在资管行业的历史长河中，没有永恒的标杆，只有持续的进化。 回溯已走过百年的美国共同基金行业，真正迎来繁荣发展是在20世纪90年代。当时，美国养老体制改革 为共同基金行业注入源源不断的长期资金，互联网浪潮推动股票投资专业性提升，共同促成社会财富持 续向共同基金转移。1989年至1999年，美国持有基金的家庭占比由25%提升至47.4%，美股市场迎来机 构投资者崛起的时代，共同基金行业发展重心从明星基金经理"个人"品牌，转向更具持续性的"平台"品 牌，这一变迁也为中国公募基金行业的发展提供了深刻启示。 得益于中国经济的高速增长，国内公募基金行业实现跨越式发展，如今正站在新的历史关口：国内经济 转型加速演进、资本市场改革持续深化、客户需求日益多元，推动行业从规模竞速向价值创造转型。在 行业迈向高质量发展的历史变革期，广发基金以长期主义为锚，通过战略、投研、产品、服务四大维度 的系统性进化，给出了新时代的答卷——打造专业化、平台化、多策略的一流资管机构，为客户创造可 持续的优质盈利体验。 （一）战略导向的进化： 以长期价值创造锚定发展方向 2025年5月，《推动公募基金高质量发展行动方案》正式发布。这份被视作行业发展 ...

Core Insights - 2025 was a pivotal year for Gaotu (NYSE: GOTU), marking its transition towards high-quality growth, with notable advancements in financial performance, strategic focus, technological innovation, and social responsibility [1][8] Business Development - Gaotu established a comprehensive business matrix covering K-12 education, high school planning, adult learning, international exams, and publishing, leveraging smart technology for personalized learning experiences [3][10] - The youth quality education segment achieved its first quarterly profit online, with the K9 sector maintaining triple-digit growth; the adult education segment saw nearly 50% revenue growth and high double-digit profit growth [3][10] - Gaotu's sub-brands in civil service and graduate school preparation led the market, with a 98.3% success rate in graduate school recommendations [3][10] - The programming segment served over 2 million students, featuring a unique curriculum that integrates computational thinking and creativity, achieving high award rates in prestigious competitions [3][10] AI Integration - 2025 marked the full implementation of Gaotu's "All with AI, Always AI" strategy, with over $100 million invested in AI since 2023 and the establishment of an AI education R&D center in Shanghai [4][11] - AI technology is embedded throughout the educational process, enhancing teaching, services, and operations, while emphasizing that AI empowers rather than replaces teachers [4][11] Social Responsibility - Gaotu's philanthropic efforts advanced with the establishment of the Beijing Gaotu Public Welfare Foundation, focusing on comprehensive education and disaster relief initiatives [5][12] - The "Qingyun Ladder" employment program and the "I AI Science Class" rural education project engaged thousands of teachers and provided educational resources to underserved areas [5][12] Industry Recognition - By the end of 2025, Gaotu received multiple awards, including recognition as an influential education brand by Forbes and accolades in various educational categories [6][13] - These honors reflect Gaotu's commitment to learner-centered education and its innovative capabilities [6][13] Future Outlook - Looking ahead to 2026, Gaotu aims to deepen its internal innovation mechanisms and integrate core values into its organizational culture while focusing on profitability across various educational segments [7][13] - The company plans to enhance the integration of AI models with educational scenarios and expand its philanthropic projects to promote educational equity [7][13]

场上有进取心，场下有平常心，用长远眼光审视这项事业的发展，中国足球便能真正走出谷底、创出佳 绩 当比分在沙特吉达夜空下定格，中国队收获U23男足亚洲杯亚军，看台上的红色海洋沉默片刻，随即响 起经久不息的掌声。 回看中国队的U23亚洲杯征程，小组赛三场零封对手，点球大战淘汰乌兹别克斯坦队，半决赛3∶0战胜 越南队……赛前被列入参赛队中实力最弱一档，却一路逆袭闯入决赛。这支平均年龄不足22岁的队伍， 创造了历史最佳战绩，终结了国字号男足22年无缘洲际赛事决赛的尴尬。国家体育总局发去贺信："经 验可贵，作风可赞"。 曾有一段时间，足球腐败潜滋暗长，严重毒化足坛土壤。近年来，足坛反腐风暴持续深入，足协原主席 陈戌源、国足原主教练李铁等人相继获刑，多名足协中高层干部相继落马……一批蛀虫被清除，"三不 腐"一体推进，"靠足球吃足球"的歪风被狠刹。 希望，来自厚积薄发的足球改革。 没有风清气正的氛围，再好的青训规划也会变形走样，再多的资源投入也可能付诸东流。把权力关进制 度的笼子，让规则真正说了算，是对中国足球最好的"培土固基"。持之以恒、常抓不懈，全方位治理腐 败，绿茵场生态持续焕新。 2015年，《中国足球改革发展总体 ...

"学习贯彻四中全会精神" 专栏 党的二十届四中全会是在我国迈上全面建设社会主义现代化国家新征程、向第二个百年奋斗目标进军的 关键时刻召开的一次十分重要的大会。全会为金融行业在新发展阶段如何更好服务国家大局指明了方 向。金融是国民经济的血脉，是国家核心竞争力的重要组成部分。如何在高质量发展进程中更好发挥金 融功能，是金融行业必须回答的时代课题。 作为资本市场的重要参与主体，公募基金行业在连接居民财富与实体经济、稳定市场预期、促进长期投 资方面发挥着不可替代的作用。银华基金认为，深入学习贯彻党的二十届四中全会精神，将全会精神转 化为行业高质量发展的生动实践，是每一家基金管理机构必须肩负起的时代责任。 筑牢金融强国建设的思想根基 银华基金深刻体会到，学习贯彻全会精神，首要在于深刻理解其历史逻辑、理论内涵与实践指向，从而 在时代潮流中找准自身定位，明确职责使命。 一是深刻领悟全会的里程碑意义，强化使命担当。全会系统总结了新时代取得的辉煌成就，对"十五 五"时期经济社会发展作出了顶层设计，对于凝聚全党全国智慧力量，扎实推进中国式现代化，具有承 前启后、继往开来的深远意义。银华基金认为，作为资本市场专业力量的一份子，必须 ...

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session is a significant meeting that outlines how the financial industry can better serve the national agenda during a new development phase, emphasizing the importance of high-quality development in finance [1] Group 1: Understanding the Meeting's Significance - The meeting summarizes the achievements of the new era and provides a top-level design for economic and social development during the "14th Five-Year Plan" period, highlighting its far-reaching significance for advancing Chinese-style modernization [2] - The financial industry must align its strategies with national strategies, taking on the responsibility of supporting high-quality development and contributing to the construction of a financial powerhouse [2] Group 2: Commitment to People-Centric Development - The meeting emphasizes a people-centered development approach, which is crucial for the financial sector as it must serve the public and create value for investors [2] - The company aims to enhance its investment experience and returns for investors by adhering to a long-term value-oriented philosophy and improving its investment research system [2] Group 3: Strategic Development and Long-Term Focus - Achieving socialist modernization is a gradual process that requires sustained effort, indicating that improvements in asset management and brand building take time [3] - The company focuses on quality and sustainability rather than short-term gains, emphasizing the importance of building core capabilities across various aspects of investment and risk management [3] Group 4: Professional Service to the National Agenda - The company plans to actively engage in technology and green finance to support the real economy, directing capital towards key sectors and promoting industrial upgrades [4] - It aims to enhance inclusive finance and pension finance to contribute to common prosperity, providing tailored financial products for different investor needs [4] Group 5: Long-Term and Value Investment - The company is committed to long-term and value investing, focusing on deep fundamental research and developing a range of investment products to meet diverse investor needs [5] - It is responding to industry reforms by launching performance-linked fee structures for its funds, aiming to align interests with investors [5] Group 6: Internal Reform and Risk Management - The company is deepening internal reforms to align with high-quality development standards, enhancing its investment framework and risk management systems [6] - It emphasizes the importance of compliance and risk control to ensure sustainable development and prevent major risks [6] Group 7: Implementation of Meeting Outcomes - The financial industry must continuously enhance its capabilities to contribute to the construction of a financial powerhouse and Chinese-style modernization [7] - The company will focus on serving the real economy, managing risks, and improving investor experiences as part of its commitment to the meeting's spirit [7]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session is a significant event that outlines how the financial industry can better serve the national agenda during a new development phase, emphasizing the importance of high-quality development in finance [1] Group 1: Understanding the Historical and Theoretical Context - The session summarizes the achievements of the new era and provides a top-level design for economic and social development during the "14th Five-Year Plan" period, highlighting its far-reaching significance for advancing Chinese-style modernization [2] - The company recognizes the need to align its strategy with national strategy, taking on the responsibility of supporting high-quality development and contributing to the construction of a financial powerhouse [2] Group 2: Commitment to People-Centric Financial Work - The session emphasizes a people-centered development approach, which is crucial for the financial sector, as it must serve the public and manage the wealth of millions [3] - The company aims to create value for investors and enhance the investment experience by focusing on long-term, sustainable practices and reducing volatility [3] Group 3: Strategic Development and Long-Term Focus - The session indicates that achieving socialist modernization is a gradual process requiring continuous effort, which informs the company's approach to asset management and brand building [3] - The company prioritizes quality and sustainability over short-term gains, focusing on building core capabilities in research, risk control, and service [3] Group 4: Professional Strength in Service of the National Agenda - The financial market is undergoing significant restructuring, with new policies promoting long-term investment and enhancing market stability and transparency [4] - The company plans to actively engage in technology and green finance, directing capital towards key sectors and supporting the development of specialized enterprises [4] Group 5: Focus on Inclusive and Pension Finance - The company is committed to providing a diverse range of financial products to meet the needs of various investors, particularly in the area of personal pension services [5] - It emphasizes the importance of investor education and enhancing financial literacy to improve the overall investment experience [6] Group 6: Long-Term and Value Investment Commitment - The company adheres to a deep fundamental research framework for investment, focusing on long-term value and optimizing incentive mechanisms [6] - It is expanding its range of equity funds and developing a comprehensive asset allocation toolbox to cater to different market conditions [6] Group 7: Internal Reform and Innovation - The company is committed to deepening internal reforms and enhancing its investment framework to align with high-quality development standards [7] - It emphasizes talent development and a robust risk management system to ensure sustainable growth and prevent major risks [7] Group 8: Implementation of the Session's Spirit - The construction of a financial powerhouse is a systematic project that requires continuous improvement in capabilities [8] - The company aims to integrate the session's spirit into its governance structure and investment practices, focusing on serving the real economy and enhancing investor experience [8]

（来源：河北长城网） 【夜读：#如果没天赋就一直重复#】天赋只能决定一个人的起点，真正让一个人从平凡走向非凡的，往 往是那些看似不起眼的、日复一日的重复练习。选定一个方向，在长期主义的道路上稳步前行。量变的 积累虽然无声，却终会迎来质变的那一刻，每一个人都可以成为一个小领域的佼佼者。共勉。（编辑： qq） 转自：河北长城网 ...

来源：中国经营报 文/韩琳琳 复利之浪，始于微澜，终成澎湃。 2026年1月30日，由《中国经营报》主办的"长期之光 复利生新—2025中国商业品牌价值创新年会"在北 京圆满落幕。 本届会议深入探讨长期主义视角下的品牌价值创新的方法与路径；探索如何用科技赋能、文化铸魂，讲 好中国品牌的故事，走好品牌强国之路。 首先，中国社会科学院工业经济研究所副所长，中国经营报社社长、总编辑李鹏飞为本次大会作领导致 辞。 李鹏飞指出，多年以来，中国品牌经历新生、生长、沉淀、蛰伏、崛起的循环，展现出了非凡的生命力 与影响力。从中国制造到中国智造，开启了品牌高端化之路；从国潮热到文化价值深耕，表达了文化自 信的品牌底气；"双碳"目标下的价值重构，打造了可持续品牌底色；从产品出海到体系扎根，进入了心 智竞争新阶段；数字化与智能化，重塑用户体验，提升了品牌运营效率；从规模扩张到价值深耕，央地 协同共建品牌强国。 在高端化、绿色化、国际化蜕变之路上，中国品牌还有很多空间值得去探索，还有很多故事等待去讲 述，还有很多细节需要去打磨。李鹏飞强调，面对"大而不强"的转型阵痛，中国品牌仍需要用时间去锤 炼更扎实的内核，以创新去裂变更稀缺的价值 ...

持续引领新能源商用车市场的远程，在这个细分领域又双叒斩获冠军！ 最新行业数据显示，远程新能源轻客2025全年累计销量达61686辆，登顶年度销量榜首，其中，12月单月销量首破1万辆，市占率达到25.52%，较第2名高 出近一倍的销量，这意味着每卖出4辆轻客就有一辆是远程，创造了行业新纪录！ "冠军远程"实至名归，在远程诸多殊荣中，如五年内年度复合增长率超120%、连续4年斩获新能源商用车年度冠军、连续44个月蝉联月度冠军、累计销量 已突破50万辆等，如今再添一项：新能源轻客月度销量破万。 夺得第一在产品力 从新能源轻卡夺冠到新能源轻客第一，远程在新能源商用车市场的引领，在商用汽车新闻传媒看来，这既是远程对行业趋势和风口来临的精准把握，更是 远程"长期主义"战略定力的必然结果。 当趋势已来、势不可挡之时，远程契合用户对新能源轻客空间、智能、全能等一切需求，夺得年度销量第一也就是情理之中的事。 夺得第一更在战略定力 这更是对远程坚持长期主义的嘉奖和回报，长坡厚雪、久久为功，九层之台、起于垒土，所有这些，用来形容远程在新能源商用车赛道上的投入与坚守都 不为过。坚如磐石的定力，让远程在洞察行业趋势并做出前瞻布局走到了 ...

Core Concept - The article emphasizes the importance of "slow companies" in China, advocating for a balance between speed and depth in business strategies, where "slow" represents foundational strength and "fast" signifies market agility [1][4][72]. Group 1: Fast vs. Slow in Business Strategy - "Slow" refers to long-term investments in core competencies such as technology, brand value, and organizational culture, which require time and cannot be rushed [1][3]. - "Fast" indicates the need for agile responses to market demands, including product iterations and capturing market opportunities quickly [2][3]. - Successful companies master the combination of "fast" and "slow," using "slow" to build a solid foundation while leveraging "fast" to seize market opportunities [3][4]. Group 2: Global and Chinese Examples of Slow Companies - Pfizer exemplifies the pharmaceutical industry's balance of "slow" drug development and "fast" market entry strategies, often relying on acquisitions to fill gaps in their pipeline [5][6][10]. - American Express focuses on building a strong brand and ecosystem slowly while rapidly innovating in digital experiences and product offerings [12][16]. - Tesla invests heavily in long-term technology development while maintaining rapid product iterations and manufacturing innovations to capture market share [17][22]. - Disney and Procter & Gamble illustrate the consumer sector's balance, with Disney cultivating IP over decades while quickly monetizing it, and P&G focusing on brand trust and product technology while ensuring efficient market penetration [23][24]. - Supercell emphasizes quality through meticulous product development while employing rapid testing and iteration to find successful game concepts [25][30]. Group 3: Characteristics of Founders and Teams in Slow Companies - Founders of slow companies often exhibit traits such as strategic patience, deep focus, and a mission-driven approach, which guide their long-term decision-making [72][97]. - Teams in these companies are structured to ensure stability and cultural alignment, often combining diverse skills to achieve a common mission [98]. Group 4: Education and Talent Development for Slow Companies - The article discusses the need for educational reforms to cultivate leaders with a long-term vision, emphasizing the importance of foundational knowledge and craftsmanship in training [77][78]. - Innovative educational practices, such as problem-based learning and dual mentorship systems, are highlighted as methods to develop future leaders capable of sustaining slow company principles [79][82].