Frost & Sullivan Insight "一小时一个价。"近期，MLCC（多层陶瓷电容器）市场流传着这样的说法。部分高容量MLCC现货价格快速上涨，极端情况下，较此前价格最高涨至数倍甚至十倍；与此同时，普通消费级MLCC却开始降价。这种分化，正在成为这一轮MLCC行情最鲜明的特征。MLCC被称为"电子工业大米"，几乎存在于所有电子产品中，包括手机、家电、新能源汽车、AI服务器等。过去一年，MLCC经历多轮涨价。2025年下半年至2026年上半年，部分产品价格持续上调；进入7月，村田、国巨、三星电机等海外厂商再次调价，部分产品涨幅达到30%甚至更高。 在此背景下，《时代周报》记者就MLCC的价格分化采访弗若斯特沙利文（Frost & Sullivan，以下简称"沙利文"）沙利文中国业务主管合伙人兼董事总经理陆景。 "Time Weekly" Q: How do you expect MLCC prices to be in the coming year? How long will this price increase last, and what key factors determine it? Lu Jing Frost & Sullivan China Business Director Partner and Managing Director (1) Second half of 2026: The pricing logic remains valid, but it has shifted from "full price increases" to "price increases for high-end specifications". From the second half of 2025 to February 2026: Frost & Sullivan reports that global passive components (MLCC, resistors, inductors, tantalum capacitors, magnetic beads, etc.) are entering a period of price increases across all categories, multiple rounds, and regional levels. The increase ranges generally from 5% to 30%. The prices of high-end categories have seen even greater increases. Starting from April 2026: Global Passive Components Frost & Sullivan Frost & Sullivan China LeadLeo Research Institute LeadLeo YUAN CAPITAL SULLIVAN TELE-TREND CLOUD TECHNOLOGY TradeGo MagnaTEC Automotive & Mobility Environmental Protection & Energy Saving Technology Logistics & Supply Chain MATERNAL AND INFANT Education & Training Real Estate & Property Catering & New Retailing Advanced Materials Healthcare & Life Sciences Semiconductor & Chip COMMERCIAL AVIATION Technology, Media and Telecom LANDSCAPING Big Data & AI Infrastructure Construction & Utilities Culture & Entertainment AGRICULTURE, FORESTRY ANIMAL HUSBANDRY AND FISHERY Food & Beverage Fintech SHIPPING AND PORTS Dual Carbon & New Energy Mining & Metals Public Sector Cross-Border E-commerce Trade Building Technology, Construction & Decoration Beauty & Fashion Smart Homes Digital Infrastructure Enterprise Services Consumer Electronics Frost & Sullivan prioritizes ensuring supply for AI and automotive-grade major clients, resulting in "price changes daily" for channel partners. Driven by factors such as channel inventory replenishment, customers locking in orders in advance, and manufacturers tightening low-price orders, price increases in the first half of 2026 have gradually spread to some high-specification and automotive-grade materials, as well as some ordinary consumer-grade products, creating a broad price increase trend. Taiyo Yuden increased the prices of some consumer and automotive-grade MLCCs by approximately 6%–13% in April; after June, the prices of some mainstream X5R consumer MLCCs in the Chinese market rose by about 15%–25%. Since July 2026, passive components have seen a third round of price increases. Starting in July 2026, Murata has increased prices by 10% to 40% for AI and automotive-grade products; Guojue raised its entire range of prices by approximately 50% on July 1, 2026; Samsung Motor sent a notice to customers in July, stating that the shipping price for MLCC products would be uniformly increased by 30% starting from August 1; Sunsei sent a notice about MLCC price adjustments to customers on July 23, announcing price changes for certain products starting from September 1. At the same time, since the second half of the year, the market has gradually shown two distinct trends: On one hand, ordinary consumer-grade MLCCs for traditional terminals such as mobile phones, PCs, and home appliances, after experiencing rapid increases in the early stage, will gradually return to a more rational price level due to channel inventory replenishment, normal customer procurement rhythms, and renewed supply competition. The prices will mainly stabilize at high levels or experience minor fluctuations; on the other hand, High-capacity, small-size, low-voltage, high-temperature performance, and highly reliable MLCCs for AI servers, automotive applications, and industrial uses are still expected to experience shortages and price increases. Order and delivery data have reflected this differentiation: as of the end of June 2026, the order-to-delivery ratios of Murata, Samsung Electro-Mechanics, and Taiyo Yuden were approximately 1.30, 1.31, and 1.25 respectively, significantly higher than the industry average of about 1.04; The delivery times for some high-end X6S products have also increased from about 8 weeks to a maximum of about 20 weeks. Currently, some domestic manufacturers' orders for high-end AI specifications have been scheduled for the second quarter of 2027. Consequently, downstream procurement strategies have changed. In the past, orders were placed 1-2 months in advance, but now, 3-6 months in advance is often used to lock in production capacity. This indicates that the previous price increases for ordinary consumer-grade products mainly reflect price recovery and inventory replenishment, while the rises in high-end MLCCs are driven by actual supply-demand gaps. AI servers continue to increase power density and power management complexity, leading to rapid growth in demand for high capacitance, high stack layers, and similar product types. At the same time, due to material systems, stacking processes, yield improvement, and customer certification, effective supply cannot expand rapidly in the short term, and Japanese and Korean manufacturers will prioritize allocating limited production capacity to high-value-added customers such as servers, automobiles, and industrial applications. Therefore, the key characteristics of the MLCC market in the second half of 2026 will be: ordinary consumer-grade products will return to a rational price level after the rapid increase in the first half of the year, while high-end AI servers and automotive high-end MLCCs will continue to experience shortages and price increases due to tight supply-demand balance. (2) 2027: It is more likely to be "stabilization at high levels + structural price increases," rather than continuous significant general increases In the first half of 2027, the prices of high-end MLCCs are expected to remain resilient, and some scarce product types may continue to rise. On the demand side, AI server platform updates and continuous deployment by cloud service providers will continue to increase the unit value of high-specification MLCCs. For example, the GB200 board requires approximately 6,500 MLCCs, and the Rubin platform is expected to increase this to approximately 12,000 MLCCs, with high-capacity, small-size, low-voltage, and high-temperature product types still benefiting. On the supply side, although Japanese and Korean manufacturers have started production expansion, the new capacity still needs to go through equipment installation, yield improvement, and customer certification, so it will not fully convert into effective supply in the short term, Therefore, the tight supply-demand balance for high-end products is expected to continue. After the second half of 2027, the market is more likely to shift from continuous price increases driven by shortages to structural differentiation under stable prices. On one hand, if actual AI server shipments and the value per MLCC per unit continue to increase, high-end high-capacity MLCCs will still maintain stronger price resilience compared to ordinary consumer-grade products; on the other hand, as the previous production expansion by Japanese and Korean leaders is gradually released and Taiwanese and Chinese manufacturers continue to penetrate mid-to-high-end product types, the supply shortage for some high-end specifications is expected to ease marginally, and the price increase rate will slow down. Meanwhile, ordinary consumer-grade MLCCs, after the rapid increase in the first half of 2026, will still face inventory digestion and production capacity competition if traditional terminal demand does not recover as expected, and prices will depend more on terminal demand and channel inventory changes. Overall, the baseline scenario for 2027 is not a continuous general increase across the industry, but rather high-end high-capacity MLCCs will maintain relatively high prices and strong bargaining power, while ordinary consumer-grade MLCC prices will stabilize or return to their fundamental levels, and the differentiation in industry product structure, customer structure, and manufacturer technical capabilities will further increase. (3) Several core variables determining the duration of price increases MLCC usage per AI server board: determines the slope of high-end demand growth The demand for MLCCs from AI servers is not just due to increased server shipments; more importantly, the number of high-specification MLCCs used per device and their value increase simultaneously. According to TrendForce data, the NVIDIA GB200 board uses approximately 6,500 MLCCs, and the next-generation Rubin platform will use about 12,000 MLCCs, an increase of approximately 85%; during the verification process for AMD MI450, the number of MLCCs per board for some 47μF, 2.5V, X6S, 0402 specifications increased from 1,440 to 10,544 pieces, a increase of 632%. This change indicates that AI server upgrades involve not only adding general electronic components but also, due to increased power density of GPUs, ASICs, HBM, and high-speed network modules, and greater current transient changes, the power distribution network requires more high-capacity, low-ESR, low-voltage, and high-temperature performance MLCCs to achieve more stable decoupling, filtering, and transient response. Since the new demand is concentrated in a few high-specification product types, it actually results in a sharp increase in demand for specific product combinations, rather than an average increase for all MLCCs. As the single-board MLCC usage on the new AI platform continues to increase, even if server shipment growth slows, the unit value of high-end MLCCs can still increase, continuously occupying the original manufacturers' high-end production capacity; conversely, if the platform design becomes more mature, the growth in usage per unit slows, or server deployment pace is lower than expected, the supply-demand tension will ease quickly. Japanese and Korean manufacturers' speed of releasing high-end capacity and the progress of domestic substitution: determine whether the supply gap can be filled The supply constraints for high-end MLCCs do not necessarily mean insufficient total industry capacity, but rather that the effective production capacity to steadily produce high-capacity, small-size, high-stack layers, and high-reliability products is limited. Currently, Japanese and Korean manufacturers such as Murata (Japan's Murata), Samsung Electro-Mechanics (South Korea's Samsung Electro-Mechanics), and Taiyo Yuden (Japan's Taiyo Yuden) remain the main suppliers of high-end MLCCs. Their new capacity still needs to go through equipment installation, process improvement, yield enhancement, and customer certification, so it will not quickly convert into effective supply for AI servers and automotive customers in the short term. At the same time, domestic substitution will become an important factor affecting the duration of this price increase. Manufacturers in Mainland China already have strong supply capabilities in general consumer-grade and some mid-range MLCC areas, enabling them to quickly alleviate the shortage of general specifications. Therefore, general consumer-grade products are more likely to return to a reasonable level after the initial price increase. However, in terms of high capacitance, small size, ultra-thin stacked structures, high-temperature characteristics, and high-reliability materials, there are still gaps between domestic manufacturers and leading Japanese and Korean companies in product performance, yield stability, and customer certification timelines. In particular, AI servers and automotive customers usually do not easily switch suppliers due to short-term shortages. Even if domestic manufacturers have the product capabilities, they still need to go through a longer verification and integration process. Thus, in the short term, domestic substitution is more likely to intensify price competition for general and mid-range MLCCs rather than immediately eliminating the supply-demand gap for high-end MLCCs. However, if domestic manufacturers make breakthroughs in yield, reliability, and customer certification for high-specification materials, it will significantly accelerate the release of high-end supply and become a key factor in narrowing the price increase for high-end MLCCs after 2027. Speed of AI server platform iteration Demand for AI servers does not grow uniformly but is highly dependent on generational changes in GPU, ASIC, and server architecture. Each platform iteration, such as from GB200 to Rubin, may lead to a stepwise increase in MLCC usage per unit and the proportion of high-specification materials due to increased computing density, complex power supply architectures, and higher board integration levels. In addition to NVIDIA, AMD and cloud service providers such as Google, AWS, and Meta's self-developed ASICs will also create new demand sources. If multiple platforms increase production simultaneously during the same period, original manufacturers will face greater pressure to allocate high-end capacity. Therefore, the speed of platform iteration determines not only the scale of MLCC demand but also whether demand growth occurs in a concentrated manner. If Rubin and subsequent platforms increase production as expected, and CSP's self-developed ASICs continue to be deployed, demand for high-end MLCCs will continue to exceed the original supply plan, supporting shortages and continued price increases. Conversely, if the introduction of new platforms is delayed, AI capital expenditure decreases, or other critical components such as chips, HBM, CPU, and power modules become bottlenecks in server delivery, MLCC demand will delay, and the price increase cycle will shorten. Demand for Consumer Electronics and Automotive Electronics Phones, PCs, tablets, and home appliances remain the largest application base for MLCCs. Demand for consumer electronics determines the overall industry utilization rate and the price floor for general specifications. In the first half of 2026, general consumer-grade MLCCs experienced rapid increases driven by original manufacturers' price adjustments, channel inventory replenishment, and market sentiment. However, in the second half of the year, if terminal demand such as phones and PCs remains weak, after channels complete inventory replenishment, general specifications will face inventory digestion and capacity competition again, and prices will tend to be reasonable. Conversely, if consumer electronics demand shows a significant recovery in 2027, it will directly absorb general capacity, improve the utilization rate of original manufacturers, and reduce the motivation for original manufacturers to offer discounts to low-end customers, thus providing stronger price support for the entire MLCC market. Automotive electronics has a different role from consumer electronics: its demand growth may not be a direct catalyst for rapid short-term price increases. However, automotive MLCC certification cycles are long, lifecycles are extensive, and supply chain stability requirements are high, continuously occupying mid-to-high-end capacity and raising the industry price level. If new energy vehicles, advanced driver assistance systems, and intelligent cabins continue to increase the electronic complexity per vehicle, demand for high-reliability automotive MLCCs will compete with AI server demand for the high-end capacity of Japanese and Korean manufacturers, further strengthening supply constraints for high-end products. Q: AI servers are increasing MLCC usage. What is the impact of this on overall demand? After high-end MLCC capacity is directed towards AI servers, how much pressure will it put on traditional markets such as consumer electronics and automotive electronics? Lu Jing Partner and Managing Director, Frost & Sullivan Frost & Sullivan China (1) AI servers are currently not the largest downstream market for MLCCs, but they have become one of the most important structural growth areas, and their impact on high-end MLCC demand is significantly higher than that of traditional servers The impact of AI servers on MLCC demand mainly comes from two aspects: increased usage per unit and product specification upgrades. Compared with traditional general servers, AI servers are equipped with more GPUs, ASICs, and high-power power management modules, resulting in significantly increased overall power consumption and transient current, thereby increasing the MLCC requirements for decoupling, filtering, voltage stabilization, and energy storage. AI server MLCC usage is approximately 8–13 times that of traditional general servers (For example, according to Samsung Electro-Mechanics' official data, a general server uses about 2,200 MLCCs per unit, while an AI server uses approximately 28,000 MLCCs per unit). As GPUs and ASICs continue to evolve toward higher computing power and higher power consumption, MLCC demand also shows a trend of upgrading from quantity to high capacity, miniaturization, and high reliability. Leading manufacturers are continuously expanding their high-capacity MLCC products for AI servers: In September 2026, the global leader Murtaka announced the suspension of production of some consumer-grade and automotive conventional models, prioritizing capacity allocation to high-value-added AI high-end products. Additionally, the company announced a planned additional investment of 80 billion yen for MLCC expansion Frost & Sullivan, Frost & Sullivan China, LeadLeo, LeadLeo Research Institute, LeadLeo, YUAN CAPITAL, SULLIVAN TELE-TREND CLOUD TECHNOLOGY, TradeGo, MagnaTEC, Automotive & Mobility, Environmental Protection & Energy Saving Technology, Logistics & Supply Chain, MATERNAL AND INFANT, Education & Training, Real Estate & Property, Catering & New Retailing, Advanced Materials, Healthcare & Life Sciences, Semiconductor & Chip, COMMERCIAL AVIATION, Technology, Media and Telecom, LANDSCAPING, Big Data & AI, Infrastructure Construction & Utilities, Culture & Entertainment, AGRICULTURE, FORESTRY ANIMAL HUSBANDRY AND FISHERY, Food & Beverage, Fintech, SHIPPING AND PORTS, Dual Carbon & New Energy, Mining & Metals, Public Sector, Cross-Border E-commerce Trade, Building Technology, Construction & Decoration, Beauty & Fashion, Smart Homes, Digital Infrastructure, Enterprise Services, Consumer Electronics, focusing on the AI server sector, aiming to increase production capacity by approximately 20% by fiscal year 2027, and the first phase of new production capacity is expected to begin operation in the fourth quarter of 2027. Samsung Electro-Mechanics signed a long-term supply contract for AI server MLCC worth trillions of yen in September. In terms of demand growth, AI servers have become one of the fastest-growing downstream applications for MLCCs. According to public information, in 2026, the demand for AI server MLCC is approximately 72.6 billion pieces, representing a 87% increase compared to previous years. By 2027, the demand is expected to reach around 136.7 billion pieces, showing an additional 88% growth. Although AI servers have not yet replaced traditional markets such as mobile phones, PCs, and automobiles in terms of overall MLCC shipments, they have become an important growth direction for high-end MLCC demand and new production capacity allocation. (2) The impact on consumer electronics and automotive electronics is not entirely the same Consumer Electronics: The pressure is relatively evident Traditional consumer electronics such as mobile phones and PCs have not seen comparable demand growth for AI servers. Therefore, the recent shortage of consumer-grade MLCC supply is mainly due to reallocation of production capacity from the supply side, rather than a significant expansion in end-demand. Since some mid-to-high capacity consumer X5R products compete with high-end products in terms of production equipment and manufacturing resources, after Korean and Japanese manufacturers increased their production capacity for AI-related products, the effective supply flexibility of consumer-grade MLCC decreased, and some orders were shifted to manufacturers in Taiwan and mainland China. Price changes further indicate that capacity allocation adjustments have been transmitted from high-end products to consumer markets. In August 2026, TrendForce predicted that Samsung Electro-Mechanics' consumer X5R products for OEM and ODM customers in the fourth quarter would see an average price increase of about 25%–30%, while the high-end X6S products used in AI servers were expected to see a price increase of about 10%–20%. One of the main reasons for raising prices for consumer specifications is to control related order demands and release capacity for expanding high-end product lines. Thus, the impact on the consumer electronics market mainly manifests as a reduction in supply for some mid-to-high capacity products, lower inventory levels, and higher prices, rather than a general shortage of all consumer-grade MLCCs. Automotive Electronics: The short-term impact is relatively limited, but high-end automotive MLCCs also face competition in capacity and supply resources Automotive MLCCs have high technical and certification requirements. They need to operate stably for long periods in complex environments such as high temperature, low temperature, high humidity, and vibration, and must pass AEC-Q200 and customer verification. Samsung Electro-Mechanics revealed that the development cycle for automotive MLCCs is about three times longer than that of ordinary products, and their prices are more than three times higher. Therefore, automotive products that have passed customer certification and established stable supply relationships have relatively rigid capacity allocations, and will not shift quickly and大规模 due to increased AI demand like ordinary consumer products. However, both AI servers and automotive electronics are important growth markets for high-end MLCCs. There is still some competition in high-capacity, high-reliability products, as well as advanced equipment, materials, and manufacturing resources. According to TrendForce data, given the market's expectation of tight supply in the second half of 2026, some automotive ODMs have delayed the planned MLCC procurement scheduled for July to May, indicating that the automotive industry chain has also started increasing inventory levels to cope with potential supply pressures. At the same time, the continuous improvement of new energy vehicles, ADAS, and automotive electronics levels is also increasing the demand for high-performance MLCCs. Therefore, the impact on the automotive market from AI servers is relatively weaker than that on consumer electronics. However, since the demand for AI servers and automotive electronics is growing simultaneously, it will jointly increase the capacity utilization rate of high-end MLCCs and strengthen the supply-demand tension for high-spec products. Q: What is the competitiveness of domestic manufacturers such as Fenghua High-tech and Sanhuan Group in high-end MLCCs and MLCCs for servers? If we refer to Changxin Storage's path of domestic substitution, does the MLCC industry have similar industrial conditions? Where is the real gap? Lu Jing Partner and Managing Director, Frost & Sullivan Frost & Sullivan China (1) Domestic manufacturers have moved from "low-end substitution" to "mid-to-high-end breakthrough," but there is still a significant gap compared to leading Japanese and Korean companies AI computing infrastructure is being built at an accelerated pace, simultaneously increasing the usage and performance requirements for MLCCs. AI servers require multiple high-power GPUs, with a single module using hundreds of MLCCs. For example, the MLCC usage in Nvidia's 8-GPU Hopper HGX server is about 7–8 times that of traditional servers, and the usage increase for the GB200 NVL72 rack solution can be more than 100 times. At the same time, system power consumption and integration continue to increase, putting higher demands on the capacity density, high-temperature resistance, and high reliability of MLCCs. This drives products to upgrade towards higher capacity, smaller size, and higher reliability, creating new opportunities for domestic manufacturers with relevant technologies and mass production capabilities to break through to mid-to-high-end markets from general products. Sanhuan Group: Sanhuan's advantages come more from its long-term accumulated material technology, ceramic forming and sintering processes, as well as large-scale manufacturing capabilities. The company's MLCCs have achieved 01005 to 2220 (Imperial) Full range of packaging mass production, covering miniature, high-capacity, high-reliability, high-voltage, and high-frequency series . In 2023, Sanhuan's stacking breakthrough 1,000 layers Daguan has entered the world's top tier; By 2025, the dielectric layer will be further reduced from approximately 5μm to less than 1μm (1 micron, equivalent to four tens of the diameter of a hair strand), and mass production will be achieved successfully. This indicates that its ability to produce thin layers and high stacking capabilities is continuously improving. For high-frequency applications such as optical communication and servers, the company's high-frequency low-resistance MLCC products have reached industry-leading performance levels, and it has deeply integrated into the supply chain of AI servers and high-speed optical modules. The company's 2025 annual report clearly states that it has introduced multiple size options of high-capacity MLCCs, as well as high-capacity MLCCs for 48V power systems. The supply capacity of data center products continues to increase; vehicle-grade MLCCs now cover sizes from 0201 to 2220, and from 0.1pF to 47μF, and are gradually being applied in new energy vehicle power supplies and electric drives, having passed certifications from several benchmark clients. In terms of production capacity, the two major bases established by Sanhuan in Nanchong and Deyang are continuously expanding the production capacity of high-capacity MLCCs. Its production base in Thailand is being developed steadily. After listing on the Hong Kong Stock Exchange in July this year, Sanhuan's raised funds will be used for overseas production capacity expansion, automation upgrades, and material innovation, further strengthening its global supply capacity. At the same time, the business that complements MLCC is optical communication component business . With the increased demand for 800G and 1.6T optical modules, the demand for core components such as ceramic inserts and sleeves is also growing simultaneously. Sanhuan Group is "the world's leading supplier of ceramic inserts and sleeves (with a market share of approximately 70% in 2025)" and possesses significant technical and scale advantages, directly benefiting from the surge in optical interconnection needs brought about by AI computing infrastructure development. Furthermore, as one of the few domestic manufacturers that has completed the entire chain from upstream ceramic powder to downstream components , the company has mastered the core technologies of ceramic forming and sintering, eliminating the constraints of imported materials. Fenghua High-tech: Fenghua's advantages lie in its industrial accumulation, large-scale production, and complete product system, and it is currently upgrading to high-end MLCC. In the first half of 2026, the company's high-end MLCC revenue, including high capacitance, automotive-grade, and medium-high voltage products, accounted for approximately 40% of the total MLCC revenue. The company also stated that related AI server products are being gradually certified by customers. In terms of products and processes, Fenghua has mastered technologies such as homogenization and dispersion of barium titanate powder below 100nm, superthin film casting, and precision layered manufacturing of more than 1,000 layers. It has also developed a sintering process system for extreme high-capacity MLCCs, and has launched 0805 size, 100μF, 2.5V, X6S products, indicating that its high-end development has progressed from technical reserves to product implementation and commercialization stages. Therefore, Fenghua is no longer just a mid-to-low-end domestic replacement enterprise. However, the customer certification and scale expansion of high-end MLCCs for AI servers are still in the ongoing progress stage. (2) MLCCs have certain conditions similar to those of "Changxin Storage" for domestic replacement, but the industrial logic is not entirely the same. Advantages China has the world's largest downstream demand market. China is a global important manufacturing base for Consumer Electronics, new energy vehicles, communication equipment, and servers. It has a large number of complete machine manufacturers, automotive companies, server ODMs, power supply manufacturers, and electronic manufacturing service providers, providing rich product validation and customer introduction scenarios for domestic MLCCs. As the importance of supply chain security increases, downstream customers are actively introducing domestic suppliers, creating conditions for domestic MLCCs to penetrate into mid-to-high-end applications such as automotive-grade and servers. The upstream industry chain is gradually improving. MLCC manufacturing involves multiple steps, including dielectric powder, internal electrode slurry, release film, casting, printing, layered manufacturing, sintering, and sealing. In the past, high-end materials and equipment mainly relied on Japanese and Korean companies. Currently, the domestic industry chain has begun to achieve collaborative breakthroughs: Guoci Material's MLCC dielectric powder customers include Samsung Motor, Guju, and Fenghua High-tech, and it is expanding the production capacity of automotive-grade and AI server MLCC powders; Boqian New Material has also established the ability to supply nano- and sub-micron nickel powder. Its 2025 annual report shows that AI servers and automotive electronics are driving the upgrade of MLCC internal electrode materials to smaller particle sizes, higher sphericity, and better dispersion. This is somewhat similar to Changxin's approach of completing product iteration and large-scale production through collaboration with domestic equipment, materials, and downstream customers. Changxin has gradually expanded from DDR4 and LPDDR4X to DDR5 and LPDDR5/5X, and continues to promote the development and verification of the domestic supply chain, indicating that the追赶 path of "domestic demand - customer validation - large-scale production - industry chain collaboration" is feasible. Domestic manufacturers already have a foundation for large-scale manufacturing. Domestic manufacturers such as Sanhuan, Fenghua, and Weirong did not start from scratch; they have already achieved mass production capabilities for general MLCCs and some high-capacity and automotive-grade products. These companies have a complete iteration foundation from material and process optimization, product development, to customer validation, providing conditions for further breaking through high-end specifications for AI servers. The logic of domestic replacement for MLCCs is not entirely the same as that of DRAM. The technical routes and interface standards for DRAM products are relatively concentrated. Leading manufacturers can transform technological progress into market share quickly through process platform upgrades, capacity expansion, and increased production of standard products. In contrast, MLCC features a large number of part numbers, complex specification combinations, and diverse application scenarios, with different customers having varying requirements for size, capacity, rated voltage, temperature characteristics, DC bias voltage, and reliability. Therefore, MLCC is more likely to be gradually replaced along a path of "single part number breakthrough - customer certification - small-scale supply - expansion of adjacent specifications," making the overall process more fragmented compared to storage chips with higher standardization levels. (3) Core Gap The biggest gap is not simply the presence or absence of equipment, but the comprehensive capabilities of materials, processes, and yield rates. The main challenges of MLCC are ultra-thin dielectric layers, multi-layer stacking, high-precision printing, sintering control, and long-term reliability. Especially as MLCC develops towards smaller sizes and higher capacitance values, the dielectric layer becomes thinner, and the number of layers increases, requiring higher demands for material purity, particle size control, slurry quality, printing accuracy, sintering process, and yield rates. Therefore, mid-to-low-end MLCC production lines cannot directly upgrade to high-end AI server production lines by simply adding equipment. Domestic manufacturers have already made breakthroughs in reducing the dielectric layer thickness and increasing the number of layers, but further progress toward high yield rates, low failure rates, and stable mass production across batches still requires continuous process development. Customer certification for high-end products is the second significant barrier MLCC used in AI servers and automotive electronics typically needs to operate for long periods under high-temperature, high-load, and frequent current fluctuations conditions, requiring high effective capacity at actual operating voltage, temperature stability, failure rate, and batch consistency. After product development is completed, it must also go through component selection, board-level testing, system validation, and long-term reliability testing, before gradually entering the procurement systems of server ODMs, power supply manufacturers, or end customers. Thus, the fact that domestic manufacturers have launched high-capacity, automotive-grade, and server products does not mean they have entered the core supply chain and achieved substantial revenue. There is still a significant time gap between product development, certification, small-scale supply, and large-scale production. The top-tier products still have a technological gap compared to international leaders Japanese and Korean leaders can already produce 0402 (small size, using sub-micron dielectric layer *This interview was published in The Times Weekly. The author is Zhu Chengcheng. The original title is: MLCC "Price Changes Every Hour": High-end Product Capacity Under Competition, Do Domestic Manufacturers Seize the "Changxin Moment"?

Frost & Sullivan Insight From an industry perspective, the core barrier to computing power leasing is the comprehensive ability to acquire resources, operate clusters, provide customer service, and manage funds. Enterprises do not need to build their own infrastructure; long-term leasing or hosting third-party resources is also feasible. The key lies in whether substantial control over resources is achieved, and whether responsibility for scheduling, operation, and SLA delivery is independently held, with primary responsibility for service quality. The industry distinguishes service providers from intermediaries mainly based on resource control rights and delivery responsibilities: service providers actually control resources and bear operational risks, with revenue coming from computing power and value-added services; the barriers lie in scale and technology. Intermediaries facilitate supply and demand to earn commissions, with low risk but thin profits, and barriers depend on channel efficiency. The fundamental difference between the two is whether they bear asset risks and add technical value. An interview with Frost & Sullivan China's Senior Partner and Managing Director, Jia Pang, was conducted by a reporter from The Times Weekly regarding the entry barriers and business models of the computing power leasing market. Q: From an industry perspective, what are the core barriers to computing power leasing? What key capabilities are required for an enterprise to enter the computing power leasing market? Jia Pang Senior Partner and Managing Director of Frost & Sullivan China The core barrier to computing power leasing is whether a stable, controllable, and sustainable computing power supply capability can be established, mainly including four aspects: First, the ability to acquire and control computing power resources , enabling stable acquisition of key resources such as GPU servers, cabinets, networks, and electricity; Second, the ability to operate and deliver computing power resources , including the ability to pool resources, manage clusters, schedule operations, monitor and measure, and handle failures, ensuring service availability and SLA; Third, the ability to acquire and serve customers , continuously meeting customer needs and improving the utilization rate of computing power resources; Fourth, the ability to manage funds and assets , effectively managing risks such as resource procurement, equipment depreciation, idle resources, and technological iteration. Therefore, the competitive barriers in the industry mainly reflect the comprehensive ability of "resource acquisition and control + operation and delivery + customer service + fund and asset management". Q: Do computing power leasing enterprises must have their own computing power infrastructure? If they mainly rely on third-party procurement or leasing of GPU resources and then provide services downstream, does this model have long-term commercial value? How is the scale barrier measured? Jia Pang Senior Partner and Managing Director of Frost & Sullivan China Not necessarily. There are both heavy-asset models where enterprises purchase and build their own computing power infrastructure, and models that obtain computing power resources through long-term leasing, hosting, and cooperative procurement. Using third-party resources does not affect the enterprise's ability to engage in computing power leasing business. The key is whether stable and continuous control over relevant resources can be achieved, and whether responsibility for resource allocation, scheduling, pricing, billing, operation, and customer service is independently held, with responsibility for final delivery quality and SLA. If only short-term resource matching or reselling is done, the business stability and customer stickiness are usually limited. Currently, there is no unified threshold for the number of GPUs or revenue scale in the industry. To determine whether an enterprise operates on a large scale, it is more appropriate to comprehensively evaluate indicators such as stable available GPUs or equivalent computing power scale, resource utilization rate, customer and contract stability, computing power service revenue, and renewal status, rather than solely measuring by the number of own GPUs. Q: How does the industry define "computing power leasing service providers" and "computing power intermediaries/resource integrators"? What are the essential differences between the two in business models, profit margins, and competitive barriers? Jia Pang Senior Partner and Managing Director of Frost & Sullivan China There is no unified legal classification in the industry. In practice, it can be distinguished mainly by resource control rights and final delivery responsibilities. Computing power leasing service providers usually have relatively stable control over relevant computing power resources and are responsible for resource allocation, scheduling, measurement and billing, operation, and customer service, bearing primary responsibility for service availability and SLA; computing power intermediaries or resource integrators mostly carry out functions such as supply and demand matching, resource matching, and transaction coordination, usually not continuously controlling underlying computing power resources, and their responsibility for final delivery is relatively limited. In terms of business models , computing power leasing service providers mainly charge fees for computing power leasing and related operation, deployment, etc., while bearing risks such as resource lock-in, equipment depreciation or leasing, idle resources, and price fluctuations; intermediaries or resource integrators mainly earn income through commissions, service fees, or transaction price differences, with relatively low asset investment and resource risks. The former usually has higher revenue scale and single customer value, but profitability depends more on resource utilization rate, procurement costs, and pricing ability. In terms of competitive barriers , computing power leasing service providers rely more on stable resource acquisition and control, cluster operation and scheduling, SLA delivery, customer base, and fund and asset management capabilities; intermediaries or resource integrators rely more on supplier and customer channels, supply and demand information coverage, and matching efficiency. The core difference between the two models is whether the enterprise has substantial control over computing power resources and bears primary operational and delivery responsibilities for customers. *This interview was published in The Times Weekly. The author is Zhu Chengcheng. The original title was: Exclusive | Gaole Co., Ltd.'s 6.7 billion yuan computing power deal mystery: The registered address of its Harbin subsidiary is virtual, and more than half of the computing power business team joined less than 3 months ago?

Frost & Sullivan Insight Recently, the State Council issued the "15th Five-Year Plan for Carbon Peak Action", clearly proposing to improve the energy conservation and carbon reduction standards for computing power facilities, promote energy conservation and carbon reduction reforms for non-compliant computing power facilities, and orderly phase out backward and inefficient technologies and equipment, thereby enhancing the energy efficiency level of computing power facilities. The 2026 Government Work Report indicates that the proportion of green electricity used in new data centers at national hubs should exceed 80%, and it is encouraged to achieve 100% consumption of green electricity. What are the relatively mature energy conservation and carbon reduction approaches currently available in the industry, ready for large-scale implementation? For example, technologies such as liquid cooling, waste heat recovery, and CPO (Co-packaged Optical) are in what application stages? Currently PUE , CUE, and unit computing power carbon emissions ("computing power carbon efficiency") are multiple evaluation indicators. Do you think a unified national green computing power evaluation system will be needed in the future? What are the challenges in implementing a unified standard at this stage? In the next three to five years, which aspects do you believe the largest changes in the green computing power industry will manifest? Will the development of AI technology itself change the energy conservation methods for data centers? For instance, optimizing cooling scheduling through AI and predicting loads to reduce idle energy consumption—how is the progress of this "using AI to save energy with AI" approach? Zhou Mingzi, Partner of Frost & Sullivan China, interviewed by The Times Weekly to discuss how green computing power opens a new paradigm of "mutual pursuit". Securities Daily Q: What are the relatively mature energy conservation and carbon reduction approaches currently available in the industry, ready for large-scale implementation? For example Liquid cooling , waste heat recovery, and CPO (Co-packaged Optical) technologies are in what application stages? Zhou Mingzi Partner of Frost & Sullivan China From the perspective of industry commercialization, the technology that has entered the stage of large-scale application in energy conservation and carbon reduction for computing power is cold plate liquid cooling, with a market share of over 80%. Currently, not only leading brands such as Inspur and Huawei have natively supported servers with this technology, but new intelligent computing centers are basically configured with it. PUE can be stabilized between 1.15 and 1.25, making it the only technology path that can be "delivered and used immediately" at present. Although immersion liquid cooling offers better performance, it faces practical challenges such as high initial investment and the need to rebuild the operation and maintenance system, so it still relies on zero-carbon parks and benchmark projects from finance and operators. The industry predicts that it will take about 3 to 5 years before large-scale implementation. Waste heat recovery technology is mature, but its commercial closed loop is severely limited by geographical conditions: in the north, projects like Ningxia Zhongwei Ningxia Zhongwei Frost & Sullivan, Frost & Sullivan China, LeadLeo, LeadLeo Research Institute, LeadLeo, YUAN CAPITAL, SULLIVAN TELE-TREND CLOUD TECHNOLOGY, TradeGo, MagnaTEC, Automotive & Mobility, Environmental Protection & Energy Saving Technology, Logistics & Supply Chain, MATERNAL AND INFANT, Education & Training, Real Estate & Property, Catering & New Retailing, Advanced Materials, Healthcare & Life Sciences, Semiconductor & Chip, COMMERCIAL AVIATION, Technology, Media and Telecom, LANDSCAPING, Big Data & AI, Infrastructure Construction & Utilities, Culture & Entertainment, AGRICULTURE, FORESTRY ANIMAL HUSBANDRY AND FISHERY, Food & Beverage, Fintech, SHIPPING AND PORTS, Dual Carbon & New Energy, Mining & Metals, Public Sector, Cross-Border E-commerce Trade, Building Technology, Construction & Decoration, Beauty & Fashion, Smart Homes, Digital Infrastructure, Enterprise Services, Consumer Electronics, and other projects have already integrated waste heat into the green electricity direct supply solution; in the south, they can only connect with scattered scenarios such as greenhouses and pools, with a long recovery period, and no independent replicable business model has yet been established. CPO is the most significant differentiation: the exchange side will start production in the second half of 2026. Nvidia's Quantum 3400 CPO switch has been scheduled for mass production, reducing transmission losses by 60%; however, scale-up optical interconnection between chips will not be scaled up until the Feynman architecture is mass-produced in 2028, when the market is expected to see a new wave of applications. Q: Currently, multiple evaluation indicators such as PUE, CUE, and unit computing power carbon emissions ("computing power carbon efficiency") exist. Do you think a unified national green computing power evaluation system will be needed in the future? What are the challenges in implementing a unified standard at this stage? Zhou Mingzi Partner of Frost & Sullivan China From the perspective of industry development, it is necessary to establish a national unified green computing power evaluation system, but achieving "complete comparability" at this stage is not realistic. The limitations of a single PUE indicator are already very obvious: it does not reflect the energy structure—a coal-based data center with PUE 1.1 may have several times higher carbon emissions than a green electricity data center with PUE 1.3; it also does not measure computing power output efficiency—a cluster with PUE 1.15 but a GPU utilization rate of only 30% is essentially "false efficiency"; moreover, scope three emissions such as construction period, equipment manufacturing, and decommissioning are completely outside the coverage of PUE. Policy efforts are already shifting: the 2026 Government Work Report included "computing power and electricity coordination" in the new infrastructure project for the first time. The National Data Bureau and the National Energy Administration have clearly defined two constraints: "green electricity proportion of new computing power facilities ≥ 80%," and "PUE ≤ 1.20 in the west region ≤ 1.25 in the east region." The China Academy of Information and Communications Technology is also promoting two new indicators for AI business outputs—computing power energy efficiency and Token energy efficiency—these two new indicators mark the shift of the industry's evaluation focus from "data center efficiency" to "business output efficiency". On the other hand, implementing a unified standard faces three substantial obstacles: first, the criteria for green electricity traceability have not been unified, with differences in the recognition standards for green certificates, green electricity trading, green electricity direct supply , and self-generation and self-use photovoltaic paths; second, there is a lack of industry consensus on the accounting method for scope three carbon emissions; third, the differences in regional resource endowments are too large. Western hubs like Ningxia can meet the requirements by relying on wind and solar power plus green electricity direct supply, while the Yangtze River Delta needs cross-provincial green certificates and energy storage support to achieve 80%. Forcing a comparison using the same score will cause certain concerns in both eastern and western industrial markets. Therefore, the more likely evolution path in the future is that the state will formulate a comprehensive framework, and industry associations will introduce hierarchical leading values, similar to the gold and silver grading logic of LEED certification, to achieve better implementation results. Q: In the next three to five years, which aspects do you believe the largest changes in the green computing power industry will manifest? Zhou Mingzi Partner of Frost & Sullivan China Over the next three to five years, Frost & Sullivan believes that changes in the green computing power industry will focus on four interconnected main lines. The first is that "green electricity 80%" has shifted from policy advocacy to rigid constraints, fundamentally restructuring the investment logic for data centers. Among the eight major computing power hubs, only Ningxia, Gansu, and Inner Mongolia have mature green electricity direct supply channels, while the green electricity proportion in most other nodes is less than 30%. The 2026 Government Work Report has explicitly included this proportion as a constraint. This means that 2026 to 2028 is a window period to seize green electricity direct supply channels, sign long-term power purchase agreements, and secure source-grid-load-storage resources. Projects that miss this window will find it difficult to pass energy assessment. The second is that the industrial layout will further refine from "east data, west computing" to a new map of "green electricity hinterland training and storage, coastal reasoning, and hub transit". Training clusters above ten thousand units will basically be locked in the west region. The third is that liquid cooling combined with zero-carbon parks will shift from demonstration to a required standard. The "15th Five-Year Plan" explicitly requires the construction of 100 national zero-carbon parks, and the green and low-carbon transformation of computing power facilities has been separately listed. In the future, new large-scale clusters will basically feature a combination of liquid cooling, green electricity direct supply, and waste heat utilization. The fourth is that computing power and electricity coordination will generate new trading products. Data centers, as adjustable loads, will participate in grid peak shaving, green electricity spot trading, and non-real-time tasks across regions. These activities will make "computing power carbon efficiency" and "green electricity traceability" tradable assets. The return on investment for projects certified by CCER will be higher than pure hardware investment. Frost & Sullivan believes that in the next three to five years, what will truly differentiate companies is not hardware parameters, but the ability to sign green electricity procurement agreements, operate carbon assets, and schedule computing power assets—while hardware can be obtained by everyone, green electricity channels, carbon certification, and credible computing service assets are scarce resources. Q: Will the development of AI technology itself change the energy conservation methods for data centers? For example, optimizing cooling scheduling through AI and predicting loads to reduce idle energy consumption—what is the progress of this "using AI to save energy with AI" approach? Zhou Mingzi Partner of Frost & Sullivan China Frost & Sullivan believes that the path of using AI technology to optimize the energy consumption of data centers actually progresses faster than most market expectations. However, a key boundary must be clarified: AI optimization is the most cost-effective lever for existing infrastructure transformation, but it cannot save old air-cooled data centers with PUE above 1.3—those data centers need to replace liquid cooling hardware first, and AI can only add value on this basis. Technological evolution has gone through three stages: the first stage is pre-optimization based on load prediction to avoid temporary peak impacts; the second stage is global optimization, combining optimization of chillers, water pumps, cooling towers, and CDU to extract an additional 10% to 30% energy efficiency from the existing energy-saving framework; the third stage is computing power and electricity coordination, linking cooling strategies with the timing of green electricity output and computing power migration. When green electricity is abundant, pre-cooling is done in advance, and batch processing tasks are run more frequently; when green electricity is scarce, non-real-time loads are actively reduced. Frost & Sullivan believes that the product form with real premium potential in the future may be a complete package of "AI optimization plus green electricity timing matching plus cross-regional load migration," rather than simply selling AI energy-saving software. A high-end equipment manufacturing company in Wuxi has entrusted EasyEnergy to manage the energy and computing power in its park through intelligent operation management. EasyEnergy uses AI to coordinate servers, cooling, photovoltaics, and energy storage systems, predicting computing power loads, equipment temperatures, and green electricity output, and dynamically adjusting cooling strategies, server operating states, and task timing to achieve integrated optimization of computing power, cooling, and electricity. When green electricity is abundant, the system can pre-cool and increase batch processing and reasoning tasks; during peak power periods, frequency reduction of servers, task off-peak scheduling, and energy storage adjustment are used to reduce peak energy consumption. This scenario upgrades traditional single-cooling energy saving to global optimization of computing power, cooling capacity, and power resources, reflecting the acceleration of "using AI to save energy with AI" from technical verification to actual operational scenarios. *This interview was published in Securities Daily. The author is Wang Jingru. The original title is: Green Computing Power Opens a New Paradigm of "Mutual Pursuit"

AI is reshaping almost all value propositions and activities related to people, making it difficult to predict where it will ultimately lead our production and life. On August 5, David Frigstad, Chairman of the Global Board of Directors and CEO of Frost & Sullivan, a global growth consulting firm, said in an interview with the International Financial News that AI is bringing enterprises into an era of heightened competition. AI is transforming nearly all human-related values and activities, and it is difficult to predict where it will ultimately affect our production and daily lives. On August 5, David Frigstad, Global Chairman and CEO of Frost & Sullivan, said in an interview with International Finance News that AI is ushering enterprises into an era of unprecedentedly intense competition. 在 Fu Dawei It appears that AI is accelerating the pace of corporate decision-making, organizational collaboration, and market competition at an exponential rate. "The Industrial Revolution brought about a hundredfold change over approximately 150 years; now, perhaps a hundredfold change can occur in just 10 years." He noted that both CEOs and companies must be prepared for this unprecedented speed of change. As Frost & Sullivan’s "pilot," Fu Dawei has long focused on corporate growth, innovation, and leadership, and he positions himself as a "growth coach." Growth Coach He believes that what is most scarce in the AI era is not a impressive technical demonstration, but rather the ability of companies to continuously learn, make rapid decisions, and drive their teams to take real action. It is worth noting that this is the first time Fù Dawei has been in China in nearly ten years. During the interview, he reflected on the rapid development of China’s innovation industry and expressed high praise for the ecosystem that has emerged in high-tech fields such as artificial intelligence. "China’s innovation capability excites me greatly; I rarely see such a scene anywhere in the world." In Mr. Frigstad’s view, AI is accelerating corporate decision-making, organizational collaboration, and market competition at an exponential rate. “The Industrial Revolution brought about a hundredfold change over approximately 150 years; now, a hundredfold change may occur in just 10 years.” He noted that CEOs and enterprises must prepare for this unprecedented pace of change. As the “helmsman” of Frost & Sullivan, Mr. Frigstad has long been actively involved in corporate growth, innovation, and leadership, serving as a “Growth Coach.” He believes that what is most valuable in the AI era is not a sophisticated technological demonstration, but a company’s ability to continuously learn, make swift decisions, and motivate its team to take real action. It is worth noting that this is Mr. Frigstad’s first visit to China in nearly a decade. During the interview, he reflected on the rapid development of China’s innovative industries and expressed his admiration for the development ecosystem that China has established in high-tech areas such as artificial intelligence. “China’s innovation capabilities excite me greatly; I have rarely seen such a level of progress elsewhere in the world.” "When I was still a college student, I spent time in Hong Kong and Taiwan. Later, when I had my first opportunity to come to Beijing, I met our Chinese partners. That was a long time ago." From the first visit during my student years, to entering the Chinese market for the first time, and then returning to Shanghai after a decade, Fu Dawei’s feelings stem not only from the vitality of the Chinese economy or the popularity of the AI industry, but also from a rare ability to adapt—"The national investment and commitments made by China to improve issues related to people’s lives are truly impressive and exciting." In his view, China’s development does not remain confined to grand numbers and narratives, but transforms into tangible reality within a relatively short period. Seeing the vitality of the Chinese economy, he simply says, "It is amazing that you can experience all this firsthand. This is why I feel lucky to live in this era." "When I was still a college student, I spent time in Hong Kong and Taiwan. Later, I had my first opportunity to visit Beijing and meet our Chinese partners. That was a long time ago." From his first visit as a student, to his first entry into the Chinese market and now returning to Shanghai after ten years, Mr. Frigstad’s reflections stem not only from the vitality of the Chinese economy or the boom of the AI industry, but also from a capacity for change that he considers quite rare—"China’s national-level investment and commitment to improving issues related to people’s lives is both astounding and exciting." In his eyes, China’s development does not merely exist in grand numbers and narratives, but is continuously translated into visible reality within a relatively short period of time. Seeing the vitality of the Chinese economy, he frankly expressed his amazement: "You are able to experience all of this firsthand, which is exactly why I feel we are very fortunate to live in this era." In the AI era, what enables companies to build competitiveness? "Growth Coach" is Fu Dawei's self-defined role. "Growth Coach" is how Mr. Frigstad defines himself. This title originates from his experience as a gymnast during his college years. "No outstanding athlete can succeed without a coach, and this is especially true in team sports." In Mr. Frigstad's view, whether in individual or team events, the path to victory requires constant training, review and adjustment—and above all, the continuous observation and guidance of a coach. This title originates from his experience as a gymnast during his college years. "No outstanding athlete can succeed without a coach, and this is especially true in team sports." In Mr. Frigstad's view, whether in individual or team events, the path to victory requires constant training, review and adjustment—and above all, the continuous observation and guidance of a coach. However, upon transitioning from the sports arena to the business world, he noticed an intriguing contrast: despite managing complex organizations with intricate webs of employees, clients and business operations, many CEOs find themselves in a "coach-less" state. They have few people around them who can consistently ask the right questions, help them review past actions, exercise judgment and make better choices. However, upon transitioning from the sports arena to the business world, he noticed an intriguing contrast: despite managing complex organizations with intricate webs of employees, clients and business operations, many CEOs find themselves in a "coach-less" state. They have few people around them who can consistently ask the right questions, help them review past actions, exercise judgment and make better choices. Based on this, Mr. Frigstad does not simply define Frost & Sullivan as a traditional consulting firm that "walks into an enterprise with a ready-made proposal and tells management what to do." Instead, he prefers to position himself as a "Growth Coach," initiating engagements with questions like, "How can we make your team better?" Because of this, Mr. Frigstad does not simply define Frost & Sullivan as a traditional consulting firm that "walks into an enterprise with a ready-made proposal and tells management what to do." Instead, he prefers to position himself as a "Growth Coach," initiating engagements with questions like, "How can we make your team better?" In his view, the true value of consulting lies not in making decisions for the CEO, nor in handing over an external playbook to be blindly followed, but in helping enterprises build their own capabilities for continuous learning, rapid judgment and collaborative execution—until the day comes when "external help is no longer needed." In his view, the true value of consulting lies not in making decisions for the CEO, nor in handing over an external playbook to be blindly followed. Rather, it is about empowering the enterprise to build its own capabilities for continuous learning, rapid judgment and collaborative execution—until the day comes when "external help is no longer needed." This understanding of organizational capabilities also serves as the starting point for how Mr. Frigstad views the question of "how enterprises build competitiveness in the AI era." This deep understanding of organizational capabilities also serves as the starting point for how Mr. Frigstad views the question of "how enterprises build competitiveness in the AI era." AI is bringing companies into an era of higher Competitive Intensity. Fu Dawei noted that as information becomes more transparent and technology spreads faster, companies around the world may develop and utilize similar AI capabilities at the same time. In the past, a core technology could be held by a company for a long period and turned into a solid competitive barrier; today, the "shelf life" of leading technologies is constantly shortening. Frigstad said, "AI is bringing enterprises into an era of higher Competitive Intensity." As information becomes increasingly transparent and the diffusion of technology continues to accelerate, companies around the world may develop and deploy similar AI capabilities at the exact same time. In the past, a single core technology might have been exclusively held by one company for a long period, resulting in a strong competitive advantage. However, today, the "shelf life" of technological leadership is continuously shortening. Mr. Frigstad believes that the competition between enterprises is shifting from "whether you possess a new technology" to "whether you can harness the new changes brought by technology"—whether you can make decisions faster, drive organizational collaboration and translate technological capabilities into products and experiences that resonate more closely with customers. Mr. Frigstad's assessment is that the competition between enterprises is shifting from "whether you possess a new technology" to "whether you can harness the new changes brought by technology"—whether you can make decisions faster, drive organizational collaboration and translate technological capabilities into products and experiences that resonate more closely with customers. This shift in competitive logic also places higher demands on CEOs. Mr. Frigstad encapsulates the capabilities required of today's CEOs as the "Connected CEO": In the past, boards met quarterly and companies formulated their business plans once a year; today, such a pace can hardly keep up with the rapidly evolving competitive landscape. A CEO needs to sense changes in projects, employees and customers more promptly, while leading their team to communicate rapidly, exercise judgment and take action. This shift in competitive logic also places higher demands on CEOs. Mr. Frigstad encapsulates the capabilities required of today's CEOs as the "Connected CEO." In the past, boards met quarterly and companies formulated their business plans once a year; today, such a pace can hardly keep up with the rapidly evolving competitive landscape. A CEO needs to sense changes in projects, employees and customers more promptly, while leading their team to communicate rapidly, exercise judgment and take action. However, as AI accelerates its integration into daily life and advances to the frontlines of industry, different types of enterprises are facing entirely different tests. However, as AI accelerates its integration into daily life and advances to the frontlines of industry, different types of enterprises are facing entirely different tests. For traditional enterprises seeking transformation in the AI era, the challenge is no longer just whether to adopt AI, but whether the CEO truly participates and the team is willing to commit fully. Mr. Frigstad believes that enterprises should not view AI merely as a departmental task or a tool purchased by the marketing department; more importantly, they should use AI to comprehensively review internal collaboration methods and customer experiences: which production processes can be reengineered, how information flows more efficiently within the organization, and how connections between enterprises and employees or customers can be redefined. For traditional enterprises seeking transformation amid the AI wave, the question is no longer simply "whether to adopt AI," but whether the CEO is genuinely involved and whether the entire team is willing to fully commit. Mr. Frigstad believes that companies cannot merely view AI as a task for a specific department or a tool procured by the marketing team. More importantly, they must leverage AI to comprehensively re-examine their internal collaboration methods and customer experiences: which production processes can be reconstructed, how information can flow faster within the organization and how the connections between the enterprise, its employees and its customers should be redefined. Fuda Dawei said that what inspired him most about Amazon founder Jeff Bezos is the integration of a "Mindset of Experimentation" into the company's daily operations. "Great leaders, great departments and great people are conducting experiments all day long." Mr. Frigstad mentioned that what inspired him most about Amazon founder Jeff Bezos is the integration of a "Mindset of Experimentation" into the company's daily operations. "Great leaders, great departments and great people are conducting experiments all day long," he noted. In his view, many attempts may not obtain the expected results, but failure cannot be completely avoided, nor should it be simply defined as a failure; rather, it is an experiment that has not yet succeeded. Based on this, Fuda Dawei further emphasized: "Every employee should experiment with AI to see what results it produces." Enterprises in transformation cannot stay away from AI due to fear of making mistakes; blindly waiting for a definite answer may actually pose a greater risk. In his view, many attempts may not yield the expected results, but failure can neither be completely avoided "nor should it be simply defined as a failure, but rather as an experiment that has not yet succeeded." Building on this, Mr. Frigstad further emphasized: "Every employee should experiment with AI to see what results it produces." Enterprises undergoing transformation cannot keep their distance from AI out of a fear of making mistakes; blindly waiting for a definitive answer may actually pose a much greater risk. For emerging companies at the forefront of the new round of industrial transformation, Fuda Dawei’s assessment is even more direct: no matter how dazzling a technology demonstration may be, it does not equate to real commercial value. For emerging companies at the forefront of this new wave of industrial transformation, Mr. Frigstad’s assessment is even more direct: no matter how dazzling a technology demonstration may be, it does not equate to real commercial value. He used robotics as an example: a robot that can perform backflips or dance ballet might be highly eye-catching, but the market does not necessarily need a "performing robot." However, if it can be deployed in hospitals, assist in patient care and solve real-world needs, then it becomes an opportunity truly worth paying attention to. He cited robotics as an example: a robot that can perform backflips or dance ballet might be highly eye-catching, but the market does not necessarily need a "performing robot." However, if it can be deployed in hospitals, assist in patient care and solve real-world needs, then it becomes an opportunity truly worth paying attention to. "Ultimately, everything depends on the human experience in its application." In Mr. Frigstad’s view, AI and robotics companies must be almost "fanatical" in their focus on the application itself. They must answer exactly who the product serves, what problems it solves and whether it can build sustainable commercial viability in real-world scenarios. "Technological capability is merely the starting point. What truly determines whether a company can navigate past the hype and survive in the market is its ability to ground its technology in specific people, specific needs and specific values." "Ultimately, everything depends on the human experience in its application." In Mr. Frigstad’s view, AI and robotics companies must be almost "fanatical" in their focus on the application itself. They must answer exactly who the product serves, what problems it solves and whether it can build sustainable commercial viability in real-world scenarios. "Technological capability is merely the starting point. What truly determines whether a company can navigate past the hype and survive in the market is its ability to ground its technology in specific people, specific needs and specific values." How can Chinese enterprises build global influence? How can Chinese enterprises build global influence? Currently, AI is accelerating its integration into daily life and advancing to the frontlines of industry. In this transformation, China is demonstrating increasingly robust innovation momentum across areas such as research and development, manufacturing, application deployment and industrial synergy. Today, AI is accelerating its integration into daily life and advancing to the frontlines of industry. In this transformation, China is demonstrating increasingly robust innovation momentum across areas such as research and development, manufacturing, application deployment and industrial synergy. The 2026 World Artificial Intelligence Conference, which concluded in Shanghai just over ten days ago, serves as a vivid footnote to this trend. In the exhibition halls at that time, the most eye-catching highlights were no longer large models merely competing on parameters, nor were they robots putting on flashy technological displays. Instead, the focus shifted to Agents that have evolved from "being able to chat" to "being able to execute tasks," as well as embodied intelligence capable of entering various scenarios and performing practical tasks. The 2026 World Artificial Intelligence Conference, which concluded in Shanghai just over ten days ago, serves as a vivid footnote to this trend. In the exhibition halls at that time, the most eye-catching highlights were no longer large models merely competing on parameters, nor were they robots putting on flashy technological displays. Instead, the focus shifted to Agents that have evolved from "being able to chat" to "being able to execute tasks," as well as embodied intelligence capable of entering various scenarios and performing practical tasks. This vitality was equally sensed by Mr. Frigstad. In his observation, Chinese enterprises have gone through several clear stages of development: first the establishment of manufacturing capabilities, then the refinement of supply chains and logistics systems and subsequently the accumulation and unleashing of innovation capabilities. "I used to think that innovation might be a difficult problem for Chinese enterprises to solve, but today it has been successfully resolved." This vitality was equally sensed by Mr. Frigstad. In his observation, Chinese enterprises have gone through several clear stages of development: first the establishment of manufacturing capabilities, then the refinement of supply chains and logistics systems and subsequently the accumulation and unleashing of innovation capabilities. "I used to think that innovation might be a difficult problem for Chinese enterprises to solve, but today it has been successfully resolved," he noted. Visiting China again after nearly a decade, he saw not a market still chasing the technological wave, but an industrial landscape where innovation continuously emerges and application deployment accelerates. From technological R&D to product iteration and from business models to application deployment, new attempts are constantly appearing. "China's innovation capabilities make me incredibly excited; I have rarely seen such a scene anywhere else in the world," he said. Visiting China again after nearly a decade, what he saw was not a market still chasing the technological wave, but an industrial landscape where innovation continuously emerges and application deployment accelerates. From technological R&D to product iteration and from business models to application deployment, new attempts are constantly appearing. "China's innovation capabilities make me incredibly excited; I have rarely seen such a scene anywhere else in the world," he said. From manufacturing to supply chains and logistics, and now to innovation capabilities, Mr. Frigstad pointed out that the growth path of Chinese enterprises has been forged step by step. The next step is brand globalization. In his view, the most difficult part of the development of Chinese enterprises has already been completed. The ensuing questions are: How do they become global brands? How do they play a more important role on the global stage? This will be the next major growth opportunity for the Chinese economy and Chinese enterprises. However, between AI innovation, product capabilities and true global influence, enterprises still need to fill in a crucial missing link: the brand. From manufacturing to supply chains and logistics and now to innovation capabilities, Mr. Frigstad pointed out that the growth path of Chinese enterprises has been forged step by step. The next step is brand globalization. In his view, the most difficult part of the development of Chinese enterprises has already been completed. The ensuing questions are: How do they become global brands? How do they play a more important role on the global stage? This will be the next major growth opportunity for the Chinese economy and Chinese enterprises. However, between AI innovation, product capabilities and true global influence, enterprises still need to fill in a crucial missing link: the brand. Today, AI is accelerating its integration into daily life and advancing to the frontlines of industry. In this transformation, China is demonstrating increasingly robust innovation momentum across areas such as research and development, manufacturing, application deployment and industrial synergy. To take this step, a CEO cannot merely be an explainer of technology and products, but must also become a storyteller for the enterprise. "Steve Jobs did a phenomenal job at storytelling." Using Apple as an example, Fuda Dawei further explained that Jobs did not obsess over reciting a string of "bits, bytes and functional parameters." Instead, he talked about why Apple wanted to create such products and what kind of experience they hoped to bring to customers. To take this step, a CEO cannot merely be an explainer of technology and products, but must also become a storyteller for the enterprise. "Steve Jobs did a phenomenal job at storytelling." Using Apple as an example, Mr. Frigstad further explained that Jobs did not obsess over reciting a string of "bits, bytes and functional parameters." Instead, he talked about why Apple wanted to create such products and what kind of experience they hoped to bring to customers. "Technology, customer applications and corporate mission can all serve as the starting point of a story. What a CEO needs to do is connect these threads to build a brand capable of crossing global markets and cultural boundaries," Mr. Frigstad emphasized. A truly influential brand needs to make customers, employees, investors, partners and suppliers across different markets understand and believe in the same story: why this company exists, what it hopes to change and for whom it will create value. Technology, customer applications, and corporate mission can all serve as the starting point of a story. What a CEO needs to do is connect these elements to build a brand that can cross global markets and cultural boundaries, Mr. Frigstad emphasized. A truly influential brand must ensure that customers, employees, investors, partners, and suppliers across different markets understand and believe in the same narrative: why this company exists, what it aims to achieve, and for whom it will create value. In addition to learning how to tell stories, Frigstad also recommended that Chinese companies use the global market as their reference point from the start. "Do not restrict yourself to being a Chinese company; position yourself as a global company." According to him, the next step for Chinese companies expanding globally is not merely selling products overseas or applying the same growth strategies in different markets. Instead, it involves viewing the entire global economy as their stage and redefining the company’s positioning, customers, and value propositions. Beyond learning how to tell a story, Mr. Frigstad also advised Chinese enterprises to use the global market as their coordinate system from the very beginning. "Do not limit yourselves to being a Chinese company; position yourselves as a global company." In his view, the next phase for Chinese enterprises going global is not just about selling products overseas or replicating a growth methodology across different markets. Rather, it is about viewing the entire global economy as their stage and redefining the enterprise’s positioning, customers, and value propositions. *Source: International Financial News (Reprinted) International Financial News

“企业在寻找可持续、长期增长路径时，AI正成为一股不可忽视的重要力量。” As companies search for path to sustainable, long-term growth, AI is becoming a vital force that cannot be ignored.   近日全球性企业增长咨询公司弗若斯特沙利文（Frost & Sullivan，下称“沙利文”）全球总裁兼主管合伙人、全球董事局执行董事祖亚儒（Aroop Zutshi）在接受《国际金融报》记者采访时表示，企业真正的增长，并非一时的收入上扬，而在于能否找到可持续、可复制的转型增长（Transformational Growth）路径。而相比前一轮互联网革命，AI将为企业带来更深刻的影响与机会。 Recently, Aroop Zutshi, Global President, Managing Partner, and Executive Director of the Board at the global growth consulting firm Frost & Sullivan (hereinafter referred to as "F&S"), made these remarks in an interview with International Financial News. He stated that true corporate growth is not merely a temporary surge in revenue, but whether a company can find a sustainable and replicable path to transformational growth. Compared to the previous revolution brought by the internet, AI will bring far deeper impacts and opportunities to businesses.   长期深耕“全球化与本土化相结合”的企业发展模式， 祖亚儒 到访过80多个国家，并在约45个国家工作过。而在过去30年间，他每年至少到访中国两次，有时一年多达四次，是中国市场的“常客”。 Having long cultivated an enterprise development model that "combines globalization with localization," Zutshi has visited over 80 countries and worked in approximately 45. Over the past 30 years, he has visited China at least twice a year—and sometimes up to four times—making him a frequent guest in the Chinese market.   长期、持续的观察，让他得以近距离见证中国企业、中国市场与中国经济的巨大演变。“很难说，世界上还有哪个国家能够在相同时间内取得与中国同等、甚至更大的进步。”祖亚儒直言。 Long-term, continuous observation has allowed him to witness up close the massive evolution of Chinese enterprises, the Chinese market, and the Chinese economy. "It's hard to say if there is any other country in the world that could make equivalent, or even greater, progress within the same timeframe," Zutshi stated frankly.   “每次来到中国，我都会看到中国和中国企业进入一个新阶段。”从医疗、科技、 ICT 、通信到航天，在祖亚儒看来，中国企业正凭借技术与产品能力参与解决全球性问题；道路、桥梁与技术等基础设施的持续改善，也共同构成了一个不断向前的中国。 "Every time I come to China, I see China and Chinese companies entering a new stage." From healthcare, technology, and ICT (information and communications technology) to aerospace, Zutshi believes Chinese enterprises are leveraging their technological and product capabilities to help address global issues. The continuous improvement of infrastructure—such as roads, bridges, and technology—collectively forms the China that is constantly moving forward.   尤其在AI领域，他提到，中国早在世界广泛讨论AI之前，便已投入大量资源。如今，中国在多个行业的AI技术上处于领先位置，许多企业和国家也能从中国的技术进展与产业实践中受益、获得启发。 Particularly in the field of AI, he noted that China invested significant resources long before the world began widely discussing artificial intelligence. Today, China holds a leading position in AI technology across multiple industries, and many companies and countries stand to benefit from and be inspired by China's technological advancements and industrial practices.   尤其在AI领域，他提到，中国早在世界广泛讨论AI之前，便已投入大量资源。如今，中国在多个行业的AI技术上处于领先位置，许多企业和国家也能从中国的技术进展与产业实践中受益、获得启发。 Particularly in the field of AI, he noted that China invested significant resources long before the world began widely discussing artificial intelligence. Today, China holds a leading position in AI technology across multiple industries, and many companies and countries stand to benefit from and be inspired by China's technological advancements and industrial practices.   AI赋能企业可持续增长   “转型增长”，是祖亚儒最为关注的议题。 "Transformational Growth" is the topic Zutshi focuses on most.   “许多企业容易将短期市场红利、需求反弹或收入跃升，视作战略成功；但外部环境一旦改变，这种增长也可能迅速消失。”祖亚儒指出，企业真正要追求的，并非一时的营收上涨，而是一种能够持续创造机会、改善利润，并不断为客户创造价值的能力。 "Many companies tend to mistake short-term market dividends, demand rebounds, or revenue jumps for strategic success. But once the external environment changes, this kind of growth can disappear quickly," Zutshi pointed out. He emphasized that what companies should truly pursue is not a temporary rise in revenue, but the capability to continuously create opportunities, improve margins, and deliver ongoing value to customers.   在他看来，这对应着企业增长的两种模式：一种是常规增长，即企业在某一阶段抓住市场需求或周期机会，收入和利润随之上升，但这种增长未必能够持续；另一种则是转型增长，即企业找到长期、可持续、可复制的增长机会，并通过创新与执行，建立更具独特性的市场位置。 In his view, this corresponds to two modes of corporate growth: Conventional Growth: A company capitalizes on market demand or cyclical opportunities at a certain stage, leading to a rise in revenue and profit—though this growth may not necessarily be sustainable. Transformational Growth: A company identifies long-term, sustainable, and replicable growth opportunities and builds a more distinct market position through innovation and execution.   “转型增长不仅要看市场，也要看非市场因素——供应链、政策、技术变化和商业环境等，都可能影响一家企业能否实现长期增长。”祖亚儒强调，企业需要的，不是一份可执行的战略方案，而是一套能够持续发现机会、判断机会并把握机会的能力。 "Transformational growth depends not only on the market, but also on non-market factors—supply chains, policy, technological shifts, and the business environment can all affect whether a company can achieve long-term growth," Zutshi stressed. What companies need is not just an actionable strategic plan, but a set of capabilities to continuously discover, evaluate, and capture opportunities.   但如今，企业在寻找可持续、长期的增长路径时，AI正成为一股不可忽视的重要力量——它一边加速进入日常生活和产业一线，一边快速迭代能力。祖亚儒也坦言，AI正不断重新定义实现转型增长的条件，也向企业提出了新的挑战。 Today, as companies search for sustainable, long-term growth paths, AI is becoming a vital force that cannot be ignored—it is accelerating into daily life and front-line industries while rapidly iterating its own capabilities. Zutshi acknowledged that AI is constantly redefining the conditions for achieving transformational growth and presenting new challenges to businesses.   “市场动态的变化并不新鲜。”祖亚儒指出，企业经营中既有可以掌控的因素，也有难以掌控的变量，前沿技术的出现与落地便是其中之一。以AI为例，人们早已知道它的存在，但直到过去两年，它才真正以今天这样的方式进入大众生活，并在极短时间内产生了深刻而广泛的影响。 "Changing market dynamics are nothing new," Zutshi noted. In business operations, there are controllable factors as well as difficult-to-control variables, and the emergence and implementation of cutting-edge technology is one of them. Taking AI as an example, people have long known about its existence, but only over the past two years has it entered the public sphere in its current form, exerting a profound and widespread impact in a very short period.   “我更愿意把AI看作转型增长的赋能者，而不是转型增长的颠覆者。”在祖亚儒看来，AI当然会改变企业，但企业不应将其视为会摧毁既有业务的外部威胁。真正重要的是，把AI纳入企业的增长体系，让它帮助企业更快作出改变，并创造更多价值。 "I prefer to view AI as an enabler of transformational growth, rather than a disruptor of transformational growth," Zutshi said. While AI will certainly transform companies, businesses should not treat it as an external threat that will destroy existing operations. What truly matters is integrating AI into a company's growth system, allowing it to help the enterprise make changes faster and create more value.   在他看来，企业需要从内部和外部两个维度使用AI。对内，企业首先应重新审视所有工作流：一项业务如何从A点推进到B点，信息如何流动，哪些环节耗时、重复，或容易出错。通过引入AI梳理流程，企业能够提高速度、质量和效率，进而降低成本、改善利润率。 He believes companies need to utilize AI from two dimensions: internally and externally.   Internally: Companies should first re-examine all workflows—how a business process moves from Point A to Point B, how information flows, and which steps are time-consuming, repetitive, or prone to error. By introducing AI to streamline processes, companies can increase speed, quality, and efficiency, thereby lowering costs and improving profit margins. Externally: Beyond internal efficiency, companies must leverage AI to rethink their products and services.   而在内部提效之外，企业还需要借助AI重新思考产品与服务。祖亚儒认为，随着信息愈发透明、技术扩散持续提速，世界各地企业的产品能力将越来越接近。届时，真正拉开企业差距的，是客户体验——从使用、咨询、售后，到问题出现时企业如何回应客户。 Zutshi observed that as information becomes more transparent and technology diffusion accelerates, product capabilities among companies around the world will become increasingly similar. When that happens, what truly sets a company apart is customer experience—ranging from usage, consultation, and after-sales service, to how the company responds when problems arise.   “能否增加新的功能？能否提供新的服务？能否创造新的商业模式？更重要的是，能否让客户获得更便宜、更好、更快的产品和体验？”在祖亚儒看来，企业都应借助AI，一一回答这些问题。 "Can you add new features? Can you provide new services? Can you create new business models? More importantly, can you offer customers cheaper, better, and faster products and experiences?" In Zutshi's view, all companies must leverage AI to answer these questions one by one.   把中国能力变成全球价值 Turning Chinese Capabilities into Global Value   当下，AI正加速进入千行百业。在这场变革中，中国企业正走在前沿：既加快AI在产业场景中的应用与落地，也持续展现出强劲的原创能力。 Currently, AI is accelerating its penetration into various industries. In this wave of transformation, Chinese enterprises are standing at the forefront: they are accelerating the application and implementation of AI in industrial scenarios while continuously demonstrating strong capacity for original innovation.   作为中国市场的“常客”，在祖亚儒看来，中国企业的优势不只在于速度，更在于能够将制造、技术与产品能力结合起来，并在汽车、出行、医疗健康、ICT等领域创造实际价值。越来越多中国制造的产品达到全球标准，也开始进入海外市场，改善当地生活、带动当地生态。 As a "frequent guest" to the Chinese market, Zutshi sees that the advantage of Chinese enterprises lies not just in speed, but in their ability to combine manufacturing, technology, and product capabilities to create tangible value across sectors like automotive, mobility, healthcare, and ICT. An increasing number of products made in China meet global standards and are entering overseas markets, improving local lives and driving local ecosystems.   也正因此，谈及中国企业的全球化，祖亚儒首先给出了一个不同于“竞争叙事”的判断。 Precisely for this reason, when discussing the globalization of Chinese enterprises, Zutshi first offered an assessment that differs from the typical "competition narrative."   “比起全球化竞争，更应该讨论的是全球化合作。中国企业与海外同行并不必然是此消彼长的关系。”在他看来，走向全球不只是将产品卖到更多国家，而是将自身的制造、技术与创新能力带入更多真实场景，更是在全球市场中寻找合作的可能，共同将技术与产业能力转化为对社会的真实价值。 "Rather than global competition, we should be discussing global cooperation. Chinese companies and their overseas peers do not necessarily have a zero-sum relationship." In his view, going global is not just about selling products to more countries; it means bringing one's manufacturing, technological, and innovative capabilities into more real-world scenarios. It is also about seeking potential collaborations in global markets to jointly translate technology and industrial capabilities into real value for society.   “不过，全球化的第一步，并不是急于进入尽可能多的国家。”祖亚儒指出，企业要先判断哪些市场真正值得进入：既要评估市场规模、竞争程度、技术水平、渠道条件与客户需求，也要考量贸易政策、税收安排、投资环境、资金汇回等非市场因素。 "However, the first step of globalization is not rushing into as many countries as possible," Zutshi pointed out. Companies must firstly evaluate which markets are truly worth entering. This requires assessing market size, competitive intensity, technological maturity, channel conditions, and customer demand, as well as weighing non-market factors such as trade policies, tax arrangements, the investment environment, and capital repatriation.   比市场选择更难的，是跨越品牌信任。祖亚儒指出，一个品牌在中国成立，并不意味着它在另一个国家也会被同样理解。 Harder than selecting markets, however, is building cross-border brand trust. Zutshi noted that just because a brand is established in China does not mean it will be understood the same way in another country.   在他看来，企业必须重新理解当地客户的需求、文化与价值判断，必要时甚至需要调整品牌表达与市场定位。“技术可以帮助企业进入全球市场，但信任决定企业能否真正留在全球市场。” In his view, companies must re-understand the needs, culture, and value judgments of local customers, and adjust their brand messaging and market positioning when necessary. "Technology can help a company enter the global market, but trust determines whether it can truly stay there."   “中国企业能够走在前列，关键在于始终专注于为客户创造更大价值，并以优异的性价比提供产品和解决方案。”祖亚儒判断，当这种中国能力真正转化为能够被全球市场理解、接受并共享的价值时，中国企业也将迎来下一轮重要的增长机会。 "The key to Chinese enterprises staying at the forefront is their persistent focus on creating greater value for customers and offering products and solutions with exceptional cost-performance," Zutshi concluded. When these Chinese capabilities are truly transformed into value that can be understood, accepted, and shared by the global market, Chinese companies will welcome their next major growth opportunity.

新华网上海8月12日电  8月3日至5日，第二十届沙利文全球增长、科创与领导力峰会暨第五届新投资大会在上海举办。本届峰会恰逢沙利文全球成立65周年、沙利文峰会落地中国20周年双庆典节点，以“锚定创新爆发期，共塑转型增长新未来”为核心主题，汇聚300余位海内外嘉宾，落地150余场主题演讲与圆桌对话，全方位呈现全球产业转型增长的中国路径与亚太方案。 From August 3 to 5, the 20th Frost & Sullivan Global Growth, Innovation and Leadership Summit and the 5th New Investment Event were held in Shanghai. This year's summit coincided with the dual anniversary milestones of Frost & Sullivan's 65th global anniversary and the 20th anniversary of the summit's presence in China. Under the core theme "Anchoring the Innovation Explosion, Shaping New Future of Transformational Growth", the event brought together over 300 domestic and international guests and featured more than 150 keynote speeches and round table dialogues, presenting a comprehensive picture of China's pathways and Asia-Pacific solutions for global industrial transformation and growth.   峰会期间，沙利文全球董事局主席兼首席执行官 富大为 （David Frigstad）在接受新华网专访时表示，自1976年首次到访中国以来，他亲历了中国从制造业起步，到成长为世界级物流强国，再到创新渗透整个经济体的全过程。“中国的转型是人类历史上前所未见的，转型速度更是史无前例。”在他看来，这一切才刚刚开始——随着制造、供应链、物流与创新能力全面就位，中国正迎来前所未有的发展机遇。 During the summit, David Frigstad, Global Chairman and CEO, Frost & Sullivan, gave an exclusive interview to Xinhua Net. He shared that since his first visit to China in 1976, he has witnessed the country's entire journey—from its early manufacturing base, to its rise as a world-class logistics powerhouse, and to the permeation of innovation throughout the entire economy. "China's transformation is unprecedented in human history, and the speed of that transformation is also unprecedented." In his view, this is only the beginning—with manufacturing, supply chains, logistics, and innovation capabilities now fully in place, China is facing unprecedented development opportunities.   谈及中国产业创新对全球的借鉴意义，富大为认为，其底层逻辑归根结底在于价值观：中国家庭世代传承的勤奋、尊师重教、回馈社会等核心价值，构成了产业创新持续迸发的根基，也是其他经济体最值得参考的增长范式。 When asked about the global implications of China's industrial innovation, David Frigstad believes that the underlying logic ultimately comes down to values: the core values passed down through Chinese families—diligence, respect for teachers and education, and giving back to society—form the foundation for sustained industrial innovation, and also represent the growth model most worthy of reference for other economies.   对于中国企业全球化，富大为指出，最紧迫的挑战与最大的机遇同出一源——讲好品牌故事。“中国企业在制造、供应链、文化底蕴上均已达到世界级水平，什么都有了，只差品牌。”他坦言，不少企业习惯于罗列财务数据与产品参数，而真正打动人心的品牌叙事，才是感染用户、赢得投资者、连接全球受众的关键，也是中国企业从“中国参与者”迈向“全球参与者”的必修课。 Regarding the globalization of Chinese enterprises, David Frigstad pointed out that the most pressing challenge and the greatest opportunity stem from the same source—telling a compelling brand story. "Chinese companies are already world-class in manufacturing, supply chains, and cultural heritage—they have everything except a brand." He candidly noted that many companies are accustomed to listing financial data and product specifications, but what truly moves users, wins over investors, and connects with global audiences is authentic brand storytelling—which is also an essential lesson for Chinese enterprises as they transition from "Chinese participants" to "global players."   谈及人工智能浪潮，富大为介绍，沙利文近年提出“ AI+HI ”理念，即推动人工智能与人类智能深度融合。AI将承担大量程式化工作，人的创造力、判断力与情感连接价值将愈发凸显；与此同时，信息爆炸也让独立、公正的第三方研究视角价值倍增，成为产业决策的重要参照。 Speaking of the AI wave, David Frigstad introduced Frost & Sullivan's recent "AI+HI" concept, which advocates the deep integration of artificial intelligence and human intelligence. AI will take on a large share of routine work, while human creativity, judgment, and emotional connection will become increasingly valuable. At the same time, the explosion of information greatly amplifies the value of independent, impartial third-party research perspectives, making them a critical reference for industrial decision-making.   面向未来，富大为表示，沙利文将继续聚焦识别颠覆性增长机遇，帮助全行业为智能革命带来的全领域变革做好准备，并与中国企业在行业转型、客户价值主张与客户体验升级上深度合作，助力中国产业的优质价值更有效地传递给世界。“企业越强大、协作越深入，世界就越趋向共赢。”他相信，以企业间的互信与合作推动产业共赢，全球经济将共同朝着正向方向发展。 Looking ahead, David Frigstad stated that Frost & Sullivan will continue to focus on identifying disruptive growth opportunities, helping all industries prepare for the sweeping changes brought by the intelligent revolution, and working closely with Chinese companies on industry transformation, customer value propositions, and customer experience upgrades—so that the high-quality value of China's industries can be more effectively delivered to the world. "The stronger the companies and the deeper the collaboration, the more the world moves toward win-win outcomes." He believes that by fostering mutual trust and cooperation among enterprises to drive shared prosperity, the global economy will collectively move in a positive direction.   （文字：许超、刘飞翔；视频：张千石、王若涵、郑瀚）   (Text: Xu Chao, Liu Feixiang; Video: Zhang Qianshi, Wang Ruohan, Zheng Han)   *文章来源：新华网（转载） Source credit: Xinhua Net

新华网上海8月11日电  8月3日至5日，第二十届沙利文全球增长、科创与领导力峰会暨第五届新投资大会在上海举办。本届峰会恰逢沙利文全球成立65周年、沙利文峰会落地中国20周年双庆典节点，以“锚定创新爆发期，共塑转型增长新未来”为核心主题，汇聚300余位海内外嘉宾，落地150余场主题演讲与圆桌对话，全方位呈现全球产业转型增长的中国路径与亚太方案。 From August 3 to 5, the 20th Frost & Sullivan Global Growth, Innovation and Leadership Summit and the 5th New Investment Event were held in Shanghai. This year's summit coincided with the dual anniversary milestones of Frost & Sullivan's 65th global anniversary and the 20th anniversary of the Summit's presence in China. Under the core theme "Anchoring the Innovation Explosion, Shaping New Future of Transformational Growth," the event brought together over 300 domestic and international guests, and featured more than 150 keynote speeches and round table dialogues, presenting a comprehensive picture of China's pathways and Asia-Pacific solutions for global industrial transformation and growth.   峰会期间，沙利文全球总裁兼主管合伙人、全球董事局执行董事祖亚儒（Aroop Zutshi）在接受新华网专访时表示，中国一直在塑造全球经济、重塑人与企业互动方式中发挥关键作用，中国企业走向全球的浪潮不会放缓、只会加速。“其他一切都会变，但产品必须更便宜、更好、更快——这一点不会变。”他认为，一家企业很难单打独斗实现全部潜力，沙利文正聚合学术界、产业界、金融界、研发实验室等主体构建完善产业生态，通过多种“企业行动方案”协作方式，为政产学研资搭建高效连接桥梁，助力企业以更低成本、更优品质、更快响应同时布局国内国际两个市场，获得可持续的长期增长。 During the summit, Aroop Zutshi, Global President & Managing Partner, Executive Board Member, Frost & Sullivan, gave an exclusive interview to Xinhua Net. He noted that China has been playing a pivotal role in shaping the global economy and reshaping the ways people and businesses interact, and that the wave of Chinese enterprises going global will not slow down—it will only accelerate. "Everything else may change, but products must be cheaper, better, and faster—that will not change." He believes that no single company can realize its full potential alone; Frost & Sullivan is bringing together academia, industry, finance, R&D labs and other stakeholders to build a robust industrial ecosystem. Through various collaborative "corporate action plans," the firm serves as an efficient bridge connecting government, industry, academia, research and capital, helping companies simultaneously address both domestic and international markets with lower costs, superior quality, and faster responsiveness, thereby achieving sustainable long-term growth.   谈及 GIL 最佳实践评选，祖亚儒介绍，评选标准正从“认可企业”升级为考察两大新维度——长期可持续性，以及对云计算、数据中心、芯片等AI基础设施的技术杠杆运用能力，以此帮助中国优质科创企业获得更广泛的全球产业认可，推动企业不断突破创新边界。 Regarding the GIL Best Practices Awards, Aroop Zutshi explained that the selection criteria are evolving from "recognizing companies" to examining two new dimensions—long-term sustainability, and the ability to leverage AI infrastructure such as cloud computing, data centers, and chips. This evolution aims to help China's high-quality tech innovators gain broader global industry recognition and continuously push the boundaries of innovation.   祖亚儒表示，本届峰会沉淀大量行业洞见，扩充沙利文产业知识库并向所有客户开放共享；同时成立多个专项委员会，从商业模式、技术、产业融合、客户分析等视角持续完善知识体系，逐年扩大优质科创企业评选覆盖规模。峰会闭幕后，相关成果将同步至沙利文遍布全球数十个国家的办事机构，把中国科创企业的优秀实践推向全球，同时为中国企业出海拓展海外市场提供支持，进一步助力提升中国经济活力，在全球产业领域创造独特价值。 Aroop Zutshi also stated that this year's summit has generated a wealth of industry insights, which will be incorporated into Frost & Sullivan's industry knowledge base and made openly accessible to all clients. Meanwhile, multiple specialized committees have been established to continuously refine the knowledge framework from perspectives including business models, technology, industrial integration, and customer analytics, and to progressively expand the scope of the annual selection of outstanding tech innovators. Following the summit, the outcomes will be shared with Frost & Sullivan's offices in dozens of countries worldwide, bringing the best practices of Chinese tech enterprises to the global stage while providing support for Chinese companies seeking to expand into overseas markets. These efforts will further bolster the vitality of China's economy and create unique value across global industries.   （文字：许超、刘飞翔；视频：张千石、王若涵、郑瀚） (Text: Xu Chao, Liu Feixiang; Video: Zhang Qianshi, Wang Ruohan, Zheng Han)   *文章来源：新华网（转载） Source credit: Xinhua Net

新华网上海8月11日电  8月3日至5日，第二十届沙利文全球增长、科创与领导力峰会暨第五届新投资大会在上海举办。本届峰会恰逢沙利文全球成立65周年、沙利文峰会落地中国20周年双庆典节点，以“锚定创新爆发期，共塑转型增长新未来”为核心主题，汇聚300余位海内外重磅嘉宾，落地150余场主题演讲与圆桌对话，全方位呈现全球产业转型增长的中国路径与亚太方案。 From August 3 to 5, the 20th Frost & Sullivan Global Growth, Innovation and Leadership Summit and the 5th New Investment Event were held in Shanghai. This year's summit coincided with the dual anniversary milestones of Frost & Sullivan's 65th global anniversary and the 20th anniversary of the Summit's presence in China. Under the core theme "Anchoring the Innovation Explosion, Shaping New Future of Transformational Growth," the event brought together over 300 distinguished domestic and international guests and featured more than 150 keynote speeches and round table dialogues, presenting a comprehensive picture of China's pathways and Asia-Pacific solutions for global industrial transformation and growth.   峰会期间，沙利文全球高级副总裁、亚太区联合主席、中国董事长王昕博士在接受新华网专访时表示，本届峰会的核心议题之一，正是呼吁全球将研究与投资的目光更多投向中国市场与中国机遇——重仓中国，就是重仓未来。针对未来产业方向，他提出四大高科技赛道值得关注：空间科技、计算科学、人工智能、生命科学。 During the summit, Dr. Neil Wang, Global Senior VP, Co-Chairman of Asia Pacific, and Chairman of China, Frost & Sullivan, gave an exclusive interview to Xinhua Net. He noted that one of the core topics of this year's summit was to call on the world to direct more research and investment attention to the Chinese market and its opportunities—betting on China means betting on the future. Regarding future industrial directions, he highlighted four high-tech sectors worthy of attention: space technology, computing science, artificial intelligence, and life sciences.   现场，沙利文连续第五年发布《中国未来50年产业发展趋势白皮书》，并首次联合 FT中文网 推出“影响下一个50年的十大商业案例”。王昕表示，未来并非无迹可循——让历史告诉未来，研判经济发展规律、技术商业化规律与未被满足的真实需求，就能把握未来的脉搏，为AI、生物医药、半导体等前沿赛道的企业决策提供关键参考。 At the event, Frost & Sullivan released the White Paper on China's Future 50-Year Industrial Development Trends for the fifth consecutive year, and for the first time, jointly launched with FTChinese.com the "10 Business Cases Shaping the Next 50 Years". Dr. Neil Wang remarked that the future is not without its signs—by letting history inform the future, and by studying the patterns of economic development, the laws of technology commercialization, and unmet real needs, one can grasp the pulse of what lies ahead, providing critical references for corporate decision-making in frontier sectors such as AI, biopharma, and semiconductors.   谈及中国企业从“技术突破”迈向“品牌强国”，王昕认为，中国企业不应只是本地企业，而要志存高远、成为全球企业。他透露，沙利文即将推出企业增长教练指南新书及配套的实战工作坊，以系统方法助力企业应对市场准入、关税与 非关税壁垒 等挑战，以颠覆性科技为传统企业赋能，呼应国家品牌强国战略。 Addressing the transition of Chinese enterprises from "technological breakthroughs" to "building a brand-powerful nation," Dr. Neil Wang believes that Chinese companies should not merely be local players; they should aspire high and become global enterprises. He revealed that Frost & Sullivan will soon launch a new book, the Enterprise Growth Coach Guide, along with accompanying practical workshops. These will employ systematic methods to help companies tackle challenges such as market access, tariffs, and non-tariff barriers, while empowering traditional enterprises with disruptive technologies, in alignment with the national brand-strengthening strategy.   王昕表示，未来，沙利文将依托覆盖全球的产业服务网络，以“ License In （请进来）、License Out（走出去）”双向模式，为上海本土企业搭建出海快车道，帮助其快速对接全球市场资源、标准与合作机会，做好连接东西方产业的桥梁；以孺子牛精神，为中国产业高质量发展持续赋能。 Dr. Neil Wang added that, going forward, Frost & Sullivan will leverage its global industrial service network and adopt a two-way model of "License In and License Out" to build a fast track for Shanghai-based enterprises to go overseas, helping them quickly connect with global market resources, standards, and cooperation opportunities, and serving as a bridge between Eastern and Western industries. With a spirit of selfless dedication, the firm will continue to empower the high-quality development of China's industries.   （文字：许超、吴张洁；视频：张千石、王若涵、吴张洁） (Text: Xu Chao, Wu Zhangjie; Video: Zhang Qianshi, Wang Ruohan, Wu Zhangjie)   *文章来源：新华网（转载） Source credit: Xinhua Net

新华网上海8月12日电  8月3日至5日，第二十届沙利文全球增长、科创与领导力峰会暨第五届新投资大会在上海举办。本届峰会恰逢沙利文全球成立65周年、沙利文峰会落地中国20周年双庆典节点，以“锚定创新爆发期，共塑转型增长新未来”为核心主题，汇聚300余位海内外嘉宾，落地150余场主题演讲与圆桌对话，全方位呈现全球产业转型增长的中国路径与亚太方案。 From August 3 to 5, the 20th Frost & Sullivan Global Growth, Innovation and Leadership Summit and the 5th New Investment Event were held in Shanghai. This year's summit coincided with the dual anniversary milestones of Frost & Sullivan's 65th global anniversary and the 20th anniversary of the Summit's presence in China. Under the core theme "Anchoring the Innovation Explosion, Shaping New Future of Transformational Growth," the event brought together over 300 domestic and international guests and featured more than 150 keynote speeches and round table dialogues, presenting a comprehensive picture of China's pathways and Asia-Pacific solutions for global industrial transformation and growth.   期间，沙利文全球首席经济学家葛万威教授（Vinod Aggarwal）在接受新华网专访时表示，当前全球经济并非简单呈现放缓或加速的走势，而是受多方因素影响正处于根本性重组的碎片化阶段，基于此，企业必须适配这一趋势开展经营。他认为，未来3至5年，人工智能、机器人、能源系统将成为核心增长引擎。中国科创企业在国际化发展过程中，需采用“多国内”策略，兼顾市场策略与 非市场策略 ，深度融入各地本土生态，才能更好实现全球扩张。 During the summit, Prof. Vinod K. Aggarwal, Global Chief Economist, Frost & Sullivan; Distinguished Professor, UC Berkeley; Director, Berkeley APEC Study Center (BASC), gave an exclusive interview to Xinhua Net. He noted that the current global economy is not simply slowing down or accelerating, but is instead undergoing a fundamental restructuring and fragmentation driven by multiple factors. Based on this, companies must adapt their operations to this trend. He believes that over the next three to five years, artificial intelligence, robotics, and energy systems will become the core growth engines. In their international expansion, Chinese tech enterprises need to adopt a "multi-domestic" strategy that balances both market and non-market approaches, and deeply integrate into local ecosystems in each market to better achieve global growth.   葛万威期待，中国企业在全球碎片化的市场环境下，能主动与各地本土利益相关方协作，适配不同市场的差异化需求，稳步迈向全球价值链的高附加值环节，最终实现高质量、可持续的增长。同时，他表示，沙利文也将发挥自身积淀的市场策略、非市场策略经验，整合全链条全球资源为企业提供支撑，助力各类企业在新的全球产业格局中平稳健康发展。 Prof. Vinod K. Aggarwal expressed his hope that, in the face of a fragmented global market environment, Chinese companies will proactively collaborate with local stakeholders in different regions, adapt to differentiated market needs, steadily move up the value chain toward high-value-added segments, and ultimately achieve high-quality, sustainable growth. He also stated that Frost & Sullivan will leverage its accumulated expertise in market and non-market strategies, as well as its integrated global resources across the entire value chain, to provide comprehensive support for companies, helping them navigate the new global industrial landscape with stability and sound growth.   （文字：许超；视频：张千石、王若涵、郑瀚） (Text: Xu Chao; Video: Zhang Qianshi, Wang Ruohan, Zheng Han)   *文章来源：新华网（转载） Source credit: Xinhua Net

对话沙利文王昕博士 在全球商业史中，65年足以见证多个经济周期、技术革命和产业重组。从战后全球化到数字经济，从制造业转移到供应链重构，从资本效率到可持续增长，企业的成功逻辑不断被改写。商业的本质，在于与时间共生。短期的行情起伏、热点轮换与市场波动终会落幕。今天，全球商业面临的问题不只是企业如何增长，更是如何在低增长、强竞争和全球化不确定性中重新定义增长质量。 每一轮周期都会淘汰一批企业，也会塑造一批新的商业标杆。回望过去几十年，在全球商业环境的关键词不断变化的过程中，中国商业的高速增长为全球商业趋势的变革提供了丰富样本，也经历着从追赶者转变为全球产业链的深度参与者的身份转换，并逐步成为推动全球化新周期商业变革的一支不可忽视的力量。进入全球化新周期，不确定性已成为常态，中国企业如何重新定义自身价值？能否从过往经验中提炼出穿越周期的能力？如何通过实践经验回应当下企业普遍面对的焦虑？又有哪些中国样本，可能在未来50年继续影响产业、市场与全球商业秩序？ 作为全球领先的增长咨询公司，弗若斯特沙利文（Frost & Sullivan，简称“沙利文”）正步入成立第65年的发展黄金阶段。这个夏天，在中国上海这座全球瞩目的新商业活力之都，FT中文网与沙利文全球高级副总裁、亚太区联合主席、中国董事长王昕博士展开对话，共同拆解企业穿越周期的商业底层逻辑。从沙利文65年的产业观察出发，回顾中国企业的成长路径，回应当下令企业陷入焦虑的时代议题，并寻找未来50年的商业样本。   FT中文网： 过去65年，沙利文观察并参与了全球产业的多轮变迁。真正能够被时间留下来的企业，靠的是什么？   王昕博士 沙利文全球高级副总裁、亚太区联合主席、中国董事长 中国经济长期保持持续、稳健的增长，是全球最大的利好之一。这是沙利文基于65年来对全球产业变迁的观察形成的一点体会。2026年是“十五五”开局之年，恰逢沙利文全球成立65周年，也是沙利文GIL峰会落地中国20周年。在这个特别的年份，沙利文不仅将发布第五期《中国未来50年产业发展趋势白皮书》，还将与FT中文网携手推出“影响下一个50年的十大中国商业案例”，共同寻找能够定义未来的中国商业样本。从追赶到定义，从速度到韧性，今天，中国企业的成长路径正在发生深刻变化。 在纷繁复杂的国际竞争中，能够长期生存并保持基业常青的企业，通常具备几项特征。第一，必须拥有全球化视野和前瞻性布局；第二，必须具备科技创新属性；第三，必须长期坚持品牌建设。世界变化迅速，企业不能以静止的眼光看待问题，而应着眼未来，因为未来代表希望。品牌是以最简单、最朴素、最直白的方式，对高度浓缩了企业的特征。只有将这些能力建设好，企业才能在长期、持续的竞争中脱颖而出。 最近我们看到一个比较大的新闻，也是一个非常典型的案例：SpaceX在纳斯达克成功上市，市值超过2万亿美元。这是“马太效应”的典型案例。2万亿美元大概是我们广东省的一年的GDP，这样的一个天文数字背后映射的，是大型企业更容易获得资源、关注度、资金、技术和人才，也更容易在产业政策导向和市场准入方面获得话语权或吸引力。最具影响力的企业，往往拥有更强的吸金能力。 同样，热点行业也具有较强的吸金能力。在已获香港证券交易所批准上市或正处于审批阶段的企业中，与人工智能（AI）相关的企业获得的融资额非常高。AI及其生态链是当前投融资的重要热点。近年来，中国企业在人工智能、机器人及相关半导体行业发展迅速，符合全球科技发展潮流，也因此更容易获得融资和关注，以及技术、资金与市场支持。中国经济中的许多主体、参与者和企业，其演进过程也与多项国际趋势呈现相似之处。   FT中文网：科技趋势的长线逻辑中，企业如何避免停留在既有成功里？   王昕博士 沙利文全球高级副总裁、亚太区联合主席、中国董事长 人类的好奇心，以及对外太空、大自然和宇宙的探索，从未停息。这并非新近出现的事物，而是人类长期追求的目标。科技发展从来不是一帆风顺，而是在曲折中螺旋式上升；这是人类发展与科技发展的必经阶段。 过去几十年间，从沙利文成立至今的65年里，全球经历了多轮产业发展浪潮。近年来，生命科学成为人类关注的重要议题之一。与生命相关的医疗卫生、医疗科技、医药科技，以及对一些难以治愈的顽固疾病的研究，都是人类长期、甚至可能永恒面对的主题，也为生命科学的发展带来了巨大机遇。与此同时，人类早已进入数字化和信息化时代。如今，许多工厂的智能化程度已经很高，家居智能化水平也在逐步提升。人类再次走到一个十字路口。空间技术、海洋技术、生命科学技术、半导体技术和人工智能，都是人类长期发展的重大方向。这些方向不会在一朝一夕之间被某一种技术简单取代，而将在较长时期内持续存在。 今天，更多可供借鉴的经验来自对过去失败的总结。举个例子，柯达是最早发明数码相机的企业之一，却没有大规模推广数码相机技术，也未充分意识到数码产品将全面席卷市场，仍认为胶片会占据主流。最终，这一庞然大物轰然倒塌。这个是我们特别值得吸取教训的。企业在传统技术和产品领域占据全球领导地位，也同样可能面临巨大危机，甚至面临更高的风险，风险系数可能是以指数增长的。   FT中文网：当增长放缓、供应链重构、大国技术竞争成为全球化中不可逆转的背景，以中美竞合为例，您如何看待技术驱动下中国企业的未来之路？哪些领域最能代表中国商业的结构性转型？   王昕博士 沙利文全球高级副总裁、亚太区联合主席、中国董事长 中美两国在许多方面可以相互学习和借鉴。以生物医药为例，近年来，中国生物医药企业赴境外上市受到关注。全球最大的医药企业仍在美国，但中国已经奋起直追，两者之间的差距是越来越小的。过去一二十年间，中国生物医药企业实现了跃进式增长，并吸收了许多先进国家的经验。 辉瑞（Pfizer）的首席执行官（CEO）在最近一次访谈中提到两个关键词：一个是AI，另一个是China。他表示，人工智能和中国是其思考中非常重要的两个词汇。在他看来，中国药企，尤其是生物医药企业，发展速度非常快。虽然在某些领域，中国药企暂时可能尚未完全超越美国药企，但这只是时间长短的问题。 竞争并非坏事。它推动企业、行业乃至国家不断演进，也使其在国际经济格局中保持竞争力。与此同时，竞争之中同样存在合作机会。能否看到这些合作机会，考验的是企业商业领袖的智慧、格局与眼光。“他山之石，可以攻玉。”合作不必局限于本行业、本赛道的小范围。 AI（人工智能）技术的出现，源于其对人类智能的补充或增强作用；这正如人类发明工具是因为双手无法完成所有事情。但机器并非万能，人工智能也存在不足和不完美之处。人工智能与人类智力并不相同，两者都有需要弥补的地方。人工智能与人类智能相结合，即AI（Artificial Intelligence）+HI（Human Intelligence），也可以理解为一些报道里提到的共同智能或共生智能（Co-Intelligence），即AI+HI=CI。这可能是最佳组合，二者缺一不可。   FT中文网：今天很多企业同时面对短期生存和长期增长的压力，也容易陷入价格战、同质化竞争和战略焦虑。您如何理解这种内卷？   王昕博士 沙利文全球高级副总裁、亚太区联合主席、中国董事长 “内卷”在某种意义上符合经济规律。经济学中有一个术语叫“规模经济效应”：当企业或行业实现规模化生产后，效率会大幅提高，成本随之下降，最终价格也会下降。这是十分正常的现象。随着我们经济发展，同一个行业里边竞争的企业的数量增加，它们的产量是必定增加的，因此一定会出现一个所谓的“内卷”现象，这也是因为许多企业缺乏系统梳理。对此，沙利文出版了《The Growth Coaching Book》一书。我们认为企业增长需要系统的方法和路径。无论对企业，还是对其CEO和商业领袖而言，最重要的工作都是实现企业增长。实现增长有多种系统方法。沙利文希望通过这本书和我们的一些业务服务，让企业不仅拥有方法，也能获得指导机构，也就是“教练机构”的支持，由此陪伴企业共同实现增长。 回到企业成长的韧性，我认为企业创立之初，首先必须有使命（Mission），也就是初心；第二是创新（Innovation）；第三是信任（Trust）。以百年老药企同仁堂为例，其之所以能够建立强烈的信任感，在于其理念始终强调：即使原料药昂贵，也不敢偷工减料；炮制虽繁，也不敢化繁为简。正是这两点赢得了患者、医生和产业界的信任，也使同仁堂成为名声远扬的大品牌。 使命、科技创新和信任，是企业竞争力的重要来源。企业首先不能忘记初心，同时要通过持续的科技创新不断演进，并持续提升相关产业各方和利害相关方的信任程度。无论将其称为“韧性三角”还是“稳定三角”，其中任何一边一旦成为最薄弱的一环，就最容易受到攻击。   FT中文网：从今天的产业变化看，真正具有未来价值的中国企业应该具备哪些能力？并有可能影响未来50年的全球产业格局？   王昕博士 沙利文全球高级副总裁、亚太区联合主席、中国董事长 企业要具备国际化视野和前瞻性布局，也要拥有科技创新能力和品牌建设能力，并理解世界或国家未来发展的大趋势。知识远不如见识重要；只有具备更广阔的见识、理解更大的格局，企业才会拥有自身发展的Benchmark（参照标杆）。 企业不能忘记自身使命。科技创新是企业保持高度竞争力的先决条件。企业不仅要开展科技创新，还要引领科技创新潮流，成为科技创新的带头人和引领者。同时，企业也要报效祖国。无论企业规模大小，也无论企业家的影响力大小，都应具备这种意识。位卑不可忘国忧，位高更不能忘国忧。最后一点，中国企业还必须具备国际化竞争的思维和意识，不能忘记自身置身于国际化竞争环境，而非小范围的竞争环境。走向世界、站上世界舞台，乃至走向世界舞台中央，是中国企业最高的追求目标之一。 我们国家反复在讲人类命运共同体，这意味着个人不能独善其身，企业也不能“独善其企业”。对企业而言，如果企业家不能将自身置于全球背景下审视，就注定不可能走得长远。 未来也是探讨出来的。如果我们能摸索出人类的共识，并结合许多国家的远景规划，便可以在一定程度上预见未来。过去4年，沙利文持续开展中国未来50年的远景预测。沙利文在全球有65年的产业积累，在中国也有28年的积累。如果我们把这个大数据像开采金矿一样挖掘出来，再结合过去4年里我们做的对中国未来50年的预测，就可以形成具有一定参考价值的研究。我们希望通过这本《中国未来50年发展趋势白皮书》遴选出的样本企业，将发挥先锋示范作用，帮助中国在未来50年的发展中实现中华民族伟大复兴，也为中国乃至世界塑造一个特别美好的未来。 65年来，沙利文始终坚持事实和分析先于观点，以数据、分析和事实为企业决策提供锚点。在企业刚刚展露成长苗头时，沙利文便愿意与其同行，以专业和信任陪伴中国企业走向世界。我相信，未来50年，中国的故事和中国企业的故事都将更加精彩。未来已来，让我们共同见证。   *本文首发FT中文网， https://www.chineseft.net/interactive/287189 ，经授权转载