# 投资问答录主题目录

页面：https://www.ayaseeri.com/wenda-topic-index

整理：寻长坡以滚雪球；本站为独立资料整理站，摘要与导读由编者撰写。

本页更新：2026-10-10

## 编者摘要

七卷主题目录按投资起点、理解企业、财报估值、经营、公司、行业和人生组织47章问答。读者可以沿主线阅读，也可按公司或小节直接查阅。

## 正文

前四卷是阅读主线；第五、六卷按公司与行业查阅；第七卷收录人生与成长问答。

## 第一卷 投资的起点与边界

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%80%E5%8D%B7-%E6%8A%95%E8%B5%84%E7%9A%84%E8%B5%B7%E7%82%B9%E4%B8%8E%E8%BE%B9%E7%95%8C)

### 第一章 [买股票就是买公司与价值投资](https://www.ayaseeri.com/wenda-invest-01)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%80%E7%AB%A0-%E4%B9%B0%E8%82%A1%E7%A5%A8%E5%B0%B1%E6%98%AF%E4%B9%B0%E5%85%AC%E5%8F%B8%E4%B8%8E%E4%BB%B7%E5%80%BC%E6%8A%95%E8%B5%84)

- [第一节 买股票就是买公司](https://www.ayaseeri.com/wenda-invest-01#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%B9%B0%E8%82%A1%E7%A5%A8%E5%B0%B1%E6%98%AF%E4%B9%B0%E5%85%AC%E5%8F%B8)
- [第二节 投资和做企业没有区别](https://www.ayaseeri.com/wenda-invest-01#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E6%8A%95%E8%B5%84%E5%92%8C%E5%81%9A%E4%BC%81%E4%B8%9A%E6%B2%A1%E6%9C%89%E5%8C%BA%E5%88%AB)
- [第三节 价值投资的定义与源流](https://www.ayaseeri.com/wenda-invest-01#%E7%AC%AC%E4%B8%89%E8%8A%82-%E4%BB%B7%E5%80%BC%E6%8A%95%E8%B5%84%E7%9A%84%E5%AE%9A%E4%B9%89%E4%B8%8E%E6%BA%90%E6%B5%81)
- [第四节 只有这一条路：没有捷径](https://www.ayaseeri.com/wenda-invest-01#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E5%8F%AA%E6%9C%89%E8%BF%99%E4%B8%80%E6%9D%A1%E8%B7%AF%E6%B2%A1%E6%9C%89%E6%8D%B7%E5%BE%84)
- [第五节 信仰、常识与 must believe](https://www.ayaseeri.com/wenda-invest-01#%E7%AC%AC%E4%BA%94%E8%8A%82-%E4%BF%A1%E4%BB%B0%E5%B8%B8%E8%AF%86%E4%B8%8E-must-believe)
- [第六节 好公司比好价格重要与满仓主义](https://www.ayaseeri.com/wenda-invest-01#%E7%AC%AC%E5%85%AD%E8%8A%82-%E5%A5%BD%E5%85%AC%E5%8F%B8%E6%AF%94%E5%A5%BD%E4%BB%B7%E6%A0%BC%E9%87%8D%E8%A6%81%E4%B8%8E%E6%BB%A1%E4%BB%93%E4%B8%BB%E4%B9%89)

### 第二章 [投资为什么简单但不容易](https://www.ayaseeri.com/wenda-invest-02)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%8C%E7%AB%A0-%E6%8A%95%E8%B5%84%E4%B8%BA%E4%BB%80%E4%B9%88%E7%AE%80%E5%8D%95%E4%BD%86%E4%B8%8D%E5%AE%B9%E6%98%93)

- [第一节 简单在哪，不容易在哪](https://www.ayaseeri.com/wenda-invest-02#%E7%AC%AC%E4%B8%80%E8%8A%82-%E7%AE%80%E5%8D%95%E5%9C%A8%E5%93%AA%E4%B8%8D%E5%AE%B9%E6%98%93%E5%9C%A8%E5%93%AA)
- [第二节 价值投资到底难在哪里](https://www.ayaseeri.com/wenda-invest-02#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E4%BB%B7%E5%80%BC%E6%8A%95%E8%B5%84%E5%88%B0%E5%BA%95%E9%9A%BE%E5%9C%A8%E5%93%AA%E9%87%8C)
- [第三节 做对的事情与把事情做对](https://www.ayaseeri.com/wenda-invest-02#%E7%AC%AC%E4%B8%89%E8%8A%82-%E5%81%9A%E5%AF%B9%E7%9A%84%E4%BA%8B%E6%83%85%E4%B8%8E%E6%8A%8A%E4%BA%8B%E6%83%85%E5%81%9A%E5%AF%B9)
- [第四节 没有捷径，慢慢变富](https://www.ayaseeri.com/wenda-invest-02#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E6%B2%A1%E6%9C%89%E6%8D%B7%E5%BE%84%E6%85%A2%E6%85%A2%E5%8F%98%E5%AF%8C)
- [第五节 学得会吗，悟性与实践](https://www.ayaseeri.com/wenda-invest-02#%E7%AC%AC%E4%BA%94%E8%8A%82-%E5%AD%A6%E5%BE%97%E4%BC%9A%E5%90%97%E6%82%9F%E6%80%A7%E4%B8%8E%E5%AE%9E%E8%B7%B5)
- [第六节 什么人适合投资](https://www.ayaseeri.com/wenda-invest-02#%E7%AC%AC%E5%85%AD%E8%8A%82-%E4%BB%80%E4%B9%88%E4%BA%BA%E9%80%82%E5%90%88%E6%8A%95%E8%B5%84)
- [第七节 小资金怎么办](https://www.ayaseeri.com/wenda-invest-02#%E7%AC%AC%E4%B8%83%E8%8A%82-%E5%B0%8F%E8%B5%84%E9%87%91%E6%80%8E%E4%B9%88%E5%8A%9E)

### 第三章 [看懂生意与能力圈](https://www.ayaseeri.com/wenda-invest-03)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%89%E7%AB%A0-%E7%9C%8B%E6%87%82%E7%94%9F%E6%84%8F%E4%B8%8E%E8%83%BD%E5%8A%9B%E5%9C%88)

- [第一节 什么叫看懂](https://www.ayaseeri.com/wenda-invest-03#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%BB%80%E4%B9%88%E5%8F%AB%E7%9C%8B%E6%87%82)
- [第二节 概率、充要条件与把握度](https://www.ayaseeri.com/wenda-invest-03#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E6%A6%82%E7%8E%87%E5%85%85%E8%A6%81%E6%9D%A1%E4%BB%B6%E4%B8%8E%E6%8A%8A%E6%8F%A1%E5%BA%A6)
- [第三节 先看商业模式，再看企业文化](https://www.ayaseeri.com/wenda-invest-03#%E7%AC%AC%E4%B8%89%E8%8A%82-%E5%85%88%E7%9C%8B%E5%95%86%E4%B8%9A%E6%A8%A1%E5%BC%8F%E5%86%8D%E7%9C%8B%E4%BC%81%E4%B8%9A%E6%96%87%E5%8C%96)
- [第四节 怎么了解一家公司](https://www.ayaseeri.com/wenda-invest-03#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E6%80%8E%E4%B9%88%E4%BA%86%E8%A7%A3%E4%B8%80%E5%AE%B6%E5%85%AC%E5%8F%B8)
- [第五节 能力圈是什么，边界在哪](https://www.ayaseeri.com/wenda-invest-03#%E7%AC%AC%E4%BA%94%E8%8A%82-%E8%83%BD%E5%8A%9B%E5%9C%88%E6%98%AF%E4%BB%80%E4%B9%88%E8%BE%B9%E7%95%8C%E5%9C%A8%E5%93%AA)
- [第六节 能力圈能不能扩大](https://www.ayaseeri.com/wenda-invest-03#%E7%AC%AC%E5%85%AD%E8%8A%82-%E8%83%BD%E5%8A%9B%E5%9C%88%E8%83%BD%E4%B8%8D%E8%83%BD%E6%89%A9%E5%A4%A7)
- [第七节 不懂就放弃：我看不懂的那些生意](https://www.ayaseeri.com/wenda-invest-03#%E7%AC%AC%E4%B8%83%E8%8A%82-%E4%B8%8D%E6%87%82%E5%B0%B1%E6%94%BE%E5%BC%83%E6%88%91%E7%9C%8B%E4%B8%8D%E6%87%82%E7%9A%84%E9%82%A3%E4%BA%9B%E7%94%9F%E6%84%8F)

### 第四章 [风险第一：不做空、不借钱、不懂不碰](https://www.ayaseeri.com/wenda-invest-04)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%9B%9B%E7%AB%A0-%E9%A3%8E%E9%99%A9%E7%AC%AC%E4%B8%80%E4%B8%8D%E5%81%9A%E7%A9%BA%E4%B8%8D%E5%80%9F%E9%92%B1%E4%B8%8D%E6%87%82%E4%B8%8D%E7%A2%B0)

- [第一节 先谈风险再谈回报](https://www.ayaseeri.com/wenda-invest-04#%E7%AC%AC%E4%B8%80%E8%8A%82-%E5%85%88%E8%B0%88%E9%A3%8E%E9%99%A9%E5%86%8D%E8%B0%88%E5%9B%9E%E6%8A%A5)
- [第二节 巴菲特的三不](https://www.ayaseeri.com/wenda-invest-04#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%B7%B4%E8%8F%B2%E7%89%B9%E7%9A%84%E4%B8%89%E4%B8%8D)
- [第三节 不做空](https://www.ayaseeri.com/wenda-invest-04#%E7%AC%AC%E4%B8%89%E8%8A%82-%E4%B8%8D%E5%81%9A%E7%A9%BA)
- [第四节 不借钱、不用margin](https://www.ayaseeri.com/wenda-invest-04#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E4%B8%8D%E5%80%9F%E9%92%B1%E4%B8%8D%E7%94%A8margin)
- [第五节 不买高负债的公司](https://www.ayaseeri.com/wenda-invest-04#%E7%AC%AC%E4%BA%94%E8%8A%82-%E4%B8%8D%E4%B9%B0%E9%AB%98%E8%B4%9F%E5%80%BA%E7%9A%84%E5%85%AC%E5%8F%B8)
- [第六节 不懂不碰](https://www.ayaseeri.com/wenda-invest-04#%E7%AC%AC%E5%85%AD%E8%8A%82-%E4%B8%8D%E6%87%82%E4%B8%8D%E7%A2%B0)
- [第七节 我犯过的错与不为清单](https://www.ayaseeri.com/wenda-invest-04#%E7%AC%AC%E4%B8%83%E8%8A%82-%E6%88%91%E7%8A%AF%E8%BF%87%E7%9A%84%E9%94%99%E4%B8%8E%E4%B8%8D%E4%B8%BA%E6%B8%85%E5%8D%95)

### 第五章 [市场波动、宏观与牛熊](https://www.ayaseeri.com/wenda-invest-05)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%94%E7%AB%A0-%E5%B8%82%E5%9C%BA%E6%B3%A2%E5%8A%A8%E5%AE%8F%E8%A7%82%E4%B8%8E%E7%89%9B%E7%86%8A)

- [第一节 投票器与称重机：股价由什么决定](https://www.ayaseeri.com/wenda-invest-05#%E7%AC%AC%E4%B8%80%E8%8A%82-%E6%8A%95%E7%A5%A8%E5%99%A8%E4%B8%8E%E7%A7%B0%E9%87%8D%E6%9C%BA%E8%82%A1%E4%BB%B7%E7%94%B1%E4%BB%80%E4%B9%88%E5%86%B3%E5%AE%9A)
- [第二节 把波动当作朋友](https://www.ayaseeri.com/wenda-invest-05#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E6%8A%8A%E6%B3%A2%E5%8A%A8%E5%BD%93%E4%BD%9C%E6%9C%8B%E5%8F%8B)
- [第三节 逆向不是投资](https://www.ayaseeri.com/wenda-invest-05#%E7%AC%AC%E4%B8%89%E8%8A%82-%E9%80%86%E5%90%91%E4%B8%8D%E6%98%AF%E6%8A%95%E8%B5%84)
- [第四节 忽略噪声：不看图看线](https://www.ayaseeri.com/wenda-invest-05#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E5%BF%BD%E7%95%A5%E5%99%AA%E5%A3%B0%E4%B8%8D%E7%9C%8B%E5%9B%BE%E7%9C%8B%E7%BA%BF)
- [第五节 分析师、机构与对冲基金](https://www.ayaseeri.com/wenda-invest-05#%E7%AC%AC%E4%BA%94%E8%8A%82-%E5%88%86%E6%9E%90%E5%B8%88%E6%9C%BA%E6%9E%84%E4%B8%8E%E5%AF%B9%E5%86%B2%E5%9F%BA%E9%87%91)
- [第六节 不预测宏观](https://www.ayaseeri.com/wenda-invest-05#%E7%AC%AC%E5%85%AD%E8%8A%82-%E4%B8%8D%E9%A2%84%E6%B5%8B%E5%AE%8F%E8%A7%82)
- [第七节 中国经济、体制与人口趋势](https://www.ayaseeri.com/wenda-invest-05#%E7%AC%AC%E4%B8%83%E8%8A%82-%E4%B8%AD%E5%9B%BD%E7%BB%8F%E6%B5%8E%E4%BD%93%E5%88%B6%E4%B8%8E%E4%BA%BA%E5%8F%A3%E8%B6%8B%E5%8A%BF)
- [第八节 通胀、货币与汇率](https://www.ayaseeri.com/wenda-invest-05#%E7%AC%AC%E5%85%AB%E8%8A%82-%E9%80%9A%E8%83%80%E8%B4%A7%E5%B8%81%E4%B8%8E%E6%B1%87%E7%8E%87)
- [第九节 大盘与指数估值](https://www.ayaseeri.com/wenda-invest-05#%E7%AC%AC%E4%B9%9D%E8%8A%82-%E5%A4%A7%E7%9B%98%E4%B8%8E%E6%8C%87%E6%95%B0%E4%BC%B0%E5%80%BC)
- [第十节 牛市、熊市与泡沫](https://www.ayaseeri.com/wenda-invest-05#%E7%AC%AC%E5%8D%81%E8%8A%82-%E7%89%9B%E5%B8%82%E7%86%8A%E5%B8%82%E4%B8%8E%E6%B3%A1%E6%B2%AB)

### 第六章 [投资心态、理性与学习方法](https://www.ayaseeri.com/wenda-invest-12)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%85%AD%E7%AB%A0-%E6%8A%95%E8%B5%84%E5%BF%83%E6%80%81%E7%90%86%E6%80%A7%E4%B8%8E%E5%AD%A6%E4%B9%A0%E6%96%B9%E6%B3%95)

- [第一节 平常心、理性与投资经验](https://www.ayaseeri.com/wenda-invest-12#%E7%AC%AC%E4%B8%80%E8%8A%82-%E5%B9%B3%E5%B8%B8%E5%BF%83%E7%90%86%E6%80%A7%E4%B8%8E%E6%8A%95%E8%B5%84%E7%BB%8F%E9%AA%8C)
- [第二节 球场上的投资启发](https://www.ayaseeri.com/wenda-invest-12#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E7%90%83%E5%9C%BA%E4%B8%8A%E7%9A%84%E6%8A%95%E8%B5%84%E5%90%AF%E5%8F%91)
- [第三节 投资学习与书籍选择](https://www.ayaseeri.com/wenda-invest-12#%E7%AC%AC%E4%B8%89%E8%8A%82-%E6%8A%95%E8%B5%84%E5%AD%A6%E4%B9%A0%E4%B8%8E%E4%B9%A6%E7%B1%8D%E9%80%89%E6%8B%A9)

## 第二卷 怎样看懂好企业

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%8C%E5%8D%B7-%E6%80%8E%E6%A0%B7%E7%9C%8B%E6%87%82%E5%A5%BD%E4%BC%81%E4%B8%9A)

### 第一章 [伟大企业与长坡厚雪](https://www.ayaseeri.com/wenda-business-01)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%80%E7%AB%A0-%E4%BC%9F%E5%A4%A7%E4%BC%81%E4%B8%9A%E4%B8%8E%E9%95%BF%E5%9D%A1%E5%8E%9A%E9%9B%AA)

- [第一节 伟大企业的标准](https://www.ayaseeri.com/wenda-business-01#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%BC%9F%E5%A4%A7%E4%BC%81%E4%B8%9A%E7%9A%84%E6%A0%87%E5%87%86)
- [第二节 长坡厚雪](https://www.ayaseeri.com/wenda-business-01#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E9%95%BF%E5%9D%A1%E5%8E%9A%E9%9B%AA)

### 第二章 [商业模式与投资确定性](https://www.ayaseeri.com/wenda-business-02)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%8C%E7%AB%A0-%E5%95%86%E4%B8%9A%E6%A8%A1%E5%BC%8F%E4%B8%8E%E6%8A%95%E8%B5%84%E7%A1%AE%E5%AE%9A%E6%80%A7)

- [第一节 什么是生意模式](https://www.ayaseeri.com/wenda-business-02#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%BB%80%E4%B9%88%E6%98%AF%E7%94%9F%E6%84%8F%E6%A8%A1%E5%BC%8F)
- [第二节 好模式的判断标准](https://www.ayaseeri.com/wenda-business-02#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%A5%BD%E6%A8%A1%E5%BC%8F%E7%9A%84%E5%88%A4%E6%96%AD%E6%A0%87%E5%87%86)
- [第三节 商业模式与投资确定性](https://www.ayaseeri.com/wenda-business-02#%E7%AC%AC%E4%B8%89%E8%8A%82-%E5%95%86%E4%B8%9A%E6%A8%A1%E5%BC%8F%E4%B8%8E%E6%8A%95%E8%B5%84%E7%A1%AE%E5%AE%9A%E6%80%A7)
- [第四节 苦生意与烂模式的特征](https://www.ayaseeri.com/wenda-business-02#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E8%8B%A6%E7%94%9F%E6%84%8F%E4%B8%8E%E7%83%82%E6%A8%A1%E5%BC%8F%E7%9A%84%E7%89%B9%E5%BE%81)

### 第三章 [护城河与差异化](https://www.ayaseeri.com/wenda-business-03)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%89%E7%AB%A0-%E6%8A%A4%E5%9F%8E%E6%B2%B3%E4%B8%8E%E5%B7%AE%E5%BC%82%E5%8C%96)

- [第一节 护城河就是垄断](https://www.ayaseeri.com/wenda-business-03#%E7%AC%AC%E4%B8%80%E8%8A%82-%E6%8A%A4%E5%9F%8E%E6%B2%B3%E5%B0%B1%E6%98%AF%E5%9E%84%E6%96%AD)
- [第二节 定价权：护城河的试金石](https://www.ayaseeri.com/wenda-business-03#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%AE%9A%E4%BB%B7%E6%9D%83%E6%8A%A4%E5%9F%8E%E6%B2%B3%E7%9A%84%E8%AF%95%E9%87%91%E7%9F%B3)
- [第三节 差异化是护城河的来源](https://www.ayaseeri.com/wenda-business-03#%E7%AC%AC%E4%B8%89%E8%8A%82-%E5%B7%AE%E5%BC%82%E5%8C%96%E6%98%AF%E6%8A%A4%E5%9F%8E%E6%B2%B3%E7%9A%84%E6%9D%A5%E6%BA%90)
- [第四节 难以差异化的生意](https://www.ayaseeri.com/wenda-business-03#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E9%9A%BE%E4%BB%A5%E5%B7%AE%E5%BC%82%E5%8C%96%E7%9A%84%E7%94%9F%E6%84%8F)

### 第四章 [好产品与用户导向](https://www.ayaseeri.com/wenda-business-04)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%9B%9B%E7%AB%A0-%E5%A5%BD%E4%BA%A7%E5%93%81%E4%B8%8E%E7%94%A8%E6%88%B7%E5%AF%BC%E5%90%91)

- [第一节 消费者导向、市场导向与利润导向](https://www.ayaseeri.com/wenda-business-04#%E7%AC%AC%E4%B8%80%E8%8A%82-%E6%B6%88%E8%B4%B9%E8%80%85%E5%AF%BC%E5%90%91%E5%B8%82%E5%9C%BA%E5%AF%BC%E5%90%91%E4%B8%8E%E5%88%A9%E6%B6%A6%E5%AF%BC%E5%90%91)
- [第二节 什么是好产品](https://www.ayaseeri.com/wenda-business-04#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E4%BB%80%E4%B9%88%E6%98%AF%E5%A5%BD%E4%BA%A7%E5%93%81)
- [第三节 用户视角的判断方法](https://www.ayaseeri.com/wenda-business-04#%E7%AC%AC%E4%B8%89%E8%8A%82-%E7%94%A8%E6%88%B7%E8%A7%86%E8%A7%92%E7%9A%84%E5%88%A4%E6%96%AD%E6%96%B9%E6%B3%95)
- [第四节 好产品与用户导向的案例](https://www.ayaseeri.com/wenda-business-04#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E5%A5%BD%E4%BA%A7%E5%93%81%E4%B8%8E%E7%94%A8%E6%88%B7%E5%AF%BC%E5%90%91%E7%9A%84%E6%A1%88%E4%BE%8B)

### 第五章 [品牌的本质](https://www.ayaseeri.com/wenda-business-06)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%94%E7%AB%A0-%E5%93%81%E7%89%8C%E7%9A%84%E6%9C%AC%E8%B4%A8)

- [第一节 品牌是什么](https://www.ayaseeri.com/wenda-business-06#%E7%AC%AC%E4%B8%80%E8%8A%82-%E5%93%81%E7%89%8C%E6%98%AF%E4%BB%80%E4%B9%88)
- [第二节 品牌没有溢价](https://www.ayaseeri.com/wenda-business-06#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%93%81%E7%89%8C%E6%B2%A1%E6%9C%89%E6%BA%A2%E4%BB%B7)
- [第三节 不存在品牌忠诚度](https://www.ayaseeri.com/wenda-business-06#%E7%AC%AC%E4%B8%89%E8%8A%82-%E4%B8%8D%E5%AD%98%E5%9C%A8%E5%93%81%E7%89%8C%E5%BF%A0%E8%AF%9A%E5%BA%A6)
- [第四节 品牌的名字](https://www.ayaseeri.com/wenda-business-06#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E5%93%81%E7%89%8C%E7%9A%84%E5%90%8D%E5%AD%97)
- [第五节 建立自己的品牌](https://www.ayaseeri.com/wenda-business-06#%E7%AC%AC%E4%BA%94%E8%8A%82-%E5%BB%BA%E7%AB%8B%E8%87%AA%E5%B7%B1%E7%9A%84%E5%93%81%E7%89%8C)
- [第六节 什么生意做不出品牌](https://www.ayaseeri.com/wenda-business-06#%E7%AC%AC%E5%85%AD%E8%8A%82-%E4%BB%80%E4%B9%88%E7%94%9F%E6%84%8F%E5%81%9A%E4%B8%8D%E5%87%BA%E5%93%81%E7%89%8C)

### 第六章 [企业文化](https://www.ayaseeri.com/wenda-business-08)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%85%AD%E7%AB%A0-%E4%BC%81%E4%B8%9A%E6%96%87%E5%8C%96)

- [第一节 什么是企业文化](https://www.ayaseeri.com/wenda-business-08#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%BB%80%E4%B9%88%E6%98%AF%E4%BC%81%E4%B8%9A%E6%96%87%E5%8C%96)
  
  - [结果导向与做对的事情](https://www.ayaseeri.com/wenda-business-08#%E7%BB%93%E6%9E%9C%E5%AF%BC%E5%90%91%E4%B8%8E%E5%81%9A%E5%AF%B9%E7%9A%84%E4%BA%8B%E6%83%85)
- [第二节 文化为什么重要](https://www.ayaseeri.com/wenda-business-08#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E6%96%87%E5%8C%96%E4%B8%BA%E4%BB%80%E4%B9%88%E9%87%8D%E8%A6%81)
- [第三节 如何判断企业文化](https://www.ayaseeri.com/wenda-business-08#%E7%AC%AC%E4%B8%89%E8%8A%82-%E5%A6%82%E4%BD%95%E5%88%A4%E6%96%AD%E4%BC%81%E4%B8%9A%E6%96%87%E5%8C%96)
- [第四节 文化的建立与传承](https://www.ayaseeri.com/wenda-business-08#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E6%96%87%E5%8C%96%E7%9A%84%E5%BB%BA%E7%AB%8B%E4%B8%8E%E4%BC%A0%E6%89%BF)
- [第五节 文化案例](https://www.ayaseeri.com/wenda-business-08#%E7%AC%AC%E4%BA%94%E8%8A%82-%E6%96%87%E5%8C%96%E6%A1%88%E4%BE%8B)

## 第三卷 财报、估值与投资决策

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%89%E5%8D%B7-%E8%B4%A2%E6%8A%A5%E4%BC%B0%E5%80%BC%E4%B8%8E%E6%8A%95%E8%B5%84%E5%86%B3%E7%AD%96)

### 第一章 [财报、现金流、ROE与净资产](https://www.ayaseeri.com/wenda-invest-09)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%80%E7%AB%A0-%E8%B4%A2%E6%8A%A5%E7%8E%B0%E9%87%91%E6%B5%81roe%E4%B8%8E%E5%87%80%E8%B5%84%E4%BA%A7)

- [第一节 财报的作用](https://www.ayaseeri.com/wenda-invest-09#%E7%AC%AC%E4%B8%80%E8%8A%82-%E8%B4%A2%E6%8A%A5%E7%9A%84%E4%BD%9C%E7%94%A8)
- [第二节 现金流与真实利润](https://www.ayaseeri.com/wenda-invest-09#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E7%8E%B0%E9%87%91%E6%B5%81%E4%B8%8E%E7%9C%9F%E5%AE%9E%E5%88%A9%E6%B6%A6)
- [第三节 净资产与负债](https://www.ayaseeri.com/wenda-invest-09#%E7%AC%AC%E4%B8%89%E8%8A%82-%E5%87%80%E8%B5%84%E4%BA%A7%E4%B8%8E%E8%B4%9F%E5%80%BA)
- [第四节 ROE与经营效率](https://www.ayaseeri.com/wenda-invest-09#%E7%AC%AC%E5%9B%9B%E8%8A%82-roe%E4%B8%8E%E7%BB%8F%E8%90%A5%E6%95%88%E7%8E%87)
- [第五节 财务指标的边界](https://www.ayaseeri.com/wenda-invest-09#%E7%AC%AC%E4%BA%94%E8%8A%82-%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E7%9A%84%E8%BE%B9%E7%95%8C)

### 第二章 [估值的起点：定性判断与现金流折现](https://www.ayaseeri.com/wenda-invest-07)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%8C%E7%AB%A0-%E4%BC%B0%E5%80%BC%E7%9A%84%E8%B5%B7%E7%82%B9%E5%AE%9A%E6%80%A7%E5%88%A4%E6%96%AD%E4%B8%8E%E7%8E%B0%E9%87%91%E6%B5%81%E6%8A%98%E7%8E%B0)

- [第一节 什么是估值：定性判断与毛估估](https://www.ayaseeri.com/wenda-invest-07#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%BB%80%E4%B9%88%E6%98%AF%E4%BC%B0%E5%80%BC%E5%AE%9A%E6%80%A7%E5%88%A4%E6%96%AD%E4%B8%8E%E6%AF%9B%E4%BC%B0%E4%BC%B0)
- [第二节 内在价值与价格](https://www.ayaseeri.com/wenda-invest-07#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%86%85%E5%9C%A8%E4%BB%B7%E5%80%BC%E4%B8%8E%E4%BB%B7%E6%A0%BC)
- [第三节 未来现金流折现：一种思维方式](https://www.ayaseeri.com/wenda-invest-07#%E7%AC%AC%E4%B8%89%E8%8A%82-%E6%9C%AA%E6%9D%A5%E7%8E%B0%E9%87%91%E6%B5%81%E6%8A%98%E7%8E%B0%E4%B8%80%E7%A7%8D%E6%80%9D%E7%BB%B4%E6%96%B9%E5%BC%8F)

### 第三章 [折现率、PE与估值案例](https://www.ayaseeri.com/wenda-invest-07-cases)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%89%E7%AB%A0-%E6%8A%98%E7%8E%B0%E7%8E%87pe%E4%B8%8E%E4%BC%B0%E5%80%BC%E6%A1%88%E4%BE%8B)

- [第一节 折现率与机会成本](https://www.ayaseeri.com/wenda-invest-07-cases#%E7%AC%AC%E4%B8%80%E8%8A%82-%E6%8A%98%E7%8E%B0%E7%8E%87%E4%B8%8E%E6%9C%BA%E4%BC%9A%E6%88%90%E6%9C%AC)
- [第二节 PE、EV与财务指标的边界](https://www.ayaseeri.com/wenda-invest-07-cases#%E7%AC%AC%E4%BA%8C%E8%8A%82-peev%E4%B8%8E%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E7%9A%84%E8%BE%B9%E7%95%8C)
- [第三节 估值案例：万科、GE、茅台与DCF实算](https://www.ayaseeri.com/wenda-invest-07-cases#%E7%AC%AC%E4%B8%89%E8%8A%82-%E4%BC%B0%E5%80%BC%E6%A1%88%E4%BE%8B%E4%B8%87%E7%A7%91ge%E8%8C%85%E5%8F%B0%E4%B8%8Edcf%E5%AE%9E%E7%AE%97)

### 第四章 [分红、回购与资本配置](https://www.ayaseeri.com/wenda-invest-10)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%9B%9B%E7%AB%A0-%E5%88%86%E7%BA%A2%E5%9B%9E%E8%B4%AD%E4%B8%8E%E8%B5%84%E6%9C%AC%E9%85%8D%E7%BD%AE)

- [第一节 资本配置原则](https://www.ayaseeri.com/wenda-invest-10#%E7%AC%AC%E4%B8%80%E8%8A%82-%E8%B5%84%E6%9C%AC%E9%85%8D%E7%BD%AE%E5%8E%9F%E5%88%99)
- [第二节 分红](https://www.ayaseeri.com/wenda-invest-10#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%88%86%E7%BA%A2)
- [第三节 回购、债务与“公司是唯一的买家”](https://www.ayaseeri.com/wenda-invest-10#%E7%AC%AC%E4%B8%89%E8%8A%82-%E5%9B%9E%E8%B4%AD%E5%80%BA%E5%8A%A1%E4%B8%8E%E5%85%AC%E5%8F%B8%E6%98%AF%E5%94%AF%E4%B8%80%E7%9A%84%E4%B9%B0%E5%AE%B6)

### 第五章 [长期持有、集中投资与机会成本](https://www.ayaseeri.com/wenda-invest-06)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%94%E7%AB%A0-%E9%95%BF%E6%9C%9F%E6%8C%81%E6%9C%89%E9%9B%86%E4%B8%AD%E6%8A%95%E8%B5%84%E4%B8%8E%E6%9C%BA%E4%BC%9A%E6%88%90%E6%9C%AC)

- [第一节 价值投资不等于长期持有](https://www.ayaseeri.com/wenda-invest-06#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%BB%B7%E5%80%BC%E6%8A%95%E8%B5%84%E4%B8%8D%E7%AD%89%E4%BA%8E%E9%95%BF%E6%9C%9F%E6%8C%81%E6%9C%89)
- [第二节 不打算拿十年，就别拿十天](https://www.ayaseeri.com/wenda-invest-06#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E4%B8%8D%E6%89%93%E7%AE%97%E6%8B%BF%E5%8D%81%E5%B9%B4%E5%B0%B1%E5%88%AB%E6%8B%BF%E5%8D%81%E5%A4%A9)
- [第三节 为什么看十年比看三年容易](https://www.ayaseeri.com/wenda-invest-06#%E7%AC%AC%E4%B8%89%E8%8A%82-%E4%B8%BA%E4%BB%80%E4%B9%88%E7%9C%8B%E5%8D%81%E5%B9%B4%E6%AF%94%E7%9C%8B%E4%B8%89%E5%B9%B4%E5%AE%B9%E6%98%93)
- [第四节 好公司、好价格与何时卖](https://www.ayaseeri.com/wenda-invest-06#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E5%A5%BD%E5%85%AC%E5%8F%B8%E5%A5%BD%E4%BB%B7%E6%A0%BC%E4%B8%8E%E4%BD%95%E6%97%B6%E5%8D%96)
- [第五节 集中投资与仓位](https://www.ayaseeri.com/wenda-invest-06#%E7%AC%AC%E4%BA%94%E8%8A%82-%E9%9B%86%E4%B8%AD%E6%8A%95%E8%B5%84%E4%B8%8E%E4%BB%93%E4%BD%8D)
- [第六节 机会成本](https://www.ayaseeri.com/wenda-invest-06#%E7%AC%AC%E5%85%AD%E8%8A%82-%E6%9C%BA%E4%BC%9A%E6%88%90%E6%9C%AC)

### 第六章 [买卖时机与“持有就是买入”](https://www.ayaseeri.com/wenda-invest-08)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%85%AD%E7%AB%A0-%E4%B9%B0%E5%8D%96%E6%97%B6%E6%9C%BA%E4%B8%8E%E6%8C%81%E6%9C%89%E5%B0%B1%E6%98%AF%E4%B9%B0%E5%85%A5)

- [第一节 持有就是买入](https://www.ayaseeri.com/wenda-invest-08#%E7%AC%AC%E4%B8%80%E8%8A%82-%E6%8C%81%E6%9C%89%E5%B0%B1%E6%98%AF%E4%B9%B0%E5%85%A5)
- [第二节 买入：和它到过什么价无关](https://www.ayaseeri.com/wenda-invest-08#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E4%B9%B0%E5%85%A5%E5%92%8C%E5%AE%83%E5%88%B0%E8%BF%87%E4%BB%80%E4%B9%88%E4%BB%B7%E6%97%A0%E5%85%B3)
- [第三节 卖出：和你的成本无关](https://www.ayaseeri.com/wenda-invest-08#%E7%AC%AC%E4%B8%89%E8%8A%82-%E5%8D%96%E5%87%BA%E5%92%8C%E4%BD%A0%E7%9A%84%E6%88%90%E6%9C%AC%E6%97%A0%E5%85%B3)
- [第四节 什么时候该卖](https://www.ayaseeri.com/wenda-invest-08#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E4%BB%80%E4%B9%88%E6%97%B6%E5%80%99%E8%AF%A5%E5%8D%96)

### 第七章 [投机、套利、量化与衍生品](https://www.ayaseeri.com/wenda-invest-11)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%83%E7%AB%A0-%E6%8A%95%E6%9C%BA%E5%A5%97%E5%88%A9%E9%87%8F%E5%8C%96%E4%B8%8E%E8%A1%8D%E7%94%9F%E5%93%81)

- [第一节 投资与投机](https://www.ayaseeri.com/wenda-invest-11#%E7%AC%AC%E4%B8%80%E8%8A%82-%E6%8A%95%E8%B5%84%E4%B8%8E%E6%8A%95%E6%9C%BA)
- [第二节 买option是投机，卖option像开赌场](https://www.ayaseeri.com/wenda-invest-11#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E4%B9%B0option%E6%98%AF%E6%8A%95%E6%9C%BA%E5%8D%96option%E5%83%8F%E5%BC%80%E8%B5%8C%E5%9C%BA)
- [第三节 套利：无风险赚点小钱](https://www.ayaseeri.com/wenda-invest-11#%E7%AC%AC%E4%B8%89%E8%8A%82-%E5%A5%97%E5%88%A9%E6%97%A0%E9%A3%8E%E9%99%A9%E8%B5%9A%E7%82%B9%E5%B0%8F%E9%92%B1)
- [第四节 量化交易](https://www.ayaseeri.com/wenda-invest-11#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E9%87%8F%E5%8C%96%E4%BA%A4%E6%98%93)
- [第五节 卖put的实务与限制](https://www.ayaseeri.com/wenda-invest-11#%E7%AC%AC%E4%BA%94%E8%8A%82-%E5%8D%96put%E7%9A%84%E5%AE%9E%E5%8A%A1%E4%B8%8E%E9%99%90%E5%88%B6)

## 第四卷 怎样经营企业

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%9B%9B%E5%8D%B7-%E6%80%8E%E6%A0%B7%E7%BB%8F%E8%90%A5%E4%BC%81%E4%B8%9A)

### 第一章 [本分、平常心与利润之上的追求](https://www.ayaseeri.com/wenda-business-09)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%80%E7%AB%A0-%E6%9C%AC%E5%88%86%E5%B9%B3%E5%B8%B8%E5%BF%83%E4%B8%8E%E5%88%A9%E6%B6%A6%E4%B9%8B%E4%B8%8A%E7%9A%84%E8%BF%BD%E6%B1%82)

- [第一节 什么是本分](https://www.ayaseeri.com/wenda-business-09#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%BB%80%E4%B9%88%E6%98%AF%E6%9C%AC%E5%88%86)
- [第二节 本分的代价：信誉、承诺与原则](https://www.ayaseeri.com/wenda-business-09#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E6%9C%AC%E5%88%86%E7%9A%84%E4%BB%A3%E4%BB%B7%E4%BF%A1%E8%AA%89%E6%89%BF%E8%AF%BA%E4%B8%8E%E5%8E%9F%E5%88%99)
- [第三节 平常心](https://www.ayaseeri.com/wenda-business-09#%E7%AC%AC%E4%B8%89%E8%8A%82-%E5%B9%B3%E5%B8%B8%E5%BF%83)
- [第四节 利润之上的追求](https://www.ayaseeri.com/wenda-business-09#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E5%88%A9%E6%B6%A6%E4%B9%8B%E4%B8%8A%E7%9A%84%E8%BF%BD%E6%B1%82)
- [第五节 本分的长期结果](https://www.ayaseeri.com/wenda-business-09#%E7%AC%AC%E4%BA%94%E8%8A%82-%E6%9C%AC%E5%88%86%E7%9A%84%E9%95%BF%E6%9C%9F%E7%BB%93%E6%9E%9C)

### 第二章 [Stop Doing List、聚焦与更健康更长久](https://www.ayaseeri.com/wenda-business-11)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%8C%E7%AB%A0-stop-doing-list%E8%81%9A%E7%84%A6%E4%B8%8E%E6%9B%B4%E5%81%A5%E5%BA%B7%E6%9B%B4%E9%95%BF%E4%B9%85)

- [第一节 什么是 Stop Doing List](https://www.ayaseeri.com/wenda-business-11#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%BB%80%E4%B9%88%E6%98%AF-stop-doing-list)
- [第二节 我们不做的事情](https://www.ayaseeri.com/wenda-business-11#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E6%88%91%E4%BB%AC%E4%B8%8D%E5%81%9A%E7%9A%84%E4%BA%8B%E6%83%85)
- [第三节 不打价格战、不追份额、不谈性价比](https://www.ayaseeri.com/wenda-business-11#%E7%AC%AC%E4%B8%89%E8%8A%82-%E4%B8%8D%E6%89%93%E4%BB%B7%E6%A0%BC%E6%88%98%E4%B8%8D%E8%BF%BD%E4%BB%BD%E9%A2%9D%E4%B8%8D%E8%B0%88%E6%80%A7%E4%BB%B7%E6%AF%94)
- [第四节 聚焦与取舍](https://www.ayaseeri.com/wenda-business-11#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E8%81%9A%E7%84%A6%E4%B8%8E%E5%8F%96%E8%88%8D)
- [第五节 更健康更长久](https://www.ayaseeri.com/wenda-business-11#%E7%AC%AC%E4%BA%94%E8%8A%82-%E6%9B%B4%E5%81%A5%E5%BA%B7%E6%9B%B4%E9%95%BF%E4%B9%85)

### 第三章 [创新与敢为天下后](https://www.ayaseeri.com/wenda-business-05)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%89%E7%AB%A0-%E5%88%9B%E6%96%B0%E4%B8%8E%E6%95%A2%E4%B8%BA%E5%A4%A9%E4%B8%8B%E5%90%8E)

- [第一节 创新不是为了不同](https://www.ayaseeri.com/wenda-business-05#%E7%AC%AC%E4%B8%80%E8%8A%82-%E5%88%9B%E6%96%B0%E4%B8%8D%E6%98%AF%E4%B8%BA%E4%BA%86%E4%B8%8D%E5%90%8C)
- [第二节 创新的土壤：专利、文化与环境](https://www.ayaseeri.com/wenda-business-05#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%88%9B%E6%96%B0%E7%9A%84%E5%9C%9F%E5%A3%A4%E4%B8%93%E5%88%A9%E6%96%87%E5%8C%96%E4%B8%8E%E7%8E%AF%E5%A2%83)
- [第三节 敢为天下后](https://www.ayaseeri.com/wenda-business-05#%E7%AC%AC%E4%B8%89%E8%8A%82-%E6%95%A2%E4%B8%BA%E5%A4%A9%E4%B8%8B%E5%90%8E)
- [第四节 敢为天下后的前提是差异化](https://www.ayaseeri.com/wenda-business-05#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E6%95%A2%E4%B8%BA%E5%A4%A9%E4%B8%8B%E5%90%8E%E7%9A%84%E5%89%8D%E6%8F%90%E6%98%AF%E5%B7%AE%E5%BC%82%E5%8C%96)

### 第四章 [营销、广告、渠道与出海](https://www.ayaseeri.com/wenda-business-07)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%9B%9B%E7%AB%A0-%E8%90%A5%E9%94%80%E5%B9%BF%E5%91%8A%E6%B8%A0%E9%81%93%E4%B8%8E%E5%87%BA%E6%B5%B7)

- [第一节 营销是什么，不是什么](https://www.ayaseeri.com/wenda-business-07#%E7%AC%AC%E4%B8%80%E8%8A%82-%E8%90%A5%E9%94%80%E6%98%AF%E4%BB%80%E4%B9%88%E4%B8%8D%E6%98%AF%E4%BB%80%E4%B9%88)
- [第二节 广告只表达产品，不赋予产品](https://www.ayaseeri.com/wenda-business-07#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%B9%BF%E5%91%8A%E5%8F%AA%E8%A1%A8%E8%BE%BE%E4%BA%A7%E5%93%81%E4%B8%8D%E8%B5%8B%E4%BA%88%E4%BA%A7%E5%93%81)
- [第三节 广告词与明星代言](https://www.ayaseeri.com/wenda-business-07#%E7%AC%AC%E4%B8%89%E8%8A%82-%E5%B9%BF%E5%91%8A%E8%AF%8D%E4%B8%8E%E6%98%8E%E6%98%9F%E4%BB%A3%E8%A8%80)
- [第四节 广告投入与产出](https://www.ayaseeri.com/wenda-business-07#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E5%B9%BF%E5%91%8A%E6%8A%95%E5%85%A5%E4%B8%8E%E4%BA%A7%E5%87%BA)
- [第五节 价格体系与渠道](https://www.ayaseeri.com/wenda-business-07#%E7%AC%AC%E4%BA%94%E8%8A%82-%E4%BB%B7%E6%A0%BC%E4%BD%93%E7%B3%BB%E4%B8%8E%E6%B8%A0%E9%81%93)
- [第六节 出海与国际市场](https://www.ayaseeri.com/wenda-business-07#%E7%AC%AC%E5%85%AD%E8%8A%82-%E5%87%BA%E6%B5%B7%E4%B8%8E%E5%9B%BD%E9%99%85%E5%B8%82%E5%9C%BA)

### 第五章 [创始人、CEO、团队与激励](https://www.ayaseeri.com/wenda-business-10)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%94%E7%AB%A0-%E5%88%9B%E5%A7%8B%E4%BA%BAceo%E5%9B%A2%E9%98%9F%E4%B8%8E%E6%BF%80%E5%8A%B1)

- [第一节 创始人与造钟人](https://www.ayaseeri.com/wenda-business-10#%E7%AC%AC%E4%B8%80%E8%8A%82-%E5%88%9B%E5%A7%8B%E4%BA%BA%E4%B8%8E%E9%80%A0%E9%92%9F%E4%BA%BA)
- [第二节 CEO与管理层](https://www.ayaseeri.com/wenda-business-10#%E7%AC%AC%E4%BA%8C%E8%8A%82-ceo%E4%B8%8E%E7%AE%A1%E7%90%86%E5%B1%82)
- [第三节 授权与放权](https://www.ayaseeri.com/wenda-business-10#%E7%AC%AC%E4%B8%89%E8%8A%82-%E6%8E%88%E6%9D%83%E4%B8%8E%E6%94%BE%E6%9D%83)
- [第四节 董事会与股东](https://www.ayaseeri.com/wenda-business-10#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E8%91%A3%E4%BA%8B%E4%BC%9A%E4%B8%8E%E8%82%A1%E4%B8%9C)
- [第五节 选人、育人与团队](https://www.ayaseeri.com/wenda-business-10#%E7%AC%AC%E4%BA%94%E8%8A%82-%E9%80%89%E4%BA%BA%E8%82%B2%E4%BA%BA%E4%B8%8E%E5%9B%A2%E9%98%9F)
- [第六节 激励、公平与规矩](https://www.ayaseeri.com/wenda-business-10#%E7%AC%AC%E5%85%AD%E8%8A%82-%E6%BF%80%E5%8A%B1%E5%85%AC%E5%B9%B3%E4%B8%8E%E8%A7%84%E7%9F%A9)

### 第六章 [收购与多元化](https://www.ayaseeri.com/wenda-business-12)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%85%AD%E7%AB%A0-%E6%94%B6%E8%B4%AD%E4%B8%8E%E5%A4%9A%E5%85%83%E5%8C%96)

- [第一节 为什么不搞多元化](https://www.ayaseeri.com/wenda-business-12#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%B8%BA%E4%BB%80%E4%B9%88%E4%B8%8D%E6%90%9E%E5%A4%9A%E5%85%83%E5%8C%96)
- [第二节 什么算多元化，什么不算](https://www.ayaseeri.com/wenda-business-12#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E4%BB%80%E4%B9%88%E7%AE%97%E5%A4%9A%E5%85%83%E5%8C%96%E4%BB%80%E4%B9%88%E4%B8%8D%E7%AE%97)
- [第三节 收购的成功率与条件](https://www.ayaseeri.com/wenda-business-12#%E7%AC%AC%E4%B8%89%E8%8A%82-%E6%94%B6%E8%B4%AD%E7%9A%84%E6%88%90%E5%8A%9F%E7%8E%87%E4%B8%8E%E6%9D%A1%E4%BB%B6)
- [第四节 多品牌、子品牌与分拆](https://www.ayaseeri.com/wenda-business-12#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E5%A4%9A%E5%93%81%E7%89%8C%E5%AD%90%E5%93%81%E7%89%8C%E4%B8%8E%E5%88%86%E6%8B%86)
- [第五节 收购与多元化案例](https://www.ayaseeri.com/wenda-business-12#%E7%AC%AC%E4%BA%94%E8%8A%82-%E6%94%B6%E8%B4%AD%E4%B8%8E%E5%A4%9A%E5%85%83%E5%8C%96%E6%A1%88%E4%BE%8B)

## 第五卷 重点公司深读

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%94%E5%8D%B7-%E9%87%8D%E7%82%B9%E5%85%AC%E5%8F%B8%E6%B7%B1%E8%AF%BB)

### 第一章 [苹果：产品、商业模式与生态](https://www.ayaseeri.com/wenda-company-apple-01)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%80%E7%AB%A0-%E8%8B%B9%E6%9E%9C%E4%BA%A7%E5%93%81%E5%95%86%E4%B8%9A%E6%A8%A1%E5%BC%8F%E4%B8%8E%E7%94%9F%E6%80%81)

- [第一节 我为什么开始喜欢苹果](https://www.ayaseeri.com/wenda-company-apple-01#%E7%AC%AC%E4%B8%80%E8%8A%82-%E6%88%91%E4%B8%BA%E4%BB%80%E4%B9%88%E5%BC%80%E5%A7%8B%E5%96%9C%E6%AC%A2%E8%8B%B9%E6%9E%9C)
- [第二节 单一产品与极致体验](https://www.ayaseeri.com/wenda-company-apple-01#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%8D%95%E4%B8%80%E4%BA%A7%E5%93%81%E4%B8%8E%E6%9E%81%E8%87%B4%E4%BD%93%E9%AA%8C)
- [第三节 生态系统与商业模式](https://www.ayaseeri.com/wenda-company-apple-01#%E7%AC%AC%E4%B8%89%E8%8A%82-%E7%94%9F%E6%80%81%E7%B3%BB%E7%BB%9F%E4%B8%8E%E5%95%86%E4%B8%9A%E6%A8%A1%E5%BC%8F)
- [第四节 做什么与不做什么](https://www.ayaseeri.com/wenda-company-apple-01#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E5%81%9A%E4%BB%80%E4%B9%88%E4%B8%8E%E4%B8%8D%E5%81%9A%E4%BB%80%E4%B9%88)
- [第五节 与安卓、三星的竞争](https://www.ayaseeri.com/wenda-company-apple-01#%E7%AC%AC%E4%BA%94%E8%8A%82-%E4%B8%8E%E5%AE%89%E5%8D%93%E4%B8%89%E6%98%9F%E7%9A%84%E7%AB%9E%E4%BA%89)

### 第二章 [苹果：管理层与企业文化](https://www.ayaseeri.com/wenda-company-apple-02)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%8C%E7%AB%A0-%E8%8B%B9%E6%9E%9C%E7%AE%A1%E7%90%86%E5%B1%82%E4%B8%8E%E4%BC%81%E4%B8%9A%E6%96%87%E5%8C%96)

- [第一节 乔布斯：报时人还是造钟人](https://www.ayaseeri.com/wenda-company-apple-02#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%B9%94%E5%B8%83%E6%96%AF%E6%8A%A5%E6%97%B6%E4%BA%BA%E8%BF%98%E6%98%AF%E9%80%A0%E9%92%9F%E4%BA%BA)
- [第二节 库克与接班](https://www.ayaseeri.com/wenda-company-apple-02#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%BA%93%E5%85%8B%E4%B8%8E%E6%8E%A5%E7%8F%AD)
- [第三节 企业文化与“利润之上的追求”](https://www.ayaseeri.com/wenda-company-apple-02#%E7%AC%AC%E4%B8%89%E8%8A%82-%E4%BC%81%E4%B8%9A%E6%96%87%E5%8C%96%E4%B8%8E%E5%88%A9%E6%B6%A6%E4%B9%8B%E4%B8%8A%E7%9A%84%E8%BF%BD%E6%B1%82)

### 第三章 [苹果：估值、持有与资本配置](https://www.ayaseeri.com/wenda-company-apple-03)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%89%E7%AB%A0-%E8%8B%B9%E6%9E%9C%E4%BC%B0%E5%80%BC%E6%8C%81%E6%9C%89%E4%B8%8E%E8%B5%84%E6%9C%AC%E9%85%8D%E7%BD%AE)

- [第一节 2011年为什么买](https://www.ayaseeri.com/wenda-company-apple-03#%E7%AC%AC%E4%B8%80%E8%8A%82-2011%E5%B9%B4%E4%B8%BA%E4%BB%80%E4%B9%88%E4%B9%B0)
- [第二节 估值方法与关键指标](https://www.ayaseeri.com/wenda-company-apple-03#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E4%BC%B0%E5%80%BC%E6%96%B9%E6%B3%95%E4%B8%8E%E5%85%B3%E9%94%AE%E6%8C%87%E6%A0%87)
- [第三节 长期持有与大跌加仓](https://www.ayaseeri.com/wenda-company-apple-03#%E7%AC%AC%E4%B8%89%E8%8A%82-%E9%95%BF%E6%9C%9F%E6%8C%81%E6%9C%89%E4%B8%8E%E5%A4%A7%E8%B7%8C%E5%8A%A0%E4%BB%93)
- [第四节 分红、回购与现金](https://www.ayaseeri.com/wenda-company-apple-03#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E5%88%86%E7%BA%A2%E5%9B%9E%E8%B4%AD%E4%B8%8E%E7%8E%B0%E9%87%91)
- [第五节 成熟期的苹果与今天的估值](https://www.ayaseeri.com/wenda-company-apple-03#%E7%AC%AC%E4%BA%94%E8%8A%82-%E6%88%90%E7%86%9F%E6%9C%9F%E7%9A%84%E8%8B%B9%E6%9E%9C%E4%B8%8E%E4%BB%8A%E5%A4%A9%E7%9A%84%E4%BC%B0%E5%80%BC)

### 第四章 [贵州茅台：产品、品牌与商业模式](https://www.ayaseeri.com/wenda-company-maotai-01)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%9B%9B%E7%AB%A0-%E8%B4%B5%E5%B7%9E%E8%8C%85%E5%8F%B0%E4%BA%A7%E5%93%81%E5%93%81%E7%89%8C%E4%B8%8E%E5%95%86%E4%B8%9A%E6%A8%A1%E5%BC%8F)

- [第一节 产品与品质](https://www.ayaseeri.com/wenda-company-maotai-01#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%BA%A7%E5%93%81%E4%B8%8E%E5%93%81%E8%B4%A8)
- [第二节 品牌与消费者心智](https://www.ayaseeri.com/wenda-company-maotai-01#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%93%81%E7%89%8C%E4%B8%8E%E6%B6%88%E8%B4%B9%E8%80%85%E5%BF%83%E6%99%BA)
- [第三节 生意模式与护城河](https://www.ayaseeri.com/wenda-company-maotai-01#%E7%AC%AC%E4%B8%89%E8%8A%82-%E7%94%9F%E6%84%8F%E6%A8%A1%E5%BC%8F%E4%B8%8E%E6%8A%A4%E5%9F%8E%E6%B2%B3)
- [第四节 产品文化与企业文化](https://www.ayaseeri.com/wenda-company-maotai-01#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E4%BA%A7%E5%93%81%E6%96%87%E5%8C%96%E4%B8%8E%E4%BC%81%E4%B8%9A%E6%96%87%E5%8C%96)

### 第五章 [贵州茅台：治理、渠道与i茅台](https://www.ayaseeri.com/wenda-company-maotai-02)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%94%E7%AB%A0-%E8%B4%B5%E5%B7%9E%E8%8C%85%E5%8F%B0%E6%B2%BB%E7%90%86%E6%B8%A0%E9%81%93%E4%B8%8Ei%E8%8C%85%E5%8F%B0)

- [第一节 管理层、治理与多元化](https://www.ayaseeri.com/wenda-company-maotai-02#%E7%AC%AC%E4%B8%80%E8%8A%82-%E7%AE%A1%E7%90%86%E5%B1%82%E6%B2%BB%E7%90%86%E4%B8%8E%E5%A4%9A%E5%85%83%E5%8C%96)
- [第二节 假酒与打假](https://www.ayaseeri.com/wenda-company-maotai-02#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%81%87%E9%85%92%E4%B8%8E%E6%89%93%E5%81%87)
- [第三节 渠道、直购与价格体系](https://www.ayaseeri.com/wenda-company-maotai-02#%E7%AC%AC%E4%B8%89%E8%8A%82-%E6%B8%A0%E9%81%93%E7%9B%B4%E8%B4%AD%E4%B8%8E%E4%BB%B7%E6%A0%BC%E4%BD%93%E7%B3%BB)
- [第四节 i茅台与直销转型](https://www.ayaseeri.com/wenda-company-maotai-02#%E7%AC%AC%E5%9B%9B%E8%8A%82-i%E8%8C%85%E5%8F%B0%E4%B8%8E%E7%9B%B4%E9%94%80%E8%BD%AC%E5%9E%8B)

### 第六章 [贵州茅台：估值与投资判断](https://www.ayaseeri.com/wenda-company-maotai-03)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%85%AD%E7%AB%A0-%E8%B4%B5%E5%B7%9E%E8%8C%85%E5%8F%B0%E4%BC%B0%E5%80%BC%E4%B8%8E%E6%8A%95%E8%B5%84%E5%88%A4%E6%96%AD)

- [第一节 塑化剂事件与买入契机](https://www.ayaseeri.com/wenda-company-maotai-03#%E7%AC%AC%E4%B8%80%E8%8A%82-%E5%A1%91%E5%8C%96%E5%89%82%E4%BA%8B%E4%BB%B6%E4%B8%8E%E4%B9%B0%E5%85%A5%E5%A5%91%E6%9C%BA)
- [第二节 生意模式与长期价值](https://www.ayaseeri.com/wenda-company-maotai-03#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E7%94%9F%E6%84%8F%E6%A8%A1%E5%BC%8F%E4%B8%8E%E9%95%BF%E6%9C%9F%E4%BB%B7%E5%80%BC)
- [第三节 估值方法与价格判断](https://www.ayaseeri.com/wenda-company-maotai-03#%E7%AC%AC%E4%B8%89%E8%8A%82-%E4%BC%B0%E5%80%BC%E6%96%B9%E6%B3%95%E4%B8%8E%E4%BB%B7%E6%A0%BC%E5%88%A4%E6%96%AD)
- [第四节 买入、增持与持有](https://www.ayaseeri.com/wenda-company-maotai-03#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E4%B9%B0%E5%85%A5%E5%A2%9E%E6%8C%81%E4%B8%8E%E6%8C%81%E6%9C%89)
- [第五节 分红、回购与资本配置](https://www.ayaseeri.com/wenda-company-maotai-03#%E7%AC%AC%E4%BA%94%E8%8A%82-%E5%88%86%E7%BA%A2%E5%9B%9E%E8%B4%AD%E4%B8%8E%E8%B5%84%E6%9C%AC%E9%85%8D%E7%BD%AE)

### 第七章 [小霸王与步步高](https://www.ayaseeri.com/wenda-company-bbk)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%83%E7%AB%A0-%E5%B0%8F%E9%9C%B8%E7%8E%8B%E4%B8%8E%E6%AD%A5%E6%AD%A5%E9%AB%98)

- [第一节 从小霸王到步步高](https://www.ayaseeri.com/wenda-company-bbk#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%BB%8E%E5%B0%8F%E9%9C%B8%E7%8E%8B%E5%88%B0%E6%AD%A5%E6%AD%A5%E9%AB%98)
- [第二节 企业文化、本分与诚信](https://www.ayaseeri.com/wenda-company-bbk#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E4%BC%81%E4%B8%9A%E6%96%87%E5%8C%96%E6%9C%AC%E5%88%86%E4%B8%8E%E8%AF%9A%E4%BF%A1)
- [第三节 不上市，更健康更长久](https://www.ayaseeri.com/wenda-company-bbk#%E7%AC%AC%E4%B8%89%E8%8A%82-%E4%B8%8D%E4%B8%8A%E5%B8%82%E6%9B%B4%E5%81%A5%E5%BA%B7%E6%9B%B4%E9%95%BF%E4%B9%85)
- [第四节 不为清单：我们不做的事情](https://www.ayaseeri.com/wenda-company-bbk#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E4%B8%8D%E4%B8%BA%E6%B8%85%E5%8D%95%E6%88%91%E4%BB%AC%E4%B8%8D%E5%81%9A%E7%9A%84%E4%BA%8B%E6%83%85)
- [第五节 产品、品牌与三家公司](https://www.ayaseeri.com/wenda-company-bbk#%E7%AC%AC%E4%BA%94%E8%8A%82-%E4%BA%A7%E5%93%81%E5%93%81%E7%89%8C%E4%B8%8E%E4%B8%89%E5%AE%B6%E5%85%AC%E5%8F%B8)
- [第六节 品牌记忆与近年问答](https://www.ayaseeri.com/wenda-company-bbk#%E7%AC%AC%E5%85%AD%E8%8A%82-%E5%93%81%E7%89%8C%E8%AE%B0%E5%BF%86%E4%B8%8E%E8%BF%91%E5%B9%B4%E9%97%AE%E7%AD%94)

### 第八章 [网易](https://www.ayaseeri.com/wenda-company-netease)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%85%AB%E7%AB%A0-%E7%BD%91%E6%98%93)

- [第一节 发现与买入网易](https://www.ayaseeri.com/wenda-company-netease#%E7%AC%AC%E4%B8%80%E8%8A%82-%E5%8F%91%E7%8E%B0%E4%B8%8E%E4%B9%B0%E5%85%A5%E7%BD%91%E6%98%93)
- [第二节 看懂梦幻西游这门生意](https://www.ayaseeri.com/wenda-company-netease#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E7%9C%8B%E6%87%82%E6%A2%A6%E5%B9%BB%E8%A5%BF%E6%B8%B8%E8%BF%99%E9%97%A8%E7%94%9F%E6%84%8F)
- [第三节 丁磊与网易的团队](https://www.ayaseeri.com/wenda-company-netease#%E7%AC%AC%E4%B8%89%E8%8A%82-%E4%B8%81%E7%A3%8A%E4%B8%8E%E7%BD%91%E6%98%93%E7%9A%84%E5%9B%A2%E9%98%9F)
- [第四节 持有、加仓与卖出](https://www.ayaseeri.com/wenda-company-netease#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E6%8C%81%E6%9C%89%E5%8A%A0%E4%BB%93%E4%B8%8E%E5%8D%96%E5%87%BA)
- [第五节 现金、回购与资本配置](https://www.ayaseeri.com/wenda-company-netease#%E7%AC%AC%E4%BA%94%E8%8A%82-%E7%8E%B0%E9%87%91%E5%9B%9E%E8%B4%AD%E4%B8%8E%E8%B5%84%E6%9C%AC%E9%85%8D%E7%BD%AE)
- [第六节 梦幻情缘与近况](https://www.ayaseeri.com/wenda-company-netease#%E7%AC%AC%E5%85%AD%E8%8A%82-%E6%A2%A6%E5%B9%BB%E6%83%85%E7%BC%98%E4%B8%8E%E8%BF%91%E5%86%B5)

### 第九章 [阿里巴巴与雅虎](https://www.ayaseeri.com/wenda-company-alibaba-yahoo)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B9%9D%E7%AB%A0-%E9%98%BF%E9%87%8C%E5%B7%B4%E5%B7%B4%E4%B8%8E%E9%9B%85%E8%99%8E)

- [第一节 买雅虎就是买阿里](https://www.ayaseeri.com/wenda-company-alibaba-yahoo#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%B9%B0%E9%9B%85%E8%99%8E%E5%B0%B1%E6%98%AF%E4%B9%B0%E9%98%BF%E9%87%8C)
- [第二节 雅虎本身：董事会、CEO与文化](https://www.ayaseeri.com/wenda-company-alibaba-yahoo#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E9%9B%85%E8%99%8E%E6%9C%AC%E8%BA%AB%E8%91%A3%E4%BA%8B%E4%BC%9Aceo%E4%B8%8E%E6%96%87%E5%8C%96)
- [第三节 阿里的使命、愿景与企业文化](https://www.ayaseeri.com/wenda-company-alibaba-yahoo#%E7%AC%AC%E4%B8%89%E8%8A%82-%E9%98%BF%E9%87%8C%E7%9A%84%E4%BD%BF%E5%91%BD%E6%84%BF%E6%99%AF%E4%B8%8E%E4%BC%81%E4%B8%9A%E6%96%87%E5%8C%96)
- [第四节 马云其人](https://www.ayaseeri.com/wenda-company-alibaba-yahoo#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E9%A9%AC%E4%BA%91%E5%85%B6%E4%BA%BA)
- [第五节 假货、卫哲事件与“二选一”](https://www.ayaseeri.com/wenda-company-alibaba-yahoo#%E7%AC%AC%E4%BA%94%E8%8A%82-%E5%81%87%E8%B4%A7%E5%8D%AB%E5%93%B2%E4%BA%8B%E4%BB%B6%E4%B8%8E%E4%BA%8C%E9%80%89%E4%B8%80)
- [第六节 淘宝、电商竞争与卖出之后](https://www.ayaseeri.com/wenda-company-alibaba-yahoo#%E7%AC%AC%E5%85%AD%E8%8A%82-%E6%B7%98%E5%AE%9D%E7%94%B5%E5%95%86%E7%AB%9E%E4%BA%89%E4%B8%8E%E5%8D%96%E5%87%BA%E4%B9%8B%E5%90%8E)

### 第十章 [泡泡玛特](https://www.ayaseeri.com/wenda-company-pop-mart)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%8D%81%E7%AB%A0-%E6%B3%A1%E6%B3%A1%E7%8E%9B%E7%89%B9)

- [第一节 从“看不懂”到收回说法](https://www.ayaseeri.com/wenda-company-pop-mart#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%BB%8E%E7%9C%8B%E4%B8%8D%E6%87%82%E5%88%B0%E6%94%B6%E5%9B%9E%E8%AF%B4%E6%B3%95)
- [第二节 情绪价值与潮玩需求](https://www.ayaseeri.com/wenda-company-pop-mart#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E6%83%85%E7%BB%AA%E4%BB%B7%E5%80%BC%E4%B8%8E%E6%BD%AE%E7%8E%A9%E9%9C%80%E6%B1%82)
- [第三节 商业模式、壁垒与持续性](https://www.ayaseeri.com/wenda-company-pop-mart#%E7%AC%AC%E4%B8%89%E8%8A%82-%E5%95%86%E4%B8%9A%E6%A8%A1%E5%BC%8F%E5%A3%81%E5%9E%92%E4%B8%8E%E6%8C%81%E7%BB%AD%E6%80%A7)
- [第四节 王宁与企业文化](https://www.ayaseeri.com/wenda-company-pop-mart#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E7%8E%8B%E5%AE%81%E4%B8%8E%E4%BC%81%E4%B8%9A%E6%96%87%E5%8C%96)
- [第五节 门店、乐园与用户体验](https://www.ayaseeri.com/wenda-company-pop-mart#%E7%AC%AC%E4%BA%94%E8%8A%82-%E9%97%A8%E5%BA%97%E4%B9%90%E5%9B%AD%E4%B8%8E%E7%94%A8%E6%88%B7%E4%BD%93%E9%AA%8C)
- [第六节 建仓、期权与市场声音](https://www.ayaseeri.com/wenda-company-pop-mart#%E7%AC%AC%E5%85%AD%E8%8A%82-%E5%BB%BA%E4%BB%93%E6%9C%9F%E6%9D%83%E4%B8%8E%E5%B8%82%E5%9C%BA%E5%A3%B0%E9%9F%B3)

## 第六卷 行业与公司对照

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%85%AD%E5%8D%B7-%E8%A1%8C%E4%B8%9A%E4%B8%8E%E5%85%AC%E5%8F%B8%E5%AF%B9%E7%85%A7)

### 第一章 [消费电子与日本制造](https://www.ayaseeri.com/wenda-company-consumer-electronics)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%80%E7%AB%A0-%E6%B6%88%E8%B4%B9%E7%94%B5%E5%AD%90%E4%B8%8E%E6%97%A5%E6%9C%AC%E5%88%B6%E9%80%A0)

- [第一节 国产消费电子](https://www.ayaseeri.com/wenda-company-consumer-electronics#%E7%AC%AC%E4%B8%80%E8%8A%82-%E5%9B%BD%E4%BA%A7%E6%B6%88%E8%B4%B9%E7%94%B5%E5%AD%90)
  
  - [OPPO](https://www.ayaseeri.com/wenda-company-consumer-electronics#oppo)
  - [vivo](https://www.ayaseeri.com/wenda-company-consumer-electronics#vivo)
  - [华为、中兴与其他国产厂商](https://www.ayaseeri.com/wenda-company-consumer-electronics#%E5%8D%8E%E4%B8%BA%E4%B8%AD%E5%85%B4%E4%B8%8E%E5%85%B6%E4%BB%96%E5%9B%BD%E4%BA%A7%E5%8E%82%E5%95%86)
  - [锤子与罗永浩](https://www.ayaseeri.com/wenda-company-consumer-electronics#%E9%94%A4%E5%AD%90%E4%B8%8E%E7%BD%97%E6%B0%B8%E6%B5%A9)
- [第二节 诺基亚、摩托罗拉与联想](https://www.ayaseeri.com/wenda-company-consumer-electronics#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E8%AF%BA%E5%9F%BA%E4%BA%9A%E6%91%A9%E6%89%98%E7%BD%97%E6%8B%89%E4%B8%8E%E8%81%94%E6%83%B3)
- [第三节 日本消费电子](https://www.ayaseeri.com/wenda-company-consumer-electronics#%E7%AC%AC%E4%B8%89%E8%8A%82-%E6%97%A5%E6%9C%AC%E6%B6%88%E8%B4%B9%E7%94%B5%E5%AD%90)
  
  - [索尼](https://www.ayaseeri.com/wenda-company-consumer-electronics#%E7%B4%A2%E5%B0%BC)
  - [松下](https://www.ayaseeri.com/wenda-company-consumer-electronics#%E6%9D%BE%E4%B8%8B)
  - [任天堂](https://www.ayaseeri.com/wenda-company-consumer-electronics#%E4%BB%BB%E5%A4%A9%E5%A0%82)
- [第四节 日本制造与日本企业观察](https://www.ayaseeri.com/wenda-company-consumer-electronics#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E6%97%A5%E6%9C%AC%E5%88%B6%E9%80%A0%E4%B8%8E%E6%97%A5%E6%9C%AC%E4%BC%81%E4%B8%9A%E8%A7%82%E5%AF%9F)

### 第二章 [游戏行业与中国游戏公司](https://www.ayaseeri.com/wenda-company-china-games)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%8C%E7%AB%A0-%E6%B8%B8%E6%88%8F%E8%A1%8C%E4%B8%9A%E4%B8%8E%E4%B8%AD%E5%9B%BD%E6%B8%B8%E6%88%8F%E5%85%AC%E5%8F%B8)

- [第一节 游戏是不是好生意](https://www.ayaseeri.com/wenda-company-china-games#%E7%AC%AC%E4%B8%80%E8%8A%82-%E6%B8%B8%E6%88%8F%E6%98%AF%E4%B8%8D%E6%98%AF%E5%A5%BD%E7%94%9F%E6%84%8F)
- [第二节 什么才是好游戏](https://www.ayaseeri.com/wenda-company-china-games#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E4%BB%80%E4%B9%88%E6%89%8D%E6%98%AF%E5%A5%BD%E6%B8%B8%E6%88%8F)
- [第三节 玩家、社会争议与“游戏有害论”](https://www.ayaseeri.com/wenda-company-china-games#%E7%AC%AC%E4%B8%89%E8%8A%82-%E7%8E%A9%E5%AE%B6%E7%A4%BE%E4%BC%9A%E4%BA%89%E8%AE%AE%E4%B8%8E%E6%B8%B8%E6%88%8F%E6%9C%89%E5%AE%B3%E8%AE%BA)
- [第四节 行业变化与网游股的估值](https://www.ayaseeri.com/wenda-company-china-games#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E8%A1%8C%E4%B8%9A%E5%8F%98%E5%8C%96%E4%B8%8E%E7%BD%91%E6%B8%B8%E8%82%A1%E7%9A%84%E4%BC%B0%E5%80%BC)
- [第五节 中国游戏公司案例](https://www.ayaseeri.com/wenda-company-china-games#%E7%AC%AC%E4%BA%94%E8%8A%82-%E4%B8%AD%E5%9B%BD%E6%B8%B8%E6%88%8F%E5%85%AC%E5%8F%B8%E6%A1%88%E4%BE%8B)
  
  - [巨人网络](https://www.ayaseeri.com/wenda-company-china-games#%E5%B7%A8%E4%BA%BA%E7%BD%91%E7%BB%9C)
  - [畅游](https://www.ayaseeri.com/wenda-company-china-games#%E7%95%85%E6%B8%B8)
  - [完美世界](https://www.ayaseeri.com/wenda-company-china-games#%E5%AE%8C%E7%BE%8E%E4%B8%96%E7%95%8C)
  - [金山](https://www.ayaseeri.com/wenda-company-china-games#%E9%87%91%E5%B1%B1)
  - [第九城市](https://www.ayaseeri.com/wenda-company-china-games#%E7%AC%AC%E4%B9%9D%E5%9F%8E%E5%B8%82)

### 第三章 [互联网、科技与新产业](https://www.ayaseeri.com/wenda-company-tech-platforms)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%89%E7%AB%A0-%E4%BA%92%E8%81%94%E7%BD%91%E7%A7%91%E6%8A%80%E4%B8%8E%E6%96%B0%E4%BA%A7%E4%B8%9A)

- [第一节 互联网平台](https://www.ayaseeri.com/wenda-company-tech-platforms#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%BA%92%E8%81%94%E7%BD%91%E5%B9%B3%E5%8F%B0)
  
  - [腾讯](https://www.ayaseeri.com/wenda-company-tech-platforms#%E8%85%BE%E8%AE%AF)
  - [拼多多](https://www.ayaseeri.com/wenda-company-tech-platforms#%E6%8B%BC%E5%A4%9A%E5%A4%9A)
  - [谷歌](https://www.ayaseeri.com/wenda-company-tech-platforms#%E8%B0%B7%E6%AD%8C)
  - [脸书（Facebook）](https://www.ayaseeri.com/wenda-company-tech-platforms#%E8%84%B8%E4%B9%A6facebook)
  - [搜狐](https://www.ayaseeri.com/wenda-company-tech-platforms#%E6%90%9C%E7%8B%90)
- [第二节 科技与新产业](https://www.ayaseeri.com/wenda-company-tech-platforms#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E7%A7%91%E6%8A%80%E4%B8%8E%E6%96%B0%E4%BA%A7%E4%B8%9A)
  
  - [AI与大模型](https://www.ayaseeri.com/wenda-company-tech-platforms#ai%E4%B8%8E%E5%A4%A7%E6%A8%A1%E5%9E%8B)
  - [英伟达](https://www.ayaseeri.com/wenda-company-tech-platforms#%E8%8B%B1%E4%BC%9F%E8%BE%BE)
  - [存储与半导体](https://www.ayaseeri.com/wenda-company-tech-platforms#%E5%AD%98%E5%82%A8%E4%B8%8E%E5%8D%8A%E5%AF%BC%E4%BD%93)
  - [特斯拉与马斯克](https://www.ayaseeri.com/wenda-company-tech-platforms#%E7%89%B9%E6%96%AF%E6%8B%89%E4%B8%8E%E9%A9%AC%E6%96%AF%E5%85%8B)
  - [SpaceX与星链](https://www.ayaseeri.com/wenda-company-tech-platforms#spacex%E4%B8%8E%E6%98%9F%E9%93%BE)
  - [波音、英特尔与台积电](https://www.ayaseeri.com/wenda-company-tech-platforms#%E6%B3%A2%E9%9F%B3%E8%8B%B1%E7%89%B9%E5%B0%94%E4%B8%8E%E5%8F%B0%E7%A7%AF%E7%94%B5)
  - [其他科技公司](https://www.ayaseeri.com/wenda-company-tech-platforms#%E5%85%B6%E4%BB%96%E7%A7%91%E6%8A%80%E5%85%AC%E5%8F%B8)

### 第四章 [零售与服务业案例](https://www.ayaseeri.com/wenda-company-retail-services)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%9B%9B%E7%AB%A0-%E9%9B%B6%E5%94%AE%E4%B8%8E%E6%9C%8D%E5%8A%A1%E4%B8%9A%E6%A1%88%E4%BE%8B)

- [第一节 零售业](https://www.ayaseeri.com/wenda-company-retail-services#%E7%AC%AC%E4%B8%80%E8%8A%82-%E9%9B%B6%E5%94%AE%E4%B8%9A)
  
  - [电商与实体零售：行业判断](https://www.ayaseeri.com/wenda-company-retail-services#%E7%94%B5%E5%95%86%E4%B8%8E%E5%AE%9E%E4%BD%93%E9%9B%B6%E5%94%AE%E8%A1%8C%E4%B8%9A%E5%88%A4%E6%96%AD)
  - [Costco](https://www.ayaseeri.com/wenda-company-retail-services#costco)
  - [沃尔玛与苏宁](https://www.ayaseeri.com/wenda-company-retail-services#%E6%B2%83%E5%B0%94%E7%8E%9B%E4%B8%8E%E8%8B%8F%E5%AE%81)
  - [亚马逊与eBay](https://www.ayaseeri.com/wenda-company-retail-services#%E4%BA%9A%E9%A9%AC%E9%80%8A%E4%B8%8Eebay)
  - [京东与淘宝](https://www.ayaseeri.com/wenda-company-retail-services#%E4%BA%AC%E4%B8%9C%E4%B8%8E%E6%B7%98%E5%AE%9D)
  - [生鲜超市与美团](https://www.ayaseeri.com/wenda-company-retail-services#%E7%94%9F%E9%B2%9C%E8%B6%85%E5%B8%82%E4%B8%8E%E7%BE%8E%E5%9B%A2)
- [第二节 服务业](https://www.ayaseeri.com/wenda-company-retail-services#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E6%9C%8D%E5%8A%A1%E4%B8%9A)
  
  - [海底捞](https://www.ayaseeri.com/wenda-company-retail-services#%E6%B5%B7%E5%BA%95%E6%8D%9E)
  - [携程与在线旅游](https://www.ayaseeri.com/wenda-company-retail-services#%E6%90%BA%E7%A8%8B%E4%B8%8E%E5%9C%A8%E7%BA%BF%E6%97%85%E6%B8%B8)
  - [物流：极兔与顺丰](https://www.ayaseeri.com/wenda-company-retail-services#%E7%89%A9%E6%B5%81%E6%9E%81%E5%85%94%E4%B8%8E%E9%A1%BA%E4%B8%B0)
- [第三节 教育培训](https://www.ayaseeri.com/wenda-company-retail-services#%E7%AC%AC%E4%B8%89%E8%8A%82-%E6%95%99%E8%82%B2%E5%9F%B9%E8%AE%AD)
  
  - [新东方与俞敏洪](https://www.ayaseeri.com/wenda-company-retail-services#%E6%96%B0%E4%B8%9C%E6%96%B9%E4%B8%8E%E4%BF%9E%E6%95%8F%E6%B4%AA)
  - [学而思与张邦鑫](https://www.ayaseeri.com/wenda-company-retail-services#%E5%AD%A6%E8%80%8C%E6%80%9D%E4%B8%8E%E5%BC%A0%E9%82%A6%E9%91%AB)
  - [韦博英语](https://www.ayaseeri.com/wenda-company-retail-services#%E9%9F%A6%E5%8D%9A%E8%8B%B1%E8%AF%AD)
- [第四节 航空业：巴菲特与段永平的卖出](https://www.ayaseeri.com/wenda-company-retail-services#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E8%88%AA%E7%A9%BA%E4%B8%9A%E5%B7%B4%E8%8F%B2%E7%89%B9%E4%B8%8E%E6%AE%B5%E6%B0%B8%E5%B9%B3%E7%9A%84%E5%8D%96%E5%87%BA)

### 第五章 [能源与工业企业案例](https://www.ayaseeri.com/wenda-company-energy-industrial)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%94%E7%AB%A0-%E8%83%BD%E6%BA%90%E4%B8%8E%E5%B7%A5%E4%B8%9A%E4%BC%81%E4%B8%9A%E6%A1%88%E4%BE%8B)

- [第一节 OXY（西方石油）](https://www.ayaseeri.com/wenda-company-energy-industrial#%E7%AC%AC%E4%B8%80%E8%8A%82-oxy%E8%A5%BF%E6%96%B9%E7%9F%B3%E6%B2%B9)
- [第二节 GE（通用电气）](https://www.ayaseeri.com/wenda-company-energy-industrial#%E7%AC%AC%E4%BA%8C%E8%8A%82-ge%E9%80%9A%E7%94%A8%E7%94%B5%E6%B0%94)
- [第三节 代工业与光伏](https://www.ayaseeri.com/wenda-company-energy-industrial#%E7%AC%AC%E4%B8%89%E8%8A%82-%E4%BB%A3%E5%B7%A5%E4%B8%9A%E4%B8%8E%E5%85%89%E4%BC%8F)

### 第六章 [传统行业公司群像](https://www.ayaseeri.com/wenda-company-traditional-industries)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%85%AD%E7%AB%A0-%E4%BC%A0%E7%BB%9F%E8%A1%8C%E4%B8%9A%E5%85%AC%E5%8F%B8%E7%BE%A4%E5%83%8F)

- [第一节 体制、机制与国企](https://www.ayaseeri.com/wenda-company-traditional-industries#%E7%AC%AC%E4%B8%80%E8%8A%82-%E4%BD%93%E5%88%B6%E6%9C%BA%E5%88%B6%E4%B8%8E%E5%9B%BD%E4%BC%81)
- [第二节 家电：格力、美的与彩电企业](https://www.ayaseeri.com/wenda-company-traditional-industries#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%AE%B6%E7%94%B5%E6%A0%BC%E5%8A%9B%E7%BE%8E%E7%9A%84%E4%B8%8E%E5%BD%A9%E7%94%B5%E4%BC%81%E4%B8%9A)
  
  - [格力](https://www.ayaseeri.com/wenda-company-traditional-industries#%E6%A0%BC%E5%8A%9B)
  - [美的](https://www.ayaseeri.com/wenda-company-traditional-industries#%E7%BE%8E%E7%9A%84)
  - [创维、长虹与彩电同行](https://www.ayaseeri.com/wenda-company-traditional-industries#%E5%88%9B%E7%BB%B4%E9%95%BF%E8%99%B9%E4%B8%8E%E5%BD%A9%E7%94%B5%E5%90%8C%E8%A1%8C)
- [第三节 汽车：比亚迪、丰田与通用汽车](https://www.ayaseeri.com/wenda-company-traditional-industries#%E7%AC%AC%E4%B8%89%E8%8A%82-%E6%B1%BD%E8%BD%A6%E6%AF%94%E4%BA%9A%E8%BF%AA%E4%B8%B0%E7%94%B0%E4%B8%8E%E9%80%9A%E7%94%A8%E6%B1%BD%E8%BD%A6)
  
  - [比亚迪](https://www.ayaseeri.com/wenda-company-traditional-industries#%E6%AF%94%E4%BA%9A%E8%BF%AA)
  - [丰田](https://www.ayaseeri.com/wenda-company-traditional-industries#%E4%B8%B0%E7%94%B0)
  - [通用汽车](https://www.ayaseeri.com/wenda-company-traditional-industries#%E9%80%9A%E7%94%A8%E6%B1%BD%E8%BD%A6)
- [第四节 食品与消费品制造：双汇、瑞贝卡](https://www.ayaseeri.com/wenda-company-traditional-industries#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E9%A3%9F%E5%93%81%E4%B8%8E%E6%B6%88%E8%B4%B9%E5%93%81%E5%88%B6%E9%80%A0%E5%8F%8C%E6%B1%87%E7%91%9E%E8%B4%9D%E5%8D%A1)
  
  - [双汇](https://www.ayaseeri.com/wenda-company-traditional-industries#%E5%8F%8C%E6%B1%87)
  - [瑞贝卡](https://www.ayaseeri.com/wenda-company-traditional-industries#%E7%91%9E%E8%B4%9D%E5%8D%A1)
- [第五节 地产与园林：万科、华侨城、星河湾与东方园林](https://www.ayaseeri.com/wenda-company-traditional-industries#%E7%AC%AC%E4%BA%94%E8%8A%82-%E5%9C%B0%E4%BA%A7%E4%B8%8E%E5%9B%AD%E6%9E%97%E4%B8%87%E7%A7%91%E5%8D%8E%E4%BE%A8%E5%9F%8E%E6%98%9F%E6%B2%B3%E6%B9%BE%E4%B8%8E%E4%B8%9C%E6%96%B9%E5%9B%AD%E6%9E%97)
  
  - [万科](https://www.ayaseeri.com/wenda-company-traditional-industries#%E4%B8%87%E7%A7%91)
  - [华侨城](https://www.ayaseeri.com/wenda-company-traditional-industries#%E5%8D%8E%E4%BE%A8%E5%9F%8E)
  - [星河湾](https://www.ayaseeri.com/wenda-company-traditional-industries#%E6%98%9F%E6%B2%B3%E6%B9%BE)
  - [东方园林](https://www.ayaseeri.com/wenda-company-traditional-industries#%E4%B8%9C%E6%96%B9%E5%9B%AD%E6%9E%97)
- [第六节 银行业与招商银行](https://www.ayaseeri.com/wenda-company-traditional-industries#%E7%AC%AC%E5%85%AD%E8%8A%82-%E9%93%B6%E8%A1%8C%E4%B8%9A%E4%B8%8E%E6%8B%9B%E5%95%86%E9%93%B6%E8%A1%8C)
  
  - [银行业](https://www.ayaseeri.com/wenda-company-traditional-industries#%E9%93%B6%E8%A1%8C%E4%B8%9A)
  - [招商银行](https://www.ayaseeri.com/wenda-company-traditional-industries#%E6%8B%9B%E5%95%86%E9%93%B6%E8%A1%8C)

## 第七卷 人生与成长

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%83%E5%8D%B7-%E4%BA%BA%E7%94%9F%E4%B8%8E%E6%88%90%E9%95%BF)

### 第一章 [做对的事情与把事情做对](https://www.ayaseeri.com/wenda-life-01)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%80%E7%AB%A0-%E5%81%9A%E5%AF%B9%E7%9A%84%E4%BA%8B%E6%83%85%E4%B8%8E%E6%8A%8A%E4%BA%8B%E6%83%85%E5%81%9A%E5%AF%B9)

- [第一节 做对的事情](https://www.ayaseeri.com/wenda-life-01#%E7%AC%AC%E4%B8%80%E8%8A%82-%E5%81%9A%E5%AF%B9%E7%9A%84%E4%BA%8B%E6%83%85)
- [第二节 巴菲特、芒格与普通人](https://www.ayaseeri.com/wenda-life-01#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%B7%B4%E8%8F%B2%E7%89%B9%E8%8A%92%E6%A0%BC%E4%B8%8E%E6%99%AE%E9%80%9A%E4%BA%BA)
- [第三节 往事与出身](https://www.ayaseeri.com/wenda-life-01#%E7%AC%AC%E4%B8%89%E8%8A%82-%E5%BE%80%E4%BA%8B%E4%B8%8E%E5%87%BA%E8%BA%AB)
- [第四节 努力、练习与面对质疑](https://www.ayaseeri.com/wenda-life-01#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E5%8A%AA%E5%8A%9B%E7%BB%83%E4%B9%A0%E4%B8%8E%E9%9D%A2%E5%AF%B9%E8%B4%A8%E7%96%91)
- [第五节 平常心](https://www.ayaseeri.com/wenda-life-01#%E7%AC%AC%E4%BA%94%E8%8A%82-%E5%B9%B3%E5%B8%B8%E5%BF%83)

### 第二章 [正直、理性与长期视角](https://www.ayaseeri.com/wenda-life-02)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%8C%E7%AB%A0-%E6%AD%A3%E7%9B%B4%E7%90%86%E6%80%A7%E4%B8%8E%E9%95%BF%E6%9C%9F%E8%A7%86%E8%A7%92)

- [第一节 正直与诚信](https://www.ayaseeri.com/wenda-life-02#%E7%AC%AC%E4%B8%80%E8%8A%82-%E6%AD%A3%E7%9B%B4%E4%B8%8E%E8%AF%9A%E4%BF%A1)
- [第二节 理性与原则](https://www.ayaseeri.com/wenda-life-02#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E7%90%86%E6%80%A7%E4%B8%8E%E5%8E%9F%E5%88%99)
- [第三节 长期视角与脚踏实地](https://www.ayaseeri.com/wenda-life-02#%E7%AC%AC%E4%B8%89%E8%8A%82-%E9%95%BF%E6%9C%9F%E8%A7%86%E8%A7%92%E4%B8%8E%E8%84%9A%E8%B8%8F%E5%AE%9E%E5%9C%B0)

### 第三章 [职业、创业与享受过程](https://www.ayaseeri.com/wenda-life-03)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%B8%89%E7%AB%A0-%E8%81%8C%E4%B8%9A%E5%88%9B%E4%B8%9A%E4%B8%8E%E4%BA%AB%E5%8F%97%E8%BF%87%E7%A8%8B)

- [第一节 职业选择与创业](https://www.ayaseeri.com/wenda-life-03#%E7%AC%AC%E4%B8%80%E8%8A%82-%E8%81%8C%E4%B8%9A%E9%80%89%E6%8B%A9%E4%B8%8E%E5%88%9B%E4%B8%9A)
- [第二节 做喜欢的事情](https://www.ayaseeri.com/wenda-life-03#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%81%9A%E5%96%9C%E6%AC%A2%E7%9A%84%E4%BA%8B%E6%83%85)

### 第四章 [家庭、孩子与教育](https://www.ayaseeri.com/wenda-life-04)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%9B%9B%E7%AB%A0-%E5%AE%B6%E5%BA%AD%E5%AD%A9%E5%AD%90%E4%B8%8E%E6%95%99%E8%82%B2)

- [第一节 家庭与陪伴](https://www.ayaseeri.com/wenda-life-04#%E7%AC%AC%E4%B8%80%E8%8A%82-%E5%AE%B6%E5%BA%AD%E4%B8%8E%E9%99%AA%E4%BC%B4)
- [第二节 孩子与安全感](https://www.ayaseeri.com/wenda-life-04#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E5%AD%A9%E5%AD%90%E4%B8%8E%E5%AE%89%E5%85%A8%E6%84%9F)
- [第三节 教育与成长](https://www.ayaseeri.com/wenda-life-04#%E7%AC%AC%E4%B8%89%E8%8A%82-%E6%95%99%E8%82%B2%E4%B8%8E%E6%88%90%E9%95%BF)
- [第四节 金钱、游戏与边界](https://www.ayaseeri.com/wenda-life-04#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E9%87%91%E9%92%B1%E6%B8%B8%E6%88%8F%E4%B8%8E%E8%BE%B9%E7%95%8C)
- [第五节 多子女、选择与传承](https://www.ayaseeri.com/wenda-life-04#%E7%AC%AC%E4%BA%94%E8%8A%82-%E5%A4%9A%E5%AD%90%E5%A5%B3%E9%80%89%E6%8B%A9%E4%B8%8E%E4%BC%A0%E6%89%BF)

### 第五章 [学习、阅读与公益](https://www.ayaseeri.com/wenda-life-05)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E4%BA%94%E7%AB%A0-%E5%AD%A6%E4%B9%A0%E9%98%85%E8%AF%BB%E4%B8%8E%E5%85%AC%E7%9B%8A)

- [第一节 开放心态与学习](https://www.ayaseeri.com/wenda-life-05#%E7%AC%AC%E4%B8%80%E8%8A%82-%E5%BC%80%E6%94%BE%E5%BF%83%E6%80%81%E4%B8%8E%E5%AD%A6%E4%B9%A0)
- [第二节 阅读与思考](https://www.ayaseeri.com/wenda-life-05#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E9%98%85%E8%AF%BB%E4%B8%8E%E6%80%9D%E8%80%83)
  
  - [书籍、版权与出版](https://www.ayaseeri.com/wenda-life-05#%E4%B9%A6%E7%B1%8D%E7%89%88%E6%9D%83%E4%B8%8E%E5%87%BA%E7%89%88)
- [第三节 用AI学习](https://www.ayaseeri.com/wenda-life-05#%E7%AC%AC%E4%B8%89%E8%8A%82-%E7%94%A8ai%E5%AD%A6%E4%B9%A0)
- [第四节 公益与社会责任](https://www.ayaseeri.com/wenda-life-05#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E5%85%AC%E7%9B%8A%E4%B8%8E%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB)
- [第五节 教育公益与长期环境](https://www.ayaseeri.com/wenda-life-05#%E7%AC%AC%E4%BA%94%E8%8A%82-%E6%95%99%E8%82%B2%E5%85%AC%E7%9B%8A%E4%B8%8E%E9%95%BF%E6%9C%9F%E7%8E%AF%E5%A2%83)

### 第六章 [运动、睡眠与高尔夫](https://www.ayaseeri.com/wenda-life-06)

[原文小节](https://www.ayaseeri.com/wenda-topic-index#%E7%AC%AC%E5%85%AD%E7%AB%A0-%E8%BF%90%E5%8A%A8%E7%9D%A1%E7%9C%A0%E4%B8%8E%E9%AB%98%E5%B0%94%E5%A4%AB)

- [第一节 Zone 2、力量训练与减重](https://www.ayaseeri.com/wenda-life-06#%E7%AC%AC%E4%B8%80%E8%8A%82-zone-2%E5%8A%9B%E9%87%8F%E8%AE%AD%E7%BB%83%E4%B8%8E%E5%87%8F%E9%87%8D)
- [第二节 睡眠、体检与日常保健](https://www.ayaseeri.com/wenda-life-06#%E7%AC%AC%E4%BA%8C%E8%8A%82-%E7%9D%A1%E7%9C%A0%E4%BD%93%E6%A3%80%E4%B8%8E%E6%97%A5%E5%B8%B8%E4%BF%9D%E5%81%A5)
- [第三节 心理健康与生活习惯](https://www.ayaseeri.com/wenda-life-06#%E7%AC%AC%E4%B8%89%E8%8A%82-%E5%BF%83%E7%90%86%E5%81%A5%E5%BA%B7%E4%B8%8E%E7%94%9F%E6%B4%BB%E4%B9%A0%E6%83%AF)
- [第四节 高尔夫](https://www.ayaseeri.com/wenda-life-06#%E7%AC%AC%E5%9B%9B%E8%8A%82-%E9%AB%98%E5%B0%94%E5%A4%AB)
  
  - [早期球场问答](https://www.ayaseeri.com/wenda-life-06#%E6%97%A9%E6%9C%9F%E7%90%83%E5%9C%BA%E9%97%AE%E7%AD%94)
  - [近年球场问答](https://www.ayaseeri.com/wenda-life-06#%E8%BF%91%E5%B9%B4%E7%90%83%E5%9C%BA%E9%97%AE%E7%AD%94)

## 资料来源与核验说明

核验状态：站内收录资料

- [本站投资的起点与边界：买股票就是买公司与价值投资](https://www.ayaseeri.com/wenda-invest-01) · 站内收录资料
- [本站怎样看懂好企业：伟大企业与长坡厚雪](https://www.ayaseeri.com/wenda-business-01) · 站内收录资料
- [本站财报、估值与投资决策：财报、现金流、ROE与净资产](https://www.ayaseeri.com/wenda-invest-09) · 站内收录资料
- [本站怎样经营企业：本分、平常心与利润之上的追求](https://www.ayaseeri.com/wenda-business-09) · 站内收录资料
- [本站重点公司深读：苹果：产品、商业模式与生态](https://www.ayaseeri.com/wenda-company-apple-01) · 站内收录资料
- [本站行业与公司对照：消费电子与日本制造](https://www.ayaseeri.com/wenda-company-consumer-electronics) · 站内收录资料
- [本站人生与成长：做对的事情与把事情做对](https://www.ayaseeri.com/wenda-life-01) · 站内收录资料

目录与章节分卷由本站编者整理；链接均指向本站收录的问答档案，原始发布核验状态见各章。

[整理与更正说明](https://www.ayaseeri.com/about-source-policy)