Core Viewpoint - The conference emphasized "long-termism" and "structural opportunities driven by policy" as the key investment logic for A-shares in 2025 [1][8]. Group 1: Value Investment Practices - Yang Delong highlighted the importance of long-term holding of quality assets, citing examples like Moutai, and noted that A-shares have produced stocks with over 100 times growth, proving the effectiveness of value investing in this market [3]. - He focused on technology innovation and industrial transformation, identifying "AI + business applications" as the core future sector, particularly with the anticipated mass production of humanoid robots in 2025, which will create new industry opportunities [3]. - Yang pointed out the shift of 160 trillion yuan in household savings from real estate to the stock market, suggesting that funds should be allocated to products with clear top ten holdings and flexible rebalancing [3]. Group 2: Market Ecology and Investor Behavior - Li Daxiao proposed practical rules for value investing, advocating for blue-chip stocks and cautioning against high valuation traps, emphasizing the safety margins of traditional assets like high dividend stocks and core indices such as the Shanghai Composite [5]. - He called for investors to pay attention to entry timing when the market is supported by policy measures, noting that indices like the Hang Seng and Shanghai Composite are currently at "diamond bottom" levels [5]. - Li emphasized the importance of aligning the interests of retail investors with long-term benefits, suggesting mechanisms like floating fees to ensure mutual gains between fund companies and investors [5]. Group 3: Structural Opportunities - Both experts agreed that the market in 2025 will present a dual-track pattern of "technological breakthroughs and traditional value reassessment," with Yang leaning towards technology sectors and Li focusing on the recovery of traditional assets [6]. - Yang cited Nvidia as a case study, asserting that China has commercial advantages in AI applications, predicting that the logic of "order-driven performance" will materialize in 2025 [6]. - Li highlighted that undervalued blue-chip stocks will benefit from long-term capital inflows, creating a safety net through "stable growth + high dividends" [6]. Group 4: Rational Response to Volatility - Both speakers warned investors to avoid short-term speculation and to strengthen bottom-line thinking, with Yang advising to differentiate between concepts and performance in tech investments [7]. - He recommended diversified fund allocations and emphasized the importance of the fund manager's ability to adjust industry allocations [7]. - Li cautioned against high leverage, suggesting that it should be reduced to a level where investors can "sleep well," and recommended regular investments in index funds to smooth out volatility risks [7]. Conclusion - The discussions underscored the importance of rebuilding market confidence, with Yang advocating for the attractiveness of A-shares due to policy support and the shift of household savings, while Li emphasized a strong belief in national development and policy dividends [8]. - The consensus was that A-shares may transition from an "emotional market" to a "value market" in 2025, with a focus on holding quality assets and respecting market rules to share in the benefits of high-quality development [8].

价值投资 · 绝对收益 公司简介 重阳投资是首批在中国证券投资基金业协会登记的私募基金管理人，是连续十一年荣获业内最 权威奖项"金牛奖"的私募基金公司。重阳投资秉承"价值投资，绝对收益"理念，经过多年积 累，已创设了一套完善的投研体系，形成了良好的企业文化，聚合了大批优秀人才。在新时代 发展机遇面前，重阳投资愿借助平台积淀，严格遵守行业规范，积极参与市场建设，与蓬勃发 展的中国资产管理行业同步前行！ 详细信息请登录公司网站： http://www.chongyang.net 2025 · 与你同行 2025 · "渠道精英招募计划" 渠道经理 职责 描述 1、负责销售渠道开拓及维护； 2、组织渠道活动，高效传达公司投资策略； 3、及时跟踪渠道和客户动态，做好客户服务工作； 4、其他渠道服务相关工作。 职位 要求 应聘方式 请 发送简历⾄邮箱hr@chongyang.net， 标题请注明：姓名应聘渠道经理 联系⼈：薛⽼师 ▲向上滑动阅览 【免责声明】 本材料由上海重阳投资管理股份有限公司（简称"重阳投资"）原创并编辑发布，仅限于提供信息和投 资者教育的目的。本材料所依据信息和资料来源于公开渠道（例如：万得、彭博 ...

Core Viewpoint - The article discusses the recent release of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission, emphasizing the need to establish a performance benchmark system for public funds to enhance investor interests and address long-standing issues in the industry [1][4]. Summary by Sections Performance Benchmark Issues - The performance benchmark for public funds has been largely ineffective, with only 26% of over 3,600 actively managed equity funds outperforming their benchmarks over the last three years [2]. - A significant 64% of actively managed equity funds are projected to underperform their benchmarks by over 10% from 2022 to 2024 amid a declining A-share market [2]. Causes of Underperformance - The underperformance of funds relative to benchmarks is attributed to poorly defined benchmarks that do not align with the funds' investment strategies and market conditions [3]. - The industry's focus on asset size over performance has led to a misalignment of incentives, where funds with poor long-term performance still attract investment due to their market positioning [3]. Implications of the New Action Plan - The new regulations are expected to fundamentally change the operational logic of actively managed equity funds, promoting a focus on stable investment returns and value investing [4][5]. - Short-term effects may include increased volatility in the market as funds adjust their portfolios to align with benchmarks [4]. Long-term Trends - The Action Plan is likely to enhance the importance of passive and value investing, with public funds expected to increase their allocation to index products and low-volatility assets [5][6]. - Fund managers will need to adapt their strategies to focus on long-term value rather than short-term gains, leading to a potential decrease in turnover rates and a more stable investment approach [6][7]. Fund Manager Accountability - Fund managers will face performance evaluations based on their ability to meet benchmark standards, with significant implications for their compensation structures [8]. - Some fund managers are expected to align their portfolios closely with benchmarks to secure their positions, while others maintain confidence in their ability to outperform through selective stock picking [9].

Core Viewpoint - The investment value of Suzhou Bank is increasingly recognized, showcasing strong revenue capability, performance resilience, and asset quality in its latest financial reports for 2024 and Q1 2025 [1] Financial Performance - Suzhou Bank achieved continuous growth in operating income and net profit attributable to shareholders in both 2024 and Q1 2025, with a net profit growth rate exceeding 10% in 2024, ranking 11th among 42 A-share listed banks [2][3] - In 2024, the bank reported operating income of 12.224 billion yuan, a year-on-year increase of 3.01%, and a net profit of 5.068 billion yuan, up 10.16% from the previous year [3] - For Q1 2025, the bank's operating income was 3.250 billion yuan, a 0.76% increase, and net profit was 1.554 billion yuan, growing by 6.80% [3] Asset Quality - The non-performing loan ratio has decreased for six consecutive years, reaching a record low of 0.83% by the end of 2024, with a provision coverage ratio of 483.50%, indicating strong risk management capabilities [2][7] - The bank's capital adequacy ratios are robust, with a core tier 1 capital adequacy ratio of 9.77% and a total capital adequacy ratio of 14.87% [7] Shareholder Returns - Suzhou Bank has maintained a cash dividend payout ratio exceeding 30% for five consecutive years, reflecting a strong commitment to shareholder returns [2][9] - The bank plans to distribute a cash dividend of 2.0 yuan per 10 shares for 2024, totaling 1.647 billion yuan [9] Strategic Focus - The bank emphasizes support for the real economy and has developed a comprehensive service model for technology innovation enterprises, including various financial support plans [5] - In cross-border finance, the bank's international settlement volume exceeded 16.8 billion USD in 2024, doubling from the previous year, with significant growth in foreign currency financing and derivatives [6] Market Recognition - Increasing recognition from investors is evident, with significant share purchases by institutional shareholders and management, indicating confidence in the bank's governance and profitability [8][10] - The bank's stock price rose over 30% in 2024, reflecting its strong fundamentals and commitment to high dividends [9][10]

Group 1: Market Overview - The renowned international investment giant, known as the "Oracle of Omaha," announced his retirement as CEO by the end of 2025, emphasizing that his value investment philosophy will continue to influence the market [1] - The A-share market is currently witnessing a potential resurgence for undervalued stocks, indicating a favorable environment for value investing [2] Group 2: Regulatory Changes - In early May, a new action plan titled "Promoting High-Quality Development of Public Funds" was introduced, focusing on a client-centric business model that will reshape industry value and enhance the investability of the A-share market [3] - The reform of public funds is set to restructure capital allocation rules, with strict regulations on performance benchmarks for fund products, moving away from the previous model that favored high-tech investments over benchmark tracking [3] Group 3: Capital Flow and Value Recovery - A series of financial policies released on May 7 aims to stabilize the market and support value sectors, indicating a positive outlook for undervalued stocks [5] - The banking sector is currently trading at a price-to-book ratio of 0.5-0.6, with a high dividend yield of 6.9%, providing a dual safety net of high dividends and low valuations [5] - Regulatory requirements for long-term underperforming companies to develop market value enhancement plans may lead to improved asset structures and increased dividend distributions, thereby unlocking value [5] Group 4: Monetary Policy Impact - The central bank's reserve requirement ratio cut is expected to release over one trillion in liquidity, reducing banks' funding costs and alleviating net interest margin pressures [6] - The insurance sector's investment cap for equities has been raised, allowing an additional 60 billion for pilot projects, which may lead to increased investments in high-dividend financial stocks [6] - The implementation of a "quasi-stabilization fund" mechanism in the capital market will continuously inject liquidity, benefiting the financial sector as a core index weight [6] Group 5: Index Performance - The CSI 300 Value Index, which selects undervalued large-cap stocks based on dividend yield, price-to-book ratio, price-to-earnings ratio, and price-to-cash flow ratio, has a significant allocation in the financial sector, particularly in banks and non-bank financials, which constitute 52% of the index [8]

Group 1 - The core viewpoint is that Hong Kong's IPO market is thriving, with over HKD 60 billion raised this year, making it the largest globally, driven by factors such as tightening domestic IPOs and increasing southbound capital inflows [1][2] - Companies are increasingly choosing Hong Kong for IPOs as a substitute for the slow domestic market, allowing them to optimize their overseas business layout [1] - The Hong Kong market has implemented favorable policies for IPOs, including simplified approval processes and encouragement for mainland companies to list, enhancing the attractiveness of the market [1][2] Group 2 - Investment evaluation factors for companies planning to IPO in Hong Kong include the industry development stage, competitive landscape, pricing rationality, and market capitalization [2][3] - The technology sector is a key focus, particularly in areas like AI, new energy, and semiconductors, which are expected to benefit from advancements and market opportunities [3][4] - The consumption sector is also highlighted, with attention on emerging consumer trends and the internationalization of traditional brands, alongside the growing potential in the biopharmaceutical industry due to aging populations and increased health awareness [4][5]

Core Insights - The article emphasizes the importance of long-term value investing and the philosophy of being a "clockmaker" rather than a "timekeeper" in the capital market [1] - It highlights the evolution of investment strategies under the leadership of Zhou Yun, focusing on adapting to market cycles and maintaining a long-term perspective [2][3] Investment Philosophy - Zhou Yun believes in the intrinsic value of companies and aims to identify high-quality stocks that can withstand market cycles [2] - His investment approach has evolved from classic value investing to incorporating dynamic assessments of competitive advantages and market cycles [3][4] Market Adaptation - Zhou Yun's strategy is characterized by "going with the big trend while countering the small fluctuations," focusing on industry transformations and human behavior in market cycles [4][6] - He has successfully integrated the "dual carbon" policy into his investment framework, predicting significant impacts on cyclical industries over the next 5-10 years [4][6] Performance Metrics - Zhou Yun's managed funds, such as the Oriental Red New Power and Oriental Red JD Big Data, have consistently outperformed benchmarks, achieving returns of 178.04% and 197.06% respectively from 2015 to 2024 [7] - His funds have maintained a strong track record, with 8 out of 9 years of positive returns for Oriental Red New Power and 7 out of 8 years for Oriental Red JD Big Data [7] Long-term Commitment - Zhou Yun exemplifies long-termism by holding significant personal investments in his funds, demonstrating alignment with investor interests [8] - His funds have shown annualized returns of 11.30% and 12.07%, significantly higher than their respective benchmarks [8] Conclusion - The article concludes that value investing is fundamentally about seeking truth and making informed decisions amidst uncertainty, with a focus on understanding the essence of companies and aligning with market trends [9]

Core Viewpoint - The China Securities Regulatory Commission has released an action plan to promote the high-quality development of public funds, emphasizing the establishment of a performance evaluation system centered on fund investment returns, aiming to address the long-standing issue of performance benchmarks being ineffective in the public fund industry [1][5]. Group 1: Performance Benchmark Issues - The performance benchmark is a critical measure for assessing a fund's ability to generate excess returns, yet only 26% of over 3,600 actively managed equity funds outperformed their benchmarks over the last three years [2]. - Some funds have underperformed their benchmarks by over 100 percentage points, highlighting the inadequacy of benchmark settings that do not align with investment strategies and market conditions [2][3]. - The public fund industry has been criticized for a "scale-oriented" approach, where management fees are tied to asset size, leading to a focus on growth rather than performance [3][4]. Group 2: Impact of the New Action Plan - The new action plan is expected to profoundly change the operational logic of actively managed equity products, emphasizing the importance of stable investment returns and value investing [1][5]. - There will be a trend towards aligning fund products with performance benchmarks, potentially leading to structural market fluctuations as funds adjust their portfolios [6]. - The action plan may result in a shift towards passive investment strategies and increased focus on low-volatility, high-dividend products, particularly in the banking sector [6][7]. Group 3: Fund Manager Reactions - Fund managers are now required to pay close attention to performance benchmarks, with significant implications for their compensation based on their funds' performance relative to these benchmarks [9][10]. - Some fund managers express confidence in their ability to outperform benchmarks through stock selection, while others may feel pressured to align their portfolios more closely with benchmarks to secure their positions [10][11]. - The action plan is likely to lead to a decrease in turnover rates among funds, as managers focus on long-term investment value rather than short-term trading [7][8].

Core Insights - Zhejiang Haokun Shengfa Asset has gained significant attention in the private equity sector over the past year, with its products frequently appearing on performance rankings and experiencing explosive growth in scale [1][3]. Investment Strategy - The core investment strategy is summarized as "insightful foresight and agile victory," emphasizing a high win rate and the principle of small losses with large gains [2]. - The strategy respects market rules and involves rapid adjustments to positions when predictions conflict with market performance, ensuring flexibility and timely responses [2]. - The manager has extensive experience, having conducted on-site research on over a thousand listed companies, which aids in adapting to market changes [2]. Performance and Growth - Since taking over management, the representative products have consistently appeared on industry ranking lists, with the company's scale increasing from less than 500 million to over 1.8 billion [3]. Investor Relations - The company prioritizes investor returns, treating investor funds as its own, and has implemented a co-investment and profit-sharing mechanism to align interests [4]. - Over the past year, the company has internally purchased over 25 million in its products, with executives and employees contributing over 50 million, reinforcing investor confidence [4]. - Regular dividends are paid to investors, with most products having distributed dividends, and some investors have already recouped their principal [4]. Compliance and Risk Management - Strict adherence to compliance is emphasized as a foundation for sustainable growth, with a robust internal control and risk management system established [5]. - The company avoids short-selling stock index futures to mitigate leverage risks and has set strict limits on individual stock holdings [5]. - The maximum drawdown for most products does not exceed 15%, indicating effective risk management [5]. - The company has recruited five industry researchers and collaborates with external brokers to obtain timely market information and professional advice [5].

Core Insights - The investment philosophy of Duan Yongping centers on "buying stocks is buying businesses," integrating Buffett's value investing with Eastern wisdom [2] Group 1: Investment Philosophy - The concept of "rough estimation" of intrinsic value is illustrated by Duan's 2001 investment in NetEase at $0.8, based on game cash flow rather than market panic [3] - Long-termism is emphasized with a ten-year perspective, exemplified by holding Apple for over a decade, yielding an 800% return due to insights into ecosystem stickiness [3] - The essence of business model selection involves avoiding low-margin industries like airlines and focusing on companies with strong moats, such as Moutai (90% gross margin) and Tencent (network effects) [3] Group 2: Decision-Making Model - The "Four Questions" framework includes understanding the industry, evaluating the excellence of the business model, assessing management integrity, and determining price rationality [7] - Extreme concentration in investments is noted, with Apple comprising 70% of U.S. stock holdings and Moutai 50% of A-share holdings, as diversification is seen to dilute cognitive advantages [7] Group 3: Risk Management and Emotional Control - The "DNA theory" of corporate culture highlights the importance of integrity in companies like Step Up and user orientation in Apple as key to risk mitigation [8] - A safety margin in valuation is illustrated by heavy investment in Gree when its PE was below 10 times, adhering to the principle of "buying one for five cents" [8] - Reverse positioning is demonstrated by increasing holdings in Tencent when its stock fell below 200 HKD, based on the monetization potential of the WeChat ecosystem [9] - Dynamic error correction is shown by the decision to liquidate airline stocks in 2020 due to the industry's vulnerabilities exposed by the pandemic, reflecting the discipline of "stopping losses is winning" [9] - Emotional management is practiced through maintaining a "calm mind," engaging in daily golf, and distancing from market noise [10] Group 4: Broader Insights and Discipline - The essence of Duan Yongping's teachings, as presented in his Zhejiang University speech, resonates with classical thoughts from texts like "Tao Te Ching" and "Analects," creating a dialogue across time [13] - Key principles include cautious investment akin to "cooking a small fish," maintaining a focus within one's circle of competence, and pursuing genuine value while opposing market bubbles [14] - Cognitive restructuring encourages ordinary investors to transition from "trend chasers" to "value discoverers," while discipline is reinforced by cautious engagement in AI concepts, with Duan only tentatively investing in Nvidia [17] - Mental cultivation involves viewing returns through a ten-year lens to avoid short-term anxiety [17]