雷军提到的"两个儿子读书说"，部分借鉴了20年前，李嘉诚以儿子、猪仔，对比旗下业务的譬喻。但 是，考虑到当前舆论场，以及小米集团港股的股价表现，这一说法确实有助于理解、审视这家科技龙头 的趋向。 两个儿子有明显的区别：新进入的汽车行业地位特殊，自建产线，押上了身家，是读书好坏直接影响到 家族未来表现的嫡子。 芯片行业不同，更像是一个试探，只有读书够好，才配得上雷布斯的威名，才有资格认祖归宗。表现不 好，小米集团完全可以换个新儿子，比如人工智能。财大气粗如OPPO的陈明永，头脑发热，赌上几百 亿，稍微遇挫就收摊关门，就是教训。 小米集团的股价进入新的平台期 和几位同行相比，雷军是唯一让自己品类上发生巨大变化的手机大厂的CEO。小米非常高效地进入了汽 车行业，并且站稳了脚跟。 OPPO、vivo的主战场还是手机，机器人、XR所谓的科技新产品，都是为了让自己显露科技实力，而不 是真的相信这些新产品可以成为未来的新赛道。库克任内推出的vision Pro现在可以断定，不会是下一 个iPhone，也不是iPhone杀手。 相比手机硬件主业，手机广告的主利润，这些新玩意都过于渺小了。 唯一跟雷军有类似，肉眼可见的变化的是 ...

Group 1 - The "Yangtze Pension Cup" college student pension finance simulation investment competition is co-initiated by Yangtze Pension and Southern Finance, with guidance from the Shanghai Financial Industry Association and academic support from Fudan University [1] - The competition rules have been refined based on feedback from participants, emphasizing compliance and clarifying the criteria for continuous violations and the final rules for deducting violation profits [1] - Specific conditions leading to disqualification from the finals include investments in prohibited assets, excessive holding periods in certain stocks, and exceeding specified holding percentages [1] Group 2 - The rules for deducting profits from violations state that if no continuous violations occur, the profit rate will be recalculated based on the proportion of violation holding days to total holding days [1] - The competition promotes long-term, value, stable, and responsible investment philosophies, encouraging participants to engage in intelligent investment for a worry-free future [1]

来源：深圳商报 深圳商报首席记者 陈小慧 买入17年后，股神巴菲特"清仓"了比亚迪，一场价值投资长跑迎来了谢幕。 9月21日晚间，据外媒报道，沃伦·巴菲特旗下的伯克希尔·哈撒韦已完全退出其在比亚迪的投资。据统 计，巴菲特持有比亚迪股票的这些年里，比亚迪股价上涨了约3890%。也就是说，伯克希尔·哈撒韦在 比亚迪的17年投资中获得了超过38倍的回报，堪称价值投资史上的经典案例。 近日，比亚迪集团公关总经理李云飞回应，"股票投资，有买就有卖，这是很正常的事情！感谢芒格和 巴菲特对比亚迪的认可！也感谢过去17年的投资、帮助和陪伴！为所有的长期主义点赞！" 芒格的"拍桌子"坚持 2008年9月，全球金融危机的阴霾下，伯克希尔·哈撒韦公司做出了一项决定——投资中国新能源汽车制 造商比亚迪（BYD）。当时，比亚迪股价仅为几港元，伯克希尔·哈撒韦公司以每股8港元的价格，认购 了比亚迪2.25亿H股，总计斥资2.3亿美元，占总股本的9.89%。 事实上，投资比亚迪是查理·芒格的主意。在一次采访中，巴菲特曾说，"投资比亚迪不是我或投资团队 （的主意），有一天查理打电话给我，说我们必须买比亚迪。"在芒格看来，王传福可以像爱迪生那 ...

NO.1 泉果基金 # " 当期热文 【金融教育宣传周】基金披露知多少 NO.2 华夏基金 3900点久攻不破，怎么办？ NO.3 国泰基金 大盘要震荡一段时间？ （点击文章标题跳转原文，下同） # " 热转好文 NO.1 华夏基金 924行情周年记：一些故事结束，一些故事开始 NO.2 中国外贸信托 NO.1： 泓德基金 【点量投资】中美指增的差异：华尔街vs中国量化新势力 NO.2： 北京基金小镇 李井奎：凯恩斯思想与理论发展脉络——《劝说集》 福小宝课堂｜您的投资真的"适配"吗？ NO.3 景顺 景顺观点 | 洞悉亚洲短期债券价值：收益率展现韧性 # " 趣投教 NO.3： 创金合信基金 固态电池的投资思路 鸿蒙智行秋季新品发布会 # " 热门直播 NO.1： 万家基金 市场波动放大，如何稳中求进？ NO.2： 粤开证券投教基地 2025上交所ETF大讲堂（第三期） NO.3： 华为 | # | 媒体号名称 | | --- | --- | | 1 | 束夏事ぞ | | 2 | 国泰基金 | | 3 | 泉果基金 | | 4 | 泓德基金 | | 5 | 景顺 | | # | 媒体号名称 | | --- ...

Core Viewpoint - The article discusses the rising popularity of "low volatility high dividend" investment strategies among investors seeking stability in a turbulent stock market, highlighting a shift from speculative investments to more secure asset allocations [1][2][25]. Group 1: Investment Trends - Investors, particularly those from stable income professions like teachers and doctors, are increasingly favoring low volatility high dividend assets as a means to achieve stable returns [3][12]. - The concept of "low volatility high dividend" is seen as a way for society to indirectly distribute wealth through dividends from quality companies [2][40]. - The investment strategy has gained traction since 2020, reflecting a broader trend of seeking stability in investment choices amid economic uncertainties [20][25]. Group 2: Performance and Strategy - A case study of an investor, referred to as Li Jie, illustrates the effectiveness of this strategy, with her investments yielding approximately 6% returns, outperforming traditional savings options [5][7]. - The low volatility high dividend strategy is characterized by a mix of stocks and bonds, focusing on stable, cash-generating companies [26][29]. - Historical data shows that the low volatility high dividend index has outperformed the broader market in various time frames, demonstrating its resilience during market downturns [42][44]. Group 3: Market Dynamics - The article notes that the low volatility high dividend investment approach is becoming more relevant as traditional high-risk investments lose appeal due to regulatory changes and market conditions [22][24]. - The introduction of policies aimed at enhancing dividend payouts from state-owned enterprises is expected to further support the growth of low volatility high dividend investments [47][49]. - The market is witnessing an increase in the number and scale of low volatility high dividend funds, indicating a shift in investor preferences towards more stable investment options [39][50].

Group 1 - The core idea emphasizes the importance of investor education and protection, particularly for small and medium investors, as a fundamental theme in the capital market [1] - Hui'an Fund has been committed to enhancing national financial literacy and has developed a comprehensive investor education mechanism covering the entire investment lifecycle [1] - The company has responded to regulatory calls by implementing various online and offline educational activities to promote rational, value-based, and long-term investment concepts [1] Group 2 - Hui'an Fund focuses on making complex investment terminology accessible and understandable for investors, enhancing their investment skills and experience [2] - The company has launched several educational programs, such as "Hui'an Anti-Fraud Decoder" and "Hot Concept Pocket Book," to help investors recognize scams and understand market trends [2] - These initiatives aim to improve the overall investment experience and increase investor satisfaction [2] Group 3 - Hui'an Fund actively engages with investors through in-person events, enhancing the quality of investor support and understanding of asset allocation [3] - The company participates in community outreach programs, such as "Financial Knowledge into Thousands of Homes," to educate residents on financial literacy and risk prevention [3] - Hui'an Fund aims to create a multi-dimensional support system for investors, contributing to the high-quality development of the industry [3]

Core Viewpoint - The article discusses the significant divergence in stock performance between traditional "old" stocks, favored by older investors, and "new" stocks in technology sectors, particularly AI and semiconductor industries, highlighting a shift in market dynamics this year [2][4][9]. Group 1: Market Performance Overview - As of September 23, the Shanghai Composite Index has risen by 14.02% year-to-date, with technology sectors like SW Communication and SW Electronics showing remarkable gains of 103% and 93% respectively, while traditional sectors like SW Coal and SW Food & Beverage have declined by 1.8% and 0.8% [2][3]. - The performance of individual stocks reflects this trend, with tech stocks such as Cambrian (688256.SH) seeing a year-to-date increase of 105%, while many traditional stocks like Kweichow Moutai (600519.SH) have experienced declines, with a drop of 3.16% [4][6]. Group 2: Sector Analysis - The "new" stocks, particularly in the AI and semiconductor sectors, have become the main drivers of market performance, with companies like NewEase (300502.SZ) and Zhongji Xuchuang (300308.SZ) achieving year-to-date increases of 329% and 253% respectively [4][6]. - In contrast, the "old" stocks, including major players in the liquor and real estate sectors, have struggled, with 16 out of 21 major liquor stocks experiencing declines this year, and several stocks like Haitian Flavoring (603288.SH) and Gree Electric (000651.SH) seeing significant drops of 12.7% and 8.68% respectively [5][6]. Group 3: Investment Perspectives - The article highlights a growing debate between traditional value investors, who favor stable cash flows and dividends from established companies, and more aggressive investors focused on growth potential in technology sectors [8][9]. - Current market sentiment suggests that while technology stocks are experiencing a bullish trend driven by AI and other innovations, there are concerns about overvaluation and potential corrections in the future [10].

Core Viewpoint - The article discusses the significant divergence in stock market performance between traditional "old stocks" (represented by sectors like liquor, real estate, and coal) and "new stocks" (focused on technology sectors such as AI and semiconductors) in 2023, highlighting a shift in investor sentiment and market dynamics [2][9]. Group 1: Market Performance Overview - As of September 23, 2023, the Shanghai Composite Index has risen by 14.02%, with technology sectors like SW Communication and SW Electronics showing remarkable gains of 103% and 93% respectively, while traditional sectors like SW Coal and SW Food & Beverage have declined by 1.82% and 0.78% [2][3]. - The article notes that many traditional blue-chip stocks have underperformed, with 16 out of 21 stocks in the SW liquor sector experiencing price declines this year, including a 3.16% drop in Kweichow Moutai [5][6]. Group 2: Individual Stock Performance - Notable "new stocks" include Cambricon Technologies (688256.SH), which has seen a price increase of 105.22%, and other companies in the AI sector like NewEase (300502.SZ) and Zhongji Xuchuang (300308.SZ), with annual gains of 329% and 253% respectively [4][6]. - In contrast, several "old stocks" such as Haitian Flavoring (603288.SH) and Gree Electric (000651.SZ) have reported declines of 12.68% and 6.96% respectively, despite some of these companies showing double-digit profit growth in the first half of the year [5][6]. Group 3: Investment Philosophy and Market Sentiment - The article highlights a growing divide between "old stock" investors, who favor value investing based on stable cash flows and dividends, and "new stock" investors, who are more focused on growth potential in technology sectors [9][10]. - The current market sentiment is characterized by a trend-driven investment approach, with younger investors and quantitative funds favoring short-term trends, leading to extreme sector divergence [10].

Group 1 - The essence of value investing, established by Graham and Dodd, focuses on principles such as margin of safety, intrinsic value, and the evolution of investment strategies over time [1][2] - Buffett's approach to value investing incorporates qualitative analysis, emphasizing competitive advantages and intangible assets, which expands beyond Graham's focus on tangible assets [1] - The concept of "economic moat" is introduced, highlighting the importance of brand strength, management integrity, and the ability to generate cash flow for valuation [1] Group 2 - The internet has transformed business paradigms, leading to new characteristics in companies like META, Google, Amazon, Tencent, and Alibaba, which benefit from network effects and reduced marginal costs [3][4] - The rise of AI technology, supported by data, algorithms, and computing power, positions traditional internet giants favorably in the competitive landscape [4] Group 3 - The lifespan of companies has significantly decreased, with many once-prominent firms failing to adapt and ultimately disappearing, indicating that time can be an enemy of value investing [5][6] - The concept of entropy is introduced to explain the natural decline of companies over time, suggesting that maintaining vitality requires creating a dissipative structure [6][7] Group 4 - Companies must focus on reducing entropy to enhance their longevity and vitality, which involves being proactive, open to change, and ready to seize transformative opportunities [7][8] - The ability to maintain a strong "entropy reduction capacity" is crucial for a company's survival and success in the long term [8] Group 5 - Simple decision-making is emphasized as a key aspect of value investing, where identifying a few critical dimensions can lead to high-probability investment opportunities [9][10] - Examples of simple decisions include capitalizing on market downturns or temporary setbacks in companies that have strong fundamentals [11][12][13] Group 6 - The evolution of value investing must return to its foundational principles as outlined in Graham and Dodd's "Security Analysis," which serves as a guiding framework for investors [15]

Core Viewpoint - The awareness of listed companies in China regarding returning value to investors has significantly increased during the "14th Five-Year Plan" period, with a total of 10.6 trillion yuan distributed through dividends and buybacks, representing an over 80% increase compared to the "13th Five-Year Plan" period, and equivalent to 2.07 times the amount raised through IPOs and refinancing during the same period [1] Policy Ecosystem - The explosive growth in dividends and buybacks is attributed to systematic upgrades in the capital market's foundational systems during the "14th Five-Year Plan" period. The regulatory framework has shifted from sporadic encouragement to a comprehensive institutional framework [2] - New policies, such as the "National Nine Articles," impose restrictions on major shareholders of companies that have not paid dividends or have low dividend ratios, while also encouraging long-term dividend planning [2] - The evolution of policies has transitioned from "requiring returns" to "facilitating returns" and "cultivating a return culture," establishing a solid institutional foundation for a normalized dividend mechanism [2] Listed Company Ecosystem - The concept of sharing profits has evolved, with dividends shifting from "passive compliance" to "active return." In 2024, nine companies are expected to distribute over 50 billion yuan in dividends, and 33 companies over 10 billion yuan [3] - The number of companies consistently paying cash dividends over the past five years has increased by 6% in 2024 compared to 2023 [3] - The behavior of listed companies has also changed, with a notable increase in share buybacks aimed at reducing share circulation and enhancing earnings per share, allowing all shareholders to share in value appreciation [3] Investor Ecosystem - The surge in dividends and buybacks corresponds with a shift in investor structure and investment philosophy, with a growing preference for high-dividend assets as value investment concepts gain traction [4] - Investors are increasingly focused on returns, prompting companies to actively publish shareholder return plans and set minimum dividend rates above historical averages [4] - The transformation from "speculative price differences" to "sharing value" has diminished speculative market behavior, highlighting a more rational market ecosystem [4]