Core Viewpoint - The article emphasizes the resilience and long-term strategy of Postal Savings Bank in the face of industry challenges, highlighting its commitment to sustainable development and high-quality growth amidst a low interest rate environment [4][5][29]. Group 1: Financial Performance - In H1 2025, Postal Savings Bank reported revenue of 179.446 billion yuan, a year-on-year increase of 1.5%, and net profit of 49.415 billion yuan, up 1.08% [5]. - Compared to other major banks, Postal Savings Bank's revenue growth of 1.5% and net profit growth of 1.08% stands out, especially as many peers reported declines in net profit [6]. - The bank's average balance of interest-earning assets grew by 9.62% year-on-year, reaching 16.5 trillion yuan, with total assets increasing by 6.47% to 18.19 trillion yuan [10][12]. Group 2: Growth Drivers - The growth in profitability is attributed to two main drivers: the continuous expansion of interest-earning assets and rapid growth in non-interest income, alongside effective cost control [8]. - The bank's customer loans totaled 9.54 trillion yuan, a year-on-year increase of 6.99%, indicating a stable lending growth trajectory [12]. - Non-interest income saw significant growth, with total non-interest income increasing by nearly 20% year-on-year, contributing to the overall revenue [34]. Group 3: Retail Banking Strategy - Postal Savings Bank aims to become a leading large retail bank characterized by inclusivity, balance, stability, intelligence, and vitality [13][24]. - The bank's retail business remains robust, with personal loans issued reaching 4.86 trillion yuan, a growth of 1.86% year-on-year, surpassing the industry average [14]. - The bank's customer deposit total reached 16.11 trillion yuan, up 5.37% from the previous year, with personal deposits accounting for over 80% [20]. Group 4: Balanced Development Strategy - The bank is shifting from a retail-dominated model to a dual-driven approach of "retail + corporate" to enhance value creation [30]. - Corporate loans reached 4.19 trillion yuan, with a year-on-year growth of 14.83%, focusing on key sectors like advanced manufacturing and green finance [14][32]. - The bank's non-interest income from middle business segments has seen an annual growth rate of 11.3% over the past five years, significantly outperforming peers [34]. Group 5: Asset Quality and Capital Strength - As of June 2025, the non-performing loan ratio stood at 0.92%, indicating strong loan quality management, particularly in corporate lending where the ratio was 0.49% [37]. - The bank's capital adequacy ratio reached 14.57%, with a core tier 1 capital ratio of 10.52%, reflecting a solid capital base for future growth [42]. - The recent 130 billion yuan capital injection from the state enhances the bank's risk resilience and supports its long-term development strategy [40][43].

Core Viewpoint - The article emphasizes the importance of long-term investment strategies in the technology sector, highlighting that successful investors are those who focus on deep industry research and sustainable growth rather than chasing short-term trends [2]. Performance Summary - In the past year, several funds under the company have shown remarkable performance, with four funds doubling their net value and ten funds increasing by over 50% [2]. - Specific fund performance includes: - 汇添富北交所创新精选两年定开A: 219.37% increase - 汇添富科技创新A: 120.28% increase - 汇添富自主核心科技一年持有A: 117.47% increase - 汇添富中证芯片产业指数增强A: 102.27% increase [3]. Long-term Performance - 汇添富全球移动互联A has ranked first among similar products over the past seven years, and third over the past five and three years [4][5]. - 汇添富科技创新A has also performed well, ranking in the top 10% for the past five and three years, and in the top 5% for the past year [7]. Research Approach - The company emphasizes a comprehensive research approach that spans the entire technology industry chain, including both domestic and international companies [9]. - Since 2011, the company has conducted annual field research in technology hubs like Silicon Valley, allowing for direct engagement with numerous tech firms [9][10]. Investment Philosophy - The investment philosophy is rooted in deep fundamental analysis and long-term engagement with companies, requiring extensive tracking and understanding of management and industry dynamics [11][12]. - The team believes that successful investment requires building various touchpoints within industries to remain sensitive to changes [12]. Team Structure - The company has developed a well-structured team with nearly 20 members in the technology investment sector, including experienced fund managers and emerging talents [14]. - The team employs a detailed division of labor across six major sub-industries, ensuring a broad and deep understanding of the technology landscape [15]. Global Presence - The establishment of subsidiaries in Hong Kong, the United States, and Singapore enhances the team's ability to understand local market trends and identify global investment opportunities [15]. Long-term Commitment - The company maintains a long-term perspective in performance evaluation and talent development, ensuring stability and coordination within the team [20]. - The investment strategy emphasizes clear product positioning and effective matching of fund managers' capabilities with investment goals [21]. Conclusion - The company's deep-rooted investment philosophy, comprehensive research approach, and structured team dynamics contribute to its ability to navigate the volatile technology sector and capture innovative value over time [22].

Core Viewpoint - The conflict between Yann LeCun and Alexander Wang at Meta AI highlights a fundamental clash between long-term scientific exploration and short-term engineering-driven culture within the company [2][3][18]. Group 1: Conflict and Cultural Shift - Yann LeCun emphasizes that not everyone in AI is a researcher, defining researchers by their academic contributions and impact [1][2]. - The clash between LeCun's long-term research focus and Wang's emphasis on speed and execution reflects a broader cultural shift at Meta, prioritizing immediate results over foundational research [3][10]. - The internal conflict has led to a "mercenary" culture at Meta, where high salaries attract top talent but fail to create a supportive work environment [11][13]. Group 2: Impact on Innovation and Product Development - The shift in focus has resulted in a decline in the quality and reliability of Meta's AI products, as seen with the Llama series, particularly Llama 4, which faced criticism for its performance [14][16]. - The internal atmosphere has stifled innovation, as key scientists and engineers struggle to work effectively in a politically charged environment [17][18]. - The emphasis on short-term goals has led to a neglect of foundational research, risking the long-term health of the technology [18]. Group 3: Broader Implications for the Industry - The situation at Meta AI serves as a cautionary tale for the tech industry, illustrating the need for a healthy internal culture that fosters genuine innovation rather than merely chasing immediate results [18][19]. - The conflict represents a larger ideological battle in Silicon Valley between a rigorous scientific approach and a results-driven mentality [18].

Core Viewpoint - The health industry in China is rapidly transforming under the "Healthy China 2030" strategy, presenting significant opportunities for multinational companies like Nu Skin to align their strategies with national health goals and consumer needs [1][6]. Group 1: Long-term Commitment and Strategic Development - Nu Skin views China as a strategic market and innovation hub, emphasizing its long-term commitment to the region [3]. - Recent interactions with local government, such as a meeting with the Shanghai Municipal Commission of Commerce, highlight the company's collaborative approach to leveraging consumption upgrades and promoting high-quality industrial development [4]. - The company plans to increase investments in Shanghai, launching new products and services tailored to local market demands [4]. Group 2: Capacity and Talent Development - Nu Skin has invested approximately 360 million RMB in the second phase of its Greater China Innovation Headquarters, enhancing production efficiency through advanced automation [4]. - The company is focused on talent development, particularly expanding its "Nutrition Health Consultant" program to cultivate skilled professionals in health management [5]. - Nu Skin is also fostering partnerships with local enterprises to integrate global technology with local needs [5]. Group 3: Technological Innovation for Health - Nu Skin is committed to advancing health through technology, aligning with national priorities such as metabolic disease prevention and cognitive health intervention [6]. - The company is shifting from one-size-fits-all products to personalized health solutions, utilizing cutting-edge technologies like gene expression science and AI [6][8]. - Upcoming innovations include the TRME body management plan and the PRYSM iO hyperspectral scanner, aimed at improving metabolic health and sleep quality [7]. Group 4: Digital Transformation and Sustainable Development - Digital transformation is a key pillar for Nu Skin, enhancing operational efficiency and enabling personalized consumer services [9]. - The company has partnered with Alibaba Cloud since 2017 to drive its digital strategy, exemplified by the launch of the Vera skin assessment system [9]. - Nu Skin is committed to sustainability, integrating environmental, social, and governance (ESG) principles into its operations and emphasizing the importance of ecological health alongside human health [9]. Group 5: Future Outlook - Looking ahead, Nu Skin aims to deepen local innovation, expand production capacity, and upgrade digital services in response to the "Healthy China 2030" strategy [10]. - The company's practices serve as a model for how multinational corporations can align with China's health strategy and contribute to industrial upgrades [10].

Core Viewpoint - The article emphasizes the increasing importance of R&D investment among Chinese listed companies, indicating a structural shift in the growth engine of the Chinese economy from traditional drivers to innovation-driven growth [1][4]. Group 1: R&D Investment Trends - In the first half of the year, the total operating revenue of listed companies reached 35.01 trillion yuan, with a slight year-on-year growth of 0.16%, while R&D investment amounted to 745.69 billion yuan, growing by 2.68% [1]. - Many leading companies, especially in strategic emerging industries, have maintained double-digit growth in R&D expenses despite challenges such as demand fluctuations and rising costs [1][2]. - The focus on R&D is seen as a necessary shift for companies to build a "technological moat" and remain competitive globally, moving away from reliance on scale expansion and cost advantages [1][3]. Group 2: Market and Investor Perspectives - The article notes a change in investor valuation models, where traditional PE ratios are becoming less effective for evaluating high R&D investment tech companies. Investors are increasingly willing to pay a premium for companies that prioritize long-term technological leadership over short-term profits [2][3]. - This shift in perspective encourages a positive cycle for companies that commit to long-term R&D, providing them with essential capital support [3]. Group 3: Implications for the Chinese Economy - The collective increase in R&D investment among A-share listed companies is not just a strategy for individual growth but also contributes to national industrial upgrading and economic transformation [4]. - The article highlights the transition from "Made in China" to "Created in China," aiming for a more advantageous position in the global value chain [4].

近日，中国上市公司协会（简称"中上协"）发布的数据显示，今年上半年，全市场上市公司实现营业收 入35.01万亿元，同比增长0.16%。值得注意的是，同期，全市场的研发投入为7456.87亿元，同比增长 2.68%。 而我们把视角切换到市场上来看，资本市场作为经济的晴雨表，其反应最为敏锐。一个值得关注的现象 是，投资者的估值模型也正在悄然迭代。传统的市盈率（PE）估值体系在评估许多高研发投入的科技 型企业时，开始显得力不从心。投资者们正逐渐学会"看懂"研发投入的长期价值，愿意为那些暂时牺牲 短期利润以换取未来技术领先地位和广阔市场空间的企业，给予更高的估值溢价。这其实也是一种价值 发现的进化。投资者不再仅仅关注企业"现在能赚多少钱"，而是更加关心"未来能创造多大价值"。研发 强度、专利数量、技术路线的先进性以及在全球产业链中的卡位，正成为比短期盈利波动更为重要的价 值标尺。 这种从"看现在"到"看未来"的视角转变，为那些坚持长期主义、深耕技术的企业提供了宝贵的资本支 持，形成了一个鼓励创新的正向循环。 当然，要想实现从研发投入到商业成功，中间依然隔着巨大的不确定性，这既是科技创新的魅力所在， 也是其风险所在。高 ...

Core Viewpoint - The article emphasizes that Beike has successfully navigated the challenges of the real estate market through a long-term survival philosophy, focusing on building foundational capabilities and restoring industry trust, even during market adjustments [3][4]. Group 1: Market Dynamics - The Chinese real estate market is undergoing a "K-shaped recovery," characterized by significant differentiation between cities and even within the same city, marking the end of the previous era of uniform price increases [5]. - Beike's performance in Q2 2025 was notable, with a total transaction volume (GTV) of 878.7 billion yuan, a year-on-year increase of 4.7%, and net revenue of 26 billion yuan, up 11.3% [6][8]. Group 2: Business Model and Strategy - Beike's stock business has become a stable anchor, with Q2 GTV for existing homes reaching 583.5 billion yuan and net revenue of 6.7 billion yuan, showcasing its resilience during market fluctuations [10]. - The company has adopted a light-asset platform model, with 58,664 active stores and nearly 500,000 active agents by mid-2025, emphasizing efficiency through scientific management and AI tools [11][12]. - Beike's "One Body, Three Wings" strategy aims to create a comprehensive ecosystem covering the entire housing lifecycle, with significant contributions from home decoration, rental, and quality development services [13][15]. Group 3: Financial Performance and Capital Allocation - Beike has executed a stock buyback plan, repurchasing 2.5 billion USD worth of shares in Q2 2025, with a total buyback amount reaching 2.02 billion USD since the plan's initiation in September 2022, representing 10.3% of the total share capital [22][23]. - The increase in buyback authorization from 3 billion to 5 billion USD indicates a long-term capital allocation strategy, reflecting management's confidence in the company's value [25][26]. Group 4: Long-term Vision and Market Position - Beike's approach to transforming low-frequency real estate transactions into high-frequency interactions through a comprehensive service ecosystem has established a strong platform barrier, enhancing matching efficiency and user engagement [30]. - The company's long-termism philosophy is seen as a key factor in its ability to withstand market fluctuations and achieve sustained growth, providing valuable insights for other low-frequency industries [31].

Core Viewpoint - The article emphasizes the significant opportunities arising from the current global landscape, particularly highlighting the competition between China and the United States as a driving force for innovation and investment in technology [4][5][9]. Group 1: Global Opportunities - The current era is characterized by unprecedented changes, presenting a "once in 500 years" opportunity with the rise of China and the decline of the West [5]. - The primary opportunities in the global market are centered around two major players: China and the United States, with AI being the main focus in the U.S. and "AI+" in China [6][7]. - The competition between China and the U.S. is seen as a grand drama of the century, where technological advancements are spurred by this rivalry [9][10]. Group 2: Entrepreneurship and Investment - Entrepreneurship is likened to a modern-day examination system, where success can significantly alter one's fate and social status [15][16]. - Investment is viewed as a means of identifying and nurturing promising ventures, with a current challenging environment serving as a period of reshuffling in the market [18][19]. - The article suggests that the current market conditions present a favorable time for investments, particularly in the primary market, as great companies often emerge during downturns [21][22]. Group 3: Adaptability and Resilience - The ability to survive and thrive in changing environments is crucial, with a focus on adaptability rather than sheer strength [22]. - Investment firms are encouraged to understand the needs of state-owned enterprises and adapt their strategies accordingly to survive [23][24]. - The article stresses the importance of maintaining a positive mindset and resilience in the face of challenges, advocating for a long-term perspective in business endeavors [34][35][37]. Group 4: Collaboration and Learning - The article promotes the idea of collaboration and learning from stronger competitors, suggesting that joining forces can lead to greater strength [43]. - It highlights the importance of continuous learning and adaptation in entrepreneurship, encouraging a mindset of being "on the road" and ready to pivot when necessary [46][47]. - The upcoming event in Sichuan is presented as an opportunity for entrepreneurs to engage in deep learning and networking, aimed at fostering innovation and growth [56][70].

Core Viewpoint - The management of China Merchants Bank (CMB) expressed confidence in achieving steady progress and completing the annual budget goals despite recent challenges in the banking sector [2][4]. Group 1: Annual Performance Outlook - CMB's net profit growth turned positive in the first half of the year, with the second quarter performing better than the first, which faced significant pressure due to loan repricing [3][4]. - The bank aims to implement strategic development, enhance cost management, promote non-interest income, and strengthen asset quality to maintain a positive growth trajectory [4]. Group 2: Retail Business Strengths - CMB's retail business is supported by three key factors: technological capabilities, a dedicated workforce, and a customer-centric value system [5][6][7]. - Retail assets under management (AUM) reached 16.03 trillion yuan, with the highest growth in recent years, and retail wealth management income increased by 6% year-on-year [5]. Group 3: Balancing Short-term and Long-term Goals - The bank emphasizes the importance of balancing short-term performance with long-term sustainability, likening banking operations to a marathon rather than a sprint [8]. - CMB aims to solidify its foundational aspects, including customer base and management, while focusing on long-term strategic goals [8]. Group 4: Changes in Customer Risk Preferences - There has been a shift in retail customers' risk preferences, with a gradual improvement in their inclination towards equity assets, although a conservative approach remains predominant [9]. - CMB is committed to providing a stable and comprehensive wealth management experience to meet evolving customer needs [9]. Group 5: Return on Equity (ROE) Management - CMB has established a financial management system focused on ROE, which currently stands at 13.85%, significantly higher than the industry average of around 9% [10][11]. - The bank aims to balance profit growth, net asset accumulation, and dividends to maintain a competitive ROE and meet investor expectations [11][12]. Group 6: Internationalization Strategy - CMB is accelerating its internationalization efforts, recognizing it as a new growth point amid increasing global integration and domestic market saturation [13]. - The bank has already established a network of overseas branches and is enhancing the capabilities of its international operations [13].

Investment Philosophy - Richard Peng emphasizes a client-first approach, prioritizing customer interests to achieve mutual long-term success [3][4] - The investment strategy focuses on stability and absolute returns, aiming for an annual return of 10%-15% regardless of market fluctuations [4][6] - Influences on Richard Peng's investment philosophy include Warren Buffett's "slow wealth accumulation" and Nassim Taleb's concepts of risk and uncertainty [5] Asset Management Products - Beta International Securities has obtained a Type 9 asset management license and plans to launch a fund targeting high-net-worth clients in the Hong Kong stock market [6][9] - The fund will focus on the primary market for new stock offerings, leveraging communication with issuers to secure favorable long-term returns [6][9] - The investment threshold for the fund is set at HKD 1 million, with a requirement for liquid financial assets of over HKD 8 million, targeting a projected annual return of over 20% [9] Future Outlook - The company aims to develop "midfield master-level" investment products that provide steady returns, catering to clients seeking more than just basic financial products [10] - Richard Peng believes that the recent regulatory changes in the Hong Kong IPO market will benefit institutional investors and enhance market fairness [7][10] - The company is committed to cautious and diligent management, recognizing the inherent uncertainties in the market [11]