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].

Core Viewpoint - The article highlights the increasing trend of cash dividends among listed companies in China, with a significant portion of 2024's net profit being distributed as dividends, indicating a shift towards a more proactive return to investors [1][2]. Summary by Sections Cash Dividends in 2024 - As of now, the total cash dividends distributed by companies have approached 800 billion yuan, reflecting a robust return to investors [1]. - A considerable number of companies have announced their mid-term dividend plans for 2025, with many opting to increase their cash dividends compared to previous years [1]. Regulatory Environment - The new "National Nine Articles" and accompanying policies have established a regulatory foundation for the dividend transformation, emphasizing the importance of cash dividends and incentivizing companies with strong dividend performance [1]. - Regulatory measures have shifted the market focus from "passive compliance" to "active return," promoting higher dividend yields and enhancing the stability and predictability of dividends [1]. Corporate Strategy Shift - The normalization of mid-term dividends is indicative of a broader change in corporate operating logic, with companies demonstrating increased confidence in their cash flow and sustainable profitability [1]. - As more companies commit to stable dividend policies, there is a strategic shift from mere scale expansion to a dual focus on "quality + return" [1]. Investor Sentiment and Market Stability - In the short term, the normalization of mid-term dividends enhances investor satisfaction, serving as a stabilizing force against market volatility in a declining risk-free interest rate environment [2]. - In the medium to long term, the multiple dividend mechanism encourages companies to prioritize cash flow management and mitigate impulsive investments, fostering a more stable capital market [2].

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].

Core Viewpoint - The discussion emphasizes the balance between idealism and realism in investment management, highlighting that achieving ideal outcomes requires addressing real-world challenges [4][5][6]. Group 1: Investment Philosophy - The investment philosophy is rooted in value investing, aiming to help more people achieve financial success through this approach [7]. - The gap between ideal and reality is acknowledged, with the understanding that while ideals may be distant, practical solutions must be found to bridge this gap [5][6]. - The focus is on making ideals a reality rather than allowing them to remain unattainable [6]. Group 2: Performance Evaluation - Performance evaluation is not solely based on quantitative metrics like net asset value growth but also includes client experience and satisfaction [7][10]. - The goal is to increase the proportion of clients who earn money, with ongoing exploration of what constitutes "doing well" in investment management [7][10]. - The anxiety regarding future performance and client trust is acknowledged, emphasizing the need for consistent results to build and maintain trust [9][10]. Group 3: Market Perspective - The discussion includes insights on the banking sector, particularly regarding interest margins, which have been narrowing but may experience short-term recovery due to recent changes in deposit interest rates [31][32]. - The investment strategy for banking stocks is based on a long-term perspective rather than short-term trends, with a focus on acceptable pricing despite ongoing challenges [32][33]. Group 4: Decision-Making Process - The decision-making process for investments is described as an intersection of price and understanding, where both elements must align for a purchase to be justified [26][28]. - The importance of thorough research and understanding of market conditions is emphasized, particularly in relation to emerging sectors like new consumption and innovative pharmaceuticals [26][28]. Group 5: Strategy and Individuality - Investment strategies are not ranked as better or worse; rather, their effectiveness depends on the individual investor's characteristics and goals [17][18]. - The alignment between a fund manager's strategy and their personal attributes is crucial for achieving successful outcomes [19][20].

Group 1 - The core viewpoint emphasizes the challenges faced by both investors and institutions in the increasingly complex A-share market, highlighting the need for long-term investment strategies and effective risk management [2][3] - The rapid rotation of market sectors has made it difficult for ordinary investors to capture investment opportunities, leading to a common trend of chasing highs and selling lows [3][4] - The performance of actively managed public funds has shown that smaller funds often outperform larger ones, but the actual beneficiaries of these funds are limited, leading to a situation where many investors face losses after high entry points [3][4] Group 2 - Risk management is deemed essential in the investment process, with a focus on balancing risk and return to achieve long-term value creation [4][5] - Investors are advised to first determine their risk tolerance and investment needs before selecting suitable products, which can be challenging given the vast number of available options [5][6] - The public fund industry is experiencing intense competition, with many new products failing to retain investors due to underperformance and product homogeneity [6][7] Group 3 - Institutions are encouraged to enhance their professional capabilities and integrate the "three investment" philosophy into their daily operations to create better returns for investors [6][7] - Extending the product lifecycle and enhancing investor education are seen as crucial strategies for retaining clients and fostering long-term relationships [7]

Core Viewpoint - The stock price of Pop Mart has experienced extreme volatility, with a significant increase from 16.8 HKD at the beginning of 2024 to 283.4 HKD by June 12, 2024, representing a rise of over 200% year-to-date, despite a recent 6% pullback [3] Group 1: Stock Performance - The stock price surged dramatically, reminiscent of Bitcoin's rise, driven by the popularity of the Labubu IP and successful collaborations, such as a limited edition with "One Piece" that sold 600,000 units in a single day [3] - The short interest in the stock increased from 1.438 million shares in early April to 3.692 million shares by June 17, a rise of 157%, but a strong earnings report in March led to a short squeeze, causing the stock to jump 23% in two days [3] Group 2: Financial Performance - The company reported revenue of 13 billion HKD and a net profit of 3.4 billion HKD, with overseas business revenue surpassing domestic revenue [3] - The overseas market revenue grew by 375% year-over-year, accounting for nearly 40% of total revenue, indicating strong international demand [3] Group 3: Valuation Concerns - The static price-to-earnings ratio stands at 103 times, and the price-to-book ratio exceeds 30 times, which is higher than Disney's valuation [4] - Recent actions by company directors and major shareholders to sell off 6 billion HKD worth of shares raise concerns about potential overvaluation and market sentiment [4] Group 4: Future Considerations - Questions remain about the sustainability of Labubu's popularity, the feasibility of maintaining high growth in overseas markets, and the risks associated with high valuations [5] - The North American market aims for 25 billion HKD in sales by 2025, which poses significant challenges for the company [5]

Core Viewpoint - The article emphasizes the long-term performance and risk management strategies of Nanjing Chiying Private Fund Management Co., which focuses on futures market investments and aims for sustainable wealth growth while ensuring capital safety [2][5]. Company Overview - Nanjing Chiying was established in 2007 and is one of the first private fund teams in China to collaborate with public funds [2]. - The company has a strong emphasis on rational investment and risk control, with a track record of positive returns on all completed products since the 2012 privatization of futures private equity [5][6]. Performance Highlights - The company has achieved a continuous performance curve with a stair-step growth pattern over 20 years [5]. - All completed products have yielded positive returns, with a total of 15 products managed and 12 completed successfully [7]. Core Team - The core team consists of five members with over 20 years of experience in the futures market, combining deep market understanding with practical trading experience [6][7]. - The team is led by Qian Jun, who has a background in investment management and has been with the company since its inception [6]. Competitive Advantages - The company employs a comprehensive risk control system, prioritizing capital safety over potential opportunities [5][7]. - It focuses on absolute returns and has a high compound annual growth rate, demonstrating significant compounding effects [7]. - The investment strategy includes a dynamic approach to profit locking and risk management, ensuring a balance between capturing trends and protecting investor capital [7]. Product Strategy - The main strategy involves a subjective CTA trend-following approach, which captures complete trends to maximize returns [7]. - The strategy includes low-risk trial positions, dynamic profit locking, and a focus on maximizing trend capture without preemptively predicting market tops or bottoms [7]. Recent Developments - The company rebranded to Nanjing Chiying Private Fund Management Co. in 2023 and has plans for new product launches in collaboration with private fund platforms [6][9].

Group 1 - The core viewpoint of the articles emphasizes the cyclical and structural characteristics of the A-share market, highlighting the increasing scarcity of long-term bull stocks as institutional investors rise and market regulation strengthens [1] - As of June 13, 2023, there are 127 stocks that have increased by over 500% since 2015, which represents a low proportion of the entire A-share market [1] - The formation of long-term bull stocks reflects the market's discovery and recognition of corporate value, leading to resource allocation towards high-quality companies [1] Group 2 - To become a long-term bull stock, companies should focus on enhancing their business capabilities and ensuring sustainable operations rather than relying solely on short-term valuation increases [2] - The average diluted return on equity (ROE) for the 127 long-term bull stocks was 13.18% in 2015, which was 4.6 percentage points higher than the A-share average; this difference increased to 9.72 percentage points by 2024, with the ROE reaching 16.23% [2] - Long-term bull stocks exhibit unique advantages in profitability metrics such as gross profit margin, net profit margin, and return on equity [2] Group 3 - The presence of long-term bull stocks may attract more investors to focus on long-term value investment, encouraging a valuation system that emphasizes long-term growth potential and intrinsic value [3] - Investors are advised to develop a keen business insight to identify high-quality companies with long-term growth potential, rather than relying on market trends or subjective judgments [3] - The dynamic nature of market capitalization reflects a company's profitability, and high growth with high valuation carries risks; thus, selecting the best companies is crucial for risk management [3]

Core Viewpoint - Bumble Inc. (BMBL) is currently viewed as a more attractive value investment compared to Adyen N.V. Unsponsored ADR (ADYEY) based on various valuation metrics [7]. Valuation Metrics - BMBL has a forward P/E ratio of 6.12, significantly lower than ADYEY's forward P/E of 49.33 [5]. - The PEG ratio for BMBL is 0.22, indicating strong expected earnings growth relative to its price, while ADYEY has a PEG ratio of 2.42 [5]. - BMBL's P/B ratio stands at 0.38, suggesting it is undervalued compared to its book value, whereas ADYEY has a P/B ratio of 15.3 [6]. - These metrics contribute to BMBL receiving a Value grade of A, while ADYEY is rated F in the Value category [6]. Earnings Outlook - Both BMBL and ADYEY have a Zacks Rank of 2 (Buy), indicating a positive earnings outlook supported by favorable analyst estimate revisions [3].

Core Viewpoint - The article emphasizes the enduring relevance of Benjamin Graham's investment philosophy, highlighting its foundational role in value investing and its service to the public, particularly in times of economic distress [3][69]. Group 1: Investment Philosophy - Graham's "Security Analysis" serves as a cornerstone for professional investors, while "The Intelligent Investor" provides guidance for amateur investors [3]. - The essence of Graham's value investing is rooted in empathy for the common people, aiming to serve the public rather than merely focusing on investment techniques [3][69]. - The article discusses the importance of deep research in investment, as exemplified by the performance of the fund managed by Guijiang, which has consistently achieved positive returns since its inception [4]. Group 2: Historical Context - The article divides the historical context of Graham's era into two main periods: the Graham era (1901-1945) and the Buffett era (1945-present), with significant political and economic events shaping these times [18][19]. - The political landscape during Graham's time was marked by anti-monopoly sentiments and regulatory measures aimed at addressing wealth inequality, which influenced his investment strategies [22][30]. - The article highlights the contrast between the high tax, anti-monopoly environment of Graham's era and the low tax, efficiency-driven environment of Buffett's era, suggesting a cyclical nature of economic policies [30]. Group 3: Personal Journey - Graham's personal experiences, including financial struggles and family hardships, shaped his investment philosophy and empathy towards ordinary investors [41][48]. - His early life, marked by the loss of his father and his mother's financial struggles, instilled in him a sense of responsibility towards helping others navigate financial challenges [41][42]. - The article notes that Graham's failures and crises, including significant losses during the Great Depression, ultimately led to the creation of "Security Analysis," reflecting his commitment to educating investors [55][60]. Group 4: Legacy and Influence - Graham's teachings and writings have profoundly influenced subsequent generations of investors, including his notable disciples like Warren Buffett [63]. - The article discusses how Graham's investment strategies have evolved over time, adapting to changing market conditions while maintaining core principles [62]. - The establishment of the CFA certification and the Securities Analysts Association are highlighted as part of Graham's legacy in promoting ethical investment practices [63].