Core Viewpoint - The continuity of civilization is rooted in the dialectical unity of safeguarding foundations and embracing change, which is reflected in Great Wall Motors' "long-termism" approach, transforming cultural genes into technological resilience and brand strength [2][10]. Group 1: Performance and Strategy - Great Wall Motors has adopted a unique "thickening" path amidst industry anxiety, focusing on profound value reconstruction rather than mere scale expansion [3]. - In 2025, Great Wall Motors achieved impressive sales of 1,323,672 vehicles, marking a year-on-year growth of 7.33% [4]. - The company's commitment to "long-termism" is evident in its substantial investment of nearly 10 billion in technology research and development, establishing a leading global testing system and various specialized laboratories [8]. Group 2: Brand Development - The brand's "thickening" is characterized by a dual leap in connotation and value, driven by Chairman Wei Jianjun's "cultural engine" strategy, which integrates traditional Chinese culture into product definition and user relationships [11]. - In 2025, Great Wall Motors focused on cultural themes, drawing inspiration from historical sites like Dujiangyan and Dunhuang to enhance product identity and user engagement [13][14]. - The company fosters emotional connections with users through deep interaction and co-creation, transforming customers from passive recipients to active participants in product development [16]. Group 3: Global Expansion - Great Wall Motors' global strategy has evolved from mere trade output to "industrial chain ecological output," systematically expanding into overseas markets [17][18]. - The newly established Brazilian factory, with an annual capacity of 50,000 vehicles, exemplifies this strategy, serving as a hub for the Latin American market and connecting with Eurasia and Southeast Asia [20]. - The company has achieved cumulative overseas sales exceeding 2 million vehicles across over 170 countries, demonstrating its robust global presence and commitment to long-term development [21].

4. AI的本质，不是在把人往外挤，而是在把人往上托。 1. 1000天后的世界，我们该如何在场？ 2. 1000天，恰恰是一个既能被预见、又足以被颠覆的时间尺度——它足够我们制定一个像样的计划，又短到能让我们 亲眼看到这个计划如何变轨。 3. 1000天后的世界，不是凭空而来的，它就藏在今天实干家们的行动里。 5. AI就像我们每个普通人触手可及的"外挂"和"搭档"，帮我们扛走那些重复、枯燥的"搬砖活"，让我们更专注于那些 需要情感、创意和复杂沟通的事情。 6. 今天AI到来，淘汰的不是从业者，而是不会与AI协作的从业者。 7. 1000天后的AI赢家，不是那些懂技术的人，而是那些会用技术解决实际问题的人，是能让AI成为个人能力"放大 器"的人。 8. 紫领，就是那些深谙业务逻辑，同时善于借助AI工具解决复杂现场问题的"跨界解决方案专家"。 9. 在AI面前，全世界的学校其实都只有3岁。 10. 未来孩子一生的使命，不是选对一个专业，而是去"发明"一个全世界只有我最胜任的职业。 11. 一个人能够定义一个独特问题，找到有需求的场景，研发出可定价的产品，发展出从生产、营销到交付的完整流 程，再把自己的爱好放进 ...

Core Insights - The future world in 2025 will see AI deeply integrated into daily life, optimizing decision-making and serving as a new foundation for societal operations, while raising questions about maintaining meaningful human connections in a technology-driven era [1] - AI is not about replacement but rather about restructuring human roles, emphasizing that certain fields requiring emotional connection and personalized care will always remain uniquely human [1] Group 1: Long-term Perspective - The discussion highlights the long-term commitment of Luzhou Laojiao, a brand with over 700 years of craftsmanship and continuous production for 450 years, showcasing the value of time in creating quality products [2] - The process of making fine liquor is portrayed as a slow, time-dependent transformation that cannot be expedited by algorithms, paralleling the importance of time in building genuine human relationships [2] Group 2: Emotional Connection - While AI can efficiently transmit information, true emotional connections between people often require a medium that fosters openness, such as sharing a drink, which allows for genuine conversation and connection [3] - The narrative emphasizes that despite the advancements in AI, the act of sharing a drink remains a vital way to connect with others, reinforcing trust and intimacy that cannot be replicated by digital communication [3]

Core Insights - The current MPV market in China is highly competitive, with Buick GL8 leading the sales, followed by Toyota's offerings and new entrants in the electric MPV segment [1][4] - Buick's strategic focus on both fuel and electric MPVs has resulted in a significant increase in sales, with over 50% of its MPV sales being electric, marking a 152% year-on-year growth [1][4] Group 1: Market Performance - In 2025, Buick's MPV family achieved cumulative sales of 122,373 units, averaging over 10,000 units per month, securing the title of annual sales champion in the MPV market [1] - The GL8陆尚 model has become a standout in the 250,000 RMB electric MPV segment, achieving a delivery volume of over 23,000 units within just 58 days of its launch [5] - The GL8陆尊 model has successfully penetrated the competitive 300,000-400,000 RMB electric MPV market, showcasing luxury features that set it apart from competitors [5][6] Group 2: Product Strategy - Buick's MPV lineup is designed to cater to various consumer needs across different price points, ensuring that each model meets specific user demands while maintaining brand value [4][8] - The GL8至境世家 model has quickly gained popularity among high-net-worth individuals, receiving 8,297 orders within a month of its launch, with 98% of orders for the top-tier version [8] - Buick's commitment to user experience is evident in its focus on safety, quality, and long-term value, which has established a strong market presence and customer loyalty [9][10] Group 3: Competitive Landscape - The MPV market is evolving, with competition shifting from single technology or positioning to a comprehensive assessment of product experience, luxury, safety, and reliability [9][10] - Buick's MPV models have consistently demonstrated high resale value, with the fuel version GL8 leading in domestic MPV three-year resale rates and the electric version GL8 winning the one-year resale rate for plug-in hybrids [9] - The brand's long-term strategy and focus on quality have positioned it favorably against emerging competitors in the MPV market [11]

一位获得捐助的北大学生在感谢信中写道："在专业学习上，我了解了基础数学分析方向的研究课题和 前沿进展，并朝此方向努力。感谢大家对我的关注，让我知道，我有能力也有机会去创造一个更加美好 的未来。" 对此，吕杰勇表示，专注学业的前提是没有后顾之忧。这些奖助学金不仅面向品学兼优的学子，也会向 家庭经济困难的同学倾斜，平方和希望用这份支持，让大家在追求学术的道路上"轻装上阵"。 校企牵手引航职业生涯 近日，北京大学未名湖畔的一处院落里，北大校友、平方和投资创始人兼总经理吕杰勇与北京大学教育 基金会签订"北京大学平方和教育发展计划"捐赠协议。该计划将通过设立奖助学金、支持文体活动、搭 建实践桥梁等方式，持续助力北大学生成长与发展。 "燕园的7年，是我人生中最宝贵的成长时光，更是我踏入量化领域的重要启蒙。"吕杰勇表示，"我坚 信，最好的投资，是鼓励更多人才探索梦想。" 图片来源：平方和投资 奖助学金护航学子成长 "长期以来，许多校友在耕耘事业的同时，也默默关心着学校发展。吕杰勇校友的捐赠支持，将为北大 的教育事业注入源源不断的正能量。"在签约仪式上，北京大学教育基金会副秘书长耿姝表示。 据介绍，"平方和教育发展计划"将以 ...

撰稿 / 陈白（媒体人） 编辑 / 迟道华 校对 / 王心 今天，人们确实比以往任何时候都更需要重温巴菲特的智慧，但不是学习他买了哪只股票，而是学习他如何屏蔽 噪音，如何在全人类都陷入短期主义的狂热时，依然保有长期主义的定力。 巴菲特最令人震撼的能力，在于他对常识的坚守和对复利的绝对信仰。在2026年，这种信仰反而显得尤为稀缺。 今天的人工智能可以在几秒钟内分析完数万份财报，量化模型更是可以捕捉毫秒级的价差，巴菲特依然在谈论企 业的护城河、管理的诚信以及商业模式的可持续性。这在很多人看来或许是过时的"老生常谈"，但恰恰是这些看 似笨拙的原则，构成了穿越周期的压舱石。 当地时间2025年12月31日，95岁的巴菲特如约结束长达60年的首席执行官任期，但仍担任伯克希尔·哈撒韦公司董 事长并保留股份，继任者为格雷格·阿贝尔，63岁的阿贝尔此前是伯克希尔·哈撒韦非保险业务的副董事长，早在 2021年就被指定为巴菲特的继任者。 值得注意的是，在巴菲特将卸任的消息宣布后的近半年里，伯克希尔·哈撒韦公司的股价一度下跌逾10%，同期标 普500指数涨幅超过10%。 巴菲特也采取了一系列安抚措施：他向投资者保证，继任者是更优秀 ...

▲自1965年巴菲特接管伯克希尔以来，该公司的投资者实现了约6100000%的回报率，远高于标普500指 数包括股息在内的约46000%的回报率。图/IC photo 当地时间2025年12月31日，95岁的巴菲特如约结束长达60年的首席执行官任期，但仍担任伯克希尔·哈 撒韦公司董事长并保留股份，继任者为格雷格·阿贝尔，63岁的阿贝尔此前是伯克希尔·哈撒韦非保险业 务的副董事长，早在2021年就被指定为巴菲特的继任者。 值得注意的是，在巴菲特将卸任的消息宣布后的近半年里，伯克希尔·哈撒韦公司的股价一度下跌逾 10%，同期标普500指数涨幅超过10%。 巴菲特也采取了一系列安抚措施：他向投资者保证，继任者是更优秀的管理者；自己不会出售所持股 票；同时将继续担任公司董事长，且多数时间仍会到岗办公。阿贝尔也承诺"投资理念不会改变"。 但值得追问的是，为什么聪明如金融市场的投资者们，今天依然还是如此需要巴菲特？这或许是因为， 在这个充满了变数和焦虑的年代，巴菲特留给大家最值钱的东西，并不是伯克希尔庞大的市值，而是在 一个剧烈动荡的世界里，依然保持"相信"的能力。 在投资界，算法主导、信息过载、高频交易盛行几乎成了行业 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released revised regulations on the management of sales expenses for publicly offered securities investment funds, marking the completion of the fee reform in the public fund sector, which aims to reduce investor costs and enhance their experience [1][3] Group 1: Fund Fee Reform - The public fund fee reform is a significant step towards reducing investor costs and promoting high-quality development in the industry [1][3] - Ant Fund has actively responded to the fee reduction requirements, implementing a discount on purchase fees since 2015, saving investors over 50 billion yuan in transaction fees over ten years [1] - The reform is part of a broader initiative to shift the focus from scale-driven growth to return-oriented strategies, enhancing investor satisfaction [3] Group 2: Industry Growth and Development - The public fund industry in China has seen substantial growth, with total market size surpassing 37 trillion yuan, reflecting a significant milestone in the development of the financial sector [3] - The industry is committed to protecting client interests and promoting long-term investment strategies, positioning public funds as stabilizers in the capital market [3] Group 3: Investor Engagement and Education - Ant Fund aims to provide transparent and standardized information to guide investors in establishing realistic return expectations and understanding market fluctuations [5] - The platform emphasizes the importance of long-term holding, with an average holding period of over 1,198 days for non-money market fund users [7] - Over 210 million non-money market fund investors on Ant Fund have achieved profitability, highlighting the platform's commitment to investor interests and sustainable growth [7]

Core Viewpoint - In 2025, the global economic landscape is undergoing significant restructuring, and the company emphasizes its commitment to long-term value investment and social responsibility amidst uncertainty [1][2]. Investment Strategy - The company maintains a focus on value investment, demonstrating strategic consistency through various accolades such as the "Golden River Award" and recognition as a leading private equity firm [1]. - The company aims to root itself in China while expanding globally, reflecting its core philosophy of growing alongside great enterprises [1]. Philanthropic Efforts - The company has made substantial donations, including a 10 million yuan contribution to its alma mater for educational support and 5 million yuan to aid impoverished children in Shenzhen [2]. - It has established multiple charitable funds and has donated nearly 200 million yuan to various causes, including education, healthcare, and rural revitalization [2]. - The company continues to engage in philanthropic activities, reinforcing its commitment to social responsibility and community support [2].

Core Viewpoint - The company emphasizes its commitment to high-quality development in the public fund industry, aligning with national strategies and focusing on investor interests as it enters 2026, a year expected to be pivotal for economic breakthroughs and modernization efforts in China [1][10]. Group 1: Economic Context and Industry Role - The year 2025 was highlighted as a critical year for China's economy, showcasing resilience and the emergence of new productive forces amid global uncertainties [1][6]. - The public fund industry is positioned as a vital force in supporting national development, optimizing resource allocation, and safeguarding residents' wealth [1][6]. Group 2: Strategic Initiatives and Innovations - The company is committed to enhancing its investment and research system, focusing on key sectors such as computing power and semiconductors, and has successfully launched various innovative financial products, including the first domestic science and technology index ETFs and REITs [2][7]. - A new fee structure for funds was introduced, aligning the interests of investors and the company, with significant profits and dividends reported in 2025 [3][8]. Group 3: Global Expansion and Cross-Border Initiatives - The company is expanding its global perspective and cross-border business, enhancing its capabilities in overseas asset allocation and launching multiple Hong Kong Stock Connect products [4][9]. - The focus on global asset configuration and cross-border collaboration is seen as essential for connecting domestic and international markets [4][9]. Group 4: Future Outlook and Commitment - Looking ahead to 2026, the company aims to strengthen its ability to identify transformative technologies and enhance its competitiveness in key business areas, including index and pension services [5][10]. - The company reaffirms its dedication to serving the public and contributing to the modernization of China's economy, emphasizing a long-term commitment to investor interests and financial well-being [5][10].