1、资料名称：2024-2011年上市公司企业渐进式创新数据、渐进式创新锁定数据 2、测算方式：参考顶刊《经济研究》孙雅慧（2024）老师的做法，渐进式创新的特点在于当前创新活动和往期创新在内容上存在连续性， 可用当期创新和 往期创新的内容重叠度作为衡量渐进式创新程度的合理指标。专利申请作为企业创新成果的重要组成部分， 其摘要凝练了创新活动的核心内容 （刘青和肖 柏高， 2023）。本文搜集海量专利摘要， 测算当前专利申请和既有专利的内容相似度， 反映企业在双元创新中更倾向于渐进式创新的程度。在文本分析方 法的选择上， 基于关键词频率的识别方法在创新研究中应用最普遍， 但词频法高度依赖于关键词选取的合理性， 限制了指标测度的准确性 （Hain et al.， 2022）。近期研究开发了基于机器学习和深度学习的文本挖掘方法， 通过嵌入模型将非结构化文本转换为数值向量， 从而实现对文本信息的深度处理。该 方法此前普遍用于刻画技术发展路径和前沿技术搜索 （Arts et al.， 2021； Hainet al.， 2022）， 在实证指标测度方面的应用尚未得到充分探索。本文根据 专利相似度构造企业层面渐进式创新程 ...

文 | 脑极体 豆包手机发布之后，大众为它编写了一套脚踢腾讯、拳打阿里的剧本。 有人说字节要掀桌子，有人断言微信要被豆包手机干成流量管道。微信、阿里、银行等应用拒绝被豆包手机助手调用，则被广泛理解成：大厂抱团抵制创 新。 豆包手机，真值得大厂如此忌惮吗？ 对于见证了智能体手机从无到有、一路迭代至今的从业者来说，豆包手机并不是什么石破天惊的发明。 从产品上看，智能体手机的技术趋势已经酝酿一年多了，荣耀、OPPO、vivo这些厂商早就在这条路上摸爬滚打，豆包手机的逻辑和主要功能都沿用了行 业里已有的探索，并没有什么从0到1的突破。 豆包手机：我为啥要与它们为敌啊？ 吃瓜群众：那你别管。 绝大多数看客眼中，豆包手机是对抗互联网旧秩序的创新英雄，也是字节跳动射向其他巨头应用的一颗"银弹"。 银弹是科技行业的经典说法，指的是一击必杀的解决方案。图灵奖得主Fred Brooks曾在《没有银弹》一书中提出，软件工程没有银弹，其复杂性决定了没 有任何单一技术可以实现一劳永逸的突破。 从战略上看，作为躯壳的努比亚，市场销量排不进国产手机TOP5，作为灵魂的豆包手机助手，功能也并不难复制（真正的卡点是系统级授权），两者联 手的产 ...

Core Viewpoint - The company, Hainan Jinpan Intelligent Technology Co., Ltd., emphasizes its commitment to technological innovation and its dual-driven model of "incremental innovation" and "leapfrog innovation" as it aims to grow alongside Hainan's development as a free trade port [2]. Group 1: Company Overview - Jinpan Technology is a globally recognized supplier of electrical equipment, with products including transformers and energy storage systems, sold in 87 countries [2]. - The company's core products are widely used in key areas such as Artificial Intelligence Data Centers (AIDC), renewable energy, and energy efficiency, while also expanding into intelligent industrial robots and new materials [2]. Group 2: Market Demand and Product Development - The rapid development of global AI technology and the increasing demand for AI computing power are driving significant growth in AIDC construction and its associated electrical demand [3]. - Jinpan Technology is developing future iterations of power conversion devices, specifically high-voltage direct current (HVDC) systems, and has designed a 10kV/2.4MW solid-state transformer prototype suitable for HVDC 800V power supply architecture, showcasing competitive advantages and forward-looking layouts [3]. Group 3: Strategic Positioning and Global Expansion - The operation of Hainan's free trade port is seen as a profound restructuring of development logic, enhancing Jinpan Technology's global resource allocation capabilities and paving the way for its global market expansion [3]. - As one of the first users of the multi-functional free trade account (EF account) in Hainan, Jinpan Technology leverages the advantages of the EF account for cross-border transactions, which will facilitate effective interaction with international markets [4]. - The innovative systems and open environment of the free trade port are expected to attract international talent and technological resources, supporting Jinpan Technology's innovation and enhancing its agility and resilience in the international market [4].

Core Insights - The article discusses the challenges enterprises face in digital transformation amidst rapid AI technology adoption, emphasizing the shift from "whether to transform" to "how, when, and if they can transform" [1][4] - It highlights the structural mismatch between the disruptive nature of technological iterations and the gradual development of enterprises, leading to a complex set of challenges [2][4] Group 1: Challenges in Digital Transformation - Enterprises are experiencing a fundamental contradiction between rapid technological advancements and their gradual IT architecture evolution, resulting in compounded challenges [2] - The conflict between IT departments and business units is intensifying, as business diversification demands high flexibility from IT systems, while IT teams prioritize stability and simplified management [4] - Three core challenges are identified: compatibility with historical investments while embracing AI innovation, simplifying management while supporting business diversification, and ensuring system stability while enabling rapid iteration [4] Group 2: Proposed Solutions - Qingyun Technology proposes a "gradual innovation" approach with the launch of the AI Infra 3.0 architecture, focusing on "restructuring and unifying" to bridge the gap between historical and future needs [4][5] - The AI Infra 3.0 architecture consists of four layers, including a foundational operating system, a unified scheduling layer, a capabilities layer covering various technologies, and an open layer for ecosystem customization [5] - The architecture aims to provide full-stack capabilities, on-demand expansion, standardized delivery, and evolution, allowing enterprises to introduce AI capabilities in a phased manner without overhauling existing systems [5] Group 3: The Role of AI Infrastructure - The role of AI infrastructure is evolving from a mere tool to a foundational strategy for enterprises, with a focus on effectively utilizing AI models rather than merely selecting the best ones [6] - AI Infra 3.0 is positioned as a pathway for enterprises to connect with the AI era, built on over a decade of technological accumulation and deep insights into customer needs and industry trends [6] - The article reflects the sentiment of many enterprises that are cautious about AI transformation, fearing the loss of past investments while trying to seize future opportunities [6]

Core Insights - Starbucks has announced a strategic partnership with Boyu Capital to establish a joint venture for its retail operations in China, with Boyu holding up to 60% equity and Starbucks retaining 40% [1] - The estimated enterprise value of the joint venture is approximately $4 billion, and Starbucks anticipates the total value of its retail business in China to exceed $13 billion [1] - The new joint venture will be headquartered in Shanghai and aims to expand the number of Starbucks stores in China from 8,000 to 20,000 in the future [1] Company Strategy - Starbucks CEO Brian Niccol emphasized that Boyu's local market expertise will accelerate Starbucks' expansion in China, particularly in smaller cities and emerging regions [2] - The company reported significant growth in its retail presence, with 8,011 stores in 1,091 county-level cities by the end of fiscal year 2025 [2] - In response to market competition, Starbucks implemented its largest price adjustment in 26 years, reducing prices on key products by an average of 5 yuan, which contributed to revenue growth [2] Market Challenges - Despite the positive results from its expansion strategy, Starbucks faces challenges in penetrating the lower-tier markets, where competitors like Luckin Coffee have a significant presence [3][5] - Data indicates that the majority of coffee shop locations are concentrated in new first-tier and second-tier cities, while brands targeting lower-tier markets have a higher percentage of their stores in those areas [3] - The entry of various tea brands into the coffee market poses additional challenges for Starbucks as it seeks to establish a foothold in non-first and second-tier cities [5] Investment Landscape - The sale of Starbucks' equity in China has attracted interest from over 20 private equity firms, with potential valuations reaching $10 billion [6] - Boyu Capital, founded in 2011, has a strong investment track record in the consumer market, managing a fund size of $10 billion and holding stakes in over 200 companies [7] - Boyu's recent acquisition of a significant stake in Beijing SKP, a leading luxury department store, highlights its strategic investment approach in the evolving Chinese consumer market [8] Industry Transformation - The coffee market in China is undergoing significant changes, with high-end brands like Starbucks needing to adapt to the competitive landscape dominated by local brands [10] - The shift in consumer preferences and market dynamics necessitates a transformation for mid-to-high-end foreign brands, which must navigate the challenges of maintaining their brand identity while appealing to a broader audience [10]

Group 1 - The core attractiveness of China for multinational companies lies in its structural advantages, including a vast market size that remains central to global strategies across various sectors such as manufacturing, energy, consumer goods, and finance [2] - China's innovation capability is characterized by "incremental innovation," focusing on rapid improvements in business models, product iterations, and supply chain efficiency, exemplified by Huawei's significant investment in an innovation park in Shanghai [2] - Multinational companies are increasingly recognizing that their strongest future competitors may come from China, leading to more collaborations and alliances with Chinese firms in emerging fields like new energy vehicles, artificial intelligence, and biomedicine [3] Group 2 - The manufacturing sector in China is undergoing a "re-industrialization" wave, with factories adopting "dark factory" operations, where smart robots replace traditional production lines, significantly reducing supply chain response times [3] - The return of scientists and engineers who studied and worked in the U.S. is driving breakthroughs in deep technology fields in China, reminiscent of the internet boom, but this time focused on hard technology [3] - The rapid transformation of companies like Xiaomi, which transitioned from a smartphone manufacturer to establishing a fully automated electric vehicle factory, highlights the revolutionary changes occurring in Chinese manufacturing [4]

Core Insights - The discussion at the 2025 Greenwich Economic Forum highlighted the increasing commitment of multinational companies to invest in China, driven by structural advantages and market potential [1][2] Group 1: Market Size and Structural Advantages - China remains the world's largest market, offering significant scale effects for various sectors including manufacturing, energy, consumer goods, and financial institutions [1] - The market's size continues to be a core component of global strategies for multinational companies [1] Group 2: Innovation and Technological Advancements - China's innovation landscape is characterized by "incremental innovation," focusing on rapid improvements in business models, product iterations, and supply chain efficiency [1] - Companies like Huawei are investing heavily in R&D, exemplified by their new innovation park in Shanghai, which will accommodate over 30,000 researchers [1] Group 3: Strategic Collaborations and Competitive Landscape - Multinational companies recognize that their strongest future competitors may emerge from China, prompting collaborations and alliances with Chinese firms in sectors like new energy vehicles, AI, and biomedicine [2] - The suggestion was made for the U.S. to adopt a model similar to the 1990s, encouraging joint ventures and technology sharing with Chinese companies [2] Group 4: Manufacturing Transformation - China's manufacturing sector is undergoing a significant transformation, with a shift towards automation and smart manufacturing, reducing supply chain response times dramatically [2] - The return of scientists and engineers to China is fueling advancements in deep technology sectors, reminiscent of the previous internet wave but focused on hard technology [2] Group 5: Case Studies in Manufacturing - Xiaomi's rapid transition from a smartphone company to establishing a fully automated electric vehicle factory within two years illustrates the dynamic changes in China's manufacturing landscape [2] - The company achieved a production rate of one vehicle every 76 seconds, showcasing the efficiency and competitiveness of Chinese manufacturing [2]

Core Insights - Multinational companies are increasingly establishing a deeper and more pragmatic presence in China due to its long-term structural advantages [1][2] - China's market size remains the largest in the world, making it a crucial part of global strategies for sectors like manufacturing, energy, consumer goods, and finance [1] - China's innovation is characterized by "incremental innovation," focusing on rapid improvements in business models, product iterations, and supply chain efficiency [1] Market Dynamics - The competition landscape is shifting, with multinational companies recognizing that their strongest competitors may emerge from China [2] - Collaborations between foreign companies and Chinese firms are becoming more common, particularly in emerging fields such as new energy vehicles, artificial intelligence, and biomedicine [2] - The manufacturing sector in China is undergoing a significant transformation, with many factories adopting "dark factory" operations, where smart robots replace traditional production lines [2] Technological Advancements - The return of scientists and engineers who previously worked in the U.S. is accelerating breakthroughs in deep technology sectors in China [2] - Companies like Xiaomi are rapidly diversifying their production capabilities, exemplified by the establishment of a fully automated electric vehicle factory that produces a new car every 76 seconds [2] - The trend of rapid industrialization and technological advancement is not isolated, as similar developments are occurring across various regions in China [2]

Group 1: Starbucks Case Study - Starbucks is seeking local partners in China by selling a stake in its operations, with a valuation of up to $10 billion [2] - The company plans to retain 30% ownership while distributing the remaining shares among buyers, each holding no more than 30% [2] - Despite facing intense competition, Starbucks maintains a high growth rate in China, with store numbers projected to reach 7,828 by June 2025, accounting for about 20% of its global total [2] - Starbucks' market share has declined from 42% in 2017 to 14% in 2024, while its competitor Luckin Coffee has expanded to 24,097 stores, nearly three times the number of Starbucks locations in China [2] Group 2: IKEA's Strategy in China - Ingka Group, IKEA's sister company, is planning to sell 10 shopping centers in China for approximately 16 billion yuan, with the deal led by Taikang Life [3] - Ingka operates 10 shopping centers in China with a total investment of about 27.5 billion yuan and a leasing area of approximately 943,000 square meters [3] - The sale indicates a shift from a heavy asset management model to a lighter asset operation model due to significant operational pressures [3] Group 3: Challenges Faced by Foreign Enterprises - Foreign companies in China, particularly in the automotive sector, are experiencing increased anxiety due to competitive pressures and changing market dynamics [5] - Many foreign firms are struggling to adapt as they continue to view China primarily as a manufacturing hub, while local competitors have rapidly evolved [5] - Companies that do not innovate or adapt to local market demands are at risk of losing market share to domestic brands [6] Group 4: Innovation and Cultural Differences - The concept of "disruptive innovation" by Clayton Christensen is relevant to understanding the challenges faced by foreign companies in China [7][8] - Foreign firms often struggle with decision-making efficiency due to cultural differences and lengthy approval processes from headquarters [10][11] - The need for local leadership with a deep understanding of both the local market and the company's core values is critical for success in China [12][13] Group 5: Market Adaptation and Future Directions - Starbucks must evolve beyond incremental innovation to maintain its position in the market, especially against local competitors like Luckin and Manner [17] - The selection of local leaders who can bridge cultural gaps and drive strategic changes is essential for foreign brands to thrive in China [12][17] - The ability to adapt to the unique preferences of Chinese consumers will determine the future success of foreign brands in the market [12][17]

Group 1 - The Hong Kong stock market for innovative drugs has seen significant gains, with companies like Bohan Bio rising over 17%, and other firms such as Sihuan Pharmaceutical and Sanofi Biotech also experiencing substantial increases [1] - Various ETFs related to innovative drugs have also performed well, with multiple funds rising over 2% and others over 1.5% [1][3] Group 2 - Recent updates from the National Healthcare Security Administration indicate that several new innovative drugs have been rapidly entering hospitals, with a focus on those included in the medical insurance directory by May 2025 [5][6] - Notable drugs showing fast hospital admission growth include those from Kangfang Biotech and Shanghai Yizhong, among others [6] Group 3 - Citigroup's research report highlights a significant increase in market interest in the healthcare sector, particularly in innovative drugs, with expectations for the CXO sector to gain attention due to improved fundamentals and attractive valuations [7] - The report also mentions that WuXi AppTec's revenue for fiscal year 2024 is projected to reach 39.24 billion RMB (approximately 5.4 billion USD), with a growth forecast of 10%-15% for 2025 [7] Group 4 - According to CICC's research, China's innovative drug sector is transitioning into a phase of gradual innovation, gaining international competitiveness [8] - The report emphasizes that the domestic innovative drug industry is expected to reach a turning point by 2025, shifting from capital-driven growth to profit-driven growth [8]