Group 1 - The core viewpoint of the article highlights the dual effects of the business development (BD) wave in China's innovative pharmaceutical industry, questioning whether BD is a lifeline or a chronic poison for companies [2][3] - The surge in BD transactions is driven by multiple factors, including the patent cliff crisis faced by multinational pharmaceutical companies and the accumulation of potential first-in-class (FIC) and best-in-class (BIC) pipelines by Chinese firms [2] - The total amount of BD transactions in China's innovative drug sector reached $57.1 billion in 2024, with over $50 billion in transactions occurring from early 2025 to the present [2] Group 2 - The benefits of BD are evident, including rapid cash flow acquisition, leveraging multinational resources for global development, and enhancing international recognition of Chinese innovative drugs [3] - However, there are significant concerns, such as a high return rate of 40% in BD transactions, with 25 out of 62 transactions in 2020 being terminated [3] - Companies that rely heavily on BD, like Kangfang Biotech, may face severe financial challenges if BD revenues decline, as seen with a 95% drop in 2024 [3] Group 3 - Successful companies typically possess differentiated innovation capabilities, such as Kangfang Biotech's PD-1/CTLA-4 bispecific antibody [4] - Internationalization capabilities are crucial, exemplified by BeiGene's successful entry into the U.S. market while maintaining its R&D pace [5] - A reasonable pipeline structure is also important, as demonstrated by Ascentage Pharma's high revenue-sharing ratio of 15% for Olverembatinib, potentially generating $300 million in future revenue [6] Group 4 - Companies that are merely "bare swimming" exhibit characteristics such as product homogeneity and reliance on single BD transactions, which can lead to significant market value loss [6] - The CXO companies, particularly those in contract manufacturing organizations (CMO), are clear beneficiaries of the BD trend, as they provide essential production capabilities for innovative drug projects [7] - WuXi Biologics' "CRDMO+" model allows deep involvement in the entire lifecycle of innovative drugs, ensuring continuous orders and revenue regardless of the success of BD transactions [8] Group 5 - After the BD wave subsides, only companies that can consistently produce high-quality innovative drugs and effectively commercialize them will emerge as true winners [9] - Companies must possess strong R&D capabilities and clear commercialization paths, while those relying solely on BD for funding may struggle when the tide recedes [9] - BD should be viewed as a means rather than an end, with the marathon of innovative drug development just beginning [9]

Core Viewpoint - The fundamental aspects of listed companies are dynamic and require continuous tracking for investment decisions [2] Group 1: Investment Timing and Company Performance - Investment opinions should always consider the time context, as companies that were once seen positively may not maintain that status over time [3][7] - The author has previously highlighted the risks of valuation bubbles in sectors like liquor and pharmaceuticals, and the overcapacity risks in semiconductors and new energy sectors [3][4] - The Chinese economy is still experiencing rapid growth, suggesting significant upward potential [4] Group 2: Market Conditions and Investment Strategy - At the market level of 2700 points, there was a strong rationale for full investment, which proved to be a successful strategy by year-end [5][6] - The concept of "good companies" is time-sensitive, and past high-performing stocks may not guarantee future success [7][9] - The cyclical nature of industries, such as non-ferrous metals and shipping, necessitates close monitoring of trend changes [10] Group 3: Value Investment and Market Dynamics - Value investing is not inherently difficult, but identifying true investment value is challenging [11] - The ability to discover value in advance is equated with the ability to generate profits [12][13]

Core Viewpoint - The article emphasizes that the greatest dividend for ordinary people is not external opportunities but rather the development of an internal system, categorized into "chaotic systems" and "compound systems" [3][4]. Group 1: Chaotic System - A chaotic system is characterized by frequent decision-making changes and high uncertainty, leading to a lack of accumulation in any particular field [7][8]. - Individuals in a chaotic system often rely on external influences and emotions for decision-making, which can result in missed opportunities [5][9]. Group 2: Compound System - A compound system focuses on long-term goals and experience accumulation, leading to clearer decision-making paths and reduced external interference [10]. - The advantages of a compound system include strong certainty, reduced anxiety, and a stable mindset despite market fluctuations [11]. - The article discusses various investment strategies within a compound system, such as technical analysis, value investing, and a "permanent portfolio" approach that emphasizes asset diversification and dynamic balance [11][12]. Group 3: Investment Performance - The author's "permanent portfolio" consists of dividend funds in the A-share market, index funds in the US (Nasdaq and S&P 500), and investments in India and Southeast Asia [13]. - The performance of the author's fund account shows a year-to-date increase of 6.33%, outperforming the CSI 300 index, which has decreased by 1.7% [16]. - The article notes that the stock market has shown positive trends, particularly after the worst impacts of tariff storms have passed [17][19].

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： 边城浪子1986 目前创新药处于不可证伪阶段 ， 业绩不是第一位 ， 事件驱动更为重要 ， 大概率在未来一段时 间可能还有一定表现机会 ， 后期会不会出现鸡犬升天的现象 ？ 个人觉得还是存在一定概率的 ， 就是存在未来大部分创新药从合理估值到高估的过程 。 四 、 Ai应用 来源：雪球 一 、 低利率下的稳定回报行业 低利率的环境下 ， 一部分资金自然会寻找股息较高的行业进行投资 ， 并且这些行业的股息回报 也成为了部分银行存款和理财的替代选择 。 特别是保险类资金在大幅加仓高股息个股 ， 红利策 略也在市场上越来越受欢迎 。 我个人觉得其中的公用事业 、 电信运营商 、 电力是值得低风险 偏好的投资者持有的 。 个人疑虑比较大的是银行业 ， 因为资产的真实质量存疑 ， 但是如果未来通过通胀或者放水等手 段稀释不良资产 ， 只要这一过程持续够久 ， 银行也可以看作是安全 ， 就看时间的力量能不能 化解这一切了 。 二 、 港股互联网与科技 港股互联网和科技目前估值比较合理 ， 并有一定的向上增速 ， 但是由于巨头的体 ...

受外围地缘冲突影响，亚太股市普跌，日本、韩国、印度市场均跌近1%，A股三大指数集体调整，截至发稿，沪指、深指、创业板指均跌超 0.6%，全市场超4000只个股下跌。 板块方面，美容、医药、传媒、白酒等跌幅居前，黄金和原油受到以色列和伊朗冲突升级影响大涨。 01 国际原油价格飙涨 原油股拉升 能源股集体爆发，通源石油开盘20%涨停，准油股份一字涨停，潜能恒信等涨停或涨超10%。 | ﮨ | 油气开采及服务 | | > ··· () | | --- | --- | --- | --- | | | 1438.43(+103.18 +7.73%) | | | | 讨论 | 板块分析 成分股 | 相关ETF 资讯 | | | 全部(19) | | 关注度 | 主力资金 北向 | | 名称 | | 涨跌幅 , 最新价 ÷ | 市盈率 * | | 通源石油 SZ300164 | | +19.91% 5.06 | 56.78 | | 首华燃气 SZ300483 | | 10.83 +15.83% | -4.33 | | 潜能恒信 SZ300191 | | 22.97 +15.02% | -205.63 | | 贝肯能源 SZ ...

Core Viewpoint - The article argues that the decline in China's liquor production is often misinterpreted, suggesting that while production has decreased from its peak in 2016, it has actually increased by 33.02% compared to 20 years ago, indicating that the industry is not necessarily in decline but rather adjusting to market realities [2][4]. Production Trends - In 2016, China's liquor production peaked at 1,358 million tons, but by 2024, it is projected to drop to 414.5 million tons, a decline of approximately 69.48% [2]. - When comparing the production in 2024 (414.5 million tons) to 20 years prior in 2004 (311.6 million tons), it shows a growth of 33.02%, contradicting the narrative of a declining industry [2][3]. Demand and Consumption - The article highlights that the demand for liquor is limited by human consumption capacity, unlike other beverages that can see increased consumption with lifestyle changes [3]. - The population growth from 1.299 billion in 2004 to 1.408 billion in 2024 (an increase of about 8.4%) indicates that per capita liquor consumption has not significantly decreased [2]. Market Dynamics - The rapid increase in liquor production from 2004 to 2016 was driven by a favorable economic environment post-WTO accession, leading to a proliferation of local liquor brands [4]. - The oversupply and intense competition in the market have led to a decline in production since 2016, with many mid to low-end brands losing market share [4]. Revenue Growth - Despite the decline in production, the total sales revenue of the liquor industry has surged from 61.23 billion in 2004 to 796.384 billion in 2024, a twelvefold increase [4][5]. - The increase in revenue is attributed to rising prices rather than increased consumption, with the sales revenue continuing to grow even as production declines [5]. Monetary Influence - The growth in liquor sales revenue aligns closely with the increase in the money supply (M2), which rose from 25.32 trillion in 2004 to 313.53 trillion in 2024, an increase of 11.38 times [5]. - The article posits that the driving force behind the liquor industry's growth is not public spending or real estate demand, but rather the effects of monetary expansion [5].

Core Viewpoint - Solid-state batteries are regarded as the ultimate solution for next-generation batteries, with a commercial explosion expected between 2027 and 2030, potentially exceeding a global market size of 250 billion yuan, making it a key investment focus in sectors like new energy vehicles, energy storage, and low-altitude economy [2] Group 1: Technical Advantages of Solid-State Batteries - High safety due to the use of inert solid electrolytes, eliminating the flammability and explosion risks associated with traditional liquid batteries [3] - Significant improvement in energy density, with examples like CATL's condensed battery reaching 500 Wh/kg, and future potential for even higher limits [4] - Fast charging capabilities, with some technologies allowing for 80% charge in just 12 minutes, and cycle life reaching tens of thousands of times, far exceeding traditional batteries [4] - Stability in extreme environments, operating between -40°C to 150°C, and supporting higher voltage cathode materials, suitable for applications in energy storage and aviation [5] Group 2: Industry Advantages Driven by Policy and Market - Strong policy support from initiatives like the EU's "Battery 2030+" plan and China's "dual carbon" strategy, positioning solid-state batteries as a key development focus [6] - Growing market demand in new energy vehicles and energy storage sectors, with expectations for double-digit growth in market size over the next five years; over 20 billion yuan invested in new solid-state battery projects in Q1 2025, with a capacity planning of 50 GWh [7] - Full industry chain engagement, with companies actively developing solid-state battery technologies, such as Rongbai Technology's ultra-high nickel cathode materials and Weilan New Energy's mass production of 280Ah energy storage cells [8] Group 3: Competitive Landscape of Core Enterprises - CATL, as a global leader in lithium batteries, is at the forefront of sulfide and oxide solid-state battery technologies, aiming for mass production by 2027 [10] - BYD leverages vertical integration and cost control, planning for demonstration vehicle deployment of solid-state batteries by 2027 and large-scale production by 2030 [11] - Weilan New Energy has achieved mass production of semi-solid batteries for NIO vehicles and aims for a 30% market share in energy storage by 2025 [12] - Qingtao Energy has developed quasi-solid-state batteries with an energy density of 400 Wh/kg, achieving a production yield rate exceeding 95% [13] Group 4: Impact of Solid-State Batteries on the Industry Chain - The material system is being restructured, with solid-state batteries driving the development of high-nickel ternary cathodes and lithium metal anodes, with sulfide electrolytes becoming core materials [15] - New equipment is required for solid-state battery production, such as dry electrode equipment and laser devices, creating a growth market for equipment manufacturers [16] - Companies like Guoxuan High-Tech and Qingtao Energy are planning large-scale solid-state battery production, accelerating the industrialization process through supply chain collaboration [17] Group 5: Challenges and Outlook - Technical bottlenecks remain, including solid-solid interface impedance and lithium dendrite suppression, with actual energy density still lagging behind laboratory data [18] - Initial high costs of all-solid-state batteries are expected to transition to semi-solid forms for market entry, with a projected 10% penetration rate for all-solid-state batteries by 2030 [19] - The industry is anticipated to undergo price wars and comprehensive technical competition as technology matures and capacity is released, with 2027-2030 being a critical period for all-solid-state battery deployment [20]

以下文章来源于小5论基 ，作者小5论基 小5论基 . 一枚专业又好玩的基金研究自媒体 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： 小5论基 来源：雪球 有鉴于当前银行理财 、 货币基金等传统低风险产品收益的持续走低 ， 而股票市场的高波动又让保守型投资 者望而却步 ， 于是凭借着 " 稳中求进 、 攻守兼备 " 的特性 ， " 固收+ " 产品便成为打破这个两难困局的 优选方案 。 尽管对于 " 固收+ " 这个概念市场迄今都没有一个统一且明确的定义 ， 但时至今日 " 固收+ " 产品本身却 早已深人人心 。 从概念上来看 ， " 固收+ " 本质上是一种资产配置策略 ， 即以风险较低的债券等固收类资产为底仓 ， 获 取一个基础收益 （ 固收部分 ） ； 同时通过适度配置风险较高的股票等权益类资产 ， 在控制波动与回撤的 前提下增厚收益 （ " + " 的部分 ） 。 我自己在做 " 固收+ " 类产品筛选的时候 ， 一般对权益类资产的占净比 （ 股票市值占基金资产净值比 ） 要求是10%~20% （ 中枢仓位 ） ， 下限不能低于5% ， 上限不能超过30 ...

Core Viewpoint - The article emphasizes the importance of diversified asset allocation strategies, particularly the "Three-Factor Method," which focuses on asset, market, and time diversification to achieve stable long-term investment returns [2][18]. Group 1: Three-Factor Method - The Three-Factor Method is a multi-dimensional asset allocation strategy based on asset diversification, market diversification, and time diversification [3][18]. - Asset diversification involves allocating low-correlation assets to alter the overall risk-return profile of the investment portfolio, aiming to reduce volatility while maintaining similar returns [3]. - Market diversification highlights the significance of investing across different economic regions, as assets from various economies often exhibit low or negative correlation [3]. - Time diversification suggests that avoiding market timing and instead employing strategies like dollar-cost averaging can enhance investment stability [5]. Group 2: Asset Allocation and Selection - The article outlines four asset allocation strategies based on individual risk profiles, with higher allocations to high-volatility assets generally leading to greater returns and drawdowns [6][8]. - For equity assets, recommended indices include the CSI Dividend and CSI A50, which cover high-quality dividend stocks and leading companies in major industries [10]. - For bond assets, low-fee ETFs such as the Huaxia Asia Bond Index Fund and E Fund China Bond Index Fund are suggested for their comprehensive coverage of various bond types [11]. - Commodity investments are primarily focused on gold and oil, with recommendations to select funds based on tracking accuracy [12]. Group 3: Dynamic Rebalancing and Quality Tracking - Dynamic rebalancing is crucial for adjusting asset proportions based on performance, aiming for lower drawdowns and more stable returns [13]. - Quality tracking of investment products is essential, with investors advised to monitor tracking errors in fund reports and replace underperforming funds as necessary [14]. Group 4: Conclusion - The Snowball Three-Factor Method aims to create a diverse and low-correlation asset portfolio, supplemented by dynamic rebalancing to reduce volatility and achieve sustainable long-term returns [16].

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：广予茶座 来源：雪球 01 巴芒对亏损的认知 在散户乙发言文集中 ， 他引用了老巴的一些话来说明亏损 。 比如 ， 巴菲特说 ： " 投资第一条 ： 不要亏损 。 第二条 ： 不要亏损 。 第三条 ： 记住前两 条 。 " 巴菲特又说 ： " 不能承受50%的下跌就不适合做投资 " 。 这些话在网上广泛传播 ， 尽管可能不是原话 ， 但大体是那个意思 。 从巴菲特致股东的信中 ， 看看是怎么看待亏损和波动的 。 巴菲特说 ： " 投资的第一原则是 ， 不要亏损 ， 投资的第二原则是 ， 不要忘记第一原则 。 这 就是投资的全部原则 。 我的意思是 ， 如果你以远低于它们价值的价格购买资产 ， 并且你构建 了一个组合 ， 你基本上就不会亏钱 。 " 巴菲特说 ： " 如果市场下跌 ， 伯克希尔的股票也会下跌 。 在这个房间里 ， 面对股价下跌 50%时依然积极热情的人应该不多 。 但查理不会介意的(股价下跌) 。 我们不会出售可口可乐 ， 我们不会卖掉吉列 ， 我们不会卖掉我们的生意 。 因此 ， 我们很可能会承受股价下 ...