今年，在新冠肺炎疫情的影响下，A股半年报净资产收益率TOP50公司数据仍表现不凡，这为各路资金 配置A股带来了坚定信心。 TOP50公司ROE均超21% 优于往年 《证券日报》记者通过IFIND统计发现，截至9月1日，沪深两市3977家上市公司披露了2020年半年报， 仅千山退和暴风集团两家公司未公布，净资产收益率为正的公司达3188家，占比超八成。而从TOP50来 看，这些公司的净资产收益率均高于21%，对比去年仅有30家公司高于这一数值，单从这个角度对比， A股的投资价值明显提升。 净资产收益率(ROE)作为一个重要的价值发现指标，历来受到投资者关注。价值投资大师巴菲特就曾表 示："如果非要我用一个指标进行选股，我会选择净资产收益率，那些ROE能常年持续稳定在20%以上 的公司都是好公司，投资者应当考虑买入。" 对此，成恩资本董事长王璇对《证券日报》记者表示，整体上"大健康"生物医药、"必需品"农林牧 渔、"线上"传媒这几个细分行业受疫情影响较小，业绩持续性强于大市，疫情甚至一定程度上催化了它 们的成长空间和渗透速度。可重点关注疫情影响改变消费习惯催生的新兴市场投资机会，比如传媒行业 中"线上"经济相关如 ...

Group 1 - The core viewpoint is that the long-term logic of stock market pricing will shift towards cash flow accumulation in a changing economic model, with stable free cash flow in a low-interest-rate environment becoming the cornerstone of a prolonged bull market [1] - In a stagnant profit growth scenario, assets capable of generating substantial free cash flow, such as controlled capital expenditure, cost management, and efficient working capital, can still maintain their value [1] - The current leading consumer companies are expected to provide stronger free cash flow generation capabilities amid increasing market concentration, while cyclical resource products may experience price elasticity and cash flow recovery due to supply constraints [1] Group 2 - The cash flow ETF (159399) tracks the FTSE China A-Share Free Cash Flow Focus Index (888888), which selects listed companies with strong free cash flow, solid financial conditions, and outstanding profitability across multiple industries [1] - The index construction employs a value investment style screening mechanism aimed at reflecting the overall performance of quality enterprises in the Chinese market [1] - Investors without stock accounts can consider the Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiator Link A (023919) and Guotai FTSE China A-Share Free Cash Flow Focus ETF Initiator Link C (023920) [1]

Core Viewpoint - The article highlights the evolution and achievements of the brokerage asset management industry over the past 15 years, emphasizing the importance of value investment and the establishment of a diversified product matrix to meet investor needs [1][2][19]. Industry Development - The brokerage asset management industry began its independent operations in 2010 with the establishment of the first brokerage asset management company, marking a new chapter in the industry [2]. - The industry has experienced significant growth, with assets under management increasing from 2.8 trillion yuan at the end of 2011 to a peak of 18.8 trillion yuan in April 2017, driven by regulatory changes and market demand [5][6]. - The introduction of the new fund law in 2013 allowed brokerage firms to apply for public fund licenses, further expanding their operational scope [5][6]. Value Investment and Research Platform - The industry has focused on building a robust research and investment platform, emphasizing value investment based on fundamental research to achieve sustainable returns for investors [3][4]. - The establishment of independent asset management subsidiaries has allowed leading brokerages to enhance their operational capabilities and adapt to market changes [4][6]. Product Matrix and Innovation - The brokerage asset management sector has transitioned from a focus on single asset management to a more diversified product offering, including public and private fund management [10][11]. - As of June 30, 2025, the company managed 106 collective asset management plans across various investment fields, showcasing its strong investment management and risk control capabilities [10][11]. - The company has been proactive in launching innovative products, including the first public fund license among brokerages and a comprehensive range of FOF products tailored to different investor profiles [12][13]. Client Service and Trust Building - The company has developed a unique client service model, conducting extensive outreach and educational initiatives to foster a healthy investment mindset among clients [14][15][17]. - The "Oriental Red Ten Thousand Miles" client service initiative has been instrumental in building trust, with over 14,000 events held nationwide, reaching more than 2 million participants [17]. - The company aims to deepen its relationship with investors through a comprehensive service model that combines research, investment, and advisory services [18]. Future Outlook - The company is set to embark on a new strategic plan in 2025, focusing on serving emerging industries and integrating into the broader financial ecosystem [21]. - The commitment to value creation and high-quality service will continue to guide the company's operations as it seeks to enhance its competitive edge in the asset management industry [19][21].

□本报记者 张韵 上周，上证指数一度突破3600点，创今年以来新高，投资者情绪明显升温。未来市场行情将如何演绎？ 各方观点热议后市，投资者又该如何辨别并做好自己的选择？ 近日，中国证券报记者采访了知名私募人士——深圳东方港湾投资管理股份有限公司董事长但斌。但斌 表示，A股市场近期走强背后离不开去年以来政策端的大力支持，诸如鼓励上市公司回购注销股份等。 如果大手笔的回购注销股份能实现常态化，将极大提升A股对投资者的吸引力。 至于投资中的各种观点，他认为，投资者要学会"找主因"，屏蔽噪音或是厘清思路的密码。只要核心逻 辑没有发生根本变化，就不应轻易改变原定的投资路径。找到能够改变世界的公司和能够不被世界改变 的公司后长期持有，集中投资大产业趋势里的龙头公司依然是他坚守的理念。展望后市，人工智能 （AI）是他看好的主要方向。 坚持基本面投资 在但斌看来，每个人都有不同的性格、人生经历，不同的投资方法都有成功的可能。最重要的是，投资 者要摸索找到合适自己的、相对稳定的投资逻辑。摇摆不定、似是而非，往往是投资失败的重要根源。 当然，核心投资理念的形成并非一日之功。25岁进入股市的他，也是直到30多岁才开始接触到影响其一 ...

Core Insights - The article emphasizes the unique perspective of Zheng Ning, a fund manager at Zhongyin Fund, on value investing in the innovative pharmaceutical sector, highlighting his focus on constructing a high-risk-reward investment portfolio based on implied return rates under neutral free cash flow assumptions [1][2]. Investment Philosophy - Zheng believes that the essence of stock investment lies in the discounting of future free cash flows, advocating for a long-term view when assessing assets [2]. - He has shifted from seeking certainty in investments to pricing uncertainty, focusing on the implied cash flow probability distribution [2]. - The core of his pricing strategy is based on implied return rates under neutral free cash flow assumptions, where assets with low implied return rates may not warrant allocation, while those with favorable pricing could present high-odds opportunities [2]. Investment Strategy - Zheng employs a systematic approach to portfolio construction, which includes assessing stock positions based on fundamental, valuation, liquidity, and policy factors [3]. - He adjusts stock positions based on market conditions, reducing exposure in strong markets and increasing it in weak markets [3]. - The strategy also involves sector allocation and stock selection, prioritizing industries with improving fundamentals and favorable valuations [3]. Market Outlook - Zheng is optimistic about the ongoing opportunities in the innovative pharmaceutical sector, attributing the recent uptrend to fundamental drivers such as overseas business development, profit realization, and research advancements [4]. - He notes that even after recent price increases, some leading Hong Kong-listed innovative pharmaceutical companies remain undervalued with attractive implied return rates [4]. - The article suggests that the best time to invest in Chinese innovative pharmaceuticals may be in the coming years, particularly in traditional pharmaceutical companies transitioning to innovative drug development [5]. Performance and Future Considerations - Since taking over public fund products, Zheng has experienced both successes and setbacks, with a notable focus on innovative pharmaceutical stocks [3][5]. - The article indicates that the next challenge for Zheng's portfolio will be to time the exit from innovative pharmaceutical stocks effectively, similar to his previous successful entry strategy [5]. - Zheng estimates that fundamental-driven market trends in this sector may last for two to three years, with significant growth potential remaining for leading innovative pharmaceutical companies [5].

Core Viewpoint - The Chinese market is attracting more funds due to its valuation advantages and structural opportunities amid global uncertainties [1] Market Sentiment and Valuation - A-shares are showing signs of recovery, with low correlation to other global markets, providing good defensive characteristics [2] - Current market sentiment is improving, but overall valuation levels remain attractive, indicating a key window for value investors to acquire quality assets [2] Economic Transition and Interest Rates - The Chinese economy is transitioning from high-speed growth to high-quality development, necessitating a reduction in debt-driven growth [3] - A long-term downward trend in interest rates is anticipated, which may further enhance equity asset valuations [3] Asset Allocation Strategy - The investment strategy focuses on long-duration assets, particularly dividend-paying stocks and high-quality companies with sustainable return on equity (ROE) growth [4] Sector Focus - Three main investment themes are highlighted: 1. Dividend stocks, seen as "deposit substitutes" in a low-interest environment, supported by new regulations encouraging dividends and buybacks [5] 2. New productive forces, emphasizing companies with high intangible assets and technological innovation, particularly in the private sector [5] 3. New consumption trends, where consumer preferences are shifting towards experiences and emotional value, creating investment opportunities in emerging consumer products [5] Private Sector Recovery - The recovery momentum of the private economy is a critical observation point, with improved policy environments since 2023 positively impacting market sentiment [6] - Increased capital expenditure and recovering return on equity among leading private enterprises indicate preparation for a new growth cycle [7]

Group 1 - The performance of A-shares has been notable since July, with the Shanghai Composite Index rising from around 3444 points to nearly 3600 points [1] - Some investors, particularly short-term traders, have underperformed despite the overall market gains due to frequent trading and chasing price fluctuations [1][2] - The phenomenon of short-term traders lagging behind reflects a fundamental difference in investment philosophies, highlighting the importance of long-term value investing [2][3] Group 2 - Value investors focus on long-term holdings and fundamental analysis, which historically yields more stable and substantial returns compared to short-term trading [2] - To benefit from the slow bull market in A-shares, investors are encouraged to shift their mindset from seeking short-term profits to embracing long-term and value investing strategies [2][3] - The increasing maturity of the A-share market and the rising proportion of institutional investors necessitate a strategic adjustment for individual investors to achieve satisfactory returns [3]

Core Viewpoint - The article emphasizes the importance of transitioning from speculative trading to long-term and value investing, particularly in undervalued blue-chip stocks like bank shares, which are seen as stable and essential for economic recovery [2][3][4]. Group 1: Market Dynamics - The current market is at a crossroads, with a significant focus on low-valued blue-chip stocks, especially bank shares, which are expected to lead a slow bull market [2]. - Despite the recent hype around speculative stocks, the article suggests that this is an opportune moment for investors to shift their focus to undervalued bank stocks as a safer investment strategy [2][3]. Group 2: Investment Strategy - Speculative trading is characterized as a zero-sum game that ultimately harms the health of the capital market, leading to short-term volatility without sustainable economic support [3]. - In contrast, bank stocks are portrayed as the backbone of the capital market, providing stable dividends and significant investment value, especially during economic recovery phases [3][4]. Group 3: Long-term Perspective - Long-term and value investing is framed as a wise investment strategy that focuses on the intrinsic value and long-term growth of companies, rather than short-term speculation [4]. - The article calls for a collective shift away from the illusions of speculative trading towards a more grounded approach in investing, particularly in undervalued blue-chip stocks [4].

↑点击上面图片 加雪球核心交流群 ↑ 巴菲特就是以"创业家"的角色起步的。创业家的标准定义是，那些为了获取利润而创建自由企业 的人。作为一位典型的创业家，巴菲特以创业一家投资合伙企业起步，并通过发挥他的企业管理 才能，将其事业发展成为全球最受尊敬的公司之一。他的投资生涯以及他对伯克希尔-哈撒韦的领 导，充分展现了他的创业精神。所以，他身兼企业家与投资家的双角色。 巴菲特很早就树立了"为自己工作"的理想。他从6岁起，就通过各种各样的生意为自己赚钱。到25 岁时，他创立了巴菲特合伙公司，并很快成为百万富翁（以今天的美元购买力计算）了。他的个 人和社会背景，使得他能成为有史以来最成功的企业家之一的重要基石。正如芬克尔所指出的， 巴菲特的性格和价值观无疑是由巴菲特家族的创业传统塑造，包括他的外祖父经营的印刷厂和他 的祖父欧内斯特·巴菲特创办的杂货店。巴菲特拥有所有企业家共有的许多特质。 企业家有实现目标的超强动力，他们愿意坦承自己的错误，而不是指责别人。他们是敢于冒险的 人，对不确定性的容忍度较高，但对一项事业成功的可能性有着比较敏锐的实用主义意识。换句 话说，他们并不鲁莽。大多数企业家都很独立，拥有坚如磐石的自信和 ...

Core Viewpoint - Insurance funds are showing a strong enthusiasm for allocation in the capital market, with significant increases in stock holdings and a rise in equity asset allocation ratios [1][5]. Group 1: Insurance Fund Holdings - As of the end of Q1 2025, the stock market value held by the life insurance industry reached 2.65 trillion yuan, an increase of 377.5 billion yuan from the end of 2024, representing a growth rate of 16.65% [1]. - The stock allocation ratio for insurance funds is now 8.43%, up by 0.86 percentage points from the end of 2024 [1]. - In 2025, insurance funds have made 21 stake acquisitions, surpassing the total for 2024 and marking a four-year high [1][2]. Group 2: Investment Trends - Major insurance companies have indicated plans to moderately increase their equity asset allocation in 2025, highlighting the growing importance of equity investments in a prolonged low-interest-rate environment [1][5]. - The focus of insurance funds is shifting from short-term speculation to long-term investments, acting as a stabilizing force in the capital market [5]. Group 3: Sector Focus - The banking sector has been the most frequently targeted for stake acquisitions, followed by public utilities, energy, and technology sectors [4]. - Insurance funds are increasingly interested in high-dividend and technology sectors, with a strategy that combines defensive and growth-oriented investments [8][9]. Group 4: Policy Impact - Recent policies have opened up more space for insurance funds to enter the market, including a new long-cycle assessment mechanism for state-owned commercial insurance companies [7][8]. - The adjustment in performance evaluation criteria for insurance companies aims to promote long-term stable operations and sustainable development [8]. Group 5: Research and Engagement - Over 190 insurance institutions have conducted more than 9,800 research engagements with over 1,400 A-share listed companies, indicating a significant increase in research activity compared to previous years [9][10]. - The focus of these research activities includes high-dividend sectors like banking and emerging technology sectors such as artificial intelligence and semiconductors [9][10].