Core Viewpoint - The article discusses the evolution of the Chinese asset management industry, highlighting the differentiation between public and private funds, and how Huaxia Capital has carved out a unique niche by focusing on absolute returns through innovative derivative products [1][20]. Group 1: Huaxia Capital's Strategy - Huaxia Capital has developed a differentiated approach centered around three main strategies: "strategy assurance," "steady income," and "aggressive appreciation," providing a multi-asset solution for investors seeking clear absolute returns [1]. - Since entering the derivatives market in 2020, Huaxia Capital has issued products totaling over 100 billion, becoming a significant player in areas like "Xueqiu" and "alternative fixed income+" [1]. Group 2: Snowball Strategy - The "Snowball" strategy converts market volatility into sustainable returns, relying on structured designs that generate income as long as the index does not fall below a predetermined "safety cushion" [3][4]. - As of November 30, 2025, Huaxia Capital has launched over 500 Snowball products, with a success rate exceeding 99% and an average annual return of 14% for completed products [4]. Group 3: Core Competencies - Huaxia Capital prioritizes the interests of its investors, proactively adjusting product structures to mitigate risks, as seen in its cautious approach during market peaks [5]. - The company pioneered a "joint distribution" model to lower investment thresholds, allowing for the successful issuance of over 200 Snowball products with a total fundraising of over 28 billion [5]. - A refined online inquiry system has been established to enhance trading efficiency, allowing Huaxia Capital to secure better pricing and strengthen long-term relationships with trading partners [6]. Group 4: On-Site Derivatives - Huaxia Capital has developed two main product lines in on-site derivatives: income-generating strategies and tool-based strategies, with the covered call strategy being a key offering [8]. - The covered call strategy, particularly effective in a low-interest environment, aims to provide dual benefits of enhanced dividends and downside protection [9]. Group 5: Alternative Fixed Income+ - The "alternative fixed income+" model introduces clarity in return structures and risk characteristics, utilizing options to enhance income while providing transparent investment experiences [12]. - This strategy includes various core elements such as underlying assets, linked assets, and derivative contracts, allowing for flexible customization to meet diverse investor needs [12]. Group 6: Low-Volatility All-Weather FOF - The all-weather FOF aims to provide stable returns amidst increasing asset volatility, utilizing a risk parity model with a unique volatility control module [15][16]. - Huaxia Capital's all-weather FOF targets a volatility rate of 4.5%, significantly lower than many competitors, achieving a Sharpe ratio exceeding 3 since its inception [17]. Group 7: Market Positioning - In a low-risk return environment, Huaxia Capital has positioned itself as a provider of "alternative investments," addressing the growing demand for stable returns among high-net-worth clients [19]. - The company’s innovative spirit and commitment to continuous product iteration have allowed it to stand out in the asset management industry, aligning with the evolving needs of investors [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。 也欢迎大家给我们投稿： azhu830@yeah.net！ 近期海外AI泡沫的讨论渐起，美股、港股和A股的科技板块都受到一定影响。映射到A股市场，11 月主要指数冲高回落，科技成长板块内部轮动加快，价值风格相对占优。从美股表现看，AI板块 波动加剧但龙头分化显著，更似AI结构切换而非走势终结。短期市场调整未改变AI产业长期成长 逻辑，叠加美元指数下行周期，成长风格或延续主线，AI仍有望是核心关注方向。 长城基金坚定投资未来，锚定科技产业主航道持续深耕，打造"全景视野之广、多元策略之活、团 队协作之效"动态能力体系，聚焦新能源、新材料、半导体、生物技术、人工智能、国防军工、医 药医疗等细分领域，以深度基本面研究为基石，耐心捕捉"科技+"领域的长期投资价值。 陈良栋：关注AI+终端应用机会 目前市场处于主线不明朗阶段，大盘下跌空间或相对有限，但是对之前涨幅过大的板块需要谨 慎，后续可关注AI+终端 ...

以下文章来源于中泰证券资管 ，作者文/姜诚 中泰证券资管 . 中泰证券（上海）资产管理有限公司官方公众订阅号，投资路上的好朋友。 点拾导读：我们一直说，股票长期是"称重器"，但到底如何给股票"称重"呢？在今天的这篇分享 中，中泰资管姜诚提出了一个原创定义：称重是对长期分红折现值"求积分"，而非"求导"。那么背 后的逻辑又是什么呢？下面分享这篇来自姜诚的原创思考，希望给大家带来帮助 时间飞快，年关将至，又到了总结和反思的时候。 先当事后诸葛亮，复一下盘。今年市场整体表现不错，多数股票上涨。但表现也有分化，基本面 是主线。顺周期行业整体需求难言强劲，但一些行业受益于供给端的良性变化，利润有见底回升 迹象；个别产能过剩且没有出清迹象的行业则收入和利润两端承压。房地产的量价都继续下行， 报表端还在消化库存压力，超过一半的公司前三季度录得亏损；白酒受累于结构性的需求下行， 多数企业单季度释放出少见的利润负增长，跟房地产成了难兄难弟；银行的弱周期属性越来越明 显，在息差阶段性见底的利好加持下，今年获得了正收益。也有亮眼的明星，储能、AI等领域的 需求都有强劲增长，虽然在技术路线上有分歧，但阶段性的高增长确定性明摆，分歧较 ...

Core Viewpoint - The article discusses the significant growth of "fixed income +" products in the current equity bull market, highlighting that the total market size of these funds reached a new high of 2.5 trillion yuan by the end of Q3 2025, with a quarterly increase of over 500 billion yuan [1]. Group 1: Growth of "Fixed Income +" Products - The understanding of "fixed income +" has evolved, with a general definition indicating that assets with less than 30% equity can be classified as such [1]. - The development of "fixed income +" funds has been ongoing for over 20 years, with the first public secondary bond fund launched in September 2002 [1]. - The total size of "fixed income +" funds was only 220.66 billion yuan at the end of 2014, but it has seen significant growth since then, largely driven by the decline in risk-free returns [1]. Group 2: Investment Strategies and Team Analysis - Various teams have adopted different investment strategies for "fixed income +" products, including multi-dimensional analysis frameworks and risk budgeting approaches [2]. - The Xingquan Fixed Income Enhancement Team is notable for its early exploration of fixed income enhancement investments, having launched the first public convertible bond fund in May 2004 [2]. - The team employs a value investment philosophy, focusing on the asymmetry of risk and return across different asset types [3]. Group 3: Performance Metrics and Risk Management - The article emphasizes the importance of performance metrics such as the Calmar ratio, which measures annualized returns against maximum drawdown, to evaluate "fixed income +" products [11][14]. - The Xingquan Fixed Income Enhancement Team has demonstrated strong performance, with several funds ranking in the top 20% of their categories based on returns and risk-adjusted metrics [11][15]. - The team has a structured risk management approach, including a risk warning mechanism that triggers discussions on adjustments when significant drawdowns occur [23]. Group 4: Market Trends and Future Outlook - The demand for "fixed income +" products has diversified, particularly among bank wealth management clients who are more sensitive to absolute returns and drawdowns [21]. - The article notes that as pure bonds enter a declining yield environment, more investors seeking absolute returns are likely to enter the "fixed income +" space [26]. - Xingquan aims to innovate within the "fixed income +" category by offering a variety of products, including index-enhanced and quantitative style-enhanced options, to meet diverse investor needs [26].

近日，海尔智家作为行业内唯一代表，受邀在中国上市公司协会第三届理事会第六次会议上，分享了其 在发展新质生产力方面的实践，涵盖高端化、全球化、数字化、智能化及生态化等多个方面。 其中，在数字化上海尔智家持续见效：近几年来净利率一直在提升，费率一直在优化，5年来累计优化 了5.4pct。 （数据来源：公开财报数据整理） 这条持续下行的费率曲线，不仅有力回应了外界关注的费率问题，更印证了海尔智家通过数字化转型重 塑内部运营、创造深层价值的战略成果。 从用户需求出发的必然选择 要理解费率优化的意义，首先需要回答一个更为根本的问题：海尔智家为何要全面推动数字化转型？ 答案，藏在用户日益精细化、多元化的需求之中。只有通过全员、全流程与用户零距离，才能真正听懂 用户的声音，并快速将他们的需求转化为现实的产品与服务。 因此，海尔智家的数字化并非单纯的"降本"，而是一次深刻的商业模式变革。从"企业生产什么，用户就 买什么"的推力模式，转变为"用户需要什么，企业就创造什么"的拉力模式。 当企业能够以更高的效率满足甚至超越用户期待时，增长的飞轮才会真正开始旋转。费率的优化，在这 里不再是生硬的财务目标，而是用户体验提升后，一个水到 ...

Core Viewpoint - The article emphasizes the importance of maintaining a balanced investment strategy and the significance of managing drawdowns alongside seeking returns, as articulated by Qian Ruinan, a seasoned fund manager at Huisheng Fund [2][6][12]. Investment Philosophy - Qian Ruinan has developed a systematic investment framework that aligns with his personality, focusing on a balanced approach that combines top-down and bottom-up strategies [8][11]. - The investment strategy prioritizes managing drawdowns, as reducing drawdowns significantly enhances investors' experience [9][12]. Industry and Stock Selection - Qian prefers to maintain a balanced exposure across approximately 10 industries, leveraging sector allocation to achieve excess returns [3][13]. - The focus is on growth sectors, particularly those with high ROE, favorable valuation, and positive market sentiment, such as electronics, electrical equipment, and consumer healthcare [3][14]. - Qian avoids investing in the most expensive stocks and the cheapest stocks, favoring those with reasonable growth prospects and valuations [3][16]. Market Adaptation - The investment approach is adaptable to market cycles, with an emphasis on maintaining a balanced portfolio to avoid extreme exposure to any single sector [20]. - Qian's strategy includes monitoring market conditions, such as valuation levels, policy changes, and fundamental shifts, to make informed investment decisions [11][20]. Future Market Outlook - The outlook for the A-share market remains positive, with expectations of increased liquidity and a broader range of investment opportunities emerging from various sectors, including new energy and technology [22][24]. - Industries such as chemical and energy are highlighted as areas of potential growth due to structural changes and increasing domestic demand [23][24].

Core Viewpoint - The article discusses the growing competition in the domestic AI hardware market, particularly focusing on AI recording devices, with companies like Jinmen entering the space to enhance financial communication and research capabilities [1][3]. Group 1: Company Overview - Jinmen is a provider of financial communication infrastructure, serving professional investors, brokerage research institutions, and listed companies through three systems and one workbench [3]. - The company launched its first AI recording product, Finnote AI, aimed at the financial sector, which is lightweight and portable, supporting dual-mode recording and advanced noise reduction [3][4]. Group 2: Market Dynamics - The AI recording device market is evolving from basic functionalities like sound pickup and transcription to more advanced AI capabilities, with users demanding higher accuracy in transcription and translation [1]. - Jinmen's entry into the AI recording market is seen as a natural progression given its history and expertise in financial communication [1][3]. Group 3: Financial Performance - Jinmen achieved over 150% compound annual growth from 2020 to 2022, driven by the pandemic's impact on offline roadshows and the company's accumulated technical strength and user reputation [8]. - The company secured two rounds of financing in 2023, totaling 2.2 billion yuan, with significant investments from prominent firms [4]. Group 4: Product Development and Innovation - The Finnote AI recording device is designed to address specific transcription challenges in the financial sector, utilizing a proprietary ASR solution that has been validated by leading public funds [18][21]. - Jinmen has developed a comprehensive ecosystem for investment research, integrating various AI tools to enhance user experience and efficiency [15][24]. Group 5: User Engagement and Content Ecosystem - Jinmen's platform has attracted over 2.8 million professional investors, offering a rich content ecosystem that includes partnerships with independent research institutions and access to a vast library of reports [23][24]. - The platform's AI tools, including AI transcription and translation, significantly improve information processing efficiency for users [24][25].

Core Viewpoint - The article discusses the emergence of multi-asset investment products driven by macroeconomic changes, highlighting the need for higher yield products in a low-interest-rate environment and the evolution of fund management practices to meet investor demands for absolute returns [1][2]. Group 1: Macro Environment and Trends - Three long-term forces are driving the development of multi-asset investments: the need for higher yield products due to low interest rates, the shift towards high-quality public fund development, and the establishment of competitive advantages by fund companies through team specialization and product design [2]. - The past decade has seen significant growth in various fund types, such as money market funds and actively managed equity funds, driven by changing macroeconomic conditions [1]. Group 2: Addressing Absolute Return Needs - The investment goal of the multi-asset management team at the company is to achieve absolute returns for investors, addressing behavioral biases caused by high volatility in fund products [6][7]. - The team has identified two main factors affecting absolute returns: investor behavior influenced by product volatility and the limitations of single-asset investment strategies across economic cycles [6]. Group 3: Product Design and Risk Management - A strict risk budget mechanism is implemented in product design, with maximum drawdown targets set at 2%, 3%, or 5% to define product characteristics clearly [7]. - The team employs strategic and tactical asset allocation across stocks, bonds, and convertible bonds to adapt to different macro environments, enhancing the confidence in achieving absolute returns [7]. - The risk management approach emphasizes proactive measures to avoid passive losses, with a focus on maintaining risk budgets and ensuring that fund managers are aware of their risk exposure [13][14]. Group 4: Enhancing Product and User Fit - The company recognizes the need for diverse product offerings to match varying investor risk preferences and investment horizons, moving away from a one-size-fits-all approach [9][25]. - A standardized product framework is established to ensure that product characteristics take precedence over individual fund manager styles, allowing for consistent risk management [9][10]. Group 5: Effective Team Assessment - The assessment of fund managers incorporates both return and volatility metrics, ensuring that managers are incentivized to maintain a balance between risk and return [16][18]. - A unified risk accountability system is in place, where both equity and bond fund managers share responsibility for risk, promoting collaboration and reducing the tendency to take excessive risks for short-term gains [16]. Group 6: Providing Rational Income Expectations - The multi-asset management team aims to provide stable risk-return profiles through systematic asset allocation, leveraging the long-term negative correlation between stocks and bonds [20][21]. - The team employs a modular strategy approach, diversifying investment strategies across various asset classes to enhance the sources of excess returns [21][22]. Group 7: Meeting User Needs with Multi-Asset Products - The company has developed a differentiated product line based on maximum drawdown, investment style, and distribution channels to better align with user needs [25][26]. - By understanding the distinct preferences of different investor segments, the company aims to create a sustainable product line focused on absolute return objectives [26].

Core Insights - The article discusses the shift in marketing paradigms, emphasizing the importance of intuitive decision-making over rational thought in consumer behavior [6][39] - It highlights the transition from traditional marketing strategies focused on creating new demands to modern approaches that awaken existing positive memories and associations in consumers [6][10] Group 1: Marketing Evolution - The essence of marketing is to attract and manage profitable customer relationships [5] - Traditional marketing methods based on conscious persuasion are becoming less effective, while new marketing focuses on emotional connections and existing consumer memories [6][10] - The goal is to create loyal customers who feel an emotional attachment to a brand, akin to friendship [8] Group 2: Customer Loyalty - Customer loyalty arises from both rational and emotional factors, with the ultimate aim being to transition from rational loyalty to emotional loyalty [16][20] - Rational loyalty is driven by product quality, consistent experiences, perceived value, and convenience [17] - Emotional loyalty is fostered through brand resonance, trust, and a sense of belonging within a community [20] Group 3: Building Brand Connections - Brands should focus on expanding their "brand connection group," which consists of all associations and memories related to the brand in consumers' minds [25] - Effective marketing should utilize "growth triggers" that resonate with consumers' existing beliefs and experiences [26] - Brands must avoid negative associations that can hinder growth and instead cultivate positive associations to strengthen their market position [31] Group 4: Strategies for Growth - Brands should prioritize acquiring new customers rather than solely relying on existing ones, as growth often comes from untapped markets [38] - The traditional marketing funnel is being replaced by a non-linear model that emphasizes rapid activation of unconscious associations [39] - Successful brands create a cohesive narrative that connects various themes and associations, enhancing their overall brand image [34][35]

Core Viewpoint - Haier Smart Home emphasizes innovation and user-centric transformation, focusing on "six transformations" to enhance its production capabilities and market competitiveness [1][2]. Group 1: High-end Transformation - Despite challenges such as declining demand and intense competition, Haier's high-end brand Casarte achieved an 18% growth in the first three quarters of 2025 by offering differentiated solutions like zone washing and oxygen preservation [1]. Group 2: Globalization - Haier Smart Home's globalization strategy involves not just selling products worldwide but also globalizing platforms and capabilities, exemplified by the successful launch of the X11 washing machine that meets strict European energy standards within one year [1]. Group 3: Digital Transformation - The company has improved internal efficiency and external user experience through comprehensive digital transformation, resulting in rising profit margins and optimized expense ratios. By implementing a digital inventory system, 74% of products in county specialty stores reached users directly in the first three quarters of 2025 [1][2]. Group 4: Intelligent Transformation - Haier Smart Home has introduced a series of smart appliances equipped with AI capabilities, transitioning from "household chores assistance" to "no-human chores" with products like air conditioners that avoid blowing air on people and ovens that recognize ingredients [2]. Group 5: Ecological Transformation - The company promotes a platform-based ecosystem to provide comprehensive solutions for smart homes, enabling features like coordinated washing and drying on smart balconies [2]. Group 6: Green Transformation - Haier Smart Home integrates ESG principles into its corporate strategy, establishing a global carbon management system and a comprehensive green management model that spans the entire product lifecycle, enhancing both user respect and operational efficiency [2].