Core Viewpoint - The article emphasizes the importance of dividend strategies in investment, highlighting their ability to provide stable returns and lower volatility compared to other investment options, especially in the context of changing market sentiments over the past decade [1][2]. Summary by Sections Dividend Strategy Overview - The dividend strategy has shown a cumulative increase of 150.71% over the past decade, significantly outperforming the CSI 300 total return index (41.73%) and the Wind All A index (42.88%) [1]. - The dividend strategy is considered suitable for family asset allocation as a foundational asset [1]. Value Investment Principles - Value investing focuses on long-term cash flow returns, as defined by Graham in "Security Analysis," emphasizing the importance of cash flow over the type of asset [3]. - Buffett's distinction between investors and speculators highlights the focus on cash flow generation and the quality of business models [3]. Indicators of Dividend Stocks - High dividend yield indicates a company's ability to generate consistent cash flow and suggests a strong business model with good governance [4]. - Historical data shows that companies like Philip Morris have provided substantial returns through consistent cash flow and dividends, even during industry downturns [4]. Suitable Indices for Long-term Investment - Three indices suitable for long-term investment include the National Value 100 Total Return Index, National Free Cash Flow Total Return Index, and CSI Dividend Total Return Index, all showing lower volatility and higher returns [10][18]. - The National Free Cash Flow Total Return Index has the highest annualized return of 16.8% over the past decade, while the CSI Dividend Total Return Index has the lowest volatility at 17.6% [11][12]. Investment Strategies - A balanced approach to investing in the three indices can optimize returns and reduce volatility, with a proposed "index allocation combination" yielding a 262% return over the past decade [20][22]. - Investors can customize their allocations based on the characteristics of each index, using the CSI Dividend Index for defensive positions and the National Free Cash Flow Index for growth opportunities [23][24]. ETF Recommendations - Recommended ETFs include the Value ETF tracking the National Value 100 Index, the Free Cash Flow ETF tracking the National Free Cash Flow Index, and the Dividend ETF tracking the CSI Dividend Index, all designed to align with value investing principles [27].

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].

Core Viewpoint - The article emphasizes the shift in the A-share market from theme-based investments in the first half of the year to a focus on high-quality leading companies in the second half, with Haier Smart Home being a prime example of a company with solid fundamentals and stable profitability [1]. Group 1: Market Performance - The CSI 300 index showed limited growth in the first half of the year, but has increased by 18.09% since the beginning of the second half [1][3]. - Haier Smart Home is highlighted as a typical example of a company that has attracted capital due to its strong profitability [1]. Group 2: Haier Smart Home's Financial Performance - Haier Smart Home has achieved double-digit profit growth for five consecutive years, with growth rates of 57.68%, 17.26%, 12.71%, 15.27%, and 14.7% in the first three quarters of each year [4][5]. - The company is the only home appliance firm among the 72 companies in the A-share market that maintained a 10% growth in net profit for five consecutive years, representing only 1.32% of the total [7][8]. Group 3: Future Growth Drivers - Haier Smart Home's future growth is expected to rely on continuous user recognition, supported by strategies such as global localization, digital transformation, smart product innovation, and a smart home ecosystem [10][13]. - The company has seen a compound annual growth rate of 25.39% in overseas revenue from 2015 to 2024, with a 10.5% growth in the first three quarters of this year despite a challenging overseas environment [14]. - Digital transformation has led to significant improvements in profitability, with sales and management expense ratios decreasing to 10.6% and 3.8% respectively in the first three quarters of 2025 [18][19]. - The introduction of AI-driven products has allowed Haier to capture user needs effectively, with top-selling products during the Double 11 shopping festival [22][23]. Group 4: Smart Home Ecosystem - The smart home market in China is projected to reach 575.2 billion yuan in 2023, with a compound annual growth rate of 13.84% from 2015 to 2023 [26]. - Haier Smart Home has established a strong presence in the smart home sector, with over 13 million active users of its "Three Wings Bird" program and significant user registrations in North America and Europe [27][28]. Group 5: Institutional Investor Preference - Haier Smart Home has been frequently recommended by brokerage firms, being the only home appliance company to receive such recommendations in September and October [30]. - The reasons for institutional preference include stable growth, robust cash dividends, excellent corporate governance, attractive investment value, and its representation of China's manufacturing capabilities [32].

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].

Core Views - The essence of investing is to understand that "buying stocks is buying companies," a concept that only about 1% of people truly grasp [3][6][61] - Investment is simple but not easy; it requires a deep understanding of the business and future cash flows [6][52] - The importance of company culture is highlighted, as a good culture helps a company return to the right path after mistakes [7][30] Investment Philosophy - "Buying stocks is buying companies" emphasizes the need to understand the business behind the stock [6][52] - The concept of safety margin is not just about price but about how well one understands the company [6][52] - Rationality in investment is challenging; the probability of making mistakes is similar across investors, but the key is to minimize those mistakes [6][39] Understanding Companies - Understanding the business is crucial; without it, investing becomes very difficult [6][51] - The speaker feels relatively knowledgeable about companies like Apple, Tencent, and Moutai, but acknowledges limitations in understanding other businesses [6][51] Company Culture - A strong company culture guides the organization and helps it stay on the right path [7][30] - Good culture does not prevent mistakes but allows the company to correct its course [7][30] Decision-Making and Management - The decision to pivot from feature phones to smartphones was driven by market necessity rather than initial support [36][39] - The management style emphasizes delegation and trust in the team, allowing them to make decisions independently [38][47] Investment Experience - The speaker's investment journey began post-retirement, focusing on understanding businesses rather than just stock prices [50][51] - Significant investments include companies like NetEase, Apple, and Moutai, with a focus on understanding their business models [53][60] Market Trends and Adaptation - The rapid decline of feature phones was unexpected, highlighting the need for sensitivity to market changes [40][41] - The transition to smartphones was a response to market demands, showcasing the importance of adaptability in business strategy [39][40]

Core Viewpoint - The article discusses the evolution and success of the Zhongou Jintong fund over the past decade, highlighting its growth in both the number of investors and total assets, as well as its stable performance in a changing market environment [1][2]. Group 1: Fund Growth and Performance - Zhongou Jintong has grown from 211 investors at the end of 2016 to 510,000 investors by the end of September 2025, with total assets reaching 5.161 billion [1][2]. - Since its inception, Zhongou Jintong A has achieved a cumulative return of 72.81%, significantly outperforming its benchmark return of 24.14% [2][24]. - The fund has demonstrated strong stability, only recording negative returns in 2022 during a market downturn [2]. Group 2: Market Context and Investor Behavior - Over the past decade, there has been a significant shift in investor behavior, with a growing preference for low-volatility and absolute return products as economic growth transitions from high-speed to high-quality [6][8]. - The rise of "fixed income plus" products reflects a broader trend where investors prioritize stability and lower volatility over high returns [6][7]. Group 3: Investment Strategy Evolution - The investment strategy of Zhongou Jintong has evolved through several iterations, moving from a "workshop" model to an "industrialized" management approach, enhancing its ability to manage risk and achieve stable returns [4][10][13]. - The introduction of the MARS framework (Multi-Asset Solution) has allowed for a more diversified and systematic investment process, focusing on predictable risk-return profiles and clear attribution of performance [12][13]. Group 4: Investor Experience and Trust - The fund manager, Hua Licheng, emphasizes the importance of investor experience, advocating for metrics like rolling win rates to enhance investor confidence and encourage long-term holding [15][16]. - The growth in investor numbers reflects a strong trust in the fund's ability to deliver consistent performance, which is crucial for maintaining long-term relationships with investors [15][18]. Group 5: Future Outlook - The article suggests that the strong performance and adaptability of Zhongou Jintong may signal the beginning of a new era for low-volatility investment products as market conditions continue to evolve [19].

Core Viewpoint - The investment philosophy of Fusheng Asset emphasizes performance-driven investment, focusing on identifying opportunities through objective analysis and understanding market dynamics [2][7][22]. Investment Strategy - Fusheng Asset has consistently adapted its investment strategy to market conditions, successfully identifying major growth stocks in various sectors over the years, including new energy, coal, oil, and consumer goods [2][3][4]. - The firm emphasizes the importance of understanding supply and demand dynamics, with a focus on scarcity as a key factor in stock selection [3][4]. Key Investment Themes - The concept of "female consumer population dividend" has been highlighted as a significant investment opportunity, with increasing willingness among female consumers to pay for emotional value [3][10][19]. - The firm has successfully identified and invested in stocks related to new consumption trends, such as trendy blind boxes, ancient gold, and gaming stocks, which cater primarily to female consumers [11][12][21]. Performance Analysis - Fusheng Asset's investment decisions are driven by performance metrics, with a clear strategy of buying undervalued stocks based on dynamic valuations and selling when valuations exceed 35 times [4][22]. - The firm has demonstrated a disciplined approach to investment, avoiding speculative trading and focusing on companies with strong fundamentals and performance [4][22]. Market Outlook - The firm maintains an optimistic outlook on the market, citing undervalued currency and signs of economic recovery as potential catalysts for growth [30][31]. - Fusheng Asset is cautious about investments driven solely by liquidity without fundamental support, emphasizing the importance of valuation in investment decisions [31][32].