金十数据7月22日讯，数十家企业承诺未来三年将在德国投资至少6310亿欧元（合7330亿美元）。在德 国新政府试图为这个欧洲最大经济体注入新的活力之际，这发出了对德国充满信心的信号。德国经济在 过去两年中一直在萎缩，预计今年将停滞不前。德国总理默茨的政府自5月6日上台以来，一直把振兴经 济作为首要任务。周一，默茨欢迎一项名为"为德国制造"（Made for Germany）倡议的代表来到总理 府，与私人投资者表达信心。这批代表目前包括61家来自广泛经济领域的公司，其中包括工业集团西门 子和金融巨头德意志银行。 德国数十家企业共作出逾7000亿美元投资承诺 ...

Core Insights - Many companies face challenges in achieving revenue growth due to factors such as slowing globalization, aging populations, and increased scrutiny on consumption, leading to the question of how to create lasting value without relying on growth [1] Group 1: Characteristics of Stable Companies - A study of over 10,000 companies in North America, Europe, and Japan identified 172 stable companies with nearly zero revenue growth, which provided returns similar to market averages but with 12% lower volatility [3] - These stable companies have a significantly lower likelihood of experiencing severe value collapse, with a 50% lower chance of a 90% or more decline in market value compared to ordinary companies [3] - The average age of these stable companies is approximately 100 years, nearly double that of S&P 500 constituents, and one-third of them outperformed the market in total shareholder return (TSR) [3] Group 2: Strategies for Value Creation - Stable companies employ four distinct strategies to achieve superior performance without growth: 1. **Service Focus: Asset-Light Strategy** - These companies maximize value from existing customer relationships by shifting from physical products to asset-light services, resulting in an average EBIT margin increase of 8 percentage points and a 9% annual TSR [4][5] 2. **Premium Route: Margin Strategy** - Companies adopting a high-end approach increased their gross margins by an average of 12 percentage points over 20 years, achieving a 9% annual TSR through margin expansion and strong cash flow [6][7] 3. **Internal Integration: Balance Sheet Strategy** - By vertically integrating, these companies doubled their asset base and increased gross margins by 8 percentage points, achieving a 9% annual TSR with a cash flow contribution of 5% [8][9] 4. **Shareholder Returns: Dividend Strategy** - Stable companies prioritize returning cash to shareholders through predictable dividends, resulting in lower volatility and an average annual TSR of 12% [10] Group 3: Talent and Innovation Challenges - Companies pursuing low-growth strategies may struggle to attract and retain top talent due to limited opportunities for advancement, necessitating a deliberate talent strategy [12] - Some stable companies invest in long-term plans and partnerships to attract talent, such as targeted recruitment and collaborations with educational institutions [12][13] - Maintaining an innovative culture is crucial, with many stable companies focusing on incremental improvements rather than disruptive innovation, which can foster creativity under resource constraints [14]