清代廣東十三行的行商被認為是鴉片戰爭以前中國最富有的商人群體之一，這是同文行(同孚行)的潘氏及怡和行的伍氏留給世人的印象所致。本文主要是介紹於廣東行商時代後期崛起的伍家第二代伍秉鑒在創造怡和行的巔峰時期(1801-1843)，他所憑藉的商道：以品牌誠信與慷慨大氣建立國際名聲、用雄厚的經濟實力和縱橫捭闔的本領打造行商領袖地位的概貌，此或可藉以一窺行商群體的發展。其中，除了有合算成本、講究質量，實行生產、運輸、銷售一條龍的經營方式，伍秉鑒亦善於憑藉自己雄厚的財力以駕馭竉絡其他行商，又善於利用和外商的特殊關係進行通融俾兼顧其他行商的某些利益，運用聯姻關係壯大家族的商業影響力，及協助行商以外的「小商舖 (舖戶)」為西方的鴉片貿易加入力量。

During the Qing Dynasty, the Hang merchants at the Thirteen-Trades Monopoly Guangzhou were the most wealthy businessmen groups in China before the Opium War. The impression was made by the Pans of the Tongwen (Tongfu) Yangshang and the Wus of the Yihe Yangshang. The study focuses on the second generation of the Wus—Wu Bingjian, who made possible the summit time of the Yihe Yangshang roughly from 1801 to 1843. His business philosophy was predicated on honest and generosity, which helped build up his international fame, strong economic power, and leadership. Of all his business models, he not only paid attention to business costs and production qualities, but manipulated the process of production, transportation, marketing and sales. Wu Bingjian took advantage of his economic power to control other Hang merchants; he also used marriage ties to enhance his business effects; pu-hus were later another main force in opium business.