来源 | 聪明投 资者 （ID: Capital-nature） 作者 | 汤姆 ·斯莱特（ Tom Slater） 预计阅读时间：8分钟 苏格兰抵押信托（ SMT）掌舵人 汤姆 ·斯莱特 （ Tom Slater） 最近写了一份手记，标题是《 韧 性的时代：唯有先活下来的企业，才能最终跑赢 》。 SMT 的历史可以追溯到 1909年， 至今已经 持续运行 116年，是全球历史最久远的投资信托之 一。作为掌舵人， 汤姆 ·斯莱特在最新的手记中强调，真正的长期赢家不是那些看似无风险的公 司，而是能够在冲击中展现韧性、并不断自我重塑的企业。他强调，更要聚焦可以预测的事情 。 本文节选自聪明投资者的精译 整理。 韧性时代：唯有先活下来的企业，才能最终跑赢 汤姆 ·斯莱特 / 文 在不确定性达到峰值的时代，苏格兰抵押 信托 （ Scottish Mortgage）寻找的是那些能够经受冲击的 企业。拥有雄厚财力、能够在变化的市场中持续创新的公司，正符合这一特质。 信托依旧敢于追求卓越的成长，但也希望对其投资组合中企业的适应力拥有更大的把握。 但 正如任何投资一样，你的本金都存在风险。 1921年，芝加哥学派经济学家弗兰 ...

她25岁，穿着洞洞鞋，站上国际领奖台。以“便携磁共振”技术，为中国拿下全球青年科学家奖——让脑卒中诊断，从此“跑”得比时间更快。荣誉背后，是地下室里拧螺丝的三个月，是反复失败、崩溃又爬起的几百个日夜，是夏威夷领奖前一晚还未知结果的平常心。 她让我们看到：科研没有捷径，真正的突破，源于在波谷中依然坚持的韧性。天赋并非关键，能承受多少次失败，才能走向多远的远方。致敬每一位在漫长轨道上默默发光的人。 邱月淇，25岁上海交通大学博士生，中国首位获得国际磁共振大会“青年科学家转化奖”的科研者。她主导研发的便携磁共振脑卒中成像技术，攻克卒中成像畸变这一技术难题，推动便携磁共振脑卒中成像技术普及基层。她亲力亲为，从打螺丝到调算法，用坚持与好奇将不可能变为可能。邱月淇用学术实力和个人风格，向全球展示中国青年科研力量，立志让先进医学影像惠及更多人，诠释科研的青春与力量。 This talk was given at a TEDx event using the TED conference format but independently organized by a local community. Learn more a ...

以下文章来源于IN咖 ，作者聪明投资者 汤姆 ·斯莱特在最新的手记中强调，真正的长期赢家不是那些看似无风险的公司，而是能够在冲击中展现 韧性、并不断自我重塑的企业。 苏格兰抵押信托（ SMT）掌舵人 汤姆 ·斯莱特 （ Tom Slater） 最近又写了一份手记，标题是《 韧性的 时代：唯有先活下来的企业，才能最终跑赢 》。 SMT 的历史可以追溯到 1909年， 至今已经 持续运行 116年，是全球历史最久远的投资信托之一。 生理 年龄虽老，但从投资组合来看，灵魂十分年轻。 截至 2025年6月30日，SMT管理的资产规模约为151亿英镑（折合193亿美元），其中非上市公司投资占 比约25%。 该组合涵盖了美客多（ MercadoLibre）、亚马逊、Meta、拼多多、台积电等全球领先企业，也包括 SpaceX、字节跳动、Epic Games等处于私有化阶段的创新公司。 过去几年， SMT经历了利率上行、科技股估值收缩和地缘不确定性带来的冲击，净值一度出现明显回撤。 但拉长时间维度，它依然保持了 10 年年化约 12%的回报率。 这样的成绩提醒投资者，短期波动往往只是成长型投资的常态。 IN咖 . 多视角关 ...

Group 1 - The "2025 Global Women's Forum" was held in Beijing, focusing on the theme "Resilience: Creating the Future" and aimed to establish a comprehensive platform for women's brand experiences [1][3] - The forum featured over twenty influential leaders and international guests discussing women's resilience in the context of global changes, technological innovation, and social transformation [1][3][4] Group 2 - Yang Lan emphasized the importance of resilience in facing uncertainties, highlighting women's unique traits such as empathy and communication skills, which are increasingly valuable in the AI era [3][9] - The "Wutong Growth Model" was introduced by the "Global Women's Research Institute," integrating theories of women's development and lifelong learning to support women's growth and social participation [3] Group 3 - The forum included discussions on the role of women in various industries, with speakers sharing personal stories of resilience and the impact of women's leadership in driving change [4][6] - The concept of psychological resilience was explored, with speakers illustrating how individuals can transform challenges into growth opportunities [7][8]

Core Insights - The "2025 Global Women's Forum" held in Beijing focuses on the theme "Resilience Power, Creating the Future," aiming to establish a comprehensive platform for women's brand experiences in China [2][5] - The forum features three main themes, four sub-forums, and over twenty influential speakers discussing women's resilience in the context of global changes, technological innovations, and social transformations [2][5] Group 1: Key Themes and Discussions - The core topic of the forum is how women can leverage resilience to face challenges and create future opportunities amidst significant global changes [5] - Yang Lan emphasizes that resilience is crucial for coping with uncertainties, highlighting women's unique traits such as empathy and communication skills, which are increasingly valuable in the AI era [7][11] - The "Wutong Growth Model" introduced by the "Global Women's Research Institute" integrates theories of women's development and lifelong learning, providing a comprehensive growth path for women [7][11] Group 2: Notable Speakers and Their Contributions - Yang Liu shares stories of outstanding women in the culinary industry, illustrating how their resilience has allowed them to become key players in their fields [9] - Gabrielle Saint-Genis discusses the importance of resilience in business, sharing key principles for navigating change and maintaining brand value [11] - Wang Shi highlights the impact of women's strength and resilience in achieving significant challenges, asserting that women's influence extends beyond just half of society [13] Group 3: Economic and Innovation Insights - Guan Qingyou analyzes the economic transformation and business opportunities in the context of global supply chain rebalancing, stressing the need for resilience in the current economic environment [17] - Wang Shutong discusses the opportunities for female entrepreneurs in the evolving landscape of globalization and community-based economies [15] - Han Ying emphasizes the unique value women bring to their careers, linking resilience to the ability to innovate and adapt in their fields [19] Group 4: Psychological Resilience and Personal Growth - Various speakers, including Wei Wei and Ni Xiaolian, share personal stories of overcoming challenges, emphasizing the importance of psychological resilience in personal and professional growth [25][27] - Zhang Xichao discusses the significance of self-awareness in developing resilience and happiness, highlighting its role in navigating life's challenges [31] - Liu Genghong and Wang Wanfei illustrate how maintaining personal rhythm and passion contributes to psychological resilience [33] Group 5: Awards and Recognition - The "2025 Women's Creativity Awards" ceremony honors female leaders who have demonstrated exceptional creativity in their respective fields, showcasing the achievements of women across various industries [37]

Core Points - The article discusses the historical and cultural significance of the Grand Canal in China, particularly focusing on the confluence of the Zhanghe and Wei rivers, and their roles in shaping the region's ecology and civilization [7][11][12] - It highlights the ongoing challenges and transformations faced by the waterways, emphasizing the need for sustainable management and preservation of these cultural heritages [21][22][25] Group 1: Historical Context - The Zhanghe River has been historically significant, with records dating back to 213 AD when Cao Cao connected it to the Grand Canal [2][11] - The article notes the impact of natural disasters, such as floods, on the rivers and the surrounding areas, which have shaped the local culture and economy [4][11] Group 2: Cultural Heritage - The Grand Canal is recognized as a UNESCO World Heritage site, celebrating its role as a "civilization artery" over three millennia [7][8] - The article emphasizes the importance of understanding the cultural and historical narratives associated with the waterways, which contribute to the region's identity [12][25] Group 3: Environmental and Economic Aspects - The rivers serve as vital resources for irrigation, transportation, and ecological balance, reflecting the interconnectedness of natural and human systems [11][22] - The article discusses the economic implications of the waterways, including agricultural practices and local culinary traditions influenced by the river's geography [11][19] Group 4: Future Directions - There is a call for enhanced recognition and preservation efforts for the lesser-known segments of the Grand Canal, particularly the Wei River section, which is currently underrepresented [8][12] - The article suggests that a deeper understanding of the rivers' historical and cultural significance can lead to better management strategies and community engagement in heritage conservation [25][26]

Core Viewpoint - The article provides a comprehensive guide on material selection based on various mechanical properties such as Young's modulus, strength, and cost, emphasizing the importance of choosing the right materials for specific applications. Group 1: Young's Modulus and Density - When hard materials are needed, such as for top beams or bicycle frames, materials at the top of the chart should be selected [2] - For low-density materials, such as packaging foam, materials on the left side of the chart are recommended [2] - Finding materials that are both rigid and lightweight is challenging, and composite materials are often a good choice [3] Group 2: Young's Modulus and Cost - For hard materials, the top materials in the chart should be chosen for applications like top beams and bicycle frames [14] - For low-cost materials, those on the left side of the chart are preferred [14] - If a cheap and hard material is required, materials in the upper left corner of the chart, mostly metals and ceramics, should be selected [15] Group 3: Strength and Density - The strength indicated in the chart refers to tensile strength, with ceramics showing compressive strength [26] - High-strength and low-density materials are located in the upper left part of the graph [26] - Strength is a critical indicator of a part's ability to resist failure under load [26] Group 4: Strength and Cost - The strength indicated is tensile strength, except for ceramics which indicate compressive strength [38] - Many applications require materials with high strength, such as screwdrivers and seat belts, but these materials are often expensive [38] - Only a few materials can meet both strength and cost requirements, typically found in the upper left part of the chart [38] Group 5: Strength and Toughness - The strength indicated is tensile strength, while ceramics indicate compressive strength [50] - Typically, materials with poor toughness also have low strength; increasing strength may reduce toughness [50] - Strength measures a material's ability to resist external forces, while toughness measures its ability to absorb energy before failure [50] Group 6: Strength and Elongation at Break - Ceramics have very low elongation at break (<1%); metals have moderate elongation (1-50%); thermoplastics have high elongation (>100%) [61] - Rubber exhibits long-term elastic elongation, while thermosetting polymers have low elongation (<5%) [61] Group 7: Strength and Maximum Working Temperature - The chart applies to components used in environments where working temperatures exceed room temperature, such as cookware and automotive parts [73] - Polymers have lower maximum working temperatures, metals have medium, and ceramics can withstand very high temperatures [73] Group 8: Specific Strength and Specific Stiffness - Specific strength is defined as strength divided by material density, while specific stiffness is stiffness divided by material density [84] - High strength and high stiffness usually coexist, as they largely depend on the bonding forces between atoms [84] Group 9: Resistivity and Cost - The chart is primarily for selecting materials that require low prices and good electrical insulation or conductivity [97] - Good electrical conductors are typically good thermal conductors, while good electrical insulators are good thermal insulators [97] Group 10: Recyclability and Cost - The chart identifies materials' recyclability features, especially for expensive and recyclable materials [108] - Metals are particularly suitable for recycling due to ease of sorting and remelting, while ceramics are rarely recycled [108] Group 11: Production Energy Consumption and Cost - The energy consumed in producing a material is a factor in raw material costs, with most materials located in the low-cost/low-energy or high-cost/high-energy quadrants [121] - Metals often require significant energy for extraction, such as aluminum production consuming a substantial portion of total energy in the U.S. [123]

Core Viewpoint - The recent Central Urban Work Conference emphasizes the construction of modern urban cities with six key aspects: innovation, livability, beauty, resilience, civilization, and intelligence, aiming to align urban development with national goals [7][8][12]. Group 1: Urban Development Goals - The conference highlights the transition of urbanization from rapid growth to stable development, focusing on quality improvement rather than mere expansion [12]. - The six aspects of modern urban cities are designed to meet the aspirations of the people for a better life, making urban development goals more comprehensive and aligned with high-quality development requirements [8][9]. Group 2: Innovation as a Key Driver - Innovation is identified as the primary driver for urban development, essential for transitioning from extensive growth to quality enhancement [17][18]. - The importance of innovation is underscored by the need for cities to adapt to new technological revolutions and industrial transformations, positioning themselves as centers for economic and social development [18][19]. Group 3: Specific Urban Development Strategies - The conference proposes a systematic transformation in urban development, emphasizing five key shifts: from extensive to intensive development, from quantity to quality, from uniformity to uniqueness, from construction to governance, and from fragmentation to coordination [12][13][16]. - Each city is encouraged to develop its unique innovation ecosystem based on its resources and characteristics, avoiding a one-size-fits-all approach [20][21]. Group 4: Role of Different Cities - Different cities are to be positioned according to their unique resources and industrial bases, with specific strategies for innovation and development tailored to their strengths [21]. - The national strategy includes supporting major cities like Beijing and Shanghai as international innovation centers while fostering regional innovation hubs in other areas [21].

Group 1 - The core message of the report emphasizes that innovation and resilience are the key capabilities for Chinese enterprises to achieve counter-cyclical growth in the context of a restructured global business landscape [6][8][10] - The 2025 Accenture China Enterprise Digital Transformation Index score has risen to 49, marking a steady increase over three consecutive years, indicating that enterprises are entering a critical phase of transformation [10][44][47] - The report identifies three major trends in enterprise transformation: a commitment to innovation and globalization, the strategic integration of AI, and the upgrading of resilience to combat vulnerabilities [10][14][48] Group 2 - To achieve new growth in the new landscape, enterprises must focus on four key tasks: leveraging innovation for breakthroughs, integrating AI into global strategies, building an AI-driven digital core, and reshaping talent and organizations [2][16][20] - The report showcases case studies from companies like Leading Intelligent, Nestlé China, and Midea, highlighting their experiences in digital transformation, innovation, AI application, and organizational change [2][62] - The report notes that 2025 is a pivotal year for the Chinese economy and enterprises, with significant shifts in global trade and economic order, as well as advancements in AI technology redefining competitive dynamics [10][30][31]

Core Insights - The central urban work conference held in Beijing emphasized the goal of building modern, innovative, livable, beautiful, resilient, civilized, and smart cities, marking a shift from rapid urbanization to stable development [1] Group 1: Urban Development Transition - China's urbanization is transitioning from a phase of rapid growth to stable development, focusing on improving existing urban spaces rather than expanding them [1] - The conference highlighted the need for new ideas and methods to address the challenges faced by over 900 million urban residents in the context of urban space optimization and quality enhancement [1][3] Group 2: Urban Safety Initiatives - Urban safety is identified as a fundamental aspect of city development, necessitating simultaneous efforts in both above-ground and underground infrastructure [2] - There is a need for significant updates and renovations of aging underground pipelines and improved emergency response systems to address urban disasters [2] Group 3: Urban Renewal Focus - The renewed emphasis on urban renewal is seen as a critical strategy for enhancing urban quality and efficiency, moving beyond just the renovation of old neighborhoods to include optimizing urban spatial structures and promoting green, low-carbon development [3] Group 4: Public Service Improvement - The conference underscored the importance of expanding public services to non-resident populations, addressing the disparity in service availability between urban and rural areas [4][5] - There is a call for more diverse and accessible public service facilities, particularly in the context of an aging population, to support community-based elder care [4][5] Group 5: Shift in Development Philosophy - A significant shift in development philosophy is required, moving from a focus on construction to governance and management, emphasizing the importance of people in urban development [7] - The conference advocates for a people-centered approach, recognizing that urban development should prioritize the needs and contributions of its residents [7]