扫码进入基本功专栏 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。 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。 怎么看基金赚钱 与基层赚钱的差异 投资者可关注 基金中报 和 年报 中的"本期加权平均净值利润率" 与"本期基金份额净值增长率"。 这两个指标分别 反映的是基金收益情况与基民整体实际收益。 『泰证券资产管理 ...

Core Viewpoint - The article emphasizes the prevalence of money laundering schemes targeting unsuspecting individuals, particularly students, and highlights the importance of awareness and caution in financial transactions to avoid becoming unwitting accomplices in such crimes [3][4][6][9]. Group 1: Case Studies of Money Laundering - Case 1: A university student named Li unknowingly participated in a money laundering scheme by recharging game currency at a discount, which turned out to be proceeds from telecom fraud [4]. - Case 2: Another student, Xiao Wang, was lured by a high-paying job advertisement that required him to withdraw funds using his bank account, ultimately leading to police involvement when the scheme was exposed [6]. - Case 3: A student named Xiao Mei fell victim to a fake online job that involved "brushing" orders, which was actually a method for laundering money through her bank account [9]. Group 2: Definition and Legal Framework of Money Laundering - Money laundering is defined as the act of concealing the origins of illegally obtained money, making it appear legitimate [12]. - According to Chinese law, money laundering can involve various actions such as providing financial accounts, converting assets to cash, transferring funds, and cross-border asset transfers [14]. Group 3: Prevention Tips for Students - Students are advised to choose safe and reliable financial institutions and to actively cooperate with due diligence checks [15]. - It is crucial not to rent or lend personal identification documents, bank accounts, or payment methods to others [15]. - Students should refrain from using their accounts for others' transactions and report any suspected money laundering activities to maintain a safe campus environment [15].

Core Viewpoint - The article draws an analogy between choosing hiking paths and making investment decisions, emphasizing the importance of understanding risks and rewards in both scenarios [2][5][6] Group 1: Hiking Experience - The hiking experience at Wuyi Mountain's "One Line Sky" is described, highlighting the differences between the left and right paths, with the right path being more challenging and crowded [2][4] - The right path's narrowness and the presence of bats create unexpected challenges, leading to a forced retreat for a large group of hikers [4][5] Group 2: Investment Analogy - The article suggests that popular investment paths may seem appealing due to their potential for high rewards but can lead to unforeseen difficulties and collective impacts from other investors [5] - In contrast, less popular investment paths may offer more predictable outcomes with fewer participants, allowing for greater autonomy and the ability to overcome challenges through personal effort [5][6] - The perspective aligns with Warren Buffett's view that successful investing does not rely on high difficulty but rather on understanding the relationship between risk and reward [5][6]

高清的医疗显示屏、先进的诊疗设备、舒适的康复环境......当你还在感叹现代医疗服务越来越方便、多样 化时，你是否想过赋予这些体验的背后推手是谁？是我们所熟知的公立医院吗？ 仅2023年， 医疗服务行业 的市场规模就超过9.1万亿，相当于每个中国人年均花费8000多元，却鲜少有人 关注医疗服务行业背后的产业格局。因长期被公立医院的光环所掩盖，民营医院虽然数量占比近70%，却 只承担较少部分的服务量。这种看似矛盾的格局，使得整个行业呈现出"两极分化"的竞争态势。 那么，医疗服务行业究竟是不是一门好生意？当政策、资本与技术三重变革袭来，行业的命运将如何被重 构？本期《行行有说道》就带大家一起来带你解析与我们息息相关的医疗服务行业。视频主要聚焦以下话 题： 医疗服务产业链具体如何分工？ 民营医院巨头是如何诞生的？ "民营突围"背后有哪些盈利模式？ 医保支付改革如何改变行业逻辑？ 不同模式的医疗服务玩法有何不同？ 眼科等细分赛道的成功能否复制？ 赚的是"健康钱"，但盈利之路在何方…… 医疗服务行业的竞争中，交织着政策、资本与技术的多重博弈。面对公立医院的强势竞争和医保集采的政 策压力，医疗行业正进入新的发展阶段。如果 ...

Core Viewpoint - The overall risk level in the market is showing a positive trend, transitioning from stability to strength, with the risk scoring of the CSI 300 index significantly increasing from 49.80 to 59.65 [2] Market Valuation - The valuation of the CSI 300 index has risen from 55.08 to 59.68, indicating a continuous upward movement in the overall market valuation [2] - Among 28 first-level industries, sectors such as steel, electronics, pharmaceuticals, real estate, and defense have valuations above the historical 60th percentile, while only agriculture has a valuation below the historical 10th percentile [2] Market Expectations - The market expectation score has increased from 56.00 to 60.00, reaching a six-month high, driven by positive fiscal revenue growth in July, although the budget completion rate remains slow [2] Market Sentiment - Market sentiment has improved significantly, with the score rising from 41.41 to 59.44, indicating a shift from cautious trading to a more neutral and positive state [3] - The scores for margin trading and public fund issuance have also increased, suggesting a recovery of retail funds into the equity market [3] Economic Data - July economic data shows a mixed picture, with industrial value-added growth at 5.7%, down 1.1 percentage points from the previous month, and significant declines in fixed asset investment and real estate [8][10] - The unemployment rate in urban areas rose to 5.2%, reflecting a slight increase of 0.2 percentage points from the previous month [8] Financial Indicators - The M2 money supply growth rate increased to 8.80%, while M1 growth rose to 5.60%, indicating a slight improvement in liquidity conditions [10] - New social financing in July was 1.16 trillion yuan, with a year-on-year growth rate of 9.0%, showing a slight increase from June [10] Structural Adjustments - The report highlights the need for diversification in investment strategies to mitigate structural volatility risks, as market recovery trends are accompanied by accelerated rotation among sectors [3]

Group 1 - The core viewpoint emphasizes the importance of solid foundational knowledge in investment and fund selection to achieve better investment outcomes [2] - The article discusses the recent performance of fixed income plus (固收+) products, highlighting that despite being a mix of equity and debt, the predominant debt component can lead to declines when the bond market experiences significant downturns [3][5] - A table is provided showing the performance of various asset allocation strategies over different time frames, indicating that higher equity exposure generally leads to better returns, especially over the long term [5] Group 2 - The performance data reveals that a 100% equity allocation yielded a 31.80% return over the past year, while a 100% bond allocation only achieved a 3.81% return in the same period [5] - The article suggests that understanding the impact of bond market fluctuations is crucial for investors in fixed income plus products, as these fluctuations can offset equity gains [3][5]

Core Viewpoint - The article discusses the rising macro leverage ratio in China, which has increased to 300.4% in Q2 2025, and compares the debt costs of economic growth among China, the US, Japan, and Germany, highlighting the implications of rising debt levels on economic performance [1][3]. Group 1: Macro Leverage Ratio Trends - China's macro leverage ratio has shown a significant upward trend, increasing from 239.5% in 2019 to 286.5% by the end of 2024, the most pronounced increase among the four countries analyzed [3][5]. - In contrast, Germany, Japan, and the US experienced a "sharp rise and fall" pattern in their leverage ratios, with declines expected by 2024, while China's ratio continues to rise steadily [3][5]. Group 2: Sectoral Debt Analysis - The macro leverage ratio can be broken down into three sectors: households, non-financial enterprises, and government. The household leverage ratios in China, Germany, Japan, and the US have remained relatively stable, with minor fluctuations [5][8]. - Non-financial enterprise leverage in China has shown a "rise-fall-rise" pattern, increasing from 125.5% in 2019 to a peak of 139.4% in Q3 2024, driven by significant investments in emerging industries [8][9]. Group 3: Government Debt Dynamics - The government leverage ratio in China has risen from 59.6% at the end of 2019 to 88.4% by the end of 2024, contrasting with the trends in Germany, Japan, and the US, where government leverage ratios peaked and then declined [13][25]. - The increase in China's government leverage is not solely linked to international economic crises, indicating a potential weakening of the effectiveness of counter-cyclical policies over time [25][26]. Group 4: Economic Growth and Debt Efficiency - The article suggests that the rising leverage ratio may be a result of insufficient economic growth, as nominal GDP growth has lagged behind debt growth, with China's nominal GDP growth being slower than that of the US and other developed nations [40][41]. - To reduce the cost of maintaining growth, the article emphasizes the need for improved efficiency in the use of debt resources, advocating for better capital allocation and investment in human capital and technology [47][48].

Group 1 - The core idea emphasizes the importance of foundational knowledge in investment and fund selection, suggesting that solid fundamentals are crucial for successful investing [2] Group 2 - Common indicators to gauge market sentiment include margin trading balance, northbound capital flow, and volatility index, with margin trading balance and northbound capital flow being more direct indicators [3] - A rapid increase in margin trading balance indicates a strong willingness among investors to use leverage [3]

Core Viewpoint - The article discusses the concept of a "slow bull market" and compares it with historical examples from the US, Japan, and India, emphasizing the characteristics and mechanisms that could lead to such a market in the current context [2][3][5]. Group 1: Characteristics of Slow Bull Markets - The US S&P 500 index has shown a "slow bull" characteristic with a long-term high win rate, starting from approximately 1400 points in 2000 and reaching 6380 points by August 2025, with an annualized growth rate of about 8% [3]. - India's Sensex index has demonstrated a "two steps forward, one step back" pattern, starting from 3000 points in 2002 and reaching 80687 points by August 2025, with a cumulative increase of 26 times and an annualized return of 15% [5]. - Japan's Nikkei 225 index has shown small annual drawdowns since 2014, starting from 16000 points and reaching 42050 points by August 2025, with a total increase of 163% over 11 years [5]. Group 2: Mechanisms for Long Bull Markets - Economic growth rates are not necessarily correlated with long bull markets, as evidenced by Japan's low GDP growth during its bull market period [5][6]. - The contribution of earnings growth and dividend income to total returns increases over time, highlighting the importance of these factors in sustaining long-term market performance [6][7]. - A report indicates that A-shares have seen a significant decline in fundraising since 2023, while the scale of dividends and buybacks has been increasing, suggesting a shift towards a more favorable investment environment [8]. Group 3: Wealth Effect and Market Dynamics - The wealth effect, risk appetite, and the movement of deposits are crucial for the long-term market trends, with historical data showing that positive cash flow into stocks often precedes significant bull markets [10][11]. - The concept of "deposit migration" among domestic residents is seen as a potential driver for a "slow bull" market, creating a positive feedback loop of market confidence and capital inflow [11].

Core Viewpoint - The article discusses the dilemma of holding positions in a market that has not yielded expected returns, emphasizing the importance of evaluating whether to change positions based on cognitive thresholds, opportunity costs, and holding beliefs [2][5][6]. Group 1: Cognitive Threshold - Changing positions involves a cognitive threshold, as it requires a decision that the new asset is superior to the old one. The confidence in this decision is crucial, as it relates to one's "circle of competence" [2][3]. - Past performance should not dictate future decisions; instead, a high-confidence future outlook for a new asset should drive the decision to change positions [2]. Group 2: Opportunity Cost - Opportunity cost must be considered when changing positions, which includes not only financial costs but also the potential returns from the original asset [5]. - Reflecting on the reasons for initially purchasing the old asset and comparing them with the reasons for considering the new asset is essential to avoid poor decisions [5]. Group 3: Holding Beliefs - Holding beliefs about an asset's future value is critical, especially during market fluctuations. This belief is tested during downturns and requires a strong internal conviction to maintain [5][6]. - Trust in a new asset is built over time through research and experience, and it is important to assess whether one can accept potential losses after changing positions [6][7].