3）越来越多基金公司正在构建平台层面的护城河，通过团队化分工和赋能，打造可预期、可复制的产品体系。 作为业内较早推出绝对收益目标"固收+"——招商"瑞"系列的基金公司，招商基金打造了一套 以持有人的利益为中 心，"市场端客群细分，产品端适配性设计，投资端风险预算管理"为闭环的多元资产管理体系。 在这套闭环体系中， 客群研究、产品设计、基金经理风格匹配度、投资管理的事前风控和过程管理等多个环节形成紧密衔接的管理流程，秉 持绝对收益理念，为持有人提供风险收益特征相对稳定、适配度高的多元资产产品线。 导读：每一次宏观范式的变革，都会带来一次基金特定产品类型的大爆发。 十年前的移动互联网浪潮，推动了标准化产品线上销售的爆发，货币基金的规模得以大幅增长，余额宝一度成为全球规 模最大的单一基金。2019年开始的优质企业集中度提高，带来了主动权益基金的规模大幅增长，多只主动权益基金规 模突破500亿甚至1000亿。而在新一轮低利率环境的时代中，多元资产的春天或已经来临。 当下的宏观环境，有三股长期力量在推动着多元资产的大发展： 1）中长期的低利率环境下，老百姓需要收益率更高的产品代替银行理财； 2）公募基金进入高质量发展元 ...

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 营销的范式转移 直觉时代已然来临 市场营销的本质 吸引并管理有利可图的顾客关系 · 95% vs 5%:我们95%的决策由无意识大脑驱动,仅有5%来自理性思考。直觉 源于类比推理,是我们人类大脑很擅长的一种思考方式。以前我们以为人脑像一 台"审慎的推理机器",但实际上,欣顿解释,人脑的工作方式是不断地在数以万 亿计的联想、记忆、图像、声音等信息之间进行类比,从而迅速地得出直觉性的 结论。 · 传统模式失效:基于意识说服的、干扰式的营销(如洗脑广告)效果日益衰减。 · 新营销的核心:不是创造新需求,而是唤醒消费者心中已有的积极记忆和联想。 · 关键转变:从争夺货架转向争 ...

11月18日，中国上市公司协会第三届理事会第六次会议在北京顺利召开。现场，海尔智家作为行业唯一代表，分享了其发展新质生产力的实践。 作为海尔集团旗下上市公司之一，海尔智家始终坚持创新，加速推进以用户为中心的全面变革，体现在新质生产力实践上，就是聚焦"六化"。 在高端化上， 尽管行业面临需求逐渐承压、竞争白热化等挑战，但高端品牌卡萨帝凭借为用户提供分区洗护、控氧保鲜、双温区送风等原创差异化方 案，2025前三季度实现了18%的高增长。 在全球化上， 全球化不是简单的产品卖全球，而是平台的全球化、能力的全球化，这一切的本质就是给全球用户提供好产品、好服务。如新欧标下欧 洲对家电的能耗标准非常严格，海尔智家仅用1年时间，就通过中国、美国、新西兰、德国等全球研发平台推出了X11洗衣机，受到用户好评。 在数字化上， 海尔智家对内提升企业效率，对外提升用户体验。通过全流程的数字化变革，近年来海尔智家的利润率一直在上升，费用率一直在优 化。同时，数字化变革也大幅提升了用户体验。如在数字库存上，海尔智家通过全面统仓TOC，2025前三季度区县专卖店已有74%的商品直达用 户。商品直达用户后，由售后承接最后一公里，带货上门安装 ...

作为价值投资者的"圣经"，格雷厄姆先生在《证券分析》一书中，就对价值投资的回报写下了定义：赚取一个资产长期 现金流的回报。格雷厄姆先生认为，这个资产到底上市还是不上市，是债券还是股票，都不重要的。重要的是，投资回 报的关键在于现金流。最终股东赚取的是分红的钱，还是现金流再投资的回报，也不重要。 在形成了价值投资的定义后，格雷厄姆和其最好的学生巴菲特，又对投资者和投机者做了区分。投资者关注的所有事 情，都是围绕企业如何产生现金流来的。所以，巴菲特会强调好生意还是坏生意（不同生意赚现金流的难度不同），强 调对护城河的研究（护城河越强，现金流越稳定），强调优秀的管理层（好的管理层会善待股东）。 许多人会把价值投资和成长投资对立起来。事实上，价值投资者的对立面是投机。无论是低估值还是高成长，只要是从 获取现金流角度出发的投资，就是价值投资。这也是为什么，DCF估值模型能够经久不衰，成为衡量企业价值的重要工 具。 导读：爱因斯坦曾说"宇宙中最强大的力量不是原子弹，而是复利加时间。"复利效应的原理是，充分利用时间杠杆。时 间越长，得到的回报就越惊人。复利思维，也逐渐在大众理财中开始普及。 当上证指数时隔10年后重新回到4 ...

导读：陪伴是最长情的告白。如今这个时代，能够长期管理一个产品超过10年的基金经理少之又少。根据 Wind数据，截止2025年10月31日，全部公募基金中在任时间超过10年的基金经理占比 1.95%（487/24926）。在这批基金经理中，任职以来年化收益率超过10%更是只有93位，占比不到20%。 在今年夏天去纽约的时候，我们参观了位于麦迪逊大道225号的摩根博物馆。这里曾经是JP摩根先生的私人图 书馆，里面保存了大量艺术品。包括世界上第一部采用活字印刷的书籍《古登堡圣经》，以及达芬奇、米开朗 基罗、伦勃朗等大师级作品。在那里，我们感受到摩根文化中的厚重。 当资管公司纷纷加大被动指数业务的投入时，摩根资产管理仍然在坚守主动投资的最后"堡垒"。他们用实际行 动"做多中国"，也诠释了如何用平台化方式，培养出一批具有"长跑"能力的主动权益基金经理。 在我们眼中，"双十基金经理"是一名基金经理的最高荣誉。"双十"的第一个十，代表着长期。一个基金经理能 兢兢业业坚守同一个产品，在同一家公司10年，是很难做到的。"双十"的第二个十，代表着价值。如果一个基 金经理能取得任职以来10%以上的年化收益率，在一定程度上或可以证明 ...

Core Viewpoint - The NEMO system integrates Fidelity's global asset allocation processes, enhancing the efficiency of fund managers and researchers, ultimately benefiting the multi-asset pension fund products [2][3][20]. Group 1: NEMO System and Its Functionality - The NEMO system transforms the investment process of Fidelity's multi-asset pension funds from a flat to a three-dimensional structure, incorporating various asset classes, regions, strategies, and managers [2]. - It provides a clear framework for strategic asset allocation (SAA), tactical asset allocation (TAA), and fund selection, ensuring a systematic approach to investment [2][20]. - The system emphasizes the importance of coupling the fund manager selection process, allowing for a more cohesive investment strategy [7][20]. Group 2: Investment Philosophy and Framework - The investment philosophy is centered around a framework-based approach, which helps in identifying and solving key investment problems [3][9]. - The focus on long-term performance over short-term gains is crucial, with an emphasis on maintaining a steady upward trajectory in net asset value [3][4]. - Trust is identified as fundamental in asset management, with a strong belief that maintaining client trust leads to sustained growth in assets under management [4][18]. Group 3: Key Personnel and Their Influence - Zhao Qiang, the head of Fidelity's multi-asset department, plays a pivotal role in translating global investment wisdom into actionable strategies for pension funds [3][4]. - His educational background at the University of Chicago, where he learned from Nobel laureates, significantly shaped his investment thinking and framework [8][9]. - The importance of a global team of experts is highlighted, as successful asset allocation cannot rely solely on individual fund managers [12][18]. Group 4: Market Position and Growth - Fidelity has established itself as a leading provider of pension fund management, with a significant market share in the U.S. and Hong Kong [2][17]. - The company has maintained a 20% growth rate in its pension products, attributed to its ability to safeguard client wealth during market crises [4][18]. - The emphasis on client satisfaction as a key performance indicator reflects Fidelity's commitment to long-term client relationships [17][18]. Group 5: Investment Strategy and Asset Allocation - The multi-asset investment strategy involves diversifying across various asset classes, regions, and strategies to mitigate risk and enhance returns [22][25]. - Tactical adjustments in asset allocation are informed by comprehensive macroeconomic research and data analysis, ensuring informed decision-making [26][33]. - The integration of quantitative and qualitative frameworks in fund selection allows for a thorough evaluation of fund managers and their strategies [35]. Group 6: Future Outlook and Development - The development of new pension fund products is underway, with a focus on risk management and achieving stable returns [43][46]. - Fidelity aims to leverage its global expertise to enhance the pension fund landscape in China, advocating for policies that promote default options in retirement savings [45][46]. - The long-term assessment of pension fund performance is emphasized, moving away from short-term metrics to foster a more sustainable investment environment [46].

在一轮牛市中，投资者真正能赚到钱，必须抓住"股价站得住"的公司——基本面扎实、盈利稳 定、管理优秀，而不是单靠情绪上涨的标的。 图1：沪深300上半年涨幅有限，下半年走势显著好转 导读：从今年A股的整体表现来看，市场结构正经历明显转变——由上半年以主题投资为主的行 情，逐步过渡到下半年高质量龙头公司的回归。 以沪深300指数为例，上半年指数走势趋缓，而下半年以来涨幅已达18.09%。经历第一轮估值修 复后，资金正流向真正具备盈利能力的企业，而海尔智家正是其中的典型。 资料来源：Wind，数据截至2025年11月13日 连续五年唯一双位数增长的家电企业 利润是衡量企业经营价值的直观的指标。从这个指标来看，海尔智家实现连续5年前三季度利润 双位数增长，分别为57.68%、17.26%、12.71%、15.27%、14.7%。期间，海尔智家的净利率 保持不断增长。 图2：过去5年海尔智家三季度利润增速均保持双位数增长 资料来源：海尔智家财报 很多投资者可能不懂这个成就的含金量，实际上全A股像海尔智家这样连续5年保持两位数增长的 公司数量是相当稀少的。根据Wind数据，截至2025年前三季度，同期能保持连续5年归母净 ...

Core Viewpoint - The Hong Kong stock market is experiencing a fundamental change in pricing power due to significant inflows of mainland capital, which has altered the market dynamics and investor behavior [2][10][11]. Group 1: Market Performance and Investor Behavior - The Hang Seng Index has risen over 30% this year, outperforming other major indices, indicating strong market performance [2]. - Over 1 trillion yuan has flowed into the Hong Kong stock market from mainland investors this year, significantly impacting daily trading volumes [2][10]. - The proportion of mainland capital in various stocks, including internet and technology leaders, has increased, leading to more stable pricing and reduced volatility in some cases [2][10][11]. Group 2: Investment Strategies and Fund Management - The company has shifted its focus towards Hong Kong stocks, integrating them into the investment strategies of all A-share fund managers [3][34]. - The investment style for Hong Kong products is expected to be more diversified compared to A-shares, with a mix of balanced and high-conviction strategies [3][29][34]. - The firm believes that its expertise in cyclical and manufacturing sectors will enable it to achieve excess returns in the Hong Kong market [4][33]. Group 3: Future Outlook and Market Dynamics - The re-evaluation of Chinese assets is just beginning, with a significant portion of global investors still viewing the Chinese market as "non-investable" [17]. - The domestic savings rate is expected to shift from real estate to undervalued capital markets, particularly the Hong Kong stock market [17][18]. - The profitability of internet giants is anticipated to improve, with expectations of better-than-expected earnings in the coming quarters [18][21]. Group 4: Changes in Investor Composition - The share of mainland investors in Hong Kong stocks has increased significantly, with some leading companies seeing their ownership by mainland investors rise to over 20% [12][35]. - The market is transitioning from being primarily influenced by offshore investors to a more balanced structure with increased participation from domestic investors [9][12][35]. - The trend of overseas investors showing increased interest in Chinese assets is evident, with a shift from mere inquiries to actual investments [24][25].

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。 美国时间11月10日，95岁的传奇投资者巴菲特发布感恩节致股东信，这是他最后一封致股东信， 从严格意义上来说，这更像是这位有史以来最伟大投资者的谢幕辞。大家很好奇，大师在信中会 揭示些什么不同寻常的秘密呢？毕竟，这是最后的机会了。 我一边看着这封不同寻常的信，一边听着巴菲特最心爱的歌曲《My Way》，感觉歌词很好地诠 释了他当下的心态。 And now,the end is near;And so I face the final curtain 此刻，终点即将来临。我也将面临人生谢幕 My friend,I'll say it clear,I'll state my case,of which I'm certain 朋友，我将知无不言，向你讲述那些我所确信的经历 巴菲特在信中表达"I'm'going quiet'"，这意味着他将安静谢幕—明年起不再负责运作伯克希尔， 不在年度致股东信上面长篇 ...

Core Viewpoint - The article discusses the current state of the A-share market, highlighting the potential for continued investment opportunities, particularly in sectors like artificial intelligence, engineering machinery, chemicals, power batteries, and non-ferrous metals, despite the market's recovery being seen as a mere correction after previous declines [2][4]. Market Overview - The A-share market has reached 4000 points for the first time in ten years, with many investors achieving good returns this year [1]. - The overall market valuation remains reasonable and potentially undervalued, indicating room for further recovery as policies take effect and the economy rebounds [2]. Investment Focus Areas - The focus remains on transformative opportunities brought by AI, with ongoing tracking for more investment prospects [2]. - Other sectors of interest include engineering machinery, chemicals, power batteries, and non-ferrous metals, with traditional industries also showing potential [2]. Stock Selection Strategy - The strategy emphasizes selecting growth stocks, particularly those with stable earnings growth despite significant past declines, which may yield excess returns as performance materializes [4]. - The investment approach will prioritize sectors benefiting from economic transformation and consumer spending, as disposable income continues to rise [4]. Economic and Market Outlook - The outlook for the fourth quarter suggests that market opportunities may outweigh risks, with a focus on stock selection as the primary strategy [4]. - Factors such as potential interest rate cuts by the Federal Reserve, domestic liquidity easing, and supportive policies are expected to benefit the overall stock market [6]. Sector-Specific Insights - AI is highlighted as a key area for growth, with expectations for significant advancements in commercialization and applications in various fields [6]. - The lithium battery sector is anticipated to see increased demand, particularly from electric vehicles and energy storage, with a positive outlook for the second half of the year [6]. - Non-ferrous metals, particularly copper and gold, are expected to maintain strong demand and profitability due to favorable supply-demand dynamics [8]. Consumer Trends - The article notes a shift in consumer behavior among younger generations, leading to increased spending and the emergence of new consumption patterns, which could benefit specific sectors [17].