同时，南华基金团队运用低估值策略（低PE、低PB、高股息），精筛个股构建组合，力求在市场 极端波动中有效缓冲风险，守护投资者体验。团队超越传统估值框架，综合多维因子深度挖掘企业的内 在价值，力争捕捉市场错误定价带来的投资机会。 现如今，南华基金持续深化"深耕浙江"战略，联动区域法人金融机构资源，锻造"小而美、专而 精"的独特竞争优势。这一战略不仅助力区域经济高质量发展，也为南华基金自身在服务实体经济的进 程中开拓了可持续增长的新空间。 凭借"量化+价值"双轮驱动的创新内核，以及对政策与区域经济的深度协同，南华基金在公募赛道 中树立起鲜明的技术派旗帜。展望未来，南华基金将持续迭代模型、拓展能力边界，力求为投资者创造 穿越周期的长期价值，为中国资产管理行业的创新发展贡献"南华智慧"。 中证报中证网讯（王珞）近日，由南华基金总经理助理黄志钢带领打造的数据模型——"南华基金 量化投资时钟"上线。黄志钢表示，这一模型绝非简单的数据堆砌。在公募基金同质化竞争日益激烈的 今天，南华基金开辟出一条量化与价值深度融合的创新路径。凭借对市场规律的深刻洞察与技术的前沿 探索，公司不仅构建了独具特色的量化投资体系，更在波动的市场中为 ...

Group 1 - The core viewpoint of the news highlights that Anjisi is facing a slight decline in North American sales revenue due to Sino-US trade tariff friction, but the company remains confident in achieving its annual targets [1] - Research and development expenses have increased by 90.73% year-on-year, primarily for the development of Hang'an medical diagnostic equipment, with the reusable soft endoscope entering the product registration phase [1] - Domestic sales gross margin has decreased to 67.58%, mainly due to the impact of centralized procurement on hemostatic clips, although domestic sales revenue has grown by 10.50% [1] Group 2 - The ERCP series products are rapidly gaining market traction, with single-pole ESD products being trialed in over 250 hospitals and an admission rate of 20% [1] - The proportion of self-owned brand sales is increasing, with collaborations with top KOLs in Europe and the Asia-Pacific region to deepen global expansion [1] - The Thai production base project is progressing steadily, with production costs higher than domestic levels, and future mid-to-low-end consumables will be concentrated in Thailand [1] Group 3 - Sales revenue in Europe, Asia, and South America has increased, while North America has seen a decline, with multiple products entering the product registration phase [1]

截至8月13日，融资融券个人投资者数量为755.68万名，机构投资者数量为50004家，有融资融券负债的 投资者数量为172.18万名。 根据中国结算数据，截至2024年底，开立了两融证券账户的投资者数量为720.38万，其中个人投资者 715.2万。2024年当年，新开立个人两融证券账户数为47.52万，机构投资者数为0.75万。 公开数据显示，8月13日参与融资融券交易的投资者数量为52.34万名，创年内新高，超过了今年2月21 日的52.14万名。与上一交易日相比，投资者数量增加了4.61万名，环比增长9.67%。 华西证券研报认为，A股市场两融余额重返2万亿元高位，背后动力主要在于政策预期改善与市场风险 偏好回升的共振。监管层密集释放稳定资本市场的政策信号，增量改革与制度优化预期不断增强，提振 了投资者对后市发展的信心。从资金流向来看，年内融资资金主要流向信息技术、工业、材料等行业， 这彰显出资金对产业结构优化升级的看好，也折射出市场对经济高质量发展的坚定信心。 "总体来看，与十年前相比，此次两融余额重返2万亿元所处的市场生态已发生深刻变革，政策更加完 善，资金更加稳健，投向更加精准，呈现出明显的价值 ...

Core Insights - The article emphasizes the importance of long-term wealth creation through value growth investing, value investing, and dividend investing [1] - The author aims to analyze companies from a fundamental value investing perspective, seeking to identify great companies at fair prices [1] Group 1 - The author has over 7 years of investing experience, focusing on long-term strategies [1] - The educational background is in Biology, specifically molecular cell biology, which informs the author's analytical approach to investing [1] - The intention is to write articles based on personal research and experiences related to fundamental value investing [1] Group 2 - The article does not provide any specific investment recommendations or advice [3] - It highlights the necessity for investors to conduct their own research and due diligence before making investment decisions [3] - The author reserves the right to change opinions about the covered companies without notifying readers [3]

出品 | 虎嗅青年文化组 作者 | 黄瓜汽水 编辑、题图 | 渣渣郡 本文首发于虎嗅年轻内容公众号"那個NG"（ID：huxiu4youth）。在这里，我们呈现当下年轻人的面貌、故事和态度。 很遗憾，在山里断网沉寂了几天的峰哥这次又平安归来了，神奇的大自然依然没能带走峰哥。 让人万万没想到的是，峰哥断网三天，股票反而赚了十几万，广大b友们又气得牙痒痒了：峰哥回本，比我自己亏钱还难受啊！ 这次峰哥不但说快要回本了，还跑去支付宝做起了财经博主。 前两天，峰哥在支付宝喊话敬汉卿，坦言最近在登山，没怎么操作的情况下赚了34万，目前还差47万就回本了，不操作都能赚钱，稍稍一操作手拿把掐，还 喊话敬汉卿，看看到时候是他先回本，还是敬汉卿先赚到1千万。 评论区的留言属实把我笑麻了—— "这次峰哥没操作都回本了，稍微操作一下，估计本金都没了。" 要说峰哥转型财经博主，搞不好还真让他给找对赛道了。 毕竟对于支付宝用户来说，峰哥这种量级的行业冥灯入驻，粉丝们只要照着他的反向操作就好了，还能在支付宝端内直接操作。 说这话是有依据的，粉丝们都知道，峰哥这些年在资本市场的几次"技术型调整"，可谓是闻者伤心，听者落泪。 家人们可能有所不 ...

《思辨的力量》 8月16日，第一财经将联合中信出版社为图书《思辨的力量》举办题为"思辨价值投资，思辨机会与风 险"的新书分享会。 本书源于第一财经《价值三人行》数百期电视节目的内容精华，集中展示了对中国资本市场的长期观察 和深度思考、对价值投资理念和方法论的辩证分析。 同时，《思辨的力量》也是第一财经全新推出的"壹评级——专业股票评价体系"的理论基础之一。 本书联名作者之一、上海壹评信息总经理梁宇峰将携资深投资人凌鹏一起，围绕新书创作背景和理念展 开对话，深度剖析中国资本市场未来十年的财富机遇与风险。 时 间 : 8月16日 14:00-16:00 地 点： 中信书店·跳岛声音书店 新书分享会 （南京西路1168号中信泰富广场LG层） ...

Core Insights - The article discusses the upcoming book launch event for "The Power of Critical Thinking," which focuses on value investing and the analysis of opportunities and risks in the Chinese capital market [2]. Event Details - The book launch event will take place on August 16, from 14:00 to 16:00 [3]. - The location of the event is at the CITIC Bookstore, located at Nanjing West Road 1168, CITIC Pacific Plaza, LG level [4]. Book Overview - "The Power of Critical Thinking" is based on the essence of hundreds of episodes from the First Financial program "Value Trio," showcasing long-term observations and deep reflections on the Chinese capital market [2]. - The book serves as a theoretical foundation for the newly launched "Yipin Rating - Professional Stock Evaluation System" by First Financial [2]. - Co-author Liang Yufeng, General Manager of Shanghai Yiping Information, will engage in a dialogue with senior investor Ling Peng to analyze the wealth opportunities and risks in the Chinese capital market over the next decade [2].

Core Viewpoint - The article discusses the different strategies and mindsets that successful investors adopt during a bull market, emphasizing the importance of early belief and disciplined execution of investment strategies to achieve profitability. Group 1: Bull Market Phases - A bull market typically has five phases, starting from a prevailing bear market mindset to a stage where most people are unaware of the market's end [5][6][7][9]. - Investors who profit during a bull market often do so by believing in the market early and making strategic investments in the initial phases [10]. Group 2: Successful Investor Types - The first type of successful investor is one who believes early, invests early, and remains steadfast despite market fluctuations [10]. - The second type relies on a disciplined strategy without attempting to predict market movements, focusing on value investing, grid strategies, or trend investing [12][13][14][16]. - The third type utilizes asset allocation as a passive strategy, which is easier for most ordinary investors to understand and implement [18]. Group 3: Asset Allocation Strategy - Asset allocation does not require investors to predict market trends, as it diversifies investments across various asset classes, including global stocks and bonds [19]. - The article provides historical performance data of different asset classes over the years, indicating that asset allocation can yield returns regardless of market conditions [20]. - The dynamic rebalancing strategy in asset allocation allows investors to maintain their desired asset ratios, thus mitigating anxiety over market timing [21][22]. Group 4: Limitations and Benefits of Asset Allocation - While asset allocation may not lead to rapid wealth accumulation, it offers a stable growth trajectory, allowing investors to benefit from various market phases [23]. - The article mentions a specific asset allocation strategy with a 6:3:1 ratio of stocks to bonds to commodities, which has yielded a 10%+ return as of August 11 [23].

Core Viewpoint - The trend of fund managers publicly sharing their real investment portfolios, known as "晒实盘," is gaining traction in the industry, serving as a tool for attracting investors and enhancing engagement with them [1][13][18]. Group 1: Fund Managers' Performance - At least 20 fund managers have publicly shared their real investment portfolios on platforms like Ant Wealth and Tian Tian Fund, with total investment amounts ranging from 40,000 to 4 million yuan [1][5]. - Six fund managers have total investments exceeding 1 million yuan, including notable figures from Guojin Fund and Guotai Fund [7][8]. - The average return on these real investments has been positive, with some managers reporting returns exceeding 1 million yuan and rates as high as nearly 130% [1][8][11]. Group 2: Investor Reactions and Engagement - Investors generally welcome the transparency provided by fund managers sharing their real portfolios, as it fosters trust and encourages better investment habits [1][18]. - The practice has led to increased interaction between fund managers and investors, with many managers using their portfolios to share insights and strategies [1][17][18]. - Fund managers often employ regular investment strategies, such as weekly or monthly contributions, which can help guide investors toward disciplined investment practices [1][18]. Group 3: Industry Trends and Implications - The introduction of real investment portfolio features on platforms like Tian Tian Fund has attracted significant participation from fund managers [3][4]. - The trend has sparked widespread discussion in the market, with industry experts noting its potential to enhance investment transparency and investor confidence [13][18]. - Fund managers view this practice as a way to align their interests with those of investors, emphasizing a shared commitment to navigating market fluctuations together [17][20].

Core Viewpoint - The trend of fund managers publicly sharing their real investment portfolios is gaining traction, serving as a tool for attracting investors and enhancing engagement with them [1][10][15]. Group 1: Overview of Fund Managers Sharing Real Portfolios - At least 20 fund managers have publicly disclosed their real investment portfolios on platforms like Ant Fortune and Tian Tian Fund, with total amounts ranging from 40,000 to 4 million yuan [1][4]. - The total investment amounts of six fund managers exceed 1 million yuan, with notable figures including Yao Jiahong and Ma Fang from Guojin Fund, and Liang Xing from Guotai Fund [4][5]. - Fund managers have reported positive returns on their real investments, with some achieving cumulative profits exceeding 1 million yuan and returns as high as nearly 130% [1][5]. Group 2: Performance of Individual Fund Managers - Yao Jiahong's total investment amount is 4.1772 million yuan, with a cumulative profit of 1.1714 million yuan, and holding returns of 39.44% and 38.03% for specific funds [5]. - Ma Fang has a total investment of 2.0005 million yuan and a cumulative profit of 643,300 yuan, with holding returns of 47.68%, 43.79%, and 33.51% for her funds [5]. - Lei Tao from Debang Fund has a total investment of 1.7611 million yuan and a profit of 546,500 yuan, with some holdings still in negative territory [5]. Group 3: Impact and Reactions - The practice of sharing real portfolios has sparked discussions about potential compliance risks and the possibility of investors following trends irrationally [1][10][14]. - Fund managers' public sharing is generally welcomed by investors, as it can boost confidence during market downturns and promote good investment habits through regular contributions [1][14]. - The trend is seen as a step forward in enhancing transparency and fostering trust between fund managers and investors [10][15]. Group 4: Future Considerations - While sharing real portfolios can enhance investor engagement, it is essential for investors to assess their own risk tolerance and investment goals before following fund managers' strategies [17][18]. - Fund managers are encouraged to maintain transparency and provide risk warnings to avoid misleading investors [18].