to cater to long-term investment needs in areas like pension finance and technology innovation [6] Investor Engagement - The company prioritizes investor trust and education, conducting various activities to enhance financial literacy and provide investment support [7][8] - Initiatives include community outreach programs aimed at educating elderly investors on financial planning and risk management [8] Performance and Recognition - As of June 2025, the company manages approximately 140 billion yuan, serving over 19 million clients and generating over 20 billion yuan in returns for investors [9] - The company's commitment to long-termism is recognized as essential for both its survival and its role in supporting national strategies and safeguarding residents' wealth [9]