Core Viewpoint - Qipai Wolf (002029.SZ) has experienced a consecutive two-day limit-up in stock price, reaching 9.35 CNY per share, amid clarifications regarding its indirect investments in Moer Thread and Yushu Technology [1] Group 1: Company Investments - Qipai Wolf clarified that it has not directly invested in Moer Thread and Yushu Technology, but its parent company holds partial equity in these firms [1] - The investments made by Qipai Wolf's parent company are classified as financial investments at the controlling shareholder level and are not directly related to the company's main business operations [1] Group 2: Financial Performance - In the 2025 semi-annual report, Qipai Wolf reported a revenue of 1.375 billion CNY, a year-on-year decrease of 5.93%, and a net profit attributable to shareholders of 160 million CNY, down 13.93% [2] - The net profit, excluding non-recurring gains and losses, significantly dropped by 61.35% to 29.1 million CNY [2] - The company generated a fair value change gain of 97.4 million CNY from financial products and stock investments, along with government subsidies of 26.66 million CNY, contributing a total profit of 131 million CNY [2] - Operating cash flow turned negative with a net outflow of 22.59 million CNY during the reporting period [2] Group 3: Business Focus - Qipai Wolf continues to focus on its main business of designing, producing, and selling "Qipai Wolf" brand men's clothing and textile products, maintaining a business model that combines direct sales and franchising [2] - The company employs an omnichannel sales strategy, integrating both online and offline platforms [2]

Group 1 - Warren Buffett's divestment from BYD has sparked significant discussion, marking the end of a long-term investment relationship that began in 2008 [2] - Buffett initially acquired 225 million shares of BYD at HKD 8 per share, totaling approximately HKD 1.8 billion, representing about 10% of the company post-placement [2] - Over the years, BYD's stock price has surged approximately 3890%, yielding a return of over 38 times on Buffett's investment, with total cashing out of at least HKD 8.071 billion by September 2025 [3] Group 2 - BYD's recent financial performance shows stability, with a revenue of CNY 371.28 billion in the first half of 2025, a year-on-year increase of 23.3%, and a net profit of CNY 15.51 billion, up 13.79% [3] - However, BYD's net profit for Q2 2025 fell by 29.87% year-on-year and 30.58% quarter-on-quarter, which was below market expectations [4] - The company's overall gross margin decreased from 22.10% to 18.01%, and the net margin stood at only 4.32%, indicating challenges in profitability [4]

什么样的股票是值得买的？怎么找到这些值得买的股票？买入的价格是多少才合适？用什么方式买？怎 么搭配投资组合？一只股票应该在涨的时候买入，还是应该在它跌的时候买入？ ...

Group 1 - The article discusses the comparative analysis between YMAG and MAGY, particularly focusing on the Roundhill Magnificent Seven Covered Call ETF (BATS: MAGY) [1] - The author has over 20 years of experience in quantitative research, financial modeling, and risk management, emphasizing expertise in equity valuation and market trends [1] - The research approach combines rigorous risk management with a long-term perspective on value creation, focusing on macroeconomic trends and corporate earnings [1] Group 2 - The article does not contain any disclosures regarding stock positions or plans to initiate positions in the mentioned companies [2] - It clarifies that past performance is not indicative of future results and does not provide specific investment recommendations [3]

阿里巴巴(9988.HK)盘中涨超7%报170.8港元，创2021年10月以来新高；截至半日收盘涨6.4%报169.6港 元。消息面上，有"科技女股神"之称、方舟投资行政总裁伍德(Cathy Wood)重新开仓买入阿里巴巴，为 4年来首次。 方舟投资交易报告显示，旗下两个交易所买卖基金(ETF)周一(22日)共同购入阿里巴巴美国存托凭证股 份(ADR)，总值约1630万美元。 ...

Group 1: Asset Allocation Insights - The first principle of asset allocation is that all returns are compensation for risk [4] - Investors' funding goals determine the types and levels of risk exposure needed [5] - The purpose of allocation is to optimize the risk-adjusted returns of individual asset classes, focusing on the correlation between different assets [5][6] Group 2: Stock Selection Strategies - Understanding macro variables and overall asset structure can help gauge stock volatility not driven by fundamentals [6] - The gold-to-copper ratio can indicate economic cycles, with a declining ratio suggesting stagflation and an increasing ratio indicating recession [7] - The Merrill Lynch Clock illustrates that different economic growth and inflation levels correspond to optimal asset performance in various stages [10] Group 3: Investment Strategies for Cyclical Stocks - Three strategies for investing in cyclical stocks include speculative trading based on futures prices, top-down allocation considering demand expansion, and value trading focusing on low valuations of high-quality companies [10][11] - Key indicators for assessing demand expansion include capital expenditure ratios, PE and PB ratios, and observing macroeconomic leading indicators [11] Group 4: Views on Major Asset Classes - Short-term prospects for the US dollar show potential for a rebound due to interest rate cuts and fiscal stimulus, while long-term attractiveness may be diminished by rising credit risks [12] - The Chinese yuan faces short-term appreciation pressure due to improving growth momentum and foreign capital inflows, with long-term appreciation trends expected [12] - US Treasury yields are influenced by Fed policies, with long-term rates affected by economic conditions and rising deficits [13] - Oil prices are expected to fluctuate within a certain range, while gold serves as a good tool for hedging portfolio risks due to its low correlation with the dollar [13][14] - Copper demand is positively influenced by sectors like renewable energy and AI, positioning it favorably among cyclical commodities [14]

根据向香港交易所提交的披露文件，伯克希尔自2022年8月起开始出售比亚迪股份，截至2024年7月，其持股比例已降 至5%以下。持股比例降至5%以下意味着伯克希尔无需再披露任何进一步的出售情况以及是否完全退出持股。 图片来源：比亚迪 比亚迪集团品牌及公关处总经理李云飞在中国社交媒体平台微博上发文回应称："股票投资，有买就有卖，这是很正 常的事情！感谢芒格和巴菲特对比亚迪的认可！也感谢过去17年的投资、帮助和陪伴！为所有的长期主义点赞！"李 云飞口中的"芒格"指的是已故的查理·芒格，他是巴菲特的长期合作伙伴，也曾担任伯克希尔的副董事长。 上述消息传出后，比亚迪的股价在中国香港市场跌至每股109.1港元的盘中低点，在中国深圳市场跌至每股107.15元人 民币的盘中低点，较9月19日收盘价分别下跌4%和近2%。 2008年，在芒格的建议下，伯克希尔以约10%的持股比例投资比亚迪。此举是押注电池、插电式混合动力汽车等新能 源领域的发展潜力。巴菲特原本打算将持股比例提升至近20%，但据称遭到了比亚迪创始人王传福的拒绝。 盖世汽车讯 据日经新闻报道，9月22日，中国电动汽车制造商比亚迪表示，沃伦·巴菲特旗下的投资公司伯克希 ...

制图：陈欣（豆包AI） 9月21日晚，一则重磅消息震动资本市场。据报道，沃伦·巴菲特旗下的伯克希尔·哈撒韦已清仓持有的比 亚迪(02594.SZ/01211.HK)股份。 在此后的近14年时间，巴菲特一直坚定持有比亚迪股份，无论市场风云如何变幻，这一持仓始终未变。 随着公司业绩的增长和市场份额的扩大，比亚迪的股价也一路水涨船高。据统计，在巴菲特持有比亚迪 股票的这些年，比亚迪的股价上涨了约3890%，这笔投资为伯克希尔·哈撒韦带来了极为丰厚的回报。 2022年8月开始减持比亚迪H股 从2022年8月开始，巴菲特旗下的伯克希尔·哈撒韦打破了长期的持股不动状态，首次减持比亚迪H股。 港交所网站显示，2022年8月24日，伯克希尔出售了133万股比亚迪H股，均价277.1016港元，套现3.69 亿港元，仍持有2.18719亿股，占已发行的有投票权的比例降至19.92%。 此后，减持动作频繁上演，至2024年7月，港交所第16次披露伯克希尔对比亚迪的减持动作，彼时其持 有的比亚迪股份比例已降至4.94%。 伯克希尔·哈撒韦在第一季度的财务文件中称，截至今年3月31日，公司对比亚迪的这笔投资，价值列为 0。如今清仓的 ...

巴菲特清仓了比亚迪（002594.SZ、01211.HK）的消息在网上流传，伴随的是，投资17年，巴菲特的投 资回报超过38倍。 9月22日，比亚迪集团品牌及公关处总经理李云飞回应称，股票投资，有买就有卖，这是很正常的事 情。他同时表示，感谢芒格和巴菲特对比亚迪的认可。 2008年，听从已经去世的老搭档查理·芒格的建议，巴菲特买了比亚迪。伯克希尔以每股8港元的价格， 买了比亚迪港股2.25亿股，耗资约18亿港元。14年后的2022年，伯克希尔哈撒韦才开始减持，2024年7 月，其持股比降至5%以下。 据统计，巴菲特持有比亚迪股票的这些年里，比亚迪的股价上涨了约3890%。 被股神巴菲特长期持有的比亚迪确实表现了较高成长性。Wind数据显示，2011年A股上市以来，比亚迪 累计盈利1284.97亿元。其中，2024年，公司盈利超过400亿元。 比亚迪核心人员看好公司发展前景。近期，37名核心人员（含高管）合计斥资5232.78万元增持公司股 份。 17年长投回报超38倍 股神巴菲特投资比亚迪，堪称是大赚特赚。 长江商报消息 ●长江商报记者 沈右荣 根据公开信息，2008年，听从已经去世的老搭档查理·芒格的建议， ...

据媒体报道，巴菲特旗下伯克希尔·哈撒韦公司已清仓所持全部的比亚迪的股份。对于这一消息，伯克希尔发言人证实，确实比亚迪股份已全部售出。 9月22日，比亚迪公关处总经理李云飞发文回应此事，其表示股票投资，有买就有卖，这是很正常的事情。与此同时，李云飞指出2022年8月，伯克希尔开 始陆续减持其于2008年购买的公司股票，去年6月其持股就已在5%以下了。感谢芒格和巴菲特对比亚迪的认可，也感谢过去17年的投资、帮助和陪伴，为 所有的长期主义点赞。" 资料显示：巴菲特在2008年9月建仓了比亚迪。彼时巴菲特旗下伯克希尔·哈撒韦公司以每股8港元的价格，斥资约18亿港元买入比亚迪股份2.25亿股。买入 比亚迪股份后，大约14年时间内，一直重仓着比亚迪，所持股份额一直都未发生变动。直到2022年8月开始，陆续减持比亚迪股份。8月30日，据港交所网 站信息披露，巴菲特旗下的伯克希尔哈撒韦公司在8月24日出售了133万股比亚迪H股，均价为277.1016港元，套现3.69亿港元。此次出售133万股比亚迪H 股后，还持有2.18亿股比亚迪H股。彼时，对于巴菲特旗下的伯克希尔哈撒韦公司的减持举动，比亚迪方面回应，巴菲特出售股票不用过 ...