Core Viewpoint - The article emphasizes the importance of not only beta returns but also the significant alpha capabilities that contribute to the success of a dividend-themed fund, highlighting the exceptional performance of the Zhongtai Dividend Preferred Fund [2][5]. Performance Summary - Since its establishment on March 24, 2022, the Zhongtai Dividend Preferred Fund has achieved a net value growth rate of 36.85%, significantly outperforming its benchmark growth rate of 7.02%, resulting in an excess return of 29.83% [2][4]. - The fund's performance is compared to various indices, showing a substantial advantage over the CSI Dividend Index (5.10%) and the CSI Dividend Total Return Index (23.98%) [4]. Investment Philosophy - The fund manager, Wang Tao, asserts that high short-term dividends do not guarantee long-term returns, emphasizing the need for both long-term high dividends and immediate high dividends in dividend investment [6]. - Companies that can provide long-term high dividends typically exhibit strong profitability and a willingness to distribute dividends, with preferred sectors including banks, utilities, and mature manufacturing industries [7]. Active Management Strategy - The key to constructing an actively managed alpha strategy lies in thorough research and selection of investment targets that fit the dividend investment framework, aiming to buy at "value" prices [8]. - The fund's current holdings reflect a higher allocation to bank stocks compared to the CSI Dividend Index, while coal stocks have been reduced due to declining internal rates of return [10]. Market Outlook - Wang Tao expresses caution regarding the crowded nature of dividend investment strategies, noting that rising stock prices can lead to declining internal rates of return, but adjustments are made based on these changes [12]. - The ideal dividend fund should have high internal rates of return and quality holdings with sufficient safety margins, ultimately delivering long-term benefits to investors [13].

Core Viewpoint - Value investing is applicable in the A-share market, as long as there are transparent prices and assessable values for assets, and it is not limited to the stock market or specific to A-shares [2] Group 1: Concerns about Excess Returns - There is anxiety regarding the future application of value investing in asset management, including whether it can outperform the market and whether investors can trust active management again [2] - The concern about excess returns may be overblown, as it is a fact that all investors as a whole cannot achieve excess returns; total returns equal market returns minus transaction costs [2] - There will always be individuals who can achieve excess returns, which depends on their execution rather than the type of investment they make [2] Group 2: Active Management and Investor Trust - The challenge lies not only in whether fund managers can outperform the market but also in regaining investors' trust in active management [3] - Trust is asymmetric; while fund managers may remain calm during market downturns, investors often struggle to maintain composure [3][4] - The key to regaining trust in the fund industry is to align the returns of investors with the net asset value of the funds [4] Group 3: Communication and Performance - It is relatively easier for fund managers to outperform the market over a market cycle, but consistently doing so each year is challenging [6] - Effective communication during underperformance is crucial, as it is more beneficial than boasting during high-performance periods [6] - The approach of "accompanying" investors to foster long-term trust is one method being employed [6] Group 4: Volatility and Returns - Research indicates that funds with lower volatility tend to have better performance and lower chances of investor losses [7] - The relationship between short-term volatility and long-term returns in the A-share market suggests that reducing volatility does not necessarily lead to lower returns [7] - The real challenge is finding methods to reduce volatility without sacrificing returns, which varies for each fund manager [7] Group 5: Realism in Investment Strategy - Fund managers often exhibit idealistic views that can be challenged by reality, leading to errors in logic and assumptions [8] - A balanced approach that combines realism with idealism is necessary to achieve the goal of value investing and helping more people profit from it [8]

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。 如何快速签别 产品是不是细质基金? 主要可以从投资范围、名称及 业绩基准三处识别。 名字有 "债", 年化收益率8%, 挖到 "宝藏纯债基" ? 不, 也可能是固收+产品。如何区别两者?可从三点看: 1)看投资范围,纯债基金会明确不投资股票、可 持有人首次认证有礼啦！只要在2025年5月30日前买入中泰资管产品并持有至今的新朋友，长按识别 下方二维码前往认证，即可获得 影音会员 月卡一份 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 highlights the increasing diversity and sophistication of illegal financial activities, emphasizing the need for public awareness and preventive measures against such scams [2]. Group 1: Types of Illegal Financial Activities - Illegal financial activities encompass all unlawful financial operations, including those conducted by legitimate financial institutions and those outside the financial system [3]. - Specific forms include: 1) Illegal absorption of public deposits or disguised public deposit absorption, promising high returns and capital protection [3]. 2) Unauthorized fundraising from unspecified individuals under false pretenses, such as claiming government support or backing from well-known enterprises [3][4]. 3) Illegal loan issuance and other financial services, including unauthorized settlement, bill discounting, and trust investments [4]. 4) Fraudulent financial pyramid schemes that rely on recruiting new participants to sustain operations [4]. Group 2: Consequences of Illegal Financial Activities - Participation in these illegal activities can lead to significant economic losses for individuals, with severe cases resulting in total financial ruin, while also disrupting normal economic and financial order [5]. Group 3: Responding to Suspected Illegal Financial Activities - Upon suspecting involvement in illegal financial activities, immediate and informed action is crucial for protecting personal and others' financial safety. Recommended measures include: 1) Collecting evidence such as transaction records, contracts, promotional materials, and chat logs to substantiate claims of illegal activities [6]. 2) Reporting through designated channels, including national hotlines for illegal fundraising and financial supervision [7][8]. 3) On-site reporting to local law enforcement or financial regulatory bodies [9].

Group 1 - The article discusses the high levels of government debt-to-GDP ratios in developed countries, with Japan exceeding 250% and the US around 125%, while emerging economies like ASEAN countries maintain lower ratios of about 30-40% [2] - It raises the question of whether economic development correlates with increased debt levels, suggesting that high debt may lead to economic decline over time [2] - The article emphasizes the cyclical nature of economies and the potential for countries to transition from prosperity to decline due to rising debt levels [2] Group 2 - The article highlights the aging population and its impact on health, noting that major diseases leading to death, such as cardiovascular diseases and cancer, are more prevalent in older populations [5] - It presents data showing that cancer incidence is highest in developed countries, which may be attributed to longer life expectancies rather than better health outcomes [5] - The article discusses the relationship between aging populations and increased healthcare costs, which can strain government budgets and economic growth [8] Group 3 - The article outlines the rapid increase in global government debt since the 2008 financial crisis, with projections indicating that global public debt-to-GDP ratios could reach 95.1% and potentially 99.6% by 2030 [10] - It notes that developed countries have higher average macro leverage ratios compared to developing countries, with developed countries at 255% and developing countries at 217% as of Q3 2024 [10] - The article attributes the rapid growth of government debt to various factors, including economic crises and the need for fiscal stimulus [14] Group 4 - The article discusses the reasons behind the high debt levels in developed countries, particularly Japan's situation where government debt is largely internal and driven by attempts to combat deflation [14] - It also examines the US government's increasing debt levels, which rose significantly during the 2008 financial crisis and the COVID-19 pandemic, driven by the need to maintain global dominance and social welfare [20] - The article highlights that while the US faces high debt levels, it has mechanisms in place to manage this debt, such as the ability to raise the debt ceiling [32] Group 5 - The article concludes that the global economy is entering a slow decline characterized by high debt levels, which it likens to an "aging disease" affecting nations [41] - It discusses the implications of rising debt and aging populations on economic growth, suggesting that these factors could lead to a prolonged period of economic stagnation [41] - The article emphasizes the need for countries to adapt to these demographic and economic changes to avoid severe economic consequences [42]

Group 1 - The core viewpoint emphasizes the importance of foundational knowledge in investment and fund selection, suggesting that solid fundamentals are essential for successful investing [2] - In a low-interest-rate environment, the article discusses the search for higher-yielding and defensive investment options, highlighting the significance of dividend strategies that focus on dividend yield and sustainability [3] Group 2 - The article mentions that dividend strategies typically target stocks with strong and stable dividend-paying capabilities, which are often characterized by stable cash flow, strong profitability, and good financial health [3]

Core Viewpoints - The article discusses the recent market trends and investment opportunities, emphasizing the importance of understanding past market characteristics to strategize for future operations [2] Group 1: Market Characteristics - The recent market investment style is summarized as "new, small, fast," with notable performance in AI and new consumption sectors, indicating a shift towards new industrial logic [3] - Smaller market capitalization stocks have outperformed larger ones, driven by improved risk appetite among individual investors, with new account openings on the Shanghai Stock Exchange reaching a record high since 2021 [5] - The dual influx of retail and insurance funds has shaped the market characteristics this year, favoring small-cap and high-dividend banking stocks [5] Group 2: Investment Factors - The concept of scarcity is highlighted, particularly in the context of Hong Kong stocks outperforming A-shares, with sectors like pharmaceuticals, technology, and consumption showing significant strength due to their scarcity [6] - The ongoing transformation of economic drivers is noted, with new consumption and AI applications in Hong Kong stocks becoming more attractive to investors [6] - The reports suggest that both funding attributes and scarcity are crucial in understanding past market trends and will continue to be significant factors in future market dynamics [6]

【编者按】为积极落实证监会"全国防范非法证券期货基金宣传月"相关工作要求，协会与中国证券报联合 制作发布短视频宣传私募基金管理人登记和私募基金备案信息公示页面、从业人员资格注册信息公示页面 和私募基金信息披露备份系统，引导投资者学习查询机构、人员资质和信息披露的渠道，提示投资者强化 风险防范意识和自我保护能力。 来源：中国证券投资基金业协会 持有人首次认证有礼啦！只要在2025年5月30日前买入中泰资管产品并持有至今的新朋友，长按识别 下方二维码前往认证，即可获得 影音会员 月卡一份 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。 ...

虎扑App紧急新增"江苏联"频道，上线首日访问量破百万；#江苏城市联赛#话题播放量突破9.1亿次，创下 省级赛事罕见的话题热度；"没有假球 全是世仇""比赛第一 友谊第十四"等热搜词持续霸榜社交平台…… 谁也没想到，江苏省城市足球联赛（简称苏超）这一省级赛事，仅用不到20天的时间，就完成了从默默开 赛到全网热议的华丽蜕变。 如今，关于苏超为何这么火的讨论还在继续，而各行各业，都希望从中找到火爆出圈的密码。 被看见的是火爆，更关键的是积累。 苏超出圈之后，很多人的第一反应是，成功能否快速复制？实话实说，江苏各个维度的"积累"还真不是一 日之功。虽然目前中超没有江苏球队，但江苏的职业联赛参赛俱乐部数量位居全国第二（仅次于广东）。 过去7年间，江苏13个地级市中，7个城市有过职业足球。 江苏还有足球人口分布和扎实的足球基础。参考江苏省体育局公布的数据，此次苏超13支代表队共有516 人获得参赛资格，其中本科和大专学生85名、高中及中专学生69名、职业球员29名以及来自各行各业的业 余球员337名。另参考《中国教育报》此前的报道，江苏已建成全国足球特色幼儿园376所、足球特色学校 图源：央视新闻 2374所，试点县（ ...

Core Viewpoint - The long-term trend of domestic substitution for analog chips will not change regardless of tariffs, but tariffs may accelerate the pace of substitution [4][5]. Group 1: Domestic Substitution Dynamics - The urgency for domestic substitution increases with supply chain security concerns, especially during trade conflicts [5][6]. - Even without tariffs, companies are likely to seek domestic alternatives due to long-term supply chain safety [5][6]. - The high barriers to entry in the analog chip market make it difficult for companies to switch suppliers once they have established a relationship with a foreign brand [4][7]. Group 2: Market Share and Competition - Currently, foreign brands dominate the analog chip market, holding over two-thirds of the market share, while domestic brands have a much lower penetration rate [7][8]. - The gap in market share is primarily due to the historical development of the semiconductor industry, where foreign companies established a strong foothold before domestic companies could catch up [7][8]. - Government support is crucial for increasing domestic market share, as the high barriers to entry make it challenging for domestic firms to compete [7][8]. Group 3: Pricing and Cost Considerations - Even with significant tariff increases, the cost of analog chips remains a small portion of total product costs, leading companies to accept price hikes rather than immediately switch suppliers [9][10]. - Companies are likely to conduct research and development to find alternatives but will not rush to replace existing suppliers due to the associated costs and risks [9][10]. Group 4: Supplier Relationships and Customization - Many clients prefer to work with multiple suppliers for analog chips, often choosing foreign brands as primary suppliers due to established relationships and perceived quality [10][11]. - Domestic suppliers can gain an advantage through better communication and service, especially in industries requiring high customization [10][11]. Group 5: Technology and Experience - The technical challenges in analog chip production are more about experience and stability in complex environments rather than sheer technological complexity [12][13]. - Domestic companies are gradually closing the experience gap with foreign competitors, and the potential for catching up exists as they gain more opportunities [13][14]. Group 6: Financial Performance and Valuation - Recent profitability in domestic analog chip companies may not reflect true financial health due to the mismatch between expenses and revenue generation timelines [16][18]. - The long-term value of these companies should be assessed based on their potential to expand product lines and market share rather than short-term profits [19][20]. - The growth in the number of product SKUs is essential for domestic companies to compete effectively, as a broader product range allows for one-stop procurement for clients [17][20].