[{"data":1,"prerenderedAt":2267},["ShallowReactive",2],{"layout-dao":3,"dao-wenda-company-consumer-electronics":816,"qanda-chapter-navigation":1854,"dao-related-topics":1902},[4,11,17,22,27,32,37,42,47,52,57,63,69,73,78,82,87,91,96,100,105,109,114,119,124,129,134,140,145,150,155,160,165,170,175,180,185,190,196,201,206,211,216,221,226,231,237,243,248,253,258,263,268,273,278,283,288,293,298,303,308,313,318,323,328,333,338,343,348,353,358,363,368,373,378,383,388,393,398,403,408,413,418,423,430,437,442,447,452,457,462,468,473,478,483,488,492,498,503,508,513,518,523,528,534,539,544,549,554,559,565,570,575,580,585,590,595,600,605,610,616,621,626,631,636,641,647,652,657,662,667,672,678,683,689,695,700,705,710,715,720,725,730,735,740,745,750,755,760,765,770,775,780,785,790,795,800,806,811],{"title":5,"slug":6,"description":7,"category":8,"order":9,"type":10,"volume":9,"volumeOrder":9,"chapterOrder":9},"关于本站、来源与更正","about-source-policy","段永平投资问答录是由寻长坡以滚雪球独立整理的中文阅读站。本文说明原文、编者概述、来源核验、日期与更正的处理方式。","关于本站",null,"site-policy",{"title":12,"slug":13,"description":14,"category":15,"order":16,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"本分","benfen","本分是要求自己做该做的事、坚持原则并求责于己。本文从步步高讲话与公开问答梳理五心、诚信和做对事情的关系，解释本分为什么不能用来评判别人。","核心哲学",1,{"title":18,"slug":19,"description":20,"category":15,"order":21,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"平常心","pingchangxin","平常心是回到事物本源、理性思考并把眼光放长远。本文从步步高讲话、投资访谈与王石对谈整理这一理念，解释平常心与进取、稳健经营和长期主义的关系。",2,{"title":23,"slug":24,"description":25,"category":15,"order":26,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"做对的事情","zuoduideshiqing","做对的事情先看方向和原则，发现不对的事情就及时停止。本文整理段永平对本分、不为清单与把事情做对的讨论，说明原则判断和执行能力怎样配合。",3,{"title":28,"slug":29,"description":30,"category":15,"order":31,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"把事情做对","bashiqingzuodui","做对的事情强调原则，把事情做对强调能力、学习与执行。本文整理段永平如何区分两者，为什么发现错误要及时回头，以及两者在经营和投资中的应用。",4,{"title":33,"slug":34,"description":35,"category":15,"order":36,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"能力圈","nengliquan","能力圈重在诚实知道自己懂什么、不懂什么，能判断生意与未来现金流的范围。本文整理段永平对看懂公司、学习扩展与不懂不碰的讨论，而非按行业机械画圈。",5,{"title":38,"slug":39,"description":40,"category":15,"order":41,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"不做什么","buzuoshenme","不做什么是先排除原则性错误，再讨论能力与机会。本文整理段永平的 Stop Doing List、投资三不和企业聚焦案例，说明知道边界如何帮助企业更健康、更长久。",6,{"title":43,"slug":44,"description":45,"category":15,"order":46,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"不做清单与警惕清单","buzuo-yu-jingti","本文分开整理明确不做的事情与需要继续核查的危险信号：不懂不碰、不借钱、不做空，以及现金流、负债和价值陷阱。清单中的概括由编者整理，具体表述见所附问答。",6.5,{"title":48,"slug":49,"description":50,"category":15,"order":51,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"敢为天下后","ganweitianxiahou","敢为天下后、后中争先强调看清用户需求与自身优势，再把产品做好。本文整理段永平对后来者、创新、品质和进入时机的讨论，解释它与盲目模仿的区别。",7,{"title":53,"slug":54,"description":55,"category":15,"order":56,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"消费者导向","xiaofeizhedaoxiang","消费者导向以最终使用者的体验和真实需求为出发点。本文整理段永平对用户导向、市场导向和利润导向的区分，讨论产品创新及长期经营中的取舍。",8,{"title":58,"slug":59,"description":60,"category":61,"order":62,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"价值投资","jiazhitouzi","价值投资从理解企业和未来现金流出发。本文整理段永平对买股票就是买公司、能力圈、价格与长期持有的讨论，说明投资与投机在判断依据上的差别。","投资理念",9,{"title":64,"slug":65,"description":66,"category":67,"order":68,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"负债","fuzhai","看负债需要区分有息负债、无息负债及其经营用途。本文整理段永平对低负债、企业价值和房地产财报的讨论，说明不能只用总负债率判断一门生意。","财务指标",10,{"title":70,"slug":71,"description":72,"category":61,"order":68,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"商业模式","shangyemoshi","生意模式就是公司赚钱的模式，判断时要看护城河、长期现金流和企业文化。本文整理段永平为何先用生意模式筛选公司，并对照苹果、网易、GE与Zoom案例。",{"title":74,"slug":75,"description":76,"category":61,"order":77,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"护城河","huchenghe","护城河是保护长期盈利与未来现金流的竞争优势，也属于生意模式的一部分。本文整理段永平对差异化、企业文化和可持续性的判断，以及苹果、茅台等案例。",11,{"title":79,"slug":80,"description":81,"category":67,"order":77,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"净现金","jingxianjin","净现金需要结合现金、负债及实际经营需要来理解。本文整理段永平对网易、苹果与企业价值的讨论，说明现金安全垫并不等于公司一定值得买。",{"title":83,"slug":84,"description":85,"category":67,"order":86,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"开销合理性","kaixiaohelixing","经营开销要看是否真正改善产品、效率与长期价值。本文整理段永平对广告、管理费用和扩张投入的讨论，区分必要支出与为了增长而盲目花钱。",12,{"title":88,"slug":89,"description":90,"category":67,"order":86,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"现金流","xianjinliu","现金流帮助判断利润质量和公司长期价值。本文整理段永平关于未来现金流、真实利润、护城河与资本支出的讨论，说明看现金流需要联系生意而非只看一个数字。",{"title":92,"slug":93,"description":94,"category":67,"order":95,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"真实利润","zhenshilirun","真实利润需要结合现金流、资产质量与经营持续性来理解。本文整理段永平对财报、折旧、资本支出和纸上盈利的讨论，帮助区分报表数字与实际生意。",13,{"title":97,"slug":98,"description":99,"category":61,"order":95,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"折现","zhexian","未来现金流折现是理解公司价值的一种思维方式。本文整理段永平对折现率、机会成本和毛估估的讨论，说明估值为何先依赖看懂生意，而非精确计算。",{"title":101,"slug":102,"description":103,"category":61,"order":104,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"安全边际","anquanbianji","在段永平的表述中，安全边际与对生意的理解、能力圈和未来现金流有关，不能只看股价便宜。本文整理相关问答、网易与苹果案例及常见误解。",14,{"title":106,"slug":107,"description":108,"category":67,"order":104,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"扣除商誉的净资产","jingzichan","净资产的数字需要联系资产能否产生现金流来判断。本文整理段永平对商誉、有效资产与企业价值的讨论，说明账面净资产为什么不能独立决定投资价值。",{"title":110,"slug":111,"description":112,"category":61,"order":113,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"基本面","jibenmian","基本面包括生意模式、企业文化、产品竞争力和长期盈利能力。本文整理段永平如何研究公司，为什么股价走势不能替代对生意本身的理解。",15,{"title":115,"slug":116,"description":117,"category":61,"order":118,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"机会成本","jihuichengben","机会成本是选择一项投资时放弃的其他机会，也影响估值的比较标准。本文整理段永平关于持有、换股与折现率的问答，解释不同投资者为何会作出不同判断。",16,{"title":120,"slug":121,"description":122,"category":61,"order":123,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"长期持有","zhangqichiyou","长期持有应以持续理解公司价值为前提。本文整理段永平对投资长期、持有就是买入、机会成本和卖出条件的讨论，说明持有时间本身不能替代投资判断。",17,{"title":125,"slug":126,"description":127,"category":61,"order":128,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"投机","touji","在段永平的投资框架中，关键是看判断来自生意价值还是价格变化。本文整理相关访谈和问答，讨论市场预测、短期交易与价值投资的区别。",18,{"title":130,"slug":131,"description":132,"category":61,"order":133,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"止损","zhisun","股价下跌本身与发现投资判断错误需要区分。本文整理段永平对止损、成本价和卖出条件的问答，说明价值投资中怎样从生意变化与机会成本重新审视持有。",19,{"title":135,"slug":136,"description":137,"category":138,"order":139,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"企业文化","qiyewenhua","企业文化体现为团队认同并坚持的价值观与行为。本文整理段永平对本分、诚信、用户导向和利润之上追求的讨论，以及文化如何保护或毁掉好生意。","企业经营",20,{"title":141,"slug":142,"description":143,"category":138,"order":144,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"品牌","pinpai","品牌是消费者对产品与服务的长期认知。本文整理段永平对广告、品质、信任和价格的讨论，以及小霸王、步步高与苹果案例，说明品牌如何建立和被破坏。",21,{"title":146,"slug":147,"description":148,"category":138,"order":149,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"差异化","chayihua","差异化来自满足用户真实需求，不能只追求与别人不同。本文整理段永平对产品、价格竞争和护城河的解释，以及苹果和消费电子的相关案例。",22,{"title":151,"slug":152,"description":153,"category":138,"order":154,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"定价权","dingjiaquan","定价权来自用户认可的差异化和长期价值。本文整理段永平有关提价、合理定价、价格战与护城河的问答，并对照苹果、喜诗糖果和可口可乐案例。",22.5,{"title":156,"slug":157,"description":158,"category":138,"order":159,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"用户体验","yonghutiyan","用户体验要从消费者真实使用产品的感受出发。本文整理段永平对功能、品质、产品成本与苹果生态的讨论，说明满足需求比追逐概念更值得关注。",23,{"title":161,"slug":162,"description":163,"category":138,"order":164,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"渠道","qudao","渠道要看产品如何到达用户、各方如何合作及总成本是否合理。本文整理段永平对步步高代理制、价格体系和苹果渠道的讨论，说明渠道与产品、品牌的关系。",24,{"title":166,"slug":167,"description":168,"category":138,"order":169,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"平台","pingtai","平台的价值需要联系用户体验、网络协作和持续盈利来判断。本文整理段永平分析苹果平台与生态的相关表述，讨论平台优势如何进入生意模式和护城河。",25,{"title":171,"slug":172,"description":173,"category":138,"order":174,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"生态系统","shengtaixitong","生态系统的价值来自产品、软件与服务相互协作形成的用户体验。本文整理段永平关于苹果生态、用户黏度和竞争优势的表述，讨论它与平台、护城河的关系。",26,{"title":176,"slug":177,"description":178,"category":138,"order":179,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"单一产品","danyichanpin","单一产品模式重在集中资源把产品做好，降低渠道和管理复杂度。本文整理段永平的消费电子经验与苹果案例，讨论聚焦的价值、适用范围和常见误解。",27,{"title":181,"slug":182,"description":183,"category":138,"order":184,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"造钟人","zaozhongren","造钟人建立能持续运转的组织、制度与文化，报时人更多依靠个人判断。本文整理段永平引用《基业长青》的框架及对乔布斯、苹果与企业传承的讨论。",28,{"title":186,"slug":187,"description":188,"category":138,"order":189,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"利润之上的追求","lirunzhishangdezhuiqiu","利润之上的追求关注企业为何存在、为用户创造什么价值。本文整理段永平对使命、产品和长期盈利的讨论，说明这一理念与赚钱的关系及苹果等案例。",29,{"title":191,"slug":192,"description":193,"category":194,"order":195,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"进取心","jinquxin","进取心与平常心共同构成本分文化：认真投入、提升能力，同时追求健康长久。本文整理步步高讲话与相关问答，讨论发展目标、拼搏精神和急功近利的边界。","品格与心性",30,{"title":197,"slug":198,"description":199,"category":194,"order":200,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"耐心","naixin","耐心既是企业长期积累的基础，也是投资中等待理解与机会的能力。本文整理步步高讲话、巴菲特午餐访谈和公开问答，讨论慢慢变富与盲目坚持的区别。",31,{"title":202,"slug":203,"description":204,"category":194,"order":205,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"责任心","zerenxin","责任心是对团队和家庭承担责任，也是本分五心的一部分。本文整理步步高讲话与相关问答，讨论合作、员工关怀及把责任落到日常行为中的含义。",32,{"title":207,"slug":208,"description":209,"category":194,"order":210,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"爱心","aixin","爱心在本分文化中连接团队、家庭与公益。本文整理段永平对关心员工、陪伴孩子和以身作则的讨论，并区分他的原话与编者解释。",33,{"title":212,"slug":213,"description":214,"category":194,"order":215,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"信誉","xinyu","信誉体现在履行承诺和为原则付出代价时。本文整理段永平的经营访谈、合同案例与相关问答，解释诚信为何应成为本分，而不是换取利益的手段。",34,{"title":217,"slug":218,"description":219,"category":194,"order":220,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"正直","zhengzhi","正直与诚信要求在利益冲突中坚持原则，并兑现承诺。本文整理段永平对 integrity、做人和企业文化的讨论，说明它与本分、理性及长期经营的关系。",35,{"title":222,"slug":223,"description":224,"category":194,"order":225,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"理性","lixing","理性意味着回到事实与本质，减少情绪、短期得失和外界干扰。本文整理段永平对平常心、长期主义和投资决策的讨论，并保留各段引文的具体语境。",36,{"title":227,"slug":228,"description":229,"category":194,"order":230,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"长期主义","zhangqizhuyi","长期主义强调关注行动的长远后果，追求更健康、更长久。本文整理段永平关于平常心、经营积累与王石对谈的表述，讨论长期视角与短期取舍的关系。",37,{"title":232,"slug":233,"description":234,"category":235,"order":236,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平推荐书单","tuijianshudan","本文区分段永平明确推荐、读过称赞及并不推荐的书，整理《巴菲特致股东的信》等阅读线索。推荐强度以正文原话为准，避免把所有提及过的书都列为推荐。","推荐书单",50,{"title":238,"slug":239,"description":240,"category":241,"order":242,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"1998年段永平对步步高所有营销人员的讲话","duanyongping-1998nian-bubugao-yingxiaorenyuan-jianghua","段永平面向步步高营销人员阐述本分、信誉、聚焦、敢为天下后与不攻击对手等经营原则。","访谈实录",98,{"title":244,"slug":245,"description":246,"category":241,"order":247,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"1998年巴菲特佛罗里达大学演讲","buffett-1998nian-foluolida-daxue-yanjiang","巴菲特1998年佛罗里达大学演讲及问答，讨论能力圈、企业价值、投资错误、集中投资与人生选择。",99,{"title":249,"slug":250,"description":251,"category":241,"order":252,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"1999年 《都市快报》采访手记","duanyongping-1999nian-doushikuaibao-caifangshouji","段永平畅谈本分做人做企业的理念，回顾从小霸王到步步高的创业历程，强调信誉、股份制与平常心的重要性。",100,{"title":254,"slug":255,"description":256,"category":241,"order":257,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"1999年 步步高讲话","duanyongping-1999nian-bubugaojianghua","段永平阐述步步高企业的本分精神，强调平常心、进取心、耐心、责任心和爱心是企业生存发展的基本原则。",101,{"title":259,"slug":260,"description":261,"category":241,"order":262,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"1999年做客人民大学精彩问答实录","duanyongping-1999nianzuokerenmindaxuejingcaiwendashilu","段永平在人民大学分享本分经营、敢为天下后、焦点法则等企业理念，并与学生互动探讨创业、品牌与人生。",102,{"title":264,"slug":265,"description":266,"category":241,"order":267,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2000年 《销售与市场》杂志专访","duanyongping-2000nian-xiaoshouyushichang-zazhizhuanfang","段永平谈步步高的品牌定位、本分竞争哲学、广告策略，强调不创造利润的企业是罪恶的，反对盲目多元化。",103,{"title":269,"slug":270,"description":271,"category":241,"order":272,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2000年在央视“品牌与传播国际论坛”上的演讲","duanyongping-2000nianzaiyangshi-pinpaiyuchuanboguojiluntan-shangdeyanjiang","段永平分享在央视投放广告的实战经验，强调广告只是经营环节之一，产品品质才是品牌根基。",104,{"title":274,"slug":275,"description":276,"category":241,"order":277,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2000追逐世界的节奏 —— 《经营者》杂志2000年，步步高总经理访谈记录","duanyongping-2000zhuizhushijiedejiezou-jingyingzhe-zazhi2000nian-bubugaozongjing","全面回顾段永平从小霸王到步步高的创业历程，详述品牌运作、本分信誉、高速公路经营哲学与平常心理念。",105,{"title":279,"slug":280,"description":281,"category":241,"order":282,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2001《经营天下：高峰论坛 之 段永平》—— 2001年末中国20位行业巨头面对面访谈录","duanyongping-2001-jingyingtianxia-gaofengluntan-zhi-duanyongping-2001nianmozhong","段永平深度阐述诚信为本、安全发展、敢为天下后、反对盲目创新与多元化等企业经营核心理念。",106,{"title":284,"slug":285,"description":286,"category":241,"order":287,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2001年 我为什么要去读书？ —— 《读者》2001年11月刊","duanyongping-2001nian-woweishenmeyaoqudushu-duzhe-2001nian11yuekan","段永平讲述在中欧商学院读MBA的原因：系统学习管理知识以应对WTO竞争，并推动全员学习降低沟通成本。",107,{"title":289,"slug":290,"description":291,"category":241,"order":292,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2001年《世界经理人文摘》专访","duanyongping-2001nian-shijiejinglirenwenzhai-zhuanfang","段永平详解敢为天下后战略：后来者如何通过综合素质、品质管理和平常心实现后来居上。",108,{"title":294,"slug":295,"description":296,"category":241,"order":297,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2002年 CCTV2经济频道《卖点》栏目采访：投影机能否走进家庭？","duanyongping-2002nian-cctv2jingjipindao-maidian-lanmucaifang-touyingjinengfouzou","段永平作为嘉宾为创业公司把脉，建议先在专业市场站稳脚跟，通过差异化竞争和定向宣传求生存发展。",109,{"title":299,"slug":300,"description":301,"category":241,"order":302,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2003年北京大学总裁班演讲座谈会全程实录","duanyongping-2003nianbeijingdaxuezongcaibanyanjiangzuotanhuiquanchengshilu","段永平在北大系统阐述诚信为本、平常心经营、消费者导向等理念，并就选人用人、企业管理等问题答疑。",110,{"title":304,"slug":305,"description":306,"category":241,"order":307,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2004财富人生—段永平 2004 采访","duanyongping-2004caifurensheng-duanyongping-2004-caifang","段永平回顾明星广告策略的商业逻辑，讲述施瓦辛格广告风波中坚守本分、信守合同承诺的故事。",111,{"title":309,"slug":310,"description":311,"category":241,"order":312,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2005年步步高十周年“记”念晚会：段永平发言","duanyongping-2005nianbubugaoshizhounian-ji-nianwanhui-duanyongpingfayan","段永平在步步高十周年回顾企业理念，确立本分、诚信等核心价值观，提出“更健康更长久”的企业愿景。",112,{"title":314,"slug":315,"description":316,"category":241,"order":317,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2006年 深度对话网易证券全程实录","duanyongping-2006nian-shenduduihuawangyizhengquanquanchengshilu","段永平分享巴菲特午餐竞拍背后的故事，详述价值投资理念、网易投资经历及从做企业到做投资的转型心得。",113,{"title":319,"slug":320,"description":321,"category":241,"order":322,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2006年做客新浪财经频道聊天全实录","duanyongping-2006nianzuokexinlangcaijingpindaoliaotianquanshilu","段永平首次做客新浪聊天，谈与巴菲特午餐缘起、价值投资理念、投资网易始末及慈善观。",114,{"title":324,"slug":325,"description":326,"category":241,"order":327,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2006年浙大“实话实说”","duanyongping-2006nianzheda-shihuashishuo","段永平捐赠浙大后座谈，谈教育捐赠初衷、求是精神、学生应脚踏实地而非空立大志，享受过程最重要。",115,{"title":329,"slug":330,"description":331,"category":241,"order":332,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2007年与巴菲特共进午餐后网易专访","duanyongping-2007nianyubafeitegongjinwucanhouwangyizhuanfang","段永平分享巴菲特午餐感悟，强调买股票就是买公司、耐心等待好价格、长期持有的价值投资原则。",116,{"title":334,"slug":335,"description":336,"category":241,"order":337,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2007年波士堂访谈","duanyongping-2007nianboshitangfangtan","段永平做客波士堂，谈步步高敢为天下后策略、消费者导向、追求健康长寿而非企业规模。",117,{"title":339,"slug":340,"description":341,"category":241,"order":342,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2009年 深度专访： 探讨公益人生，分享成功体会","duanyongping-2009nian-shenduzhuanfang-tantaogongyirensheng-fenxiangchenggongtihu","段永平深度访谈，谈成功定义、慈善理念、本分诚信的企业文化、家庭与事业的平衡。",118,{"title":344,"slug":345,"description":346,"category":241,"order":347,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2009年《21世纪经济报道》独家专访：我不认为巴菲特是股神（2009年）","duanyongping-2009nian-21shijijingjibaodao-dujiazhuanfang-woburenweibafeiteshigus","段永平第二次与巴菲特午餐后受访，强调不要神化巴菲特、以平常心学习其投资智慧。",119,{"title":349,"slug":350,"description":351,"category":241,"order":352,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2009浙大MBA分享：企业追求的是稳健的发展，基本功最重要","duanyongping-2009zhedambafenxiang-qiyezhuiqiudeshiwenjiandefazhan-jibengongzuizh","段永平浙大MBA分享，谈企业基本功、本分文化的核心价值、稳健发展胜过盲目扩张。",120,{"title":354,"slug":355,"description":356,"category":241,"order":357,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2010年 步步高董事长段永平和人大校长纪宝成记者会实录","duanyongping-2010nian-bubugaodongshizhangduanyongpingherendaxiaozhangjibaochengj","段永平向人大捐赠3000万美元，谈配比基金模式、教育慈善理念及校友回馈责任。",121,{"title":359,"slug":360,"description":361,"category":241,"order":362,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2011年买入苹果思考","duanyongping-2011nianmairupingguosikao","段永平分析苹果商业模式，论其单品策略、生态系统护城河、消费者导向及长期投资价值。",122,{"title":364,"slug":365,"description":366,"category":241,"order":367,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2011年浙大演讲","duanyongping-2013nianzhedayanjiang","段永平浙大演讲三要点：脚踏实地做事、知道什么不该做、做正直的人。",123,{"title":369,"slug":370,"description":371,"category":241,"order":372,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2015年库克乔治·华盛顿大学毕业典礼演讲：找到你的北斗星","tim-cook-2015nian-huashengdundaxue-biyeyanjiang","蒂姆·库克在2015年乔治·华盛顿大学毕业典礼上谈价值观、平等、乔布斯的影响与人生方向。本页为中文整理译文，原始报道和视频见来源链接。",124,{"title":374,"slug":375,"description":376,"category":241,"order":377,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2015年vivo 20周年晚宴沈炜讲话","shenwei-2015nian-vivo-20zhounian-wanyan-jianghua","沈炜在vivo二十周年晚宴回顾创业历程，讨论本分文化、用户导向、产品转型与企业愿景。",125,{"title":379,"slug":380,"description":381,"category":241,"order":382,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2016年浙大60周年专访","duanyongping-2016nianzheda60zhounianzhuanfang","段永平回忆浙大岁月，阐述做对的事情哲学、北极星概念及人生选择建议。",126,{"title":384,"slug":385,"description":386,"category":241,"order":387,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2018年段永平斯坦福大学53问","duanyongping-2018nian-sitanfu-daxue-53wen","段永平在斯坦福大学回答53个问题，涉及人生、企业经营、产品、投资、家庭与黄峥等话题。",127,{"title":389,"slug":390,"description":391,"category":241,"order":392,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2024年费德勒达特茅斯毕业演讲（节译）：努力与失败","feidele-2024nian-biyeyanjiang","费德勒2024年达特茅斯学院毕业演讲的中文节译，选取“毫不费力是个神话”与“这只是一分”两课，谈训练、纪律和面对失败。完整演讲见校方原文。",128,{"title":394,"slug":395,"description":396,"category":241,"order":397,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2025年浙江大学演讲及问答完整版","duanyongping-2025nianzhejiangdaxueyanjiangjiwendawanzhengban","段永平浙大2025年演讲，谈做对的事情、AI时代机遇、创业投资心得及本分文化实践。",129,{"title":399,"slug":400,"description":401,"category":241,"order":402,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2025年谈躺平与内卷、与王石交流子女教育","duanyongping-2025niantantangpingyuneijuan-yuwangshijiaoliuzinvjiaoyu","段永平与王石对谈，论投资哲学、文化传承、营销本质、子女教育及平常心即长期主义。",130,{"title":404,"slug":405,"description":406,"category":241,"order":407,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2025年：方三文对话段永平：做自己能够喜欢的事情很重要","duanyongping-2025nian-fangsanwenduihuaduanyongping-zuozijinenggouxihuandeshiqing","段永平与方三文深度对话，谈个人经历、企业文化传承、苹果茅台投资逻辑及AI与教育。",131,{"title":409,"slug":410,"description":411,"category":241,"order":412,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"2025年vivo 30周年纪念晚宴沈炜致辞","shenwei-2025nian-vivo-30zhounian-wanyan-zhici","沈炜在vivo三十周年晚宴回顾步步高与vivo发展，阐释本分、用户导向、平常心与企业长期健康。",132,{"title":414,"slug":415,"description":416,"category":241,"order":417,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平步步高内部讲话：道先于术","duanyongping-bubugao-neibujianghua-daoxianyushu","段永平在步步高内部讲话中谈道先于术、沉没成本、是非不给利益让路，以及企业文化是木桶的底板。",133,{"title":419,"slug":420,"description":421,"category":241,"order":422,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平投资问答录｜核心精简版","duanyongping-touzi-wendalu-hexin-jingjianban","编者从本站问答档案中精选214组问答与论述，按投资、经营与人生主题重排。适合先读核心观点，再通过完整章节核对提问语境；本页为编辑选编。",134,{"title":424,"slug":425,"description":426,"category":427,"order":428,"type":429,"volume":9,"volumeOrder":9,"chapterOrder":9},"投资问答录主题目录","wenda-topic-index","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。","投资问答录",190,"topic-index",{"title":431,"slug":432,"description":433,"category":427,"order":434,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":16},"买股票就是买公司与价值投资","wenda-invest-01","买股票就是买公司，要先理解生意与长期价值。该章整理价值投资的定义、投资与经营的关系、没有捷径及好公司与好价格的问答。",200,"qanda-chapter","投资的起点与边界",{"title":438,"slug":439,"description":440,"category":427,"order":441,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":21},"投资为什么简单但不容易","wenda-invest-02","投资逻辑可以简单，长期坚持正确过程却不容易。该章整理价值投资的难点、悟性与实践、适合投资的人及小资金问题。",201,{"title":443,"slug":444,"description":445,"category":427,"order":446,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":26},"看懂生意与能力圈","wenda-invest-03","看懂生意需要背景知识和诚实的边界意识。该章整理商业模式、企业文化、研究公司、概率与能力圈的问答，说明不懂时为何可以放弃。",202,{"title":448,"slug":449,"description":450,"category":427,"order":451,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":31},"风险第一：不做空、不借钱、不懂不碰","wenda-invest-04","投资先考虑避免出局，再谈回报。该章整理不做空、不借钱、不用杠杆、不懂不碰和公司负债问题，以及段永平对错误的复盘。",203,{"title":453,"slug":454,"description":455,"category":427,"order":456,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":36},"市场波动、宏观与牛熊","wenda-invest-05","股价波动、宏观变化与公司价值需要分开理解。该章整理投票器与称重机、市场噪声、经济、通胀、汇率、指数及牛熊的问答。",204,{"title":458,"slug":459,"description":460,"category":427,"order":461,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":41},"投资心态、理性与学习方法","wenda-invest-12","理性与学习方法影响投资过程。该章整理平常心、投资经验、高尔夫启发和书籍选择，强调学习思考逻辑而非只复制别人的结论。",205,{"title":463,"slug":464,"description":465,"category":427,"order":466,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":16},"伟大企业与长坡厚雪","wenda-business-01","伟大企业要看长期竞争力、诚信和持续盈利。该章整理段永平对伟大企业标准、长坡厚雪与增长空间的问答，保留提问语境和原文日期。",206,"怎样看懂好企业",{"title":469,"slug":470,"description":471,"category":427,"order":472,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":21},"商业模式与投资确定性","wenda-business-02","生意模式是理解公司赚钱方式与长期确定性的起点。该章整理定义、护城河、未来现金流及苦生意特征的问答，帮助比较不同公司的模式。",207,{"title":474,"slug":475,"description":476,"category":427,"order":477,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":26},"护城河与差异化","wenda-business-03","护城河来自能够持续的竞争优势与差异化。该章整理垄断、定价权、用户需求和难以差异化行业的讨论，说明竞争优势需要继续检验。",208,{"title":479,"slug":480,"description":481,"category":427,"order":482,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":31},"好产品与用户导向","wenda-business-04","产品判断应先看最终消费者的真实体验。该章整理消费者导向与市场、利润导向的区别，以及好产品的标准、观察方法和实际案例。",209,{"title":484,"slug":485,"description":486,"category":427,"order":487,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":36},"品牌的本质","wenda-business-06","品牌是消费者长期认知的积累，需要产品和服务持续兑现。该章整理品牌、价格、名称、品牌建立及不容易形成品牌的生意等讨论。",210,{"title":135,"slug":489,"description":490,"category":427,"order":491,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":41},"wenda-business-08","企业文化要从企业长期的行为与选择中理解。该章整理文化的定义、判断方法、建立和传承，并保留具体公司案例及不同语境。",211,{"title":493,"slug":494,"description":495,"category":427,"order":496,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":16},"财报、现金流、ROE与净资产","wenda-invest-09","财报帮助核对一门生意的表现，不能用单个指标替代理解。该章整理现金流、真实利润、净资产、负债、ROE与指标边界的问答。",212,"财报、估值与投资决策",{"title":499,"slug":500,"description":501,"category":427,"order":502,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":21},"估值的起点：定性判断与现金流折现","wenda-invest-07","估值先依赖定性判断，再用毛估估理解内在价值。该章整理未来现金流折现、价值与价格的问答，说明估值是一种思维方式。",213,{"title":504,"slug":505,"description":506,"category":427,"order":507,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":26},"折现率、PE与估值案例","wenda-invest-07-cases","估值数字要与生意质量、负债和机会成本一起看。该章整理折现率、PE、EV的使用边界，以及万科、GE、茅台和现金流折现的案例。",214,{"title":509,"slug":510,"description":511,"category":427,"order":512,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":31},"分红、回购与资本配置","wenda-invest-10","资本配置要看资金如何为股东创造长期价值。该章整理分红、回购、债务和公司作为买家的讨论，保留价格、财务状况等判断前提。",215,{"title":514,"slug":515,"description":516,"category":427,"order":517,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":36},"长期持有、集中投资与机会成本","wenda-invest-06","长期持有、集中投资和卖出都需要回到公司价值与机会成本。该章整理持有期限、好公司与好价格、仓位和投资取舍的问答。",216,{"title":519,"slug":520,"description":521,"category":427,"order":522,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":41},"买卖时机与“持有就是买入”","wenda-invest-08","持有需要不断重新作出买入判断，卖出也应看价值与机会。该章整理买入与历史价格、卖出与成本价、持有就是买入及该卖的时候。",217,{"title":524,"slug":525,"description":526,"category":427,"order":527,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":51},"投机、套利、量化与衍生品","wenda-invest-11","该章区分投资、投机与套利的判断依据，整理期权、卖put、量化和衍生品的历史问答。操作细节须结合原问题和当时条件理解。",218,{"title":529,"slug":530,"description":531,"category":427,"order":532,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":16},"本分、平常心与利润之上的追求","wenda-business-09","本分要求自己坚持原则，平常心强调理性想长远。该章整理信誉、承诺、利润之上的追求及其长期结果，区分原话与问题中的假设。",219,"怎样经营企业",{"title":535,"slug":536,"description":537,"category":427,"order":538,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":21},"Stop Doing List、聚焦与更健康更长久","wenda-business-11","不为清单先排除不该做的事情，再集中资源把产品做好。该章整理价格战、份额、性价比、聚焦与更健康更长久的经营原则。",220,{"title":540,"slug":541,"description":542,"category":427,"order":543,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":26},"创新与敢为天下后","wenda-business-05","创新需要满足真实用户需求，敢为天下后也需要自己的差异化。该章整理创新边界、专利、环境与后中争先的经营问答。",221,{"title":545,"slug":546,"description":547,"category":427,"order":548,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":31},"营销、广告、渠道与出海","wenda-business-07","营销和广告需要表达产品价值，渠道需要匹配价格与合作关系。该章整理广告投入、代言、价格体系、渠道及国际市场的经营问答。",222,{"title":550,"slug":551,"description":552,"category":427,"order":553,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":36},"创始人、CEO、团队与激励","wenda-business-10","组织长期发展涉及创始人、管理层、授权、团队与公平激励。该章整理造钟人、CEO、董事会、选人育人和规矩的问答。",223,{"title":555,"slug":556,"description":557,"category":427,"order":558,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":41},"收购与多元化","wenda-business-12","多元化与收购要看企业是否懂得新业务、能否创造长期价值。该章整理业务边界、收购条件、多品牌与分拆的问答及案例。",224,{"title":560,"slug":561,"description":562,"category":427,"order":563,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":16},"苹果：产品、商业模式与生态","wenda-company-apple-01","该章整理段永平认识苹果产品和生意模式的过程，涉及单一产品、用户体验、生态、取舍，以及与安卓、三星的竞争。",225,"重点公司深读",{"title":566,"slug":567,"description":568,"category":427,"order":569,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":21},"苹果：管理层与企业文化","wenda-company-apple-02","该章整理段永平对乔布斯、库克与苹果企业文化的评价，讨论报时人和造钟人、接班、产品精神及利润之上的追求。",226,{"title":571,"slug":572,"description":573,"category":427,"order":574,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":26},"苹果：估值、持有与资本配置","wenda-company-apple-03","该章按历史语境整理段永平买入和持有苹果的判断，涉及估值指标、股价下跌、分红、回购、现金与成熟期的公司价值。",227,{"title":576,"slug":577,"description":578,"category":427,"order":579,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":31},"贵州茅台：产品、品牌与商业模式","wenda-company-maotai-01","该章整理段永平对茅台品质、品牌、消费者心智与生意模式的问答，讨论护城河及产品文化和企业文化的关系。",228,{"title":581,"slug":582,"description":583,"category":427,"order":584,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":36},"贵州茅台：治理、渠道与i茅台","wenda-company-maotai-02","该章整理茅台治理、多元化、假酒、渠道和i茅台相关问答，关注直购、直销与价格体系，保留历史背景和问题中的前提。",229,{"title":586,"slug":587,"description":588,"category":427,"order":589,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":41},"贵州茅台：估值与投资判断","wenda-company-maotai-03","该章整理段永平在塑化剂事件、买入增持及长期持有茅台时的判断，涉及估值、价格、分红、回购与资本配置。",230,{"title":591,"slug":592,"description":593,"category":427,"order":594,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":51},"小霸王与步步高","wenda-company-bbk","该章整理小霸王与步步高的创业和经营问答，涉及本分诚信、不上市、不为清单、产品品牌及长期发展，保留不同年份的语境。",231,{"title":596,"slug":597,"description":598,"category":427,"order":599,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":56},"网易","wenda-company-netease","该章整理段永平发现、买入与持有网易的过程，涉及梦幻西游、丁磊、团队、现金、回购和卖出，保留不同年份的判断。",232,{"title":601,"slug":602,"description":603,"category":427,"order":604,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":62},"阿里巴巴与雅虎","wenda-company-alibaba-yahoo","该章按历史语境整理段永平投资雅虎、理解阿里股权与评价阿里文化的问答，涉及管理层、使命、假货争议、电商竞争及卖出后的观察。",233,{"title":606,"slug":607,"description":608,"category":427,"order":609,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":68},"泡泡玛特","wenda-company-pop-mart","该章呈现段永平从看不懂到重新理解泡泡玛特的过程，涉及情绪价值、壁垒、王宁、门店体验与投资操作，保留观点变化的时间语境。",234,{"title":611,"slug":612,"description":613,"category":427,"order":614,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":16},"消费电子与日本制造","wenda-company-consumer-electronics","该章整理段永平对消费电子及日本制造的历史观察，涉及国产企业、诺基亚、摩托罗拉、联想及日本公司，重点关注产品与竞争。",235,"行业与公司对照",{"title":617,"slug":618,"description":619,"category":427,"order":620,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":21},"游戏行业与中国游戏公司","wenda-company-china-games","该章整理段永平对游戏生意、好游戏、玩家体验与行业变化的问答，保留社会争议、估值和中国游戏公司案例的具体语境。",236,{"title":622,"slug":623,"description":624,"category":427,"order":625,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":26},"互联网、科技与新产业","wenda-company-tech-platforms","该章整理互联网平台、科技与新产业的公开问答，关注产品、商业模式、长期竞争力与看不懂的边界，各公司判断保留历史语境。",237,{"title":627,"slug":628,"description":629,"category":427,"order":630,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":31},"零售与服务业案例","wenda-company-retail-services","该章整理零售、服务、教育培训及航空业的公司问答，关注用户需求、生意模式和能力圈，也包含投资卖出与反思案例。",238,{"title":632,"slug":633,"description":634,"category":427,"order":635,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":36},"能源与工业企业案例","wenda-company-energy-industrial","该章整理西方石油、GE、代工业和光伏等案例，关注看懂生意、行业周期与投资反思；各段判断应结合发言日期理解。",239,{"title":637,"slug":638,"description":639,"category":427,"order":640,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":41},"传统行业公司群像","wenda-company-traditional-industries","该章按行业整理家电、汽车、食品、地产、园林与银行案例，涉及国企机制、产品竞争和估值，帮助对照不同行业的生意特征。",240,{"title":642,"slug":643,"description":644,"category":427,"order":645,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":16},"做对的事情与把事情做对","wenda-life-01","该章整理做对的事情、把事情做对与不该做的事情，涉及巴菲特、芒格、个人经历、练习和面对质疑，保留平常心的生活语境。",241,"人生与成长",{"title":648,"slug":649,"description":650,"category":427,"order":651,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":21},"正直、理性与长期视角","wenda-life-02","该章整理段永平对正直、诚信、原则和理性的讨论，关注长期视角与脚踏实地，帮助理解本分如何进入日常选择。",242,{"title":653,"slug":654,"description":655,"category":427,"order":656,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":26},"职业、创业与享受过程","wenda-life-03","职业和创业需要理解自己，并找到愿意长期投入的事情。该章整理段永平对职业选择、创业、喜欢的工作与享受过程的问答。",243,{"title":658,"slug":659,"description":660,"category":427,"order":661,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":31},"家庭、孩子与教育","wenda-life-04","该章整理段永平的家庭与教育问答，涉及陪伴、安全感、学习、金钱、游戏、边界和传承，呈现个人经验及问题的具体背景。",244,{"title":663,"slug":664,"description":665,"category":427,"order":666,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":36},"学习、阅读与公益","wenda-life-05","该章整理开放学习、阅读、AI学习与公益相关问答，关注思考逻辑、教育公益和长期环境，保留推荐、转述与个人观点的区别。",245,{"title":668,"slug":669,"description":670,"category":427,"order":671,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":41},"运动、睡眠与高尔夫","wenda-life-06","该章保存段永平关于运动、力量训练、睡眠、体检和高尔夫的个人经验问答。健康相关发言保留日期与语境，不能据此替代个人医疗判断。",246,{"title":673,"slug":674,"description":675,"category":676,"order":677,"type":9,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平如何研究一家公司：从产品、年报到企业文化","duanyongping-kan-dong-yijia-gongsi","根据段永平的公开问答，整理研究一家公司的资料清单、阅读顺序和判断框架：产品、商业模式、企业文化、财报、专项验证与估值。","公司与人物",417,{"title":676,"slug":679,"description":680,"category":676,"order":681,"type":682,"volume":9,"volumeOrder":9,"chapterOrder":9},"gongsi-yu-renwu","按段永平视角整理他高度评价、明显关注或正在重估的公司与人物，保留原文依据和边界条件。",5000,"index",{"title":684,"slug":685,"description":686,"category":676,"order":687,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"苹果：段永平为什么高度评价这家公司","company-apple","段永平最看重苹果的地方，不只是产品好，而是苹果在强企业文化下形成了强大的生态系统、商业模式和长期聚焦“做对的事情”的能力。",5010,"company",{"title":690,"slug":691,"description":692,"category":676,"order":693,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"黄峥：段永平为什么高度评价他","person-huangzheng","段永平评价黄峥，核心不是“聪明”或“年轻”，而是黄峥关注事物本质、有很强学习能力，并且对什么是对的事情有清醒认识。",5020,"person",{"title":696,"slug":697,"description":698,"category":676,"order":699,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"泡泡玛特有定价权吗：段永平视角下的提价能力","company-pop-mart","泡泡玛特已出现新品进入更高价格带与差异化需求的定价权迹象，但同款产品持续提价的能力仍待验证。本文结合财报与产品变化作编者分析，区分价格、产品升级和IP热度。",5030,{"title":701,"slug":702,"description":703,"category":676,"order":704,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"王宁：段永平为什么欣赏泡泡玛特创始人","person-wangning","段永平欣赏王宁，核心在于王宁对商业的理解、长期努力、做对事情的意识、细节能力，以及带领团队把情绪价值产品做成全球品牌的能力。",5040,{"title":706,"slug":707,"description":708,"category":676,"order":709,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"贵州茅台：段永平为什么高度评价这家公司","company-maotai","段永平看重茅台，不只是因为它贵或知名，而是因为它有稀缺产品、强品牌、长需求周期和优秀现金流，同时也需要警惕多元化、假酒和渠道问题。",5050,{"title":711,"slug":712,"description":713,"category":676,"order":714,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"网易：段永平为什么长期评价这家公司","company-netease","网易是段永平投资体系里的经典案例：低价只是入口，真正支撑他长期持有的是游戏业务、现金、朴实团队和丁磊没有乱花钱的克制。",5060,{"title":716,"slug":717,"description":718,"category":676,"order":719,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"腾讯：段永平为什么认为它是长坡厚雪","company-tencent","段永平认可腾讯，是因为它有强大的社交关系、微信和微信支付带来的深远影响，以及不错的商业模式和企业文化；但他也承认自己对腾讯的理解不如苹果。",5070,{"title":721,"slug":722,"description":723,"category":676,"order":724,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"阿里巴巴：段永平为什么曾高度评价又保留","company-alibaba","段永平曾高度评价阿里和马云，核心是企业文化、使命感和长坡厚雪；但后来对业务复杂度、公司问题和再现辉煌的不确定性保留明显。",5080,{"title":726,"slug":727,"description":728,"category":676,"order":729,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"拼多多：段永平如何看这家公司","company-pinduoduo","段永平对拼多多的判断，起点是黄峥和团队：他认可人、学习能力和本分文化，但也一直把拼多多放在“仍需继续看懂商业模式”的框架里。",5090,{"title":731,"slug":732,"description":733,"category":676,"order":734,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"英伟达：段永平为什么说它厉害但难看懂","company-nvidia","段永平承认英伟达非常厉害，甚至称其“堪称芯片界的苹果”；但他真正保留的是长期护城河、算力需求持续性和自己能否看懂十年。",5100,{"title":736,"slug":737,"description":738,"category":676,"order":739,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"任天堂：段永平从中学到什么","company-nintendo","任天堂在段永平体系里更像早期经营经验的参照物：他从任天堂理解了游戏行业、渠道成本和单一产品模式，也借此形成了后来理解苹果、网易的框架。",5110,{"title":741,"slug":742,"description":743,"category":676,"order":744,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"GE：段永平为什么后来修正这笔投资","company-ge","GE 是段永平体系里的反面教材：他曾因企业文化和韦尔奇叙事认可 GE，但后来发现生意太复杂、文化理解不够扎实、多元化并非例外。",5120,{"title":746,"slug":747,"description":748,"category":676,"order":749,"type":688,"volume":9,"volumeOrder":9,"chapterOrder":9},"新东方：段永平为什么既认可又保留","company-new-oriental","段永平认可新东方和俞敏洪的韧性，也认为新东方能做到今天很了不起；但他不太喜欢这类“力气活”生意模式，也难以找到愿意永远持有的感觉。",5130,{"title":751,"slug":752,"description":753,"category":676,"order":754,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"巴菲特：段永平为什么高度尊重他","person-buffett","段永平尊重巴菲特，不是因为“股神”光环，而是因为巴菲特把“买股票就是买公司”坚持到骨子里，并以朴实、谦虚、长期和理性的方式生活。",5200,{"title":756,"slug":757,"description":758,"category":676,"order":759,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"芒格：段永平为什么重视他的理性","person-munger","段永平重视芒格，核心在“理性”：芒格讲的 rationality，和段永平讲的平常心几乎是同一件事。",5210,{"title":761,"slug":762,"description":763,"category":676,"order":764,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"乔布斯：段永平为什么说他既是报时人也是造钟人","person-steve-jobs","段永平对乔布斯的评价，核心不是个人崇拜，而是乔布斯把“利润之上的追求”注入苹果文化，并留下了能继续运转的组织。",5220,{"title":766,"slug":767,"description":768,"category":676,"order":769,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"库克：段永平为什么认为他是更好的 CEO","person-tim-cook","段永平评价库克，核心是理性、理解乔布斯追求、延续苹果文化，并把苹果从乔布斯时代带入更大规模的长期经营。",5230,{"title":771,"slug":772,"description":773,"category":676,"order":774,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"马云：段永平为什么一直认为他了不起","person-mayun","段永平对马云的评价长期很高：他看重马云兼具理想主义和现实主义，也欣赏其勇气和企业文化意识；但这不等于他对阿里没有保留。",5240,{"title":776,"slug":777,"description":778,"category":676,"order":779,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"丁磊：段永平为什么说他很有悟性","person-dinglei","段永平评价丁磊，核心是“很有悟性”、单纯、不算计人，而且在网易现金很多时没有犯大错。",5250,{"title":781,"slug":782,"description":783,"category":676,"order":784,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"马化腾：段永平为什么正面评价他","person-mahuateng","段永平对马化腾的评价简洁但重要：人不错、年轻，并且微信和微信支付的影响非常大且深远。",5260,{"title":786,"slug":787,"description":788,"category":676,"order":789,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"俞敏洪：段永平为什么说他是条汉子","person-yuminhong","段永平欣赏俞敏洪的韧性和面对问题的能力，甚至说他是“条汉子”；但也认为俞离顶级企业家还有距离，新东方生意模式不是自己特别喜欢的类型。",5270,{"title":791,"slug":792,"description":793,"category":676,"order":794,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"季克良：段永平为什么说他对茅台至关重要","person-jikeliang","段永平评价季克良，核心是质量文化和造钟人作用：季克良让茅台成为今天的茅台，功不可没。",5280,{"title":796,"slug":797,"description":798,"category":676,"order":799,"type":694,"volume":9,"volumeOrder":9,"chapterOrder":9},"黄仁勋：段永平为什么欣赏他","person-huangrenxun","段永平欣赏黄仁勋，重点在真诚、有能量、长期方向一致，以及带领英伟达形成强生态；但他仍然区分“欣赏人”和“看懂英伟达十年护城河”。",5290,{"title":801,"slug":802,"description":803,"category":676,"order":804,"type":805,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平高度评价过的公司","topic-highly-rated-companies","段永平高度评价公司时，核心标准不是名气，而是能否长期做对事情：好产品、好商业模式、好文化、好管理层和可理解的未来现金流。",5300,"topic",{"title":807,"slug":808,"description":809,"category":676,"order":810,"type":805,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平高度评价过的人","topic-highly-rated-people","段永平评价人，重点不是名气，而是这个人是否理性、真诚、关注本质、能长期做对事情，并能把个人能力沉淀为组织能力。",5310,{"title":812,"slug":813,"description":814,"category":676,"order":815,"type":805,"volume":9,"volumeOrder":9,"chapterOrder":9},"段永平正在重估的公司","topic-revaluated-companies","段永平的重估案例最值得看的是变化过程：他会承认看不懂，也会在新证据出现后调整判断，但始终保留能力圈和长期现金流边界。",5320,{"id":817,"title":611,"body":818,"category":427,"chapterOrder":16,"date":9,"description":613,"editor":1835,"extension":1836,"meta":1837,"navigation":1838,"order":614,"path":1839,"publishedAt":9,"seo":1840,"seoDescription":613,"seoTitle":1841,"slug":612,"source":9,"sourceAuthor":1842,"sourceDate":9,"sourceNote":1843,"sourceStatus":1844,"sourceUrl":9,"sources":1845,"stem":1846,"summary":613,"tags":1847,"type":435,"updatedAt":1851,"volume":615,"volumeOrder":41,"__hash__":1852,"_collection":1853},"dao\u002Fdao\u002Fqanda\u002Fwenda-company-consumer-electronics.md",{"type":819,"value":820,"toc":1819},"minimark",[821,826,830,833,838,845,859,878,883,892,897,907,912,915,922,931,934,937,948,951,954,957,963,969,971,992,1017,1020,1034,1042,1050,1061,1065,1068,1071,1076,1079,1084,1094,1099,1102,1124,1133,1148,1151,1159,1171,1174,1178,1181,1186,1189,1192,1197,1200,1205,1208,1211,1216,1219,1224,1227,1232,1235,1242,1246,1249,1252,1261,1264,1267,1272,1275,1287,1290,1293,1298,1301,1304,1309,1312,1317,1322,1328,1339,1349,1358,1361,1364,1376,1391,1398,1404,1410,1415,1418,1423,1426,1431,1437,1442,1448,1453,1459,1470,1473,1493,1496,1499,1502,1507,1518,1535,1538,1548,1553,1563,1578,1581,1595,1607,1616,1619,1628,1631,1634,1639,1642,1659,1667,1670,1675,1689,1697,1703,1718,1722,1725,1730,1733,1736,1739,1744,1747,1752,1755,1763,1766,1771,1777,1784,1787,1790,1795,1798,1805,1808,1811],[822,823,825],"h2",{"id":824},"第一节-国产消费电子","第一节 国产消费电子",[827,828,829],"p",{},"网友：段总好，现阶段手机行业竞争加剧，差异化越来越小，未来数年，oppo和vivo会加大技术共享或深度合作吗。",[827,831,832],{},"大道：门槛越来越高，但差异化并没有减少啊，转换成本其实也是增加的。（2026-09-28）",[834,835,837],"h3",{"id":836},"oppo","OPPO",[827,839,840,841,844],{},"网友：听说",[842,843,837],"strong",{},"诞生经历了5年酝酿期。",[827,846,847,850,851,853,854,858],{},[842,848,849],{},"段永平："," ",[842,852,837],{}," 这个",[855,856,141],"a",{"href":857},"\u002Fpinpai","我们推出来花的时间远远超过大家的想象。",[827,860,861,862,864,865,868,869,871,872,874,875,877],{},"2000年我们就开始设计这个",[855,863,141],{"href":857},"，设计的主要动因是我们为长远考虑，当我们走向全球的时候，不可能用",[842,866,867],{},"步步高","这个牌子去走，那么一定要有个国际",[855,870,141],{"href":857},"，",[842,873,837],{},"其实就不是中国人设计的，我们自己要出一个中英文",[855,876,141],{"href":857},"的话，肯定会很怪异，自己觉得挺好，老美还读不出来，或者说不顺口、不舒服。",[827,879,880,882],{},[842,881,837],{},"是请欧洲人设计的，而且是全球一个一个国家都做过语音语义测试，包括网站。所有这些花了很长时间，也花了很多钱，等到搞好了，大概也都花了几年的时间了，然后才开始做产品。(2010-03-22)",[827,884,885,886,888,889,891],{},"网友：我是",[842,887,837],{},"的一员，听很多前辈讲过您的很多故事，您是我们整个体系的精神领袖。很希望下次您回东莞时到",[842,890,837],{}," 来转转，和大家合个影。",[827,893,894,896],{},[842,895,849],{}," 好，下次回去一定去。祝你们生意越做越火啊，最重要的是要东西好。(2010-03-24)",[827,898,899,900,902,903,906],{},"网友：您认为",[842,901,837],{},"或",[842,904,905],{},"vivo","未来10年内有较大概率做到每年赚1000亿人民币吗？",[827,908,909,911],{},[842,910,849],{}," 概率上是有可能的，多大概率则没人知道，而且这个不重要，完全不重要！我们觉得更健康更长久比赚多少钱要重要得多，虽然更健康更长久其实也意味着最后会赚很多钱，但那不是目的，只是结果而已。",[827,913,914],{},"更健康更长久！争取下个三十年我还能来！",[827,916,917,918,921],{},"公司历史墙上看到的，很有感触哈。（2025-09-18）历史墙上那篇《二十一世纪来了》，全文见",[855,919,254],{"href":920},"\u002Fduanyongping-1999nian-bubugaojianghua","。",[827,923,924,925,927,930],{},"网友：（分享了一篇总结",[842,926,837],{},[855,928,135],{"href":929},"\u002Fqiyewenhua","的文章）",[827,932,933],{},"链接：https：\u002F\u002Fxueqiu.com\u002F7667646479\u002F358696609",[827,935,936],{},"大道：总结的很好，如果有时间就更好了。（2025-10-30）",[827,938,939,940,942,871,944,947],{},"网友：",[842,941,837],{},[855,943,135],{"href":929},[855,945,181],{"href":946},"\u002Fzaozhongren","阿段。",[827,949,950],{},"大道：之一。（2025-10-30）",[827,952,953],{},"网友：Oppo watch x2也不错。",[827,955,956],{},"大道：是的，很好的哈。（2025-11-20）",[827,958,959,960,962],{},"网友：我买了",[842,961,837],{},"的大天才手表。",[827,964,965,966,968],{},"大道：",[842,967,837],{},"手表蛮好的，我运动的时候有时候会用。（2025-12-14）",[834,970,905],{"id":905},[827,972,973,853,975,977,978,980,981,983,984,986,988,989,991],{},[842,974,837],{},[855,976,141],{"href":857},"是",[842,979,867],{},"注册的，当时的AV厂启用了，于是有了",[842,982,837],{}," 的DVD，蓝光DVD，直到晚些的手机。我个人参与了",[842,985,837],{},[855,987,141],{"href":857},"最早期的设计(2001年前的部分)，但没参与过任何产品的设计以及后期发展。陈明永是",[842,990,837],{},"的CEO，后面的故事都是他们的。",[827,993,994,996,997,999,1000,1002,1003,1005,1006,1008,1009,1011,1013,1014,1016],{},[842,995,905],{}," 的前身是",[842,998,867],{},"电话及",[842,1001,867],{},"手机，",[842,1004,905],{},"这个",[855,1007,141],{"href":857},"是原电话机厂建立的，大概是2005\u002F2006年前后，或许更晚些，我个人没有参与",[842,1010,905],{},[855,1012,141],{"href":857},"建立的任何过程。",[842,1015,905],{},"的CEO是沈炜。借此机会说明一下，我2001年就真的退休了，公司后面的发展和我没有任何直接关系。",[827,1018,1019],{},"当然，如果没做好的话，过错应该还是我的，因为领导的选定我起了最重要的作用。",[827,1021,1022,1024,1025,1027,1028,1030,1031,1033],{},[842,1023,905],{}," 的商标都是小写的，小写的有些道理哈。",[842,1026,905],{},"的商标设计有些小问题，在西班牙语里",[842,1029,905],{},"是直播的意思，另外",[842,1032,905],{},"在美国有同名的公司，似乎这个设计时有点仓促，当然找个合适的名字非常不容易。(2015-05-07)",[827,1035,1036,1037,1039,1040,921],{},"网友：大道，",[842,1038,905],{},"沈总在年会的最新发言里，有一句话本人非常的喜欢：“科技最美的样子，一定是带着人的温度。”真是了不起的",[855,1041,135],{"href":929},[827,1043,1044,1045],{},"链接：",[855,1046,1047],{"href":1047,"rel":1048},"https:\u002F\u002Fmp.weixin.qq.com\u002Fs\u002FaVDZuPsjF0WgOJK9cmIVWQ",[1049],"nofollow",[827,1051,965,1052,850,1056,850,1058,1060],{},[1053,1054,1055],"span",{},"点赞",[1053,1057,1055],{},[1053,1059,1055],{},"（2026-02-04）",[834,1062,1064],{"id":1063},"华为中兴与其他国产厂商","华为、中兴与其他国产厂商",[827,1066,1067],{},"网友：段总谈到手机，其实我也是业内人士，俺是中兴通讯手机事业部负责欧洲市场推广的。中兴手机这几年进步也很大，主要优势在于快速定制，满足运营商需求，抓住了类似于国内中国移动、电信之类的大客户捆绑销售。问题在于基本放弃了渠道市场，应该走了跟步步高不同的路线，现在最大的问题在于某种程度上忽视了“消费者需求”，没有做到“消费者导向”，而是“运营商导向”。",[827,1069,1070],{},"中兴手机的发展方向应该是学习中国台湾的HTC，从ODM逐步到自有品牌，从单一追求销量到追求销售附加值。道理似乎大家都懂，但做起来很难，是不是企业的文化和基因很难改变呢？每年为了追求销量忘记忽视了一些最根本的东西，这点可能就是公司创始人的不同导致的吧。不是说我们老板不行啊，各有强项嘛，呵呵，上市公司当期业绩压力大嘛。",[827,1072,1073,1075],{},[842,1074,849],{}," 呵呵，上市公司当期业绩压力大的说法很有趣（尽管无数上市公司都这么说来着），难道大家愿意让下期压力更大？（2010-07-07）",[827,1077,1078],{},"网友：华为的智能手机据说凭着价廉物美打入了美国市场。您在美国是否有看到？您对华为这家公司怎么看？",[827,1080,1081,1083],{},[842,1082,849],{}," 价廉是真，物美就不好说了。华为是一家非常aggressive的公司，但企业道德感不强，为达到目的好像有点不择手段，据说还在我们公司门口设了个挖人的点，破坏企业环境啊。（2011-02-15）",[827,1085,1086,1087,1090,1091,1093],{},"网友：华为、小米进入了新能源汽车领域，",[842,1088,1089],{},"苹果","也烧了一笔钱在这上面，oppo和",[842,1092,905],{},"两大公司有没有想过搞电动车？",[827,1095,1096,1098],{},[842,1097,849],{}," 当然想过！（2025-10-18）",[834,1100,1101],{"id":1101},"锤子与罗永浩",[827,1103,1104,1105,1107,1108,1110,1111,1114,1115,1117,1118,1120,1121,1123],{},"网友：一开始我就觉得锤子手机难以成功。在罗永浩眼中，",[842,1106,837],{},"、",[842,1109,905],{},"、华为、小米只配扔垃圾桶，",[842,1112,1113],{},"乔布斯","之后，",[842,1116,1089],{},"在走下坡路，用不了几年，他这个",[842,1119,1113],{},"接班人罗布斯就能打败",[842,1122,1089],{},"，一统手机江湖。",[827,1125,1126,1128,1129,1132],{},[842,1127,849],{}," 是的，他缺乏一些企业家的基本素质，",[842,1130,1131],{},"方三文","那时可能也不理解这点。(2023-01-14)",[827,1134,1135,1136,1138,1139,1141,1142,1144,1145,1147],{},"哈，10年后看，",[842,1137,1131],{},"确实不如我了解手机行业吧？罗永浩在手机行业里绝对不是什么神人，他对这个行业的了解程度其实和",[842,1140,1131],{},"差不太多。区别是，",[842,1143,1131],{},"没(敢)去做手机。那时候好多人都说要去做手机，包括",[842,1146,1131],{},"的前老板，甚至那些不管三七二十一都要上的人……(2023-01-08)",[827,1149,1150],{},"网友：今天看到一篇锤子手机的报道，大道估计能看出不少罗永浩做的错误的决定……",[827,1152,1153,1155,1156,1158],{},[842,1154,849],{}," 在错误的路上奔跑的人，谁在乎他到底犯了哪些错误呢？结局从一开始就确定了，从我看到他对",[842,1157,1089],{},"的公开评价开始，我就知道他绝对不会成的。这种长文章没必要浪费时间看的。你居然还试图想让我浪费时间看这种东西？你看它是有阅读快感呢还是觉得能学到东西呢？",[827,1160,1161,1162,1164,1165,1167,1168,1170],{},"网友：想知道大道怎么看",[842,1163,1131],{},"投资过罗永浩的经历？大道曾说",[842,1166,1131],{},"是top1%的投资者，也曾说罗永浩不具备企业家的基本素质。是不是",[842,1169,1131],{},"对罗的投资单纯属于朋友关系的支持。",[827,1172,1173],{},"大道：人无完人，谁都可能犯错误的。（2025-11-07）",[822,1175,1177],{"id":1176},"第二节-诺基亚摩托罗拉与联想","第二节 诺基亚、摩托罗拉与联想",[827,1179,1180],{},"网友：段总以前提过诺基亚本身有问题的，不过没细说。",[827,1182,1183,1185],{},[842,1184,849],{}," 他们太把当前的市场占有率（以数量计算）当回事了。（2010-10-08）",[827,1187,1188],{},"网友：前几天看到李路的一篇演讲，他提到通用汽车60年代的资本回报率是46%，70年代是28%，80年代是9%，90年代是6%，手机行业好像也是一样的现象，只不过时间大大缩短了，我想李路想说的是，作为价值投资者，我们想寻找高回报的生意，但高回报的生意一定会吸引大量的资本进入这个行业，所以最关键的还是巴菲特说的护城河。",[827,1190,1191],{},"5年前回报率很高的国外国内手机公司，几乎每一家都在大量竞争对手的围攻下回报率迅速下降甚至亏损。",[827,1193,1194,1196],{},[842,1195,849],{}," 哈，说得好。眼光盯住“市场占有率”确实会导致公司做一些本末倒置的事情。（2010-10-08）",[827,1198,1199],{},"网友：我来说不一句，占有率只是个数字，不能阻止OPPO超越诺基亚。",[827,1201,1202,1204],{},[842,1203,849],{}," 是否超越谁并不是我们的目标。最重要是做出好东西给用户。（2010-10-08）",[827,1206,1207],{},"网友：市场占有率不是不重要，是很重要。看待nokia（诺基亚）的问题主要看他们对于占领市场占有率的过程，正确的占有市场的方式是“点带面”，占领一个细分市场然后逐渐吸引更多的相邻细分市场的用户，nokia的问题在于希望通吃，忽略了点，结果哪一块都没吃好。",[827,1209,1210],{},"几年前nokia几乎每年1款精品，从8210到N70，每次都是一个潮流，甚至当年的白金手机被人放在办公室里面作为炫耀的资本。现在呢？哪有创新了，高端的市场都丢的差不多了。",[827,1212,1213,1215],{},[842,1214,849],{}," 占有率是结果，不是不重要，但不能盲目追求，否则以后有麻烦。有点像GDP哈，不是不重要，但不能盲目追求。（2010-10-08）",[827,1217,1218],{},"网友：言下之意是否是不应该把追求市场占有率放在首位，而应该把提高产品的质量放首位呢？如果后者放首位，达到前者是自然的事？",[827,1220,1221,1223],{},[842,1222,849],{}," 看看iphone和诺基亚就明白了。（2010-10-08）",[827,1225,1226],{},"网友E：我觉得摩托罗拉太可惜了。我一直想，问题是出在他们的董事会，还是他们的CEO，还是研发部？当作一般的管理问题，请教你：你觉得摩托罗拉应该是哪部分出了问题？",[827,1228,1229,1231],{},[842,1230,849],{}," 我觉得摩托罗拉以前是个很工程师导向的公司。我最早用的就是摩托罗拉手机，当时特别希望手机上能有个时钟，结果等了好几年都没见加上来，后来就换诺基亚了。我觉得是文化的问题，他们过去不是消费者导向的公司，以后不知能否改过来。（2010-04-05）",[827,1233,1234],{},"“联想3年，如何走出阴影。”(新闻)",[827,1236,1237,1238,1241],{},"这么长的文章好难看。靠低价得到的份额实际就是阴影本身，很难走出来的。看看",[842,1239,1240],{},"诺基亚","就明白了。(2012-02-19)",[822,1243,1245],{"id":1244},"第三节-日本消费电子","第三节 日本消费电子",[834,1247,1248],{"id":1248},"索尼",[827,1250,1251],{},"网友：2010年5月，索尼公司发布了2008年至2009年财年严重亏损989亿日元的业绩报告……",[827,1253,1254,1256,1257,1260],{},[842,1255,849],{}," 大概接近10年前开始我就觉得索尼要出问题了。",[842,1258,1259],{},"那个时候开始索尼就变得非常利润导向，质量不好的东西也卖","。从不合格的DVD机芯、明知要出问题的跳舞毯到可以烧出泡泡的手提电脑和漏电的电池(这都是我自己接触到的东西，没接触到的东西就不提了)，再加上看过一次出井伸之(当时的CEO)不知所云的采访，就觉得伟大的索尼好像已经迷失了。",[827,1262,1263],{},"现在开始亡羊补牢也许还有机会，不过好像栏里羊已经不多了。",[827,1265,1266],{},"网友：家中索尼电视买了一年就坏。",[827,1268,1269,1271],{},[842,1270,849],{}," 索尼确实出问题了，大概1997-1998年时我就发现索尼的品质关开始出问题了。(2013-04-05)",[827,1273,1274],{},"网友：能说说怎样发现的吗？",[827,1276,1277,1279,1280,1283,1284,921],{},[842,1278,849],{}," 具体不太记得了，",[842,1281,1282],{},"大概就是当时买的几乎所有的索尼产品好像都有一些我觉得不该有的问题，似乎整个设计生产都是急急忙忙的样子，体验开始变得不好","。那个时候的",[842,1285,1286],{},"索尼已经开始做好多产品，而且开始让别人某种程度打它的牌子，比如当时新科的DVD机芯就是索尼的，而索尼自己的 DVD却不用当时他们卖给新科的机芯(表示他们自己知道质量可能有问题)，等等",[827,1288,1289],{},"(2013-04-09)",[827,1291,1292],{},"网友：索尼现在能拿得出手的东西基本没有了，笔记本、数码相机、DV、手机、平板、录音笔……我想索尼真的是没落了。",[827,1294,1295,1297],{},[842,1296,849],{}," 饿死的骆驼比马大，现在这么说索尼还太早。(2013-04-08)",[834,1299,1300],{"id":1300},"松下",[827,1302,1303],{},"网友：段大哥：我记得您以前说过买过日本股票好像是索尼还是松下，能不能把这方面的例子给大家说说，让大家分享下您的投资智慧。",[827,1305,1306,1308],{},[842,1307,849],{}," 我买过松下，当时松下只有100多亿美金。（2010-04-06）",[827,1310,1311],{},"网友：您上次说您参观了松下，好像您也提到他们出一些问题。您有空写写一下参观感受吧。",[827,1313,1314,1316],{},[842,1315,849],{}," 呵呵，老说有空就写，没想好写什么，毕竟这还是一家很好的公司。（2010-05-26）",[827,1318,1319],{},[842,1320,1321],{},"松下（博文时间：2010-10-14）",[827,1323,1324,1325,1327],{},"以前就说过想把很久以前(大概是2003年)去",[842,1326,1300],{},"参观的一点点感想写一下，但好像一直就抽不出心情写。",[827,1329,1330,1332,1333,1335,1336,1338],{},[842,1331,1300],{},"对我的影响很大，到今天我也依然从心里尊重",[842,1334,1300],{},"本人和",[842,1337,1300],{},"公司。",[827,1340,1341,1342,1344,1345,1348],{},"在",[842,1343,1300],{},"公司我看到过两个大大的汉字——“素质”，我猜大概就是我们公司说的",[855,1346,12],{"href":1347},"\u002Fbenfen","吧。",[827,1350,1351,1352,1354,1355,1357],{},"总的感觉",[842,1353,1300],{},"非常训练有素，依然非常强大，我们要达到",[842,1356,1300],{},"的水平恐怕还要很多代人的努力(也不一定能到)。",[827,1359,1360],{},"但是，我也确实看到一些问题，而且我觉得这些问题时间长了是可能要命的。",[827,1362,1363],{},"这里只举一个小例子。",[827,1365,1366,1367,1369,1370,1372,1373,1375],{},"当年我们就看到手机市场有机会，但苦于自己拿不到牌照，同时又发现了中国市场上很多外资",[855,1368,141],{"href":857},"的手机都有明显的弱点，加上本人对",[842,1371,1300],{},"的认知，于是就产生了个想法，想找",[842,1374,1300],{},"合作来共同经营中国这个市场。",[827,1377,1378,1379,1381,1382,1384,1385,1387,1388,1390],{},"我当时大致认为，如果我们和",[842,1380,1300],{},"联手，几年内在中国做到第三名甚至第二名都是很有可能的(我认为一时半会肯定超不过",[842,1383,1240],{},")，所以就很想和",[842,1386,1300],{},"聊聊我们的想法，然后就有了我的",[842,1389,1300],{},"之行。",[827,1392,1393,1394,1397],{},"有趣的是，我首先发现不知道这事要和谁讲才有效，所以我就见谁都讲。从若干科长到若干部长再到社长都见过了，除了跟当时的社长没机会讲以外，大部分人我都或多或少提到了自己的想法。",[842,1395,1396],{},"居然，居然没有一个人问过为什么我们认为自己可以做到前三名甚至前两名","。感觉这事好像没人关心一样。",[827,1399,1400,1401,1403],{},"这么多年过去了，好像在中国市场再也没见过",[842,1402,1300],{},"的手机，我们的手机也起来了。",[827,1405,1406,1407,1409],{},"网友：您希望从",[842,1408,1300],{},"获取怎样的支持？",[827,1411,1412,1414],{},[842,1413,849],{}," 他们有很多不错的东西。(2010-10-14)",[827,1416,1417],{},"网友：段先生你换位思考一下，现在有个中国小伙子找你说，他可以把XX做到中国前三，你会天使投资一下吗？当然，我相信段先生可能会干，因为中国是个生产奇迹的地方。",[827,1419,1420,1422],{},[842,1421,849],{}," 我起码会问为什么。再说，我们并不是街上随便的一个人跑过去说的，他们应该知道我们是谁，不然我们怎么会见到那么多人？不信你随便跟他们说说试试？呵呵，你再想想。(2010-10-18)",[827,1424,1425],{},"网友：如果当时有人问您为什么可以做到前三甚至前两名，您的回答会是哈？",[827,1427,1428,1430],{},[842,1429,849],{}," 呵呵，不会在公开场合说。(2010-10-20)",[827,1432,1433,1434,1436],{},"网友：段总对公司的核心竞争力一",[855,1435,135],{"href":929},"还是很有信心的，低调不说而已。",[827,1438,1439,1441],{},[842,1440,849],{}," 不是因为低调，是因为说这个就必须要说当时前三名的那些公司有哪些弱点和长处，我们有哪些弱点和长处。如果合作就可以弥补我们双方的弱点，发挥我们的长处，一定时间后的市场表现就会超过前三名中的一个到两个了。由于要谈到别人，就不好在这里说了。(2010-10-21)",[827,1443,1444,1445,1447],{},"网友：可能",[842,1446,1300],{},"太大了，他们对中国手机市场的潜力认识不够，同时也错过了像段总这样的商界奇才、不可多得的合作伙伴。",[827,1449,1450,1452],{},[842,1451,849],{}," 确实，如果你还认为这是“商界奇才”，那说明你还是没太理解啊。(2010-10-18)",[827,1454,1455,1456,1458],{},"网友：其实我并没有认为日本企业可以轻视，只是很多人都认为日本很完美我不认可，他们的优势还存在，但我认为没有想象中的不可超越。如果现在投资",[842,1457,1300],{},"或者索尼，您会投资吗？",[827,1460,1461,1463,1464,1466,1467,1469],{},[842,1462,849],{}," 事实上几年前我投资过",[842,1465,1300],{},"，而且赚了些钱(200万美元左右，70-80%)。没投过索尼，觉得索尼没",[842,1468,1300],{},"健康。(2010-10-15)",[827,1471,1472],{},"网友：能讲讲这次投资么？",[827,1474,1475,1477,1478,1480,1481,1483,1484,1486,1487,1489,1490,1492],{},[842,1476,849],{}," 大概N年前，",[842,1479,1300],{},"市值曾经掉到过100多亿美金。以我对",[842,1482,1300],{},"的理解，这个价钱不太对，就买了。大概N-2或者N-3年前，",[842,1485,1300],{},"又回到了300多亿，我就卖了。由于",[842,1488,1300],{},"在美国上的是ADR(AmericanDepositary Receipts，美国存托凭证)，成交量特别小，当时很难买。后来好像",[842,1491,1300],{},"在美国的上市部分又下市了。",[827,1494,1495],{},"(2010-10-16)",[827,1497,1498],{},"网友：你是如何评论山下俊彦这个人的？你认可他的进攻式做法吗？",[827,1500,1501],{},"如果你是松下的老总，你是继续松下幸之助的保守方式，还是采取山下俊彦的进攻方式？",[827,1503,1504,1506],{},[842,1505,849],{}," 不是很赞成你把他们分成进攻和保守的说法。一个好的运动员应该是能攻能守的，企业也一样。（2010-10-28）",[827,1508,1509,1113,1515],{},[842,1510,1511,1512,1514],{},"“",[842,1513,1113],{},"曾告诫团队：遇到事情不要问",[842,1516,1517],{},"会怎么做。”(新闻)",[827,1519,1520,1300,1523,1300,1526,1300,1532],{},[842,1521,1522],{},"当年去",[842,1524,1525],{},"时，当时中村社长就是这么说的：“我总在想如果",[842,1527,1528,1529,1531],{},"老人站在我背后，他会怎么想这件事。”(希望不是翻译错了。)我马上心里就想，",[842,1530,1300],{},"要有麻烦了，回来后就把",[842,1533,1534],{},"的股票慢慢都卖了。",[827,1536,1537],{},"当一个社长都在这么想的时候，这个公司的文化肯定都是这样的，那他们的产品时间长了以后就不会好到哪里去。(2011-10-22)",[827,1539,1540,1541,1543,1544,1547],{},"网友：大道一方面认同",[842,1542,1113],{},"，一方面又认为伊梅尔让",[842,1545,1546],{},"GE","从卓越变成了优秀，同时认为中村社长是不对的。我想来想去还是迷迷糊糊的。望指点迷津。",[827,1549,1550,1552],{},[842,1551,849],{}," 希望你不要寄希望于有人可以一句话让你明白。我花20年理解的东西，如果你花10年能搞懂就至少比我厉害多了。(2011-10-23)",[827,1554,1555,1556,1559,1560,1562],{},"“探索新能源，",[842,1557,1558],{},"谷歌","雄心未改。",[842,1561,1558],{},"曾经轻率地相信，它的工程师们能够发明出解决世界能源问题的方法。”(新闻)",[827,1564,1565,1566,1568,1569,1571,1572,1574,1575,1577],{},"这让我想起很多年前去",[842,1567,1300],{},"时看到",[842,1570,1300],{},"有很多为了未来50年的开发项目。当时的感觉是佩服加困惑。佩服的是这些有钱的大公司为了改变世界的努力，困惑的是为什么他们觉得他们可以在一个完全不熟悉的领域里大有作为。不过，看起来",[842,1573,1558],{},"这类公司的纠错能力要比",[842,1576,1300],{},"这类公司强很多，调整起来快很多。(2012-04-16)",[827,1579,1580],{},"网友：不管有没有可能在完全不熟悉的领域大有作为，但现在就看到50年之后的趋势，这本身就很靠前了。",[827,1582,1583,1585,1586,1588,1589,1591,1592,1594],{},[842,1584,849],{}," 问题是他看到了吗？事实是，可能正因为这样，",[842,1587,1300],{},"今天的日子才很难过。我猜",[842,1590,1300],{},"这么多年来花在研发上的钱恐怕比",[842,1593,1558],{},"有史以来赚的钱还多，但好像效果不是很好。(2012-04-17)",[827,1596,1597,1598,1600,1601,1603,1604,1606],{},"突然想到查一下",[842,1599,1300],{},"是否也提过类似于",[855,1602,12],{"href":1347},"的东西，居然发现",[842,1605,1300],{},"在社训中用的是完全一样的词。",[827,1608,1609,1610,1612,1613,1615],{},"想起很多年前去参观",[842,1611,1300],{},"，见到包括当时社长在内的不少高层，也许语言不通的缘故，交流不是很好，但确实看到一些问题。有些东西我至今难以理解，比如",[842,1614,1300],{},"在日本为了提高就业，居然在日本不同地方建了50多家工厂，这成本可怎么控制啊？又上哪里去找那么多好的管理人才呢？(2016-11-29)",[834,1617,1618],{"id":1618},"任天堂",[827,1620,1621,1622,1624,1625,1627],{},"听一个认识黑莓原CEO 的朋友讲，那个CEO是个非常骄傲的人。黑莓有今天大概和他的性格有很大关系。突然想到前段时间新闻里看到",[842,1623,1618],{},"CEO 讲的坚决不做手机游戏的说法，感觉",[842,1626,1618],{},"也快了(小朋友好像对DS掌上游戏机已经没啥兴趣了)。智能手机给这个世界带来的变化实在是太大，原来的很多产品都将不复存在。我们自己碰到的就不少，比如电子词典就彻底没了。",[827,1629,1630],{},"(2012-04-01)",[827,1632,1633],{},"网友：任天堂新推出一款手机游戏《Pokemon Go》，看了宣传片，游戏的又一个全新玩儿法，感觉好神奇；目前只在Google Play以及澳大利亚和新西兰区的苹果App Store上架，段大哥有体验这个游戏吗？",[827,1635,1636,1638],{},[842,1637,849],{}," 体验过，不是我喜欢的游戏。梦幻西游属于简单的弱智游戏，这个游戏属于复杂的弱智游戏。我喜欢那种简单的弱智游戏这个有点太复杂了。",[827,1640,1641],{},"这几天继续了解了一下这个游戏，这是个可怕的游戏，会改变很多东西，值得关注！（2016-07-17）",[827,1643,1644,1645,1648,1649,1651,1652,1655,1656,1658],{},"网友：大道做",[842,1646,1647],{},"小霸王","的时候就很中意",[842,1650,1618],{},"了吧，当年的偶像吸引您的是",[855,1653,70],{"href":1654},"\u002Fshangyemoshi","多一点还是",[855,1657,135],{"href":929},"多一点呢？",[827,1660,1661,1663,1664,1666],{},[842,1662,849],{}," 30多年前的事情了。当时听说",[842,1665,1618],{},"这家公司只有800个人但一年的盈利却有30亿美元以上时，我只能惊讶，完全不能理解。",[827,1668,1669],{},"其实更惊讶的是，30多年后竟然觉得那也是可以理解的了。30年前不能理解是因为当时那个规模太大了，超出了我能理解的范围。",[827,1671,1672,1674],{},[842,1673,1618],{},"目前地位显然远不如30年前了，应该也不如20年前。(2024-01-28)",[827,1676,1677,1678,1680,1682,1683,1685,1686,1688],{},"网友：以您对",[842,1679,1618],{},[855,1681,135],{"href":929},"的了解，觉得",[842,1684,1618],{},"会出适配VisionPro的游戏吗？我记得很多年前",[842,1687,1618],{},"的社长说不会做手机游戏，你说他们慢慢走下坡路了。",[827,1690,1691,1693,1694,1696],{},[842,1692,849],{}," 会不会做匹配Vision Pro的游戏我无从得知。",[842,1695,1618],{},"是个蛮有追求的公司，财务也蛮健康的。(2024-04-30)",[827,1698,1699,1700,1702],{},"前些天心血来潮买了一点点，想逼着自己再看看这家公司，希望不是抄底了。毕竟这是当年的偶像公司之一，了解一下。简单看过，好像",[842,1701,1618],{},"的财务状况依然非常好，30多年前就很厉害。",[827,1704,1705,1707,1708,1711,1712,1714,1715,1717],{},[842,1706,1618],{},"是个非常那个啥的公司，他们不觉得",[842,1709,1710],{},"微软","或任何其他人有资格“收购”他们。不过，我打算再买点",[842,1713,1618],{},"，毕竟是情怀哈。最近可能是因为日元贬值的原因，",[842,1716,1618],{},"的价格又下来了一些。(2024-05-01)",[822,1719,1721],{"id":1720},"第四节-日本制造与日本企业观察","第四节 日本制造与日本企业观察",[827,1723,1724],{},"网友：有人把日本人比做蚂蚁，但与吃苦耐劳的中国人相比，日本人差得远。",[827,1726,1727,1729],{},[842,1728,849],{}," 我怎么觉得日本人比我们中国人更能吃苦，而且更有纪律？",[827,1731,1732],{},"我记得一个在日本呆过10年左右的朋友回来说，日本人给公司干活比中国人给自己干活还要认真。不要小看日本人啊。（2010-03-27）",[827,1734,1735],{},"网友：段学长也在讨论日本的企业问题！上个礼拜从珠海坐船回中国香港的时候和一个中国香港国企的老总聊了一路，他说日本的企业人员素质都很高，也很敬业，但是竞争力要大打折扣，因为每个人都是用一辈子熬到自己的位置的，当领导的全习惯了听上面的意见，到自己拿主意的时候都特别地谨慎，董事会里的全是白头老翁，说这是日本大企业的普遍现象。",[827,1737,1738],{},"那位老总说和各国的企业打交道，还是美国的企业有活力。",[827,1740,1741,1743],{},[842,1742,849],{}," 日本人有点太形式主义，效率比老美低多了。死不认错这点倒是和我们差不多。创造力相对于老美也弱，但纪律性、条理性和精细程度都非常恐怖。这个民族一旦有了压力的时候确实有点可怕。当面对日本企业直接竞争时一定要打醒十二分精神。（2010-10-15）",[827,1745,1746],{},"网友E：实际情况可能是：30年内能超越日本优秀企业的中国企业，将会是很大的奇迹。",[827,1748,1749,1751],{},[842,1750,849],{}," 个别企业有可能，整体则不可思议。如果像韩国那样搞国家资本主义，国家狂推几个企业出来，在某些行业里搞出几个比日本企业还“大”的企业绝对没问题，但对整体没好处。（2010-10-15）",[827,1753,1754],{},"网友：我有种预感，你会买日本五大商社。",[827,1756,1757,1759,1760,1762],{},[842,1758,849],{}," 绝对不会。30多年前我就跟三菱商社打过交道，当时我代表",[842,1761,1647],{},"，他们代表世嘉。整个接触过程都是怪怪的，总是觉得没法沟通的感觉。不过，“不能喝的自来水做的鱼生要小心”就是那个时候知道的。",[827,1764,1765],{},"网友：日本企业长盛不衰的奥秘，拥有200年以上历史的企业，日本有3000家，德国800家，荷兰200家，中国16家，美国14家，印度3家。",[827,1767,1768,1770],{},[842,1769,849],{}," 个人认为主要是文化的原因。日本人守规矩，可以坚守一些东西。(2012-03-31)",[827,1772,1773,1774,1776],{},"网友：你认为日本索尼、",[842,1775,1300],{},"、东芝等日企现在低迷的主要原因是什么，有什么教训需要我们吸取？",[827,1778,1779,850,1781],{},[842,1780,849],{},[842,1782,1783],{},"我觉得日本企业创新文化不够好，很教条。我们总体上还不如日本企业。(2012-05-11)",[827,1785,1786],{},"网友：日本企业在消费电子方面似乎节节倒退，手机也没有什么出色的品牌，再加上最近的神户钢铁事件，再想想在互联网企业或是现在的独角兽公司都没有什么日本公司（有一个神级的投资公司softbank软银），国内开始唱衰日本制造，我感觉日本在精密仪器和机器人自动化方面还是有不少积累的，在这两个方面中国超过日本可能还要20年左右，那超过后，日本制造还有什么优势呢？",[827,1788,1789],{},"不知段师兄如何看待这些日本现象？",[827,1791,1792,1794],{},[842,1793,849],{}," 整体上日本其实依然非常强，差距依然非常大。(2017-11-21)",[827,1796,1797],{},"任何时候都不要小看日本！(2017-11-24)",[827,1799,1800,1801,1804],{},"我没你那么仔细地看过日本，但走马观花地看到日本确实相对干净，大家整体都比较守公共秩序，在公共场合也比较注意怕影响别人，这点韩国人就差一些。日本企业普遍较有规矩，也比较守",[855,1802,212],{"href":1803},"\u002Fxinyu","，但大企业病似乎比较厉害，多数人都不愿意负责任做决策，所以这些年变化快的行业日本企业似乎很快就落后了，比如手机。但有些行业还能看到日本企业厉害的地方，比如有些零配件。",[827,1806,1807],{},"总而言之，日本让人一言难尽但绝对不是不厉害的那种。(2019-05-21)",[827,1809,1810],{},"网友：随着你们企业越长越大，怎么避免同样的事情发生在自己身上？",[827,1812,1813,1815,1816,1818],{},[842,1814,849],{}," 不知道。可能已经在发生了。组织小型化可能是个办法，",[855,1817,135],{"href":929},"的建立应该是最重要的。",{"title":1820,"searchDepth":21,"depth":21,"links":1821},"",[1822,1828,1829,1834],{"id":824,"depth":21,"text":825,"children":1823},[1824,1825,1826,1827],{"id":836,"depth":26,"text":837},{"id":905,"depth":26,"text":905},{"id":1063,"depth":26,"text":1064},{"id":1101,"depth":26,"text":1101},{"id":1176,"depth":21,"text":1177},{"id":1244,"depth":21,"text":1245,"children":1830},[1831,1832,1833],{"id":1248,"depth":26,"text":1248},{"id":1300,"depth":26,"text":1300},{"id":1618,"depth":26,"text":1618},{"id":1720,"depth":21,"text":1721},"寻长坡以滚雪球","md",{},true,"\u002Fdao\u002Fqanda\u002Fwenda-company-consumer-electronics",{"title":611,"description":613},"段永平问答：消费电子与日本制造｜段永平投资问答录","段永平","本章按主题重排已收集的公开问答，保留正文中的提问者、引文署名与发言日期；尚未逐条核对原始发布链接。本站编辑日期不代表原始发言日期。","unverified",[],"dao\u002Fqanda\u002Fwenda-company-consumer-electronics",[1848,1849,1850],"公司案例","消费电子","日本制造","2026-10-10","PGLKIfcaRQcS0eT-V6h-o7BVCmNcq3YyaX9YRJZS30M","dao",[1855,1856,1857,1858,1859,1860,1861,1862,1863,1864,1865,1866,1867,1868,1869,1870,1871,1872,1873,1874,1875,1876,1877,1878,1879,1880,1881,1882,1883,1884,1885,1886,1887,1888,1889,1890,1891,1892,1893,1894,1895,1896,1897,1898,1899,1900,1901],{"title":431,"slug":432,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":16,"order":434},{"title":438,"slug":439,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":21,"order":441},{"title":443,"slug":444,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":26,"order":446},{"title":448,"slug":449,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":31,"order":451},{"title":453,"slug":454,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":36,"order":456},{"title":458,"slug":459,"type":435,"volume":436,"volumeOrder":16,"chapterOrder":41,"order":461},{"title":463,"slug":464,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":16,"order":466},{"title":469,"slug":470,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":21,"order":472},{"title":474,"slug":475,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":26,"order":477},{"title":479,"slug":480,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":31,"order":482},{"title":484,"slug":485,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":36,"order":487},{"title":135,"slug":489,"type":435,"volume":467,"volumeOrder":21,"chapterOrder":41,"order":491},{"title":493,"slug":494,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":16,"order":496},{"title":499,"slug":500,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":21,"order":502},{"title":504,"slug":505,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":26,"order":507},{"title":509,"slug":510,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":31,"order":512},{"title":514,"slug":515,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":36,"order":517},{"title":519,"slug":520,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":41,"order":522},{"title":524,"slug":525,"type":435,"volume":497,"volumeOrder":26,"chapterOrder":51,"order":527},{"title":529,"slug":530,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":16,"order":532},{"title":535,"slug":536,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":21,"order":538},{"title":540,"slug":541,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":26,"order":543},{"title":545,"slug":546,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":31,"order":548},{"title":550,"slug":551,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":36,"order":553},{"title":555,"slug":556,"type":435,"volume":533,"volumeOrder":31,"chapterOrder":41,"order":558},{"title":560,"slug":561,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":16,"order":563},{"title":566,"slug":567,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":21,"order":569},{"title":571,"slug":572,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":26,"order":574},{"title":576,"slug":577,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":31,"order":579},{"title":581,"slug":582,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":36,"order":584},{"title":586,"slug":587,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":41,"order":589},{"title":591,"slug":592,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":51,"order":594},{"title":596,"slug":597,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":56,"order":599},{"title":601,"slug":602,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":62,"order":604},{"title":606,"slug":607,"type":435,"volume":564,"volumeOrder":36,"chapterOrder":68,"order":609},{"title":611,"slug":612,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":16,"order":614},{"title":617,"slug":618,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":21,"order":620},{"title":622,"slug":623,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":26,"order":625},{"title":627,"slug":628,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":31,"order":630},{"title":632,"slug":633,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":36,"order":635},{"title":637,"slug":638,"type":435,"volume":615,"volumeOrder":41,"chapterOrder":41,"order":640},{"title":642,"slug":643,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":16,"order":645},{"title":648,"slug":649,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":21,"order":651},{"title":653,"slug":654,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":26,"order":656},{"title":658,"slug":659,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":31,"order":661},{"title":663,"slug":664,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":36,"order":666},{"title":668,"slug":669,"type":435,"volume":646,"volumeOrder":51,"chapterOrder":41,"order":671},[1903,1904,1905,1906,1907,1908,1909,1910,1911,1912,1913,1914,1915,1916,1917,1918,1919,1920,1921,1922,1923,1924,1925,1926,1927,1928,1929,1930,1931,1932,1933,1934,1935,1936,1937,1938,1939,1940,1941,1942,1943,1944,1945,1946,1947,1948,1949,1950,1951,1952,1953,1954,1955,1956,1957,1958,1959,1960,1961,1962,1963,1964,1965,1966,1967,1968,1969,1970,1971,1972,1973,1974,1975,1976,1977,1978,1979,1980,1981,1982,1983,1984,1985,1986,1992,1996,2000,2003,2008,2013,2016,2021,2024,2026,2030,2033,2036,2040,2045,2050,2055,2058,2062,2066,2068,2072,2075,2079,2084,2090,2092,2095,2097,2100,2104,2106,2108,2112,2117,2120,2122,2127,2131,2138,2142,2150,2152,2154,2159,2164,2171,2177,2178,2183,2185,2189,2193,2198,2200,2202,2208,2211,2213,2218,2220,2224,2228,2231,2236,2238,2240,2243,2247,2249,2252,2256,2258,2261,2264],{"title":5,"slug":6,"category":8,"tags":9,"type":10,"volume":9,"order":9},{"title":12,"slug":13,"category":15,"tags":9,"type":9,"volume":9,"order":16},{"title":18,"slug":19,"category":15,"tags":9,"type":9,"volume":9,"order":21},{"title":23,"slug":24,"category":15,"tags":9,"type":9,"volume":9,"order":26},{"title":28,"slug":29,"category":15,"tags":9,"type":9,"volume":9,"order":31},{"title":33,"slug":34,"category":15,"tags":9,"type":9,"volume":9,"order":36},{"title":38,"slug":39,"category":15,"tags":9,"type":9,"volume":9,"order":41},{"title":43,"slug":44,"category":15,"tags":9,"type":9,"volume":9,"order":46},{"title":48,"slug":49,"category":15,"tags":9,"type":9,"volume":9,"order":51},{"title":53,"slug":54,"category":15,"tags":9,"type":9,"volume":9,"order":56},{"title":58,"slug":59,"category":61,"tags":9,"type":9,"volume":9,"order":62},{"title":64,"slug":65,"category":67,"tags":9,"type":9,"volume":9,"order":68},{"title":70,"slug":71,"category":61,"tags":9,"type":9,"volume":9,"order":68},{"title":74,"slug":75,"category":61,"tags":9,"type":9,"volume":9,"order":77},{"title":79,"slug":80,"category":67,"tags":9,"type":9,"volume":9,"order":77},{"title":83,"slug":84,"category":67,"tags":9,"type":9,"volume":9,"order":86},{"title":88,"slug":89,"category":67,"tags":9,"type":9,"volume":9,"order":86},{"title":92,"slug":93,"category":67,"tags":9,"type":9,"volume":9,"order":95},{"title":97,"slug":98,"category":61,"tags":9,"type":9,"volume":9,"order":95},{"title":101,"slug":102,"category":61,"tags":9,"type":9,"volume":9,"order":104},{"title":106,"slug":107,"category":67,"tags":9,"type":9,"volume":9,"order":104},{"title":110,"slug":111,"category":61,"tags":9,"type":9,"volume":9,"order":113},{"title":115,"slug":116,"category":61,"tags":9,"type":9,"volume":9,"order":118},{"title":120,"slug":121,"category":61,"tags":9,"type":9,"volume":9,"order":123},{"title":125,"slug":126,"category":61,"tags":9,"type":9,"volume":9,"order":128},{"title":130,"slug":131,"category":61,"tags":9,"type":9,"volume":9,"order":133},{"title":135,"slug":136,"category":138,"tags":9,"type":9,"volume":9,"order":139},{"title":141,"slug":142,"category":138,"tags":9,"type":9,"volume":9,"order":144},{"title":146,"slug":147,"category":138,"tags":9,"type":9,"volume":9,"order":149},{"title":151,"slug":152,"category":138,"tags":9,"type":9,"volume":9,"order":154},{"title":156,"slug":157,"category":138,"tags":9,"type":9,"volume":9,"order":159},{"title":161,"slug":162,"category":138,"tags":9,"type":9,"volume":9,"order":164},{"title":166,"slug":167,"category":138,"tags":9,"type":9,"volume":9,"order":169},{"title":171,"slug":172,"category":138,"tags":9,"type":9,"volume":9,"order":174},{"title":176,"slug":177,"category":138,"tags":9,"type":9,"volume":9,"order":179},{"title":181,"slug":182,"category":138,"tags":9,"type":9,"volume":9,"order":184},{"title":186,"slug":187,"category":138,"tags":9,"type":9,"volume":9,"order":189},{"title":191,"slug":192,"category":194,"tags":9,"type":9,"volume":9,"order":195},{"title":197,"slug":198,"category":194,"tags":9,"type":9,"volume":9,"order":200},{"title":202,"slug":203,"category":194,"tags":9,"type":9,"volume":9,"order":205},{"title":207,"slug":208,"category":194,"tags":9,"type":9,"volume":9,"order":210},{"title":212,"slug":213,"category":194,"tags":9,"type":9,"volume":9,"order":215},{"title":217,"slug":218,"category":194,"tags":9,"type":9,"volume":9,"order":220},{"title":222,"slug":223,"category":194,"tags":9,"type":9,"volume":9,"order":225},{"title":227,"slug":228,"category":194,"tags":9,"type":9,"volume":9,"order":230},{"title":232,"slug":233,"category":235,"tags":9,"type":9,"volume":9,"order":236},{"title":238,"slug":239,"category":241,"tags":9,"type":9,"volume":9,"order":242},{"title":244,"slug":245,"category":241,"tags":9,"type":9,"volume":9,"order":247},{"title":249,"slug":250,"category":241,"tags":9,"type":9,"volume":9,"order":252},{"title":254,"slug":255,"category":241,"tags":9,"type":9,"volume":9,"order":257},{"title":259,"slug":260,"category":241,"tags":9,"type":9,"volume":9,"order":262},{"title":264,"slug":265,"category":241,"tags":9,"type":9,"volume":9,"order":267},{"title":269,"slug":270,"category":241,"tags":9,"type":9,"volume":9,"order":272},{"title":274,"slug":275,"category":241,"tags":9,"type":9,"volume":9,"order":277},{"title":279,"slug":280,"category":241,"tags":9,"type":9,"volume":9,"order":282},{"title":284,"slug":285,"category":241,"tags":9,"type":9,"volume":9,"order":287},{"title":289,"slug":290,"category":241,"tags":9,"type":9,"volume":9,"order":292},{"title":294,"slug":295,"category":241,"tags":9,"type":9,"volume":9,"order":297},{"title":299,"slug":300,"category":241,"tags":9,"type":9,"volume":9,"order":302},{"title":304,"slug":305,"category":241,"tags":9,"type":9,"volume":9,"order":307},{"title":309,"slug":310,"category":241,"tags":9,"type":9,"volume":9,"order":312},{"title":314,"slug":315,"category":241,"tags":9,"type":9,"volume":9,"order":317},{"title":319,"slug":320,"category":241,"tags":9,"type":9,"volume":9,"order":322},{"title":324,"slug":325,"category":241,"tags":9,"type":9,"volume":9,"order":327},{"title":329,"slug":330,"category":241,"tags":9,"type":9,"volume":9,"order":332},{"title":334,"slug":335,"category":241,"tags":9,"type":9,"volume":9,"order":337},{"title":339,"slug":340,"category":241,"tags":9,"type":9,"volume":9,"order":342},{"title":344,"slug":345,"category":241,"tags":9,"type":9,"volume":9,"order":347},{"title":349,"slug":350,"category":241,"tags":9,"type":9,"volume":9,"order":352},{"title":354,"slug":355,"category":241,"tags":9,"type":9,"volume":9,"order":357},{"title":359,"slug":360,"category":241,"tags":9,"type":9,"volume":9,"order":362},{"title":364,"slug":365,"category":241,"tags":9,"type":9,"volume":9,"order":367},{"title":369,"slug":370,"category":241,"tags":9,"type":9,"volume":9,"order":372},{"title":374,"slug":375,"category":241,"tags":9,"type":9,"volume":9,"order":377},{"title":379,"slug":380,"category":241,"tags":9,"type":9,"volume":9,"order":382},{"title":384,"slug":385,"category":241,"tags":9,"type":9,"volume":9,"order":387},{"title":389,"slug":390,"category":241,"tags":9,"type":9,"volume":9,"order":392},{"title":394,"slug":395,"category":241,"tags":9,"type":9,"volume":9,"order":397},{"title":399,"slug":400,"category":241,"tags":9,"type":9,"volume":9,"order":402},{"title":404,"slug":405,"category":241,"tags":9,"type":9,"volume":9,"order":407},{"title":409,"slug":410,"category":241,"tags":9,"type":9,"volume":9,"order":412},{"title":414,"slug":415,"category":241,"tags":9,"type":9,"volume":9,"order":417},{"title":419,"slug":420,"category":241,"tags":9,"type":9,"volume":9,"order":422},{"title":424,"slug":425,"category":427,"tags":1987,"type":429,"volume":9,"order":428},[427,1988,1989,1990,1991,1848,646],"主题目录","投资认知","企业判断","财报估值",{"title":431,"slug":432,"category":427,"tags":1993,"type":435,"volume":436,"order":434},[1994,1995,58],"投资原则","买股票就是买公司",{"title":438,"slug":439,"category":427,"tags":1997,"type":435,"volume":436,"order":441},[1994,1998,1999],"投资理解","投资者",{"title":443,"slug":444,"category":427,"tags":2001,"type":435,"volume":436,"order":446},[1994,33,2002],"看懂生意",{"title":448,"slug":449,"category":427,"tags":2004,"type":435,"volume":436,"order":451},[1994,2005,2006,2007],"风险控制","不做空","不加杠杆",{"title":453,"slug":454,"category":427,"tags":2009,"type":435,"volume":436,"order":456},[1994,2010,2011,2012],"宏观经济","市场波动","牛熊市",{"title":458,"slug":459,"category":427,"tags":2014,"type":435,"volume":436,"order":461},[1994,18,222,2015],"学习方法",{"title":463,"slug":464,"category":427,"tags":2017,"type":435,"volume":467,"order":466},[2018,2019,2020],"商业经营","伟大企业","长坡厚雪",{"title":469,"slug":470,"category":427,"tags":2022,"type":435,"volume":467,"order":472},[2018,70,2023],"投资确定性",{"title":474,"slug":475,"category":427,"tags":2025,"type":435,"volume":467,"order":477},[2018,74,146],{"title":479,"slug":480,"category":427,"tags":2027,"type":435,"volume":467,"order":482},[2018,2028,2029,53],"好产品","用户导向",{"title":484,"slug":485,"category":427,"tags":2031,"type":435,"volume":467,"order":487},[2018,141,2032],"产品",{"title":135,"slug":489,"category":427,"tags":2034,"type":435,"volume":467,"order":491},[2018,135,2035],"基业长青",{"title":493,"slug":494,"category":427,"tags":2037,"type":435,"volume":497,"order":496},[1994,2038,88,2039],"财务报表","ROE",{"title":499,"slug":500,"category":427,"tags":2041,"type":435,"volume":497,"order":502},[1994,2042,2043,2044],"定性判断","现金流折现","估值",{"title":504,"slug":505,"category":427,"tags":2046,"type":435,"volume":497,"order":507},[1994,2047,115,2048,2049],"折现率","市盈率","估值案例",{"title":509,"slug":510,"category":427,"tags":2051,"type":435,"volume":497,"order":512},[1994,2052,2053,2054],"分红","回购","资本配置",{"title":514,"slug":515,"category":427,"tags":2056,"type":435,"volume":497,"order":517},[1994,120,2057,115],"集中投资",{"title":519,"slug":520,"category":427,"tags":2059,"type":435,"volume":497,"order":522},[1994,2060,2061,2044],"买卖时机","持有",{"title":524,"slug":525,"category":427,"tags":2063,"type":435,"volume":497,"order":527},[1994,125,2064,2065],"套利","量化交易",{"title":529,"slug":530,"category":427,"tags":2067,"type":435,"volume":533,"order":532},[2018,12,18,186],{"title":535,"slug":536,"category":427,"tags":2069,"type":435,"volume":533,"order":538},[2018,2070,2071,227],"Stop Doing List","聚焦",{"title":540,"slug":541,"category":427,"tags":2073,"type":435,"volume":533,"order":543},[2018,2074,48],"创新",{"title":545,"slug":546,"category":427,"tags":2076,"type":435,"volume":533,"order":548},[2018,2077,2078,161],"营销","广告",{"title":550,"slug":551,"category":427,"tags":2080,"type":435,"volume":533,"order":553},[2018,2081,2082,2083],"管理层","团队","激励",{"title":555,"slug":556,"category":427,"tags":2085,"type":435,"volume":533,"order":558},[2018,2086,2087,2088,2089],"收购","并购","多元化","多品牌",{"title":560,"slug":561,"category":427,"tags":2091,"type":435,"volume":564,"order":563},[1848,1089,2032,171],{"title":566,"slug":567,"category":427,"tags":2093,"type":435,"volume":564,"order":569},[1848,1089,1113,2094],"库克",{"title":571,"slug":572,"category":427,"tags":2096,"type":435,"volume":564,"order":574},[1848,1089,2044,2054],{"title":576,"slug":577,"category":427,"tags":2098,"type":435,"volume":564,"order":579},[1848,2099,141,70],"贵州茅台",{"title":581,"slug":582,"category":427,"tags":2101,"type":435,"volume":564,"order":584},[1848,2099,2102,2103],"公司治理","i茅台",{"title":586,"slug":587,"category":427,"tags":2105,"type":435,"volume":564,"order":589},[1848,2099,2044,120],{"title":591,"slug":592,"category":427,"tags":2107,"type":435,"volume":564,"order":594},[1848,1647,867],{"title":596,"slug":597,"category":427,"tags":2109,"type":435,"volume":564,"order":599},[1848,596,2110,2111],"丁磊","游戏",{"title":601,"slug":602,"category":427,"tags":2113,"type":435,"volume":564,"order":604},[1848,2114,2115,2116],"阿里巴巴","雅虎","马云",{"title":606,"slug":607,"category":427,"tags":2118,"type":435,"volume":564,"order":609},[1848,606,2119],"情绪价值",{"title":611,"slug":612,"category":427,"tags":2121,"type":435,"volume":615,"order":614},[1848,1849,1850],{"title":617,"slug":618,"category":427,"tags":2123,"type":435,"volume":615,"order":620},[1848,2124,2125,2126],"游戏行业","游戏公司","中国游戏",{"title":622,"slug":623,"category":427,"tags":2128,"type":435,"volume":615,"order":625},[1848,2129,2130],"互联网平台","科技产业",{"title":627,"slug":628,"category":427,"tags":2132,"type":435,"volume":615,"order":630},[1848,2133,2134,2135,2136,2137],"零售","电商","服务业","教育培训","航空",{"title":632,"slug":633,"category":427,"tags":2139,"type":435,"volume":615,"order":635},[1848,2140,2141],"能源","工业企业",{"title":637,"slug":638,"category":427,"tags":2143,"type":435,"volume":615,"order":640},[1848,2144,2145,2146,2147,2148,2149],"格力","美的","比亚迪","万科","招商银行","瑞贝卡",{"title":642,"slug":643,"category":427,"tags":2151,"type":435,"volume":646,"order":645},[646,23,28],{"title":648,"slug":649,"category":427,"tags":2153,"type":435,"volume":646,"order":651},[646,217,222,227],{"title":653,"slug":654,"category":427,"tags":2155,"type":435,"volume":646,"order":656},[646,2156,2157,2158],"职业","创业","享受过程",{"title":658,"slug":659,"category":427,"tags":2160,"type":435,"volume":646,"order":661},[646,2161,2162,2163],"家庭","孩子","教育",{"title":663,"slug":664,"category":427,"tags":2165,"type":435,"volume":646,"order":666},[646,2166,2167,2168,2169,2170],"开放心态","阅读","AI","公益","社会责任",{"title":668,"slug":669,"category":427,"tags":2172,"type":435,"volume":646,"order":671},[646,2173,2174,2175,2176],"健康","睡眠","Zone 2","高尔夫",{"title":673,"slug":674,"category":676,"tags":9,"type":9,"volume":9,"order":677},{"title":676,"slug":679,"category":676,"tags":2179,"type":682,"volume":9,"order":681},[2180,2181,1842,2182],"公司","人物","投资案例",{"title":684,"slug":685,"category":676,"tags":2184,"type":688,"volume":9,"order":687},[1089,70,135,156,2094,1113],{"title":690,"slug":691,"category":676,"tags":2186,"type":694,"volume":9,"order":693},[2187,2188,12,135,23],"黄峥","拼多多",{"title":696,"slug":697,"category":676,"tags":2190,"type":688,"volume":9,"order":699},[606,2191,151,2119,2192,141,74],"王宁","IP",{"title":701,"slug":702,"category":676,"tags":2194,"type":694,"volume":9,"order":704},[2191,606,2195,2196,23,2197],"创始人","CEO","商业理解",{"title":706,"slug":707,"category":676,"tags":2199,"type":688,"volume":9,"order":709},[2099,141,88,33,120],{"title":711,"slug":712,"category":676,"tags":2201,"type":688,"volume":9,"order":714},[596,2110,2111,88,120],{"title":716,"slug":717,"category":676,"tags":2203,"type":688,"volume":9,"order":719},[2204,2205,2206,2207,70],"腾讯","马化腾","微信","微信支付",{"title":721,"slug":722,"category":676,"tags":2209,"type":688,"volume":9,"order":724},[2114,2116,135,70,2210],"保留",{"title":726,"slug":727,"category":676,"tags":2212,"type":688,"volume":9,"order":729},[2188,2187,12,161,70],{"title":731,"slug":732,"category":676,"tags":2214,"type":688,"volume":9,"order":734},[2215,2216,2217,2168,74,33],"英伟达","黄仁勋","CUDA",{"title":736,"slug":737,"category":676,"tags":2219,"type":688,"volume":9,"order":739},[1618,2111,161,176,33],{"title":741,"slug":742,"category":676,"tags":2221,"type":688,"volume":9,"order":744},[1546,2222,135,2088,33,2223],"通用电气","反思",{"title":746,"slug":747,"category":676,"tags":2225,"type":688,"volume":9,"order":749},[2226,2227,2163,70,2210],"新东方","俞敏洪",{"title":751,"slug":752,"category":676,"tags":2229,"type":694,"volume":9,"order":754},[2230,58,1995,18,227],"巴菲特",{"title":756,"slug":757,"category":676,"tags":2232,"type":694,"volume":9,"order":759},[2233,222,2234,33,2235],"芒格","逆向思维","Costco",{"title":761,"slug":762,"category":676,"tags":2237,"type":694,"volume":9,"order":764},[1113,1089,181,186,135],{"title":766,"slug":767,"category":676,"tags":2239,"type":694,"volume":9,"order":769},[2094,1089,2196,222,135],{"title":771,"slug":772,"category":676,"tags":2241,"type":694,"volume":9,"order":774},[2116,2114,135,18,2242],"理想主义",{"title":776,"slug":777,"category":676,"tags":2244,"type":694,"volume":9,"order":779},[2110,596,2111,2245,2246],"现金","企业家",{"title":781,"slug":782,"category":676,"tags":2248,"type":694,"volume":9,"order":784},[2205,2204,2206,2207,70],{"title":786,"slug":787,"category":676,"tags":2250,"type":694,"volume":9,"order":789},[2227,2226,2163,2251,2246],"韧性",{"title":791,"slug":792,"category":676,"tags":2253,"type":694,"volume":9,"order":794},[2254,2099,181,2255,141],"季克良","质量文化",{"title":796,"slug":797,"category":676,"tags":2257,"type":694,"volume":9,"order":799},[2216,2215,2168,2217,2246],{"title":801,"slug":802,"category":676,"tags":2259,"type":805,"volume":9,"order":804},[2260,1842,70,135,2182],"公司清单",{"title":807,"slug":808,"category":676,"tags":2262,"type":805,"volume":9,"order":810},[2263,1842,2246,58,2195],"人物清单",{"title":812,"slug":813,"category":676,"tags":2265,"type":805,"volume":9,"order":815},[2266,1842,33,70,2182],"重估案例",1791623726667]