霍华德马克斯在《价值演算》中直言："投资的成败主要取决于对盈利能力的判断是否正确。"而这种精准判断的 内核，正是认知的深度。查理芒格亦曾强调，"配得上"想要的事物，本质是让认知匹配价值。 在快速流变的世界里，谁也无法基于当下作出对未来的判断；即便这个时代最厉害的人，也同样被局限在这个时 代里。只有将时间拉长，去对话几百年甚至上千年前的人、去对话宇宙万事万物，才能突破我们被局限的认知， 进而提升认知。而对话的工具就是——读书。 你能看到的各行各业的聪明人都有一个共通点，就是酷爱读书、坚持阅读。做投资更需要通过读书，从更长远的 时空来观察事物，找出变化中的不变，深刻认知事物的第一性原理，发现投资价值。 金秋十月、秋风飒爽，创业资本汇携手一众投资大咖，向读者朋友们分享他们喜爱的书籍，一同顺着指尖穿越时 空，寻找认知的高点。本期第五期，我们邀请到峰瑞资本创始合伙人李丰做分享。 峰瑞资本创始合伙人李丰 《我们去向何方》作者：许倬云；《世界何以至此》作者：许倬云 推荐语：过去两三年，我几乎读遍了许倬云先生的书，也多次向身边的创业者、同事和朋友推荐。其中两本书的 书名很有意思，恰好构成一组"灵魂拷问"——《我们去向何方》和 ...

《我们去向何方》 作者：许倬云；《世界何以至此》 作者：许倬云 推荐语：过去两三年，我几乎读遍了许倬云先生的书，也多次向身边的创业者、同事和朋友推荐。其中两本书的 书名很有意思，恰好构成一组"灵魂拷问"——《我们去向何方》和《世界何以至此》。通常，我们更习惯于关心 第一个问题，对前行的方向充满关切。然而，事实上，我们需要先深入探究第二个问题，也就是世界是如何一步 步走到今天的，才能更好地回答前一个问题。 在快速流变的世界里，谁也无法基于当下作出对未来的判断；即便这个时代最厉害的人，也同样被局限在这个时 代里。只有将时间拉长，去对话几百年甚至上千年前的人、去对话宇宙万事万物，才能突破我们被局限的认知， 进而提升认知。而对话的工具就是——读书。 你能看到的各行各业的聪明人都有一个共通点，就是酷爱读书、坚持阅读。做投资更需要通过读书，从更长远的 时空来观察事物，找出变化中的不变，深刻认知事物的第一性原理，发现投资价值。 金秋十月、秋风飒爽，创业资本汇携手一众投资大咖，向读者朋友们分享他们喜爱的书籍，一同顺着指尖穿越时 空，寻找认知的高点。本期第五期，我们邀请到峰瑞资本创始合伙人李丰做分享。 峰瑞资本创始合伙人 李丰 ...

霍华德・马克斯在《价值演算》中直言："投资的成败主要取决于对盈利能力的判断是否正确。"而这种 精准判断的内核，正是认知的深度。查理・芒格亦曾强调，"配得上"想要的事物，本质是让认知匹配价 值。 在快速流变的世界里，谁也无法基于当下作出对未来的判断；即便这个时代最厉害的人，也同样被局限 在这个时代里。只有将时间拉长，去对话几百年甚至上千年前的人、去对话宇宙万事万物，才能突破我 们被局限的认知，进而提升认知。而对话的工具就是——读书。 你能看到的各行各业的聪明人都有一个共通点，就是酷爱读书、坚持阅读。做投资更需要通过读书，从 更长远的时空来观察事物，找出变化中的不变，深刻认知事物的第一性原理，发现投资价值。 推荐语：《张忠谋自传》分上下册，上册出版于1998年，记其大陆成长、美国求学与职场起步，下册出 版于2024年11月，26年的跨度，更加凸显其独特的时代意义。台积电作为全球芯片与AI产业关键企 业，稳居领先制程榜首且市值超万亿美元，自传是了解其崛起的重要窗口。张忠谋56岁创立台积电，工 作至87岁，传奇经历令人慨叹。同时，自传亦是全球芯片行业发展史缩影，《芯片战争》作者曾深度采 访他，其经历是行业发展重要环节 ...

霍华德・马克斯在《价值演算》中直言："投资的成败主要取决于对盈利能力的判断是否正确。"而这种精准判断的内核，正是认知的深度。查理・芒格亦 曾强调，"配得上"想要的事物，本质是让认知匹配价值。 在快速流变的世界里，谁也无法基于当下作出对未来的判断；即便这个时代最厉害的人，也同样被局限在这个时代里。只有将时间拉长，去对话几百年甚 至上千年前的人、去对话宇宙万事万物，才能突破我们被局限的认知，进而提升认知。而对话的工具就是——读书。 你能看到的各行各业的聪明人都有一个共通点，就是酷爱读书、坚持阅读。做投资更需要通过读书，从更长远的时空来观察事物，找出变化中的不变，深 刻认知事物的第一性原理，发现投资价值。 金秋十月、秋风飒爽，创业资本汇携手一众投资大咖，向读者朋友们分享他们喜爱的书籍，一同顺着指尖穿越时空，寻找认知的高点。本期第二期，我们 邀请到基石资本董事长张维做分享。 基石资本董事长 张维 徐中约认为，"变化的动态表明，近代中国历史的特征并非是一种对西方的被动反应，而是一场中国人应付内外挑战的主动奋斗，力图更新并改造国家，使之从一个 落后的儒家普世帝国，转变为一个在国际大家庭中拥有正当席位的近代民族国家。这种见 ...

（原标题：基石资本张维：读400年中国史，悟内生变革动能丨大咖荐书） 他将近代中国形成的动力总结为三点：一是政府的政策和制度；二是反对外来因素的民族或种族抗争； 三是在新的天地里寻求一条求生之道。本书也以此为纲，并于第三点上重点着墨。 霍华德?马克斯在《价值演算》中直言："投资的成败主要取决于对盈利能力的判断是否正确。"而这种 精准判断的内核，正是认知的深度。查理?芒格亦曾强调，"配得上"想要的事物，本质是让认知匹配价 值。 在快速流变的世界里，谁也无法基于当下作出对未来的判断；即便这个时代最厉害的人，也同样被局限 在这个时代里。只有将时间拉长，去对话几百年甚至上千年前的人、去对话宇宙万事万物，才能突破我 们被局限的认知，进而提升认知。而对话的工具就是——读书。 你能看到的各行各业的聪明人都有一个共通点，就是酷爱读书、坚持阅读。做投资更需要通过读书，从 更长远的时空来观察事物，找出变化中的不变，深刻认知事物的第一性原理，发现投资价值。 徐中约（1923—2005）生于上海，长于乱世，于燕京大学毕业后，又负笈美国，1954年于哈佛大学取得 博士学位，之后长期任教于加州大学圣芭芭拉分校历史系。亲历过时代巨变、跨越 ...

Summary of Nongfu Spring Conference Call Company Overview - **Company**: Nongfu Spring - **Industry**: Beverage Industry, specifically bottled water and sugar-free tea Key Points and Arguments Market Performance and Stock Valuation - Nongfu Spring's stock price has shown strong performance, benefiting from short-term data catalysts and the impact of the Wahaha incident, leading to an expected increase in market share in the bottled water segment [2][4] - The company's stock has more than doubled since its lowest point last year, with a year-to-date increase of over 60% in 2025 [4] - Current stock price is expected to reach a PE valuation of approximately 30 times by 2026, with an optimistic estimate of up to 35 times, indicating a potential overall return of 20-25% [2][8] Financial Performance and Projections - For 2025, Nongfu Spring's net profit is projected to be revised up to 15 billion yuan, representing a year-on-year growth of about 25% [2][5] - The company is expected to achieve a revenue growth of around 15% in 2025, with profit growth returning to a normal level of about 15% in 2026 [5][11] - The strong performance in the first half of 2025 is attributed to the low base effect from the previous year and increased revenue in the second half [5][10] Growth Drivers - The growth of sugar-free tea and bottled water is expected to drive overall industry growth, with sugar-free tea showing a faster penetration rate [2][6] - The projected revenue for sugar-free tea in 2025 is around 15 billion yuan, with a long-term target of 20 billion yuan [3][9] - Price reductions in sugar-free tea are anticipated to enhance penetration rates, further driving volume growth [3][9] Competitive Landscape and Market Position - Despite concerns about increased competition potentially affecting profitability, Nongfu Spring is expected to maintain a reasonable profit level and stable revenue growth [10] - The company holds a strong brand presence and recognition, positioning it as a leading player in the growth segment of the beverage market [4][6] Investment Considerations - Investors are encouraged to focus on Nongfu Spring's value as a leading company in the sector, especially after the recent adjustments and the low base effect from previous challenges [8][10] - The overall investment outlook remains positive, with expectations of continued high valuation status due to multiple favorable factors [4][8] Additional Important Insights - The impact of the Wahaha incident has created opportunities for Nongfu Spring to capture additional market share in the bottled water sector [4] - The company's strong brand equity and market position are expected to sustain its growth trajectory in the competitive beverage landscape [6][10]

Core Viewpoint - The company has not yet entered the PEEK-related business but emphasizes shareholder returns and market value management [1] Group 1 - The management is committed to enhancing the company's fundamentals and investment value [1] - The company aims to create long-term and stable value for shareholders [1] - There are potential plans for share buybacks or increases in holdings [1]

Group 1 - The investment value and potential of domestic cities in China are gaining attention amid a new round of technological revolution and industrial transformation [1] - GYBrand Global Brand Research Institute released the "Top 50 Cities with the Most Investment Value in China Index," which evaluates cities based on multiple dimensions such as economic fundamentals, population and talent, sustainable development, and future industries [1] - The top 50 cities exhibit a diverse pattern of "East strong, West advancing, North-South linkage," with cities like Hangzhou and Suzhou showing investment potential due to strong economic strength and open policies, while cities like Chengdu and Chongqing leverage policy and industrial synergies [1] Group 2 - Taiyuan is accelerating the construction of a national resource-based economic transformation comprehensive reform pilot zone, focusing on energy transition and industrial upgrading [1] - Last year, Taiyuan initiated 301 reform items across 12 areas, becoming a benchmark city in three dimensions: public service optimization, regional barrier removal, and rights protection [2] - Taiyuan's industrial investment growth rate reached 24.7%, ranking first in the province, and this year the city aims for quality, efficiency, and return in investments [2]

Group 1 - Core Viewpoint on Shareholder Value: "Being a shareholder of Industrial and Commercial Bank of China (ICBC) should be a relatively happy experience" [1] - Growth Philosophy Declaration: "Constant speed may be the fastest, and balance may be the best. We have always adhered to this concept to promote ICBC's transformation and further high-quality development" [1] - Market Synchronization Positioning: "As a super-scale bank, we are always in resonance with the market and accurately reflect the growth status of the Chinese national economy" [1] Group 2 - Financial Stability Responsibility: "ICBC plays the role of a mainstay bank, a stabilizer. If the stabilizer's speed is extraordinary, its function may not perform well" [1] - Operational Logic Critique: "As a leading bank, we must advance in the same direction as the national economy... A bank of this size turning around indicates a problem in directional choice" [1] - Revenue Structure Metaphor: "Net interest income is the 'big head' of revenue; as a large commercial bank primarily engaged in indirect financing, interest income is our 'staple food'" [2] Group 3 - Investment Value Anchor: "Based on the stock price on August 28, the dividend yield for ICBC's A/H shares is around 4.2% and 5.8%, which should be higher than the long-term funding cost and comparable to some wealth management products, making it a good investment target" [2] - Domestic and International Business Positioning: "Domestic branches are our main base, providing stable momentum for group development; internationalization and diversification are our new bases, offering new growth curves and additional contributions" [2] - Response to Low Interest Margin: "Internationalization and diversification are not only indispensable components but also essential options for us to cope with the low interest margin environment and better serve the new development pattern" [3] Group 4 - National Economy Synchronization: "The national economy reflected in ICBC's balance sheet shows that ICBC is on a trajectory roughly corresponding to China's high-quality economic transformation... We hope to present a better annual report than the semi-annual one, with solid progress in serving the real economy and effectively preventing and resolving risks" [3]

Core Insights - The commitment to shareholder value emphasizes that being a shareholder of the Industrial and Commercial Bank of China (ICBC) should be a positive experience [2] - The growth philosophy highlights a balanced approach to transformation and high-quality development, suggesting that steady growth may be the most effective strategy [2] - The bank positions itself as a major player in the market, reflecting the growth of the Chinese economy accurately [2] Financial Stability and Strategy - ICBC sees itself as a stabilizing force in the financial system, indicating that excessive speed in operations could undermine its stabilizing role [2] - The bank's operational logic suggests that it aligns closely with the national economy, adjusting strategies to ensure steady progress rather than pursuing extraordinary growth rates [2] - Interest income is identified as the primary revenue source, likening it to the bank's "staple food" [2] Investment and Business Positioning - The bank's A/H share dividend yields of approximately 4.2% and 5.8% are considered attractive compared to long-term funding costs and other investment products, making it a viable investment option [2] - Domestic branches are viewed as the main base for stability, while internationalization and diversification are seen as new growth avenues [2] - The bank's international and comprehensive strategies are essential for navigating low interest margin environments and better serving the new economic development framework [2] Economic Reflection - The bank's balance sheet is expected to reflect a trajectory aligned with China's high-quality economic transformation, aiming for solid progress in its annual performance [3]