Core Viewpoint - The A-share market is experiencing a strong upward trend, with the Shanghai Composite Index breaking through 3400 points, reaching a new high for the year, and total trading volume exceeding 1.6 trillion yuan [1] Group 1: Market Performance - Major indices in the A-share market are showing significant gains, with a "three consecutive days of gains" trend [1] - The financial and technology growth sectors are performing particularly well, indicating increased market confidence [1] Group 2: Policy Impact - A joint initiative by the central bank and six departments has introduced "19 measures" to enhance financial support for consumption, serving as a key driver for the current market rally [1] - The results of deep reforms in the capital market are becoming evident, with ongoing policy efforts aimed at optimizing the market ecosystem [1] Group 3: Investment Opportunities - Current A-share valuations remain attractive, with the emergence of new technology forces presenting long-term investment opportunities [1] - Foreign capital inflows have reached a record high for the same period, with international institutions showing a positive outlook on Chinese assets [1] Group 4: Cautionary Notes - There is a need to remain vigilant regarding the complexities of the international environment that may cause short-term disruptions [1] - The emphasis is on value investing to share in the long-term benefits of the Chinese economy [1]

Group 1 - The core viewpoint is that investing in stocks during the delisting preparation period carries significant risks, as these companies are often in severe distress and face challenges in returning to the market [1][2][3] - Companies that reach the delisting stage typically experience a continuous decline in their main business, substantial drops in profitability, or long-term losses, which indicates deep-rooted issues that are not easily resolved [1][2] - The A-share market has strict standards and complex processes for companies seeking to relist, making it nearly impossible for most delisted companies to meet the necessary conditions [1] Group 2 - Investors often irrationally believe that stock prices during the delisting period have hit rock bottom and will rebound, overlooking the fact that the actual value of these stocks has significantly diminished, potentially nearing zero [2][3] - The trading time for stocks in the delisting preparation period is limited, making it difficult for investors to find suitable selling opportunities once they are trapped, leading to further asset depreciation [2] - The fluctuation of stock prices is influenced by various factors, including the company's fundamentals and market supply-demand dynamics, and any price rebound without fundamental improvement is likely to be temporary and unsustainable [2][3] Group 3 - Rational value investing is emphasized as the correct approach for investors to avoid risks and achieve wealth growth, focusing on companies with strong fundamentals, stable profitability, and broad development prospects [3] - Regulatory bodies are encouraged to enhance oversight of trading in delisting preparation stocks, combat insider trading and market manipulation, and promote fair market practices [3] - Investors are advised to maintain a rational and cautious investment strategy, avoiding high-risk speculation and being misled by short-term market fluctuations [3]

Core Viewpoints - The article emphasizes three universal principles from "Security Analysis" that transcend time: equity thinking, contrarian thinking, and risk thinking [1][19][20] Group 1: Equity Thinking - Investment is a game based on value, requiring a perspective from the owner's viewpoint, which is termed equity thinking [9][10] - Equity thinking serves as the foundation for long-termism, as only owners are willing to grow with the company [12][19] Group 2: Contrarian Thinking - The article discusses the human tendency of herd behavior, particularly in the stock market, which distorts investment actions [13][14] - Recognizing the cyclical nature of market emotions allows rational investors to question popular consensus and act contrary to the crowd [14][19] Group 3: Risk Thinking - The financial world is filled with "black swan" events that can have devastating impacts, highlighting the asymmetrical nature of financial risks [15][18] - Investment strategies must possess "traversability," meaning they should avoid irreversible actions that could lead to total loss [16][19]

Group 1: Global Market Impact - Recent Middle East conflict has significantly impacted global capital markets, with a notable rebound in US, A-shares, and Hong Kong stocks following Trump's announcement of a ceasefire between Israel and Iran [1] - The US dollar index has seen a rapid decline, while international crude oil prices dropped over 6% due to reduced geopolitical tensions [1][2] - The potential for ongoing volatility remains as Trump expressed dissatisfaction with the ceasefire's implementation, indicating that investors should prepare for market fluctuations [1] Group 2: Asset Valuation and Risks - US stocks are currently at historically high valuations, raising concerns about potential risks associated with overvaluation, especially after recent rebounds [2] - The bond market has experienced significant fluctuations, with US Treasury yields showing a recent rebound after a notable decline [2] - The conflict in the Middle East has led to volatility in oil prices, with Iran threatening to block the Strait of Hormuz, a critical route for 20% of global oil transport [2] Group 3: Currency Trends - Following the weakening of the US dollar, non-US currencies, including the Chinese yuan, have appreciated, aligning with predictions made in December regarding market trends [3] - The anticipated rise in A-shares and Hong Kong stocks is expected to enhance investor confidence and profitability in the near term [3] Group 4: Gold Market Dynamics - The significant rise in gold prices is attributed to central bank purchases and increased demand for safe-haven assets, with China's gold reserves reaching approximately 2,296 tons [4] - China's central bank's strategy to increase gold holdings aims to enhance the yuan's value and mitigate risks associated with geopolitical tensions and the weakening dollar [4] - Long-term trends indicate that gold prices are likely to continue rising, driven by increased demand and the historical performance of gold as a hedge against inflation [4] Group 5: Industrial Price Trends - The Producer Price Index (PPI) has shown a continuous decline, with a year-on-year drop of 3.3% in May, reflecting weak industrial demand and falling commodity prices [5] - The Consumer Price Index (CPI) has also remained negative for three consecutive months, indicating a need for policy measures to stimulate demand and stabilize prices [5] Group 6: Robotics Industry Outlook - The humanoid robot sector is gaining attention, with advancements in technology and production expected to increase significantly by 2026 [6] - The demand for robots is anticipated to rise, particularly in industrial applications, with a potential shift towards consumer markets in the long term [6] - Investors are encouraged to focus on leading companies in the humanoid robotics sector and related investment funds to capitalize on emerging opportunities [6]

Core Viewpoint - Value investing is suitable for China, as it combines investment methodology with philosophy and principles, helping investors connect theory with practice [1][8]. Group 1: Investment Philosophy - Graham's main investment ideas include safety margin, Mr. Market, and investing with a business perspective [1][7]. - Safety margin arises from two aspects: fundamental undervaluation and solid fundamentals [7]. - Mr. Market is described as an extreme character, fluctuating between optimism and pessimism, which is often observed in the A-share market [7]. Group 2: Financial Analysis - The book "Security Analysis" uses accounting language and focuses on financial statements, providing a method for fundamental analysis [2]. - Analyzing a company's financial statements over time can help assess its intrinsic capabilities and value [2][3]. - The essence of a company is reflected in its financial data, which can fluctuate, but the core remains more stable [3]. Group 3: Investment Elements - The three basic elements of investment are valuation, quality, and timing [4]. - Valuation analysis in "Security Analysis" offers various accounting and quantitative perspectives to evaluate a company's fundamentals [4]. - Understanding a company's quality requires deep industry knowledge and experience to uncover deeper capabilities beyond financial statements [4]. Group 4: Market Dynamics - The stock price reflects a two-layer mapping: the first layer is the price reflecting fundamental data, and the second layer is fundamental data reflecting intrinsic value [7]. - The volatility of stock prices provides opportunities for investors when intrinsic value is significantly underestimated [7]. Group 5: Practical Application - Value investing in China has shown high long-term returns for many successful investors, but it requires strong discipline and independent judgment [8]. - Mastering the knowledge and techniques in "Security Analysis" can help investors develop discipline and independent judgment [8].

【第一财经×星展银行会员金选限免权益】 从伯克希尔低调接班人阿贝尔的管理逻辑，到巴菲特 70 年致股东信中穿越牛熊的底层法 则；从破解 "认知边界" 的财富困局，到全球政策与技术革命下的投资新范式——4大内容 深度拆解价值投资核心逻辑，每一节都嵌入实战案例与趋势洞察。 ✨ 权益亮点： 独家联合：第一财经携手星展银行，专为会员用户申请【价值投资系统课】限时免费资 格。 ✨内容亮点： 穿越周期的能力升级：从财报解读到宏观政策分析，构建 "理论 - 工具 - 实战" 三维体系， 助你摆脱跟风投资，真正掌握 "用逻辑选股、以规则止盈" 的硬技能，在震荡市中也能锁定 长期增长机会。 立即领取，即可锁定你的专属学习席位！ 巴菲特直播课 课程采用高清视频形式呈现，每课精心制作1-1.5小时深度内容，共四节。 全球政策博弈与技术革命下的投资新逻辑。 本 次 限 免 权 益 数 量 有 限 立 即 领 取 ↓↓↓ 揭秘低调接班人阿贝尔：巴菲特为什么说他"永远不会做蠢事"? 回顾70年致股东信，找到巴菲特穿越7次牛熊的投资密码。 巴菲特说永远赚不到认知以外的钱，普通投资者如何对抗认知焦虑? 无论你是刚入门的投资小白，还是想突破收 ...

一、证监会传来两条消息，证监会准备把科创板的"试验田"作用发挥得更好，加快打造一个更有利于全面创新的资本市场生态。他们会认真落实创新驱动发 展战略，深化发行、并购重组等改革，让制度和产品更适配，为科技创新和产业升级提供有力支持。 所以，我们还得谨慎乐观，毕竟不确定因素太多了，后续走势还得看成交量能不能持续。目前热点题材里，数字货币、固态电池、无人驾驶、机器人、国产 替代这些领域都有资金流入。 三、A股就是这样，当大家失望时给你一个出其不意！ 昨天迎来万亿后的技术反弹，今天3400直接放量突破5月新高，市场放量2920亿，4771家翻红，挺好！就按这样的节奏收官6月吧！ 市场全天震荡走高，突破5月前高，个股跌多涨少，两市成交1.41万亿，市场目前迎难而上了，昨天文章里面提到的两个条件，突破3400和成交量突破1.3万 亿均已符合要求，接下来的几天只要成交量稳在1.35万亿附近，6月份的收官就不会难看的。 港股和上证指数大幅上涨，这挺合理的。上证指数涨这么多，其实和外围局势关系不大。冲突开始时没大跌，结束时也不会大涨。真正让全球股市集体大涨 的原因，是美联储突然说七月要降息。美联储突然提降息，主要是为了缓解美股的 ...

◎记者 祁豆豆 6月24日，上海证券报记者从上海资产管理协会了解到，由上海市委金融办与上交所共同指导，上海资 产管理协会（下称"协会"）主办的"2025资产管理行业践行'三投资'理念优秀实践案例展示活动"正在火 热进行中。 "三投资"理念优秀实践展示活动火热进行中 助力资产管理行业高质量发展 上海资产管理协会自成立以来，一直致力于积极培育中国特色金融文化，推动资管与文化融合发展，持 续提升资产管理业价值观和行为规范等"软实力"。 过去一年，以首届"资产管理行业践行'三投资'理念优秀实践展示活动"为基础，协会先后参与组织举办 了"资产管理业高质量发展暨促进资本市场高质量发展座谈会——倡议理性投资、价值投资、长期投 资"、践行"三投资"理念征文，以及秒懂金融·资管行业践行"三投资"理念优秀实践系列访谈节目等一系 列活动，积极助力资产管理行业高质量发展，服务资本市场稳健运行。 群策群力推动"三投资"理念落实落地 今年5月，中国证监会印发《推动公募基金高质量发展行动方案》，要求基金公司全面建立以基金投资 收益为核心的考核体系，适当降低规模排名、收入利润等经营性指标的考核权重。汇添富基金副总经理 袁建军表示，通过践行" ...

Group 1 - The core viewpoint of the article emphasizes the historical high market value of bank stocks in A-shares and highlights the successful investment philosophy of Dong Baozhen, who has supported bank stocks for eight years and benefited significantly in the context of "China's special valuation" [2] - Dong Baozhen considers Warren Buffett as a mentor and aligns himself with the value investing principles of Benjamin Graham, focusing on understanding investment targets and prioritizing moral integrity over profit [3][4][5] - The article discusses Dong's personal journey from hardship to establishing a unique investment philosophy, emphasizing the importance of character and the ability to recognize undervalued assets [6][10][17] Group 2 - Dong Baozhen's investment strategy involves a deep understanding of bank stocks, where he applies his insights gained from discussions with investment legends like Charlie Munger [8][29] - The article highlights the significance of maintaining a strong moral compass in investment decisions, where true value investors prioritize ethical considerations over immediate financial gains [17][23][25] - Dong's approach to fundraising is unique, as he prefers direct relationships with clients rather than relying on third-party sales, fostering a community of like-minded investors [71][75][76] Group 3 - The article critiques the common belief that long-term holding is synonymous with value investing, arguing that the key to success lies in identifying undervalued assets rather than merely holding onto stocks [109][114] - Dong Baozhen emphasizes that the ability to assess a company's current value is more critical than predicting its future performance, which is often uncertain [123][125] - The discussion also touches on the challenges faced by fund managers in maintaining integrity and the importance of aligning with clients who share similar investment philosophies [45][50][61]

Core Viewpoint - The article emphasizes the importance of a structured decision-making process when considering investments in popular stocks, highlighting three critical filters to apply before making investment decisions [2][3][8]. Group 1: Decision-Making Filters - The first filter is to confirm the consistency of decision-making logic, ensuring that the rationale for buying or selling a stock remains unchanged throughout the investment process [3][4]. - The second filter advises maintaining a cautious attitude towards the notion of "this time is different," especially in the context of popular stocks, as high valuations are likely during periods of market enthusiasm [6][7]. - The third filter focuses on confirming personal preparedness for investment, including emotional readiness and understanding the risk associated with high volatility in popular stocks [8]. Group 2: Market Context - The article notes that there are many strong stocks emerging in the market this year, particularly in sectors like robotics and new consumption [2]. - It highlights the common dilemma investors face regarding whether to invest in trending stocks, suggesting that this decision is subjective and varies from person to person [2]. Group 3: Emotional and Financial Preparedness - Investors are encouraged to assess their emotional and financial readiness before pursuing high-risk investments, as volatility can lead to irrational decision-making [8]. - The article underscores that the fear of missing out (FOMO) is a common emotional challenge in investing, but emphasizes that missing an opportunity does not equate to a financial loss [8].