（来源：吴说） Fundstrat 数字资产策略负责人 SeanFarrell 回复吴说表示，Fundstrat 由多位分析师组成，每位分析师拥 有独立研究框架与时间维度，服务不同类型客户的不同需求。他本人更偏向服务高加密资产占比投资组 合，策略更强调主动管理与风险再平衡；而 TomLee 面向的是仅将 1%—5% 资金配置于 BTC 与 ETH 的 机构投资者，因此更侧重长期宏观趋势与结构性判断，二者并非矛盾，而是职责与目标不同。 ...

Core Viewpoint - ServiceNow's stock dropped 11% following the announcement of a $7 billion acquisition of Armis, leading to analyst downgrades and investor concerns [2][3] Valuation and Performance - ServiceNow's current stock price of approximately $780 is considered appealing, but its high valuation makes it sensitive to negative surprises, presenting a challenging entry point [3] - The company's price-to-sales (P/S) ratio is 15.2 compared to 3.2 for the S&P 500, and its price-to-earnings (P/E) ratio stands at 111.4 versus 23.5 for the benchmark [11] - ServiceNow's revenues have grown significantly, with a 21.1% increase from $10 billion to $13 billion over the last 12 months, compared to 6.0% growth for the S&P 500 [11] - The operating income for the last four quarters totaled $1.8 billion, resulting in an operating margin of 13.9%, which is lower than the S&P 500's 18.8% [11] Financial Strength - ServiceNow's balance sheet is strong, with a debt of $2.4 billion and a market capitalization of $162 billion, leading to a low debt-to-equity ratio of 1.2% compared to 21.2% for the S&P 500 [11] - The company has a cash-to-assets ratio of 24.8%, significantly higher than the S&P 500's 6.9%, indicating strong liquidity [11] Growth and Profitability - ServiceNow's average revenue growth rate over the past three years is 22.3%, outperforming the S&P 500's 5.5% [11] - The company's profit margins are above most companies in the Trefis coverage universe, reflecting strong profitability [8] Resilience During Downturns - ServiceNow's stock has shown slightly better performance than the S&P 500 during recent downturns, indicating moderate resilience [10] - The overall assessment of ServiceNow's performance across key metrics is categorized as "Very Strong" for growth and financial stability, and "Strong" for profitability [15]

今年是贵金属价格集体冲高的一年，继黄金和白银之后，铂金再次成为市场上最受关注的资产之一。 近日，铂金价格走势强劲，现货铂金价格一度超过每盎司1800美元。截至目前，铂金价格年内累计涨幅 已近90%，超过黄金年内涨幅，上演了一场"翻身仗"。那么，铂金饰品线下消费市场的表现如何？为 此，证券时报记者走访了深圳水贝市场以及多家珠宝品牌店。 （水贝市场铂金饰品价格 吴家明/摄） 12月16日，记者看到水贝市场的铂金饰品克价在440元左右。有现场店铺的工作人员表示，今年以来铂 金饰品价格有过几波"行情"，今年6月的时候克价还在310元左右。 记者采访发现，黄金饰品之所以受到追捧，除了价格，便利透明的回收机制也是消费者关注的焦点。对 于铂金饰品，水贝市场也有相应的回收机制，但价格折算方式有所不同。"与黄金饰品一样，我们也回 收铂金饰品，而且不分品牌，回收价格比销售价格低一些，而且要在这个基础上打93折，作为手续费和 熔炼等费用。最近，销售价格与回收价格的价差也拉大，从年中的30元左右变成相差60元左右。"现场 店铺的工作人员表示。 记者还发现，部分品牌足铂饰品报价达到每克760元。值得一提的是，虽然品牌的铂金首饰零售价大 ...

" 我的偶像巴菲特常说，他每天早上 跳着踢踏舞 去上班。我也确实有这种感觉。 " " 我最欣赏 （芒格）的 是，他不仅有天赋，更重要的是，他把天赋变成了一整套系统。他的才华是被结构 化的，有方法、有框架 …… 这才走得 长 远 ， 而且这些思想深刻地影响了巴菲特。 " " 我 和（合伙人）布鲁斯 彼此真诚地承认：对方能做到一些自己做不到的事情。真正健康的合作关系， 正 是 建立在这种认知之上。我们一直都承认彼此的独特性，也从不因为谁犯错就互相指责。 " " 在投资这件事上，成功并不来自少数几次高风险的豪赌，而是源于长期、持续的稳健表现。 " " 投资的本质，不是追求确定性，而是在不确定中，设法让概率站在你这边。 " "' 情绪稳定 ' 是我见过许多优秀投资人身上最关键的品质之一。 " 这是我们今年看到 的橡树 资本联合创始人霍华德 ·马克斯最值得推荐的一场对话。 75分钟的访谈里，马克斯几乎讲出了他投资哲学中最本质、也最系统的一部分。而让这场访谈 与众不同的 关键，在于 对话者 是威廉 ·格林（William Green），《更富有，更睿智，更快乐》的作者， 他 深访过全 球众多的顶级投资人。 聪明投资者（I ...

奎菲称，中国资产中，最核心、最看好的仍是中国科技股。 2025年末，伴随美元进入弱势周期，一些亚太市场资产又孕育着长期投资机会。 年内各类负面事件以及不确定性下，大宗商品市场表现各异。其中，黄金屡创新高，白银、铜、钯金等贵金属也跟随上涨。这些趋势会否持续？ 明年，各大类资产又将呈现何种趋势，有哪些机遇和风险？针对相关问题，富达国际全球多元资产主管奎菲（Matthew Quaife）接受了第一财经 记者专访。 继续看好中国科技股 在今年年初DeepSeek彰显中国科技和人工智能（AI）发展潜力后，中国科技股在今年的大部分时间都受到了内资和外资的同时青睐。富达同样长 期看好中国科技股。 "韩国股市从估值角度来看，确实非常便宜。同时，与日本一样，韩国政府也在实施对股市相当友好的政策。目前，我们虽然已经适度减仓了韩 国股市，但我们仍然偏好（韩国股市），只是不如今年第一季度我们刚刚投资时那么有吸引力。"他称，"日本可能是2026年的一个重要的投资市 场。如果我们选择投资日本股市，我们会偏好中盘股，因为中盘股企业更倾向于日本国内市场。高市新政府即将实施的一系列政策也会对日本经 济产生影响。在这种背景下，中盘股往往跑赢大盘 ...

Group 1 - The Hong Kong Investment Management Company (referred to as "HKIMC") has appointed 10 asset management firms under the "New Capital Investor Immigration Program" for the "2025 Fund Group," focusing on venture capital, private equity, private credit, and hedge funds [1] - The selected firms include PanShih Capital, Sky Horizon Ventures, CMC Capital, Morning One Fund, Hidden Mountain Capital, M Capital, Baijun Capital, Springhua Capital, Xincheng Capital/CITIC Capital, and Yuantong Capital Management, along with Wisdom Group [1] - HKIMC reported a strong market response to the selection process, indicating diverse backgrounds, investment strategies, and practical experience among the applicants, reflecting confidence in Hong Kong's future development [1] Group 2 - The "New Plan" was announced by the Hong Kong SAR government in 2024, with applications starting on March 1, 2024, requiring a minimum investment of HKD 30 million in approved investment assets, including HKD 3 million in the "Investment Portfolio" [2] - The initial funding for the "2024 Fund Group" has already commenced, with progress deemed satisfactory, and the "2025 Fund Group" is estimated to reach at least HKD 3 billion by the end of this year, to be evenly distributed among the selected asset management firms [2] - The investment activities for the "2025 Fund Group" are set to begin in the first quarter of 2026 [2] Group 3 - HKIMC, established in 2022, is a wholly-owned capital institution representing the Hong Kong SAR government, utilizing an "investment+" model to achieve reasonable long-term investment returns while fostering new growth momentum [3] - As of October 2025, HKIMC has invested in over 150 projects across key sectors such as hard technology, life sciences, and renewable/green technology, with notable companies like Simo Technology and Baidu Bio behind its investments [3] - By the end of 2024, HKIMC's invested projects accounted for less than one-fifth of the initial capital, generating HKD 2.3 billion in investment income, with 62% of projects located in mainland China and 34% in Hong Kong [3] Group 4 - In 2025, HKIMC plans to deepen its efforts based on 2024's foundation, including increasing funding for companies that meet development and performance standards, such as leading new investment rounds to help these companies seize market opportunities [4]

Core Insights - Booking Holdings (BKNG) is approaching a significant inflection point, with its stock price entering a historically supportive range that has previously led to substantial gains [2][3] - The stock is currently trading within the $4,529.60–$5,006.40 support band, which has historically attracted buyers and resulted in an average peak gain of 19.9% after testing this area [3] - A rebound is likely due to strong Q3 2025 results, bullish analyst sentiment, and favorable travel demand trends [4] Financial Performance - Q3 2025 results exceeded expectations, with gross bookings increasing by 14% and adjusted EPS rising by 19% [4] - Booking Holdings has demonstrated revenue growth of 13.0% over the last twelve months and an average of 17.8% over the last three years [10] - The company has a free cash flow margin of 31.9% and an operating margin of 34.5% for the last twelve months [10] Market Sentiment and Analyst Ratings - Analysts predominantly maintain "Buy" ratings for BKNG, with average price targets indicating significant upside potential [4] - Industry tailwinds, including resilient global travel demand and the rapid adoption of travel technology, contribute to a favorable market environment for the company [4] Risks and Historical Performance - BKNG has experienced significant declines in past market downturns, including a 90% drop during the Dot-Com bust and a 66% decline during the Global Financial Crisis [6] - The stock is vulnerable to sell-offs even in stable market conditions, influenced by earnings announcements and business updates [7] Valuation Metrics - BKNG is currently trading at a price-to-earnings (PE) multiple of 30.6 [10]

Core Viewpoint - Remitly Global (RELY) stock is considered a viable investment opportunity due to its growth, cash generation, and significant valuation discount [2] Financial Performance - Remitly Global experienced a 21% increase in active customers, reaching 8.9 million, and a 35% growth in send volume to $19.5 billion in Q3 2025 [4] - The company revised its full-year revenue forecast upward to over $1.6 billion, indicating a 28% growth, and expects a positive net income [5] - RELY has a low debt-to-equity ratio of 0.04 and demonstrates robust cash generation, reflecting solid financial health [5] Valuation Metrics - RELY stock is currently trading at a 38% discount compared to its 3-month peak, 54% below its 1-year peak, and 54% below its 2-year peak [10] - The stock provides an impressive cash flow yield of 7.4% and has shown revenue growth of 31.3% over the past twelve months [10] Market Sentiment - Despite its positive fundamentals, RELY has decreased by 44% this year due to macroeconomic challenges, competitive pricing pressures, and uncertainties regarding new digital offerings [3] Investment Potential - Companies with profiles similar to RELY can utilize cash for further revenue growth or return it to shareholders through dividends or buybacks, enhancing market appeal [2] - The average forward returns for stocks meeting specific criteria are projected at 25.7% and 57.9% over 6-month and 12-month periods, respectively [11]

Core Insights - The IRS allows a maximum contribution of $7,500 to IRAs in 2026, with an additional $1,100 catch-up contribution for individuals aged 50 and older [2] - Two investment scenarios are analyzed: investing entirely in an S&P 500 index fund or a conservative 60/40 portfolio of equities and fixed-income assets [2][5] Investment Scenarios - Contributing $7,500 annually to an S&P 500 index fund from age 27 to 67 could result in approximately $1.38 million, assuming a historical inflation-adjusted annual return of 6.69% [3][4] - A conservative 60/40 portfolio would yield a significantly lower amount, just over $882,000, with an average annual return of 4.89% from 1901 to 2022 [3][6] Implications for Investors - Investing in an S&P 500 index fund offers the potential for higher returns compared to a conservative 60/40 portfolio, but it also comes with greater volatility [5] - The 60/40 portfolio, while more stable, results in a smaller retirement nest egg, highlighting the trade-off between risk and return [6]

Core Insights - Zimmer Biomet (ZBH) is considered a strong investment option due to its high cash yield, solid fundamentals, and discounted valuation, which allows for revenue growth or shareholder rewards through dividends or buybacks [2][10] Financial Performance - ZBH's stock has declined by 14% this year, yet it is trading at a significant discount with a P/S ratio lower than its 3-month and 2-year peaks, as well as below its 3-year average [3] - The company experienced a slight revenue shortfall in Q3, and its full-year organic constant currency growth guidance was revised down due to international challenges; however, U.S. organic revenue grew by 5.6% driven by new product adoption and robotic placements [4] Product and Market Developments - Recent acquisitions, such as Monogram Technologies and Paragon 28, have strengthened ZBH's portfolio in robotics and foot & ankle sectors [5] - New product approvals, including the iodine-treated hip and ROSA Knee with OptimiZe, along with favorable pricing trends, indicate ongoing innovation and market engagement [5] Fundamental Strength - ZBH boasts a free cash flow yield of 7.9% and an operating margin of 18.7% over the last 12 months, with a revenue growth of 5.5% [10] - The stock is currently trading 31% below its 2-year high and 14% below its 1-month high, indicating a potential buying opportunity [10] Investment Criteria - ZBH meets several investment criteria, including a market cap greater than $2 billion, a recent dip in stock price significantly below its 2-year high, and a strong operating margin with high free cash flow yield [11]