Core Viewpoint - The article discusses the increasing interest of bond-type fund managers in enhancing the flexibility of product net values amid optimistic market sentiment and the growing attractiveness of equity assets [1][2]. Group 1: Market Dynamics - The decline in market volatility is encouraging more funds to enter the market, with the 10-year government bond yield returning to around 1.6%, leading to asset allocation concerns among institutional and individual investors [3]. - Since September of the previous year, there has been a significant increase in investors' risk appetite, and the involvement of stabilizing funds has contributed to reduced volatility in the A-share market [3]. Group 2: Investment Strategies - The investment strategy of the fund emphasizes a contrarian approach and value investing, focusing on low drawdown and stable returns by integrating macroeconomic judgments with individual stock valuations and earnings [4]. - The current investment framework includes adjusting overall stock positions based on macroeconomic assessments, adjusting industry weights based on mid-level economic conditions, and selecting leading stocks for diversified holdings [4]. Group 3: Sector Preferences - The fund manager prefers to focus on industry selection rather than individual stock picking, maintaining a balanced industry allocation while being responsive to changes in industry conditions and valuation [8]. - The fund is particularly optimistic about sectors related to domestic consumption, healthcare, midstream manufacturing, and cyclical recovery, which are expected to see a resurgence in the latter half of the year [9]. Group 4: Consumer Trends - The article highlights a strong performance in the new consumption sector, which is seen as a unique bright spot amid overall consumption recovery, driven by new product categories and companies with strong operational capabilities [10][11].

来源：微信公众号 硬核姬老板 忍不住再说说固收+。 很多人不理解为啥经常叨唠固收+，因为从长期收益角度看，股票＞债券，固收+受限于权益部分仓位，预期收益率应该要低于股基，但是朋友们，在实操中，固收+很多时候 能做出意想不到的效果。 我拿偏股基金和偏债基金来举例，截至5月9号收盘，固收+的代表作——偏债混合型基金，近3年、近5年、近10年平均收益都跑赢了偏股基金，只拉长到15年的时候，偏股基金 才展现出来优势。 | | 近3年 | 近5年 | 近10年 | 近15年 | | --- | --- | --- | --- | --- | | 偏债混合型基金 | 5.71% | 19.54% | 57.48% | 135.67% | | 偏股混合型基金 | -6.54% | 13.77% | 202公众号·硬栈她老板 | | 数据来源：choice，截至2025.5.9 但是，如果把投资者的体验考虑进去，那感觉就完全不一样了。那么对于那些不愿意承担太大波动，同时还想要在权益市场分一杯羹、愿意拉长期限的投资者来说，固收+确实 是很合适的品种啊。 一、一只被我多次提到的固收+ 我之前也写过，现在市面上固收+已经进化到3. ...

Group 1 - The pharmaceutical sector has experienced a nearly five-year correction since a strong rally from 2019 to 2020, but investment is gradually warming up this year driven by innovative drug concepts [1] - Wan Minyuan, a fund manager with a medical background, believes that the most difficult times for the pharmaceutical industry may have passed, with a relatively optimistic outlook on the sector's performance [1][4] - The investment strategy of Wan Minyuan emphasizes safety and a contrarian approach, focusing on buying when the market is less interested and selling when it is more enthusiastic [2][3] Group 2 - Wan Minyuan's investment philosophy is rooted in maintaining a high win rate by ensuring correct decisions outweigh incorrect ones, which is crucial for sustainable and predictable returns [2][3] - The pharmaceutical sector is expected to see improvements in 2025 due to the gradual resolution of multiple factors that have constrained its performance, including favorable policy changes [4][5] - Key drivers for long-term growth in the pharmaceutical industry remain unchanged, such as population aging, changes in disease patterns, and the supply of innovative technologies [5] Group 3 - Wan Minyuan focuses on companies with stable operations and emphasizes the importance of prudent financial management, avoiding overly aggressive accounting practices [3][5] - The investment strategy includes a long holding period for core positions, with a disciplined approach to selling based on specific criteria such as valuation bubbles and significant deviations from expected company performance [5][6] - Wan Minyuan identifies three main investment opportunities in the pharmaceutical sector: innovative drugs and medical devices, recovery in pharmaceutical consumption, and low price-to-book ratio assets [6][7] Group 4 - The interest in innovative drugs is growing, with an increase in upfront payments for licensing deals, although A-share market valuations for innovative drugs are currently high [7] - Wan Minyuan is also expanding investment horizons beyond the pharmaceutical sector, looking at domestic demand and technology sectors, particularly in undervalued assets in the Hong Kong market [7]

2025年一季度，交银施罗德基金遭遇成立以来最严峻的规模危机。Choice数据显示，公司单季度资产规模缩水687.58亿元，降幅达12.79%，成为全市场规模 下滑最大的基金公司。截至3月末，其管理总规模已从2022年中的5960.84亿元骤降至2025年一季度的4686.55亿元。这一颓势的背后，同时伴随着其核心权益 基金经理的业绩低迷，尤其是昔日"三剑客"之一的何帅，其管理的产品近三年全部跑输业绩比较基准超20%，引发市场广泛关注。 具体来看，货币市场基金的大额赎回是此次规模暴跌的主因。2025年一季度，交银施罗德旗下货币基金规模锐减516.9亿元，如此大规模的赎回，或许与机 构投资者动向关联度更高。此外，权益类产品持续失血加剧了颓势：混合型基金规模从2023年中的1408.89亿元缩水至872.98亿元。 业绩滑坡的核心原因在于投资策略的失效。据悉，何帅曾以"逆向投资"和"低估值价值股"见长，但近年市场风格转向人工智能、新能源等成长板块，其重仓 的金融、医药、传统制造业个股表现疲软。例如，截至2024年12月31日，交银优势行业混合前十大持仓中，农业银行、中国银行等银行股占比显著提升。 2024年内沪深 ...

图片来源：Michael Nagle—Bloomberg/Getty Images 投资巨头贝莱德（BlackRock，管理规模达11.6万亿美元）首席执行官拉里·芬克素以逆向投资著称。过 去一年饱受非议的英国经济，或许会成为他的最新投资标的。 芬克表示，基于对英国工党政府"促增长"议程的信心，贝莱德正"全面"加码英国资产配置，并补充称， 英国和欧洲在触及"投降点"后，正进入反弹期。 这位72岁的贝莱德集团掌舵人捕捉到英国的投资机遇，提及国民西敏寺银行（NatWest）、劳埃德银行 （Lloyds）及圣詹姆斯广场（St. James's Place）等金融股，认为这些股票因市场负面情绪而遭到低估， 在他看来，此类负面情绪"可能缺乏事实依据"。 在接受《泰晤士报》采访时，芬克以数项公众行为转变为例，表明他对英国发掘新增长机遇充满信心， 并认为基尔·斯塔默（Keir Starmer）领导的政府专注于解决"棘手问题"。 他坦言："英国与欧洲本就具备诸多根本性优势，却长期受到过度监管和过多管控的束缚，这让我深有 感触。在我看来，当时的情况已触及投降点。" 贝莱德进军英国可能会遇到的一大障碍是办公空间短缺。 芬克迫切希 ...

Core Insights - Warren Buffett's resignation as CEO of Berkshire Hathaway has drawn global investor attention, marking the end of an era for the investment giant [1] - Under Buffett's leadership, Berkshire Hathaway transformed from a struggling textile company into a massive conglomerate with a market value of $1.16 trillion by 2024, showcasing a remarkable growth trajectory [3] - The company's stock price has increased over 55,000 times over the past 60 years, with an annualized return of 19.9%, significantly outperforming the S&P 500's 10.4% during the same period [3] Investment Philosophy - Buffett's investment philosophy is characterized by several key principles: the "circle of competence" which emphasizes focusing on familiar sectors, a "contrarian investment" strategy that involves buying during market panic, and the "margin of safety" concept that prioritizes risk management [3] - His long-term holding strategy has led to enduring partnerships with high-quality companies like Coca-Cola and Wells Fargo, allowing him to witness the power of compounding returns [3] Learning Resources - Classic literature documenting Buffett's investment thoughts provides insights into the underlying logic of value investing, while biographies detailing his partnership with Charlie Munger reveal the human dynamics behind their strategies [5] - Professional stock analysis software can assist in tracking financial data, while investment portfolio management tools help investors maintain a balanced asset allocation [5] - Developing an investment mindset is crucial, with meditation tools aiding in maintaining composure during market fluctuations and efficiency manuals enhancing research and decision-making processes [5]

以下文章来源于聪明投资者，作者聪明投资者 北京时间 5 月 3日 晚上 9点 ，伯克希尔 ·哈撒韦股东大会将在奥马哈拉开帷幕。 今年 主席台上 跟 沃伦 ·巴菲特 一道的仍然是 格雷格 ·阿贝尔（Greg Abel） 以及 阿吉特 ·贾恩（Ajit Jain） ，尤其是作为继任者的阿贝尔将陪同坐满全程。 202 0 年 5月1日的股东大会 ， 由于新冠疫情影响，以线上形式举行， 而 阿贝尔和 贾恩 分别代表非 保险和保险业务，首次与巴菲特共同参与问答环节 。 自查理 ·芒格在2023年11月离世后，伯克希尔经历了第一个没有芒格的年度大会（2024年），阿贝尔 则 以 继任者 身份 坐在了巴菲特的左手边位置。 在今年 2月的 股东信中，巴菲特 数 次 、专程 提到阿贝尔。 在讨论伯克希尔的资本配置时，巴菲特赞扬阿贝尔在股票和子公司投资方面展现出的 跟芒格相似的 等 待耐心，在机会来临时能大刀阔斧地果断出手。 巴菲特 在提及对于 日本 五大商社 投资 时 写道： "随着时间的推移，我们对这些公司的欣赏之情不断 加深。格雷格与他们多次会面，我也定期关注他们的进展。我预计格雷格和他的继任者将持有这部分日 本投资数十年 ...

Core Viewpoint - Warren Buffett announced his retirement as CEO of Berkshire Hathaway, passing the role to Greg Abel by the end of the year, which has garnered global investor attention [1][2] Group 1: Investment Philosophy - Buffett's investment philosophy can be summarized in four key concepts: circle of competence, contrarian investing, margin of safety, and long-term holding [2] - He emphasizes the importance of understanding one's investment area and being patient, which has become a universal wisdom in the investment community [2] Group 2: Company Achievements - Since taking over in 1965, Berkshire Hathaway's market value has grown from $4.7 million to $1.16 trillion, with over 80 subsidiaries across key sectors [1] - The company's stock price has increased by more than 55,000 times over the past 60 years, achieving an annualized return of 19.9%, significantly outperforming the S&P 500's 10.4% [1] Group 3: Legacy and Transition - Greg Abel will inherit not only the CEO position but also a well-honed business philosophy developed over more than half a century [2] - Buffett's teachings highlight the importance of maintaining rationality and patience in a noisy market, which is a valuable lesson for future investors [2]

Core Insights - Warren Buffett announced that he will hand over the CEO position of Berkshire Hathaway to Greg Abel by the end of the year, drawing global investor attention [1] - Buffett's investment career is marked by a remarkable wealth creation story, with Berkshire Hathaway's market value soaring from $4.7 million in 1965 to $1.16 trillion today, and a stock price increase of over 55,000 times over the past 60 years [1] - The investment philosophy of Buffett emphasizes value investing, focusing on "buying great companies at reasonable prices" and incorporating intangible assets into valuation frameworks [1][2] Investment Philosophy - Buffett's investment philosophy can be summarized in four key concepts: circle of competence, contrarian investing, margin of safety, and long-term holding [2] - He prefers to invest in areas he understands and maintains a disciplined approach, especially in the face of technological trends like AI, where he admits to not fully understanding the technology [2] - The transition of leadership to Greg Abel signifies the continuation of Buffett's well-honed business philosophy, which emphasizes rationality and patience in investing [2]

Core Insights - The essence of investing is a practice that requires patience and understanding, with the biggest challenge being human nature rather than the market itself [6] - Successful investors utilize "delayed gratification" to combat human greed, allowing them to wait for long-term gains instead of chasing short-term profits [4][6] - Good companies possess pricing power and competitive advantages, which are essential for long-term success [7][8] Investment Principles - The key to evaluating industry success lies in understanding that high-end markets focus on brand, mid-range markets rely on distribution channels, and low-end markets compete on cost [11] - Four principles for stock selection include: 1. Cheapness is crucial; even ordinary companies can be profitable if they are inexpensive [11] 2. Pricing power is a core competitive advantage; companies that can raise prices without losing sales are valuable [12] 3. Wait for industry stability before investing, as seen with companies like Tencent, Gree, and Moutai [13] 4. Engage in reverse investing by avoiding popular sectors and seeking undervalued quality companies [13] Psychological Insights - Common psychological pitfalls for investors include anchoring effect, loss aversion, and herd mentality, which can lead to poor decision-making [15] - Establishing a personal decision-making framework that is insulated from market emotions is essential for long-term profitability [15] - Simplified investment principles can guide investors: avoid overvalued stocks, do not buy weak companies, refrain from gambling on uncertain outcomes, and steer clear of trending stocks [15]