2025.11. 24 据经视直播，近日，有网友发帖称， 在入职三只松鼠后，员工会将自己的名字改为"鼠某某" 。记者就此事联系了三只松鼠股份有限公司， 工作人员 回应称，公司内部确实存在这样的做法。 该网友发布的照片显示，在一次分销会上，每个座位都摆放着以"鼠"字开头的名牌。此外，网友还展示了三只松鼠党委名单，上面的姓名也均 以"鼠"字开头。 本文字数：770，阅读时长大约2分钟 对于网友质疑是否具有强制性，该工作人员解释道： "并不是强制规定的。是在入职时有人告知我们有这样的习惯，我们接受了，也没有提出异议。并 没有说不同意就会有什么后果。" 对于此事，有律师表示，目前不少企业为强化企业文化，会鼓励员工使用有趣的花名。"企业要求员工使用带有'鼠'字的小名或花名，本身并不违法。 如果企业在推行这一文化时未采取强制手段，且未侵犯员工的姓名权等人格权利，通常认为是合法的。但如果强制执行，则可能侵犯员工的人格尊 严。" 官网公开资料显示，三只松鼠股份有限公司由"松鼠老爹"章燎原创立于2012年，总部位于安徽芜湖，主要经营坚果和休闲零食。2019年，该公司上 市，成为"国民零食第一股"。 截至 11 月 24 日收盘 ...

近日，有网友发帖称，在入职三只松鼠后，员工会将自己的名字改为"鼠某某"。11月24日，有工作人员 回应经视直播记者称，公司确实有以"鼠"字作为名字前缀的文化。 网友发布的照片显示，在一次分销会上，每个座位都摆放着以"鼠"字开头的名牌。此外，网友还展示了 三只松鼠党委名单，上面的姓名也均以"鼠"字开头。 对此，湖北炽升律师事务所杨敏律师表示，目前不少企业为强化企业文化，会鼓励员工使用有趣的花 名。"企业要求员工使用带有'鼠'字的小名或花名，本身并不违法。如果企业在推行这一文化时未采取 强制手段，且未侵犯员工的姓名权等人格权利，通常认为是合法的。但如果强制执行，则可能侵犯员工 的人格尊严。" （文章来源：21世纪经济报道） 对于网友质疑是否具有强制性，该工作人员解释道："并不是强制规定的。是在入职时有人告知我们有 这样的习惯，我们接受了，也没有提出异议。并没有说不同意就会有什么后果。" ...

Core Insights - The article emphasizes that companies should not only focus on technology but also on corporate culture and talent as key factors for success in AI implementation [1][6][30] Technology vs. Culture - Many managers mistakenly believe that resolving technical issues like model selection and data governance will automatically unlock AI's value [3][7] - Companies that treat technology as a panacea often overlook the importance of culture, which can hinder the effective use of AI tools [6][12] - The disparity in AI tool usage among companies is largely attributed to corporate culture rather than the usability of the tools themselves [5][12] Organizational Capability and AI - The essence of AI implementation is the reconstruction of organizational capabilities rather than mere technological upgrades [11][30] - A culture that is not conducive to AI will lead employees to either avoid using the technology or use it mechanically without understanding its potential [11][30] Building an AI-Friendly Culture - To integrate AI effectively, companies must break down organizational inertia and establish a work culture that aligns with the AI era [15][30] - Key actions include reshaping perceptions of change and trial-and-error, internalizing continuous learning as an organizational habit, and creating a positive feedback loop through policies and leadership examples [17][21][23] Continuous Evolution of AI Culture - Establishing an AI culture is not a one-time effort; it requires ongoing adaptation as AI technology rapidly evolves [25][26] - The core of AI culture is not about fixed rules but about fostering an organization's ability to evolve and optimize human-machine collaboration [28][30] Dynamic Optimization - Some companies have recognized the importance of this dynamic approach by forming AI culture committees to regularly gather employee feedback and adjust cultural strategies in line with technological advancements [31]

Core Viewpoint - The letter from Yu Minhong, founder of New Oriental, sent from Antarctica, has been met with criticism from employees and the public, highlighting a disconnect between leadership and staff concerns about work pressure and morale [1][5][7]. Group 1: Content of the Letter - Yu Minhong's letter emphasizes personal reflections and poetic imagery from his experience in Antarctica, focusing on themes of time and perseverance, but lacks acknowledgment of employee struggles [2][5]. - The intention behind the letter was to inspire employees by drawing parallels between the resilience of penguins in extreme conditions and the unity of New Oriental staff during challenging times [5][6]. Group 2: Employee Reactions - Employees expressed feelings of irony and sarcasm regarding the letter, with some stating that the descriptions of Antarctica felt disconnected from their daily realities [5][7]. - Public reactions included mockery, with comments highlighting the stark contrast between the CEO's experience and the employees' situations [5][7]. Group 3: Crisis Management Response - Yu Minhong's response to the backlash was prompt and included an acknowledgment of employee dissatisfaction, stating that he encourages feedback and will address issues within the company [6][7]. - He announced a plan to take 20 employees and 10 customers to Antarctica, which was seen as a way to promote company culture and address the criticism [6][15]. Group 4: Underlying Issues - The incident reveals a deeper systemic disconnect between New Oriental's leadership and its frontline employees, indicating that the company is facing challenges in maintaining employee trust and morale [7][15]. - The company's recent financial performance shows a significant decline, with a 73.7% drop in net profit to $7.1 million, primarily due to issues in its core education business and goodwill impairment [14][15]. Group 5: Comparison with Other Business Models - The letter and subsequent reactions suggest that New Oriental's management style may benefit from adopting practices similar to those of successful companies like Pang Donglai, which emphasizes employee welfare and a unified corporate culture [12][14]. - Pang Donglai's approach includes transparent communication, generous employee benefits, and a focus on service quality, contrasting with New Oriental's more traditional, authoritative management style [12][14].

近期巴菲特的信与段永平访谈备受投资者关注，平台上也有不少朋友给我们留言和提问。本期直播我们邀请中 泰资管副总经理、基金经理姜诚做客直播间，就其中的一些提问进行交流。以下为直播实录： 提问 最近巴菲特致股东信和段永平的访谈中都提到了"投资是基于买公司"这一理念。这和您之前提到的思想 实验"如果一家公司买了之后永远不能卖，还愿意买"是不是一回事？ 姜诚 本质上，我觉得是一回事，当然这个也仅限于我对投资大师们的有限理解。 价值投资，不止局限于股票，任何可以产生现金回报的资产都可以运用价值投资的方式去投资，也都可以从价 值投资的视角去看。 "买了之后即便永远不能卖，也愿意买"的心理实验，是对所有价值投资都适用的一个检验标准，不仅限于股票 这类资产。 即便不能卖也愿意买，它是一个检验标准，而"买公司"是从另一个视角来看投资这件事。以买股票为例，从买 公司的视角来看，也不是说（期待）买了股票之后等待更高的价格再把它卖出去。我觉得这是殊途同归的同一 种行为，只不过是 "买了之后永远都不能卖，也愿意买"是一个检验标准，而"买公司"是一个出发点。 在股票 投资领域，我觉得是一回事。 提问 段永平在访谈中多次强调"企业文化"，认 ...

Core Viewpoint - The founder and CEO of Three Squirrels, Zhang Liaoyuan, responded to recent discussions regarding the company's culture, emphasizing that a good corporate culture is one that is accepted by employees and aligns with the company's values, focusing on consumer-centricity and internal collaboration [1] Group 1: Company Culture - The recent controversy arose from a consumer's complaint about a potentially spoiled product, where the return recipient was humorously named "Return Mouse," leading to concerns about the name's negative connotation [1] - Zhang Liaoyuan stated that regardless of the method, if employees find the culture enjoyable and it ultimately reflects the company's values, it is considered a positive corporate culture [1]

Core Insights - The core viewpoint of the articles revolves around the investment strategies and philosophies of Duan Yongping, particularly his recent stock holdings and insights shared during an interview [1][3][4]. Group 1: Investment Portfolio - Duan Yongping's investment portfolio, H&H International Investment, reported a total market value of approximately $14.679 billion as of the end of Q3, reflecting a growth of about 28% from the previous quarter [1]. - The top ten holdings in the portfolio account for a high concentration of 99.51%, with Apple Inc. being the largest holding at approximately $8.87 billion, representing 60.42% of the total portfolio [2]. - Significant changes in holdings include a 53.53% increase in Berkshire Hathaway, while there were notable reductions in Alibaba (down 25.86%) and Nvidia (down 38.04%) [2]. Group 2: Investment Philosophy - The principle of "buying stocks is buying companies" is emphasized, highlighting the importance of understanding the business before investing [4][12]. - Duan Yongping acknowledges the difficulty in fully understanding companies like General Electric and Google, suggesting that investors should refrain from investing in businesses they do not comprehend [4][12]. - He stresses the importance of corporate culture and business models, stating that a strong culture can guide a company even through mistakes [14][16]. Group 3: Market Insights - Duan Yongping expresses admiration for Nvidia's founder Jensen Huang, noting his consistent vision over the years and the company's strong ecosystem [22]. - The discussion includes concerns about the future of electric vehicles, indicating that many companies in this sector may struggle due to a lack of differentiation [29]. - The potential impact of AI on various industries is acknowledged, with a belief that while AI will bring significant changes, it will not replace the need for sound investment decisions [33].

Core Insights - The article discusses the latest 13F holdings of H&H International Investment, revealing a total market value of approximately $14.68 billion, a 28% increase from the previous quarter, with a high concentration in the top ten holdings [1][2]. Holdings Summary - The largest holding is Apple (AAPL) with a market value of approximately $8.87 billion, accounting for 60.42% of the portfolio, showing a slight decrease of 0.82% [2]. - Berkshire Hathaway (BRK.B) is the second-largest holding at approximately $2.61 billion, with a significant increase of 53.53% [2]. - Other notable holdings include Pinduoduo (PDD) at approximately $1.13 billion, Occidental Petroleum (OXY) at approximately $640 million, and Alibaba (BABA) at approximately $496 million, with Alibaba seeing a notable decrease of 25.86% [2]. - New additions to the portfolio include ASML, while there were reductions in positions for Alibaba and Nvidia, with Nvidia seeing a decrease of 38.04% [2]. Investment Philosophy - The investment philosophy emphasizes understanding the business before investing, stating that "buying stocks is buying companies," which requires a deep understanding of the company's business model and culture [3][4][11]. - The importance of a "not-to-do list" is highlighted, suggesting that avoiding certain investments can be as crucial as making the right ones [12][15]. - The article discusses the significance of company culture and strategic focus, citing examples like Apple and its commitment to product quality and user experience [11][18]. Market Trends and Observations - The discussion includes insights on the semiconductor industry, particularly Nvidia's strong position and the challenges faced by electric vehicle companies due to lack of differentiation [13][18]. - The potential impact of AI on various industries is acknowledged, with a note that while AI will bring significant changes, it will not replace the need for sound investment decisions [18]. Recommendations for Investors - Investors are advised to focus on understanding the companies they invest in and to avoid following trends without comprehension, as this can lead to poor investment outcomes [15][18]. - The article suggests that investing in index funds, such as the S&P 500, can be a safer strategy for those who may not have the time or expertise to analyze individual stocks [15].

Group 1 - H&H International Investment's portfolio reached a total market value of approximately $14.679 billion by the end of Q3, reflecting a growth of about 28% from the previous quarter [1] - The top ten holdings in the portfolio account for a high concentration of 99.51%, with Apple Inc. being the largest holding [1] - New investments include ASML, with significant increases in Berkshire Hathaway shares, while there were notable reductions in Alibaba and NVIDIA shares, exceeding 25% [1] Group 2 - The investment philosophy of "buying stocks is buying companies" emphasizes the importance of understanding the business, which is inherently challenging [3] - The investor acknowledges limitations in understanding certain companies, such as General Electric and Google, and advises against investing in businesses that one does not comprehend [3][11] - The principle of "finding the right people and doing the right things" is highlighted as crucial for business success, along with a focus on differentiated products and user orientation [3][5] Group 3 - The investor expresses admiration for the business models of companies like Moutai, Tencent, and Apple, while reflecting on past investment mistakes, such as in General Electric [2][18] - The investor's strategy includes a significant focus on opportunity cost and the importance of holding onto investments that align with long-term value [2][35] - The investor's approach to investing in NVIDIA is driven by the recognition of its strong ecosystem and strategic vision, particularly in the context of the AI revolution [21][26] Group 4 - The investor emphasizes that investment decisions should not be solely based on price-to-earnings ratios but rather on future cash flows [17] - The importance of understanding company culture and business models is reiterated, with a specific mention of Apple's commitment to product quality and user experience [12][14] - The investor's experience with Pinduoduo is characterized as a risk investment, with uncertainty about its long-term sustainability despite trust in its culture and team [32]

全文阅读时间约为16分钟。 为实现企业与利益相关方的高效对接，CEO肩负三重使命：确立沟通准则、践行组织文化与使命，以及 在关键时刻勇敢发声。 当商业环境如今日般风云激荡，所有目光都会聚焦在CEO身上。 来自员工、董事会、投资人、客户、供应商与监管者等关键利益相关方的期待日益攀升，他们渴望企业 领导者对地缘政治博弈、生成式AI浪潮、职场生态重塑等颠覆性趋势给出权威判断与前瞻洞察。 随着企业经营版图与价值链的全球扩张，利益相关方的影响力不断上升。媒体与公众将企业的每一次选 择置于聚光灯下，而数字平台的普及，也使得利益相关方有能力即时掀起舆论波澜，引导社会情绪。 虽然许多企业配备了庞大的公关、投资者关系和市场传播团队来讲述品牌故事，但真正举足轻重的，仍 是CEO的一言一行。研究显示，近六成公众认为CEO的言行会直接影响他们对一家公司的看法【1】。 爱德曼信任晴雨表（Edelman Trust Barometer）也表明，CEO是当前最受信任的社会角色之一【2】。但 这份信任，也意味着更高的要求：利益相关方希望CEO保持透明、始终在线，能够以权威且连贯的声 音，清晰描绘企业所面临的现实与未来之路，展现应对策略与破局 ...