据报道，公募基金不断买入高折价的AH股中的港股，这有助于降低AH股溢价率。从价值投资的角度 看，同股、同权、同价是大势所趋，未来AH股溢价率有望持续收缩。 恒生AH股溢价指数从2025年初的140附近目前已经下降至118.81，表明同时存在A股和港股的公司股 价，A股股价较港股股价的平均溢价率已经从40%附近下降至18.81%，溢价水平不断收缩。 这种资金流向不仅改善了港股的流动性环境，更通过实际成交价格的拉升，直接压缩了同一标的在两地 的价差。当内资成为港股市场不可忽视的定价力量时，两地市场的定价逻辑趋于统一，溢价率收缩具备 了坚实的资金基础。 价值投资的核心在于资产价格最终会回归其内在价值。同一家企业的盈利能力、治理水平和派息政策在 AH两地完全对等。从长远看，不同市场之间带来的非理性折价不具备永远存在的条件。随着互联互通 机制不断发展，两地市场在交易制度、信息披露以及监管标准上日趋同步，这种制度性的融合正在消除 导致溢价的客观原因。 同股、同权、同价是成熟资本市场的基本特征。当两地投资者能够无障碍地跨市场选择同一资产时，价 格均衡点自然会向价值中心靠拢。港股折价的消失，本质上是市场套利机会被抹平的过程， ...

据报道，公募基金不断买入高折价的AH股中的港股，这有助于降低AH股溢价率。从价值投资的角度 看，同股、同权、同价是大势所趋，未来AH股溢价率有望持续收缩。 恒生A H股溢价指数从2025年初的140附近目前已经下降至118.81，表明同时存在A股和港股的公司股 价，A股股价较港股股价的平均溢价率已经从40%附近下降至18.81%，溢价水平不断收缩。 在A股、港股两地金融市场互联互通机制不断深化的背景下，公募基金已经对两边的溢价现象充分重 视，并不断进行逢低买入相关港股股票的交易，从价值投资的底层逻辑出发，同股、同权、同价不仅是 理论上的终点，也是两地市场融合发展的必然趋势。 公募基金买入行为的背后，是资本对确定性价值的追逐。长期以来，港股市场由于参与者以海外机构为 主，且受到全球宏观流动性环境的直接制约，导致其在估值层面相对于A股长期处于贴水状态。 当公募基金等内资通过港股通渠道稳步增持时，投资者对于内地蓝筹股的估值逻辑也在发生变化。内地 机构的定价权不断提升，意味着港股的价值发现功能被激活。随着公募基金为主的内地机构对港股配置 比例的提升，这种由资金力量驱动的价值修复，正在不断填平港股的价值洼地。 这种资金 ...

分化的同时成交额大幅放量，也预示着机会，成交额的放量，有调仓换股，有节后布局。 对于接下来的市场，谨慎的同时保持谨慎，小跌小买择机布局。 同时对价值有一个合理的认知，价值并不是持有时间的问题，而是通过操作实现长期收益。 今天虽然三大指数集体收涨，但整体走势还是比较纠结，或者说走得比较谨慎。 同时出现了明显的二八分化，一方面是节后布局的需求，更为主要的还是部分权重蓝筹出现了回撤，带 动指数回调，其中券商、银行是关键。 ...

匿名读者提问： 请问你有没有遇到过足以改变以前投资框架的事件或者投资标的，现在回头看，最核心的认知上的修正是什么？ 回答： 有的，21年之后的中概股，当时中概股指数都是跌了80%多的指数。下面这张图是美股中概ETF，ETF价格最高87.61，最低到过15.42。个股跌的就更多 了，当时很多中概股都跌了90%，股价只有高点的十分之一不到。如果你是每跌一半的时候就选择继续抄底的话，那么你会经历接近3-4次腰斩。 当时中概也被戏称为"中丐"，其实就是中概股股东的自嘲。 这个持有的过程实在是太过于痛苦了，深刻的改变了我对价值投资的看法。 其实我跟大家讲过，我是做价值投资出身的，甚至说我很长一段时间都是以价值投资的眼光来看待世界的。比如说我看企业的时候，经常会看一看它的基 本面，看一下它的商业模式，看一下相关的财务报表，分析一下他的竞争优势。 但是，多年价值投资下来，我发现价值投资还是存在一定的问题的，他有两个没有办法解决的问题： 一是价值有可能永远得不到重估，价值还是完全依赖于市场流动性的。如果市场流动性就是不来，那么光有价值是没有用的，除非你能像巴菲特那样直接 把企业买下来清算，但我们普通投资者明显做不到这一点。 ...

国家金融监督管理总局最新数据显示，截至2025年底，保险机构股票配置余额占资金运用总额的比例创 近四年新高。与此同时，中国银行保险资产管理业协会的调研释放出明确信号：银行保险机构对2026年 的权益资产配置信心指数较去年显著提升。这清晰勾勒出险资配置的关键转向——从"固收独大"到"固 收+权益"均衡配置的格局正加速形成。 进一步来看，险资负债端的转型与会计准则的变革，正深刻重塑险资投资行为。近两年，险企大力推进 产品转型，以分红险为代表的浮动收益型产品成为主流，进一步降低负债端的刚性成本，为险资在资产 端的布局提供更大空间。同时，新会计准则全面落地，险企资产的公允价值变动对其利润与偿付能力的 影响更加直接，险资更倾向于布局高股息、低波动、现金流稳定的优质资产，既控制波动，又能兑现长 期收益，形成"稳中有进"的配置风格，深化价值投资理念。 结合监管政策和国际成熟市场经验来看，我国险资的股票配置比例仍有较大提升空间。伴随政策持续优 化、市场生态完善、险资投研能力升级，险资将以更理性、更聚焦、更长期的姿态布局权益资产。这不 仅将改写保险资金的运用格局，也将推动我国资本市场走向更成熟、更稳健、更具价值发现能力的新阶 ...

The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use a variety of methods, including tried-and-true v ...

但大盘的整体强势并非人为可以逆转，最终上证指数收涨 0.72%，深证成指涨 1.29%，创业板指涨 1.4%；个股层面，3575 家上涨，1557 家下跌，全市场成交量达 2.45 万亿，较前一交易日有所放大。 来源：沃伦财经 盘面原本走势向好，却突发变脸。 午间收盘时，上证指数触及全天高点约 4167 点，涨幅约 1.2%；不料午后开盘，"YYDS"便蜂拥而出， 一秒钟发生了集体砸盘的现象，其中招商银行、华泰证券、中国人寿，以及中石油、中国移动瞬间跳 水，硬生生的逆转了指数的上行态势。持续的卖盘涌现，在盘面上形成了明显的下行导向，尽管指数在 14 ： 30 分左右企稳，最终收于 4147 点左右，午后跳水幅度达 0.8%左右，此次盘面异动的人为操盘痕 迹昭然若揭，资金控制指数节奏的意图十分明确。 主力资金流向则出现显著变化，午间收盘时主力资金仍净流入约 50 亿元，午后却转为净流出 177 亿 元，其中沪市净流出额达 151 亿元。低估值、绩优、低位的板块，成为主力调控指数的工具，这也让价 值投资、理性投资、长期投资的理念，再次成为对投资者的考验，考验着投资者对投资理念的理解、承 压能力与坚持的定力。 板块 ...

Group 1: Hillhouse Capital (HHLR) - Hillhouse Capital's HHLR fund reported a total market value of $3.104 billion at the end of Q4 2025, a decrease of 24% from the previous quarter, indicating a strategy of "focusing on core and shrinking edges" [2][4] - The top ten holdings include seven Chinese concept stocks, which account for nearly 90% of the total portfolio, primarily in internet e-commerce, biomedicine, and fintech sectors [2][4] - Significant increases in holdings were observed for Pinduoduo and Alibaba, with Pinduoduo's market value rising to $1.216 billion (up 24.77%) and Alibaba's to $795 million (up 65.07%) [3][4][5] - HHLR has reduced positions in competitive or non-core areas, clearing out stocks like Baidu and NetEase, while also entering positions in tech stocks like TSMC and Google [5] Group 2: Himalaya Capital - Himalaya Capital, managed by Li Lu, reported a Q4 2025 market value of $3.57 billion, up 10% from $3.23 billion in the previous quarter, maintaining a concentrated investment style [7][9] - The top four holdings (Google, Bank of America, Pinduoduo, and Berkshire Hathaway B) account for over 87% of the portfolio, with Google being the largest holding at $1.565 billion (43.86%) [9][10] - The fund exited its position in SOC and initiated a new position in Crocs, reflecting a focus on brands with strong market presence and cash flow [10] Group 3: Berkshire Hathaway - Berkshire Hathaway's Q4 2025 report, the last under CEO Warren Buffett, showed a portfolio dominated by familiar names, including Apple, American Express, and Coca-Cola [11][12] - Berkshire reduced its Apple holdings by over 10.29 million shares, marking the third consecutive quarter of reduction, while still maintaining Apple as its largest holding [13][14] - The company also significantly reduced its stake in Bank of America and Amazon, while increasing positions in Chevron and new investments in The New York Times, indicating a cautious approach to high-value assets [15][16] - Berkshire's cash reserves reached $381.7 billion, surpassing stock holdings for the fifth time in history, suggesting a strategic wait for better investment opportunities [16][18]

Summary of Key Points Core Insights - The 13F reports for Q4 2025 from renowned investors Duan Yongping and Li Lu reveal their latest investment strategies amid the rapid transformation of the AI industry and volatility in Chinese concept stocks. Duan has opted for an "aggressive transformation," while Li appears to favor "structural adjustments," using Google as a comprehensive investment in various tech sectors [45][46]. Duan Yongping's Investment Strategy - Duan Yongping's H&H International Investment has a total market value of approximately $17.489 billion, equivalent to over 120.4 billion RMB, with a concentrated portfolio where the top five holdings account for 89% of the total [43][52]. - Apple remains the largest holding, despite a slight reduction of about 247 million shares (7.1%), still constituting 50.3% of the portfolio, valued at approximately $8.8 billion [12][54]. - Significant new investments include a large increase in Nvidia shares by 6.64 million, a 1110% increase, making it the third-largest holding at 7.72% of the portfolio [2][16]. - Duan has also increased positions in Berkshire Hathaway and Pinduoduo, reflecting confidence in their business models, while reducing exposure to Alibaba and Occidental Petroleum [14][70]. Li Lu's Investment Strategy - Li Lu's Himalaya Capital Management has a total market value of approximately $3.57 billion, equivalent to 246 billion RMB, with a highly concentrated portfolio of only nine stocks [44][75]. - The primary holding remains Alphabet (Google), with combined shares of GOOGL and GOOG accounting for over 43% of the total portfolio [5][75]. - A notable new addition is Crocs, with 628,000 shares acquired, representing 1.51% of the portfolio, aligning with Li's focus on brands with strong market presence and cash flow [34][75]. - Li continues to hold significant positions in traditional financial stocks, including Bank of America and East West Bank, reflecting a value investment approach focused on stable cash flows [35][40]. Comparative Analysis - Both investors demonstrate adaptability to emerging industries, with Duan taking a more aggressive stance towards AI and technology, while Li maintains a conservative approach with a focus on established companies [45][46]. - Duan's strategy indicates a shift towards AI-driven investments, while Li's portfolio remains heavily weighted towards traditional sectors, showcasing differing philosophies in navigating market changes [39][40].

证券日报网讯 2月24日，中国人保（601319）在互动平台回答投资者提问时表示，近年来，公司坚 持"长期投资、价值投资、审慎投资"理念，实现了较好的投资收益。下一步，公司将继续坚定不移贯彻 落实国家关于中长期资金入市的意见，优化资产配置结构，进一步加大权益市场投资比例。公司将重点 关注长期稳健增长的蓝筹品种，并深入挖掘科技创新、消费升级等具有广阔发展空间的优质赛道，加强 投研能力建设，在助力资本市场长期稳健发展的同时，努力稳定投资收益。 ...