Core Viewpoint - The article highlights the investment strategy of Chen Cong, a new generation active equity fund manager at Xingzheng Global Fund, focusing on growth investment in sectors like innovative pharmaceuticals, internet, new consumption, and technology hardware [1][3]. Investment Strategy - Chen Cong emphasizes a bottom-up research approach, aiming to outperform performance benchmarks by focusing on four to five promising industries [2]. - The investment philosophy prioritizes cost-effectiveness and reasonable valuations, with a high requirement for liquidity in selected targets [2]. - Chen Cong's growth style is cautious; he avoids over-investing in uncertain opportunities and takes profits when holdings become overvalued [2]. Focus Areas - Chen Cong targets four main investment directions: internet, innovative pharmaceuticals, new consumption, and technology hardware [3]. - In the internet sector, he sees leading companies as the most reliable sources of returns, especially with the anticipated rollout of AI applications [3]. - The innovative pharmaceutical sector, despite a significant rebound in stock prices, still has many leading companies undervalued compared to their fair value models [3]. - The new consumption sector is gaining traction, with quality companies in both Hong Kong and A-share markets, particularly in niches like pets, beauty, and snacks [3]. - The technology hardware sector in A-shares is seen as advantageous, with a focus on semiconductors and high-end manufacturing [3]. Performance Goals - The floating fee rate fund aims for relative return capabilities that exceed performance benchmarks, aligning with Chen Cong's philosophy of pure relative returns and balanced allocation [4]. - The performance benchmark for the fund is structured as 60% of the CSI 300 Index return, 20% of the Hang Seng Index return (adjusted for valuation), and 20% of the China Bond Composite Index return [4][5]. - Chen Cong intends to leverage his experience in Hong Kong stocks to identify undervalued and high-quality industry opportunities [5].

良性循环生态正加速形成 近年来，监管层围绕上市公司分红密集发声、持续施策，通过完善制度规则、强化激励约束、优化市场环境等多维举措， 推动上市公司分红机制不断健全，分红文化加速形成。例如，中共中央办公厅、国务院办公厅日前印发的《关于完善中国特色 现代企业制度的意见》明确提出，推动上市公司开展中长期激励，制定稳定、长期的现金分红政策。 得益于政策不断引导，资本市场"重回报"的生态底色日益鲜明，2024年，A股上市公司分红规模连续第三年突破2万亿元 （近2.4万亿元），且金额高、比例高、频次高的"三高"特征愈发鲜明。 与此同时，越来越多的上市公司将分红纳入公司市值管理的重要组成部分。据Wind资讯数据统计，今年以来截至6月8日， 已有379家A股上市公司披露《市值管理制度》，且均将分红列为企业"必答题"，以此增强投资者信心，提升公司市值。 政策引导和企业实践为红利指数编制提速创造了重要条件。据Wind资讯数据统计，截至目前，年内"上新"的红利指数达35 条，同比增长94.44%，为投资者投资分红能力强的企业提供了更清晰的路径。 本报记者 田鹏 近日，上海证券交易所相关负责人在高分红重回报暨上市公司价值提升座谈会上表 ...

Quantitative Models and Construction Methods 1. Model Name: Free Cash Flow (FCF) - **Model Construction Idea**: Free cash flow represents the maximum cash amount distributable to capital providers without affecting the company's sustainable development. It is a key indicator of a company's ability to convert profits into freely distributable cash flow[1][10] - **Model Construction Process**: The formula for free cash flow is: $ FCF = EBITDA - CAPEX - NWC - Taxes $ Where: - EBITDA: Earnings before interest, taxes, depreciation, and amortization - CAPEX: Capital expenditures - NWC: Net working capital changes - Taxes: Tax payments Alternatively, the simplified formula is: $ FCF = Operating Cash Flow - CAPEX $ This simplification assumes that NWC changes are negligible compared to other components[10][11] Additionally, the Free Cash Flow Yield (FCF Yield) is calculated as: $ FCF Yield = FCF / Enterprise Value $ Where enterprise value is defined as: $ Enterprise Value = Market Capitalization + Total Debt - Cash $[11] - **Model Evaluation**: The FCF metric reduces the impact of financial manipulation and reflects the company's true operating conditions. It is more responsive to changes in company fundamentals compared to traditional metrics like net profit or revenue[11][24] 2. Model Name: CSI 800 Free Cash Flow Index - **Model Construction Idea**: This index selects 50 stocks with the highest free cash flow yield from the CSI 800 Index to reflect the performance of companies with strong cash flow generation capabilities[31][32] - **Model Construction Process**: - Sample Space: CSI 800 Index constituents - Screening Criteria: - Exclude financial and real estate sectors - Positive free cash flow and enterprise value - Positive net cash flow from operating activities for the past 5 years - Top 80% in profitability ranking - Selection Method: Rank stocks by free cash flow yield and select the top 50 - Weighting Method: Free cash flow-weighted - Rebalancing: Quarterly adjustments[32] - **Model Evaluation**: The index avoids exposure to financial and real estate sectors, focusing on industries with stable cash flows like energy and home appliances. It demonstrates a large-cap style and concentrated holdings, with long-term outperformance against the market and peer indices[33][36][40] --- Model Backtesting Results 1. Free Cash Flow (FCF) - **Annualized Return**: The FCF strategy shows strong performance in both loose monetary and tight credit environments, consistently delivering excess returns relative to the market[20][23] - **Macro Environment Suitability**: - In a low-interest-rate environment, companies with high FCF benefit from valuation uplift - During credit tightening, companies with strong internal FCF generation exhibit resilience[23] 2. CSI 800 Free Cash Flow Index - **Annualized Return**: 19.16% - **Annualized Sharpe Ratio**: 0.87 - **Annualized Volatility**: 23.16% - **Maximum Drawdown**: 43.56% - **Valuation Metrics**: - Price-to-Earnings (P/E): 10.95 - Price-to-Book (P/B): 1.48 - Dividend Yield: 4.32% Compared to the CSI 800 Index, the CSI 800 Free Cash Flow Index has lower valuation metrics, indicating a value-oriented style[47][48] --- Quantitative Factors and Construction Methods 1. Factor Name: Free Cash Flow Yield (FCF Yield) - **Factor Construction Idea**: FCF Yield is a valuation metric that adjusts free cash flow by enterprise value, providing a normalized measure of cash flow generation relative to the company's size[11] - **Factor Construction Process**: $ FCF Yield = FCF / Enterprise Value $ Where enterprise value is calculated as: $ Enterprise Value = Market Capitalization + Total Debt - Cash $[11] - **Factor Evaluation**: FCF Yield is more responsive to changes in company fundamentals compared to dividend yield, helping to avoid value traps where declining fundamentals lead to artificially high dividend yields[24][29] --- Factor Backtesting Results 1. Free Cash Flow Yield (FCF Yield) - **Performance in Macro Environments**: - Outperforms in loose monetary conditions (low interest rates) - Outperforms in tight credit conditions (declining social financing growth)[20][23] - **Sector Allocation Sensitivity**: - Reduces exposure to sectors like coal during downturns, avoiding potential losses - More responsive to fundamental changes compared to dividend yield factors[28][29] --- Composite Strategies and Results 1. Fixed Income Plus ("Fixed Income+") Strategy - **Construction**: Combine the CSI 800 Free Cash Flow Index (20%) with the ChinaBond Total Treasury Wealth Index (80%), rebalanced monthly[51] - **Performance**: - Annualized Return: 7.09% - Annualized Sharpe Ratio: 1.67 - Annualized Volatility: 4.16% - Maximum Drawdown: 4.60% Compared to the Wind Mixed Bond Secondary Index, the "Fixed Income+" strategy delivers higher returns with lower drawdowns[54] 2. Growth + Value "Barbell" Strategy - **Construction**: Combine the CSI 800 Free Cash Flow Index (50%) with the A-Share Advantage Growth 50 Index (50%), rebalanced monthly[56] - **Performance**: - Annualized Return: 20.15% - Annualized Sharpe Ratio: 0.91 - Annualized Volatility: 23.10% - Maximum Drawdown: 40.80% The strategy balances the strengths of growth and value styles, achieving higher overall returns with improved risk metrics compared to individual indices[59][60]

Core Insights - The average first-day gain of new stocks exceeds 200% this year, with no stocks experiencing a decline in value [1] - The strong performance of new stocks is attributed to their quality and reasonable issuance prices, which help reduce the risk of price drops [1] - Short-term trading in new stocks is often driven by speculative sentiment, while long-term performance is more indicative of a company's true value [2] Group 1: New Stock Performance - New stocks have shown significant first-day gains, reflecting the quality of the companies and the reasonable pricing of their shares [1] - The successful listing of companies is linked to their industry position, technological strength, and profitability, indicating substantial growth potential [1] - The reasonable issuance price not only facilitates financing but also creates upward potential in the secondary market, enhancing investor interest [1] Group 2: Investment Considerations - The speculative nature of new stock trading can lead to inflated valuations, making it challenging for value investors to find suitable opportunities [2] - Long-term performance is a better indicator of a company's real value, as fundamental aspects become clearer over time [2] - Investors are encouraged to focus on the long-term performance of new stocks and conduct thorough research to identify those with sustainable growth potential [2] Group 3: Investor Behavior and Regulation - Investors should maintain rationality and not be swayed by short-term speculative trends, emphasizing the importance of intrinsic value and long-term growth [3] - There is a need for increased regulatory oversight to ensure market order and mitigate excessive speculation in the new stock market [3]

Group 1 - The core idea emphasizes that becoming a successful long-term investor is easier said than done, as it requires discipline and emotional control [4][6] - Historical data shows that the average annual return of stocks, adjusted for inflation, has been around 6% to 7% over the past two centuries, but future returns may be lower, around 5% [6][7] - Stocks are considered excellent long-term hedges against inflation, as they represent ownership of real assets [7][8] Group 2 - The risk associated with stocks decreases over time, while the risk of bonds increases, suggesting that long-term investors should hold a higher proportion of stocks [7][8] - Investing in low-cost, globally diversified index funds has historically outperformed most actively managed funds [8][9] - Value stocks have historically provided better returns and lower risk compared to growth stocks, indicating a potential strategy for portfolio adjustment [8][9] Group 3 - A strict investment plan is essential to maintain focus and avoid emotional trading, especially during market fluctuations [12][15] - The book suggests that investors should seek professional advice to help construct and maintain a diversified investment portfolio [17][18] - The overarching theme is that stocks remain the best avenue for wealth accumulation over the long term, a view that has persisted since the book's first edition [18]

（原标题：陈嘉禾：有用的"0元购小模块"） 虽然我不会为这个不高兴做点儿啥，甚至一边不高兴、一边看价格跌得太惨，我还会买点儿，但是心里 有时候就还是会不太高兴。 怎么办？ 聪明的人得自己找办法。人这一辈子啊，最重要的事情，就是找到正确的事情、做正确的事情，而不是 做自己本能想做的事情。 说到底，人之所以成为人，最特殊之处就在于人会利用工具，而动物基本不会。所以，我突发奇想，设 计了一个"0元购小模块"，完美地解决了股票下跌时可能产生的焦虑。 甚至出现了一些奇怪的现象，比如这个小模块让我在股票越跌时我反而越开心。 这里，就把这个"0元购小模块"介绍给大家，希望能帮助更多的人解决下跌焦虑。 事情的起因是这样的，在4月7日那天，股票市场大跌。到了收盘，我看了一下账户的市值，下跌了整整 10%。当天沪深300指数下跌了7.1%，恒生指数则下跌了13.2%。 看到这样的跌幅，我感觉有点好笑，于是和朋友说："这个跌幅好啊，整整齐齐10%。再来9天这样的下 跌，整个市场就可以0元购了。" 这当然是一句玩笑话，证券市场那么大，怎么可能让一个人不花钱就买下来。 但是，从当时的下跌来说，确实如果再来同样的9个交易日（同样的下跌空 ...

Group 1 - The current political pressure on the Federal Reserve, particularly from Trump, mirrors historical events that led to significant inflation in the 1970s [1][2] - Three controversial candidates for the Federal Reserve chairmanship have emerged: Walsh, Bowman, and Shelton, each with potentially destabilizing policy positions [2][3] - Historical lessons indicate that political interference in monetary policy often results in market distortions, uncontrolled inflation, and a loss of policy credibility [4] Group 2 - Walsh's previous misjudgment during the 2008 financial crisis raises concerns about his potential impact on inflation and the credibility of the dollar if he assumes leadership [3] - Bowman's inclination towards deregulation could pose risks to financial stability, reminiscent of the 2008 crisis, particularly if capital requirements are relaxed [3] - The uncertainty surrounding the Federal Reserve's future leadership could lead to significant pricing distortions in assets with maturities of five years or more [3] Group 3 - Investors are advised to adopt defensive strategies, including increasing holdings in gold and cryptocurrencies to hedge against dollar risks [5] - Shortening bond durations is recommended due to rising volatility in the 10-year Treasury yield [5] - Maintaining liquidity and diversified portfolios is essential for navigating potential market turbulence stemming from political pressures on the Federal Reserve [5]

Core Insights - The article emphasizes the importance of patience and long-term thinking in wealth accumulation, suggesting that true wealth is a function of time and that compounding is the best catalyst for growth [1][12]. - It advocates for a contrarian investment approach, highlighting that sowing seeds during market downturns and harvesting during upswings can provide a competitive edge [2][11]. - The text underscores that knowledge without application is a liability, and that wisdom lies in the integration of knowledge and action [4][11]. Summary by Sections - **Investment Philosophy** - The article promotes value investing, anti-fragile thinking, and the effects of compounding as foundational investment principles [11]. - It suggests that the real risk in investing is not merely financial loss but rather the failure to act wisely based on knowledge [5][11]. - **Market Strategy** - It encourages a strategy of waiting for the right opportunities rather than engaging in frequent trading, positing that the value of patience in investment is often underestimated [7][12]. - The notion of mastering simple actions through repetition is presented as a key to successful investing, akin to exam strategies that require quick thinking [12]. - **Mindset and Approach** - The article asserts that the true secret to wealth lies not in technical skills but in the mindset and principles guiding investment decisions [12]. - It highlights the importance of recalibrating wealth perception through continuous learning and reflection on investment principles [12].

Group 1 - The Federal Reserve's policy deadlock and inflation concerns are causing market anxiety, with a potential long-term maintenance of the current interest rate range of 4.25%-4.50% due to trade policies impacting prices [1][3] - The rising funding rates on Binance indicate a shift in market sentiment, with Bitcoin perpetual contract funding rates exceeding 0.15%, reflecting growing bearish sentiment [3][6] - XBIT decentralized exchange is gaining traction as a safe haven for funds, with a 23% increase in trading volume over the past week, and USDT/BTC liquidity depth surpassing $500 million [3][4] Group 2 - The surge in Binance funding rates and XBIT trading volume is a response to "dual uncertainty," with traditional markets experiencing increased volatility and a trust crisis in centralized exchanges [3][6] - XBIT has launched an "inflation hedging index" product, attracting over $200 million in funds on its first day, indicating a shift from speculative to value-driven investment in the crypto market [4][6] - The trading volume of inflation-linked stablecoins on XBIT has increased by 150% this month, showing investors' intent to hedge against currency devaluation risks [6]

Group 1 - The core viewpoint is that the Chinese innovative pharmaceutical industry is on a long-term upward trend due to policy support, technological breakthroughs, and international collaboration, although some listed companies may have inflated valuations [1] - The number of Chinese innovative drugs selected for the 2025 American Society of Clinical Oncology (ASCO) annual meeting has reached a new high, indicating that Chinese pharmaceutical companies are rapidly advancing in international innovative research and development [1] - Increased funding has flowed into innovative pharmaceutical companies this year, but there is a risk of overlooking the high investment, high risk, long cycle, and intense competition characteristics of R&D in this sector [1] Group 2 - The fund manager prefers a left-side investment style, focusing on undervalued assets and long-term holding, rather than chasing short-term gains [2] - The investment strategy emphasizes safety and rational, value-based, long-term investment principles, aligning with the best interests of investors [2] - The fund manager has demonstrated commitment to the fund's performance by purchasing a total of 3 million yuan worth of shares over three consecutive years from 2021 to 2023, creating a shared interest with investors [2]