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从资金持续流入A股看全球经济动能转换
Zheng Quan Ri Bao· 2025-10-10 16:22
■张敏 新旧动能转换的成效,在近日多家A股上市公司发布的2025年三季度业绩预告中得到了印证。截至目前,10余家上市公司 预计净利润实现100%以上的强劲增长,这些企业或来自科技赛道,受益于订单大增;或来自传统行业,受益于产品升级与海 外市场拓展。 中国正加速成为全球创新高地。日前,世界知识产权组织(WIPO)发布的《2025年全球创新指数报告》显示,中国创新 指数排名跃升至全球第十位,首次跻身全球前十。自2013年以来,中国在该榜单上的排名累计上升25位。中国在创新投入、产 出方面的表现尤为突出:创新投入排名全球第十九位,较2024年上升四位;创新产出2025年排名第五位,较2024年上升两位。 两项指标"双提升",反映出我国创新转化效率持续提高,创新生态系统日益完善。 A股市场的价值评判体系正在经历根本性转变——从过去偏重资产规模与当期盈利的传统标准,转向更加注重研发投入、 专利储备、技术壁垒的"新估值体系"。 数据显示,截至10月10日,A股电子板块上市公司总市值合计超过13万亿元,超越此前占据首位的银行业。截至10月10 日,A股市场超400家上市公司年内股价涨幅超过100%,主要集中在电子、生物医药 ...
东莞传统制造企业做网络营销的乱象
Sou Hu Cai Jing· 2025-10-08 05:41
既有实力,又有决心,为什么就是做不起来呢?原来可怜之人,确有可恨之处。A公司最大的问题,是没有规 划。品牌没规划,产品没规划,团队没规划,渠道也没有规划。规划不明,所以思想不一,从老板到文员,各唱 各的调。思想不统一,所以士气不振,接私单、做私活、开私店,屡见不鲜,管理层如何管得了? 某公司,在东莞某地(不要问我是哪家工厂,反正不是我们,我们在开平),有几家分厂,占地过万平,工人号 称上千,少说也有七百。老板姓王,虽然是大叔一枚,思想却很新潮,微博、微信都玩得溜溜转。王总坦言,公 司以OEM为主,出口占了9成,这几年来试水内销,却做得不咸不淡,所以决心放弃传统渠道,"未来只做出口和 电商"。王总的话铿锵有力。可是我一看销售报表,一颗心却从天上掉到地下。 王总之所以缺乏整体规划,并不是不舍得花钱。电商课程听了不少,各式各样的专家也请来不少,还花了十几万 大洋,将天猫商城交给TP运营。该托管商走马观了个花,胸口一拍,定下了160万的指标,结果天猫商城每月开 直通车就要烧掉6千,但平均月销量不超过两万。要做聚划算,坑位费花了4万,销量也是4万,赚的还不够花的。 王总要求提前解约,对方提出不能退托管费和服务费,王总一 ...
周其仁:避卷之道
混沌学园· 2025-10-02 11:58
Core Viewpoint - The article emphasizes three key strategies for private enterprises in Foshan to break through challenges: focusing on lean management, planning for global expansion, and striving for uniqueness in products and services [4][9][10]. Group 1: Lean Management - The first strategy is "focusing on lean management," which involves reducing waste within the organization to enhance efficiency and productivity. Successful companies have adopted lean management practices for many years, leading to better resource utilization and improved product quality [4][5][6]. - Lean management is not about making the company weaker but rather about strengthening it through continuous improvement in processes and reduction of internal waste [4][5]. - Companies that have embraced lean management are better positioned to survive economic downturns, as they maintain operational efficiency and can adapt to changing market conditions [6]. Group 2: Global Expansion - The second strategy is "planning for global expansion." Companies should look beyond domestic markets and consider international opportunities to avoid saturation and competition within local markets [7][8]. - Successful examples include companies like Midea, which have historically sought international markets to diversify their customer base and reduce reliance on domestic sales [7][8]. - The current geopolitical climate, including trade tensions, has prompted many Chinese companies to expand internationally, leading to the emergence of more multinational corporations [8]. Group 3: Striving for Uniqueness - The third strategy is "striving for uniqueness," which involves creating products that stand out in the market. Companies should focus on enhancing quality, functionality, and innovation to meet customer demands in less competitive niches [9][10]. - The article highlights that traditional industries often produce similar products, making it crucial for companies to differentiate themselves to capture market share and achieve better returns [9][10]. - By targeting unique product offerings, companies can tap into unmet market needs and reduce competition, leading to higher profitability [9][10]. Group 4: Market Capability vs. Production Capability - The article discusses the imbalance between market capability and production capability in the Chinese manufacturing sector, where production capacity has outpaced the ability to find customers [14][16]. - Companies must enhance their market capabilities to match their production capabilities, ensuring that they can effectively sell their products and realize their value [16][17]. - The focus should be on understanding customer needs and developing strategies to attract and retain high-quality clients, which is essential for sustainable growth [19][20]. Group 5: Case Studies - The article presents case studies of companies that have successfully navigated challenges by adopting the discussed strategies. For instance, a company named Weili Xin chose to focus on difficult orders with less competition, leading to significant business growth [36][38]. - Another example is a company that maintained strict cash payment policies, which forced them to improve product quality and build a strong reputation in the market [39][40]. - These examples illustrate that by avoiding common pitfalls and focusing on unique strategies, companies can thrive even in competitive environments [36][39].
制造业“压舱石”作用持续显现
Jing Ji Ri Bao· 2025-10-01 22:21
提升核心技术自主可控能力。国家层面,注重以先进制造业集群重点产业链为主攻方向,支持企业在技 术熟化、中试验证、批量生产等工程化瓶颈阶段持续创新攻关。各地聚焦关系国家安全和重大战略实施 的重点领域,实时梳理短板技术清单,及时支持企业开展技术攻关,有效推动自主创新产品首购首用。 探索"企业出题—政府选题—市场答题"协同机制,建立完善宽容失败的创新免责机制。 持续优化产业结构。推动传统制造业优势领域锻长板,推进强链延链补链,加强新技术新产品创新迭 代,完善产业生态,提升全产业链竞争优势。支持传统制造业深耕细分领域,孵化新技术、开拓新赛 道、培育新产业。持续巩固去产能成果,依法依规淘汰落后产能,坚决遏制高耗能、高排放、低水平项 目盲目上马。完善高耗能、高排放、低水平项目管理制度,科学细化项目管理目录,避免对传统制造业 按行业"一刀切"。 推动制造体系智能绿色发展。注重以智能制造为主攻方向推动产业技术变革和优化升级,充分释放超大 规模市场的规模经济、产业体系完备的"范围经济"两大优势,鼓励行业龙头企业建设垂直工业互联网平 台、垂直大模型和工业智能体,牵引制造业"智改数转网联"整体加速转型。支持先进制造业企业率先推 动制 ...
城市24小时 | “工业第一城” 继续“拥抱”传统产业
Mei Ri Jing Ji Xin Wen· 2025-09-30 15:59
9月29日,深圳市政府新闻办召开"推动传统产业向'新'向'智'加快建设现代化产业体系"新闻发布会。会 上介绍,深圳将充分发挥创新资源丰富、产业门类齐全、应用场景广阔等优势,通过深化技术赋能、生 态共建、模式创新,积极探索传统产业优化升级新路径,推出12条政策措施,力争经过3年左右的时 间,推动全市传统产业总规模突破7000亿元,实现发展能级的大幅提升。 其中提到,将强化基金赋能打好多元投资组合拳。充分发挥智能终端、智能传感器、超高清显示等战略 性新兴产业引导基金作用,支持国企与传统产业龙头企业设立并购基金,鼓励国有资本联合行业协会设 立智能眼镜等产业专项基金,打造"政府引导基金+上市公司产业资本+专业投资机构"的多元投资支撑 模式,孵化、培育一批技术优势突出、发展前景广阔的优质企业。 解读:作为我国"工业第一城",深圳全年规上工业总产值突破5万亿元、全部工业增加值突破1.2万亿 元,先进制造业增加值、高技术制造业增加值占规上工业增加值比重分别为68.2%、58.2%。 尽管以电子信息等产业为代表的新兴产业,已经成为外界认知深圳的第一印象,但在那之前,深圳也曾 凭借"三来一补"和"贴牌加工",构建起包括服装、珠 ...
励行无界 2025戈壁企业家年会在敦煌圆满举行
Core Insights - The "Gobi Entrepreneurs Annual Conference" held in Dunhuang focused on themes such as globalization, industrial intelligence, green transformation, and cultural tourism integration, attracting over 200 entrepreneurs and notable speakers from various sectors [2][4]. Group 1: Economic and Industrial Insights - Dunhuang is positioned as a key hub for civilization dialogue and commercial exchange, with ongoing efforts to optimize the business environment through initiatives like "Entrepreneur Day" and credit system enhancements [4]. - The conference highlighted the historical opportunities for Chinese enterprises amid the transition to a new global order, emphasizing the importance of AI and emerging industries such as aerospace, health, and circular economy [7]. - The potential of Central Asia as a strategic location for Chinese enterprises was underscored, given its industrialization benefits and resource endowments [7]. Group 2: Green Transformation and Innovation - The discussion on green transformation revealed that China is experiencing systemic changes in energy, technology, and market management, driven by the dual carbon goals [11]. - The need for traditional manufacturing to adopt a dual-track approach of "intelligent + green" was emphasized, aiming for a shift from scale efficiency to quality effectiveness [13]. - The establishment of a green economy ecosystem encompassing carbon markets and trade is anticipated to create a trillion-dollar market by 2035 [11]. Group 3: Cultural Tourism and Rural Revitalization - The role of cultural tourism in driving rural revitalization was discussed, with a focus on creating sustainable development mechanisms through talent cultivation and digital infrastructure [15]. - The transformation of China's cultural tourism industry from resource-oriented to experience and content-driven was highlighted, emphasizing the importance of cultural IP and emotional value [17]. Group 4: Strategic Thinking in a Changing Environment - The need for enterprises to develop dynamic capabilities to respond to global uncertainties was articulated, with a focus on five paradigms of thinking for digital transformation [19]. - The conference concluded with a call for businesses to discover and meet high-quality demands as a core capability in the new era [19].
赚钱越来越难?
Hu Xiu· 2025-09-29 06:58
不争的事实是,钱越来越难赚了。 过去二十年,你不需要很优秀,只需要胆子大,敢折腾,站在风口上就能飞起来。房地产、互联网、外贸,三大造富机器轮番启动。现在机器都慢下来 了,进入了存量博弈时代。 你赚的每一分钱,都可能是别人亏的钱。这意味着对个人能力、信息渠道、资源整合的要求呈指数级上升,绝大多数人的体感就是,钱越来越难赚了。 这种感受并非无病呻吟,它已被无数个体的真实经历所印证:它是豆瓣"上班这件事"小组里,那位35岁大厂员工被裁后,面对房贷车贷的深夜叹息;它是 小红书上,那位月薪八千的"沪漂",靠着极致的精打细算,才为自己挣得一丝安全感 ;它也是知乎上,那位中小企业主在后疫情时代订单断崖式下跌后 的无奈倒闭。 这种焦虑如此普遍,以至于"消费降级""副业刚需""向下兼容",甚至是"上班和上进之间选择上香", 都从段子变成了无数人的生活现实。 面对这个时代课题,许多深刻的分析将矛头指向了宏观结构:我们正从"增量市场"变为"存量市场",过去依赖上述三大造富机器的模式已经落幕,产业升 级的阵痛带来了结构性失业。许多人发现,不是自己不努力,而是自己努力的那个领域,"地板正在消失" 。 这些洞察无疑是精准的,但是,这些解 ...
周其仁佛山最新演讲:为什么卷?市场能力严重落后于生产能力(附演讲实录)
Sou Hu Cai Jing· 2025-09-29 04:43
Core Insights - The core argument emphasizes the need for companies to not only focus on product development but also on identifying and targeting high-value customers to escape the "involution" phenomenon in the industry [1][2][13]. Group 1: Key Strategies for Companies - The first strategy is to pursue excellence in details, which involves implementing lean management to reduce waste and improve efficiency within manufacturing processes [7][8][9]. - The second strategy is to plan for long-term global expansion, encouraging companies to look beyond domestic markets and seek opportunities internationally to avoid market saturation [10][11]. - The third strategy is to strive for uniqueness in products, focusing on creating offerings that stand out in the market, which can lead to better returns due to reduced competition [11][12]. Group 2: Importance of Customer Focus - Companies must prioritize understanding customer needs and preferences, as exemplified by successful firms like Huawei and ASML, which focus on being customer-centric rather than solely supply-driven [14][16][18]. - The concept of "good customers" is highlighted, where companies should aim to sell to clients who are willing to pay premium prices for high-quality products, thus creating a sustainable business model [21][22][24]. - The narrative stresses that traditional pricing strategies must evolve, moving away from competing on low prices to emphasizing the value and profitability that high-quality products can deliver to customers [21][24]. Group 3: Case Studies and Examples - The case of ASML illustrates how targeting the best customers, such as IBM, and understanding their specific needs led to significant business success and innovation [17][19]. - The experience of companies like Weili Xin and a ceramic valve manufacturer demonstrates that focusing on challenging projects and maintaining strict payment terms can lead to growth and stability in competitive markets [29][30][31]. - The success of brands like Fotile, which competes on quality and innovation rather than price, serves as a model for how Chinese companies can elevate their market position [22][23][26].
转型中国:日本1990还是美国1970?
CAITONG SECURITIES· 2025-09-24 02:27
Group 1: Economic Transformation Insights - China's current transformation strategy is more aligned with the U.S. in the 1970s, focusing on "going global" and "common prosperity" akin to the U.S. deindustrialization and Great Society initiatives[1] - The Chinese economy is entering the latter stage of transformation, with cyclical issues becoming less impactful, as evidenced by the decline in old economic drivers like real estate[1] - The transition phase requires patience in policy implementation, as excessive use of counter-cyclical policies may lead to structural issues similar to the U.S. in the 1960s and 70s[1] Group 2: Market and Policy Implications - The easing of cyclical pressures, particularly in real estate, suggests a potential formation of an "L-shaped" economic recovery, supported by counter-cyclical policies[1] - The ongoing structural reforms and technological breakthroughs, although slow, create opportunities for risk appetite and asset revaluation in the capital markets[1] - The A-share bull market since the "924" policy in 2021 reflects the synergy between counter-cyclical policies and technological advancements in sectors like AI and robotics[1] Group 3: Risks and Challenges - Risks include the possibility that the pace of structural reforms may not meet expectations, and uncertainties surrounding technological breakthroughs and external economic influences[1] - The decline in housing prices, with first-tier city prices dropping by 34.3% from their peak as of August 2025, highlights the ongoing challenges in the real estate sector[3] - The GDP deflator index has shown negative growth for nine consecutive quarters since Q2 2023, indicating persistent economic weakness[3]
投资庚我学 |美联储年内首次降息,对资本市场有何影响?
Xin Lang Cai Jing· 2025-09-24 01:11
来源:市场投研资讯 美联储降息是指美国联邦公开市场委员会(FOMC)下调联邦基金利率的行为。该利率是美国银行间互 相借贷的隔夜利率,其变动会传导至各类贷款利率和资产收益率,进而影响实体经济与金融市场。美联 储降息通常出于两类动机:一是"预防式降息",即在经济尚未出现明显衰退但增长放缓、就业市场疲软 或通胀压力缓解时,提前采取宽松政策以防范风险;二是"危机式降息",即在金融系统出现如金融危 机、疫情冲击等严重问题时,为缓解流动性紧张和经济衰退压力而快速大幅降息。 根据招商证券的研报分析,本次降息属于"预防式降息"。当前美国经济呈现明显的分化:一方面,与人 工智能、云计算等相关的科技领域投资保持强劲,企业资本开支计划积极;另一方面,传统制造业活动 持续处于收缩区间,衡量制造业景气程度的采购经理人指数PMI多月位于荣枯线下方,房地产市场在经 历前期利率高企后依然表现疲软。同时,最新的就业数据显示新增岗位数量放缓,失业率有所抬升。尽 管通胀水平相较于历史低点有所回升,当前支持降息的理由主要基于劳动力市场前景的恶化风险已经超 过了通胀可能持续超标的担忧。此次降息被视为一种微调,目的是在经济增长放缓迹象初现时提供支 持, ...