2021-2025这五年，将会以什么样的方式被记录在21世纪的历史上？ 有人说，这五年是"乌卡时代"（VUCA）的典型样本——"后疫情时代"贸易战卷土重来、金融市场频繁 动荡、AI以周为单位的迭代速度颠覆传统产业格局。 面对如此剧烈的环境变化， 如何在不确定性中穿越牛熊、坚守投资理性， 成为迫切需要解决的时代命 题。 2025年11月，巴菲特发布了他的最后一封致股东信。两年前的11月，他的"黄金搭档"芒格离世，享年 99岁。 "巴芒智慧"引领的价值投资时代，必将成为历史浓墨重彩的一笔。而即将开启的下一个时代，我们如何 过渡和延续？ 2021年末，重阳投资合伙人舒泰峰推出了《财富是认知的变现》，以"规避投资中的认知陷阱"为核 心，上市后迅速引发市场关注，被投资者誉为"理性决策的工具箱"。 ▲ 点击上方海报，入手全新升级版 开通会员再享折上折（截至11月15日24时） 团购优惠：10册55折，50册5折 时 间是历 史的目击者，是当下的示例者和忠告者，也是未来的指导者—— 唯有认知升维，才能在乌卡 时代中守住财富的本质。 4年来，投资的世界经历了巨大的起伏，投资者的情绪十分低迷，本书中写过的悲观恐惧、锚定 效应、 ...

Core Insights - Canon's commitment to the Chinese market is highlighted by its 20-year journey with the EOS 5 series digital cameras, emphasizing the company's growth alongside Chinese users [2] - The launch of the EOS R6 Mark III camera demonstrates Canon's understanding of local user needs and its confidence in leading the market [2] - Canon's long-term strategy includes a focus on deepening its presence in China, with a comprehensive sales and service network established across the country [5] Group 1: Company Strategy and Market Position - Canon's strategy in China has evolved since the 1970s, transitioning from technical cooperation to establishing production facilities and sales companies [5] - The company has built a robust network with 13 branches and various service centers, covering multiple business areas including imaging systems and IT solutions [5] - Canon's sales revenue in 2022 surpassed 4 trillion yen (approximately 200 billion RMB), with projections for 2024 to reach 4.5 trillion yen (about 230 billion RMB), indicating steady growth despite challenges [6] Group 2: Future Plans and Market Trends - Canon is currently concluding its first five-year plan, which has been marked by significant challenges but also by growth in its imaging business [7] - The company aims to create a new "golden era" for imaging products, targeting a large consumer base of approximately 600 million potential customers in China [8] - Canon's dual investment strategy for the next five years focuses on increasing investment in B2C imaging business while remaining cautious in B2B sectors, adapting to market opportunities [8]

Core Insights - The article highlights the remarkable growth of Bosera Fund's FOF (Fund of Funds) product, which has increased from 247 million yuan at the end of 2024 to 7.741 billion yuan by June 2025, reflecting a demand for low-volatility investment products in a low-interest-rate environment [1][2][3] - Performance is emphasized as the key driver behind the growth, with the Bosera Zhenxuan Chuhui three-month holding bond FOF achieving an 8.33% cumulative return since its inception, outperforming its benchmark of 5.61% [2][3] - The article discusses the team's robust investment research and risk management strategies that have enabled them to navigate market volatility effectively [5][6][7] Growth and Performance - Bosera's FOF product has seen a growth of over 30 times in size, becoming a representative of the public FOF market's growth in 2025 [1][2] - The FOF team has successfully avoided significant market downturns since 2022 and capitalized on opportunities in AI, technology, and convertible bonds in 2024 [2][3] - The FOF's investment strategy combines bonds, convertible bonds, and multi-asset enhancements to achieve stable returns [2][3] Investment Research and Strategy - The FOF/MOM investment research system is characterized by a comprehensive approach, focusing on capital market research, investment capability analysis, and dynamic portfolio management [3][4] - The team employs a "three-multi" strategy: multi-asset, multi-style, and multi-investment managers, ensuring a diversified and effective investment approach [3][4] - The team emphasizes "penetrative research" in selecting funds and managers, focusing on measurable investment capabilities and the reliability of non-investment abilities [4][5] Risk Management - The article outlines three key risk management techniques: strict risk budget management, high-frequency monitoring through stress testing, and extreme scenario simulations [6][7] - These techniques have been developed through years of practical experience in FOF/MOM investment, allowing the team to protect investor interests during market fluctuations [5][6] Future Outlook - The FOF/MOM model is seen as having significant growth potential, particularly in the context of the current low-interest-rate environment and the increasing demand for stable investment products [9][10] - The article suggests that the FOF/MOM model can address existing challenges in the asset management industry, such as performance instability and market inefficiencies [9][10] - Bosera's commitment to low-volatility and steady growth strategies positions it well to enhance investor satisfaction and contribute to inclusive finance [9][10]

Core Insights - The rapid growth of Bosera Fund's FOF (Fund of Funds) is attributed to solid performance, with the "Zhenxuan Chuhui" fund reaching a scale of 7.741 billion yuan by June 2025, up from 247 million yuan at the end of 2024, reflecting a demand for low-volatility investment products [2][3] - The FOF team has demonstrated strong asset judgment capabilities, successfully navigating market volatility and capitalizing on opportunities in AI, technology, and convertible bonds [3][4] Performance Metrics - The "Zhenxuan Chuhui" FOF has achieved an 8.33% cumulative return since its inception on September 27, 2023, outperforming its benchmark of 5.61% [3] - In the past year, it ranked first among similar products, showcasing the team's effective investment strategies [3] Market Context - The public FOF industry reversed a three-year trend of scale contraction, growing by over 30 billion yuan (25%) by the end of 2025 [4] - The demand for low-volatility, stable growth products is expected to surge, especially as traditional fixed-income yields decline [4][12] Investment Strategy - The FOF team employs a strategy of "bond foundation + convertible bond features + multi-asset enhancement," focusing on the long-term investment value of Chinese assets while also considering global asset allocation [3][4] - The team emphasizes a dynamic asset allocation approach, adapting to market conditions and utilizing a "three-dimensional" investment strategy [5][6] Risk Management - The team has developed a robust risk management framework, including strict risk budgeting, high-frequency stress testing, and extreme scenario simulations to protect investor interests [7][8] - These risk control measures have proven effective in mitigating extreme market conditions and maintaining portfolio stability [7][8] Team Expertise - The FOF team has a well-established research and investment framework, characterized by a comprehensive understanding of capital markets and a focus on diverse asset classes and investment styles [4][9] - The team's experience and adaptability have led to successful navigation of various market challenges over the years [9][10] Future Outlook - The FOF/MOM (Multi-Manager) model is expected to address key challenges in the asset management industry, with significant growth potential in the low-interest-rate environment [11][12] - The model's ability to leverage external investment capabilities and mitigate systemic risks positions it well for future expansion, potentially reaching a trillion-yuan scale in the domestic market [11][12]

Core Insights - The article highlights the remarkable growth of Bosera Fund's FOF (Fund of Funds) product, which has increased from 247 million yuan at the end of 2024 to 7.741 billion yuan by June 2025, reflecting a more than 30-fold increase, driven by the demand for low-volatility investment products [1][2] - The performance of the Bosera Zhenxuan Chuhui three-month holding bond FOF has been strong, with an 8.33% cumulative return since its inception, outperforming its benchmark of 5.61% [2] - The FOF team has effectively navigated market volatility and capitalized on opportunities in AI, technology, and convertible bonds, demonstrating their asset assessment capabilities [2][3] Growth Factors - The rapid growth of Bosera Fund's FOF is supported by solid performance, with the product ranking first among similar offerings in the past year [2] - The team has a well-established FOF/MOM investment research system, emphasizing diverse asset allocation and risk management [3][4] - The FOF team has successfully avoided significant market downturns and has strategically positioned itself to take advantage of emerging market trends [2][8] Investment Strategy - The investment strategy combines a foundation of bonds with features of convertible bonds and multi-asset enhancements, aiming for stable growth [2][4] - The team employs a "three-multi" approach, focusing on diverse assets, styles, and investment managers, supported by comprehensive market research [3][5] - Dynamic portfolio management is achieved through precise management of asset allocation and collaboration with top-performing managers [5][6] Risk Management - The team has developed a robust risk management framework, including strict risk budgeting, high-frequency monitoring, and extreme scenario simulations to protect investor interests [6][7] - The risk control measures have proven effective in mitigating extreme market conditions, ensuring the stability of the investment portfolio [6][7] Future Outlook - The FOF/MOM model is expected to address current challenges in the asset management industry, such as performance instability and market inefficiencies, particularly in a low-interest-rate environment [10][11] - The potential for FOF/MOM products to reach a trillion-yuan scale in China is significant, given the existing demand from banks, insurance, and trust institutions [10][11] - The unique advantages of the FOF/MOM model, including leveraging external investment capabilities and reducing systemic risks, position it favorably for future growth [10][11]

Group 1 - The core viewpoint is that China's service industry is experiencing a new trend of overseas expansion, with short dramas, mobile games, and trendy toys becoming significant carriers of new consumption forms, showing strong growth despite increasing tariff frictions this year [1][2]. Group 2 - New consumption overseas is experiencing a counter-trend explosion, with Sensor Tower data indicating that by Q1 2025, Chinese short drama platforms ReelShort and DramaBox will see revenue growth of 31% and 29% respectively, ranking first and second globally in short drama app revenue [2]. - In the gaming sector, 33 Chinese companies made it to the global top 100 mobile game publishers by June 2025, collectively accounting for 33% of the total revenue of the top 100 [2]. Group 3 - The underlying logic of the "dopamine economy" is that short dramas, games, and trendy toys effectively tap into user psychology, creating instant gratification and sustained anticipation, activating the brain's dopamine reward system [3]. - Data from 2020 to 2024 shows a surge in sales of healing toys in Europe, the US, and Japan, reflecting the rigid demand for emotional consumption [3]. Group 4 - The deepening of mobile internet has accelerated this trend, with over 1 billion internet users in China creating fragmented scenarios that promote the prosperity of UGC (User Generated Content) and PUGC (Professional User Generated Content) ecosystems [4]. - The market for mini-program games is expected to experience explosive growth from 2022 to 2024, providing fertile ground for "short and quick" content [4]. Group 5 - The industrialized production mechanism of short dramas involves neuroscience applications, with episodes typically lasting 5-15 minutes and featuring plot twists every 1-2 minutes to trigger dopamine release cycles [5]. - Data-driven production methods, such as A/B testing for content optimization, allow for rapid identification of user preferences through "small-scale trial and error" [5]. Group 6 - Innovations in business models, such as vertical screen formats and advertising monetization, lower user barriers and expand audiences, enabling efficient monetization through traffic and advertising [6]. - The development of short dramas over the past three years represents a reshaping of the content industry landscape and marks the beginning of an unstoppable journey overseas [6]. Group 7 - Chinese companies have a dual advantage in overseas expansion, benefiting from a vast talent pool of over 1 million art exam candidates and 400,000 design graduates annually, forming the world's largest creative talent reservoir [8]. - The business model leverages a complete supply chain, cost efficiency, global self-operated models, and IP creation, forming a tripartite new business model that provides inclusive products and services [8]. Group 8 - The transition from manufacturing to creation is evident as Chinese companies reconstruct global content industry rules through "dopamine products," moving from "Made in China" to "Created in China" with emotional consumer goods [9].

Core Viewpoint - The article discusses the evolution of consumer behavior in China, highlighting the shift from basic survival needs to emotional and experiential consumption, driven by economic development and demographic changes [4][5][15]. Group 1: New Consumption Trends - The concept of "new consumption" has gained traction, with examples like a rising cosmetics brand achieving a valuation exceeding $10 billion within four years of its establishment [3]. - Consumers are increasingly focused on emotional satisfaction and self-fulfillment, moving beyond mere product functionality [4]. - The 95 post-90s generation has become a significant consumer force, with annual spending reaching approximately 8-9 trillion yuan, influencing family purchasing decisions [5]. Group 2: Emotional Consumption Dynamics - Emotional consumption has transitioned from being optional to essential, particularly in the context of the VUCA (Volatility, Uncertainty, Complexity, Ambiguity) era, where consumers seek to regain a sense of control [15]. - The market for emotional consumption, such as concerts, has seen substantial growth, with the gross merchandise value (GMV) of domestic concerts increasing from 12 billion yuan in 2019 to nearly 45 billion yuan by 2024 [15]. Group 3: Brand Power and Market Dynamics - The success of a consumption model is increasingly dependent on brand power, which encompasses product strength and channel effectiveness [10]. - The shift from traffic dividends to content dividends emphasizes the importance of product quality in gaining market share, as good products can achieve organic growth through word-of-mouth [12]. - The rise of domestic brands reflects a growing confidence in local products, as consumers become more discerning and less willing to pay unreasonable premiums [12]. Group 4: Investment Opportunities - New consumption characteristics suggest a naturally "small circle" market, where structural growth can lead to nonlinear expansion if brands successfully break out of their niche [16]. - Assets that can be priced based on emotional value are seen as scarce growth opportunities in uncertain environments, providing a hedge against economic cycles [18]. - The long-term sustainability of brands hinges on their ability to cultivate deep consumer loyalty and transform products into cultural symbols [19].

Core Viewpoint - The article discusses the transformation of urban development in China, emphasizing the shift from constructing super-tall buildings to focusing on attracting talent and industries, reflecting a significant change in urban development logic in the "Uka Era" [2][5][10]. Group 1: Urban Development Trends - The planning and construction of the top 20 super-tall buildings in China were all initiated before 2020, with most occurring between 2010 and 2020 [4]. - Post-2020, cities have shifted their focus from building super-tall structures to competing for talent and industries [6][7]. - By the end of 2024, China's urbanization rate is expected to reach approximately 67%, with about 950 million people living in urban areas [8]. Group 2: Urban Challenges and Responsibilities - Cities are seen as "experimental grounds for the future," needing to undergo spatial, relational, and confidence restructuring [9]. - Urban development must respond to the changing needs of different generations, from the 60s to the 00s, as highlighted by experts [11]. Group 3: Future City Awards - The "2024 Future City Awards" will focus on the theme of "Confidence and Cities," aiming to discover new technologies and models that can invigorate urban vitality and boost residents' confidence [16][17]. - The awards received over 160 project submissions from more than 50 cities, with 38 projects shortlisted for various categories, including smart applications and sustainable solutions [16][17].