Core Insights - The article emphasizes the importance of patience and long-term thinking in wealth accumulation, suggesting that true wealth is a function of time and that compounding is the best catalyst for growth [1][12]. - It advocates for a contrarian investment approach, highlighting that sowing seeds during market downturns and harvesting during upswings can provide a competitive edge [2][11]. - The text underscores that knowledge without application is a liability, and that wisdom lies in the integration of knowledge and action [4][11]. Summary by Sections - **Investment Philosophy** - The article promotes value investing, anti-fragile thinking, and the effects of compounding as foundational investment principles [11]. - It suggests that the real risk in investing is not merely financial loss but rather the failure to act wisely based on knowledge [5][11]. - **Market Strategy** - It encourages a strategy of waiting for the right opportunities rather than engaging in frequent trading, positing that the value of patience in investment is often underestimated [7][12]. - The notion of mastering simple actions through repetition is presented as a key to successful investing, akin to exam strategies that require quick thinking [12]. - **Mindset and Approach** - The article asserts that the true secret to wealth lies not in technical skills but in the mindset and principles guiding investment decisions [12]. - It highlights the importance of recalibrating wealth perception through continuous learning and reflection on investment principles [12].

摘要 1、今天，A股震荡分化，沪指顽强收红，央行 首次在月初公开开展 10000亿元 买断式逆回购操作，为何利好不涨？ 2、国泰海通证券发布下半年策略报告，称下半年 上证指数大概率会冲击"9·24"的高点。这些板块被看好。 3、 上天天基金APP搜索【777】注册即可 领98元券包 ， 优选基金10元起投！限量发放！先到先得！ 真话白话说财经，理财不说违心话 --这是第1360 篇白话财经- - 今天，A股出现分化，仅有沪指收红，实现四连阳。 分析人士认为， 预计6月A股可能延续震荡偏强趋势，科技和消费仍将是市场主线，同时部分核心资产和周期板块也可能存在一定的配置机会。 央行释放万亿级利好，为何不涨反跌 昨晚，央行突然的利好让大家对今天的市场充满了期待，可为什么今天A股没能延续上涨呢？ 1、央行1万亿买断式逆回购操作 。 6月5日，央行打破月末公告操作惯例，于月初公告将在今天开展10000亿元买断式逆回购操作，期限为3个月（91天）。 简单来说，就是央行以质押形式借钱给银行，银行将债券暂时"卖"给央行换取现金，到期后再赎回债券并支付利息 。 分析人士认为，央行月初打破惯例，或与近月银行同业存单到期规模持续处于 ...

Core Viewpoint - The article draws a parallel between the high school entrance examination and the lifelong investment journey, emphasizing the importance of preparation, discipline, and a long-term perspective in achieving financial success [1][5]. Group 1: Preparation Phase - Knowledge accumulation is crucial before entering the investment world, similar to studying for exams. Understanding key investment terms and strategies is essential to avoid poor decision-making [2]. - Investors should solidify their foundation by learning about different types of funds (equity, bond, mixed, index) and their risk-return characteristics, as well as understanding fee structures [2]. - A structured "learning plan" should be established, defining investment goals (e.g., housing, education, retirement), risk tolerance, and investment timelines to select appropriate funds and maintain discipline [2]. Group 2: During the Investment Process - Maintaining a stable mindset and adhering to a disciplined approach is vital during market fluctuations, akin to managing exam stress. Emotional decision-making can lead to significant losses [3]. - Implementing a systematic investment strategy, such as dollar-cost averaging, helps mitigate the impact of market volatility and encourages consistent investment regardless of market conditions [3]. - Diversifying investments across various asset classes and markets is essential to reduce risk and avoid catastrophic losses from any single market or sector [3]. - Investors should remain focused on their long-term goals and strategies, resisting the temptation to react to short-term market noise [3]. Group 3: Evaluation Phase - Investors should adopt a long-term perspective when assessing their investment performance, recognizing that short-term market fluctuations are normal and do not define overall success [4]. - Regularly reviewing investment performance and asset allocation is more valuable than fixating on daily fluctuations, allowing for strategic adjustments based on evolving goals [4]. - Time is a critical factor in investment success, with compounding returns playing a significant role in wealth accumulation over the long term [4].

六月盛夏骄阳，高考如约而至。据 教育 部5月28日公布的数据，2025年全国高考报名人数 1335万人，较上年减少7万人，为2016年以来首次下降。数据显示，2024年全国高考报名 人数为1342万人，该年高校招生人数为1068.9万人，均创历史新高。 如果想当一名基金经理，应该具有什么样的 教育 背景？或是有志于从事投资行业的家 长和 学子最为关心的。 东方财富 Choice数据显示，目前全市场共有约3850位基金经理，3842位基金经理披露了学 历信息。其中，最高学历为硕士的基金经理有3360位，占比87.45%；博士学历有377位， 占比9.81%；本科学历105位，占比2.73%；硕博比例高达97.27%。 据不完全统计，最盛产基金经理的五大高校分别是北京大学、复旦大学、清华大学、上海交 通大学和上海财经大学，在任基金经理人数分别为208人、179人、174人、135人和122 人。中国人民大学、南开大学、中央财经大学、武汉大学、厦门大学、香港大学、南京大学 也为公募基金行业输送了30位以上基金经理。此外，中国科学院作为专业性的研究机构，亦 有近30位毕业生担任基金经理一职。 免责声明 以上观点来自相 ...

Core Viewpoint - The article discusses the performance of various sectors in the A-share market, highlighting the fluctuations in stock indices and the contrasting performances of different industry sectors [1][2][4]. Market Overview - As of June 6, the A-share market showed a slight decline with the Shanghai Composite Index down by 0.04%, the Shenzhen Component down by 0.13%, and the ChiNext Index down by 0.40% [1]. - The Hong Kong stock market indices also experienced declines, with notable drops in electric vehicle manufacturers such as NIO, XPeng, and Li Auto, all falling over 2% [4][5]. Sector Performance - The chemical sector performed well, with several stocks reaching their daily limit up, including Danhua Technology, Poly United, and Yonghe Shares [7][8]. - The innovation drug sector was active, with stocks like Haichen Pharmaceutical hitting the daily limit up, and other companies like Changshan Pharmaceutical and Wanbangde also showing significant gains [6]. - The precious metals sector saw a rise, particularly in silver, with companies like Hunan Silver and Zhongrun Resources reaching their daily limit up [12][13]. Notable Stocks - In the chemical sector, Danhua Technology rose by 10.16%, Poly United by 10.05%, and Yonghe Shares by 10.01% [9]. - In the agricultural chemicals sector, stocks such as Sulihua Shares and Xianda Shares also reached their daily limit up, indicating strong market interest [10]. - The silver price surged recently, with spot silver rising by 3.4%, reaching a peak of $36 per ounce, the highest level since February 2012 [14].

Core Viewpoint - The public REITs market in China is experiencing rapid growth, with a significant increase in the number of products and total market capitalization, indicating a diversification of asset types and investment opportunities [1][6][7]. Group 1: Market Growth and Statistics - As of June 5, the total market capitalization of public REITs reached 201.99 billion yuan, surpassing the 200 billion yuan mark [1][6]. - A total of 66 public REITs have been established this year, with a total fundraising scale of 174.4 billion yuan, and 7 new public REITs launched in 2023 alone, raising 11.3 billion yuan [6][7]. - The first public REITs in various sectors, including agricultural markets, heating infrastructure, urban renewal, and pharmaceutical storage, have been introduced, enhancing the diversity of the public REITs market [6][7]. Group 2: New Product Developments - Recent approvals include the China Green Development Commercial REIT and the Bank of China Logistics REIT, with the former set to price its shares between 2.754 yuan and 3.366 yuan per share, totaling 500 million shares [3][4]. - The China Green Development Commercial REIT will invest in a shopping center in Jinan, Shandong, with a total construction area of 200,900 square meters, serving a resident population of 475,500 within a 3-kilometer radius [3]. - The Bank of China Logistics REIT will cover multiple logistics projects with a total construction area of 305,400 square meters and a rental area of 299,700 square meters [3][4]. Group 3: Future Outlook - Industry experts anticipate a flourishing public REITs market supported by local policies aimed at enhancing project reserves and promoting the quality and expansion of infrastructure REITs [7]. - The continuous development of the public REITs market and the optimization of the policy framework are expected to elevate the market scale to new heights [7].

Core Viewpoint - The article discusses the recent trend of A-share companies accelerating their plans to list in Hong Kong, marking a shift from the previous "H to A" trend to "A to H" listings, driven by various factors including market conditions and corporate strategies [2][3]. Group 1: A-share Companies' Move to Hong Kong - As of the end of May, nearly 50 A-share companies have disclosed plans to list in Hong Kong, with over 20 having submitted materials or received approval [3]. - The acceleration of A-share companies going public in Hong Kong is attributed to the internationalization of the Hong Kong market, its efficient financing capabilities, and the companies' own global strategies and risk diversification needs [3]. - The surge in Hong Kong IPOs this year is seen as a result of policy benefits, market environment, and corporate strategies, with Hong Kong becoming a key hub for global financing for domestic quality enterprises [3]. Group 2: Price Discrepancies Between A-shares and H-shares - Historically, H-shares have often traded at a discount compared to A-shares, but recent instances, such as the case of Ningde Times, have shown H-shares trading at a premium, indicating a shift in market dynamics [5]. - The differences in pricing between A-shares and H-shares are attributed to variations in market structure and investor composition, with some high-quality companies experiencing periods where H-shares are more expensive than A-shares [5]. - The liquidity in the Hong Kong market has significantly improved, as evidenced by the recent "inversion" where H-shares surpassed A-shares in price [5]. Group 3: Investment Opportunities in Hong Kong - The influx of A-share companies listing in Hong Kong is expected to enhance liquidity, improve financing functions, and attract more international capital, injecting new vitality into the Hong Kong market [7]. - Three key investment directions in the Hong Kong market are identified: 1. Technology giants benefiting from AI industry catalysts, particularly in the internet sector, which is expected to see continued growth due to favorable policies and technological advancements [7]. 2. The innovative pharmaceutical sector, which has shown strong performance this year, particularly in the context of innovation, healthcare, and international expansion [7]. 3. New consumption trends driven by technological advancements, focusing on emotional value and personalized experiences, indicating a shift in consumer preferences [7].

上天天基金APP搜索【777】注册即可 领98元券包 ， 优选基金10元起投！限量发放！先到先 得！ 央行6月5日发布公告称，为保持银行体系流动性充裕，2025年6月6日，中国人民银行将以固定数量、利 率招标、多重价位中标方式 开展10000亿元买断式逆回购操作，期限为3个月（91天） 。 央行首次提前公告买断式逆回购 相比以往每月最后一个交易日才发布的公告节奏，本次操作提前一天披露，引发市场广泛关注。东方金 诚首席宏观分析师王青表示，6月央行有5000亿元3个月期和7000亿元6个月期买断式逆回购到期，这意 味着6月6日央行将实施5000亿3个月期逆回购加量操作，6月整体逆回购操作情况要看央行月末是否还有 新的操作公告。 整体来看，6月买断式逆回购到期规模共计1.2万亿元，若仅6日操作1万亿元，预计当月实现净回笼2000 亿元。中信证券首席经济学家明明表示，本次操作在模式上与MLF高度趋同，包括招标方式、定价机 制与公告节奏，预计未来买断式逆回购将与MLF一道，共同构成中长期基础流动性工具的"组合拳"。 从价格机制来看，买断式逆回购与MLF同样采取多重价位中标机制，进一步提升操作的市场化定价程 度。明明认为 ...

上天天基金APP搜索【777】注册即可 领98元券包 ， 优选基金10元起投！限量发放！先到先得！ 根据Meritco数据库，4月份泡泡玛特通过在线电商平台（包括天猫、京东、抖音）的销售同比增长 287%，较2025年第一季度（+223%）有所加速。 6月4日，国际指数编制公司富时罗素宣布对富时中国A50指数、富时中国50指数的季度审核变更。该变 更将于2025年6月23日星期一开盘后生效。 公开资料显示，富时中国A50指数由富时罗素编制并发布。该指数由上海证券交易所和深圳证券 交易所市场中总市值最大的50只股票组成。具体来看，A股市场方面，富时中国A50指数本次将 纳入江苏银行，剔除长城汽车。 今日，江苏银行股价继续上涨，截至收盘涨1.17%，报11.21元/股，盘中股价最高触及11.22元，创历史 新高。 （图片来源：东方财富APP，统计截至2025/6/5，不作投资推荐） 今年以来，银行板块走势强劲。从宏观经济层面来看，全球经济环境复杂多变，投资者风险偏好下降， 低估值的银行板块具有很好的防御属性，成为避险资金的好去处。从市场角度来看，过去几年，在市场 利率下行的背景下，红利资产持续受到追捧，作为红利资 ...

Core Viewpoint - Multiple institutions believe that the long-term positive fundamentals of the Chinese economy remain unchanged, with significant policy effects boosting investor confidence, particularly in the technology sector and new consumption areas [3][4]. Group 1: Economic Outlook - Dongwu Securities emphasizes that the foundation for China's high-quality development and the transition from old to new growth drivers is solid, supported by a large market and comprehensive industrial production system [3]. - The fiscal policy in China still has ample space, and a moderately loose monetary policy ensures sufficient liquidity, with policies aimed at expanding domestic demand showing significant effects [3]. Group 2: A-share Market Trends - According to Kaiyuan Securities, the A-share market is currently in a second phase of an upward trend, focusing on fundamentals for future performance [4]. - CITIC Securities predicts that Chinese equity assets may experience a significant annual uptrend in the coming year, shifting from small-cap stocks to core asset trends [4]. Group 3: Investment Strategies - Guotai Junan suggests that more stable monetary conditions and disruptive business models are creating investment opportunities, with emerging technology sectors as the main focus and cyclical financial sectors as potential "dark horses" [6]. - Recommendations include focusing on stable consumer goods, technology, military sectors, and companies with high export ratios to Europe [6]. - Zheshang Securities highlights that dividend sectors will benefit from adjustments in public fund regulations, while technology sectors may see strong excess returns in specific time frames [6].