大家周六晚上好啊，上周六，发布了首篇知识星球相关的专栏，《 银行的金市和理财 》，挺不容易的，周末晚上，还有2万多人看过，因此今晚继续。 还是分成两个part，第一部分是上周整体的精选概览，第二部分，分享一篇具体的内容，今天，来分享一篇来自上海的大保险， 太保 （太平洋人寿）的 近期投资思路。 纯干货，我相信，还是值得学习和收藏一下的。 ...... 第一，上周的星球周度精选。 还是老规矩，每周，星球里，会从80-100条当周发布的帖子里，找出10-15条左右，做成周度精选的pdf，分享在星球当中。 下图 是上周的，今晚刚刚更新。 这周的内容，涉及的领域比较多，对于很多普通投资者而言，关心的内容，可能包括： ...... 第二，本周的单篇分享——太保的最新投资思路。 我们还是每周只摘选一篇，标准在于，希望这一篇东西， 有一定的普适性，有一定的社会价值和传播价值，如果能做到，"常读常新"，且 兼具正能量，那就再好不好过了。 本周，分享五大上市保险之一的（国寿、新华、平安、人保、太保）， 太保的最新投资思路的解读 ，原文，还是来自中国资产管理的封面 文章。 以下为解读的全文。 一共九条。 1、 原文 ： " 在长 ...

Group 1 - The article emphasizes the importance of investing in companies that can deploy capital at high rates of return for long-term stock purchases [1] - It outlines three methods through which a stock can generate total returns for investors [1] Group 2 - The company has released its latest top investment picks for July 2025, indicating a timely opportunity for potential investors [2] - Significant resources, including thousands of hours and over $100,000 annually, are dedicated to researching profitable investment opportunities [2] - The approach has garnered over 180 five-star reviews from satisfied members, highlighting the effectiveness of the investment strategies [3]

以金照国所在企业的某项深海探测专利技术为例，评估机构建议采用收益法估值。但是，该项技术尚未 产业化，未来收益预测全凭假设。 金照国所在的科创团队坚持认为，这项技术5年内市场渗透率能超30%。但是，评估师给出不同意见， 认为15%才更稳妥。 一家能源央企科创子企业也遇到了数据资产评估的难题。 当上述能源企业团队提交出自以为"严谨"的数据资产清单时，相关评估团队却面露难色："这些资产没 有交易市场参照。" 经济观察报记者 王雅洁 当评估师说出那句"没有市场参照物"时，一家国资科创企业的项目负责人金照国突然意识到，技术爆炸 的速度已远超评估体系的迭代能力。 2025年3月，金照国所在的企业拟启动新一轮战略融资。 当时，国务院国资委（下称"国资委"）新规《关于优化中央企业资产评估管理有关事项的通知》（国资 发产权规〔2024〕8号）刚落地1年3个月。这份文件首次明确：对原创性技术、"卡脖子"核心技术的投 资，可采用估值替代传统评估。 实际操作中，博弈才真正开始。 一系列的实操问题，促使国资科创企业越来越关注政策红利，试图从新政中寻找一条出路。 比如尝试使用新政中的"快速通道"——对确有评估难度的资产，可通过挂牌交易定 ...

【导读】联博基金展望 2025 年下半年市场： A 股整体估值比较有吸引力，看好红利、新质 生产力、新消费等 中国基金报记者 吴君 日前，联博基金在上海举办了 2025 年下半年全球及中国市场投资展望分享会，围绕全球宏 观形势、中国股市和债市变化以及资产配置策略展开分析解读。 联博基金副总经理兼投资总监朱良 认为，目前 A 股整体估值比较有吸引力，看好红利、新质 生产力、消费黑马等领域。 联博基金市场策略负责人李长风 表示，在全球债市可能维持相对 高位的背景下，中国债市展现出独立走势，低利率环境或将延续。 从阿尔法超额收益的角度看，朱良表示，在低利率或者利率下行的环境下，比较偏重那些长 久期的资产：一是现金流比较健康、能够持续分红的企业；二是能够实现可持续净资产收益 率（ ROE ）增长的企业。 具体来看，他预计红利板块、新质生产力板块以及提供新型消费 体验的企业，可能会有比较好的表现。 在朱良看来，近年来，上市公司股票回购与红利派发力度都在不断提升。监管通过治理结构 改革，出台上市公司市值管理方案，使得整个中国资本市场的长期可投资性正在提升，有望 吸引更多国内外资金进入市场。 从基本面看，朱良表示，上市公司 ...

Group 1 - The BDC Market Weekly Review provides insights into market activity in the Business Development Company sector, focusing on both individual news and broader market trends [1] - Systematic Income offers Income Portfolios designed with yield and risk management considerations, indicating a strategic approach to investment in the BDC sector [1] Group 2 - Interactive Investor Tools are available for navigating various markets including BDC, CEF, OEF, preferred, and baby bonds, suggesting a comprehensive resource for investors [2] - Investor Guides are provided for CEFs, Preferreds, and PIMCO CEFs, indicating a focus on educating investors about different investment vehicles [2]

20年期美债收益率累涨3.60个基点，报4.9807%；30年期美债收益率累涨3.84个基点，报4.9875%。 周五（7月18日）纽约尾盘，美国10年期基准国债收益率跌3.58个基点，报4.4155%，本周累计上涨0.62 个基点，整体交投于4.3915%-4.4933%区间，周二出现一波显著的短线拉升行情，随后逐步回落。 两年期美债收益率跌3.54个基点，报3.8691%，本周累跌1.59个基点，整体交投于3.9587%-3.8564%区 间，周二和周三出现一波显著的n形走势。 ...

Friday, July 18, 2025Pre-market futures are up again as a very eventful trading week winds to a close. The Dow is currently +0.12%, the S&P 500 is +0.09% and the Nasdaq +0.16% at this hour. The small-cap Russell 2000 is shooting to another orbit this morning, +0.52%. It now leads all major indexes for the past week of trading, as it still tries to catch up with the other indexes year to date.Bond yields have remained fairly steady through a thorough barrage of economic reports Q2 earnings releases, and open ...

美国国债收益率在密歇根大学消费者信心指数公布后略微回落；10年期国债收益率现跌3.3个基点至 4.43%，2年期收益率现跌4.2个基点至3.875%。 ...

Financial Data and Key Metrics Changes - Ally Financial reported adjusted earnings per share of $0.99 and core pretax income of $418 million, reflecting double-digit year-over-year growth in both metrics [6][21] - The net interest margin (NIM), excluding core OID, was 3.45%, expanding 10 basis points quarter-over-quarter, despite a 20 basis point drag from the sale of the credit card business [6][25] - Core return on tangible common equity (ROTCE) was 13.6%, with a core ROTCE of 10% when excluding the benefit from accumulated other comprehensive income (AOCI) [7] Business Line Data and Key Metrics Changes - In the auto finance segment, consumer originations reached $11 billion, driven by 3.9 million applications, marking the highest quarterly application volume ever [13] - The retail auto origination yield was 9.82%, slightly up from the prior quarter but down 77 basis points year-over-year [14] - The insurance business saw total written premiums of $349 million, up $5 million year-over-year, although down $36 million sequentially [39] Market Data and Key Metrics Changes - Ally's digital bank serves an all-time high of 3.4 million customers, marking 65 consecutive quarters of net customer growth [17] - Overall deposit balances decreased by approximately $3 billion quarter-over-quarter, attributed to seasonal tax outflows [18] Company Strategy and Development Direction - The company is focused on transforming into a stronger, more profitable institution through a sharp strategic focus and disciplined execution [8] - Ally aims to capitalize on significant opportunities ahead, with a strategy that emphasizes customer-centric culture and brand loyalty [8][10] - The company is committed to prudent expense management, with controllable expenses down for the seventh consecutive quarter [23][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the financial trajectory and ability to deliver sustainable returns, despite macroeconomic uncertainties [6][7] - The company remains cautious about credit performance due to potential economic headwinds, while also noting improvements in delinquency rates [32][44] - Ally anticipates a normalized effective tax rate in the range of 22% to 23% moving forward [24] Other Important Information - The CET1 ratio was reported at 9.9%, representing over $4 billion of excess capital above regulatory minimums [30] - The company announced a quarterly dividend of $0.30 per share for Q3 2025, consistent with the prior quarter [31] Q&A Session Summary Question: What could lead to outperforming or underperforming the NIM expectation? - Management indicated that NIM expansion in Q2 was strong, but future contributions to NIM expansion may be limited due to various factors, including the impact of the credit card sale [55][56] Question: Is it time to lean more towards growth given improved credit performance? - Management remains disciplined and data-informed regarding growth, acknowledging the current uncertainties in the environment [63][64] Question: What would it take to move the charge-off rate range down? - Continued improvement in delinquency levels, strong flow to loss rates, and stable used car prices are necessary for a downward adjustment in the charge-off rate range [81][84] Question: How is the strategy on deposits evolving? - The company is managing for flat deposit balances and has seen a shift towards a more engaged customer base, which is viewed positively for deposit stability [88][92]

朱良表示，随着贸易政策不确定性逐步消退，近期市场情绪逐步回暖，风险性资产普遍上涨，但中国市 场估值水平仍较有吸引力，股票型基金或者偏股型基金的发行量还维持在一个历史较低的水平。 中国股市具有长期可投资性 面对中国市场的机遇，近年来联博基金加码布局，继2024年3月发布首只公募产品——联博智选混合型 证券投资基金后，2025年4月再度发布第二只公募产品——联博智远混合型证券投资基金。 新华财经上海7月18日电（葛佳明） 鉴于中国资产盈利能力、回报能力提升等带来的结构性改善，国际 投资机构对中国资产的兴趣明显回升。作为全球知名资产管理公司，联博集团（AllianceBernstein） 2009年开始通过QFII投资中国A股市场，日前，联博基金副总经理、 投资总监朱良接受新华财经记者采 访，畅谈他对中国市场以及全球投资的理解。 朱良认为，对于全球投资者而言，A股与其他市场相关度较低，具有比较好的防御性，外资对中国资产 的态度现已向积极方向发生转变。长久期资产或是联博未来重点关注的资产类别之一，对于股票市场来 说，这主要包括两类资产：一类是现金流比较健康，且分红率不断提高的企业，第二类则是ROE（净资 产收益率）稳 ...