（来源：新华日报） □ 本报记者 许雯斐 通讯员 芦萱 2025年的最后一天，为迎接记者的来访，徐江君让守店的婆婆回家，自己趁此粗略盘点下一年的生意。 "这两年生意难做，可你说巧不巧，每到年末，就会有办喜宴的大单找上门。"徐江君说话总带着笑意， 大大的眼睛闪着光。只是每当提及难处，她总会话锋一转，找个"愉快的转折"把话题带向积极处。 徐江君，南京江北新区长芦街道六甲社区居民。谁能想到，眼前这个行动利落、言语从容的姑娘，在十 年前的一场交通事故中失去了自己的左手臂。在后来的岁月里，她用超乎常人的坚毅，长出了属于自己 的"翅膀"，冲出生活的风暴。 重新"支棱"起来 2015年4月，一场突如其来的车祸夺走了徐江君的左臂，当时她27岁。"出事那会儿，儿子还在上中班， 我在家躺了整整一年。等我再次站在学校门口接他时，才猛然发现，孩子已经读大班了。"她回忆。从 自己的剧痛中缓过神后，她才留意到：家人总在一旁心疼垂泪，连年幼的儿子都常瘪着小嘴抱怨，是那 辆红色轿车"抢走"了妈妈的手臂。 那一刻，她心里的某个地方忽然硬了起来，必须重新"支棱"起来，为了他们。 "好在还剩11厘米的残肢，不然连义肢都装不起来。"渐渐地，她学会用 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：上市之家 "Manus 在你所在的地区不可用。"打开Manus的官网，只看到这一行字。 12月30日，Meta宣布以数十亿美元收购通用AI Agent产品Manus的母公司蝴蝶效应。这笔交易是Meta成 立以来第三大收购，仅用了十余天便从讨论到敲定，速度快到让投资人都"怀疑过这是不是一个假的 offer"。 国内科技行业，特别是投资圈和创业圈在社交媒体上疯狂转发庆祝，《晚点》的那篇独家文章，被转发 了5.9万次。 作为这家公司的多轮投资者，也是最大受益者，真格基金的兴奋溢于言表，高调宣称："属于中国这一 代年轻创业者的时代，已经到来。" 真格基金管理合伙人、前聚美优品联合创始人戴雨森表示："最近每天都在感叹，Manus 已经不仅是一 个创业公司，更是中国新一代创业精神和希望的象征。" 然而，当欢呼声渐退，一个不容忽视的事实摆在眼前：那个曾被誉为"中国AI之光"的Manus，早已对中 国大陆用户显示"不可用"。这场看似"中国创业者的胜利"，实则与中国创业圈的关系十分微妙。 创始人肖弘曾开发过两款微信生态的插件卖给一家独角兽公司，这一 ...

Core Viewpoint - China is advancing high-quality development with a focus on technological innovation, industrial upgrading, and institutional resilience, providing stability to the global economy amidst geopolitical tensions and trade disputes [1][3]. Group 1: Economic Development and Resilience - The economic development in China is characterized not only by growth in economic output but also by systemic innovation and the construction of industrial ecosystems, as seen in the automotive industry [3][5]. - The uncertainty in the global trade system, exacerbated by fluctuating U.S. policies, has increased operational difficulties for businesses and diminished global innovation efficiency [3][11]. - China's five-year plans are crucial for economic development, providing a framework for action and demonstrating continuity in policy execution, which contributes to economic resilience [7][15]. Group 2: Long-term Vision and Strategic Planning - Chinese leaders exhibit significant patience and a long-term vision in decision-making, focusing on sustainable development rather than short-term results, which fosters optimism about China's future [15]. - The concept of "resilience" is emphasized, particularly in the context of decision-making under uncertainty, highlighting the importance of flexibility in economic planning [8]. Group 3: Free Trade and Global Cooperation - Embracing free trade is seen as essential for prosperity, with countries that support open trade likely to fare better than those that do not [12][13]. - Events like the China International Import Expo (CIIE) serve as platforms for promoting trade and cooperation, sending positive signals to the global economy [13]. - The current global trade environment is influenced by U.S. policies, which have led to increased costs and disrupted business operations, underscoring the need for innovative solutions in supply chain management [11][14].

Core Insights - The HICOOL 2025 Global Entrepreneur Summit emphasizes collaboration as the foundation of innovation, with participants from over 50 countries sharing insights on the importance of working together to drive progress [1][2][3] - The summit highlights the role of technology in serving humanity, focusing on real-world applications in healthcare and addressing global challenges such as aging and mental health [4][5] - Entrepreneurship is framed as a journey that requires resilience and the ability to learn from failures, with a strong emphasis on the importance of perseverance in the face of setbacks [6][7] Group 1: Collaboration as Innovation's Root - Collaboration is identified as the most frequently mentioned keyword, underscoring its critical role in driving innovation [1][2] - A practical model for collaborative innovation is proposed, emphasizing the need for openness and cross-sector cooperation [2] - The unique environment of HICOOL fosters alignment of goals among diverse participants, enhancing the efficiency of collaborative efforts [2][3] Group 2: Technology for Humanity - The summit raises questions about the ultimate purpose of technology, advocating for a focus on human-centric solutions [4][5] - Immersive technologies are presented as effective tools for addressing mental health challenges, showcasing their scalability and cost-effectiveness [5] - The importance of connecting technology to real human problems is emphasized, with examples of collaborative projects aimed at improving health outcomes [5] Group 3: Resilience in Entrepreneurship - The entrepreneurial journey is characterized as challenging, with a focus on the importance of resilience and the ability to rebound from failures [6][7] - Participants are encouraged to view failures as learning opportunities, promoting a mindset of rapid learning and adaptation [6] - The summit serves as a reminder that the path of entrepreneurship is fraught with challenges, but persistence and determination are key to success [6][7] Group 4: Beijing as an Innovation Hub - HICOOL 2025 reflects a broader trend of fostering innovation through collaboration in Beijing, positioning the city as a critical node in the global innovation network [7][8] - The summit is seen as a platform that transforms collaboration into a daily practice, contributing to the development of an innovative ecosystem [8] - The connections made during the summit are expected to have lasting impacts, igniting further entrepreneurial journeys [9][10]

Core Insights - Jack Ma has injected three powerful energies into Alibaba: entrepreneurial spirit, reduced policy sensitivity, and the ability to seize opportunity windows [1][3]. Group 1: Stock Performance - Since February, Alibaba's stock price has nearly doubled, with a significant surge of almost 40% following the recent quarterly report [2]. - Despite the stock price being only half of its historical peak, there is potential for recovery and even surpassing previous highs if the right path is followed and morale is restored [6]. Group 2: Impact of Jack Ma's Return - Jack Ma's return has revitalized Alibaba's ability to capture opportunities, with cloud services becoming a growth engine and local services directly competing with Meituan [5]. - The company is now approaching breakeven in its overseas business and is actively engaging in the AI sector [5]. Group 3: Opportunities in the Market - Alibaba has the potential to capitalize on four major opportunities in the Chinese internet and technology sectors: internationalization, new technologies including AI and fintech, globalization of the supply chain, and the transition of local services from infrastructure and user expansion to user value realization [3][4].

Group 1 - Jack Ma has made multiple public appearances in China this year, generating significant attention [3][4][5][8] - On September 17, Alibaba's stock opened 2.74% higher, reaching a nearly four-year high, with a total market capitalization returning to HKD 3 trillion, reflecting a cumulative increase of over 96% this year [10] - Alibaba has launched its next-generation open-source Qwen3-Next model, focusing on high training and inference cost-performance [10] Group 2 - Ma's recent appearances include events at Alibaba's headquarters and various company locations, where he encouraged employees and promoted the entrepreneurial spirit [4][5] - The "Lakeside Cabin," a replica of the original startup apartment, was unveiled at Alibaba's global headquarters, symbolizing the company's founding spirit [4] - Speculation about Ma's return to a leadership role at Alibaba has been dismissed by internal sources, emphasizing that he has never truly left the company [8]

Core Viewpoint - The article reflects on the personal and professional growth experienced through participating in a challenging endurance event, drawing parallels between the journey of entrepreneurship and the physical and mental challenges faced during the trek [9][30][42]. Group 1: Event Overview - The event, known as the "Entrepreneur Gobi Trek," involves a three-day trek covering 100 kilometers in the Gobi Desert, symbolizing the journey of entrepreneurship [3][30]. - Participants include entrepreneurs, investors, and professionals from various fields, fostering a sense of community and shared experience [13][19]. Group 2: Personal Reflections - The author emphasizes the importance of physical endurance and mental resilience in both trekking and entrepreneurship, noting that many successful entrepreneurs engage in endurance sports [11][28]. - The trek serves as a metaphor for the challenges faced in business, highlighting the need for perseverance and teamwork to overcome obstacles [32][34]. Group 3: Insights on Entrepreneurship - The article discusses the differences between entrepreneurs and investors, noting that entrepreneurs often experience the journey's hardships more acutely [17][20]. - It suggests that the entrepreneurial path is fraught with difficulties, akin to the physical challenges of the trek, and emphasizes the importance of maintaining focus on goals and progress [39][42]. Group 4: Lessons Learned - Key lessons from the trek include the significance of setting clear goals, the value of teamwork, and the understanding that progress may require patience and persistence [38][39]. - The author concludes that the journey itself is as valuable as the destination, encouraging readers to embrace their own paths, whether in business or personal endeavors [42][44].

Core Viewpoint - 7&i Holdings, the parent company of 7-11 convenience stores, announced a transformative business plan for the next five years, starting in September, aiming to redefine its international convenience store operations [1][2]. Group 1: Historical Context and Challenges - The company has faced significant challenges, including criticism from investors leading to the sale of its low-performing Sogo Seibu department store business [2][3]. - The recent withdrawal of Canadian convenience store company ACT from a proposed acquisition of 7&i has heightened awareness of the need to maintain control amid currency depreciation and high capital values [2][3]. - The company has streamlined its operations to focus solely on the 7-11 convenience store business, aligning with investor demands for improved efficiency [3][4]. Group 2: Leadership and Strategic Direction - The new president, Daisuke Daisuke, emphasized the importance of transformation at a historical turning point for the company, acknowledging past market share losses and the need for accelerated investment [1][6]. - Daisuke's strategy includes enhancing international operations, particularly in the U.S. and Japan, while addressing internal challenges within subsidiary companies [7][8]. Group 3: Key Initiatives and Financial Goals - The company plans to solidify its market position by potentially listing its U.S. subsidiary, SEI, by the end of 2026, which could raise significant capital for operational upgrades [9][12]. - A target has been set to increase the number of stores in Japan by 1,000 and in the U.S. by approximately 1,300 by 2030, although this expansion plan has faced skepticism [9][15]. - The financial goal is to grow sales from 10 trillion yen (approximately 485.68 billion RMB) in February 2025 to 11.3 trillion yen (approximately 548.78 billion RMB) by February 2031, with operating profit expected to rise by 26% [13][21]. Group 4: Market Position and Competitive Landscape - The company is facing declining customer satisfaction and market share compared to competitors like Lawson and FamilyMart, necessitating a focus on product differentiation and service improvement [4][22]. - Daisuke aims to restore the entrepreneurial spirit of the company's founders by enhancing customer trust and communication, particularly among younger demographics [16][17]. Group 5: Organizational and Governance Changes - There is a need for organizational reform to address the challenges of managing both domestic and international operations effectively, with a focus on improving governance structures [19][21]. - The company is under pressure to balance its domestic and U.S. operations, as the latter has shown higher sales performance, raising questions about resource allocation and management focus [18][19].

Group 1 - The article highlights a tragic trend in the business world, where five prominent entrepreneurs have committed suicide within a few months, indicating the severe pressures faced by business leaders [1] - The individuals mentioned include founders and CEOs from various industries, such as the founder of Shaoxing Jindianzi, Liu Wenchao from Xizi Elevator, and Wang Linpeng from Juran Smart Home, all of whom faced significant personal and professional challenges [1] - The deaths have sparked widespread concern and reflection on the mental health issues and pressures that entrepreneurs endure in a volatile business environment [1] Group 2 - The narrative shifts to the inspiring story of Mr. Mou Qizhong, who, despite facing numerous life challenges, including wrongful imprisonment and severe financial difficulties, has maintained a resilient spirit and continues to pursue his entrepreneurial dreams at the age of 85 [3][4] - Mr. Mou's life exemplifies the entrepreneurial spirit of perseverance and hope, serving as a motivational figure for younger generations, particularly in the context of the struggles faced by business owners [3][4] - The article emphasizes the importance of courage in entrepreneurship, suggesting that enduring hardships and maintaining hope are crucial for success in the business landscape [4][6] Group 3 - The piece reflects on the broader theme of entrepreneurship as a challenging journey filled with risks and uncertainties, often described as a "life-and-death" struggle [6] - It acknowledges the hidden struggles behind successful entrepreneurs, emphasizing that their achievements often come with significant personal sacrifices and hardships [6][7] - The narrative encourages business leaders to persist through difficulties, drawing inspiration from Mr. Mou's unwavering commitment to his dreams, and highlights the responsibility entrepreneurs have towards their families, employees, and communities [7][9]

Group 1: Investment Background and Performance - Elise McKay, co-portfolio manager of Pendal's Horizon fund, has a diverse background in finance, having worked at Ernst & Young and JPMorgan before joining Pendal [3][5] - The Horizon sustainable Australian equities fund, managed by McKay and Crispin Murray, ranked fourth in the latest Mercer quarterly survey, indicating strong performance [2][5] - The fund has achieved a 20% return over the past year, outperforming the benchmark index which returned 13.17% [5] Group 2: Key Holdings and Market Strategy - The fund's significant holdings include Qantas, Technology One, Telstra, Evolution Mining, Xero, and Commonwealth Bank, contributing to substantial gains [3][5] - Commonwealth Bank's market capitalization recently surpassed 300 billion AUD, highlighting its importance in the portfolio [3] - McKay's strategy includes taking profits after a 30% surge in A2 Milk's stock and increasing positions in NextDC during its decline, viewing it as undervalued [6][7] Group 3: Company Insights and Future Outlook - McKay remains optimistic about Xero, which saw a 12% increase in May, citing its effective capital return and growth in global subscription users [8] - Downer EDI, another company of interest, has risen 14.5% this year, with improvements in governance despite facing regulatory challenges [9] - Seven Group Holdings, controlled by the Stokes family, is also viewed positively, particularly as the residential construction market is expected to recover [9]