Group 1: Investment Insights - Cheap things can become cheaper [3] - Investment is simple but not easy; understanding a company's business and future cash flow is crucial [4] - Most retail investors lose money in both bull and bear markets, with about 80% experiencing losses [12] Group 2: Corporate Culture - Corporate culture is significantly influenced by the founder; finding people who resonate with the culture is essential [6] - The concept of a "not-to-do list" evolves through experience and lessons learned [7] - Trust and transparency within the company foster a strong culture [19] Group 3: Corporate Management - Decision-making as a CEO should not be influenced by what predecessors would do; focus on current responsibilities [22] - Trust in partners is vital, and it is important to not fear their mistakes [23] - Founders often struggle to leave their companies due to emotional attachment [27] Group 4: Understanding Companies - The speaker primarily invests in three stocks: Apple, Tencent, and Moutai [37] - Apple avoids products that do not add sufficient value to users, reflecting its strong corporate culture [38] - Moutai's unique flavor and consumer recognition are critical to its brand identity [48]

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 每经记者｜熊嘉楠 每经编辑｜叶峰 在全球宏观环境充满不确定性、价值投资逻辑屡受考验的当下，知名投资人段永平近期因密集加仓贵州 茅台、捐赠茅台股票的动作再度成为市场焦点。 而在11月11日雪球出品的一档投资类节目中，他罕见现身公开对话。在两个小时对谈中，他多次谈到了 茅台，并阐述了投资茅台的价值逻辑。 众所周知，这位以"敢为天下后"著称的投资人长期与贵州茅台深度绑定。据段永平在其雪球账号上发布 的消息，今年以来，他分别于1月和10月两次买入贵州茅台股票。此外，段永平在雪球上还多次和网友 互动讨论茅台相关投资问题，并频频力挺茅台。 此次，他提出了"投资茅台不需要看宏观环境"的观点。在他看来，茅台的独特价值"不可替代性"，即便 在估值高点时，放眼市场他也找不到能与之匹敌的"替代品"。他甚至坦言，贵州茅台股价触及2600元高 点时"可想卖了"，但最终因"无处可去"而选择继续持有，并在股价回调后仍持续加仓。 观点一：投资茅台不需要看宏观环境，有钱就继续买 因此，当被问及"如果出现自由现金流折现优于茅台的标的，是否会换仓"时，段永平的回答很干 脆："当然会，投资是 ...

Core Insights - The core idea of the article revolves around the investment philosophy of Duan Yongping, emphasizing that "buying stocks means buying companies" and the importance of truly understanding the business behind the stock [5][19]. Group 1: Investment Philosophy - Duan Yongping believes that understanding a company is crucial for successful investing, and that most companies are difficult to comprehend [19][31]. - He emphasizes that many investors can make money without fully understanding the companies they invest in, highlighting the complexity of investment [9][31]. - The concept of "safety margin" is redefined by Duan as the depth of understanding one has about a company, rather than just its price [12][34]. Group 2: Company Analysis - Duan's investment in NetEase was based on his background in gaming and his belief in the company's potential, which led to a significant return on investment [32][34]. - He expresses confidence in Apple due to its strong corporate culture and user-oriented approach, which he believes will sustain its success [39][46]. - Duan acknowledges the challenges in understanding companies like Tesla and Nvidia, but recognizes their innovative potential and market position [61][56]. Group 3: Market Behavior and Company Culture - Duan discusses the importance of company culture, stating that a good culture can help a company correct its mistakes and stay on the right path [15][43]. - He believes that maintaining rationality in investment decisions is challenging, especially when market dynamics are volatile [13][33]. - The article highlights that Duan's investment strategy is cautious, focusing on companies with strong fundamentals and avoiding speculative investments [70][72]. Group 4: Specific Company Insights - Duan has a significant position in Moutai, viewing it as a unique brand with a loyal consumer base, and believes its corporate culture will help maintain its quality [72][74]. - He expresses skepticism about the long-term viability of electric vehicle companies, suggesting that the market may become oversaturated [63][64]. - Duan's investment in Pinduoduo reflects a cautious optimism, acknowledging the risks while recognizing the company's potential for growth [70][71].

吃喝板块今日继续上行。反映吃喝板块整体走势的食品ETF（515710）全天红盘震荡，盘中场内价格最 高涨幅达到1.28%，截至收盘，涨0.48%，日线四连阳。 成份股方面，大众品涨幅居前，部分白酒龙头亦表现亮眼。截至收盘，天味食品大涨4.18%，云南能 投、燕京啤酒、安琪酵母涨超2%，贵州茅台、泸州老窖、伊利股份等亦小幅收红。 | | | 分时 多日 1分 5分 15分 30分 · | | | | F9 盘前盘后 露加 九转 西线 工具 @ 0 | | 食品ETF O | | 515710 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 0.60 | | | | 515710[食品ETF] 15:00 价 0.628 涨跌 0.003(0.48%) 均价 0.629 股交量 21 IOP | | | | 0.628 | | +0.003 +0.48% | | | | | | | | | | SSE CNY 15:00:15 REITE | | 第27章 4 | | 0.630 | | | | | | | 0.859 ...

Group 1 - The interview features Duan Yongping, a renowned investor and entrepreneur, discussing his life experiences, investment logic, and views on corporate culture and education [1] - Duan Yongping gained fame through his investments in companies like NetEase, Apple, Moutai, and Tencent, and he has held these investments for many years [1] - He emphasizes the importance of understanding business when investing, stating that many people misunderstand value investing as merely holding stocks long-term without selling [2][43] Group 2 - Duan Yongping believes that "buying stocks is buying companies," highlighting that understanding a company's business model is crucial for successful investing [2][43] - He mentions that investment is simple but not easy, as it requires a deep understanding of the company and its future cash flows [44] - The interview includes ten key quotes from Duan Yongping, emphasizing the significance of understanding business and maintaining rationality in investment decisions [2] Group 3 - Duan Yongping reflects on his upbringing and the influence of his parents, noting that they provided him with a sense of security and freedom to make decisions [6][7] - He discusses the importance of setting boundaries and trusting children, which he applies to his own parenting style [8][9] - The interview touches on his educational background, where he emphasizes the value of learning methods and building confidence rather than just acquiring specific knowledge [16][17] Group 4 - Duan Yongping shares insights into his entrepreneurial journey, including the founding of brands like "Little Tyrant" and "BBK," and the subsequent creation of smartphone brands Vivo and OPPO [1] - He discusses the importance of trust and contractual relationships in business, explaining why he left "Little Tyrant" due to broken promises regarding equity [21][22] - The corporate culture at BBK is described as evolving organically, with a focus on shared values and trust among employees [23][24] Group 5 - The transition from feature phones to smartphones is highlighted as a significant challenge for BBK, with Duan Yongping initially skeptical about entering the smartphone market [30][32] - He emphasizes the need for companies to adapt quickly to market changes, as BBK faced substantial losses during the transition period [32][33] - Duan Yongping reflects on the importance of user-centric product development and the role of corporate culture in driving innovation [60][61] Group 6 - Duan Yongping discusses his investment philosophy, reiterating that understanding a company's business is essential for successful investing [43][44] - He shares his investment experiences, including significant investments in companies like Apple and Moutai, and the importance of recognizing opportunities in the market [45][51] - The interview concludes with a discussion on the challenges of truly understanding a company and the nuances of investment decisions [55][56]

以最新收盘价计算，A股平均股价为13.93元，其中股价超过100元的有157只，相比上一个交易日增加4 只。 追溯发现，最新百元股近一个月平均上涨1.43%，其间沪指上涨2.65%，涨幅居前的有华盛锂电、香农 芯创、江波龙等，涨幅分别为111.24%、93.14%、72.21%，今年以来平均涨幅为108.62%，强于沪指 89.28%，累计涨幅居前的有上纬新材、胜宏科技、香农芯创等，涨幅分别为1648.72%、588.22%、 586.10%。 最新百元股中，以申万一级行业分类，较为集中的行业有电子、计算机、电力设备等，其中，电子行业 有57只股上榜，占百元股总数的比例为36.31%；有18只股来自计算机行业，占比11.46%；16只股来自 电力设备行业，占比10.19%。 所属板块来看，百元股中，主板有31只、创业板有51只、北交所有3只，另有72只来自科创板，占百元 股的比例为45.86%。 机构评级方面，上述股价超百元个股共有影石创新、宁德时代、东鹏饮料等6只个股今日获机构买入评 级，百济神州-U、爱美客、宁德时代为机构首次关注。 获机构买入型评级个股中，共有3条评级记录中对相关个股给出了未来目标价。以 ...

从个股来看，贵州茅台收盘价达1465.15元/股，上涨0.42%；五粮液收盘价达120.38元/股，下跌0.33%；山西汾酒收盘价达198.52元/股，下跌0.52%；泸州老窖收盘价141.87元/股，上 申万宏源发布研报称，Q2头部品牌报表端开始出清，Q3报表端进一步加速出清，开始触底。动销上看，在24Q3动销低基数的情况下，Q3预计行业整体动销同比下降20%-30%，市场在加速寻找量 北京商报讯（记者 刘一博 冯若男）11月12日尾盘，三大指数集体下跌，沪指4000.14点下跌0.07%。白酒板块2358.04点收盘微跌0.04%，其中17只白酒股下跌。 新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 ...

资金流向方面，投资时钟（399391）指数成份股当日主力资金净流出合计20.74亿元，游资资金净流入合 计1.65亿元，散户资金净流入合计19.09亿元。成份股资金流向详情见下表： | 投资时钟指数 十大成份股 | | --- | | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | --- | | sh600519 | 贵州茅台 | 16.68% | 1465.15 | 0.42% | | 18347.64 | ■ 食品饮料 | | sh600036 | 招商银行 | 15.74% | 42.93 | -0.07% | | 10826.88 | ← 银行 | | sh601899 | 影美郎,亚 | 7.34% | 29.49 | -0.44% | 4 | 7837.72 | 有色金属 | | sz000858 | 五粮液 | 5.26% | 120.38 | -0.33% | S | 4672.68 | 食品饮料 | | sh600276 | 恒瑞医药 | 4.84% ...

沪深股通今日合计成交2260.65亿，其中隆基绿能和宁德时代分居沪股通和深股通个股成交额首位。板块主力资金方 面，医药板块主力资金净流入居首。ETF成交方面，香港医药ETF（513700）成交额环比增长167%。期指持仓方 面，IC期指主力合约空头加仓超11000手，较多头多加仓超1500手。龙虎榜方面，天际股份走出4天3板，获四家机 构卖出1.43亿，同时遭一家机构买入6612万。福龙马遭两家量化席位卖出1.86亿，同时遭两家一线游资（国泰海通 证券上海新闸路、国泰海通证券成都北一环路）分别卖出1亿、8078万。 一、沪深股通前十大成交 今日沪股通总成交金额为1071.76亿，深股通总成交金额为1188.89亿。 | | | 沖股通( 11月12日 œ | | | --- | --- | --- | --- | | 排名 | 股票代码 | 股票名称 | 成交金额(亿元) | | 1 | 601012 | 降其绿能 | 19.16 | | 2 | 600519 | 贵州茅台 | 14.65 | | 3 | 601138 | 工业富联 | 12.18 | | 4 | 601600 | 中国铝业 | 11.47 ...

新浪财经"酒价内参"重磅上线 知名白酒真实市场价尽在掌握 第三，坚持与产业协同共兴，不断激活美丽中国的产业动能。他称，从1991年到现在，茅台支持超60亿 元助力地方经济发展，累计推广酒用高粱种植面积超3000万亩，创造农业总产值750亿元，带动上百万 农户增收超100亿元。 游亚林称，未来，茅台将携手全球关注生态治理的伙伴，在流域生态保护、产业低碳转型等领域探索可 复制、可推广的解决方案，加快发展方式全面绿色转型。期待每一瓶茅台酒在传递味觉盛宴的同时，也 传递着人与自然和谐共生的理念。(完) 游亚林在边会上指出，"好山好水酿好酒"，茅台酒离不开以绿色、有机、生态为根本的酿造工艺，茅台 也因此成为"绿水青山就是金山银山"的生动案例。 游亚林系统分享了茅台绿色转型的实践与思考。第一，坚持与自然和谐共生，切实守护美丽中国的生态 底色。茅台着力构建全链条生态治理体系，切实保护好茅台赖以生存的母亲河、美酒河、生态河，积极 开展产区植被生态系统构建及生物多样性保护研究，全力呵护流域生物的多样性与稳定性。目前，在茅 台酒核心产区，已发现了大约3300个属的微生物，消失20多年的珍稀鱼类鳗鲡回归赤水河。 第二，坚持与时代同 ...