嘲笑技术分析的人和嘲笑价值投资的人一样狭隘，没有什么区别，都是思维僵化、认知封闭的毛病。而 同在技术分析范畴的裸K分析派和指标分析派之间又相互瞧不起，文人相轻何其怪哉，殊不知量化的收 割机已经在你头顶隆隆作响。 流行俗语往往蕴含尖刻洞见，比如有云：指标是股价走出来的结果，股价是因指标是果，不是指标推动 了股价，而是股价带着指标走。这话有没有道理？当然有道理，而且十分正确。这就有了裸K派。 工具是什么，工具是连接主客观的纽带，是人类认知世界和改造世界的纽带，人类正是因为懂得使用工 具才进化成为人类。这好像是高中时候哲学课的知识。 你用裸K分析和用其它指标分析，就好比中医用手搭脉，西医用心电图的差别。但有一点相同：多少得 用点工具或者手段。指标的作用是测量，通过测量认知现状，通过认知现状触发主观能动性，再与客体 互动，仅此而已。 又有一句俗语说：市场永远是对的。这句话有没有道理，当然有道理，深不深刻，当然深刻。但是，再 往里想想，市场是一个绝对的客观真理吗？显然，这也不能，为什么，因为市场也无非是众多主观的总 和。 所以，主客本是一体，万物皆有心，工具是纽带。 接着坐在金字塔尖的神秘资金笑了，说：什么昨日流进今日 ...

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。 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。 免责声明 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！ 分享、点赞、在看 顺手三连越来越有钱 感谢您的参与，祝您健康愉快！ ...

Group 1 - The China Securities Regulatory Commission (CSRC) has decided to take strict measures against illegal share reductions, particularly those that disrupt market order [1] - Some companies, especially those listed in recent years, are experiencing significant share price declines, leading to shareholder reductions despite low prices [1] - The CSRC's stance indicates a focus on maintaining market stability and addressing behaviors that could lead to further market disruptions [1] Group 2 - The liquor index saw a significant rebound of 2.2%, with companies like Shanxi Fenjiu and Gujing Gongjiu rising by 4% [3] - This rebound is attributed to recent positive signals for the liquor industry, suggesting that the most challenging period may be over [3] - However, there is a cautionary note regarding the long-term prospects of the liquor market, particularly among younger consumers [3] Group 3 - The stock market has fluctuated around the 3400-point mark multiple times in the past six months, indicating a lack of sustained momentum [5] - Current market conditions reflect low trading volumes, with a significant drop from previous highs, suggesting a potential end to the adjustment phase [5] - The market sentiment is cautious, with many investors waiting for further declines, which could indicate a bottoming out process [5] Group 4 - Major indices experienced collective adjustments, with the Shanghai Composite Index down by 0.07% [7] - There is a noticeable divergence in market performance, with defensive sectors like banking performing well while growth sectors like technology face downward pressure [7] - Trading volume remains low, and further reductions could signal a more definitive market bottom [7]

Core Viewpoint - Value investing is often misunderstood, yet it remains effective in the A-share market, with a focus on unique identification of investment targets [1] Group 1: Value Investing Principles - The four essential components of traditional value investing are dividend yield, free cash flow, economic moat, and margin of safety [1] - Misinterpretation of value investing often leads to incorrect applications, such as equating long-term holding with value investing [1] Group 2: Timing Challenges in Value Investing - The RSR indicator can provide valuable timing references for value investing, particularly in identifying early-stage investment opportunities [4][7] - Bank stocks have shown significant performance, with the RSR value turning positive since the new leadership, indicating a broad market rally in this sector [1] Group 3: Case Studies of Value Stocks - Agricultural Bank of China serves as an example of a high-dividend stock that aligns with traditional value investing principles [2] - China Shenhua, a coal monopoly, is highlighted for its strong market position and value investment characteristics [4] - Huaneng Water Power and Yangtze Power are noted as key players in the electric power industry, fitting the value investment model [5] - Gree Electric Appliances is identified as a nearly perfect value investment target, with the RSR indicator clearly signaling optimal profit segments [6] - Yutong Bus is recognized as a high-dividend stock, though it exhibits stronger cyclicality, impacting its value investment appeal [8] - China Pacific Insurance shows a clear directional signal from the RSR during bearish market conditions, indicating potential for future growth [9] Group 4: Challenges of Value Investing - Value stocks often experience prolonged periods of stagnation, making it difficult for investors to endure the waiting period for significant trends [10] - The necessity of using appropriate indicators to assist in timing decisions is emphasized to improve investment efficiency [10]

Core Viewpoint - The recent decline in the innovative drug sector, exemplified by the Hang Seng Innovative Drug Index dropping over 13%, raises questions about whether this downturn is a genuine setback or a temporary market correction [2][3]. Group 1: Policy Changes - The National Medical Products Administration (NMPA) announced a significant reduction in clinical trial review times from 60 days to 30 days, effectively speeding up the approval process by 50% [2]. - This policy change is expected to enhance the efficiency of drug development and encourage companies to shift from a "follower" to a "leader" position in the market [2][3]. Group 2: Capital Market Dynamics - The China Securities Regulatory Commission (CSRC) has reintroduced a listing standard for unprofitable companies on the STAR Market, which is seen as a shift in capital market dynamics favoring genuine innovation over mere scale [2]. - This reopening of the capital market is anticipated to provide biotech companies with the necessary financial backing to compete with international giants [2][3]. Group 3: Payment and Insurance Developments - The integration of commercial insurance and the opening of self-pay channels are set to significantly improve the reimbursement rates for innovative drugs, targeting an 80% reimbursement rate by 2025 in 60 cities [3]. - This development is crucial for drug companies as it allows them to recover R&D investments and encourages further innovation [3]. Group 4: Market Sentiment and Valuation - The recent market downturn is attributed to high trading congestion and inflated valuations, with some stocks reaching a sales multiple of 15 times [3]. - Despite the decline, leading companies like BeiGene and CanSino Biologics still maintain competitive valuations compared to their international peers, indicating potential for recovery [3]. Group 5: Future Outlook - The current market fluctuations are viewed as a necessary correction, with the innovative drug sector poised for long-term growth driven by supportive policies and technological advancements [3]. - The ongoing demand driven by an aging population and the strategic positioning of Chinese companies in advanced therapies suggest a promising future for the sector [3].

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！ ...

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]