从19世纪伦敦一家经营贝壳贸易的小店，到世界石油巨头之一，壳牌——这家穿越两次世界大战、多次能源革命的百年巨擘，为我们呈现了一 份"周期逆袭者"的近乎满分答卷。 当石油战争撕裂市场、当新能源冲击传统、当地缘政治撕裂供应链……面临能源行业的每一次剧变，壳牌却总能在动荡中重构竞争力。 它是1973年石油危机中受冲击最小的国际油企之一，是传统巨头中最早押注天然气的远见者，更是从"石油七姐妹"中"丑陋的小妹妹"，成长为全 球能源行业的标杆。 作为欧洲能源巨头，壳牌用跨越世纪的战略韧性证明："真正的巨头是与风暴同行，并学会在飓风中发电。" 作 者：刘溪 来 源：正和岛（ID：zhenghedao） 一、从贝壳商人到石油大亨 1833年，伦敦泰晤士河码头上，犹太商人马库斯·塞缪尔开设的杂货铺开始专营东方贝壳工艺品。这些来自远东的贝壳纽扣和首饰盒，让这个 以"壳牌"（Shell）命名的小店在伦敦初露头角。 他绝不会想到，这个小店日后会撼动洛克菲勒家族的石油霸权。 1850-1870年代，维多利亚时代的英国正值贸易巅峰期，钢铁产量占全球半数，伦敦港吞吐着世界三分之一的货物。老塞缪尔抓住机遇，将贸易触 角伸向远东。 1870年 ...

Caterpillar Earnings Call Summary Company Overview - **Company**: Caterpillar Inc. - **Industry**: Construction and Machinery Key Points Financial Performance - Caterpillar's construction industries reported **$25 billion** in sales for 2024, a slight decrease from the record high in 2023 [8] - The company is currently at the second highest sales level, indicating strong performance despite a slight decline [9][10] Market Dynamics - The U.S. market remains robust, supported by the **Infrastructure Investment and Jobs Act (IIJA)**, with ongoing funding and strong contractor sentiment [10][11] - Caterpillar's backlog numbers indicate strong order levels, reflecting healthy industry performance [11] - In Europe, there is some weakness, but positive signals are emerging from Germany [16][17] - China has seen increases in the above 10-ton excavator market, recovering from previous lows [17] - Developing markets, particularly in the Middle East and Africa, show significant infrastructure projects underway [18][19] Profitability and Margins - Margins have more than doubled over the last decade, attributed to the operating execution model and improved process efficiencies [20][22] - The company aims to maintain cost efficiency while providing customers with the lowest total operating costs [24] Services and Customer Engagement - Caterpillar focuses on service initiatives, including machine rebuilds and predictive maintenance through connected machines, enhancing customer loyalty [25][28] - The company emphasizes the importance of making it easy for customers to own and operate their equipment, which drives repeat business [30] Tariff and Regulatory Environment - The company is actively engaged in scenario planning to navigate uncertainties related to tariffs and trade policies [36][37] - Caterpillar's manufacturing footprint in the U.S. provides flexibility to manage tariff impacts, as it is a net exporter with many facilities dedicated to export [38][39] Competitive Landscape - Caterpillar maintains a strong competitive position due to its extensive manufacturing presence in the U.S. and a focus on customer needs [48][49] - The company respects its competitors but emphasizes its unique strengths in manufacturing and customer service [47] Inventory Management - Dealer inventories are managed within a range of three to four months of sales, providing a buffer against market uncertainties [75] - The company is cautious about inventory levels, especially in light of potential economic fluctuations [73] Future Outlook - The company anticipates continued demand driven by infrastructure spending and positive signals from contractors regarding future projects [87][88] - There is optimism about the potential for new infrastructure bills, which could further support the construction industry [87] Rental Market Strategy - Caterpillar views the rental market as a significant growth opportunity, with increasing customer dependence on rental services [103][106] - The company is well-positioned to offer various options, including rental, lease, and purchase, enhancing customer flexibility [106] Global Market Insights - In China, the market is recovering from real estate issues, with improved confidence among contractors leading to increased equipment purchases [109][110] Additional Insights - The company is focused on maintaining a cost-conscious culture, ensuring operational efficiency across all levels of the organization [46] - Caterpillar's commitment to customer service and operational excellence is central to its strategy for sustaining growth and profitability in a competitive landscape [58][60]

全文阅读时间约为17分钟。 随着亚洲在全球舞台上的影响力与日俱增，亚洲企业也站上了引领未来发展的风口浪尖。 亚洲正迈入一个有望大幅扩展全球影响力的新时代。当前，全球秩序加剧动荡，供应链与贸易格局重构 在即，亚洲经济体正日益崭露头角，成为关键的连接纽带。麦肯锡分析显示，到2040年，亚洲有望贡献 全球42%的GDP，孕育60%的《财富》全球500强企业，并汇聚全球55%的劳动人口。这片大陆不仅将成 为全球贸易引擎，更将在本土投资、研发、创新以及人工智能应用等关键领域实现跃升。 亚洲企业正处于引领这一变革的最佳位置。凭借日益精进的技术实力、雄厚的产业基础与庞大的市场规 模，加之持续增长的储蓄与投资动能，亚洲有望在半导体、电商、云服务和可再生能源等优势行业掀起 新一轮发展浪潮【1】。 对于CEO而言，唯有紧扣四大时代命题，重新锚定战略方向与组织重心，方能在这场世纪变革中脱颖而 出。亚洲有望孕育新一代全球巨头，大幅加码本土投资，领跑AI等变革性技术创新，并释放出数字原 住民一代驱动的庞大财富潜力。本文将逐一剖析这些趋势所蕴藏的机遇与挑战，并探讨CEO如何乘势而 上、赢得未来。 亚洲新势力登上全球舞台 亚洲企业正在数字 ...