Group 1 - The article highlights a systemic issue of corruption within China Merchants Bank, exemplified by the cases of former executives Wang Qingbin, Ding Wei, and Tian Huiyu, who have faced investigations and severe penalties for their actions [2][5][6] - The investigation into these executives is indicative of a broader trend of "collapsing-style corruption" within the bank, which was once a leader in retail banking innovation [5][8] - The concentration of power within the bank, particularly through the "one-person responsible system," has led to a lack of checks and balances, facilitating corrupt practices among high-ranking officials [7][8] Group 2 - The rapid development of innovative business models, such as integrated investment and commercial banking, has outpaced regulatory oversight, allowing executives to exploit loopholes for personal gain [7][8] - The corporate culture at China Merchants Bank has shifted towards a performance-driven mindset, where executives feel entitled to share in the profits generated by the bank, blurring the lines between personal and corporate interests [7][8] - The article raises questions about whether the issues stem from individual failings or systemic flaws, suggesting that both factors contribute to the current situation [8]

以下文章来源于张湧说财经 ，作者莫小城 前瞻的视角、通俗的语言、深刻的洞见、大众的立场 本文转载自公众号"张湧说财经" ID：peterzhangfinance 作者：莫小城 大家好，我是莫小城！ 牛市都3800点了，很多人开始自嘲，说"满仓踏空" 我的观点是：不要怕踏空 ，又到了考验人性的时候了。 在我看来，这是很正常的，并不能证明你做错了什么。 张湧说财经 . 只要你选择的是拥有稀缺竞争优势的好公司，只要你在投资中紧盯"确定性"，那么短期踏空是常有的 事。 01 一个长周期内确定性高的股票，在短期内涨得没有别的股票快，这是再正常不过的事情了。 这反而是在考验你的定力，如果你看到别人的股票都在涨，唯独自己的不涨； 结果经不住诱惑，如果半路切换到长得最快的赛道上； 相当于忘记初心，当初的来时路没有坚持下来，反而到新的路子上面去给人做别人的"接盘侠"。 这就相当于"东施效颦"，不仅别人的"步子"没学会，结果连自己的"步子"也忘记了。 所以，投资不光看你的技能，更看你的经不经得起人性的诱惑。 中途切换赛道，改变了自己的投资策略是大忌， 这是投资中最差的一种结局。 做价值投资最不应该后悔的，就是错过短期机会。 你错 ...

首次冲击后，上证指数出现回落，但未发生下跌；第二次上冲则在下午，指数最高触及 3889.32 点，随后再度回落且未再反弹，收盘时下跌 0.12% ，报 3870.60 点。 深 证 两大指数今 天 跌幅相对更大，深成指下跌 0.41% ，创业板指下跌 1.09% 。出现这 一差异，核心原因在于两大市场的品种结构不同：上海市场以 " 纪联 海 " 相关品种为主导， 深 证 市场则主要受 " 易中天 " 相关品种影响。 今 天 " 纪联 海 " 在上海市场表现亮眼，其中 寒武纪 全天大涨 7.28% ，涨幅主要集中在 下午，盘中一度涨停（涨 10% ），随后略有回落，最终收于该涨幅水平。 A股三大指数今日集体回调，截止收盘，沪指跌0.12%，收报3870.60点；深证成指跌 0.43%，收报12924.13点；创业板指跌1.09%，收报3020.42点。 沪深两市成交额达到 25209亿，较昨日放量832亿。 老水看盘 上证指数如期创下新高，点位达 3892.14 点。该点位较 3888.60 点高出 3.54 点，较昨 天 上涨 16.83 点。这一高点出现在今 天 上午 10:30 ，但未能守住。 水皮杂谈 ...

Core Viewpoint - The A-share market experienced a significant rebound, with major indices reaching new highs, indicating a strong market sentiment and potential investment opportunities in technology and financial sectors [2][3][4]. Market Performance - The three major A-share indices all rose, with the Shanghai Composite Index increasing by 1.65% to 3875.31 points, the Shenzhen Component Index rising by 3.36% to 12979.89 points, and the ChiNext Index surging by 5.15% to 3053.75 points [2]. - The total trading volume in the Shanghai and Shenzhen markets reached 24,377 billion, a substantial increase of 4,596 billion compared to the previous day [2]. Sector Analysis - The main driving forces behind the market's rise were the CPO and PCB sectors, with banks and securities playing crucial roles in stabilizing and pushing the indices higher [3][4]. - Notable stocks included "Ji Lian Hai" and "Yi Zhong Tian," which saw significant gains, contributing to the overall market performance [3][4]. Impact of External Factors - Oracle's performance and its contract with OpenAI, valued at approximately 300 billion USD, significantly influenced market sentiment, leading to a positive outlook for the semiconductor industry [4][5]. - The optimism surrounding future computing power demand was reflected in the strong performance of semiconductor stocks, particularly Nvidia, which rose nearly 4% [5]. Challenges in Other Sectors - The innovative drug sector faced challenges, with a reported drop of about 7% at one point due to potential regulatory measures from the Trump administration affecting Chinese pharmaceuticals [5][6]. - Despite the overall market rebound, the innovative drug sector's performance has been impacted, with a year-to-date increase of around 40% being overshadowed by recent negative news [6]. Market Outlook - The A-share market is at a critical juncture, with the potential for continued upward movement or a return to volatility, presenting a challenge for investors amid significant market polarization [7].

Core Viewpoint - The article discusses the recent performance of the A-share market, highlighting the significant influence of specific stocks, particularly Kweichow Moutai, on the overall index movements and market sentiment [2][3][6]. Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index up 0.13% to 3812.22 points, the Shenzhen Component Index up 0.38% to 12557.68 points, and the ChiNext Index up 1.27% to 2904.27 points [2]. - The total trading volume in the Shanghai and Shenzhen markets was 197.81 billion yuan, a decrease of 140.4 billion yuan from the previous day [2]. Stock Highlights - Kweichow Moutai has played a crucial role in pushing the index above and maintaining the 3800-point level [3]. - The ChiNext Index saw a notable increase, driven by stocks like New Yisheng, which rose 6.13%, Zhongji Xuchuang, which increased by 7.16%, and Tianfu Communication, which gained 4.16% [3]. - The combined contribution of these four stocks to the Shenzhen Component Index was 41.5 points, while the index itself only rose by 47.08 points [3]. Sector Performance - The communications equipment sector, led by "Yizhongtian," showed strong performance due to three main factors: prior significant adjustments, following Nvidia's rebound, and a new recommendation from Goldman Sachs [4]. - Goldman Sachs raised target prices for New Yisheng to 569 yuan per share, Zhongji Xuchuang to 472 yuan per share, and Tianfu Communication to 196 yuan per share, indicating substantial upward revisions [4]. Individual Stock Movements - Industrial Fulian's stock price surged, largely driven by expectations surrounding Apple's upcoming product launch [5]. - Cambrian's stock experienced volatility, initially rising nearly 7.8% before closing up 3.66%, significantly impacting the Shanghai Composite Index [5]. - Cambrian's recent approval for a private placement of 3.9 billion yuan, with a maximum of 2.091 million shares, suggests a psychological price point for the stock around 200 yuan per share [7]. Economic Indicators - The National Bureau of Statistics reported that the Consumer Price Index (CPI) remained stable, with a month-on-month change of 0% and a year-on-year decrease of 0.4% [8]. - The Producer Price Index (PPI) showed a month-on-month stabilization after a previous decline, with a year-on-year decrease of 2.9%, indicating a narrowing decline compared to the previous month [8]. - The overall market sentiment is characterized by a decline in trading volume and a lack of enthusiasm for buying, raising concerns about the market's future direction [8].

Core Viewpoint - The Murdoch family has undergone a significant restructuring of its trust, with the eldest son Lachlan and the two daughters of Wendi Deng becoming the primary beneficiaries, while the eldest daughter Prudence, second daughter Elizabeth, and youngest son James have been excluded from the new trust but compensated with $1.1 billion each, totaling $3.3 billion for the three [1][9][10]. Group 1: Background and Trust Restructuring - Rupert Murdoch, at 94 years old, has established a new family trust, favoring his eldest son Lachlan and Wendi Deng's daughters, while excluding his other three children [1][9]. - The previous trust, created in 1999, granted equal control to four children, but Murdoch's recent actions indicate a desire to consolidate power with Lachlan [4][5]. - The restructuring is seen as a response to differing political views among the children, with Lachlan aligned with conservative values, while the others are more moderate [5][6]. Group 2: Legal Battles and Financial Implications - Murdoch's attempts to modify the irrevocable trust were met with legal challenges, ultimately being rejected by the court, which deemed the actions as lacking integrity [7][8]. - The financial compensation for the excluded children will be funded through the sale of shares held in Fox Corporation and News Corp, with Lachlan gaining significant control over the media empire [9][10]. - The new trust will hold 36% of the voting shares in Fox and 33% in News Corp, solidifying Lachlan's position as the dominant figure in the family business [9][10]. Group 3: Family Dynamics and Historical Context - The Murdoch family has a complex history of marriages and children, with Rupert having been married five times and fathering six children, which has influenced the current trust dynamics [2][4]. - Lachlan's journey to becoming the favored successor involved navigating family politics and demonstrating loyalty to his father, contrasting with the experiences of his siblings [17][18]. - The family has experienced internal conflicts over the years, with various children vying for control and recognition within the media empire [11][12][14].

A股三大指数今日集体回调，截止收盘，沪指跌0.51%，收报3807.29点；深证成指跌 1.23%，收报12510.60点；创业板指跌2.23%，收报2867.97点。 沪深两市成交额达到 21185亿，较昨日缩量3002亿。 潮起潮落 老水看盘 " 其实不想走，其实我想留。 " 周华健的这句歌词，恰好能描述当前市场参与者的交易心 情。 今 天 上证指数盘中一度跌破 3800 点，但最终被成功拉回。谁在主导拉盘？核心力量是贵州 茅台， 看来关键时刻还得 " 借酒浇 愁 " 。 不过单靠 贵州茅台一只股票 难以成事，招商银 行与中国平安两大权重股同步发力 —— 作为对指数影响较大的标的，三者共同推动指数从 3800 点下方回升至该点位之上。 水皮杂谈 一家之言 兼听则明 偏听则暗 盘面消息 今 天 盘面中，黄金板块堪称 " 独角戏 " ，包括珠宝首饰等相关细分领域表现突出 —— 黄 金板块指数上涨 8.13% ，板块内至少 3 只个股涨停。 这一表现与国际金价创历史新高直接相关，但金价大涨背后的逻辑仍不清晰，包括水皮在内的 多数市场人士认为，可能是潜在未知风险推动避险需求上升，后续需持续观察。 除黄金板块外，其 ...

点"星标"暂存文章，查找更方便！ 听全文↓ 环球零碳 碳中和领域的《新青年》 摘要： 随着易会满接受调查，其在任期间推动的IPO政策和光伏、锂电企业上市审批流程是否 合规，正在成为市场关注的焦点之一。 撰文 | P e n n 编辑 | 小雨 → 这是《环球零碳》的第1 6 7 3篇原创 传言数日后，易会满接受调查的靴子落地。 9月6日上午，中央纪委国家监委网站发布消息，十四届全国政协经济委员会副主任易会满 涉嫌严重违纪违法，目前正接受中央纪委国家监委纪律审查和监察调查。 现年近61岁的易会满1964年12月出生，浙江温州苍南人，曾在工行工作超34年，从基层一 路升任董事长，根基深、影响力大；2019年1月至2024年2月，任证监会党委书记、主席， 为正部级；2024年6月6日，易会满被增补为十四届全国政协委员，出任经济委员会驻会副 主任，直至被查。 9月6日当天，中国证监会党委召开会议，传达中央纪委国家监委对易会满涉嫌严重违纪违 法进行纪律审查和监察调查的决定。与会同志一致表示，坚决拥护党中央决定，坚决拥护中 央纪委国家监委决定。证监会党委书记、主席吴清主持会议。 此时距离易会满2024年2月卸任证监会主席 ...

Core Viewpoint - The article emphasizes the importance of selecting "fixed income+" funds, particularly highlighting the performance and stability of the Guangfa Juxin Bond Fund, which has garnered significant institutional support and has a strong historical return profile [2][15]. Group 1: Fund Selection Criteria - The A-share market has seen increased volatility, leading many investors to favor "fixed income+" funds, which combine bond and equity investments [2]. - A review of mid-year reports from 2020 to 2025 shows that there are fewer than 150 "fixed income+" products with over 80% institutional ownership, indicating a limited selection of well-regarded funds [2][3]. Group 2: Performance Metrics - Guangfa Juxin Bond Fund has achieved an annualized return of 8.98% since its inception in June 2013, making it the top performer among institutional favorites [5][8]. - Among the top 10 "fixed income+" funds, four have annualized returns exceeding 7%, while five others are above 6.5% as of September 2025 [5][8]. Group 3: Fund Manager Stability - The fund manager, Zhang Qian, has managed Guangfa Juxin for over 12 years, showcasing a rare level of stability in the industry [9][10]. - Zhang Qian's investment philosophy focuses on achieving optimal risk-adjusted returns, with a balanced approach to asset allocation [9]. Group 4: Investor Base - As of mid-2025, Guangfa Juxin Bond Fund has approximately 82,517 individual investors, with institutional holdings accounting for 87.65% of the total shares [12][14]. - The fund's total assets reached 12.592 billion yuan, making it one of the few "fixed income+" funds with over 10 billion yuan in assets [12][13]. Group 5: Conclusion - Guangfa Juxin Bond Fund stands out as a key product in the secondary bond fund category due to its strong institutional backing, stable management, and impressive historical performance, making it a noteworthy option for investors seeking steady returns [15].

水皮杂谈 一家之言 兼听则明 偏听则暗 流连忘返 盘面消息 A股三大指数今日涨跌不一，截止收盘，沪指涨0.38%，收报3826.84点；深证成指涨 0.61%，收报12666.84点；创业板指跌0.84%，收报2933.25点。 沪深两市成交额达到 24187亿，较上一交易日放量1141亿。 小水看盘 音乐不停，舞蹈不止。 今 天指数在涨，个股在涨，唯有资金在流出。 三大指数表现分化：上证指数上涨 0.38% ， 深 成 指上涨 0.61% ，创业板指下跌 0.84% 。个股层面，上涨 3878 家，下跌 1227 家，整体呈现 " 82 行情 " 格局。 今 天 成交量为 2.4 万亿元， 看上去 较昨日放大 1000 亿元。但成交量结构差异显著：上 午放量 2800 亿元，下午尤其是 2 点后缩量明显，全天下午成交量仅 7500 亿元，较上午减 少 1700 亿元。因此今 天 虽放量 1000 亿元，但上下午成交量分化明显，这一点大家需特 别注意 —— 分析成交量的关键在于看趋势。 主力资金今 天 再次大幅流出 445 亿元，其中北 向 资金大单流出 407 亿元。资金流出的板 块主要集中在通讯设备 （ ...