Core Viewpoint - The article discusses the performance of various investment strategies over the past four years, highlighting the effectiveness of certain strategies in navigating a challenging market environment, particularly in the context of a significant bear market in Chinese assets. Group 1: Investment Performance - The CSI 500 index has dropped from 6628 points to 5639 points over four years, resulting in a decline of 1000 points, but an 800-point gain from the discount strategy has helped offset this loss, leading to an overall return of 18% based on a nominal principal of 1 million [1][3]. - In the period from 2022 to 2025, the real estate market has been in decline without signs of recovery, marking a unique bear market that surpasses previous stock market downturns [3]. Group 2: Strategy Evaluation - The article rates various investment strategies, assigning a score of 70 to the IM discount strategy, 65 to the IC discount strategy, and a failing score of 50 to broad indices like the CSI 300 and CSI 500, while the low-volatility dividend and dual-low convertible bonds receive a score of 80 [2]. - The performance of different asset classes in 2021 is highlighted, showing significant losses: real estate down 40% (60% including interest), CSI 300 down 23%, Chinese concept stocks down 37%, and CSI white liquor down 48% [4].

Core Viewpoint - The article discusses the concept of "having ability" in the context of different professions, contrasting labor-intensive jobs with white-collar jobs and investments, emphasizing the importance of leveraging knowledge and skills for higher returns [1][2][5][6]. Group 1: Understanding "Ability" - The term "having ability" is interpreted as generating high returns with minimal labor and cost, exemplified by successful entrepreneurs and contrasting with those who exploit systems for personal gain [2][6]. - Labor-intensive jobs like driving taxis or manual labor have low income ceilings, while white-collar jobs offer higher potential earnings and opportunities for side activities [1][5]. - True ability is seen as breaking free from the "time for money" cycle, allowing for greater value creation with less direct labor [5][6]. Group 2: Investment as a Test of Ability - Investing, particularly in stocks, is described as a high-risk arena where competition is fierce, and success requires significant knowledge and understanding of the market [6][7]. - The investment landscape is characterized by low entry barriers, allowing anyone to participate, but the potential for wealth accumulation is vast, making it a unique field for demonstrating true ability [6][8]. - Continuous learning and practical experience are essential for long-term success in investing, as knowledge and emotional control become the primary competitive advantages [7][8]. Group 3: The Role of Compounding - Compounding is highlighted as a powerful tool in investing, allowing for exponential growth of wealth over time, contrasting with the linear income growth typical of traditional jobs [7][8]. - The article emphasizes that starting to invest at any age can yield significant benefits, as long as the approach is consistent and informed [7]. Group 4: Societal Perceptions and Challenges - The article reflects on societal attitudes towards different professions, noting that those who choose to invest often face skepticism, yet the risks associated with various career paths are similarly high [12][13]. - It argues that the path to upward mobility is fraught with challenges, and those who dare to step outside conventional roles often encounter significant obstacles [13][14].

我们必须看到，A股的赌民正在慢慢的专业化，或者被动的被消灭，或者主动的求提升，市场 的有效性正在提高，就像一个人，读书读到了四年级，就再也不会倒回到一年级的水平。同 时，国家队已经大量买入各种宽基指数，而A股的衍生品数量，也在逐步的增多中。 追求利润的经济体，利润可能会变成无源之水，而追求规模的经济体，未来也可能会通过规 模来调节利润。时代的齿轮正在转动，涓涓细流汇向大海。在未来，我们会迎来更专业，更 理性的投资者，会迎来更有效的市场，那么，那时候的A股生态又会变成什么样子呢？那时候 的土地，又会开出来什么样的花朵呢？我们有什么办法提前拿到未来的入场券么？ 最后用一首杜荀鹤的《小松》结束此文 自小刺头深草里， 而今渐觉出蓬蒿。 时人不识凌云木， 直待凌云始道高。 关注集思录微信 我以为，中国资本市场真正的特点有三个： 1.拥有全球最大规模的"赌民" 2.中国上市公司整体盈利能力偏低 3.中国缺少做空工具 一、中国拥有全球最大规模的"赌民"。这样的人群，广泛分布在我们的周围，我的亲戚 A,B,C，我的同学D,E，我的朋友F,G，都是这样的人。这样的人作为一个群体，拿着自己起早 贪黑的钱，就敢赌妖股，听消息，押重 ...

Group 1 - The board of directors of Shanshi proposed a down adjustment for the convertible bond [1] - Cinda Securities' managed XinFeng No.1 single asset management plan has cumulatively increased its holdings of PuFa convertible bonds by 11.8 million shares, accounting for 23.57% [1] - The controlling shareholder of Kailun Co., Ltd. plans to reduce its holdings by no more than 2% of the company's shares [1] Group 2 - The last trading day for Smart Convertible Bonds is June 27 [1] - Yitang Co., Ltd. is a new stock available for subscription on the Shanghai and Shenzhen stock exchanges [1] - CICC China Green Development Commercial REIT (180606) has been listed [1]

发扬集思录精神，说说你的低成本 、有益身心、适合长期坚持的爱好有哪些。 dingo49 每天一万步 不要人陪， 没有花费！ 润土先生 带耳机徒步 去图书馆扫货 分析投资数据 和少妇闲聊 傍晚买低价水果 帮老同学写代码 给母亲搭菜园子 给孩子出奥数题 拼多多买没用的工具 看免费纪录片 自制酱牛肉 研究初等微积分 太多了，不写了。 猫消灭人类 看女主播不刷礼物。 lw0w 任何兴趣爱好其实都花不了几个钱，闲鱼上淘个二手的标杆产品，那种圈子里都认的品牌和 型号，买来就直接原价挂着卖，等下一个有缘人接盘，这期间能白嫖使用这个物品。比如音 响 乐器，比如各种运动器材 球拍 滑雪装备，比如摄影相机镜头。真的啥都行。 老村民 修显卡，闲鱼低价买了一堆各种型号老旧坏显卡。修好了就挂上去卖。个别少见的就收藏。 折腾游戏主机，ps3，Xbox360。这种早就淘汰的，买回来破解。再下载1t的游戏，一个一个试过去。 newbison 我的3个爱好 1）每天一万步 首先不花钱，其次锻炼身体，解放眼睛，也是一种放空。 2）看初中高中数学题 3）编程 多走太累， 少走会废， 作为一个非科班业务爱好者，尽可能把所有重复的工作都自动化。从给孩 ...

2024 年公司营业收入同比明显下降，预计短期内仍面临增长压力；2024 年 AI 智能及信创等领 域研发费用增长较快，资产及信用减值损失大幅增长，利润总额亏损幅度进一步扩大，盈利能力 明显下降；受业绩亏损影响，2024 年末公司所有者权益和未分配利润均同比下降，资本实力有 所减弱；跟踪期内，公司实际控制人及其一致行动人持股比例持续下降，实际控制人直接及间接 持有的公司股权质押比例很高； 帝欧转债：信用等级下调至A- 2025 年 6 月，公司实际控制人变更为朱江、刘进、陈伟、吴志雄，刘进及吴志雄股权质押比例 高；公司资产负债率有所抬升，2025 年 10 月，帝欧转债将进入有条件回售期，公司面临转债回 售压力 建工转债：下修到底 冠盛转债，金陵转债：强赎 科蓝转债：信用评级下调至A 交易事项 甬矽转债：【申购】 广信科技：北交所新股【上市】 "中金亦庄产业园REIT（508080 ）：【上市】" 关注集思录微信 特别提示 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众号 及作者概不承担任何责任。 集思录(www.jisilu.cn)是一个以数据为本的投资理财社区，专注于新股 ...

山鹰国际：拟回购5亿至10亿元公司股份 跟踪期内，由于部分军品项目验收进度持续延迟、民用产品市场竞争激烈等，公司产销量、收入 持续下滑，毛利率有所下降，同时期间费用对盈利形成侵蚀，利润总额亏损扩大；公司主要产品 配套层级较低，回款周期较长，2024年应收账款规模继续增加，计提信用减值损失 0.36 亿元， 经营性净现金流持续净流出；非经常性损益对公司利润影响较大，跟踪期内受产品生产销售进度 放缓影响，原材料及库存商品等存货有所上升，计提存货减值准备 0.25 亿元，同时，由于子公 司南京荧火业绩下滑，计提商誉减值准备 0.79 亿元；公司债务中短期债务占比仍较高，未来一 年集中偿债压力仍较大。 华体转债：信用评级下调至A 财务方面，截至 2024 年底，公司资产规模略有下降，应收款项面临回款压力；公司所有者权益 有所下降；债务负担尚可；公司期间费用对整体利润存在侵蚀，资产减值损失和信用减值损失对 利润影响较大；公司经营性现金流转为净流出，融资需求减弱；公司长、短期偿债能力指标显著 弱化。综合公司经营和财务风险表现，其偿还债务能力有所弱化，但仍属较强。 飞鹿转债：信用评级下调至A 广大特材：预计2025年上半年 ...

为什么这次伊朗战争，大A没有怎么下跌，大佬们来说说。 因为现在是牛市。 量化投资先锋 资水 全球证券市场只有两个龙头，一个美股，一个A股，这俩市场是相对独立的，其他市场或多或 少都跟随这俩市场，比如英法德股一到下午美股开盘就完全跟美股走，比如日韩港股就是综 合美中两市的走势。 伊以战争，从资本市场的视角，对中美两国的经济、资金回报率、资金安全性有影响吗？0影 响。 就算伊以相互灭国，中东十几国全部卷入，也是0影响。 俄乌战争同理，0影响。 猫消灭人类 这次战争挺奇怪，我前一天在tg上就得到以色列要袭击伊朗的美国情报，第二天果然以色列 发动袭击，并且油价大涨，杀死了几十名伊朗军官和科学家。 然后伊朗反击，对以色列造成损失，以色列逼迫美国出动B2轰炸机投钻地弹。但美国投弹 前，已经透露给伊朗信息，伊朗已经把浓缩铀和人员都转移了，伊朗报复美国军事基地前也 透露给美国，美国军事基地也提前把人员都转移了。 看来这下三方都挺满意的。 符工 中国没有直接从伊朗进口石油，基本都是从马来西亚，伊朗油混合马来西亚油，再卖给中 国。 实际伊朗石油都是绝大部分卖给中国，中国进口石油并没有押宝任何一个国家。 战争只会压低俄罗斯和伊朗的 ...

Core Viewpoint - The article discusses the current challenges facing the Chinese liquor industry, particularly the white wine sector, highlighting issues such as overcapacity, declining demand, and the impact of government policies on consumer behavior [2][4][11]. Group 1: Industry Challenges - The white wine industry is experiencing significant overcapacity and a substantial decline in demand, leading to concerns about the sustainability of many companies in the sector [4][11]. - Historical comparisons are made to the tobacco industry, illustrating how consumption can drastically decline over time, raising questions about the future of white wine investments [4]. - The article notes that many white wine companies have large inventories, which could become burdensome if prices fall, emphasizing the importance of cash flow management [7]. Group 2: Market Dynamics - The article mentions that the high-end white wine market has been influenced by financialization since 2015, which has led to a surge in production and sales [9]. - It is suggested that the current valuation of leading brands like Moutai may still be too high, with a need for core profitability to improve before they become attractive investments [4]. - The potential for a significant drop in stock prices is highlighted, with predictions that many white wine stocks could see price-to-earnings ratios fall below 10 times as the market adjusts to declining demand and profitability [11]. Group 3: Consumer Behavior and Policy Impact - The article discusses the impact of government policies, such as stricter regulations on alcohol consumption, which could further affect sales and consumer behavior in the white wine market [12]. - There is a growing awareness of the health risks associated with alcohol consumption, which may lead to a shift in consumer preferences away from traditional white wine [11][13]. - The article also notes that younger generations are less inclined to consume white wine, which could have long-term implications for the industry [11].

Group 1 - The shareholder of Borui Pharmaceutical, Advanced Manufacturing Industry Investment Fund, plans to reduce its stake by no more than 3% [1] - The shareholder of WISCO New Energy, Shenzhen Anyan, also intends to reduce its stake by no more than 3% [1] - Chuanheng Convertible Bond is subject to forced redemption [1] Group 2 - Fangyuan Convertible Bond's credit rating has been downgraded to BBB [1] - The company's focus on the ternary lithium battery market is seeing a continuous decline in market share, with intensified industry competition [1] - A significant reduction in core customer orders has led to a rapid decline in ternary precursor revenue, and new businesses such as lithium carbonate have yet to contribute to profitability [1] - The company has reported substantial losses for two consecutive years, indicating increased operational pressure [1] - The company's debt scale continues to rise, with high leverage levels and increased liquidity risks [1] Group 3 - Yao Stone Technology's associate company, Yaojie Ankang, has been listed on the main board of the Hong Kong Stock Exchange [1] - Lingkang Convertible Bond and Mingxin Convertible Bond will not undergo adjustments [1]