上海上合组织创新创业论坛 杨永忠教授 作者：杨永忠 "个体化企业"，是人工智能时代组织形态的革命性变化。不同于传统的个体户，一个人也可以成为企业，像企业一样实现规模经济和范围经济。其重要原因 恰恰是充分利用人工智能开展组织生产、供应链管理和市场服务。通过充分发挥人机协作，从而使一个人也可以成为一个规模企业、范围企业。 编者按："个体化企业"，这是杨永忠教授在最近江苏、上海、广东讲学中基于人工智能时代提出的全新观点。他指出，不同于传统的个体户，一个人也可以 成为企业，像企业一样实现规模经济和范围经济。其重要原因恰恰是充分利用人工智能开展组织生产、供应链管理和市场服务。充分发挥人机协作，从而使 一个人也可以成为一个规模企业、范围企业。杨永忠教授这一论断由此也改变了对企业的组织定义，不再是按照传统的人的多少进行规模界定，从而使生产 要素和管理方式发生根本性的变革和重组。 战略判断等高阶价值环节。管理方式也随之迭代：传统层级式管理让位于"个体决策+AI 辅助"模式，AI 负责数据处理、流程监控等事务性工作，个体掌握 最终决策权，实现了效率与灵活性的统一。这种变革不仅是工具升级，更是对"劳动-资本"关系的重塑，使个体成 ...

Core Insights - The article emphasizes the importance of consumer-focused investments, highlighting that successful projects in the past have predominantly been in the consumer sector, as opposed to technology projects which may yield unpredictable results [1][2]. Group 1: Investment Focus - The company has concentrated on consumer investments since 2011, finding that these projects often meet expectations for success [1]. - A notable example is the investment in Zhou Hei Ya, which yielded a 20x return, demonstrating the existence of a competitive advantage or "moat" in consumer enterprises [2]. Group 2: Competitive Advantages - Consumer enterprises have a complex and comprehensive moat, unlike technology companies that may rely on a single innovative idea or patent [4][5]. - There are eight critical aspects of competitive advantages identified, divided into demand-side and supply-side factors [6]. Demand-Side Moats - **Brand Effect**: In specialized fields like healthcare and education, brand importance increases due to high decision-making costs for consumers [8]. - **Network Effect**: Larger user bases enhance value, leading to winner-takes-all scenarios, exemplified by platforms like Xiaohongshu [8]. - **Switching Costs**: Consumers face significant costs when changing systems, such as from Windows to Apple, making them less likely to switch [8]. - **Economies of Scope**: Consumers benefit from one-stop shopping experiences, as seen with companies that offer a wide variety of products [8]. Supply-Side Moats - **Economies of Scale**: Early entrants can leverage high initial prices to achieve cost advantages through increased sales volume [10]. - **Learning Curve**: Accumulated production knowledge creates barriers for new entrants, emphasizing the importance of continuous learning and innovation [11]. - **Resource Monopoly**: Control over unique recipes, licenses, or prime locations can provide significant advantages [12][13]. - **Supply-Side Economies of Scope**: Optimizing product supply through networks can lead to cost efficiencies [14]. Group 3: Entrepreneurial Characteristics - The article notes that consumer entrepreneurs require a broader skill set compared to technology entrepreneurs, who may excel in specific areas [15][16]. - A framework called "VISIBLE" is introduced, representing key traits for successful entrepreneurs: Visionary, Integrity, Sharing, Innovative, Branding, Learning, and Execution [17]. - The preference for product-oriented founders over marketing-oriented ones is highlighted, as the former tend to build more sustainable businesses [20][21].

Core Insights - The "Industrial Internet Innovation Development Project" is a key initiative in China's 15th Five-Year Plan, aiming to integrate industrialization and informatization to create internationally competitive digital industry clusters and accelerate the country's progress towards becoming a network power [1][12]. Industrial Internet Overview - The Industrial Internet serves as an intelligent carrier for massive industrial data collection, transmission, storage, computation, analysis, and application, driven by advancements in 5G, big data, and artificial intelligence [3][6]. - It consists of five main functional components: network, identification, platform, data, and security, with a focus on ubiquitous connectivity across various industrial entities [3][4]. Application and Value Creation - The Industrial Internet enables diverse and complex application scenarios, facilitating digital transformation across industries, with a collaborative development process that extends from leading enterprises to the entire supply chain [4][6]. - It reshapes business models and value creation methods, emphasizing collaborative value generation among platforms, customers, and service providers [4][6]. Impact on Production and Industry - The Industrial Internet is a cornerstone of the Fourth Industrial Revolution, transforming production modes from scale economies to range economies and enhancing the role of data as a core production factor [6][7]. - It optimizes production processes, improves supply chain intelligence, and enhances resource utilization efficiency, with significant economic spillover effects [8][9]. Technological Innovation and Ecosystem Development - The Industrial Internet accelerates technological innovation by providing vast data for AI and big data applications, fostering cross-domain collaborative research and development [9][10]. - In China, the initiative has seen the establishment of over 340 industrial internet platforms, connecting more than 100 million devices, and creating a robust infrastructure for its implementation [13][12]. Future Directions and Policy Support - The project requires strategic planning and policy guidance, with a focus on enhancing network infrastructure, advancing key technologies, and fostering a diverse industrial ecosystem [14][15][16]. - Emphasis is placed on cultivating market entities, supporting software development, and enhancing talent training to drive the growth of the "5G + Industrial Internet" sector [17][18][19].

Core Insights - The article emphasizes the importance of consumer-focused investments, highlighting that successful projects in the past have predominantly been in the consumer sector, as opposed to technology projects which may yield unpredictable results [1][2]. Group 1: Investment Focus - The company has concentrated on consumer investments since 2011, finding that these projects often meet expected success criteria [1]. - A notable example is the investment in Zhou Hei Ya, which yielded a 20x return, demonstrating the existence of a competitive advantage in consumer enterprises [2]. Group 2: Competitive Advantages - Consumer enterprises possess a complex and comprehensive set of competitive advantages, unlike technology firms that may rely on a single innovative idea or patent [4][5]. - There are eight critical aspects of competitive advantages identified, divided into demand-side and supply-side factors [6]. Group 3: Demand-Side Advantages - Four demand-side advantages include: 1. Brand Effect: Particularly significant in specialized fields like healthcare and education, where decision-making costs are high [8]. 2. Network Effect: Larger user bases enhance value, leading to winner-takes-all scenarios [8]. 3. Switching Costs: High costs associated with changing systems, such as operating systems, create customer retention [8]. 4. Economies of Scope: The ability to offer a wide range of products in one location enhances consumer convenience [8]. Group 4: Supply-Side Advantages - Four supply-side advantages include: 1. Economies of Scale: Early entrants can leverage initial high prices to achieve cost advantages through scale [10]. 2. Learning Curve: Accumulated production knowledge creates barriers for new entrants [11]. 3. Resource Monopoly: Control over unique processes or locations can provide a competitive edge [12][13]. 4. Supply-Side Economies of Scope: Optimizing product supply through network coordination can reduce costs [14]. Group 5: Entrepreneurial Characteristics - The article notes that consumer entrepreneurs require a broader skill set compared to technology entrepreneurs, who may excel in specific areas [15][16]. - A framework called "VISIBLE" is introduced, representing key traits for successful entrepreneurs: Visionary, Integrity, Sharing, Innovative, Branding, Learning, and Execution [17]. Group 6: Investment Preferences - The company prefers investing in product-oriented founders over marketing-oriented ones, as the former tend to provide more stable growth despite slower initial progress [21]. - An example cited is the success of Bao Shifu pastries, which have outperformed many other trendy brands [22].

Core Insights - The article emphasizes the importance of consumer-focused investments, highlighting that successful projects in the past have predominantly been in the consumer sector, yielding predictable returns [2] - It discusses the existence of competitive advantages, or "moats," in consumer enterprises, which differ from those in technology companies [4][12] Consumer Moats - There are four key demand-side moats: - Brand Effect: Particularly crucial in specialized fields like healthcare and education, where consumer decision-making costs are high [4] - Network Effect: Larger user bases enhance value, leading to winner-takes-all scenarios, exemplified by platforms like Xiaohongshu [4] - Switching Costs: Consumers face significant hurdles in changing systems or brands after investing time and resources [5] - Economies of Scope: The advantage of one-stop shopping, as seen in businesses that offer a wider variety of products [5] Supply-Side Moats - Four key supply-side moats include: - Economies of Scale: Early entrants can leverage high prices initially and then reduce costs through increased sales volume [7] - Learning Curve: Knowledge barriers built through cumulative production make it difficult for newcomers to compete [8] - Resource Monopoly: Control over unique recipes, licenses, or prime locations can provide significant advantages [9] - Economies of Scope in Supply: Optimizing costs through coordinated supply networks and utilizing by-products [11] Entrepreneurial Characteristics - The article notes that consumer entrepreneurs require a broader skill set compared to tech entrepreneurs, who may excel in specific areas [13][14] - A framework called "VISIBLE" is introduced, representing key traits for successful entrepreneurs: Visionary, Integrity, Sharing, Innovative, Branding, Learning, and Execution [15] Investment Preferences - The company prefers investing in product-oriented founders over marketing-oriented ones, as the former tend to provide more stable long-term growth [17]

Core Insights - The article emphasizes the importance of consumer-focused investments, highlighting that successful projects in the past have predominantly been in the consumer sector, as opposed to technology projects which may yield unpredictable results [1][2]. Group 1: Investment Focus - The company has concentrated on consumer investments since 2011, finding that these projects often meet expectations for success [1]. - A notable example is the investment in Zhou Hei Ya, which yielded a 20x return, demonstrating the existence of competitive advantages in consumer enterprises [2]. Group 2: Competitive Advantages - Consumer enterprises possess a complex and comprehensive set of competitive advantages, unlike technology firms that may rely on a single innovative idea or patent [4][5]. - There are eight critical aspects of competitive advantages identified, divided into demand-side and supply-side factors [6]. Group 3: Demand-Side Competitive Advantages - Four demand-side competitive advantages include: 1. Brand Effect: Particularly significant in specialized fields like healthcare and education, where decision-making costs are high [8]. 2. Network Effect: Larger user bases enhance value, leading to winner-takes-all scenarios, as seen with platforms like Xiaohongshu [8]. 3. Switching Costs: High costs associated with changing systems, such as operating systems, create loyalty among users [8]. 4. Economies of Scope: The ability to offer a wide range of products in one location, enhancing consumer convenience [8]. Group 4: Supply-Side Competitive Advantages - Four supply-side competitive advantages include: 1. Economies of Scale: Early entrants can leverage initial high prices to achieve cost advantages through increased sales volume [10]. 2. Learning Curve: Accumulated production knowledge creates barriers for new entrants, making it difficult to catch up [11]. 3. Resource Monopoly: Control over unique processes, licenses, or prime locations can provide significant advantages [12][13]. 4. Supply-Side Economies of Scope: Optimizing product supply through coordinated networks can lead to cost efficiencies [14]. Group 5: Entrepreneurial Characteristics - The characteristics of entrepreneurs in the consumer sector differ from those in technology, requiring a broader skill set rather than specialization [15][16]. - The company identifies key traits for successful entrepreneurs, summarized as "VISIBLE," which includes Visionary, Integrity, Sharing, Innovative, Branding, Learning, and Execution [17]. Group 6: Investment Preferences - The company prefers to invest in product-oriented founders over marketing-oriented ones, as the former tend to provide more stable growth despite slower initial progress [21]. - An example is the success of Bao Shifu pastries, which have outperformed many other trendy brands [22].

Core Viewpoint - The essence of investment research lies in understanding the business model itself rather than merely following market trends or popular stocks [1][12] Group 1: Business Model Evaluation - A good business model should be assessed through five critical questions to determine its sustainability and strength [1] - Companies that grow in scale may not necessarily become stronger; they can face diminishing returns beyond a certain critical point [2][3] - Business models that benefit from economies of scale, network effects, and scope economies are more likely to strengthen as they grow [3] Group 2: Impact of Adverse Conditions - Adverse market conditions can provide opportunities for leading companies to gain market share while weaker firms may suffer significantly [5][6] - Historical data shows that downturns can be advantageous for strong brands, as they can expand their customer base during price declines [6] Group 3: Efficiency vs. Value - Business models can be categorized as efficiency-driven or value-driven; efficiency models often lead to price wars, while value models offer differentiation and higher customer loyalty [7][8] - Value-driven businesses tend to have a more robust competitive advantage due to their unique offerings and customer retention [8] Group 4: Technological Change and Industry Dynamics - Rapid technological changes can disrupt industries, favoring newer entrants over established players, particularly in fast-evolving sectors like semiconductors and renewable energy [10] - Industries with slower technological changes are preferable for investment, as they allow established companies to maintain their competitive edge [10] Group 5: Long-term Viability - The ability of a business to sustain its strength over time is crucial; companies that can withstand competition and market changes are more desirable for investment [11] - The "Lindy Effect" suggests that the longer a business has existed, the more likely it is to continue existing, which can be a useful consideration in investment decisions [11] Group 6: Comparative Analysis of Business Models - Understanding the core essence and contradictions of a business is essential for effective investment research, as competition increasingly revolves around business models rather than products [12] - The book "Business Model Generation" is recommended for insights into various business models and their frameworks [12]

Core Viewpoint - The manufacturing industry is emphasized as the foundation of national strength and economic development, with a focus on high-quality growth and strategic importance in the context of global changes and digital transformation [1][3]. Group 1: Manufacturing Industry Performance - In the first half of the year, the manufacturing value added grew by 7%, surpassing GDP growth by over 1 percentage point, indicating an increasing share of manufacturing in GDP [2]. - Manufacturing investment increased by 7.5%, significantly higher than the overall fixed asset investment growth of 2.8% [2]. - Exports of goods primarily from the manufacturing sector rose by 7.2%, showcasing manufacturing as a key driver of economic growth amid challenges in other sectors [2][3]. Group 2: Structural Trends in Manufacturing - High-end equipment manufacturing led growth with an increase of over 10%, outpacing overall manufacturing growth [2]. - High-tech manufacturing value added grew by 9.5%, exceeding the overall manufacturing growth rate by 2.5 percentage points, with significant increases in industrial robots and 3D printing equipment [2][3]. - The transformation of manufacturing is characterized by three trends: high-end, intelligent, and green development [3][4]. Group 3: Green Transformation - The production of new energy vehicles increased by over 10%, with rapid export growth in lithium batteries and wind power equipment [4][5]. - China's unique approach to green transformation integrates economic growth with environmental sustainability, avoiding the pitfalls of merely imposing costs [5][6]. Group 4: Challenges and Responses - The manufacturing sector faces challenges from external factors such as tariffs and technological restrictions, particularly affecting exports to the U.S. [6][7]. - Despite a decline in exports to the U.S., overall goods exports grew by 7.2%, driven by strong performance in emerging markets [7]. - The manufacturing sector's resilience is highlighted by its ability to adapt and maintain competitiveness through innovation and government support [7][8]. Group 5: Manufacturing Share and Reasonableness - The manufacturing share of GDP is projected to be around 24.9% in 2024, which is still significantly higher than the global average of approximately 15% [9][10]. - The decline in manufacturing share over the past decade reflects a natural evolution as economies develop, with a shift in demand from manufacturing to services as GDP per capita rises [9][10][11]. Group 6: Future Directions and Strategies - The future direction of manufacturing includes maintaining a reasonable share, enhancing technological capabilities, and focusing on high-value-added products [23][24]. - Key areas for development include traditional industries, emerging sectors like new energy vehicles and biopharmaceuticals, and future industries such as artificial intelligence [24][25]. - The integration of various industries through common-purpose technologies is essential for driving innovation and maintaining competitiveness in the global market [25].

Group 1 - Xiaomi's recent success with the Yu7 model, achieving over 200,000 units sold in just three minutes, solidifies its leadership in the 3C product sector and positions it strategically in the new energy vehicle market [1] - The trend of integrating full-category layouts with deep technological innovation is not unique to Xiaomi but is a common strategy among industry leaders [1][3] - Haier has transformed from a traditional appliance manufacturer to a builder of a "smart home" ecosystem, while Huawei has expanded from communication equipment to consumer electronics and smart vehicles, showcasing a similar multi-category approach [3] Group 2 - Jomoo has signed a strategic cooperation agreement with Haier to enhance their smart home business, aiming to create a fully interconnected smart home ecosystem that aligns with national strategies [3] - During the 618 shopping festival, Jomoo achieved significant sales, leading the market in smart toilet sales with a market share far exceeding its closest competitors [4] - Jomoo's comprehensive product strategy includes not only smart toilets and sanitary ceramics but also extends to showerheads, bathroom cabinets, and hardware, meeting consumer demand for one-stop solutions [5] Group 3 - The concept of economies of scope suggests that companies producing multiple related products can achieve lower unit costs, which is reshaping competitive dynamics across industries [6] - Jomoo's strategy aligns with this theory, leveraging its technological advancements across its entire product line to create a multiplier effect in competition [7] - Jomoo's early entry into the smart toilet market and its extensive patent portfolio have positioned it as a leader in the industry, with over 20,000 patents by the end of 2023 [7][10] Group 4 - Jomoo's innovative technologies, such as the "full waterway sterilization" system and ultra-quiet toilet designs, have set new industry standards and enhanced its competitive edge [10][19] - The company has initiated a project with the Gates Foundation to develop a waterless toilet, addressing global sanitation challenges and showcasing its technological prowess [19] - Jomoo's commitment to R&D, investing over 10% of its sales annually, has resulted in significant advancements in cleaning technology and health monitoring capabilities [15][19] Group 5 - The shift towards digitalization and globalization is driving transformation in the bathroom industry, with Jomoo leading the charge through smart manufacturing and global market expansion [21][27] - Jomoo's smart factory utilizes 5G technology and automation to enhance production efficiency and sustainability, setting industry benchmarks [21][26] - The company's AI-driven product innovations, such as the AI BATH solution, are redefining user experiences in the bathroom sector [25] Group 6 - Jomoo's brand value has reached 181.286 billion yuan, reflecting its growing market position and the increasing recognition of Chinese brands on the global stage [28] - The company's multi-category strategy, technological leadership, and commitment to digitalization and globalization are reshaping the competitive landscape of the bathroom industry [28]

Core Viewpoint - The article emphasizes the importance of sustainable rural living environment improvement through cost reduction and efficiency enhancement, particularly in the context of the "14th Five-Year Plan" for rural living environment improvement [1] Group 1: Sustainable Improvement Strategies - The focus is on promoting village-led governance in rural living environment projects, which are characterized by low costs, high participation, efficiency, and benefits [1] - The case of Suzhou's Wujiang District illustrates a shift from government-led models to a village self-cleaning model, aligning with the need for cost reduction and efficiency under current financial constraints [1] Group 2: Tailored Self-Cleaning Models - It is essential to develop self-cleaning models that are tailored to local conditions to minimize costs, considering factors like terrain and waste types [2] - Villages should optimize their economic accounts by adopting appropriate cleaning models based on their economic conditions, such as using third-party services or tourism revenue to support self-cleaning efforts [2] Group 3: Institutional Support for Sustainability - Institutional design is crucial for ensuring the sustainability of village self-cleaning operations, with the government providing necessary equipment and technical support [2] - Village committees can establish supervisory groups and reward systems to promote self-cleaning efforts, ensuring regular checks and balances [2] Group 4: Economies of Scale and Scope - Utilizing economies of scale and scope can enhance the efficiency of self-cleaning operations, with county governments coordinating urban-rural cleaning systems [3] - Villages can form self-cleaning cooperatives to manage cleaning tasks collectively, thereby reducing costs and improving efficiency through a more organized approach [3]