Core Viewpoint - The discussion emphasizes the balance between idealism and realism in investment management, highlighting that achieving ideal outcomes requires addressing real-world challenges [4][5][6]. Group 1: Investment Philosophy - The investment philosophy is rooted in value investing, aiming to help more people achieve financial success through this approach [7]. - The gap between ideal and reality is acknowledged, with the understanding that while ideals may be distant, practical solutions must be found to bridge this gap [5][6]. - The focus is on making ideals a reality rather than allowing them to remain unattainable [6]. Group 2: Performance Evaluation - Performance evaluation is not solely based on quantitative metrics like net asset value growth but also includes client experience and satisfaction [7][10]. - The goal is to increase the proportion of clients who earn money, with ongoing exploration of what constitutes "doing well" in investment management [7][10]. - The anxiety regarding future performance and client trust is acknowledged, emphasizing the need for consistent results to build and maintain trust [9][10]. Group 3: Market Perspective - The discussion includes insights on the banking sector, particularly regarding interest margins, which have been narrowing but may experience short-term recovery due to recent changes in deposit interest rates [31][32]. - The investment strategy for banking stocks is based on a long-term perspective rather than short-term trends, with a focus on acceptable pricing despite ongoing challenges [32][33]. Group 4: Decision-Making Process - The decision-making process for investments is described as an intersection of price and understanding, where both elements must align for a purchase to be justified [26][28]. - The importance of thorough research and understanding of market conditions is emphasized, particularly in relation to emerging sectors like new consumption and innovative pharmaceuticals [26][28]. Group 5: Strategy and Individuality - Investment strategies are not ranked as better or worse; rather, their effectiveness depends on the individual investor's characteristics and goals [17][18]. - The alignment between a fund manager's strategy and their personal attributes is crucial for achieving successful outcomes [19][20].

Group 1 - The core idea emphasizes the importance of foundational knowledge in selecting investment funds, suggesting that a solid understanding of fund basics is crucial for successful investing [2] - Key indicators to focus on when selecting funds include win rate, return rate, and drawdown data. A stable product should demonstrate the ability to consistently outperform benchmarks, with daily win rates relative to benchmarks serving as a significant reference [3] - The frequency of net value hitting new highs is also highlighted as an important metric, indicating smoother return curves [3] Group 2 - The article promotes an event called "中泰资管616宠粉节," encouraging fund holders to participate for a chance to win various prizes, which may enhance engagement and interest in the fund offerings [5]

人类最伟大的能力，不是知道答案，而是永远保持提问与重构答案的可能。 L. G. Valiant 在规则明确、数据丰富的任务中AI已展现出越来越强大的超人类能力。比如OpenAI宣称，GPT-4参加了多 种基准考试，包括美国律师资格考试、法学院入学考试LSAT、SAT数学部分和证据性阅读与写作部分考 试等。在这些测试中，GPT-4得分高于88%的人类应试者。 AI技术的快速进展和成熟，无疑从很多方面影响和改变着我们的生活和工作方式，尤其是在 整合共识和 主流叙事、优化"已知"领域的运行效率 方面，现有的AI模型已体现出强大的能力。 相比与当前的AI，人类的价值和竞争优势体现在哪里？个人赞同以下观点， 保持对异常现象的好奇心， 勇于挑战共识，提出有价值的假说，仍是人类最值得珍视的能力。 AI的优势：高效整合历史经验和共识， 优化"已知"领域的运行效率 当前以大语言模型（LLMs）为代表的AI模型，仍然是一个 数据和计算驱动，基于历史频率、相关性及均 值的统计归纳系统 。它的"智能"，是基于"同一事物可以通过无限种方式被陈述、表达和表征"这一事 实。其能力源于语言表征的泛化能力，即能够将一种表达方式转化为另一种表达 ...

新华社"新华视点"记者刘慧 本次科创板改革提出设置科创板科创成长层，备受关注。设置后，科创板现有和新注册的未盈利科技型上 市公司将全部纳入其中。同时，改革也对企业入层和调出条件、强化信披和风险揭示、增加投资者适当性 管理要求等做了针对性安排。 科创板作为"试验田"，为何又要开辟出科创成长层这个"新空间"？ 中国证监会18日发布《关于在科创板设置科创成长层 增强制度包容性适应性的意见》，以设置专门层次 为抓手，重启未盈利企业适用科创板第五套标准上市，推出一揽子更具包容性、适应性的制度改革。 在科创板开板6年之际，科创板改革进一步深化，标志着资本市场包容性改革迎来新突破。 新设科创成长层 科创板"试验田"又迎诸多制度突破 自设立之初，科创板就承担了资本市场支持科技创新和制度"试验田"的重要使命。科创板改革持续深 化，"试验田"先行先试的成色更足。 证监会新闻发言人介绍，新设科创成长层一是有利于进一步彰显资本市场支持科技创新的政策导向，稳定 市场预期；二是有利于为增量制度改革提供更可控的"试验空间"，可以试点一些更具包容性的政策举措； 三是有利于对未盈利科技型企业集中管理，便于投资者更好识别风险，更好保护投资者合法 ...

Core Viewpoint - The article emphasizes the importance of capital markets in promoting the integration of technological innovation and industrial innovation, highlighting the need for a more adaptable financial service system to support emerging technologies and industries [4][5][6]. Group 1: Capital Market Functions - Capital markets play a crucial role in providing a full chain of services from venture capital to public financing and mergers, catering to the needs of companies at various stages of development [6]. - The integration of capital markets can stimulate entrepreneurial spirit and enhance productivity by effectively connecting talent, technology, and data [6][9]. - The article notes that the proportion of technology companies among A-share listed companies has increased from 12% to 27% over the past decade, indicating a significant shift towards technology-driven enterprises [9]. Group 2: Structural Changes in Capital Markets - Recent reforms in China's capital markets have effectively expanded the coverage of technology innovation, with a multi-tiered market system supporting various types of technology enterprises [7][8]. - In 2024, A-share listed companies are expected to invest 1.88 trillion yuan in R&D, accounting for over half of the total R&D investment in society [8]. - The role of patient capital in supporting technology innovation has become more prominent, with private equity and venture capital funds participating in 90% of companies listed on the Sci-Tech Innovation Board [8]. Group 3: Future Directions for Capital Market Reform - The article outlines plans to deepen capital market reforms, focusing on enhancing inclusivity and adaptability to better support comprehensive innovation [10][11]. - Specific measures include leveraging the Sci-Tech Innovation Board as a testing ground for reforms and introducing new standards to support high-quality technology enterprises [11][12]. - There is a commitment to fostering long-term capital and improving the investment environment for technology companies, including the establishment of specialized asset management platforms [13][14]. Group 4: Open and Inclusive Capital Market Ecosystem - The article stresses the importance of foreign investment in China's capital markets and outlines plans for further opening up, including optimizing the Qualified Foreign Institutional Investor (QFII) system [15][16]. - The goal is to enhance the participation of global investors in China's innovation-driven development, thereby facilitating efficient capital flow and resource allocation [15][17].

Core Viewpoint - The article discusses the recent decline of the AH Premium Index, which has reached a five-year low, indicating a significant shift in the pricing dynamics between A-shares and H-shares [4][6]. Group 1: AH Premium Index Trends - The AH Premium Index dropped to 127.84 points, the lowest in five years, compared to over 160 points in February 2024, reflecting a 0.8% percentile position over the past five years [4]. - The financial sector (including banks, brokers, and insurance) has contributed significantly to the decline of the AH Premium Index, accounting for 64% of the decrease since 2025, 60% since April 7, and 76% since June [8]. - The top 25 stocks, primarily state-owned enterprises and resource stocks, have contributed to 79% of the decline since 2025, 71% since April 7, and 85% since June [8]. Group 2: Sector Contributions - The weighted AH premium rate for growth stocks has narrowed significantly, from 64.6% to 42.2% as of June 6, with non-bank financials, banks, and oil & gas sectors being the largest contributors to this decline [9]. - The contributions from sectors such as automotive and pharmaceuticals were also noted, with respective contributions of -0.9% and -0.6% [9]. Group 3: Market Sentiment and Future Outlook - The future trajectory of the AH premium rate remains uncertain, with varying opinions on whether it will continue to narrow or stabilize, depending on market sentiment and sector performance [9]. - Analysts suggest that the choice between A-shares and H-shares should not be oversimplified and should consider the specific investment strategies and profiles of different investors [11].

基本功的基,就是基金的基。 做好投资、买对基金, 从夯实投资基金的基本功开始。 1分钟GET一个知识点, 起步更轻松。 近期很热的哑铃策略 究竟是什么? 策略如其名, 类似哑铃, 两 头重中间轻。 哑铃策略是塔勒布在《反脆弱》一书中首次提及 的一种对抗不确定性的方法。策略核心在于选取 风险收益特性各异且关联度较低的资产进行搭配。 中泰资管616宠粉节来啦！ 持有人参与，100%有奖，还有机会抽到 大疆 Pocket 3、足金金元宝、Labubu盲盒 等好礼！ 年度宠粉王炸： 福利天花板，抽奖管够，高中奖率！速来～ 本材料不构成投资建议，观点具有时效性。本公司承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不 保证基金一定盈利，也不保证最低收益。投资有风险，基金过往业绩不代表其未来表现。基金管理人管理的基金 的业绩不构成对其他基金业绩表现的保证。投资者投资基金时应认真阅读基金的基金合同、招募说明书、基金产 品资料概要等法律文件。基金管理人提醒投资者基金投资的"买者自负"原则，请投资者根据自身的风险承受能力 选择适合自己的基金产品。基金有风险，投资须谨慎。 扫码进入基本功专栏 ...

Core Viewpoint - The article discusses the concept of "mutual fulfillment" in the context of fund management and investor behavior, highlighting the importance of collaboration between fund managers and investors to achieve better investment outcomes [2][10]. Group 1: Fund Performance and Investor Returns - A recent report by Morningstar indicates that the five-year annualized investor return difference is negative for all fund products as of December 31, 2024 [7]. - Only passive non-sector equity products have outperformed their corresponding fund returns by nearly 3 percentage points, showcasing a unique case of positive investor return difference [8]. Group 2: Responsibilities of Fund Managers and Investors - Fund managers are tasked with enhancing research capabilities to generate substantial long-term returns for investors and improving communication regarding risk-return characteristics, especially for actively managed products [10]. - Investors need to invest time in selecting suitable funds and recognize the significance of timing in buying and selling, aiming to avoid poor investment practices such as increasing positions during price surges [10][11]. Group 3: The Role of Passive Non-Sector Equity Products - Passive non-sector equity products, particularly broad-based ETFs, exemplify "mutual fulfillment" as they clearly present risk-return characteristics and have a high proportion of institutional investors who contribute to market stability [10].

Group 1 - The core idea of the article is to celebrate the anniversary of the membership system by hosting an annual fan appreciation event on June 16, offering various prizes and engaging activities for participants [3][7]. - The event features a range of prizes including the DJI Pocket 3 camera valued over 3000 yuan, a 1g pure gold ingot, and Labubu blind boxes, among others [4][7]. - Participants can increase their chances of winning by completing tasks such as browsing the fund manager's profile, earning badges, and inviting friends to join the event [3][7]. Group 2 - The event is open to both certified and non-certified holders, with non-certified holders required to complete their certification before participating [5]. - The appreciation event aims to foster genuine connections and trust between the company and its members, moving beyond mere promotional activities [7]. - The event will run until June 30, 2025, encouraging participants to engage and invite friends for a collective experience [7].

Core Viewpoint - The article discusses the rise of illegal stock recommendations as a form of economic crime, highlighting the need for awareness and prevention measures against such fraudulent activities [2]. Group 1: Definition of Illegal Stock Recommendations - "Illegal stock recommendations" refer to activities where unqualified individuals or institutions provide paid consulting services related to stock investment analysis, predictions, or advice [3]. Group 2: Main Forms of Illegal Stock Recommendations - The primary forms of illegal stock recommendations include: - Online live streaming stock recommendations, where individuals act as "hosts" to promote stocks [4]. - Recommendations via social media platforms like Weibo and WeChat, where self-proclaimed "stock gods" or "experts" disseminate false investment information to lure investors into paying [5]. - Promotion of so-called "stock recommendation software" that claims to predict stock price movements, often charging high fees without delivering real results [5]. - Training sessions disguised as "financial education," where illegal stock recommendations are made under the guise of teaching investment strategies [5]. - Use of big data and AI for stock selection, where fraudsters fabricate success stories and promote tools that lead to significant losses for investors [5]. - Impersonation of licensed institutions to gain investor trust, often leading to scams involving fake apps and unwithdrawable funds [5]. Group 3: Prevention Measures Against Illegal Stock Recommendations - Effective prevention focuses on controlling both the "entry" and "exit" points: - "Entry" refers to the source of information; individuals should remain vigilant against unsolicited stock recommendations via calls, texts, or social media [6]. - "Exit" pertains to financial transactions; investors should avoid following stock recommendations, especially those tied to selling "membership" or "consulting services," and refrain from making hasty transfers [6].