Core Viewpoint - The article emphasizes the importance of a structured decision-making process when considering investments in popular stocks, highlighting three critical filters to apply before making investment decisions [2][3][8]. Group 1: Decision-Making Filters - The first filter is to confirm the consistency of decision-making logic, ensuring that the rationale for buying or selling a stock remains unchanged throughout the investment process [3][4]. - The second filter advises maintaining a cautious attitude towards the notion of "this time is different," especially in the context of popular stocks, as high valuations are likely during periods of market enthusiasm [6][7]. - The third filter focuses on confirming personal preparedness for investment, including emotional readiness and understanding the risk associated with high volatility in popular stocks [8]. Group 2: Market Context - The article notes that there are many strong stocks emerging in the market this year, particularly in sectors like robotics and new consumption [2]. - It highlights the common dilemma investors face regarding whether to invest in trending stocks, suggesting that this decision is subjective and varies from person to person [2]. Group 3: Emotional and Financial Preparedness - Investors are encouraged to assess their emotional and financial readiness before pursuing high-risk investments, as volatility can lead to irrational decision-making [8]. - The article underscores that the fear of missing out (FOMO) is a common emotional challenge in investing, but emphasizes that missing an opportunity does not equate to a financial loss [8].

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]

Core Viewpoint - The article emphasizes the distinction between AI's capabilities and human cognitive strengths, highlighting that while AI excels in processing known data and optimizing efficiency, human beings possess the unique ability to question consensus and generate valuable hypotheses [2][9]. Group 1: AI Capabilities - AI, particularly large language models (LLMs), demonstrates superior performance in structured tasks, achieving scores higher than 88% of human test-takers in various standardized exams [2]. - LLMs operate as statistical systems driven by data and computation, focusing on historical frequencies and correlations rather than genuine cognitive understanding [5][7]. - The learning process of LLMs involves discovering relationships between words and predicting the next word based on vast training data, which allows them to generate coherent and fluent text [5][6]. Group 2: Limitations of AI - Evidence suggests that LLMs do not engage in real-time reasoning but merely reproduce language patterns found in their training data, lacking true understanding or reasoning capabilities [6][10]. - The knowledge boundaries of LLMs are strictly limited to the historical distribution of their training data, which can lead to performance degradation when iteratively trained on their own outputs [10]. - Anomalous or extreme data points are often minimized in data-driven models, which can obscure opportunities for generating new hypotheses and theories [10]. Group 3: Human Cognitive Advantages - Humans can challenge existing consensus and construct theories based on causal understanding, allowing for the generation of new knowledge beyond historical data [9][12]. - The ability to remain sensitive to unexpected phenomena is crucial for scientific inquiry, as illustrated by historical examples where questioning prevailing theories led to significant discoveries [11]. - Knowledge discovery is characterized by a systematic exploration of the unknown, driven by curiosity and the formulation of valuable hypotheses, contrasting with AI's problem-solving capabilities [12][13].

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].

Group 1 - The core viewpoint of the article is the establishment of a new "Growth Layer" in the Sci-Tech Innovation Board (STAR Market) to enhance the inclusiveness and adaptability of the capital market, allowing unprofitable tech companies to list under the fifth set of standards [2][4][5] - The reform aims to provide a more controlled "testing space" for innovative policies, focusing on the management of unprofitable tech companies and improving investor risk recognition [5][6] - The new layer will include all existing and newly registered unprofitable tech companies, with specific arrangements for entry and exit conditions, enhanced disclosure requirements, and increased investor suitability management [4][6] Group 2 - The reform introduces six measures to enhance the inclusiveness and adaptability of the system, including the introduction of seasoned professional institutional investors and a pre-review mechanism for IPOs [6][7] - The fifth set of listing standards will now support a broader range of cutting-edge technology sectors, including artificial intelligence and commercial aerospace, signaling strong policy support for "hard technology" [8][9] - The reform also emphasizes the need for a balanced investment and financing environment, with measures to protect investor rights and improve risk disclosure, such as marking stocks of unprofitable companies with a special symbol "U" [9][10] Group 3 - The ongoing evolution of the STAR Market is aimed at creating a more attractive and competitive capital market ecosystem that supports comprehensive innovation [10][11] - The capital market is expected to provide more inclusive and adaptive tools, products, and services to meet the diverse needs of tech companies [10][12] - The reforms are seen as a response to the accelerating global technological iteration and deep restructuring of the industrial chain, with a focus on precise resource allocation for technological innovation [11][12]

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].