↑点击上面图片 加雪球核心交流群 ↑ 筛选结果 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 老丁养基 来源：雪球 这几天老丁趁着国庆假期 ， 筛选了一些低波动的固收+基金 。 主要想的是 ， 可以将中期不用的钱 ， 或者将长期定投的剩余金额放在里面 。 经 过一番筛选后 ， 发现6只还不错 ， 和大家共享 。 01 筛选条件 1 、 基金规模2亿元以上 。 基金太小了 ， 容易清盘 ， 还有就是基金公司有时会重视不够 ； 02 根据上述筛选结果 ， 共筛选出13只基金 。 如下 ： | 基金名称 | 代码 | 成立以来 | 近5年最 | 股票仓位 | | 基金规模 今年以来 近1年 | | 近3年 | 近5年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 年化收益 | 大回撤 | | | | | | | | 华泰柏瑞鼎利混合C | F004011 | 7.86% | 4. 30% | 7. 32% | 81亿 | 3.04% | 2. 79% | 12. 92% | ...

Core Viewpoint - The article discusses the concept of value return in investments, emphasizing that there are two primary ways for a company's value to return: price return and profit growth [3][4]. Price Return - Price return occurs when a company's stock price reverts to its intrinsic value, regardless of market speculation. For instance, a company valued at 10 yuan may be speculated to 30 or 50 yuan, but without performance growth, it will eventually return to around 10 yuan [3][4]. - An example is Guizhou Moutai, which peaked at 2600 yuan in February 2021, corresponding to a market value of 3.25 trillion yuan, with a price-to-earnings (P/E) ratio of 69 based on 2020 net profit of 46.6 billion yuan. After a four-year adjustment, it stabilized around 1250 yuan, illustrating a price return process [6][8]. Profit Growth - Profit growth is the second method of value return, where a company's earnings increase can justify a higher valuation. Guizhou Moutai's profit growth over the years shows a consistent upward trend, with expectations of surpassing 100 billion yuan in net profit in the near future [7]. - The article highlights that many companies experience price return rather than profit growth, as sustained performance growth is rare. For example, China Duty Free Group peaked at 400 yuan in February 2021, with a market value of 830 billion yuan and a P/E ratio of 136 based on 2020 net profit of 6.1 billion yuan. It later adjusted to a low of 53 yuan, demonstrating a significant price return [10][12]. Market Behavior - The article notes that 90% of companies experience value return through price adjustments rather than profit growth. This trend is evident in various sectors, including the food industry, where companies like Haitian Flavoring peaked at 219 yuan in January 2021, with a market value of 12.8 trillion yuan and a P/E ratio of 200 based on 2020 net profit of 6.4 billion yuan. It later adjusted to a low of 33 yuan [14][16]. - The author emphasizes the importance of recognizing market patterns and the cyclical nature of investments, advising investors to focus on whether a company is undervalued rather than just its quality [17].

↑点击上面图片 加雪球核心交流群 ↑ 甲骨文被爆料"云业务利润率低于预期"，盘中一度跌近7%；特斯拉尾盘跳水，跌超4%。 黄金再创新高， 纽约期金则首次站上4000美元/盎司大关， 高盛最新将2026年12月金价预估上调至4900美元/盎司。 01 一则消息 深夜跳水 这一消息 拖累三大指数集体收跌。 截至收盘，标普500指数 下 跌0.38%，纳斯达克综合指数 下 跌0.67%，道琼斯工业平均指数 下 跌0.2%。 文件 显示，在截至8月的3个月里，甲骨文通过出租搭载英伟达芯片的服务器获得约9亿美元收入，录得1.25亿美元毛利润，毛利率只有不到 14%。同时，一些未列明的折旧费用还将吞噬7个百分点的利润率。云业务的迅猛扩张，将迅速拉低公司目前接近70%的毛利率。 受上述消息影响，甲骨文盘中一度下跌近7%，最终收跌2.52%。 美股科技股受挫，科技七巨头普跌。英伟达下跌0.27%，微软下跌0.87%，谷歌下跌1.74%。 特斯拉尾盘跳水，尽管发布了两款新车，最终股价大幅下跌4.45%。 美东10月7日（周二），美股三大指数开盘后不久，开始快速下跌。 消息面上， 甲骨文被爆料"云业务利润率低于预期" 。 这意味 ...

Core Insights - The article emphasizes the timeless relevance of Warren Buffett's investment philosophy, particularly the importance of focusing on a company's intrinsic value rather than short-term stock price fluctuations [3][4]. Group 1: Life Philosophy - Character is the core determinant of long-term success, with qualities like integrity and responsibility being essential for cultivating beneficial habits [4]. - Investment and business selection fundamentally represent a "vote for people," highlighting the importance of character in mitigating risks and generating compound returns [4]. Group 2: Investment Philosophy - The principle of "buying a company" underscores that stocks represent ownership in a business, necessitating a focus on long-term value rather than short-term price movements [5][6]. - Long-termism is crucial, as time benefits good businesses, allowing overvaluations to correct while poor businesses yield mediocre returns regardless of purchase price [6]. - The essence of value investing is to buy simple, durable, and trustworthy companies at reasonable prices and hold them long-term [7]. Group 3: Investment Strategy - The investment strategy should focus on businesses that are easily understandable, filtering out 90% of complex industries [8]. - A safety margin is vital in risk management, avoiding high-risk decisions even with a high probability of success [9][10]. - Leverage should be avoided, as it amplifies risk and creates an asymmetry between potential gains and losses [10]. Group 4: Market Behavior - Investors should ignore market noise and focus on holding quality companies, akin to patient farming [12]. - Market downturns present opportunities to acquire quality assets at lower prices, with Buffett expressing a preference for market declines for potential excess returns [13]. - Ignoring macroeconomic predictions and focusing on company fundamentals is essential for sound investment decisions [14]. Group 5: Historical Lessons - Acknowledging past mistakes is crucial, with Buffett noting that the biggest errors often stem from missed opportunities rather than poor decisions [16]. Group 6: Career and Happiness - Passion for work is more important than monetary gain, with Buffett advising individuals to pursue careers they love [17]. - True happiness transcends material wealth, emphasizing the importance of autonomy and character in achieving a fulfilling life [18]. Conclusion - The ultimate value of Buffett's teachings lies in the principle that simplicity is eternal, with concepts like value investing, economic moats, and zero leverage remaining applicable in 2025 [19].

Core Viewpoint - The article discusses the significant market differentiation observed over the past year, particularly between technology stocks and traditional consumer sectors, highlighting the struggles of investors who have remained committed to consumer stocks while technology stocks have soared [3][4]. Group 1: Market Performance - The article reflects on the drastic changes in market performance since the "924行情," where many investors saw substantial gains in technology stocks, while those invested in consumer sectors faced losses [3][4]. - A detailed ETF performance table shows that traditional sectors like liquor and coal have negative returns, while technology-related ETFs have seen significant gains, with some like the AI-focused ETFs achieving over 60% returns [6][7]. Group 2: Investment Sentiment - The terms "老登" (Old Deng) and "小登" (Young Deng) are introduced to describe traditional investors versus those embracing technology, illustrating the generational and strategic divide in investment approaches [4][5]. - The article draws parallels between current market sentiments and historical events, such as the dot-com bubble, where traditional value investors faced criticism for their cautious strategies while technology stocks surged [8][22]. Group 3: Long-term Investment Perspective - The article emphasizes the cyclical nature of markets, suggesting that patience and a long-term view are essential for investors holding undervalued assets, as market dynamics will eventually shift [24][26]. - It encourages investors to remain steadfast in their strategies, likening investment to a marathon where the true value of companies will be reflected in their stock prices over time [26].

以下文章来源于终身黑白 ，作者终身黑白投资感悟 终身黑白 . 畅销书《行稳致远，价值投资的底层逻辑》作者，雪球网2024年十大影响力用户，聊聊投资和人生，适 度分散 长期持有 选优秀的企业 做时间的朋友 1 、愿三月有耕耘，九月有惊讶 今天是国庆节，先祝大家国庆快乐，假期就好好休息，优秀的企业不用我们天天费心，他自己会 照顾好自己。 什么时候你发现自己持有的企业一周，一月不看，你也并不着急，那么证明你选对了企业，选到 了确实是自己认可的那些企业，也找对了方法，能基于长期价值。 昨天的雪球文章下收到这样一篇评论 来源：雪球 《皮囊》里有句话： 有人说生命始于40岁，也有人说是50岁。其实都不对，生命应该始于你不再 取悦围观者的那一天。 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：终身黑白 确实啊，不知不觉我们都走过了艰难的阶段，获得了不错的收获。 "愿三月有耕耘，九月有惊讶"，这是《岁月里的话》这首歌的一句歌词。 初看歌词，可能有些不理解，如果说有惊讶的收成需要祝愿。那么，播种有什么好祝愿的，这不 是应该做的事吗？没见过哪个农 ...

Core Viewpoint - The article highlights the significant partnership between OpenAI and AMD, which is expected to generate substantial revenue for AMD and challenge NVIDIA in the AI accelerator market. The collaboration involves a unique "equity-for-purchase" structure that binds AMD's hardware sales to OpenAI's GPU deployment, creating a symbiotic relationship between the two companies [5][6][11]. Group 1: Partnership Details - OpenAI has entered a four-year agreement with AMD to procure a total of 6 gigawatts (GW) of AMD Instinct series GPUs, with the first 1 GW to be delivered in the second half of 2026 [5][8]. - As part of the deal, AMD will issue up to 160 million stock warrants to OpenAI at an exercise price of $0.01, contingent on GPU deployment progress and AMD's stock performance [8][10]. - This structure is unprecedented in the semiconductor industry, allowing OpenAI to potentially become a 10% shareholder in AMD while ensuring AMD retains governance rights [9][10]. Group 2: Financial Implications - The agreement is projected to bring hundreds of billions in revenue to AMD, marking a significant challenge to NVIDIA in the AI accelerator market [6][11]. - If AMD's stock price reaches $600, the value of OpenAI's stake could approach $96 billion, nearly equivalent to the total hardware value involved in the agreement [11]. - The partnership is seen as a win-win strategy, combining the strengths of both companies to advance AI infrastructure globally [11]. Group 3: Market Reactions - Following the announcement of the partnership, AMD's stock surged by 23.71%, marking its largest single-day gain since 2016, while NVIDIA and Broadcom saw declines in their stock prices [2][12]. - The article notes a broader market phenomenon where companies associated with OpenAI experience stock price increases, termed the "OpenAI golden finger effect" [27]. Group 4: Broader Industry Context - The collaboration is part of a larger trend where companies like NVIDIA, AMD, and OpenAI are engaging in a strategic race to build AI infrastructure, driven by national interests in AI capabilities [16][18]. - The innovative financing model of "equity-for-purchase" is seen as a potential template for future collaborations between AI companies and chip manufacturers, especially for those with less capital [19].

国庆假期深度研读了摩根士丹利首席中国股票策略师 Laura Wang 的最新访谈， 这不仅仅是一次采访 ， 更像是一份来自华尔街顶级投行的 " 牛 市说明书 " 。 本文把其中的四大核心观点 ， 用最简单方式为你拆解 ， 相信一定能帮你看清前路 。 01 核心观点一 ： 这不是 " 水牛 " ， 是 " 业绩牛 " 很多人将这轮上涨归因于美联储的降息预期 ， 认为是全球 " 放水 " 导致的 " 水牛行情 " ， 根基不稳 ， 来得快去得也快 。 但Laura Wang用 一个关键数据直接戳破了这个普遍的误解 。 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：憨憨的禅兄 来源：雪球 她指出 ， 作为股市的 " 心脏 " ， 企业盈利的基本面 ， 已经连续三个季度企稳了 。 更重要的是一个专业指标 —— " 盈利修正广度 " （ Earnings Revision Breadth ） 。 这词听着专业 ， 其实很好理解 ， 你可以把它想像成全市场所有分析师的一次 " 集体投票 " 。 如果上调A公 司盈利预期的分析师 ， 比下调 ...

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：稳赚需耐心 来源：雪球 今年国庆 ， 我选择去期待已久的的开封清明上河园作为目的地 ， 我也抢到了开封文旅发的消费券 ， 能省 不少钱 第一天凌晨五点就被窗外的鸟鸣吵醒 ， 生物钟比闹钟还准时 。 摸黑爬起来收拾行李 —— 浅色汉服 （ 提 前在平台租好的 ， 绣着缠枝莲纹的褙子配百迭裙 ） 、 防晒冰袖 、 充电宝 ， 还有昨晚特意查好的清明上 河园导览图 。 高铁站人山人海 ， 有个大叔举着单反说"三十年前来过开封 ， 这次带孙子来圆梦" ， 我偷 偷掐了下手腕 ： 原来这场旅行 ， 早就在很多人多年前就埋下了种子 。 十点半抵达开封 ， 随便找了个包子店吃了点午饭 ， 我用 " 满100减20 " 的餐饮券品尝了本地特色的开封 灌汤包和桶子鸡 ， 券后一桌饭仅花费100左右 。 消费券的魅力不止于 " 省钱 " ， 更在于其 " 引导性 " 。 吃完后休息一会 ， 下午两三点才到清明上河园南门 。 红绸金匾在阳光下晃得人睁不开眼 。 "一朝步入画卷 ， 一日梦回千年"的标语下 ...

以下文章来源于我画你财 ，作者我画你财 我画你财 . 告别枯燥理论，看图学习理财。 第一个坑： 冠军魔咒 基金圈有个怪象，某基金经理当年拿到第一后，就像受到了"诅咒"，很难再继续保持领先。 因为市场是周期轮动的，有时候金融板块涨的多，有时候科技涨的多，但不会有一个行业永远上涨。 而基金经理擅长的能力圈是固定的，冠军基金多是押对了当年风口，一旦市场风格切换，业绩难免回落。 ⚠️ 避坑攻略：选基金时，关注基金经理的长期业绩，千万别被短期排名迷了眼。 第二个坑： 挂羊头卖狗肉 ⚠️避坑攻略：买基金前，关注基金实际持仓以及持仓变化，避雷有风格漂移历史的基金经理。 第三个坑： 无效分散 很多新手热衷于跟着大V买基金，殊不知，被推送在首页的大V，多半买的都是最近的热门行业。 看似跟着5位大V买了5只不同的基金，实际5只基金都重仓同一行业，一旦该行业遇到风险，那么所有基金就会同步下跌，无法实现降低风险的目的。 ⚠️ 避坑攻略：真正有效的分散，不是名字或数量上的分散，而是底层资产的分散： 有些基金经理为了吸引客户，会在基金名称上蹭当下最火的行业和题材，但实际投资方向和名称毫不相关。 还有些基金在成立时，宣称投资某某赛道，但随 ...