Core Viewpoint - The article discusses the challenges faced by ordinary investors in the stock market and introduces the concept of "survival rules" for investing, emphasizing the importance of building a solid investment framework and avoiding common pitfalls [1]. Group 1: Author Background - The author, Zhang Juying, is an independent investor and a well-known figure in the investment community, recognized for his influence on platforms like Xueqiu and Sina Weibo [5]. - He has published several books aimed at amateur investors, including "10 Rules for Amateur Investors" and "Slowly Becoming Rich," which reflect his 20 years of practical experience in the A-share market [5]. Group 2: Investment Philosophy - The author advocates for a structured investment approach, focusing on three key mindsets: cash mindset, stock price mindset, and equity mindset, which encourages viewing stock purchases as investments in companies [5]. - The selection of investment sectors is deemed a strategic decision, while choosing individual stocks is considered tactical, with recommended sectors including liquor, home appliances, beauty, health, and pharmaceuticals [5]. Group 3: Stock Selection Criteria - The author outlines five essential criteria for stock selection: longevity, stability, profitability, growth potential, and ethical management [5]. - It is emphasized that high-quality investment targets are rare, and once identified, they should be held for the long term [5]. Group 4: Investment Strategy - A combination of "certainty + flexibility" is suggested to navigate market volatility, advocating for a diversified investment portfolio while concentrating on high-quality stocks [6]. - The book serves as a guide for novice investors to avoid market traps and build a robust investment understanding, while also providing seasoned investors with a roadmap for value investing in the A-share market [6].

感谢您的参与，祝您健康愉快！ 长按下方二维码填写问卷 根据问卷填写质量，会得到金额不等的微信红包，弹出二维码后领取即可。 为促进长期投资、价值投资、理性投资，诚邀您参加由中证金融研究院和西南财经大学中国 家庭金融调查与研究中心联合开展的 "投资者行为与储蓄投资转化研究" 问卷调查。本问卷为 匿名填报，填写约需 10分钟。我们承诺，问卷数据仅用于科学研究及政策优化，不会泄露您 的个人信息。 填完问卷您将获得一份您个人投资行为的简要测评，作为您观察自身投资习惯 的参考。 长按下方二维码或点击底部阅读原文即可填写问卷。 免责声明 分享、点赞、在看 顺手三连越来越有钱 以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性和完整性做任何保证。 收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构成投资建议。转引的相关 戳阅读原文，立即填写问卷！ ...

市场的这种行为可以类比为"打一巴掌揉三揉"，大部分时间市场会按照一定的规律运行，但在某些关键 节点上，市场会反复波动，甚至可能出现剧烈调整。这种震荡期是市场的常态，也是投资者需要面对的 挑战。 从投资角度来看，价值投资是长期赚钱的关键，但实际操作中，投资者需要关注利益。市场总是按照世 界的底层规律运行，既有有序的阶段，也有无序的阶段。目前市场正处于从有序向无序转换的过程中， 未来可能会出现剧烈波动，但也可能重新回归有序状态。 （原标题：和讯投顾史月波：今日大盘背后的逻辑，你知道吗？） 从周线来看，3340附近是一个关键支撑位。如果用1到2周的时间把这个位置磨掉，那么市场可能会进入 一个新的阶段。这种走势可能会形成缺口，比如在3324、3318、3292附近再开一个缺口。这种缺口的出 现可能会让市场看起来很吓人，但实际上，真正的多方大本营在3250上方，这是本轮行情的强支撑位。 在这种情况下，耐心等待机会非常重要，不要急于行动。市场有可能会反抽一根阳线，但这只是短期波 动。如果市场能够突破并带动指数上涨，那么市场热度可能会再次上升。但这种上涨往往是短暂的，追 高可能会面临风险。 今天市场的走势非常有意思。回顾昨 ...

北京大学经济学博士、法学硕士、中国科技大学/香港科技大学经济学学 士，拥有长期经济学相关学术研究和政策研究背景，具备丰富的一级市场 VC/PE项目经验以及实业经营经验。 7 月 4 日 -5 日，【 格隆汇中期策略峰会 2025 】将在深圳拉开帷幕。 在两天的会期里将分别举办 2025 年格隆汇中期策略会、全球机构投资者思享会、"格隆汇金格 奖" ESG 卓越榜单发布、数十家上市公司路演汇等活动。 其中，全球机构投资者思享会作为峰会的重要组成部分，将邀请市场表现优异的顶级二级市场投 资人，分享其独到的投资策略和理念，同时分享其对下半年投资方向和路径的看法，为投资者锚 定航向。 本次全球机构投资者思享会我们非常荣幸的邀请到了泽元投资执行董事、 基金经理 —— 任文 启先生 莅临现场！ 嘉宾介绍 任文启 泽元投资执行董事、基金经理 在泽元投资担任基金经理，并负责二级市场投资研究工作；任文启先生所 管理的泽元通宝系列产品在过去的五年里均实现正收益并获得平均年化 30%以上的复合回报。 在2025态势不断变动的环境下，对2025年下半年的投资策略和方向，泽元投资任文启先生会 给投资者带来怎样的惊喜呢？让我们一起期待吧 ...

7 月 4 日 -5 日，【 格隆汇中期策略峰会 2025 】将在深圳拉开帷幕。 在两天的会期里将分别举办 2025 年格隆汇中期策略会、全球机构投资者思享会、"格隆汇金格 奖" ESG 卓越榜单发布、数十家上市公司路演汇等活动。 任文启 普通席位 388/ 人（早鸟价，原价 688/ 人） 名额 200 人 ，先到先得！ 请联系专属客服购买票！ 其中，全球机构投资者思享会作为峰会的重要组成部分，将邀请市场表现优异的顶级二级市场投 资人，分享其独到的投资策略和理念，同时分享其对下半年投资方向和路径的看法，为投资者锚 定航向。 本次全球机构投资者思享会我们非常荣幸的邀请到了泽元投资执行董事、 基金经理 —— 任文 启先生 莅临现场！ 嘉宾介绍 泽元投资执行董事、基金经理 北京大学经济学博士、法学硕士、中国科技大学/香港科技大学经济学学 士，拥有长期经济学相关学术研究和政策研究背景，具备丰富的一级市场 VC/PE项目经验以及实业经营经验。 在泽元投资担任基金经理，并负责二级市场投资研究工作；任文启先生所 管理的泽元通宝系列产品在过去的五年里均实现正收益并获得平均年化 30%以上的复合回报。 在2025态势不断变动 ...

Group 1 - David Einhorn is a prominent figure in the financial world, known for his remarkable courage and success as a hedge fund manager and a "dragon slayer" who challenges corporate giants [3][4][20] - Einhorn founded Greenlight Capital in 1996 with a modest initial investment of $900,000, achieving an impressive annualized return of over 25% over the next decade [6][8][23] - His investment strategy combines value investing with short selling, allowing him to thrive in both bull and bear markets [9][11] Group 2 - Despite a strong long-term annualized return, many investors who entered at the wrong time faced significant losses, highlighting the paradox that high returns do not equate to high profits [24][26][50] - Greenlight Capital's assets under management peaked at approximately $12 billion in 2014, just before entering a challenging period for the firm [29][31] Group 3 - Einhorn's downfall over the past decade is attributed to a combination of macroeconomic changes, ineffective strategy, and poor risk management [52][90] - He identified three emerging forces in the market that undermined traditional value investing: passive index funds, quantitative trading, and retail speculation [56][58][59] Group 4 - In 2015, Greenlight Capital experienced a significant decline, with a 20.2% drop in net value, primarily due to poor performance in major holdings [63][66] - The firm faced substantial losses from concentrated positions in companies like SunEdison, Consol Energy, and Micron Technology, which saw stock price declines of 74%, 77%, and 59% respectively [66][67] Group 5 - Einhorn's long battle with Tesla, which he viewed as overvalued, resulted in significant losses for Greenlight Capital, particularly in 2018 when the firm lost 34% [71][76] - The market's shift towards narrative-driven investments left Einhorn's traditional valuation methods ineffective, leading to a prolonged struggle for the firm [86][88] Group 6 - The evolution of market dynamics post-2008, characterized by low interest rates and the rise of growth stocks, further complicated Einhorn's investment approach [88][90] - Einhorn's story serves as a cautionary tale about the challenges of investing, emphasizing the need for risk management and adaptability in changing market conditions [90][92]

Core Viewpoint - The combination of dividend ETFs, specifically the China Securities Dividend ETF (515080) and the China Securities Dividend Quality ETF (159209), is presented as an optimal choice for investors seeking lower volatility, stable cash flow, and long-term growth potential [1][11]. Group 1: China Securities Dividend ETF (515080) - The China Securities Dividend ETF (515080) focuses on high dividend, stable dividend-paying stocks, functioning similarly to "rental assets" [1]. - The ETF has maintained a dividend yield of 5%-7% over the past three years, significantly higher than the 10-year government bond yield [1]. - Since its inception, the ETF has distributed dividends 13 times, with an annual dividend rate ranging from 4.14% to 4.78% from 2019 to 2023, never falling below 4% [4]. - In the last five trading days, the ETF experienced net inflows on four occasions, totaling nearly 150 million, indicating market recognition of its role as a stabilizing asset during volatile periods [6]. Group 2: China Securities Dividend Quality ETF (159209) - The China Securities Dividend Quality ETF (159209) employs a dual screening mechanism of "dividend + quality," selecting 50 companies based on dividend payments and quality indicators like ROE and earnings stability [7]. - This ETF avoids financial and cyclical stocks, providing both defensive characteristics and long-term growth potential, aligning with value investment principles similar to those of Warren Buffett [7]. - The ETF has outperformed the China Securities Dividend ETF in total returns over the past decade, demonstrating strong long-term growth [7]. - The management fee for this ETF is only 0.2% per year, the lowest in its category, which can lead to significant savings over time [9]. Group 3: Investment Strategy - The combination of classic dividends and dividend quality can provide protection during economic downturns and drive returns during economic recoveries [11]. - In a volatile or declining market, increasing the allocation to the China Securities Dividend ETF (515080) can help mitigate fluctuations, while in a rising market, boosting the position in the China Securities Dividend Quality ETF (159209) can capture profit recovery [11].

Group 1 - The E Fund National Value 100 ETF (code: 159263) is the first ETF tracking the National Value 100 Index, focusing on undervalued assets and providing a new value investment tool for investors [1][2] - The National Value 100 Index selects stocks based on three dimensions: low price-to-earnings ratio, high dividend yield, and high free cash flow ratio, ensuring the selection of financially healthy companies [1] - As of May 27, the average price-to-earnings ratio of the index constituents is 7.4 times, lower than the CSI All Share Index and the CSI 300 Index [1] Group 2 - The index has a dividend yield of approximately 6%, similar to the CSI Dividend Index, indicating a focus on high-dividend companies across various sectors such as manufacturing, energy, and commercial banking [1] - The index excludes companies with low or unstable return on equity (ROE) to avoid "value traps," ensuring the selection of companies with both low valuations and sustainable profitability [2] - The National Value 100 Index has shown impressive historical performance, with an annualized return of 17.2% and an annualized volatility of 21.5% from its base date of December 31, 2012, to May 27, 2025 [2]

在年报分红落袋之际，一批企业发布2025年中期分红规划。相当比例是在此前基础上，适当增加中期现金分 红。同时，不少企业通过投资者交流、利润分配公告等提到，将保持稳定的现金分红政策，进一步充分展现公 司的成长性价值、回报性价值和确定性价值。A股"一年多次分红"的常态化图景加速展开。 近期，2024年年度分红派息步入实施高峰季。从去年年报来看，上市公司现金分红踊跃，多家公司合计派发 现金分红总额占2024年归母净利润的半数及以上，近期这些分红计划密集实施。截至目前，合计派现金额已 接近8000亿元，真金白银流向投资者账户。 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调查 丨 时报会客厅 丨 十大明星私募访谈 丨 上交所，最新发布！ 丨 两大央行，同日降息！ 丨 A股突变！超4600股飘绿！石油股逆市大涨 丨 稀土出口，大消息！ 丨 突然爆发！盘中涨超170%！ 丨 美联储重大宣布！ 丨 李强在江苏调研 丨 哈 梅内伊：伊朗不投降，不接受强加的战或和 丨 中央金融委，印发重要意见 丨 事关科创成长层，上 交所最新发布！ 丨 刚刚！证监会最新发声！ 版权声明 证券时报各平台所有原创内 ...

Core Insights - The article discusses the author's extensive experience in value investing and highlights the importance of analyzing and valuing listed companies in the ASEAN and US regions [1]. Group 1 - The author has two decades of investing experience and has served as a Board member of a Malaysia listed company for several decades [1]. - The blog focuses on value investing through case studies, providing insights into the investment landscape [1]. - The author has published a value investing book titled "Do you really want to master value investing?" available on Amazon [1]. Group 2 - The article emphasizes that past performance is not indicative of future results, highlighting the inherent uncertainties in investment [2]. - It clarifies that no specific investment recommendations are provided, and opinions expressed may not reflect the views of the platform as a whole [2]. - The authors of the analyses include both professional and individual investors, some of whom may not be licensed or certified [2].