这是半佛仙人的第1942篇原创 1 我有个习惯，每隔一阵子，就打开瓜子二手车。 看看系统给我车估了多少钱。 不是急着出手啊。 目前车况不错，没打算卖。 可我还是会看。 看同款车差不多公里数最近几天成交价是多少钱。 出给个人是多少，卖给商家又是多少。 此刻有多少人想买，又有多少人想卖。 很多人觉得，这不是自找不痛快吗？ 是。 但被蒙眼宰，你就很痛快吗？ 车是消费品，也是资产构成的一部分。 你买了黄金，不看走势？你买了基金，不查净值？ 车也一样。 是，二手车理论上只跌不涨，但跌的速度和轨迹就天差地别了。 有的车三月就折一半，有的车五年还能扛。 跌不是问题，问题是你不知道它怎么跌、跌多快、跌到哪里才适合出手。 着急卖，能有多少钱。 慢慢等有缘人，又是多少钱。 这些数字，我得有底。 是技术过气了？是口碑崩了？还是市场饱和了？还是有新车上市了？ 我也得知道。 生活想要避坑，决策就得准。 决策准的前提是，信息就要真。 最重要的是，你还得敢看。 哪怕它冷得像冬天的共享单车把手，扎得像退押金页面上那个转圈的加载图标。 估值不是目的，是你谈判的底线、心理的锚点和逃生的地图。 2 这和打工人定期刷招聘网站，本质都是一回事儿。 不 ...

今年传统的股债平衡组合录得两位数涨幅，创下2019年以来最佳表现。Cambria Investments旗下一只持有29只ETF的全球配置基金录得成立以来最佳 年度表现，多资产量化组合的回报超越标普500指数。 尽管多元化策略在2025年表现出色，资金却持续流向集中的大型科技股敞口和主题交易。一些策略师警告称，在市场估值高企和集中度加深之际，放 弃多元化可能在错误的时机让投资组合暴露于风险之中。 投资者持续背离平衡策略 2025年，多元化投资策略录得多年来最强表现，但这一成就在AI热潮中几乎未获关注。 BCA Research首席策略师Marko Papic表示： 尽管所有焦点都集中在AI故事上，但2025年并非股票的故事，关键在于全球多元化配置。 2025年可能标志着华尔街传统谨慎策略的回归，但今年投资者仍然纷纷抛售这些策略。 今年传统的股债平衡组合录得两位数涨幅，创下2019年以来最佳表现。然而资金却持续流向集中的大型科技股敞口和主题交易。一些策略师警告称，在 市场估值高企和集中度加深之际，放弃多元化可能在错误的时机让投资组合暴露于风险之中。 本周的通胀数据印证了多元化策略的价值。周四美国通胀数据低于预期 ...

本文源自：金融界AI电报 美联储威廉姆斯：市场估值"偏高"，但定价存在合理理由。 ...

Core Insights - Worthington Steel, Inc. is set to release its quarterly earnings on December 17, 2025, with anticipated earnings per share of $0.48 and revenue of approximately $797.25 million, which are critical for assessing the company's financial health [1][6] Group 1: Company Recognition - Worthington Steel has been recognized as one of the best places to work in IT, highlighting its commitment to a positive work environment that can enhance employee satisfaction and productivity [2][6] Group 2: Financial Metrics - The company has a price-to-earnings (P/E) ratio of 15.15, indicating reasonable market valuation in terms of earnings [3][6] - Worthington Steel's price-to-sales ratio is 0.59, suggesting that its market value is relatively low compared to its sales, which may attract value-seeking investors [3] - The enterprise value to sales ratio stands at 0.67, reflecting the company's total valuation in relation to its revenue [4] - An enterprise value to operating cash flow ratio of 12.28 indicates how the market values the company's cash flow and overall operations [4] Group 3: Financial Stability - The debt-to-equity ratio of 0.30 indicates a low level of debt compared to equity, suggesting that the company is not overly reliant on borrowing [5][6] - A current ratio of 1.66 reflects good liquidity, allowing the company to cover its short-term liabilities effectively [5]

Core Insights - Five Below, Inc. reported strong financial results for Q3 of fiscal 2025, with an EPS of $0.68, significantly surpassing the estimated $0.22 [2][6] - The company achieved a 23.1% increase in net sales, reaching $1.038 billion, compared to $843.7 million in the same quarter of fiscal 2024 [2][3][6] - Comparable sales grew by 14.3%, indicating effective customer attraction and sales growth [3][6] Financial Performance - Five Below's revenue of approximately $1.038 billion exceeded the estimated $983.5 million, showcasing its strong market position [3] - Operating income improved to $43.3 million, a significant turnaround from an operating loss of $0.6 million in the previous year [3] - The company's price-to-earnings (P/E) ratio stands at 29.23, indicating a premium valuation by investors [4] Market Valuation - The price-to-sales ratio is 2.03, and the enterprise value to sales ratio is 2.40, reflecting the company's market value relative to its revenue and total value [4] - A debt-to-equity ratio of 1.03 indicates balanced financial leverage, while a current ratio of 1.60 suggests the company can comfortably cover its short-term liabilities [5] - The enterprise value to operating cash flow ratio is 19.05, and the earnings yield is 3.42%, providing insights into cash flow valuation and earnings generation [5]

市场震荡下行，私募规模创三年新高 ――公募基金 12 月月报 核心观点： 证券分析师 宋旸 songyang@bhzq.com 022-28451131 张笑晨 SAC NO：S1150525070001 zhangxc@bhzq.com 022-23839033 相关研究报告 ETF 简称迎统一规范，宽基 指数获得资金净流入—公募 基金周报 2025.11.24 跨境 ETF 持续净流入，"南向 ETF 通"名单扩容—公募基 金周报 2025.11.17 权 益 市场 主要 指数 多数 上 涨，债券类 ETF 规模迎来新 高—公募基金周报 2025.11.10 分析师：宋旸 SAC NO：S1150517100002 2025 年 12 月 3 日 通过对主动权益基金行业仓位的测算，11 月主动权益基金加仓幅度靠前的行业为家用 电器、有色金属和食品饮料；减仓幅度靠前的行业为国防军工、计算机和电子。同 时，我们对主动权益基金的整体仓位进行了测算，2025/11/28 的仓位是 81.96%，较上月 上升了 2.12pct.。 ⚫ 上月市场回顾： 11 月沪深市场主要指数震荡下跌，其中，科创 50 跌幅最大，下 ...

Group 1 - The company has three main accounts with total assets exceeding 10 million yuan, consisting of 2.6 million yuan in an ETF account, 5.5 million yuan in an off-market fund account, and 1.1 million yuan in an advisory portfolio [1] - The ETF account has shown strong performance with a cumulative profit of 435,000 yuan this year, despite a recent decline of 130,000 yuan over two months [1] - The off-market fund account has a diversified portfolio and has been profitable for seven out of the first nine months of the year, with a total profit of 1.238 million yuan and a return rate of 31.68% [2][3] Group 2 - The market experienced a significant net inflow of over 50 billion yuan during a recent downturn, followed by a net outflow of the same amount as the market stabilized [4][5] - Southbound capital has flowed into Hong Kong stocks, totaling nearly 14 billion Hong Kong dollars this year, indicating a complex dynamic where foreign capital may be selling while local investors are buying [5] - The current valuation of the CSI All Share Index is at a price-to-earnings ratio of 20.98, which is high compared to historical levels, suggesting limited market upside potential towards the end of the year [7][10] Group 3 - The company has made strategic adjustments in its portfolio, including reducing positions in value ETFs and increasing investments in Brazilian ETFs and technology ETFs focused on Hong Kong [10] - The outlook for the market towards the end of the year appears cautious, with expectations of limited significant movements based on both funding and valuation perspectives [10]

Financial Performance of MBPFF - MBPFF reported an earnings per share (EPS) of $0.1655, slightly above the estimated $0.1653 [1][6] - The company's revenue was approximately $1.69 billion, surpassing estimates, indicating a positive financial standing [1][6] - The price-to-earnings (P/E) ratio of 9.29 suggests a low valuation relative to its earnings [1][6] Financial Performance of Mitchells & Butlers PLC - Mitchells & Butlers PLC experienced an 11% increase in share price, reaching 284p, following the release of its full-year results [2] - The company reported a 6% increase in adjusted EBIT to £330 million, slightly above consensus estimates [2][3] - Adjusted profit before tax rose by 17% to £246 million, exceeding expectations by about 4% [3][4] - Revenue grew by 4% to £2.7 billion, reflecting a robust performance [3] - In the first eight weeks of the new financial year, like-for-like sales increased by 3.8%, compared to a 3.1% rise in the final quarter of 2025 [3] Cost and Profitability Insights - Operating profit for Mitchells & Butlers reached £330 million, surpassing expectations by £5 million [4] - Earnings per share rose by approximately 17% to 31p, slightly exceeding forecasts [4] - The company anticipates an additional £130 million in cost inflation for the year, equating to around 6% [4]

Core Viewpoint - The divergence between Hong Kong and A-share markets is highlighted, with Hong Kong experiencing a significant rally while A-shares face downward pressure, reflecting fundamental differences in market dynamics and investor behavior [1]. Group 1: Market Performance - Hong Kong's three major indices opened high and surged, with the Hang Seng Index rising by 2.35%, driven by tech giants like Alibaba and NetEase [1]. - In contrast, A-shares opened with a 0.53% gain but quickly turned negative, with the ChiNext index dropping from a 0.90% increase to a decline, and the number of rising stocks plummeting from 4,600 to 1,400 [1]. Group 2: Capital Flows - Since 2025, southbound funds have cumulatively net bought HK stocks amounting to 1.03 trillion HKD, setting a historical record, while A-share ETFs have seen net outflows [3]. - The influx of capital into Hong Kong is primarily from retail and private equity investors, who leverage the T+0 trading system for more flexible short-term operations [4]. Group 3: Market Structure and Behavior - A-shares are characterized by a high retail trading ratio of nearly 60%, leading to emotional trading behavior, while Hong Kong's market is more institutionally driven with about 40% foreign investment [5]. - The structural differences result in varied reactions to the same information; for instance, when the Federal Reserve cuts interest rates, Hong Kong stocks rally due to improved liquidity, while A-share investors focus on domestic LPR adjustments [6]. Group 4: Trading Mechanisms - Hong Kong's T+0 trading mechanism allows multiple trades within a day, making it more attractive to international funds and high-frequency traders, whereas A-shares are limited by T+1 rules and price limits [8]. - A-shares are more sensitive to domestic policy changes, while Hong Kong stocks react more to international events, leading to different market responses even to the same economic data [8]. Group 5: Market Sentiment and Volatility - A-share market volatility is exacerbated by internal sector divergence, with some sectors like military and shipbuilding rising over 5%, while energy and metals fell nearly 5%, complicating capital flow [10]. - Hong Kong's international characteristics make it more sensitive to global liquidity changes, with foreign capital often flowing into Hong Kong stocks during Fed easing periods, while A-shares depend more on domestic monetary policy and economic data [10].

Group 1 - The market showed a slight rebound today, with the CSI A500 index rising by 0.2% and the CSI A50 index increasing by 0.1%, while the CSI A100 index fell by 0.01% [1] - The A500 ETF from E Fund saw a net subscription of 150 million units throughout the day [1] - Huatai Securities suggests that the current market valuation is close to a "reasonable" central point, and if there is an overshoot, it may be appropriate to increase positions, focusing on mid-term themes and emphasizing safety margins [1] Group 2 - The CSI A50 index consists of the 50 largest stocks by market capitalization from various industry leaders, covering 50 sub-industries, with a balanced industry distribution and a focus on large-cap stocks [5] - The CSI A500 index was launched on September 23, 2024, and the CSI A50 index was launched on January 2, 2024 [5]