导读：上一次笔者见到苏玉平，还是在十一年前。那时候我还是刚入行的青涩年轻人，她已经是 华安基金资深的固收基金经理。在华安基金，苏玉平当时的在管基金曾拿下了多个业内的重磅大 奖。她是第一代固收+产品的代表型基金经理，曾经的代表作华安强化收益债券基金在2014年和 2015年权益资产高波动的年份中，通过灵活的大类资产配置取得了优异的业绩。 十一年之后，苏玉平依然坚持在第一线做投资，她来到了近几年新成立的安联基金。她有着长期 健身的习惯，整个人的状态一直很好。谈及为什么依然坚持做投资，苏玉平说一是热爱，二是利 他。她坚信让投资者真正赚到钱的资管产品，是有利他属性的。 苏玉平和安联的结缘，要从2000年说起。她的投资生涯始于安联保险的投资部。在那里，苏玉平 初步接触到早期的大类资产配置体系。她也是国内较早通过CFA考试的基金经理，形成了经典的 教科书框架。一直以来，"防守反击"是苏玉平很鲜明的特点。她的产品在市场调整中，能够守得 住。但是当市场有机会的时候，她也能攻得出去。大类资产配置的能力，使得苏玉平在高波动的 市场环境下始终游刃有余。 接触过苏玉平的人，都会对她自律的精神留下很深的印象。在生活上，苏玉平十几年来一 ...

导读：3月，中国ETF市场正在经历一场史无前例的"正名之战"。 作为ETF领域的创新者和推动者，华夏基金早在年初就率先完成了旗下38只ETF的更名。从2004 年推出全市场第一只ETF，到如今坐拥122只产品，成为业内首家ETF规模破万亿的基金管理 人，华夏基金用了21年时间，不仅构建了一座庞大的"指数航母"，更是在中国ETF从"荒地"到"沃 土"的演变中，刻下了 最深远的印记。 从拓荒者的第一 只ETF说起 2004年冬天，公募基金在中国诞生也才6年多。对于普通投资者来说，基金还是一个陌生概念， 更不用说名字里既有数字又有字母的"ETF"。 就在那个"天时地利人和一样不占"的时间点，华夏基金推出了中国境内首只ETF——华夏上证 50ETF。彼时，ETF的运作机制、法律框架、技术系统、申赎规则、套利逻辑，均无先例可循。 从构想到研究，从开发到落地，华夏基金用了整整五年时间。 华夏基金总经理李一梅后来回忆，为了向投资者普及ETF，她和同事们奔赴全国各地，向券商客 户经理开展路演，联合上交所在全国连续举办了10场报告会，还举办了为期10个交易日的ETF模 拟交易大赛。这些努力为日后ETF市场的繁荣播下了最初的种子 ...

巴菲特如何定义 "商品"类生意 1982年的巴菲特致股东信中明确的指出，如果一个行业存在严重的产能过剩，同时其产品又属于"商品"（Commodity）类生意， 即在性能、外观、服务支持等所有客户会在意的维度上，都不具备实施差异化战略的可能性 ，那么身处该行业的企业，很容易会 陷入比较严重的利润困境。 作者简介：CFA，金融MBA，多年基金从业经历。2007-2017年就职兴全基金，任趋势基金经理。2017-2024年就职浦银安盛基 金，任价值投资部总经理。2024-2025年，就职国联安基金价值投资负责人。 步入2026年，"股神"巴菲特退出一线管理，代表着伯克希尔哈撒韦公司的一个时代落幕，他将这家传奇的商业帝国正式交给了格雷 格·阿贝尔，但巴菲特的投资理念与商业智慧依旧深刻影响着投资者。 巴菲特强调，投资的核心是确定企业的竞争性优势，以及是否具有持久性。唯有拥有广泛、可持续护城河的产品或服务，才能为投 资者带来真正的回报。 在基于"创造性破坏"视角的护城河分析一文中，按照生意的差异化程度，巴菲特将生意大致分为"特许经营权"和"商品"两类生意。在 论述完"特许经营权"之 后，本文继续讲述"商品"类生意。 不过 ...

根据最新披露的13F，截至去年底，东方港湾美股持仓总市值约13.16亿美元，持仓标的缩减至 10只，组合进一步集中。 谷歌取代英伟达成为第一大重仓股，英伟达位列第二，同时微软、苹果、Meta、亚马逊等美国科 技巨头也都是核心配置。 经出版社授权，我们将这篇文章分享给大家。 《"十五五"开局》，中信出版集团3月出版 当前市场上关于人工智能的争论仍在继续。一种常见观点认为，人工智能投入巨大而产出缓慢， 甚至存在泡沫。 这是东方港湾创始人但斌为中信出版集团今年3月出版的新书《"十五五"开局》所写的一篇文章。 汇集了过去一年多他的一些言论，也有一些新的表达，可以完整地看到一个投资从业30多年 的"老价投"如何迭代认知、穿越周期并在AI时代中激流勇进的过程。 放在当下来看，这篇文章有它特别的现实意义。市场对于人工智能的分歧依然很大，但斌态度一 贯的鲜明：如果把时间拉长，人工智能并不是一轮普通的主题投资，而很可能是未来十年最重要 的产业变量之一。 这些年但斌确实也是在用自己的持仓来表达态度。 对此，我持有不同看法。如果我们把视角拉长就会发现，当下人工智能所处的位置，已远远超出 了普通意义上的"技术热点"范畴，而正在成为全 ...

Core Viewpoint - The article emphasizes the importance of a balanced market environment for investment opportunities, particularly in the technology sector, while acknowledging the challenges posed by high valuations and macroeconomic factors [2][3]. Group 1: Market Outlook - AI-related companies face significant challenges in further increasing their market value due to already high valuations [2]. - The technology growth remains a key investment theme, but the market style is expected to be more balanced compared to 2025 [3]. - The first quarter of 2026 is anticipated to show strong performance in the equity market, driven by coordinated domestic policies and a new round of interest rate cuts by the Federal Reserve [3]. Group 2: AI and Technology Developments - Nvidia's latest financial report indicates a revenue of $68.1 billion for FY26Q4, exceeding guidance, with a Non-GAAP gross margin of 75% [4]. - The transition of AI agents from "dialogue" to "execution" is expected to drive exponential growth in model token usage, indicating a significant shift in AI capabilities [4]. - The AI investment landscape is expanding beyond traditional IDC supply chains to include sectors like power grids and renewable energy, reflecting a broader economic impact [11]. Group 3: Investment Strategies - The investment strategy focuses on "quality tracks + performance certainty" as the core source of excess returns, with an emphasis on technology innovation, overseas expansion, and traditional industry recovery [6]. - The current market is characterized by short-term trading strategies, with a focus on sectors like energy, materials, and traditional heavy asset industries [7][8]. - The healthcare sector is viewed as an attractive investment opportunity due to its strong fundamentals and current price misalignment [12]. Group 4: Sector-Specific Insights - The energy and resource sectors are expected to benefit from global liquidity conditions and domestic policy support, with a focus on companies with strong cash flow and governance [13]. - The renewable energy sector, particularly in solid-state battery technology and energy storage, is seen as a promising area for investment due to rapid advancements and increasing demand [15]. - The AI sector is anticipated to see significant growth in 2026, with a focus on domestic AI capabilities and the potential for increased returns from supply-constrained assets [16][17].

Core Viewpoint - The article emphasizes the importance of technology innovation, particularly in the context of AI, as a key focus area during the upcoming Two Sessions in March. It highlights the need for investment strategies that can capitalize on structural opportunities within the technology sector driven by AI advancements [1]. Group 1: Investment Opportunities in AI - Chen Liangdong sees potential in AI-driven sectors, particularly those experiencing rapid demand growth, and suggests that industries benefiting from the government's "anti-involution" policies may present favorable risk-reward investment opportunities [1]. - Shu Wenyu focuses on the AI computing hardware sector, indicating that despite recent market volatility, the long-term trend remains intact. The emphasis is on companies with high earnings visibility and positive fundamental trends, while caution is advised for overvalued stocks [2]. - Zhao Fengfei identifies opportunities in AI infrastructure and applications, including partnerships with major AI model developers and sectors like semiconductors that have both domestic production and price increase logic [4]. Group 2: Market Trends and Risks - You Guoliang notes that geopolitical tensions, such as the US-Iran conflict, have impacted market risk appetite, but he anticipates that defensive assets may outperform in the short term. He remains optimistic about the commercial aerospace sector, expecting significant catalysts in the second quarter [3]. - Han Lin discusses the impact of Middle Eastern conflicts on global financial assets, suggesting that the market may quickly price in risks before returning to focus on domestic policy expectations and risk appetite recovery [6]. - Yang Weiwei highlights the semiconductor expansion opportunities, particularly in AI applications and domestic computing power, suggesting that the sector may see upward momentum due to solid industry fundamentals [7]. Group 3: Focus on Growth Sectors - Yu Huan emphasizes the importance of investing in growth sectors, particularly those benefiting from AI price increases and industries experiencing supply-demand mismatches [5]. - Liu Jiang expresses a positive outlook on emerging technology sectors and resource commodities, suggesting that recent market adjustments could enhance the sustainability of upward trends [8][9].

导读：公募基金进入高质量发展时代后，我们认为会有一批注重持有人回报且超额收益相对持续的基金经理脱颖而出。 他们将持有人利益与投资者获得感，放在比业绩排名更为重要的位置，他们的投资组合往往更加均衡，为降低波动牺牲 短期锐度，但长期回报却往往更加丰厚。 对此，我们每年都会严格、细致地筛选主动权益与固收基金经理榜单。榜单的核心目标是希望选出未来能跑赢市场的基 金经理，而不是罗列过去的赢家。这也与我们一直以来的公众号价值观一致，希望为行业高质量发展贡献一份专业的研 究价值。 重磅发布：公募基金主动权益TOP100基金经理榜单（2026年度） 许多关注榜单的朋友，也会问我如何在榜单中挑选到符合自己投资需求的基金经理。比如，在今年高波动的市场环境 中，投资者特别看重投资体验的话，我会重点分析均衡风格的基金经理。这回，我和大家重点聊聊安信基金均衡投资部 总经理张竞。作为我们最新TOP100基金经理榜单的一员，张竞在均衡风格中体现了比较强的业绩稳定性。 张竞是一个以持有人收益为导向的基金经理。 在2024年的访谈中，他说："绝对收益导向的投资或许是未来公募基金发 展的方向。" 在管理公募基金产品之前，张竞思考过一个问题：如何 ...

Core Viewpoint - Investment is the realization of cognition, and excess returns come from being ahead of market recognition. Huashan Fund has consistently aligned with the direction of China's industrial rise, leading the market in growth investment through various industry transformations since 2013 [1]. Group 1: Huashan Fund's Investment Strategy - Huashan Fund has developed a global perspective on the comparison between China and the US, being sensitive to overseas technological innovations and changes [1][3]. - The fund has established a learning-oriented research platform that encourages collaboration among researchers from different fields to tackle the complexities of emerging industries [5]. - Huashan Fund emphasizes building a high-quality research foundation, hiring researchers with industry backgrounds to quickly identify changes in the Chinese economy [5][6]. Group 2: Performance of Fund Managers - Fund manager Sang Xiangyu has shown significant performance, achieving a 58.19% growth in the pharmaceutical sector and an 85.56% net value increase in the Huashan Huihong Select fund over the past year [1][19]. - Sang's investment framework combines top-down industry analysis with bottom-up stock selection, focusing on the resonance between industry beta and stock alpha for optimal investment efficiency [11][12]. Group 3: Emerging Industry Focus - Huashan Fund has proactively invested in emerging industries, including 5G, electric vehicles, and artificial intelligence, demonstrating a strong ability to capture new opportunities [3][4]. - The fund's research covers both traditional and emerging sectors, ensuring no industry is overlooked, which has allowed for rapid adaptation to industry changes [6]. Group 4: Future Investment Directions - Sang Xiangyu has identified two long-term investment directions: "going out" and "rolling out," categorizing industries into three priority levels based on their competitiveness and growth potential [14][15]. - The focus on AI investment is structured into three layers: hardware, energy, and resource investments, indicating a comprehensive approach to capitalizing on technological advancements [15][16]. Group 5: Product Offering - The new product, Huashan Innovation Momentum, features a floating fee structure that aligns the interests of the fund with its investors, showcasing a commitment to performance-based management [19]. - The product's performance benchmark is designed to reflect a balanced growth index, allowing for investment in both domestic and Hong Kong stocks [19]. Group 6: Research Foundation - Huashan Fund's robust research foundation is crucial for generating excess returns, moving away from individual heroism to a team-based approach in investment management [20].

导语："投资大家谈"是点拾投资的公益内容栏目，希望通过每周日不定期的推送，让更多人看到基金经理对投 资和市场的思考。"投资大家谈"栏目内容以公益类的分享为主，不带有基金产品的代码和信息，也必须来自基 金经理的内容创作。 下面，我们分享来自张斌对投资的思考，张斌曾经在专业机构做过投研，目前是一名个人投资爱好者。也欢迎 和作者主动交流，他的微信号是：behun gry。 最后，也欢迎大家持续给我们投稿！可以发送邮件到：azhu830@yeah.net 战争的硝烟中，最危险的往往不是敌人的子弹，而是自己脑海中的"胜利幻觉"。商战和投资的残酷同样如此。 3月3日，中国军号在社交平台X上用中英双语发布《美以袭击伊朗事件给世界的五个教训》，字字珠玑：内 奸、误判、武器批判、胜利幻觉、依靠自己。其中"胜利幻觉"尤其值得深思。 当美军中央司令部宣布对伊朗目标实施精确打击时，当以色列战机呼啸着掠过德黑兰上空时，当特朗普从"一 周内结束"到"四到五周"再到承认"将持续很长时间"时，他们是否陷入了"胜利幻觉"的迷思？ 这个来自战场的警示，对商场上的企业家和资本市场上的投资者们同样振聋发聩。 圣经中的经典案例：大卫与歌利亚 《圣经》 ...

Core Viewpoint - The article discusses the launch of "Jimu Planet," a dedicated index investment education platform by Huazhang Fund, aimed at transforming the cold, tool-like nature of ETFs into a more engaging and supportive investment experience for users [4][6]. ETF Product Introduction - Investors often feel overwhelmed by the vast array of ETF options available, leading to a sense of isolation despite the wealth of information [3]. - The article highlights the need for a more personalized approach to ETF investment, where investors can feel understood and supported [4]. Jimu Planet Launch - Huazhang Fund launched "Jimu Planet" in early 2025, designed to provide comprehensive information and configuration services for investors [6][8]. - The platform aims to help investors build their own investment portfolios, likening the process to assembling building blocks [8]. Educational Initiatives - By the end of 2025, Jimu Planet had conducted nearly 300 online and offline educational activities across over 30 provinces, engaging with thousands of brokerage firms [8]. - The platform hosted over 200 live sessions, totaling more than 9,000 minutes, equivalent to reading 20 investment books [8]. - Huazhang Fund produced over 700 in-depth research reports, providing insights into the industries and companies behind ETFs [8]. Collaborative Efforts - The fund collaborated with exchanges to host events like "Exploring ETF Component Stocks" and "ETF Lectures," allowing investors to connect with real economic activities [9]. - This approach aims to build trust and a sense of community among investors, moving beyond mere transactions [9]. Growth Metrics - By the end of 2025, Huazhang Fund's index management scale exceeded 250 billion yuan, with ETF assets reaching 195.05 billion yuan, marking an annual growth of nearly 80 billion yuan [11]. - In the first three quarters of 2025, the fund generated over 50 billion yuan in profits for its investors [11]. - The fund has gained the trust of over 44 million investors, reflecting a strong preference for its products in a highly competitive market [11]. Product Offerings - Huazhang Fund offers a diverse range of ETFs, including the first domestic gold ETF, which saw a 58.54% increase in 2025, and the ChiNext 50 ETF, which rose over 57% [12]. - The fund emphasizes a diversified, specialized, and high-quality product strategy, covering various asset classes and market conditions [13]. Ecosystem Integration - Huazhang Fund has integrated deeply into the Guotai Junan ecosystem, leveraging research support and branch collaboration to enhance product visibility and investor engagement [15]. - The company aims to be more than just an ETF provider, positioning itself as a companion and guide for investors [15].