Core Viewpoint - The article emphasizes the selection of low-volatility fixed income plus funds as a suitable investment option for medium-term unused funds or remaining amounts from long-term investments, highlighting six recommended funds based on specific criteria [3][22]. Selection Criteria - The funds must have a scale of over 200 million yuan to avoid the risk of liquidation and ensure adequate attention from the fund company [5]. - The maximum drawdown over the past five years should be less than 5% to maintain low volatility [8]. - The equity allocation should be between 5% and 10% to balance between ensuring some equity exposure and minimizing volatility [8]. - The funds should be open-ended and established for more than five years to provide a reliable performance reference [8]. - The annualized return over the past five years should exceed 5% to ensure relatively high returns alongside low volatility [8]. Fund Performance Summary - The selected funds include: - **Huatai Bairui Dingli Mixed A**: Annualized return of 7.78%, maximum drawdown of 4.23%, and a fund size of 3.746 billion yuan [7]. - **Jiaoyin Zengli Enhanced Bond A**: Annualized return of 6.94%, maximum drawdown of 4.68%, and a fund size of 1.2 billion yuan [7]. - **Huaxia Dinghong Bond A**: Annualized return of 5.46%, maximum drawdown of 4.81%, and a fund size of 1.1 billion yuan [7]. - **Southern Songguang A**: Annualized return of 5.30%, maximum drawdown of 2.02%, and a fund size of 200 million yuan [7]. - **Jinying Xinrui Mixed A**: Annualized return of 4.97%, maximum drawdown of 4.08%, and a fund size of 2.4 billion yuan [7]. - **Fengchao Hengli Bond A**: Annualized return of 4.31%, maximum drawdown of 4.14%, and a fund size of 4.17 billion yuan [7]. Investment Advantages - Low-volatility fixed income plus funds offer excellent risk management and drawdown control, resulting in a smoother net value curve for investors [19]. - They provide better return potential than pure bond funds, especially during structural opportunities in the stock market [20]. - These funds serve as a convenient tool for risk-averse investors to achieve a balanced stock-bond allocation without the hassle of manual adjustments [20]. Investment Considerations - The funds may exhibit limited return elasticity and could underperform in a bull market due to their low equity allocation [21]. - They are not entirely "capital-protected," as there remains a risk of loss during extreme market conditions [21]. - The success of these funds heavily relies on the fund manager's ability to make sound asset allocation and security selection decisions [21]. Conclusion - The article concludes that the six identified low-volatility fixed income plus funds are suitable for conservative investment strategies, emphasizing the importance of long-term holding to achieve positive returns despite potential short-term losses [22].

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].

Group 1 - The core viewpoint is that the current market rally is driven by fundamental performance rather than liquidity, indicating a shift from a "liquidity bull market" to a "performance bull market" [6][7][22] - The "Earnings Revision Breadth" for the MSCI China Index turned positive in August, signaling that the number of companies with upward earnings revisions exceeds those with downward revisions, marking a recovery in corporate profitability [8][27] - The sectors showing strong performance include technology, internet, finance, and biotechnology, while traditional sectors like consumer goods and real estate are facing downward revisions in earnings expectations [10][11][12][31] Group 2 - The importance of selecting the right sectors is emphasized, with a recommendation to focus on "hot" sectors while avoiding "cold" ones, as the market is experiencing significant internal differentiation [9][10][12] - AI is not viewed as a bubble; instead, leading companies in this space are considered undervalued compared to their U.S. counterparts, presenting a significant investment opportunity [14][15][16] - Global investor interest in the Chinese stock market is rising, particularly among U.S. investors, with over 90% expressing plans to increase their exposure to Chinese stocks [17][18][33] Group 3 - The market dynamics are changing, moving towards a more structured market that requires deeper understanding and insight into specific industries rather than relying on macroeconomic trends [21][22] - Investors are encouraged to focus on companies with strong competitive advantages and the potential for growth, particularly in sectors like AI, automation, and biotechnology [19][20][24] - The upcoming consumption data from the Golden Week holiday and the 14th Five-Year Plan meeting are seen as potential catalysts for market movement [35][36]

Core Viewpoint - The article highlights the cultural significance and economic impact of the Qingming Riverside Landscape Garden in Kaifeng, emphasizing the role of government-issued consumption vouchers in enhancing visitor experience and promoting local tourism [27][29]. Group 1: Cultural Experience - The Qingming Riverside Landscape Garden offers a vivid recreation of Song Dynasty life, attracting visitors with its immersive experiences, such as traditional performances and historical reenactments [9][19]. - The atmosphere in the garden transforms from day to night, creating a vibrant scene filled with lights and cultural activities, enhancing the overall visitor experience [11][17]. Group 2: Economic Impact - The introduction of "Golden Autumn Consumption Vouchers" significantly reduces costs for visitors, allowing them to save nearly 200 yuan during their visit, which encourages spending and participation in various activities [27]. - The model of "government subsidies + merchant discounts + visitor benefits" effectively promotes cultural consumption, making it a more enjoyable and less burdensome experience for tourists [27]. Group 3: Visitor Engagement - The article notes that the garden's popularity is reflected in the high visitor numbers, with the peak daily entry surpassing 20,000 during the National Day holiday, indicating a strong interest in cultural tourism [29]. - Visitors express a sense of nostalgia and connection to cultural heritage, as the garden serves as a platform for experiencing traditional Chinese culture [25][29].

Group 1 - The article discusses the phenomenon of "champion curse" in the fund industry, where fund managers who achieve top rankings often struggle to maintain their performance in subsequent years due to market cycles and style shifts [4][6][7] - It emphasizes the importance of focusing on long-term performance of fund managers rather than being misled by short-term rankings when selecting funds [9] Group 2 - The article highlights the issue of misleading fund names, where fund managers may use popular industry themes in fund titles while the actual investment direction may differ significantly [10][12] - It advises investors to check the actual holdings and changes in holdings of funds to avoid those with a history of style drift [14] Group 3 - The article points out the problem of ineffective diversification, where investors may follow popular influencers and end up investing in funds that are heavily concentrated in the same sector, leading to synchronized downturns [16][18] - It stresses that true diversification should focus on the underlying assets rather than just the number of funds [20] Group 4 - The article discusses the limitations of large-scale funds, where a fund manager managing a significant amount of capital may face constraints in selecting small-cap stocks, potentially impacting performance [22][24] - It recommends choosing funds with a moderate scale to allow fund managers more flexibility in their investment decisions [27] Group 5 - The article warns against the risks of small-scale funds, which may face forced liquidation if they do not attract enough capital, leading to potential losses for investors [30][31] - It suggests avoiding funds with a scale below 100 million to mitigate the risk of forced selling [34]