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	<title>护城河 &#8211; Zhang Haibo</title>
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	<title>护城河 &#8211; Zhang Haibo</title>
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		<title>差异化：段永平说没有它就只剩价格战</title>
		<link>https://zhanghaibo.com/differentiation/</link>
					<comments>https://zhanghaibo.com/differentiation/#respond</comments>
		
		<dc:creator><![CDATA[海波 vincent]]></dc:creator>
		<pubDate>Fri, 12 Jun 2026 07:08:38 +0000</pubDate>
				<category><![CDATA[分析方法]]></category>
		<category><![CDATA[价格战]]></category>
		<category><![CDATA[差异化]]></category>
		<category><![CDATA[护城河]]></category>
		<category><![CDATA[段永平]]></category>
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					<description><![CDATA[段永平认为，产品缺乏差异化最终会陷入价格战。差异化是满足用户需要而对手无法提供的价值，也是企业护城河与定价权的来源。投资应避开无法实现差异化的行业，寻找能持续创造独特价值、构建长期竞争壁垒的优秀公司。]]></description>
		
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		<title>护城河：段永平判断公司能否长期赚钱的标准</title>
		<link>https://zhanghaibo.com/economic-moat/</link>
					<comments>https://zhanghaibo.com/economic-moat/#respond</comments>
		
		<dc:creator><![CDATA[海波 vincent]]></dc:creator>
		<pubDate>Thu, 11 Jun 2026 05:08:37 +0000</pubDate>
				<category><![CDATA[分析方法]]></category>
		<category><![CDATA[企业文化]]></category>
		<category><![CDATA[定价权]]></category>
		<category><![CDATA[差异化]]></category>
		<category><![CDATA[护城河]]></category>
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					<description><![CDATA[企业的护城河是长期保持超额利润的竞争优势，而定价权则是其核心体现。真正的护城河源于无法被轻易复制的差异化、品牌和企业文化，而非单纯的低成本或市场份额。判断一家公司是否有护城河，关键在于其能否在涨价的同时依然留住客户。]]></description>
		
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		<title>生意模式：段永平说这顿巴菲特午餐值100顿</title>
		<link>https://zhanghaibo.com/business-model/</link>
					<comments>https://zhanghaibo.com/business-model/#respond</comments>
		
		<dc:creator><![CDATA[海波 vincent]]></dc:creator>
		<pubDate>Wed, 10 Jun 2026 08:56:07 +0000</pubDate>
				<category><![CDATA[分析方法]]></category>
		<category><![CDATA[护城河]]></category>
		<category><![CDATA[段永平]]></category>
		<category><![CDATA[生意模式]]></category>
		<category><![CDATA[行业选择]]></category>
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					<description><![CDATA[段永平认为投资的第一标准是生意模式。好的生意模式能长期、可持续地产生净现金流，具有深厚的护城河，即长坡厚雪。相比于管理层，选对生意模式更为关键。投资应避开难以差异化的行业，寻找如苹果、茅台般确定性高的伟大企业。]]></description>
		
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