昨夜，华尔街遭遇"黑色星期四"！没有一丝防备，美股三大股指全线崩塌，科技股更是上演了一场惊心 动魄的"大逃杀"。 一、 血流成河：科技"七巨头"神话破灭？ 如果说前几日的市场只是阴雨绵绵，那么周四的行情无疑是一场夹杂着冰雹的狂风暴雨。以高成长性著 称的科技股，成为了抛售的重灾区。 ² "电车之王"特斯拉（TSLA.O）暴跌超6%：作为市场情绪的风向标，特斯拉的暴跌格外刺眼。股价一 举跌破关键技术支撑位，单日市值蒸发超过数百亿美元。这背后，不仅是宏观环境的压力，更有市场对 其本身增长放缓、竞争加剧的深层忧虑。市场在问：当电动车的红利期逐渐过去，特斯拉的护城河还剩 下多宽？ ² "AI皇冠上的明珠"英伟达（NVDA.O）跌3.5%：作为去年以来最耀眼的明星，英伟达的下跌更具象征 意义。它标志着市场对人工智能狂热情绪的暂时降温。尽管其基本面依然强劲，但股价在前期累计涨幅 过高后，任何风吹草动都可能引发获利盘的了结。投资者开始变得现实：天价的估值是否已经透支了未 来多年的增长预期？ ² "第二梯队"同样惨烈：超微半导体（AMD.O）与老牌软件巨头甲骨文（ORCL.N）均重挫超过4%。这 些在AI浪潮中紧随英伟达的标的 ...

Core Views - The essence of investing is to understand that "buying stocks is buying companies," a concept that only about 1% of people truly grasp [3][6][61] - Investment is simple but not easy; it requires a deep understanding of the business and future cash flows [6][52] - The importance of company culture is highlighted, as a good culture helps a company return to the right path after mistakes [7][30] Investment Philosophy - "Buying stocks is buying companies" emphasizes the need to understand the business behind the stock [6][52] - The concept of safety margin is not just about price but about how well one understands the company [6][52] - Rationality in investment is challenging; the probability of making mistakes is similar across investors, but the key is to minimize those mistakes [6][39] Understanding Companies - Understanding the business is crucial; without it, investing becomes very difficult [6][51] - The speaker feels relatively knowledgeable about companies like Apple, Tencent, and Moutai, but acknowledges limitations in understanding other businesses [6][51] Company Culture - A strong company culture guides the organization and helps it stay on the right path [7][30] - Good culture does not prevent mistakes but allows the company to correct its course [7][30] Decision-Making and Management - The decision to pivot from feature phones to smartphones was driven by market necessity rather than initial support [36][39] - The management style emphasizes delegation and trust in the team, allowing them to make decisions independently [38][47] Investment Experience - The speaker's investment journey began post-retirement, focusing on understanding businesses rather than just stock prices [50][51] - Significant investments include companies like NetEase, Apple, and Moutai, with a focus on understanding their business models [53][60] Market Trends and Adaptation - The rapid decline of feature phones was unexpected, highlighting the need for sensitivity to market changes [40][41] - The transition to smartphones was a response to market demands, showcasing the importance of adaptability in business strategy [39][40]

这份底气源于政企同心的生态构建。2025年3月20日，无锡电动车高质量出海合作签约暨电动车新品全 球首发仪式在锡山区举办，吸引了来自21个国家的29位国际采购商代表及锡山区50多家电动车及零部件 企业。会上，无锡市锡山区人民政府与深圳市跨境电子商务协会签署了战略合作协议，进一步整合全球 资源与电商平台，助力电动车企业在国际市场上提升品牌影响力。 营商环境的温度，藏在政策的精准滴灌里。近年来，无锡出台18条举措支持跨境电商发展，锡山更推出 电动车产业"21条"专项政策，从展会补贴到研发奖励全覆盖。江苏嗯哇科技董事长康定武算了笔账，企 业借助产业园的数字化营销服务拓展欧洲市场，加上政策补贴，综合成本降低12%。 "产业根基+平台赋能，让'锡山造'更有竞争力。"锡山区工信局工作人员介绍，当地不仅推动雅迪、台 铃等龙头企业组团出海，还成立电动车对外贸易协会，2024年组织企业参加了12场国际展会，现场达成 意向订单超2200万美元。目前锡山企业在全球布局20多个生产基地，1800家销售门店。 随着"跨境电商+产业带"模式持续深化，无锡锡山正让更多"中国好车"加速驶向全球，为长三角外贸高 质量发展注入澎湃动能。(完) ...

以"一带一路"倡议为例，奥托尔巴耶夫指出，事实上，当今全球增长的基础，如贸易、投资、基础设施 和技术交流，都深受中国跨越国界合作意愿的深刻影响。 中新社北京11月13日电 (记者夏宾)吉尔吉斯斯坦前总理朱马尔特·奥托尔巴耶夫13日在北京参加第十六 届财新峰会时说，中国现代发展的奇迹，从来不是"关门的故事"，而是"开门的故事"。 奥托尔巴耶夫强调说，未来将不仅取决于谁的竞争更激烈，谁的合作更有效，还取决于谁能以真诚、共 情和远见进行沟通。沟通是人类的灵魂，是分歧之间的桥梁，是通往共同命运的道路。 "让我们竭尽全力，使这个世纪被后世铭记的不是竞争，而是复兴、团结和人类共同的胜利。"他说。 (完) （文章来源：中国新闻网） 在他看来，中国的崛起不仅体现在规模和速度上，更体现于日常纪律和竞争精神上。奥托尔巴耶夫举例 称，中国有数量巨大的电动车生产企业，或许有些公司会在竞争中被淘汰，但幸存下来的电动车企将成 为"世界舞台上的冠军"。 ...

Core Insights - The dialogue features Duan Yongping, a prominent investor often referred to as "China's Buffett," discussing his investment philosophy and experiences over the past 20 years since retiring from his company, BBK Electronics [2][3]. Investment Philosophy - Duan emphasizes that investing is about "monetizing cognition," meaning that the money earned comes from one's understanding of the market [2][3]. - He follows Warren Buffett's "20-hole punch" investment principle, indicating that he has yet to complete 10 of these "holes," focusing primarily on long-term holdings in Apple, Moutai, and Tencent [3][4]. Company Analysis - Duan holds a positive view of Apple, praising its user-oriented culture and decision-making, such as halting the development of the "Apple Car" due to limited differentiation [3][4]. - He regards Moutai as distinct from other liquor brands, valuing its unique taste and cultural barriers, and believes its state-owned nature protects its core products [3][4]. - Duan's investment in Pinduoduo is characterized as a "risk investment," where he acknowledges a smaller financial commitment but significant returns, attributing this to his mentorship of founder Huang Zheng [4]. Market Trends - Duan expresses skepticism about the electric vehicle industry, predicting that only a few companies will survive due to minimal differentiation among products [4][5]. - He views AI as a transformative force comparable to an industrial revolution, capable of reshaping various sectors, including healthcare and corporate research [5]. Management Insights - Duan shares management lessons from his time at BBK, emphasizing the importance of corporate culture and the need for leaders to empower their teams rather than micromanage [5].

Group 1: Values and Philosophy - The individual expresses a lack of grand ambitions, preferring to live a simple life [4] - Long-term decision-making reduces the probability of errors [4] - Learning involves costs and mistakes, which are acceptable in the process of doing the right things [4] - The importance of shared values in collaboration is emphasized [4][5] Group 2: Business Operations - Product trends are visible, but company culture is crucial [7] - Management cannot save a company if there are strategic and cultural issues [8] - The founder's influence on corporate culture is significant, and those who do not align with it will eventually leave [10] - A focus on doing the right things is essential for business discussions [13] Group 3: Investment Insights - Understanding a company is challenging, yet essential for investment success [15] - The individual has invested in notable companies like NetEase, Yahoo, and Apple, with varying degrees of understanding [15] - The individual holds three main stocks: Apple, Tencent, and Moutai [16] - The concept of "buying a company" is highlighted, with a note that many investors do not grasp this [16] - The importance of understanding a company's culture and long-term vision is reiterated [19] - The individual believes that many electric vehicle companies will struggle, with only a few likely to succeed [20] Group 4: AI and Market Trends - AI is compared to the Industrial Revolution, with a caution about the accompanying bubbles [24] - Day trading based on technical analysis is deemed increasingly difficult [24] Group 5: Education and Personal Aspirations - Parents should focus on providing security for their children, avoiding actions that reduce it [24] - The individual emphasizes the importance of enjoying daily activities and not striving for grand achievements [24] - A warning is given that investing is difficult and most retail investors lose money [24]

在访谈中，他还讲到自己如何从"看不懂图形"到"看懂企业文化"，从网易、苹果、茅台到腾讯，串起了他三十年来的投资底层逻辑：投资，不是押注市 场，而是对企业的认知。 IT之家 11 月 12 日消息，雪球对话访谈节目《方略》昨晚发布了第三季第一期，雪球创始人方三文与步步高创始人、知名投资人段永平，围绕投资理念、 企业文化与长期主义展开了一场对话。 在节目中，段永平反复强调"懂公司"这件事有多难。他直言："能真正懂'买股票就是买公司'这句话的人，不到 1%。" IT之家注意到，他们在节目中还谈到了马斯克及特斯拉投资相关的问题。段永平在被问及对于特斯拉公司的看法是否有转变时表示： 没有什么本质的变，但确实觉得埃隆・马斯克这个人是厉害，他有很多想法也确实是很先进，但是投资我觉得我比较难，个人的角度来讲，我 不是很喜欢这个人的品行，你投资实际上你在跟他做朋友，我不想跟他做朋友，哪怕给我钱我也不干，所以我没有那么喜欢这件事情，但是我 认识到他确实是厉害，而且他的东西，有很多东西很有道理，有些东西很没道理，你不知道他哪一条先出来。 上述回答主要是关于马斯克这个人的看法，那么对于他的生意是什么看法呢？段永平则回答称： 电动车生 ...

Group 1 - The interview features Duan Yongping, a renowned investor and entrepreneur, discussing his life experiences, investment logic, and views on corporate culture and education [1] - Duan Yongping gained fame through his investments in companies like NetEase, Apple, Moutai, and Tencent, and he has held these investments for many years [1] - He emphasizes the importance of understanding business when investing, stating that many people misunderstand value investing as merely holding stocks long-term without selling [2][43] Group 2 - Duan Yongping believes that "buying stocks is buying companies," highlighting that understanding a company's business model is crucial for successful investing [2][43] - He mentions that investment is simple but not easy, as it requires a deep understanding of the company and its future cash flows [44] - The interview includes ten key quotes from Duan Yongping, emphasizing the significance of understanding business and maintaining rationality in investment decisions [2] Group 3 - Duan Yongping reflects on his upbringing and the influence of his parents, noting that they provided him with a sense of security and freedom to make decisions [6][7] - He discusses the importance of setting boundaries and trusting children, which he applies to his own parenting style [8][9] - The interview touches on his educational background, where he emphasizes the value of learning methods and building confidence rather than just acquiring specific knowledge [16][17] Group 4 - Duan Yongping shares insights into his entrepreneurial journey, including the founding of brands like "Little Tyrant" and "BBK," and the subsequent creation of smartphone brands Vivo and OPPO [1] - He discusses the importance of trust and contractual relationships in business, explaining why he left "Little Tyrant" due to broken promises regarding equity [21][22] - The corporate culture at BBK is described as evolving organically, with a focus on shared values and trust among employees [23][24] Group 5 - The transition from feature phones to smartphones is highlighted as a significant challenge for BBK, with Duan Yongping initially skeptical about entering the smartphone market [30][32] - He emphasizes the need for companies to adapt quickly to market changes, as BBK faced substantial losses during the transition period [32][33] - Duan Yongping reflects on the importance of user-centric product development and the role of corporate culture in driving innovation [60][61] Group 6 - Duan Yongping discusses his investment philosophy, reiterating that understanding a company's business is essential for successful investing [43][44] - He shares his investment experiences, including significant investments in companies like Apple and Moutai, and the importance of recognizing opportunities in the market [45][51] - The interview concludes with a discussion on the challenges of truly understanding a company and the nuances of investment decisions [55][56]

来源丨 经纬创投（ID：matrixpartnerschina） "老巴的安全边际不是指便宜，安全边际指的是你对公司有多懂。" 访谈于2025年10月16日进行， 以下为企业管理和投资的精华内容： 关于投资核心理念 "买股票就是买公司。" "投资很简单，但是不容易。" "你一定要看公司，你一定要看懂生意，你也要看懂未来的现金流。" "大部分公司都不容易看懂。" 在雪球出品的最新一期《方略》栏目中，雪球创始人、董事长方三文和段永平进行了长达两个小时的 对话。这是段永平"退休"二十多年后的罕见公开对话。 访谈中，他 10 次提及 "犯错"、12 次强调 "看懂"、29 次感慨 "很难"，既复盘了步步高从功能机 向智能机转型的危机与突破，也拆解了对苹果、腾讯等企业的投资逻辑。 他推崇用户导向的企业文化，认为好文化能指引企业回归正道；在投资上坚持 "少而精"，重视安全 边际与机会成本，反对盲目抄作业。从企业授权管理到投资标的选择，从对诺基亚、松下的案例剖析 到对 AI、电动车行业的判断，这份访谈浓缩了他一以贯之的商业智慧与人生选择。 "便宜的东西可以更便宜。" 关于懂与不懂 "懂不懂，其实是个灰色地带。" "不懂不等 ...

高盛认为，小米SU7 Pro/Max交付周期的缩短，显示其在提升制造能力方面持续且稳健的执行力，并印 证了高盛先前的观点，即10月24日宣布的税务补贴反映了小米对制造产能提升的信心。高盛相信小米的 产能扩张将在几个月内取得更多官方进展，认为SU7潜在新改款发布的窗口期，终于在未来几个月内到 来，这应能为SU7作为小米的明星电动车产品之一，在进入2026年时创造有利的产品周期。 长期而言，高盛相信小米稳健的资产负债表、强大的生态系统整合能力，以及因规模和深入参与电动车 供应链而产生的成本优势，将提升其在电动车领域的竞争力和吸引力，并且小米有能力利用其互联的消 费终端，建立全球最大的消费级实体智能生态系统之一。 报告指，小米大幅缩短SU7 Pro及SU7 Max的提车周期，从一周前的约30周和一个月前的约34周，缩短 至6至9周，并维持SU7基础版的预计提车周期约30周不变。换言之，订购SU7Pro/Max的消费者很可能 在2025年底，即在内地2026年电动车购置税生效前收到车辆。另外，小米在双十一促销期间全渠道累计 支付金额(GMV)达290亿元人民币，较去年同期的319亿元人民币同比减少9%。 高盛发布研报 ...