另外，机构拥有专业的研究团队和丰富的信息资源，普通投资者在信息获取和分析能力上与机构存在巨 大差距，盲目跟风很难在市场中获得长期稳定的投资收益。 有统计显示，近一个月机构调研逾560家上市公司，其中科技股成大热门。部分投资者认为被机构调研 的上市公司未来股价上涨的概率更高，但实际上机构调研只能作为投资参考，不排除是热门公司、热门 行业更容易被机构调研的可能，两者的因果关系可能被投资者误读，这一点值得投资者重视。 机构调研行为本身具有多重目的和复杂背景。机构作为专业的投资者，调研是为了获取更全面、深入的 信息，以辅助投资决策。但热门公司和热门行业天然具有更高的关注度，更容易进入机构的视野。以科 技领域为例，科技发展日新月异，新的技术、模式不断涌现，蕴含着巨大的投资机遇与风险。机构为了 紧跟市场趋势、挖掘潜在投资标的，自然会将更多精力投向科技股。但这并不意味着被调研的科技股就 一定具备投资价值，也不代表未被调研的公司就没有发展潜力。热门行业的调研热度高，更多是行业特 性使然，而非公司内在价值的必然体现。 投资者对机构调研与股价上涨之间因果关系的误读，是投资过程中常见的认知误区。部分投资者看到机 构频繁调研某家公司 ...

I analyze securities based on value investing, an owner's mindset, and a long-term horizon. I don't write sell articles, as those are considered short theses, and I never recommend shorting.I was initially interested in a career in politics, but after reaching a dead-end in 2019 and seeing the financial drain this posed, I choose a path that would make my money work for me and protect me from more setbacks. This brought me to study value investing, in order to grow wealth with risk management in mind.From 2 ...

Group 1 - The core viewpoint of the article highlights Duan Yongping's successful investment strategies, particularly his recent investment in Moutai, where he made a profit of 17 million yuan in just six days by buying shares at 1,330 yuan and selling at 1,550 yuan [1] - Duan Yongping's investment philosophy is closely tied to his entrepreneurial journey, starting from a small electronics factory and creating brands like Xiaobawang and BBK, while also investing significantly in companies like NetEase and Apple [3] - Despite his successes, there are criticisms regarding the transparency of his public investment accounts and the risks associated with his investments, such as the significant losses during Moutai's stock price drop [3] Group 2 - The phenomenon surrounding Duan Yongping reflects a demand in the Chinese market for local value benchmarks, with his straightforward investment philosophy being more accessible to the average investor [4] - Observers note that while Duan Yongping's approach is appealing, it lacks the systematic risk management seen in professional investment firms like Berkshire Hathaway, which manages assets in the trillions [3] - The article emphasizes the importance of understanding the essence of investment rather than merely copying Duan Yongping's holdings, advocating for a focus on fundamental analysis over market noise [4]

2月10日，睿远基金发布公告称，公司注册资本由1亿元增加至1.0495亿元。其中，公司现有股东上海盈远企业管理中心（有限合伙）、 上海洵远企业管理中心（有限合伙）、上海怡远企业管理中心（有限合伙）、上海湛远企业管理中心（有限合伙）、上海瑛远企业管理 中心（有限合伙）以现金出资方式，向公司增资合计495万元。本次增资事项已完成，公司股东不变，上述新增注册资本均已实缴。 根据公告，本次增加注册资本后，公司的股权结构为：睿远基金实际控制人陈光明的出资额为4991.98万元，持股比例为47.5653%，傅鹏 博、刘桂芳、林敏、赵枫在内的自然人股东合计持股27.8038%。此外，7家员工持股平台合计持股24.6309%。 【导读】睿远基金旗下员工持股平台向公司增资495万元 中国基金报记者含章 又有基金公司，增资！ Wind数据显示，截至2025年年末，睿远基金在管公募基金规模为649.18亿元，旗下5只混合型基金，规模合计457.09亿元；1只债券型基 金，规模为192.09亿元。 （文章来源：中国基金报） 官网信息显示，睿远基金是经中国证券监督管理委员会批准设立的全国性公募基金管理公司，注册地为上海，注册资本为1亿 ...

再来看科技领域的江波龙，则向市场呈现了一份"研发 业绩"双丰收的亮眼成绩单。2月3日发布的公告 显示，公司2025年的研发投入高达2.5亿元，专注于存储芯片技术的持续迭代升级。与此同时，公司的 净利润也实现了同比高达151.11%的爆炸式增长，业绩直接翻倍。江波龙用实际行动证明，科技企业的 核心竞争力，最终还是要依靠真实的技术实力和扎实的利润支撑。 老牌企业杉杉股份也迎来了股权结构的重大变革。2月8日发布的公告显示，公司的控股股东杉杉集团签 署了重整投资协议，安徽国资计划入主，这意味着杉杉股份即将进入由国资主导的全新发展阶段。值得 一提的是，杉杉股份此前刚刚实现了扭亏为盈，2025年归属于母公司的净利润预计将达到4-6亿元。此 次叠加股东重整的利好，无疑将为企业发展装上"双引擎"，为未来的发展打开了广阔的想象空间。 此外，ST金灵也传来喜讯。2月3日晚间发布的公告显示，公司的重整计划获得了法院的批准，正式进 入执行阶段。这家专注于高端装备制造的企业终于摆脱了经营困境，迎来了重生的曙光。ST金灵从债 务危机到重整落地的转变，也成为了众多身处困境的企业成功突围的缩影，向市场传递了积极的信号。 这四家公司的公告看似 ...

在波动多变的A股市场，基金经理是选基的核心变量。短期亮眼业绩，往往掺杂市场贝塔与运气成分；而穿越牛熊的长期 业绩，才是检验投研实力与适应能力的试金石。 2026开年，我们来盘点十年长期业绩领先的百亿级基金经理榜单。从榜单数据可看，跻身TOP10基金经理十年收益率均超 170%，最高者接近350%。他们管理规模可观，最高达594亿元；任职年限最长者已深耕行业14年，榜单覆盖9家基金公 司。 | | | 年收益排名前十的百亿基金经_ | | | | --- | --- | --- | --- | --- | | 基金经理名称 | 十年区间收益 [加权方式]规模加权 | 基金经理年限 康位年 | 现任真会公 | 任职基金总规模 [单位]亿元 | | | [单位]% | | | | | XI 7 Pist | 349.49 | 13.39 | 乐吴县金 | 113.92 | | | 265.50 | 10.78 | 万家基金 | 127.02 | | | 265.43 | 13.38 | 易方达基金 | 222.20 | | | 248.28 | 10.22 | 华安基金 | 153.26 | | | 223.46 ...

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：羽界之家 来源：雪球 前两天，我经历了一件并不愉快、但让我思考了很久的事情。朋友突然找我，说能不能"帮帮他"。 他说他之前在茅台上割了三次，现在又买了紫金矿业被套牢，内心非常痛苦，完全无法原谅自己。他反复追问我，能不能跟着我投资。 我跟他说， 短期被套是投资里的常态 ，没有人能做到买入就涨、卖出就跌。我也跟他说，我写过很多文章，你如果能看懂、学会，其实就是在"跟 着我投资"。 但他接着说了一句话，让我非常无语，也让我警惕： "有些文章我看不懂。" 他并不是在问问题，而是在反复痛恨自己的投资失误，情绪已经完全失控，甚至说出了一些让我必须立刻拉开边界的话。 我只能明确告诉他： 如果你在一个高频犯错、情绪主导的状态里，还不断放大仓位、放大期待，那结果往往不是"学会了投资"，而是被市场反复惩罚。 二、合格的投资者，永远把风险放在第一位 我很同情他的处境，但 我帮不了他 。不是因为标的，而是因为 他的投资心态本身，就不是任何人能"带"的状态 。 而且，说得直白一点——我们只是萍水相逢，对陌生 ...

Core Viewpoint - The article discusses the relationship between Joseph Schumpeter's "creative destruction" theory and Warren Buffett's investment philosophy, emphasizing the importance of a sustainable competitive advantage or "moat" for long-term investment success [1][2][3]. Group 1: Creative Destruction Theory - "Creative destruction" highlights the dual nature of market economies, where innovation leads to both the emergence of new products and the failure of existing businesses [2]. - Buffett believes that while innovation drives economic growth, it also creates uncertainty for investors, making it crucial to identify companies with enduring competitive advantages [2][3]. Group 2: Importance of Moat - A strong "moat" is essential for protecting businesses from disruptive innovations, and it can stem from various sources such as brand recognition or cost advantages [4][5]. - Buffett categorizes businesses into two types: "franchise" businesses with pricing power and "commodity" businesses with low-cost advantages, emphasizing the need for a sustainable competitive edge [5][6]. Group 3: Case Studies - The article presents See's Candies as an exemplary "franchise" business, showcasing its strong brand loyalty and pricing power, which contribute to its competitive moat [9][10]. - In contrast, the case of the Buffalo Evening News illustrates how even a previously strong moat can erode due to "creative destruction" from the internet, leading to significant losses [11][18]. Group 4: Consumer Behavior and Moat - Consumer habits and emotional connections to brands create a robust moat, making it difficult for competitors to penetrate the market [19]. - Buffett's investment strategy focuses on companies that have embedded themselves in consumer habits, as this leads to a more resilient business model [19].

Core Viewpoint - The article discusses the relationship between Joseph Schumpeter's "creative destruction" theory and Warren Buffett's investment philosophy, emphasizing the importance of a sustainable competitive advantage or "moat" for long-term investment success [1][2][3]. Group 1: Creative Destruction and Investment - "Creative destruction" highlights the dual nature of market economies, where innovation leads to both failures and new products/services [2]. - Buffett believes that while innovation drives economic growth, it also creates uncertainty for investors, making it crucial to identify businesses with enduring competitive advantages [2][5]. Group 2: Moat Characteristics - A sustainable moat can stem from various sources, including low-cost production advantages or strong brand recognition [5][7]. - Buffett categorizes businesses into two types: "franchise" businesses with pricing power and "commodity" businesses with low-cost advantages [6][7]. - "Franchise" businesses possess three key characteristics: they are desired or needed, have no close substitutes, and are not subject to price control [7][11]. Group 3: Case Studies - See's Candies exemplifies a "franchise" business with strong consumer demand, brand loyalty, and pricing power, establishing a solid moat [11][12]. - The Buffalo Evening News initially had a strong moat but ultimately lost it due to the disruptive impact of the internet, illustrating the vulnerability of even seemingly robust businesses [14][21]. Group 4: Consumer Behavior and Moat - Consumer habits and emotional connections to brands create a formidable moat, making it difficult for competitors to penetrate the market [22][23]. - Buffett's investment strategy focuses on companies that occupy a significant share of consumer "mind space," translating into stable consumer habits and loyalty [22][23].

Core Insights - The article discusses the author's journey from a political career to value investing, emphasizing the importance of risk management and long-term wealth growth [1] Group 1: Career Transition - The author initially pursued a career in politics but shifted to finance after facing challenges in 2019, recognizing the need for financial stability [1] - A sales role at a law firm from 2020 to 2022 allowed the author to excel and manage a team, contributing to sales strategy development [1] - The transition to an investment advisory role at Fidelity from 2022 to 2023 highlighted a conflict between the author's value investing approach and Fidelity's reliance on modern portfolio theory [1] Group 2: Investment Philosophy - The author emphasizes value investing, focusing on an owner's mindset and a long-term investment horizon [1] - The experience gained from reading annual reports and studying public companies has been instrumental in assessing company prospects based on sales strategies [1] - The author's articles on Seeking Alpha serve as a platform to share investment opportunities discovered through personal investment experiences [1]