Core Viewpoint - The article discusses recent developments in convertible bonds and stock holdings of various companies, highlighting significant actions such as share conversions and planned reductions in shareholdings by major stakeholders [1]. Group 1: Convertible Bonds - Cinda Investment will convert its holdings of 23.57% of the Pudong Development Bank convertible bonds into shares [1]. - The Electric Chemical convertible bond is set to be listed on July 4 [1]. - The Hengyi and Jinko convertible bonds will not undergo adjustments [1]. - The Libor convertible bond is available for subscription on July 3 [1]. - The Ber25 convertible bond is also open for subscription [1]. Group 2: Shareholding Changes - Ruichuang Micro-Nano's shareholders plan to reduce their holdings by no more than 1.75% of the company's shares [1]. - New shares from Tongyu New Materials are available for subscription on the Shanghai and Shenzhen stock exchanges [1]. Group 3: Market Activity - The Hong Kong stock market is currently closed [1].

Core Viewpoint - The article introduces a "Fish and Human" analysis method to evaluate investment opportunities based on market participants and profit opportunities, categorized into four quadrants [1]. Group 1: Human and Fish Analysis - The number of participants (humans) indicates market engagement, while the number of profit opportunities (fish) reflects potential gains. Metrics such as trading volume, online discussions, and news heat can be used to assess these factors [1]. - The analysis emphasizes that the assessment of participants and opportunities should be objective and independent of personal circumstances [1]. Group 2: Quadrant Summaries - **Many Humans, Many Fish**: High market interest and numerous profit opportunities, but also intense competition. Investors should leverage unique advantages to succeed in this environment [2]. - **Many Humans, Few Fish**: Overhyped market with high valuations and reduced profit opportunities. Investors need strong risk management skills and should seek undervalued assets or operational opportunities [3]. - **Few Humans, Few Fish**: Low market participation and limited opportunities. Investors should assess the potential for future opportunities and may need to wait patiently for market conditions to improve [4]. - **Few Humans, Many Fish**: Abundant investment opportunities with low valuations but low market attention. This quadrant is ideal for finding hidden gems before they attract more investors [5].

Group 1 - The controlling shareholder of Xin Dairy plans to reduce its stake by no more than 3% [1] - Huanfeng Convertible Bond is subject to forced redemption [1] - Jia Lian Technology failed to timely fulfill related transaction review procedures and information disclosure obligations, receiving a warning letter [1] Group 2 - Dongya Convertible Bond's credit rating has been downgraded to A+ due to operational losses and increased cash outflow, with a growing debt scale and short-term repayment pressure [1] - Seli Convertible Bond's credit rating has been downgraded to BB+ as the transfer of subsidiaries negatively impacted performance, with a projected increase in losses for 2024 and high credit risk due to long customer payment cycles [2] - Haiyou Convertible Bond's credit rating has been downgraded to A, with further declines in operating performance and a negative EBITDA margin expected in 2024 [2] Group 3 - Oujia Convertible Bond's credit rating has been downgraded to A+, with net profit expected to decline significantly in 2024 and 2025 due to low capacity utilization and adverse effects from the US-China tariff conflict [3] - Shenhao Convertible Bond's credit rating has been downgraded to A- due to intensified industry competition and increased losses, with ongoing negative cash flow from operations [4] - Sanfang Convertible Bond's credit rating has been downgraded to A+, with significant operating losses and deteriorating debt repayment indicators [4] Group 4 - Meijin Convertible Bond's credit rating has been downgraded to A+, with expected substantial losses in 2024 due to compressed profit margins in the coking business and high debt levels [5] - Kewo, Kairun, and Jiamei Convertible Bonds are not subject to adjustments [6] - Yitian Convertible Bond is not subject to forced redemption [6]

Core Viewpoint - The article discusses the challenges of accumulating the initial capital necessary to achieve a target annual return of 4%, as proposed by the FIRE (Financial Independence, Retire Early) movement, emphasizing that the hardest part is often saving enough principal rather than achieving the return itself [1]. Group 1: Accumulation of Initial Capital - Many individuals accumulate their initial capital through hard work and savings, often leading to a long and challenging process [2][6]. - Some individuals rely on family support, successful entrepreneurship, or other less conventional means to gather their initial funds [1][4]. - The importance of frugality and delayed gratification is highlighted, with many individuals sharing their experiences of living modestly to save money [5][8]. Group 2: Investment Strategies and Experiences - Individuals often start investing in various financial instruments, such as funds and real estate, after accumulating enough capital [9][11]. - The article mentions the significance of maintaining a balance between preserving capital and pursuing returns, with a focus on stable investment practices [12][14]. - There is a discussion on the changing economic landscape, where traditional high-paying jobs may no longer suffice for capital accumulation, leading to a need for alternative investment strategies [7][10]. Group 3: Personal Experiences and Observations - Many contributors share personal anecdotes about their financial journeys, illustrating the diverse paths to capital accumulation, including sacrifices and strategic investments [3][9]. - The narrative reflects a broader concern about the financial habits of younger generations, who may struggle with spending and saving compared to previous generations [3][4]. - The article concludes with a sentiment that financial freedom is ultimately about having the ability to make choices rather than merely accumulating wealth [11][14].

而为什么还有70分？ 因为他毕竟帮你熬过了中国资产历史上的最大熊市，按100万名义本金算，还有了18%的回 报。 22-25年，因为房子一直在跌，还没有任何见底迹象，这种资产熊市，是历次股市熊市完全 比不了的。 4年了，中证500当时6628点，现在5639点，跌了1000点， 吃贴水浮盈800点，4年吃了1800点贴水， 总算靠着贴水把拉胯的指数给扳正了。 按100万名义本金算，还有了18%的回报。 如果让现在的我评估， IM吃贴水，是70分的策略， IC吃贴水，是65分的策略， 沪深300、中证500这种宽基，是50分的不及格的辣鸡， 红利低波、双低转债，是80分的策略。 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。 你在21年，买什么中国资产能有正回报？ 买房，亏-40%，算上利息亏-60%， 买沪深300，亏-23%， 买中概互联，亏-37%， 买中证白酒， ...

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 ...