点击 最 下方 " 推荐"、"赞 "及" 分享 "，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 第一部分 关于研究与投资的心得体会分享 我先就自己从业这么多年做研究和投资的一些体会，和大家做一个分享。 一、时间是每个人唯一稀缺的资产，要学会研究最重要的问题 做研究最为重要的是时间管理，我们每一个人最稀缺的就是时间。研究工作面对的是一个非常复杂 的、非结构化的海量信息。时间的稀缺性与信息的无限性就会派生出两个问题： 1、要研究最重要的问题 我一直说，我们研究的应该是大问题，要把握的是产业与企业的大方向，并在判断与决策上获得大 概率上的正确。概括起来就是，大问题、大方向、大概率。 无论是资深的分析师还是学校刚毕业的初学者，都一样要去学习站在产业的最高处、最前沿，以企 业老板的角度去思考大问题，即使在一些细枝末叶的问题上做得多么完美，其价值也是有限的。大 问题上的模糊准确远远比小问题上的完美精确更为重要。 2、在正确的路径上持续积累 解决效率问题的第一步是要树立科学合理的正确的研究方法，然后通过不断的学习，去持续优化这 个思维框架与方法体系。要在正确的路径上持续地积累，守正出奇。不能在丛林里面的羊 ...

然而，四家汉籍零售板块上市公司在今年前三季度的业绩表现呈现出明显分化的态势。 武商集团（000501SZ）前三季度实现营业收入45.23亿元，同比下降11.64%，归母净利润1.28亿元，同 比增长2.98%，营收水平在A股22家零售上市公司中排名第三，体现其在传统零售领域的相对优势。不 过，武商集团在第三季度单季出现亏损3741.76万元，同比下降26.63%，反映出百货业态面临的持续压 力。 到2027年，武汉社会消费品零售总额将超1.07万亿元。 跳出传统零售思维，构建多元新型服务消费体系，武汉向万亿社零目标发起冲击。 近日，武汉市对外发布《武汉市创建国际消费中心城市三年行动方案（2025—2027年）的通知》（下称 《行动方案》），通过打造链接全球消费新枢纽、建设国际知名消费新地标、塑造多元融合消费新场 景、培育引领潮流消费新模式、构建协同发展消费新格局、营造国际化消费新环境等6大类别25项任 务，提出全市社会消费品零售总额到2027年超1.07万亿元的目标。 11月20日，商务部、财政部公示的国际化消费环境建设试点城市名单，武汉也位列其中。试点内容包括 进一步丰富优质商品和服务供给，创新国际化、多元 ...

证券日报网讯12月9日，百联股份（600827）在互动平台回答投资者提问时表示，公司持续提升企业数 智化能力，推进数字化与新消费场景的融合，赋能传统零售转型升级。通过BLOS项目优化推广、AI赋 能数字化工具、业财一体项目、招商计划项目功能开发、加速数智奥莱拓展、系统推进数据治理等举措 夯实企业数智底座。 ...

证券日报网讯12月8日，百联股份（600827）在互动平台回答投资者提问时表示，公司未来业绩情况请 以后续信息披露为准。2025年下半年，公司将持续提升企业数智化能力，推动数字化与新消费场景的融 合，赋能传统零售转型升级。 ...

Core Viewpoint - The company aims to transform from traditional retail to a commercial technology company through the acquisition of Hangzhou Xiaodian Technology Co., Ltd. by its subsidiary Wuhan Jiangtun Digital Technology Co., Ltd. [1] Group 1: Acquisition Details - The acquisition agreement was signed on November 28, 2025, with the seller represented by Mr. Tang Yongbo [1] - The intended share acquisition range is between 70% to 100% of the target company, pending legal and financial compliance and due diligence [1] Group 2: Strategic Objectives - The transaction aims to integrate Xiaodian Technology's extensive offline traffic network and digital capabilities [1] - The core investment objective is to acquire key digital assets to address challenges in traffic conversion and intelligent management [1] - The strategy includes restructuring the "people-goods-scene" ecosystem to extend consumption scenarios and achieve data-driven operations while enhancing local market dominance [1]

Core Viewpoint - The company, Wushang Group, is transitioning from traditional retail to a commercial technology company through the acquisition of Hangzhou Xiaodian Technology Co., Ltd. by its subsidiary, Wuhan Jiangtun Digital Technology Co., Ltd. [1] Group 1: Acquisition Details - The acquisition agreement was signed on November 28, 2025, with the seller represented by Mr. Tang Yongbo [1] - The intended share acquisition range is between 70% to 100%, pending legal and financial compliance and due diligence [1] Group 2: Strategic Objectives - The transaction aims to integrate Xiaodian Technology's extensive offline traffic network and digital capabilities [1] - The core investment goal is to acquire key digital assets to address challenges in traffic conversion and intelligent management [1] - The strategy includes reconstructing the "people-goods-market" ecosystem to extend consumption scenarios and achieve data-driven operations while enhancing local market dominance [1]

Group 1 - The core idea is that traditional retail businesses in Saudi Arabia are struggling due to the rapid digital transformation, mirroring historical trends seen in other markets like Shanghai's Nanjing Road [1][2] - By Q3 2025, the number of registered physical retail stores in Saudi Arabia is expected to decline by 4% year-on-year, while digital platform delivery services are projected to grow by 13% [2] - The competitive edge in the retail sector has shifted from location and size to digital presence and customer experience, reflecting a broader trend in investment markets [3] Group 2 - The article highlights two major regrets in the investment market: investors often hesitate to participate during market adjustments and may act impulsively at market peaks [4][5][6] - Many investors, like traditional retailers, miss opportunities due to fear of market corrections, similar to how some Saudi retailers are slow to adapt to digital changes [5] - The importance of understanding consumer behavior and market fundamentals is emphasized, suggesting that investors should not be misled by superficial market trends [7][12] Group 3 - A cautionary example is provided where some retail businesses in Saudi Arabia realize too late that consumer preferences have shifted, paralleling investors who fail to recognize critical market signals [16] - The article stresses the need for investors to find suitable tools and methods for analysis, akin to how different consumer segments require tailored retail strategies [17] - The IMARC Group predicts that Saudi Arabia's online retail market will grow at an annual rate exceeding 15% over the next decade, indicating a significant growth opportunity [17]

Core Viewpoint - The article highlights the stark contrast between the struggles of small businesses and the booming performance of large corporations in the U.S. due to the impact of tariffs, raising questions about the underlying reasons for this disparity [1][20]. Group 1: Impact on Small Businesses - Small businesses, which account for 99.9% of U.S. enterprises, are facing severe challenges due to increased tariffs, leading to inventory reductions and even existential threats [1][3]. - Approximately 36 million small businesses contribute 43% of the U.S. GDP and are responsible for nearly half of private sector employment, yet they are heavily burdened by rising costs from tariffs on raw materials like steel and aluminum, which have doubled to 50% [3][5]. - The cost pressures have significantly squeezed the already thin profit margins of small businesses, forcing many to drastically cut inventory levels compared to previous years [5][9]. Group 2: Performance of Large Corporations - In contrast, large retailers like Amazon and Walmart have seen substantial revenue growth, with Amazon's net sales increasing by 13% to $180 billion and Apple's revenue reaching $102 billion, up 8% [5][11]. - Large corporations benefit from economies of scale, allowing them to negotiate better terms with suppliers and distribute tariff costs across a vast array of products, thus mitigating the direct impact of tariffs [11][16]. - The disparity in operational capabilities between small and large businesses is exacerbated by the tariff policies, which act as a magnifying glass on existing inequalities [11][18]. Group 3: Broader Economic Implications - The struggles of small businesses are likely to have a ripple effect on the employment market, as many may resort to layoffs due to high costs and shrinking profits [13][18]. - Retaliatory tariffs from other countries are specifically targeting U.S. small business exports, further constraining their operational viability [13][16]. - The exit of small businesses from the market could disrupt supply chain diversity, potentially leading to increased costs for large corporations in the future [13][16]. Group 4: Consumer Impact - While large corporations have managed to absorb costs in the short term, the long-term exit of small businesses could reduce market competition, allowing larger firms to gain pricing power [15][20]. - The imbalance in the industry ecosystem may lead to higher hidden costs for large companies as supply chain connections weaken [16][20].

Group 1: JD's National Car Launch - JD, in collaboration with GAC and CATL, launched the "National Good Car" Aion UT Super 1, which was auctioned for 78.19 million yuan [1] - The car is set to be officially released on November 9, with an expected retail price around 100,000 yuan, targeting the mainstream market [1] - The competitive landscape includes established players like Leap Motor and BYD, posing challenges for differentiation and market entry [1] Group 2: Alibaba's Autonomous Driving Initiative - Alibaba's Gaode announced a global partnership with Xpeng Motors to integrate Xpeng's Robotaxi into the Gaode platform, aiming to create the largest Robotaxi aggregation platform [2] - This collaboration represents a significant step for Gaode as it transitions towards spatial intelligence and opens its AI capabilities [2] - The initiative faces competition from Baidu's leading position in the market and must navigate regulatory and infrastructure challenges for global expansion [2] Group 3: Alibaba's Stake Reduction in Sanjiang Shopping - Alibaba's subsidiary, Alibaba Zetai, plans to reduce its stake in Sanjiang Shopping by up to 3%, reflecting a strategic shift in Alibaba's focus [3] - The reduction involves selling up to 16.43 million shares, with a portion through public trading and block transactions [3] - This move indicates Alibaba's realignment of resources towards its "Taobao Flash Purchase" initiative, impacting traditional retail investments [3] Group 4: Volcano Engine's AI Security Platforms - Volcano Engine launched a large model security assessment platform and an intelligent agent security management platform, addressing compliance and protection needs in the AI sector [4] - The platforms offer capabilities for risk management and continuous protection, marking a significant entry into the AI security niche [4] - The company faces competition from established players like Huawei and Tencent, and must adapt to rapidly evolving AI threats [4]

Core Insights - The article emphasizes the importance of not dwelling on past successes, as highlighted by Workday's CEO, Carl Eschenbach, who believes that yesterday's success can be the most dangerous [1][2] - Eschenbach's leadership has led to significant growth for Workday, with total revenue reaching $2.35 billion, a 12.6% increase compared to the second quarter of the 2025 fiscal year [3] Group 1: Leadership Philosophy - Eschenbach focuses on future-driven values such as drive, resilience, and integrity rather than past achievements [2] - He encourages learning from past experiences while prioritizing the creation of success for employees, colleagues, and customers [2] Group 2: Industry Examples - Jeff Bezos, former CEO of Amazon, instilled a culture of vigilance among employees, emphasizing the importance of focusing on current operations rather than resting on laurels [4][5] - Doug McMillon, CEO of Walmart, shares a similar mindset, advocating for a focus on the future while also valuing the present [5]