Core Insights - The event "UP向上，投资有温度" by 中信保诚基金 aims to provide comprehensive wealth management support through systematic financial education and professional investment decision-making [1] Group 1: Investment Philosophy - The unpredictability of short-term market movements highlights the importance of focusing on cost and safety margins rather than market trends [4] - Investors should prioritize long-term trends and distinguish between short-term noise and long-term signals to avoid confusion and anxiety [5] Group 2: Asset Allocation - Asset allocation serves as a fundamental framework to navigate market uncertainties, emphasizing the need for a scientific and rational strategy [6] - A well-structured asset allocation plan can help control costs, diversify risks, and anchor long-term goals, making it essential for investors to establish such a framework [7] Group 3: Practical Investment Strategies - Transitioning from prediction to planning allows investors to manage different market scenarios through asset allocation, transforming investment from speculation to disciplined financial planning [10] - Diversifying investments across various asset classes can effectively reduce the impact of market downturns on overall assets, leading to a smoother investment journey [10] - A well-communicated asset allocation strategy can help investors resist emotional impulses during market volatility, maintaining focus on long-term objectives [10]

Core Insights - The forum focused on the theme "Asset Management Towards Excellence: Intelligent New Journey," discussing global asset management market trends and high-quality development paths [1] - Three core transformations are reshaping China's 210 trillion yuan asset management industry: continuous improvement of regulatory frameworks, deep restructuring of asset structures, and increasingly rational investor behavior [1][3] - The importance of long-term and value investing is emphasized, with a warning against short-term speculative strategies [3][5] Group 1: Regulatory and Market Environment - Continuous improvement of regulatory frameworks is expected to lay a solid institutional foundation for high-quality development in the asset management industry over the next decade [1] - The deep restructuring of asset structures is leading to a revaluation of high-quality assets due to their scarcity [1] - The stability of the renminbi and the diversity of asset types in China are seen as favorable factors for global investors seeking risk diversification [3] Group 2: Investment Strategies and Trends - The core asset allocation directions for the next five years include self-controlled sectors, new consumption trends, mergers and acquisitions of leading enterprises, and innovation in traditional industries [3] - The need for a balanced approach to asset allocation, focusing on both growth potential and risk avoidance, is highlighted [5][8] - The integration of active and quantitative investment strategies is essential to keep pace with market pricing dynamics [5] Group 3: Wealth Management Evolution - Wealth management demand is evolving towards diversification and personalization, prompting changes in the asset management industry's value chain and business models [7] - The definition of "stability" in wealth management is being re-evaluated, with different institutions having varying focuses on absolute versus relative returns [7][8] - The importance of building a quality wealth management framework from the outset is emphasized, with a focus on client and product labeling [8] Group 4: Technological Impact - Artificial intelligence is recognized as a significant tool in investment, but its application should be cautious to maintain control over the investment process [6] - The need for collaboration with AI leaders in the industry is suggested to leverage their capabilities while avoiding over-reliance on automated systems [6]

2025.11. 27 本文字数：2393，阅读时长大约4分钟 在生命的最后十年，他与公司的联系有所减少，但每隔一两周就会与巴菲特通话。巴菲特住在内布拉 斯加州奥马哈，而芒格住在洛杉矶，两人都有听力障碍，这使得沟通更加困难。 押注这个冷门行业 芒格毕业于哈佛法学院，曾与人共同创立了位于洛杉矶的芒格、托尔斯和奥尔森律师事务所。1962 年，他辞去了律师工作，专注于投资，并于1978年加入伯克希尔·哈撒韦公司。 芒格成为了巴菲特的顾问和智囊，他敦促巴菲特放宽投资标准，不再仅仅关注低价投资，而是投资优 质公司。"在商业决策上，查理和我是可以互换的。"巴菲特在1982年说道。 作者 | 第一财经 冯迪凡 "股神"沃伦·巴菲特的黄金搭档查理·芒格生命中最后的篇章鲜为人知。 据最新报道，在他去世前一年，投资了一个曾避之不及60年的冷门行业，从中获利超过5000万美 元，他还加大了对房地产的投资力度，与一位年轻的邻居合作进行大笔长期投资。 "他们会大声喊叫。"芒格的孙媳妇杰克逊（Whitney Jackson）说，她经常去芒格家探望他。"这或 许是想保密，但方圆一英里内的人都能听到。"她说。 朋友们说，几十年来，他几乎不关 ...

Core Insights - The forum focused on the theme "Asset Management Towards Excellence: Smartly Initiating a New Journey," discussing global asset management market trends and high-quality development paths [2] - Three core transformations are reshaping China's 210 trillion yuan asset management industry: continuous improvement of regulatory frameworks, deep restructuring of asset structures, and increasingly rational investor behavior [2][5] Group 1: Regulatory and Market Environment - Continuous improvement of regulatory frameworks is expected to lay a solid institutional foundation for high-quality development in the next decade [2] - The scarcity of quality assets is being revalued by the market, indicating a shift in asset structure [2] - The stability of the renminbi and the diversity of asset types in China are advantageous for global investors seeking diversified asset allocation and risk dispersion [5] Group 2: Investment Strategies and Market Dynamics - The long-term outlook for China's capital market is positive, but short-term volatility risks must be monitored [7] - Future core asset allocation directions include self-controlled and trendy consumption, mergers and acquisitions of leading enterprises, innovation in traditional industries, and the relocation of quality enterprises [7] - The complexity of the macro environment is increasing, creating both opportunities and higher demands for the asset management industry's transformation and high-quality development [8] Group 3: Wealth Management and Asset Allocation - Wealth management demand is evolving towards diversification and personalization, prompting changes in the asset management industry's value chain and business models [13] - The definition of "stability" in wealth management is being re-evaluated, with different institutions having varying focuses on absolute and relative returns [16] - Effective asset allocation strategies should include a comprehensive analysis of asset classes and correlation, avoiding reliance on single strategies to mitigate extreme risks [17] Group 4: Technological Impact and Future Outlook - The integration of active and quantitative investment strategies is essential in the fast-paced information environment, requiring systematic approaches to keep up with market pricing [12] - Artificial intelligence is recognized as a significant tool in investment but should be applied cautiously to avoid over-reliance and loss of process control [12] - The forum concluded with a consensus on the need for the asset management industry to inject long-term growth confidence into the market and contribute to high-quality economic development [17]

新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：王翔 专题：2025资产管理高峰论坛 11月26日，在经济观察报主办的"2025资产管理高峰论坛"上，中银证券全球首席经济学家管涛在主题演 讲中表示，中国长期资本市场前景看好但要关注警惕短期波动风险，在这个过程中，中国市场的机遇都 来自于经济的转型升级，转变就是改变，改变就是不确定，不确定就是风险，更需要我们倡导价值投 资，长期投资，不要想赚快钱。 ...

Core Insights - The 2025 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Conference was held in Guangzhou, attracting over 200 investors from more than 100 well-known financial institutions [2] - Wu Shichun, founder of Meihua Venture Capital, shared his investment philosophy, emphasizing the importance of evaluating companies beyond traditional valuation metrics [2][3] Investment Philosophy - Wu Shichun introduced the "Investment Unicorn Tiger" theory, categorizing unicorns into "tigers" and "pigs" based on multi-dimensional assessments rather than single valuation standards [2] - To qualify as a "tiger," a company must be the leader in its niche, generate over 1 billion in revenue, have profits exceeding 100 million, and meet A-share listing standards [2] - Wu emphasized the significance of intuition, experience, and a strategy of increasing investment in making investment decisions, suggesting that market research is often overvalued in investment judgment [2] Early-Stage Investment - Meihua Venture Capital adheres to a "invest early, invest small" strategy, believing that early-stage investment remains a sunrise industry in China, offering both economic and social value [3] - Wu expressed confidence in the long-term investment landscape in China, citing national policy dividends, technological breakthroughs, and the confidence of the post-00s generation as key factors [3] Long-Term Investment Strategy - Long-term investment is characterized as placing significant bets over time, with a higher success probability when a company is committed to a project for a decade [3] - Wu categorized investors into three types based on their thinking: those with rigid views, those who can adapt, and top-tier investors who can hold opposing views simultaneously, highlighting the need for dialectical thinking in investment decisions [4]

在2016年，吴世春提出"投资独角虎"理论，把独角兽区分为"独角虎"和"独角猪"，从早期、多维度评判企业的基因，而非 独角兽的单一估值评价标准，更有投资指导意义，帮助他降低了很多投资风险。 南方财经见习记者王达毓广州报道 11月26日至28日，2025粤港澳大湾区文化产业投资大会（广东·广州）（简称：大湾区文投会）在广州黄埔国际会议中心举 行。本届大湾区文投会通过"1+8+N"系列活动，高水平搭建"为资金找项目，为项目找资金"平台，吸引超过100家知名金融 投资机构的200多名投资人到会。 作为投资过理想汽车、小牛电动的投资人，梅花创投创始合伙人吴世春在大湾区文投会主题论坛上分享了他对投资的各方 面认知。 吴世春所在的梅花创投坚持"投早投小"。他表示，目前创投环境募资难、创业艰、退出周期长，很多同行往后期投资或转 行FA。但他认为，早期投资在中国还是朝阳行业，既有经济价值，又有社会价值，总有人能在早期投资获得回报奇迹。 除去投资的"术"，吴世春表示，投资需要坚定对国运的认知和信仰，相信科创有20年牛市。中国具有来自国家的政策红 利、科技突破的效率红利、00后自信的人心红利、最大市场的规模红利，看到投资红利，才 ...

Core Insights - The article highlights the disparity between the booming public fund market in China and the significant losses experienced by individual investors, with only 18.9% of retail accounts making profits despite a net asset value of 36.74 trillion yuan in public funds [1][3]. Group 1: Behavioral Biases - Investor irrational behavior is identified as the primary reason for losses, with data showing that small investors often engage in "buy high, sell low" strategies, leading to negative average returns on popular funds [3]. - High trading frequency incurs substantial costs, with a turnover rate of 200% resulting in transaction costs consuming 15% of returns, which can negate the fund's investment gains over time [3]. - A significant portion of small investors (nearly 60%) adjust their holdings based on short-term net value fluctuations, often missing out on subsequent market rebounds due to panic selling [3]. Group 2: Product Mismatch - The mismatch between fund product selection and investors' risk tolerance is a key factor in losses, with over 70% of the fastest-growing equity funds concentrated in high-risk sectors like AI and innovative pharmaceuticals [4]. - Many conservative investors mistakenly invest in equity funds that have maximum drawdowns exceeding 20%, which is beyond their risk tolerance [4]. - Complaints related to product risk mismatches increased by 18% in the first half of 2025, with over 60% linked to the volatility of popular thematic funds [4]. Group 3: Cognitive Biases - Investors often have unrealistic short-term return expectations, with 51% aiming for a 3%-10% stable increase, yet over 30% hold funds for less than six months, contradicting the long-term nature of fund investments [5]. - Misunderstanding fund performance leads to investment mistakes, as many investors fail to recognize that high returns often come from concentrated holdings and precise timing, which are not sustainable [6]. - Nearly 25% of investors incorrectly equate large fund sizes with superior performance, overlooking the risks associated with high concentration in large funds [6]. Group 4: Rational Solutions - To improve profitability, investors are advised to adopt a long-term investment approach, as those holding funds for over five years have a significantly higher profit rate compared to those holding for less than a year [6][7]. - Investors should scientifically allocate assets based on their risk tolerance, using a "core-satellite" strategy that emphasizes diversified investments [7]. - Utilizing official channels for information and participating in financial education initiatives can enhance decision-making and reduce irrational investment behaviors [8]. Group 5: Market Trends - The 2025 fund market shows that successful investors focus on overcoming behavioral biases, achieving product alignment, and adhering to long-term investment strategies, with over 80% of profitable investors practicing "diversified allocation + long-term holding" [9].

Core Viewpoint - The article discusses the emotional challenges investors face during market corrections and emphasizes the importance of accepting drawdowns as a part of the investment process [3][4]. Group 1: Market Sentiment - Recent market adjustments have led to a shift in overall sentiment, with many investors feeling discouraged as they see significant portions of their accumulated gains evaporate in a short time [3]. - The tendency to avoid losses is highlighted, with research indicating that the negative impact of losses can be 2 to 2.5 times greater than the positive impact of equivalent gains [4]. Group 2: Investment Psychology - Investors often experience heightened anxiety when closely monitoring their investments, which can lead to poor decision-making driven by emotional responses to market fluctuations [6]. - The article references Warren Buffett's investment philosophy, advocating for a long-term approach and the importance of patience in realizing investment potential [6]. Group 3: Strategies for Long-term Investment - Instead of fixating on market corrections, investors are encouraged to focus on expanding their knowledge and maintaining a healthy lifestyle, which can contribute to better long-term investment outcomes [7].

以下文章来源于兴证全球基金 ，作者与您相伴的 兴证全球基金 . 投资理财，有温度，有深度，有态度。 ↑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：兴证全球基金 来源：雪球 上周以来 ， A股市场大幅回撤 ， 上证指数上周下跌-3.9% ， 创业板指跌-6.15% （ 数据来源于wind ， 数据区间2025/11/17-2025/11/21 ） ， 面对市场的波动 ， 如何从容应对 。 我们试图通过梳理过往伯克希尔致股东的信 ， 探寻巴菲特与芒格对待市场波动时的智慧 ， 更重要的是 ， 我们也能从中窥见 ， 巴菲特与芒格在 面对市场波澜时的思想进化历程 。 " 真正重要的是独立思考而不是投票表决 "—— 1990年 宏观背景 ： 第三次石油危机 1990年 ， 第三次石油危机爆发 ， 中东地区局势持续震荡 ， 全球对美国经济衰退的担忧 ， 使得美股经历了自1981年以来的最差年份 。 伯克 希尔在当年的致股东信中这样写道 ： 当然以上所述并不代表不受欢迎或注意的股票或企业就是好的投资标的 ， 反向操作有可能与从众心理一样的愚蠢 ...