点击上图▲立即报名 你的企业现在处于哪个发展阶段？该激进扩张还是收缩聚焦？是存量升级还是增量开拓？答案全在周期里。 9 月 19 日— 21 日，" 2025 ·吴晓波激荡讲堂"秋季课之《周期与中国企业战 略范式》在辽宁大连精彩开讲。 伴随着潮 汐的起伏，吴老师以诸多新鲜企业经营案例为引，推演中国企业发展战略范式，通过对三大周期的逐一拆解，探讨行之 有效的应对法门。 我们特别邀请到张伟俊老师，他是中国大陆首位把提升企业一把手领导力作为全职工作的"总裁教练"。 他以沉浸式案例 演练的方式，带领同学们解析经济底层逻辑和规律，共同探寻企业的发展之路。 这次课程 是 激荡讲堂开办 三年 以 来 听讲同学 人数最多的一 次。除了有连续三年打卡的 "资深同学"，邀请亲友、伴 侣共同进步的"团体型同学"，我们还迎来了多位热情向学的 95 后，更有同学专程从澳大利亚飞到大连上课。 跨越年龄、跨越地域，同学们在这次美好的相遇中邂逅同频、同价值的同行人，激发出诸多感悟： "我跟着吴老师去了很多地方，他是能让我牢牢坐在位置上耐心听课的老师。这次来到大连，我又收获良多，两个字总 结：真香！" "这次我是从澳洲专程回国来参加激荡讲堂， ...

Core Viewpoint - The emergence of new technologies, consumption patterns, and brands has created significant investment opportunities in recent years, with a new generation of fund managers gaining unique insights into these "new economies" [1] Group 1: Fund Manager's Background and Philosophy - Wang Kaichuan, a fund manager trained by Invesco Great Wall, will co-manage the Invesco Great Wall Industry Preferred Mixed Fund starting November 2024 [1] - Wang emphasizes a systematic approach to investment, showcasing confidence in independent thinking and a commitment to investor responsibility [1][2] - His investment style is characterized by a broad industry perspective, influenced by his diverse experience across various sectors, including steel, machinery, and media [3][4] Group 2: Investment Strategy and Methodology - The investment strategy focuses on a "diversified industry + concentrated stock" approach, with no single industry exceeding 20% of the portfolio [5] - Wang prefers to position investments on the left side of the market cycle, avoiding crowded sectors and focusing on companies with strong competitive positions in rising industries [6] - The methodology is structured around three dimensions: macroeconomic, industry mid-level, and micro-level stock analysis, with a preference for industry and stock-level insights over macroeconomic predictions [7] Group 3: Market Analysis and Trends - The analysis identifies a cyclical pattern in the A-share market, with a notable style cycle shift occurring in September 2024, transitioning from a value-dominated market to a growth-oriented one [9] - The current market environment is characterized by a complex geopolitical landscape, impacting global supply chains and creating investment challenges [26][27] - The Chinese economy is undergoing a transition from a real estate-driven growth model to one focused on new industries, with government policies aimed at stimulating domestic demand and supporting emerging sectors [29][32] Group 4: Investment Opportunities - The fund manager identifies three key strategies for investment: international expansion, industrial upgrading, and capacity reduction, with a focus on companies that can adapt to these changes [33][34][35] - There is a particular emphasis on companies with global competitiveness in manufacturing and those that can tap into new consumer demands, especially in the cultural sector [36] - The current investment outlook remains optimistic, with Chinese equity assets offering attractive valuations compared to other asset classes [30][31]

Core Concept - The article presents a comprehensive framework for industry research, focusing on the industry lifecycle, business models, market size, and competitive landscape, providing investors with essential tools for informed decision-making [2][4][21] Industry Lifecycle - Industries can be categorized into four stages based on revenue: introduction, growth, maturity, and decline, reflecting changes in customer demographics and market dynamics [4][5] - The introduction phase features innovative products with uncertain market potential, while the growth phase sees an increase in user adoption and revenue [4][5] - In the maturity phase, revenue growth slows as new customer acquisition diminishes, leading to increased competition and potential market share consolidation [5][6] - The decline phase is characterized by stagnant user growth and the emergence of substitutes, where only companies with significant scale or cost advantages can maintain competitiveness [5][6] Research Focus by Lifecycle Stage - In the introduction phase, the primary concern is the feasibility of the business model, assessing real demand and sustainable profitability [7][10] - For the growth phase, the focus shifts to estimating market size and potential growth over the next 3-5 years to ensure sufficient growth opportunities [7][14] - In the maturity phase, evaluating the industry's competitive advantages and potential for new market opportunities becomes crucial [8][15] - During the decline phase, research should pivot towards substitutes and alternative investment opportunities [8][19] Market Size and Concentration - Market size is typically measured by sales revenue, with larger markets being essential for the emergence of significant companies [13][14] - Different market size metrics are relevant at various lifecycle stages: Total Addressable Market (TAM) in the introduction phase, Serviceable Available Market (SAM) and Serviceable Obtainable Market (SOM) in the growth and maturity phases [13][14] - Industry concentration levels impact profitability, with higher concentration often leading to better profit margins [20] Competitive Landscape - The competitive landscape is critical in determining future profitability, with horizontal competition (among peers) and vertical relationships (upstream and downstream) both influencing market dynamics [19][20] - Understanding market share and industry concentration helps gauge profitability potential, with high concentration indicating better profit prospects [20] - The ability to maintain a competitive edge through unique advantages, such as brand strength or cost leadership, is vital for long-term success [15][16]

Core Viewpoint - The rise of Chinese brands and new consumption presents significant investment opportunities in the capital market, with emerging fund managers like Wang Kaiduan having unique advantages in identifying these opportunities [1] Group 1: Investment Strategy and Philosophy - Wang Kaiduan emphasizes a balanced investment approach, focusing on industry diversification while concentrating on 1-2 stocks within promising sub-sectors [2] - He applies a cyclical perspective to understand market dynamics, aiming to enter at the right stage of an industry's lifecycle and exit during crowded phases [2] - The investment lifecycle is categorized into six stages: emergence, acceleration, collapse, clearing, maturity, and recovery, with current focus on industries in the recovery phase [2] Group 2: Future Investment Outlook - Wang Kaiduan identifies two main investment themes: globally competitive Chinese manufacturing brands and companies that tap into the evolving demands of modern consumers, particularly in cultural industries [3] - The fund will invest in both A-shares and Hong Kong stocks, adjusting allocations based on fundamentals, macroeconomic conditions, and valuation [3] - The fund features a unique structure with a floating management fee linked to excess returns, aligning the interests of the manager and investors [3]

Core Viewpoint - The article discusses the increasing sensitivity to the "macro environment" and the importance of understanding economic cycles and uncertainties in the context of China's economic landscape [4][5]. Group 1: Economic Cycles and Uncertainty - Experts have been exploring the concept of "cycles" and "uncertainty," particularly in light of China's rapid economic growth and the recent slowdown [4]. - The current economic phase in China is characterized as a "triple overlap" period, involving a shift in growth speed, structural adjustments, and the digestion of previous stimulus policies [4]. - The historical context shows that China's economy has experienced unprecedented growth, but the cyclical nature of economies means that downturns are inevitable [4][5]. Group 2: Historical Patterns and Lessons - Historical economic patterns indicate that crises and downturns have occurred repeatedly, suggesting that current challenges are not unique but part of a larger cycle [8][10]. - The article references Howard Marks and Ray Dalio, emphasizing that understanding historical cycles can help navigate current uncertainties [8][10]. - The global economic landscape today mirrors past crises, with issues such as debt, low interest rates, and geopolitical tensions [10]. Group 3: Strategic Implications for Businesses - Companies must navigate three overlapping cycles: macroeconomic cycles, industry life cycles, and corporate life cycles [13][15]. - Understanding these cycles is crucial for businesses to adapt their strategies and avoid being marginalized in changing industries [15]. - The current environment is marked by low growth and intense competition, necessitating a strategic focus on leveraging cycles for competitive advantage [15][16]. Group 4: Educational Initiatives - The article promotes a course titled "Cycles and Chinese Enterprise Strategic Paradigms," aimed at helping business leaders understand and apply cycle thinking to their strategies [10][19]. - The course will cover macroeconomic cycles, industry life cycles, and the pitfalls within corporate life cycles, providing actionable insights for navigating the current economic landscape [19][28].