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、可转债、债券、封闭 基金等数据服务。我们的理念是在保证本金安全的前提下，使资产获得稳健增长。 快捷查询： 搜索公众号"jisilu8"添加我们 看一眼今年各指数涨幅 | 指数涨幅统计(刷新) 历史数据 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 现价 | 本日涨幅 | 本周涨幅 | 本月涨幅 | 本季涨幅 | 本年涨幅 | | 399006 | 创业板指 | 3203.17 | -1.23% | -1.25% | 4.93% | -1.08% | 49.57% | | 000680 | 科创综指 | 1636.70 | -0.36% | 0.15% | 3.32% | -4.68% | 46.30% | | 899050 | 北证50 | 1440.43 | -0.70% | -1.54% | 3.80 ...

Group 1 - The company Proya plans to repurchase shares worth between 800 million to 1.5 billion yuan [1] - The major shareholder of Ruihua Tai, Guotou Gaoke, intends to reduce its stake by no more than 1% [1] - The convertible bond "Yingte Convertible Bond" is subject to forced redemption [2] Group 2 - Blue Sail Medical intends to transfer 100% equity of its wholly-owned subsidiary, Wuhan Bikaier [1] - Several convertible bonds have been listed, including Dingjie Convertible Bond and Tianzhun Convertible Bond [1] - New shares of Hengtong Guang have been listed on the Beijing Stock Exchange [1] Group 3 - The current price and redemption price of various convertible bonds are detailed, with specific dates for the last trading and conversion days [4][6]

Core Viewpoint - The article emphasizes the significance of AI in investment strategies, particularly highlighting the advantages of Deepseek in understanding the Chinese market and enhancing investment returns [2][3]. Group 1: AI and Investment Strategies - Deepseek is recognized as a pivotal development in China's AI sector, providing insights that align closely with the A-share market, unlike foreign AI tools [2]. - The use of AI has led to a substantial increase in investment returns, with a notable contribution from quantitative strategies and options trading [2][3]. - The author suggests that maintaining a humble and inquisitive mindset while using AI tools can significantly enhance investment outcomes [2]. Group 2: Risk Management and Strategy Optimization - The article discusses the importance of cognitive improvement in recognizing market opportunities, emphasizing that understanding and knowledge are crucial for long-term success [3]. - It advocates for a shift from additive to subtractive strategies in investment, focusing on optimizing high-quality strategies while eliminating less effective ones [4]. - The combination of arbitrage and equity strategies is suggested to enhance overall investment performance, as they complement each other in terms of frequency and potential returns [3]. Group 3: Personal Development and Learning - The author reflects on the importance of continuous learning and adapting strategies, even in unfamiliar areas, to foster growth and understanding [7]. - There is an emphasis on the value of learning from others and recognizing expertise, particularly in unfamiliar fields, to enhance investment knowledge [7]. - Future research directions include expanding into international political economy and cultural conflicts to gain a broader perspective [7].

Group 1 - Wanfu Convertible Bond proposes a down adjustment [1] - Hongtu Convertible Bond adjusts but does not lower the adjustment period [1] - Oulutong's controlling shareholder plans to reduce holdings by no more than 1.91% of the company's shares [1] - Unisplendour plans to acquire shares of Ruineng Semiconductor, leading to a stock suspension [1] Group 2 - Hongchuan Convertible Bond announced a down adjustment [2] - Hongtu Convertible Bond will not lower the adjustment period [2] - Wanfu Convertible Bond proposes a down adjustment [2] - Baolai Convertible Bond will not undergo a down adjustment [2] Group 3 - Various convertible bonds listed with current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to underlying stocks [4][6] - For example, Yingbo Convertible Bond has a current price of 142.440, a redemption price of 100.100, and a conversion value of 142.56 with a remaining scale of 1.103 billion [4] - Liuyao Convertible Bond has a current price of 107.862, a redemption price of 108.000, and a conversion value of 83.85 with a remaining scale of 8.017 billion [6] Group 4 - Quick query highlights include Hongchuan Convertible Bond's adjustment not reaching the bottom and Baolai Convertible Bond not undergoing a down adjustment [8]

Core Viewpoint - The article discusses the significant decline in real estate prices in major cities like Beijing, highlighting a shift in buyer psychology and investment logic in the real estate market [1][5][10]. Group 1: Real Estate Price Trends - In Beijing's Haidian district, the transaction price for a specific property type dropped to 750,000, down from 968,000 six months prior, indicating a substantial decline [1]. - The article notes that while previously, real estate was seen as a guaranteed investment, the current market reflects a shift where prices are not expected to rebound quickly, and the investment logic has changed from growth to value [10][9]. Group 2: Buyer Sentiment and Behavior - There is a noticeable shift in buyer sentiment, with many individuals now opting for full cash purchases rather than relying on loans due to job instability and economic uncertainty [5][6]. - The article mentions that the perception of real estate as a secure investment has diminished, leading to a decrease in interest in purchasing properties, especially in first and second-tier cities [4][3]. Group 3: Economic and Policy Context - The article outlines a broader economic context where the government is shifting its focus away from real estate investment, indicating a change in national strategy towards infrastructure and new industries [13][14]. - It highlights that the funding for real estate development has decreased significantly, with projections showing a decline in investment from 15.4 trillion in the 14th Five-Year Plan to an estimated 8-10 trillion in the 15th Five-Year Plan [16].

"离岛免税"政策升级，丰富了大家的购物选择、增加了免税额度。个人有啥薅羊毛的机会？ 面上的不要谈，政策宣传大家都知道，要具体到某物件或某服务，知恨晚的报上来。 crazyer124 免税店的商品没有什么价格优势，以iPhone17为例，当前海南免税店只有中免才有货，甚至 才有这个品种，以iPhone Pro Max 256G为例（因为刚入手一台），当前官方定价是9999 元，官方活动价是9699元，所以市场上也基本上是9699元。免税店是9299元，但是拼多多 百亿补贴是8999元包邮到家。香港港版的价格在7600元左右，我不知道免税店有啥优势。 当初去海南旅游的时候也去了三亚免税城，无论看到哪个商品随便一比价都无法和电商的价 格比。 海南这个地方，发展这么多年还是一样的农村，各届政府想了很多点子都没有搞起来。讲 真，三亚那个地方一点性价比都没有，比出国旅游还贵，服务还差，这怎么可能搞起来？简 单一点，有多少人才愿意去那里发展？北上广深不香吗？ Horatio 上去三亚过周末，逛了趟海棠湾那个免税店，感觉没有任何便宜可捡。 iPhone比官网便宜小几百，算上常规的一些优惠券能便宜大几百，但相比pdd没什么优势 ...

再22转债：强赎 韵达转债：不下修 天准转债，鼎捷转债：12月31日上市 | 转债代码 | 转债名称 | 类型 | 日期 | 公告 | | --- | --- | --- | --- | --- | | 127085 | 韵达转债 | 不下修 | 2025-12-27 | 公告 | | 113657 | 再22转债 | 强陵 | 2025-12-27 | 公告 | | 113667 | 春23转债 | 不强赎 | 2025-12-27 | 公告 | | 127092 | 运机转债 | 不强赎 | 2025-12-27 | 公告 | | 123259 | 锦浪转02 | 公告下修 | 2025-12-26 | 公告 | | 123236 | 家联转债 | 不强赎 | 2025-12-26 | 公告 | 一转眼2025年就要过去了，只剩下周三个交易日了 感觉既满足，又迷茫 天创时尚：公司控股股东拟变更为安徽先睿，股票复牌 京源环保：信披违规及募资使用不规范，收到江苏证监局警示函 搜索公众号"jisilu8"添加我们 | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | ...

原来我看过一本书叫《伟大的博弈》，下面是从AI抄的简要介绍 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。 为什么普通人不愿意做慈善家呢 https://www.jisilu.cn/question/516335 顺势而为，越涨越追，多品种共进——e老实和尚2025年投资年度总结 https://www.jisilu.cn/question/516225 凡是中国取得世界级竞争力的产业，为什么在A股都不给估值？ https://www.jisilu.cn/question/516244 国投白银LOF跌停板挂单了 https://www.jisilu.cn/question/516325 关注集思录微信 《伟大的博弈》是一部由约翰·S·戈登撰写的金融历史著作，副标题为"华尔街金融 帝国的崛起（1653-2019）"。该书以生动翔实的笔触，梳理了美国资本市场（以 华尔街为核心）超过350年的发展历程。 本书并非单纯讲述股市涨跌或财富故事，而是深入探讨 "资本市场与美国经济崛起 之间的共生关系" 。它揭示了一个核心悖论：华尔街在混乱、投机与危 ...

Core Insights - The article reflects on the investment journey of the year, highlighting a strategic focus on convertible bonds and commodity futures, which yielded significant returns [1][2]. Group 1: Investment Strategies - The initial investment strategy was conservative, focusing on high-priced low-premium convertible bonds and commodity futures, leading to over 50% returns early in the year [1]. - The strategy evolved to include a shift to low-priced convertible bonds as the market premium rates increased, ensuring steady gains without losses [1]. - The article emphasizes a flexible approach to trading, adjusting positions based on market movements, particularly in response to significant index fluctuations [1][4]. Group 2: Performance Metrics - The overall annual return was reported at 43%, with a more aggressive small account yielding 81.87% [2]. - The profit distribution across different investment categories was as follows: convertible bonds 51.55%, index options 26.69%, stocks 4.24%, commodity futures 15.12%, and QFII 1.68% [3]. Group 3: Future Outlook - The outlook for 2026 anticipates a slow bull market with potential for short-term volatility, suggesting a balanced portfolio of 50% index futures, 50% convertible bonds, and 30% commodity futures [3][4]. - The article stresses the importance of adapting strategies based on market conditions, including decisive actions on stop-loss triggers and opportunities for additional investments [4].

Group 1 - The article expresses a pessimistic view on silver LOF due to excessive arbitrage positions and consecutive trading halts, leading to a decline in buying interest and a drop to net asset value levels [1] - BoShi Co., Ltd. plans to reduce its shareholding by no more than 2.93% [1] - Jinpu Garden plans to reduce its shareholding by no more than 0.8% [1] - ShenYu Convertible Bond is set to be listed on December 30 [1] - Xiangyuan Convertible Bond is approaching its last trading day [1] - Shuangle Convertible Bond is currently open for subscription [1] - Hong Kong stock market is on holiday [1] Group 2 - The table lists various convertible bonds, including their current prices, redemption prices, last trading dates, last conversion dates, conversion values, remaining scales, and the proportion of convertible bonds to the underlying stocks [2][4][6] - Notable convertible bonds include XinHua Convertible Bond with a current price of 127.178 and a last trading date of December 22, 2025 [4] - KaiRun Convertible Bond has a current price of 114.936 and a last trading date of December 22, 2025 [6] - The article mentions specific bonds like BenGang Convertible Bond with an announcement of down adjustment and Hengshuai Convertible Bond which will not be forcibly redeemed [8]