Core Insights - The global economic landscape is undergoing significant changes, with challenges such as de-globalization, industrial decoupling, and increasing trade barriers impacting various industries, including the kitchen and bathroom sector [1] - The kitchen and bathroom industry is expected to see a retail sales growth of 3.9% year-on-year in the first half of 2025, indicating a shift from rapid growth to a more gradual "stair-step" growth model [1] - Long-termism is emerging as a key consensus among leading companies across industries, with firms like Huawei and BYD exemplifying this approach through sustained investment in foundational research and technology [1] Company Focus - Vatti, a leading high-end kitchen appliance brand in China, has embedded "long-termism" into its development strategy, emphasizing user needs, innovation, and differentiated value [1] - Over the past 33 years, Vatti has focused on research and innovation, achieving 4,416 patent technologies by the end of 2024, which strengthens its long-term development foundation [4] - Vatti has pioneered safety innovations in kitchen appliances, such as the ion flame-out protection technology, and has improved energy efficiency with its energy-efficient combustion technology, achieving a thermal efficiency of 84% [4] Product Innovation - Vatti has developed 543 patented technologies under its "Good Cleaning" strategy, creating a three-tier "clean" system that enhances kitchen experience by making cleaning easier and integrating appliances into home spaces [5] - The company launched the "Beauty Skin" water heater in 2025, utilizing self-developed high-activity water technology to provide deep cleaning and hydration, marking a significant advancement in the water heater industry [6] Market Positioning - Vatti has established a strong presence in the high-end kitchen appliance market, capturing nearly 45% of the online market share for range hoods in China from January to April 2025 [9] - The company has positioned itself as a high-end smart kitchen appliance brand, launching innovative products like the voice-controlled range hood and award-winning cooking stoves, enhancing its premium image [9] - Vatti actively engages younger consumers through modern marketing strategies, including collaborations with popular media and cultural events, to promote a new Chinese culinary lifestyle [12][11] Financial Performance - Vatti achieved growth in both revenue and net profit in 2024, contributing to the upward momentum of the kitchen appliance industry as it transitions into a "stair-step" growth phase [12]

Core Viewpoint - The concept of "long-termism" is emphasized by researchers in basic science, highlighting the importance of patience and sustained effort in achieving significant scientific breakthroughs [1]. Group 1: Long-termism in Basic Research - Basic research aims to explore the unknown and can lead to original innovations that may disrupt existing theories or technologies [1]. - Researchers, including Zhao Hongwei, are adopting a long-term approach to address the challenges of slow and difficult progress in basic research [1]. - The focus is on selecting research directions with genuine scientific value that can inspire long-term enthusiasm, rather than expecting immediate returns [1]. Group 2: Attitude Towards Research - Researchers view each step of exploration as an accumulation towards core goals, actively seeking certainty amid uncertainty [1]. - The mindset involves enduring solitude and enjoying the process, accumulating current achievements to build momentum for the future [1]. - There is an expectation for more researchers to anchor their long-term goals and delve deeply into "real problems" in the field of basic research [1].

Core Viewpoint - The emphasis on the importance of scientific and technological advancement for national strength and the role of scientists in driving innovation and research [2] Group 1: Heavy Ion Accelerator - The heavy ion accelerator serves as a "microscope" for observing the microcosmic world, allowing for the study of particles that are otherwise invisible [4][5] - Heavy ions are defined as ions with a mass number greater than 4, which play a crucial role in nuclear physics research and have contributed to significant national projects [4][5] - The Lanzhou Heavy Ion Accelerator, established in the 1980s, is the largest of its kind in China and one of the most advanced globally, capable of accelerating heavy ions to 80% of the speed of light and operating over 7,500 hours annually [7] Group 2: Applications and Achievements - The heavy ion accelerator has facilitated the development of new rice varieties in Northeast China and Hunan through high-energy heavy ion beam irradiation [8] - It has also improved the performance of various materials, including metals and polymers, contributing to industry standards [8] - The accelerator is utilized in cancer treatment, with a system developed in 2020 that has benefited over 2,000 patients across multiple cities [9] Group 3: Research and Innovation - The importance of original innovation and long-term commitment to scientific research is highlighted, with a focus on solving significant scientific and technological problems [10][12] - The development of a new type of superconducting high-charge electron cyclotron resonance (ECR) ion source has positioned the country as a leader in this field, achieving world records in heavy ion beam intensity [11] - Collaboration and support for young researchers are emphasized as essential for fostering innovation and achieving research goals [13][14]

过去这几年，中国汽车品牌在新能源转型中快速崛起，但问题也随之而来，行业出现过度竞争、无序竞 争现象。 在这样的背景下，行业内越来越多的声音开始反思和呼吁：中国汽车产业下一步到底该怎么走？我们是 继续在短期市场上展开零和博弈，还是尝试建立一个可持续、健康、可输出的产业生态？答案并不复 杂，但真正需要的是共识与执行力。进入6月以来，国家多个部门加大汽车行业"内卷式"竞争整治力 度，重拳出击之下，汽车行业生态迎来重塑。坚持长期主义发展理念，也再次进入汽车圈视野。 恶性竞争是一种"短视行为"，既不利于企业的健康经营，也损害整个行业的可持续发展。近日，中国汽 车工业协会（以下简称"中汽协"）副秘书长柳燕在《中国经营报》与中国汽车工业协会合作的"零观汽 车"直播中接受了特约主持人葛帮宁的采访。柳燕指出，"长期主义"在当下的产业环境下变得更加重 要。 "避免急功近利" 中国汽车产业正处于转型升级的关键时期，电动化、智能化竞争激烈，行业"内卷式"恶性竞争态势持续 发酵。在这种"你死我活"的竞争状态中，部分企业的经营行为开始"走形"，过度关注短期收益，而忽视 了长远发展。柳燕强调，越是在这种充满不确定性、竞争激烈的环境下，越要 ...

Group 1 - The overall ranking of the fund social media index remains stable, with Baoying Fund replacing Nuoan Fund in the top 19 list [2] - The top content on Douyin focuses on financial interpretations, with Wanjia Fund's analysis of "merger and acquisition policy relaxation" receiving over 30,000 likes [2] - Huaxia Fund and E Fund both emphasize the impact of "interest rate cuts" on investments, resonating with the public's financial concerns, each garnering over 10,000 likes [2] Group 2 - Multiple brand IP programs are featured in the video account rankings, indicating that IP-based operations are a core strategy for content differentiation [3] - The program "Planting Time" by Zhongou Fund uses dance to illustrate investment philosophy, achieving over 8,000 likes [3] - The "Curiosity Camp" series by Harvest Fund provides in-depth analysis of AI in healthcare, engaging users with relatable scenarios and generating high engagement [3] Group 3 - The high-traffic content on the Zhaocai account primarily consists of lightweight graphic articles focused on investment strategies and product education [4] - Live broadcasts on the Wealth account mainly feature product promotions and strategy meetings [5] - The public account strategy combines red envelope benefits with investor education and product promotion [6]

本期为基金社交媒体指数（2025年6月）。 本期为基金社交媒体指数（2025年6月）。 本期总榜保持稳定，仅宝盈基金（TOP19）替换诺安基金（5月TOP19）进入榜单。 本期基金抖音高赞榜上榜作品以财经解读为主。万家基金解读"并购重组政策松绑"热点，用"资本相亲大会"比喻降低用户理解门槛，收获3万+点赞。华夏基 金、易方达基金不约而同聚焦"降准降息"政策对投资带来的影响，关联普通人钱袋子，均收获了上万点赞，显示用户对宏观事件如何影响投资的强关注。嘉 实基金、华富基金、国泰基金则挖掘前瞻性产业趋势，用通俗语言分析高成长性赛道的未来机会。此外，榜首作品华安基金《人生没有白走的路，但走自己 选的路时，每一步都带风》上演励志温情小剧场，精准演绎了毕业季年轻人对未来选择的犹豫，是听父母的决定还是坚持自我，强烈的情绪共鸣引发了10万 用户点赞。 视频号方面，本期多个品牌IP栏目上榜（如中欧基金「种时光的人」、富国合唱团、嘉实基金《好奇心营地》等），IP化运营已成为视频号内容突围的核心 策略。中欧基金「种时光的人」上榜作品用舞蹈艺术《只此青绿》诠释投资哲学，将"长期主义"具象化为文化符号，深度叙事收获用户8千+点赞。富国 ...

Core Viewpoint - FAW Jiefang emphasizes a strategy of "valuing quality over price" in a highly competitive commercial vehicle market, focusing on long-term sustainability rather than short-term sales spikes [6][7]. Group 1: Brand and Market Position - FAW Jiefang has secured eight "industry firsts" in brand value and market share in the first half of the year, reinforcing its leadership position [6]. - The company aims to maintain a balance between channel interests and user benefits through mechanisms like "rebate control and unsold vehicle compensation" [8]. Group 2: Quality and Product Strategy - Quality is deemed the lifeline of the brand, with a target to reduce claims frequency and amounts by 30% annually, achieving a cumulative reduction of over 65% in three years [7]. - FAW Jiefang has not followed industry trends of price cuts, preserving the resale value of over 3 million used vehicles through product upgrades [7]. Group 3: Technological Innovation - The company has reformed its powertrain division to enhance control over core components, establishing a technological barrier that is difficult for competitors to replicate [9]. - FAW Jiefang has launched several new products, including the Eagle series and various smart power domain products, focusing on both hardware and software capabilities [9][10]. Group 4: International Expansion - FAW Jiefang views overseas markets as strategic growth areas, with plans to establish eight wholly-owned subsidiaries abroad, enhancing localized operations [11]. - The company has shifted its approach to international sales, moving from exporting classic domestic models to developing products specifically for global markets [11]. Group 5: Aftermarket and Lifecycle Management - The company has relocated its aftermarket division to focus on remanufacturing for new energy components, aiming to provide comprehensive lifecycle services for its vehicles [11][12]. - FAW Jiefang is committed to ensuring that vehicles remain updated through cloud software systems, extending their operational lifespan [12].

在黄怡看来，点点互动对产品的专注度，同样是其在海外取得增长的关键因素。"国外不太能挣短期的 钱。这就需要企业专注自己的品类，并且找到自己独特的定位，一直坚持下去。" 点点互动是世纪华通旗下子公司，目前已跻身游戏出海榜前列。黄怡表示，世纪华通上半年收入170亿 元左右，有大约100亿元来自出海游戏。其中《Whiteout Survival》和《Kingshot》表现突出。 Sensor Tower商店情报平台数据显示，2025年6月中国手游产品海外市场收入榜单中，《Whiteout Survival》延续强劲吸金表现，稳坐冠军宝座，全球累计收入突破28亿美元。《Kingshot》表现同样亮 眼，继5月收入翻倍后，6月再度增长56%。 黄怡表示，点点互动在海外市场的拓展经验表明，首先要充分了解国外客户的消费习惯和偏好。国外的 游戏第一大品类是消除类等休闲游戏为主，这与国内以射击游戏、MOBA游戏（多人在线战术竞技游 戏）为主的市场环境并不相同。点点互动在国外的成功也是抓住了休闲类游戏和传统SLG游戏（策略类 游戏）融合契机。 中经记者 李哲 上海报道 "坚持长期主义，才能做长期的事情。"黄怡认为，出海首先要选择一 ...

Core Viewpoint - The article discusses how brands can achieve longevity and resilience in a rapidly changing market, emphasizing the importance of deep-rooted capabilities, cultural integration, and continuous innovation. Group 1: Brand Longevity - Brands that aim for long-term success must establish a true competitive moat and continuously work towards building it [2] - The essence of a brand's long-term vitality lies in its ability to transcend short-term goals and maintain a strong foundational capability [1][3] Group 2: Strategic Patience and Professionalism - The concept of long-termism is often misunderstood; it requires a strategic focus on long-term goals while tactically addressing immediate needs [4] - Professionalism is crucial, as demonstrated by brands like Kang Shifu, which applies advanced technology to enhance product quality [5] Group 3: Innovation and Market Adaptation - Brands must innovate to remain competitive, with Kang Shifu exemplifying this through its development of healthier products that meet consumer demands [6][10] - The convenience food sector is shifting towards high-end offerings, but Kang Shifu focuses on quality and value rather than merely competing on price [7][10] Group 4: Cultural Integration - Successful brands often have a rich cultural foundation that enhances their value proposition, as seen in the contributions of companies like LVMH and their support for cultural heritage [11] - Kang Shifu integrates traditional Chinese culinary elements into its product development, creating a strong connection with cultural identity [12][15] Group 5: Structural Advantages - A brand's competitive advantage should be seen as a structural benefit rather than a temporary barrier, requiring ongoing evolution and adaptation [14] - Kang Shifu's commitment to continuous improvement in technology, product quality, and cultural relevance has allowed it to thrive in a competitive landscape [16][17]

Core Insights - The commercial vehicle industry is undergoing a transformation, with FAW Jiefang leading the charge through quality improvements and ecological collaboration [1][3][5] - FAW Jiefang has achieved significant market leadership, holding the top market shares in various segments, including 23.2% in the medium and heavy truck market and 28.3% in the cargo truck market [1][5][12] - The company emphasizes quality over sales volume, launching a "three-year quality campaign" that has already shown a 30% reduction in quality-related issues [8][9][11] Group 1: Market Position and Strategy - FAW Jiefang's brand value reached 145.03 billion, maintaining its position as the leading commercial vehicle brand for 14 consecutive years [1] - The company views the entry of new players into the commercial vehicle market as a sign of opportunity rather than a threat, reinforcing its confidence in maintaining a leading position [3][5] - FAW Jiefang is committed to not participating in price wars, focusing instead on the long-term value of its products [6][9] Group 2: Quality and Innovation - The company has initiated a comprehensive quality improvement strategy, targeting enhancements in product design, manufacturing, and service reliability [8][9][11] - FAW Jiefang's focus on core technologies, such as engines and drivetrains, is seen as a key competitive advantage [5][6] - The company has reported a 30.3% decrease in external quality losses and a 26% reduction in claims frequency, indicating significant progress in quality management [11] Group 3: New Energy and International Expansion - FAW Jiefang is actively expanding its presence in overseas markets, targeting regions such as Southeast Asia and the Middle East, with plans to establish eight wholly-owned subsidiaries [12][14] - The company has successfully transitioned to new energy vehicles, achieving a market share of 14.5% in the new energy medium and heavy truck segment, the highest in the industry [14] - FAW Jiefang's long-term strategy focuses on sustainable development, emphasizing quality, technology, and product value while avoiding price competition [14]