编者按： 本期"寻访金长江之十年十人"，券商中国记者走访千亿私募景林资产，对公司管理合伙人、基金经理高云程进 行了专访。高云程是阅历深厚的价值投资者，2014年8月加盟景林前，他历任中国科技证券证券公司交易员， 研究员；泰信基金管理有限公司高级研究员；APS资产管理公司高级研究员、基金经理。 "景林"两字蕴含"基业长青"的寓意，这与公司坚持长期价值投资的理念不谋而合。深度研究、逆向布局、全球 视野，高云程在投资中深谙此道。在与券商中国记者的交流中，他分享了很多自己对于投资的底层思考。高云 程认为，理性和相信常识，是投资经理最重要的能力，而投资的定力与信心，正是源自对基本面的深刻认知。 精彩观点： 投资经理最重要的能力是理性和相信常识。理性很重要，它能让我们"不上头"、不容易栽大坑。 在市场上和大家走在一起，的确能给你安全感，但往往并不安全。 我们总希望能有更好的宏观环境，但宏观环境不会因为个人意愿改变，你只能客观判断、了解和 接受。 景林坚持以自下而上为主的投资策略，以实业投资的心态考量公司的长期价值。我们在选择标的 时首先考虑的是好公司，并对其长期竞争力、管理团队、公司治理充分论证。 真正长期有定价权和护城 ...

Group 1 - The core viewpoint of the news is that Jiugong Investment has conducted research on a listed company, Puxin Technology, which is actively expanding in the solid-state battery equipment and materials sector [1] - Puxin Technology's focus includes silicon-carbon anodes, lithium metal anodes, solid-state electrolytes, and both dry and wet process equipment [1] - The company has secured orders and made partial deliveries in the solid-state battery equipment field, with major clients including mainstream battery manufacturers, domestic and international automotive companies, and research institutions [1] Group 2 - The dry electrode technology offers significant advantages over wet processes, enhancing battery energy density and manufacturing efficiency [1] - Silicon-carbon anodes are already in mass production for consumer electronics and are expected to gradually be applied in power batteries [1] - The production capacity of Sichuan Zicheng's first phase is gradually coming online, with substantial growth in base film business sales and new developments in composite current collector business [1]

Core Insights - The Ministry of Human Resources and Social Security has released the first-ever cumulative return data for enterprise annuities over the past three years, showing a cumulative return of 7.46% as of the end of Q1 [1] - The total scale of enterprise annuity accumulated funds reached 3.73 trillion yuan [1] - The new cumulative return data reflects a shift from reporting "current" and "annual cumulative" investment performance to a focus on "three-year cumulative" returns, indicating a greater emphasis on long-term investment performance by regulatory authorities [1] Investment Performance - The cumulative return is calculated using a time-weighted method, covering the period from April 1, 2022, to March 31, 2025 [1] - The change in reporting methodology is seen as beneficial for promoting long-term and value investment principles within enterprise annuities [1] Challenges and Recommendations - Despite the positive developments, enterprise annuities still face challenges such as insufficient marketization and short assessment periods [1] - There is a pressing need to establish a long-term performance assessment system to enable enterprise annuities to truly embody the concept of "long money for long investment" [1]

Core Insights - The Ministry of Human Resources and Social Security (HRSS) has released the national enterprise annuity fund data for Q1 2025, showing a fund accumulation scale of 3.73 trillion yuan and a net investment asset value of 3.70 trillion yuan, with a three-year cumulative return of 7.46% [1][2] - The HRSS's decision to disclose the "three-year cumulative return" instead of quarterly investment returns marks a shift towards a long-term assessment mechanism for pension funds, aligning with the government's push for "long money, long investment" strategies [1][3] Group 1 - The establishment of a long-term assessment mechanism is expected to reduce short-term performance pressure on management institutions, encouraging long-term investments and enhancing fund stability and risk resistance [1][3] - The new disclosure rules for enterprise annuity funds reflect a significant adjustment in information transparency, focusing on long-term performance rather than short-term fluctuations [3][4] - The three-year cumulative return data serves as a benchmark for trustees, alleviating the pressure to frequently change fund managers based on short-term performance [3][4] Group 2 - The enterprise annuity fund has seen a year-on-year growth of 13.48%, reaching a scale of 3.73 trillion yuan as of Q1 2025 [4] - The current upper limit for equity asset investment in enterprise annuity funds is 40%, but actual investment in equity assets is below 20%, indicating potential for increased A-share market investment [4][5] - The upcoming long-term assessment mechanism for enterprise annuity funds is expected to be released soon, following the HRSS's previous draft guidance on improving long-term assessment mechanisms [5][6] Group 3 - The differentiation in assessment periods for social security funds (five years) and enterprise annuity funds (three years) reflects their distinct characteristics and investment goals, promoting healthy long-term development in the capital market [6]

Investors looking for stocks in the Financial - Miscellaneous Services sector might want to consider either Inter & Co. Inc. (INTR) or Blackstone Inc. (BX) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank is a proven strat ...

洞见 （ DJ00123987 ） —— 不一样的观点，不一样的故事， 3000 万人订阅的微信大号。点击标题下蓝字 " 洞见 " 关注，我们将为您提供有价值、有意思的 延伸阅读。 用进废退。 前不久，牛津大学选出了2024年度词汇"脑腐"： 长期接受低密度信息，对知识的敏感度不断降低，不能构建自己的认知体系。 读一本晦涩的书，看几页就头脑发胀；对一个浅显的问题，思考片刻就妥协。 长此以往，人的情绪颗粒度变大，语言扁平化，思维变成一盘散沙，大脑不堪重负。 但同时，牛津大学也指出，对抗"脑腐"最好的方式就是深度思考，让大脑接收有深度，有内涵的知识。 就像《逆龄大脑》所说： " 在任何年龄都可以改善并拥有一个更好的大脑。通过科学的方法，任何人都能构建更好的大脑，保持大脑敏锐。 " 去见识多样的思维模式，领略不同的认知结构，就是我们长脑子的最佳途径。 01 作者：洞见Moon 看高分纪录片 人为什么要看纪录片？ 网上有个高赞回答： 人的足迹和视野终究有限，如果不看纪录片，人就容易困于狭隘和自私，一辈子活得庸碌无知； 世界充满了陷阱和欺骗，如果不看纪录片，人就容易被假象蒙蔽，在懒惰和贫穷中消耗自己。 在这个以头脑制胜 ...

Core Insights - The price of durians has significantly dropped this summer, with wholesale prices falling from 69.26 yuan/kg in April to 51.38 yuan/kg by May 23, marking a 25.8% decrease [5][17]. - This price collapse reveals deep-seated contradictions within the durian industry, affecting both consumers and producers [7][19]. Historical Context - Durians were introduced to China in the 1980s through small-scale trade, initially being a luxury item for expatriates [8][10]. - The entry of Thai durians into the Chinese market accelerated after China's WTO accession in 2001, leading to increased imports and a rise in consumer accessibility [12][14]. Supply Chain Dynamics - The breakthrough in cold chain technology has significantly reduced spoilage rates, allowing for more efficient distribution of durians from Thailand to Chinese markets [14][16]. - Companies like Hongjiu Fruits have established a supply chain system that connects Southeast Asian farms directly to Chinese consumers, enhancing market influence [16]. Market Challenges - The oversupply of durians, driven by increased production in Thailand and neighboring countries, has led to a significant drop in prices and quality issues [17][19]. - Consumers are becoming more cautious, preferring smaller, ripe durians over larger, unripe ones, indicating a shift in purchasing behavior [21][23]. Industry Evolution - Traditional trade models are being disrupted by new retail platforms that connect consumers directly with producers, reducing the role of middlemen [26][28]. - The rise of domestic durian production in Hainan is generating mixed reactions, with consumers hoping for quality improvements while questioning pricing strategies [33][36]. Future Outlook - The durian industry is expected to undergo a transformation, focusing on quality control and sustainable practices to avoid past mistakes of overproduction [36][43]. - Investment opportunities may arise in areas such as domestic durian cultivation technology and quality detection methods, emphasizing the need for a shift from scale to value [42][45].

与往年不同，今年一季度人社部没有公布季度投资收益和季度加权平均收益率，而是公布"近三年累计 收益率"。收益率计算方法为时间加权法，时间区间为2022年4月1日至2025年3月31日。 近日，人力资源和社会保障部(以下简称"人社部")公布2025年一季度全国企业年金基金业务数据摘要。 数据显示，截至一季度末，企业年金积累基金规模3.73万亿元，投资资产净值3.70万亿元，近三年累计 收益率为7.46%。这是人社部首次公布年金基金"近三年累计收益率"。 1月22日，中央金融办、中国证监会、财政部、人力资源社会保障部、中国人民银行、金融监管总局联 合印发的《关于推动中长期资金入市工作的实施方案》(以下简称《实施方案》)提出，加快出台企(职) 业年金基金三年以上长周期业绩考核指导意见。 在市场人士看来，建立长周期考核对年金基金和资本市场意义重大。南开大学金融发展研究院院长田利 辉接受《证券日报》记者采访表示，对年金基金而言，能够减少短期业绩压力，鼓励长期资产配置，提 升收益稳定性与抗风险能力。对资本市场而言，可以降低短期交易波动，增强市场稳定性；能够引导资 金流向科技创新、绿色产业等长期增长领域，支持实体经济；还有望 ...

Core Viewpoint - Yong'an Pharmaceutical has experienced a significant stock price increase, which has diverged from its fundamental performance, raising concerns about potential market speculation and risks [1][2][3] Company Performance - In 2024, Yong'an Pharmaceutical achieved a net profit of 61.76 million yuan, marking a return to profitability, but faced a decline in revenue of 12.96% in Q1 2025, amounting to 171 million yuan, with a net loss of 4.37 million yuan, a year-on-year decline of 115.23% [2] - The company, as the world's largest producer of taurine, is facing challenges such as overcapacity and intensified competition, despite a 16.32% increase in taurine sales volume to 49,700 tons in 2024 [2] - Revenue from taurine decreased by 4.14% to 635 million yuan, indicating a trend of increasing volume but decreasing prices [2] Valuation and Market Sentiment - As of the announcement, Yong'an Pharmaceutical's valuation metrics were all above industry levels, suggesting that investors are exposed to higher risks due to inflated valuations [2] - The company has issued multiple announcements regarding abnormal stock price fluctuations, reflecting concerns over irrational stock price increases and potential regulatory scrutiny [2] Investment Strategy - Investors are advised to exercise caution with Yong'an Pharmaceutical due to the significant divergence between stock price and fundamental performance, with a high probability of price correction [3] - Aggressive investors may consider reducing positions at high prices to avoid being the last to buy into the stock [3] - Long-term investors should wait for substantial improvements in company performance before making investment decisions, rather than relying on speculative market trends [3]

"赚盈利增长、估值修复和分红的钱" 从中长期业绩来看，万家慧选近3年净值涨幅超100%，持仓部分个股以惊人涨幅为组合业绩作出突出贡 献。以苏轴股份为例，2022年北交所股票低潮期，万家慧选开始建仓并不断增持：苏轴股份2022年半年 度报告显示，万家慧选进入前十大股东名单；苏轴股份2022年年报显示，万家慧选继续加仓，持仓占总 股本的3.4%，成为公司第三大股东。按该股今年一季度最高价计算，推算已达基金建仓均价的10倍左 右。值得注意的是，从今年的一季报看，万家慧选已大幅减持苏轴股份。 回顾买入过程，叶勇表示，早在10年前就在新三板中关注到苏轴股份，但到2021年底该股在北交所上市 才有机会布局。"当时市场对传统制造业兴趣寥寥，苏轴股份作为滚针轴承龙头，PE只有8倍多，关注 度很低。我基于长期跟踪，认为该股价值被严重低估。" 在叶勇看来：首先，苏轴股份是细分领域的隐形冠军，虽不如主题科技那么吸人眼球，但在轴承当中是 一个重要领域，产品广泛应用于汽车、家电、机械、航天国防等领域，这种"低调的冠军"是他所喜爱 的。"公司在核心技术、产品力、下游客户方面具备很强竞争优势，经营状况稳健，各项指标良好，分 红率稳定。从成 ...