#优质作者流量激励计划# 在奥马哈小镇的晨光中，95岁的沃伦·巴菲特依然保持着孩童般的饮食偏好与永不退休的工作热情。 这位投资界的"不老传奇"用独特的人生哲学，为我们解开了一道横跨世纪的命题：真正的长寿，是让生命在时间的长河中持续生长。 一、饮食的返璞归真：听从身体本能的召唤 巴菲特办公室的抽屉里永远备着可乐和巧克力，这与他推崇的"6岁儿童饮食法"形成奇妙呼应。 在《黄帝内经》"五谷为养，五果为助"的智慧中，我们不难发现这位投资大师的饮食哲学暗合东方医学精髓。他像孩童般遵循身体最原始的渴望，用简单纯 粹的食物滋养生命。 现代营养学研究表明，过度加工的食品正在制造"营养贫困"。 哈佛大学公共卫生学院的研究发现，坚持天然饮食的人群，细胞端粒长度比同龄人长11%。这恰好印证了巴菲特"让身体做主"的朴素智慧。 他常引用的格雷厄姆名言"价格是你付出的，价值是你得到的"，在此处有了更生动的诠释——身体需要的，才是最好的营养。 这解释了为何93岁的老人仍保持着敏锐的判断力与旺盛的精力——热爱是最顶级的抗衰老药。 孔子"发愤忘食，乐以忘忧"的境界，在巴菲特身上得到了现代诠释。 他每天阅读500页财报，这种在常人看来枯燥的工作 ...

我们质疑他人的观点，也要考虑时间这个背景因素，比如2015年看好恒大和融创，并没有问题， 在2020年三道红线之前这些公司也是高分红高增速，给投资者带来了很好的回报，也是价值投资 的典范。 再比如在2022年之前，我看新能源供应链的公司，比如多次提到卖铲子的晶盛机电和先导智能等 公司盈利不错，但是在供需关系发生转变之后，这些企业的基本面就完全变了。 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：菜头日记 来源：雪球 上市公司的基本面是动态变化的，我们做投资，需要持续跟踪这个变化。 任何人或者机构表达看好某家公司，都需要把时间这个定语加进去。 但是中国经济还在高速增长，向上的空间是无限大的。 从赔率上来讲，2700点没有任何理由不满仓啊。 从结果上看，完全印证了判断，年末，满载而归。 因此，所谓的好公司，也是有时间限制的。 到了2023年的时候，菜头就多次公开表示对于所有新能源产业链上的供应链公司都应该保持谨 慎，并且也在专栏里面剔除了所有相关的公司。 尤其是专栏里面，大家现在回头去看的话，2020~2022年我提醒最多的就是白酒和医药板块估值 泡沫的风险，2022 ...

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：菜头日记 来源：雪球 上市公司的基本面是动态变化的，我们做投资，需要持续跟踪这个变化。 任何人或者机构表达看好某家公司，都需要把时间这个定语加进去。 因此，所谓的好公司，也是有时间限制的。 多年以前，与茅台、招行、伊利等公司齐名的大白马股万科、恒大、融创也是不错的，10年以前 没人提前知道是现在这个结局。 我们质疑他人的观点，也要考虑时间这个背景因素，比如2015年看好恒大和融创，并没有问题， 在2020年三道红线之前这些公司也是高分红高增速，给投资者带来了很好的回报，也是价值投资 的典范。 再比如在2022年之前，我看新能源供应链的公司，比如多次提到卖铲子的晶盛机电和先导智能等 公司盈利不错，但是在供需关系发生转变之后，这些企业的基本面就完全变了。 到了2023年的时候，菜头就多次公开表示对于所有新能源产业链上的供应链公司都应该保持谨 慎，并且也在专栏里面剔除了所有相关的公司。 尤其是专栏里面，大家现在回头去看的话，2020~2022年我提醒最多的就是白酒和医药板块估值 泡沫的风险，2022~2023年提醒最多的就是 ...

本报记者 昌校宇 中国证监会近期发布的《推动公募基金高质量发展行动方案》（以下简称《方案》），通过强化基金公司与投资者的利益 绑定、业绩比较基准的约束作用等举措，着力推动行业从"重规模"向"重回报"转变。 此举将如何重塑主动权益投资生态？基金经理需怎样应对这一新挑战？《证券日报》记者就此专访了中金基金权益部基金 经理丁杨，深入解读《方案》对行业的影响及投资方法论变革。 丁杨认为，《方案》强化业绩比较基准的约束作用，规范投资行为，这一举措将对公募基金产生深远影响。 首先，大幅偏离基准去博弈赛道、风格的模式将有所转变。以往，部分基金常通过押注单一行业或风格获取短期高收益， 但这种做法的风险与收益并不匹配。《方案》通过强化基金管理人与投资者之间的利益绑定，促使基金管理人和基金经理更加 注重行业和风格的均衡配置。 其次，基金经理将更加专注于个股选择能力的提升。过去，主动权益类基金的短期业绩受行业轮动和风格切换影响明显， 基金经理的长期选股能力难以被有效识别。未来，在锚定基准的背景下，投资组合将更注重与基准的匹配度，这使得基金经理 通过精选个股创造超额收益的能力会更清晰地体现在业绩中，而这一能力也将成为衡量基金经理投资 ...

Group 1 - The article highlights the emergence of mid-generation fund managers in the public fund industry, who are becoming key players between established veterans and new rising stars [2] - Notable mid-generation fund managers include Yuan Weide from China Europe Fund, Liu Xu and Han Chuang from Great Wall Fund, and Zhang Jintao from Harvest Fund, among others [2] - These managers face the challenge of balancing scale growth with performance stability, aiming to convert short-term success into long-term sustainable returns [2] Group 2 - Yuan Weide has 8.46 years of investment experience and manages four products with a total scale of 10.267 billion yuan [3] - Initially focused on TMT and electronics, Yuan has expanded his expertise to banking, new energy, and consumer sectors, categorizing assets into three types based on risk-return characteristics [4] - As of Q1 2025, Yuan's portfolio includes high-end manufacturing, consumer goods, and gold stocks, adhering to a value investment philosophy that prioritizes safety and growth [4][5] Group 3 - Liu Xu, with 9.88 years of experience, manages seven products totaling 25.734 billion yuan, focusing on deep value investment through a five-dimensional stock selection model [8] - His investment strategy emphasizes long-term value and competitive advantages, particularly in the manufacturing sector [9] - Liu's flagship product, Great Wall Gaoxin, has achieved a total return of 382.52% since his appointment in July 2015, outperforming the benchmark [13] Group 4 - Han Chuang, with 6.42 years of experience, manages seven products totaling 14.642 billion yuan, known for a cyclical growth strategy focusing on industry trends [10] - His performance has been closely tied to macroeconomic conditions, and he aims to diversify beyond cyclical sectors to enhance returns [17] - Han's flagship product, Great Wall New Industry, has delivered a total return of 299.27% since his appointment in January 2019, although recent performance has lagged [16] Group 5 - Zhang Jintao from Harvest Fund has 9.05 years of experience and manages seven products with a total scale of 15.428 billion yuan, focusing on value investment principles [20] - His representative product, Harvest Hong Kong and Shanghai Select, has achieved a total return of 152.37% since May 2016, with a year-to-date return of 10.68% [22][23] - Wang Guizhong, another notable manager from Harvest Fund, has 6.10 years of experience and focuses on technology investments, achieving a total return of 170.06% since May 2019 [25][27]

以下文章来源于中泰证券资管 ，作者文/姜诚 中泰证券资管 . 基金经理跨越一轮牛熊周期战胜市场，不算特别难；每年都战胜市场就很难。无论绝对收益、超额收益或是相对排名，再优秀的基金经理都会有表现 不佳时刻，此时的沟通特别重要，远好于业绩亮眼时的吹牛。我们致力于做持有人投资路上的好朋友，特别怕大家在高光时慕名而来，低谷时转身离 去，所以我们在低谷时特别爱说话，在高光时尽量少说话。 通过"陪伴"让"信任"尽可能持久，是我们采用的第一个办法。 最近的交流中，我被问到最多的问题是：价值投资在A股适不适用？问题让人意外，因为答案是显而易见的——适用。只要有透明的价格和价值可以 被评估的资产，价值投资就适用，它不局限于股市，更不存在A股例外论。至于什么样的资产是好资产，什么样的价格是好价格，可以仁者见仁智者 见智。 再三被问到这个问题时，才发现这背后不是对价值投资本身的质疑，而是对它在资产管理行业中应用前景的焦虑，包括对价值投资还能否战胜市场的 焦虑，还有对持有人能否再次相信主动管理的焦虑。这样的焦虑事出有因，应该认真对待。 对超额收益的担忧或许是多虑，几个常被忽略的事实给予我们信心：一是所有投资者作为一个整体不会有超额收 ...

Core Viewpoint - The "NBD Brand 100 Index" is set for its fourth sample adjustment on June 16, 2025, reflecting the brand value of Chinese listed companies and their performance in the securities market [1][3]. Group 1: Index Overview - The "NBD Brand 100 Index" was officially launched on May 10, 2022, as the first cross-border index developed by NBD and China Securities Index Co., showcasing high brand value companies listed in A-shares, Hong Kong stocks, and US stocks [3][4]. - The index is based on the "Top 100 Chinese Listed Companies Brand Value List" and uses May 10, 2018, as the base date with a base point of 1000 [4]. Group 2: Sample Adjustment - The index will undergo annual adjustments based on the latest "Top 100 Chinese Listed Companies Brand Value List," with changes implemented on the next trading day after the second Friday of June each year [5]. - The upcoming adjustment will maintain the total number of constituent stocks at 99, with 9 new stocks being added [1][2]. Group 3: New Constituent Stocks - The newly added constituent stocks for the 2025 index include: Gujing Gongjiu (000596.SZ), BOE Technology Group (000725.SZ), Hikvision (002415.SZ), TCL Electronics (01070.HK), Li Auto (02015.HK), Zijin Mining (601899.SH), Haidilao (06862.HK), Transsion Holdings (688036.SH), and Vipshop (VIPS) [2][7]. Group 4: Performance and Investment Potential - Since its launch, the "NBD Brand 100 Index" has shown a significant increase, closing at 1084.79 points on May 9, 2025, representing a 16.72% rise, outperforming the CSI 300 Index (4.83%) and the CSI A100 Index (5.20%) during the same period [6]. - The index serves as a practical case for brand value research, indicating a positive correlation between brand value and investment potential [6].

近年来，越来越多投资者开始追求更为稳定的收益结构，A股市场关于价值投资的指数工具也不断上 新。 根据此前公告，价值ETF(159263)将于6月16日(下周一)起正式发售。这有望为投资者提供价值投资的又 一利器。 资料显示，该产品跟踪的国证价值100指数，反映沪深北交易所价值风格突出的上市公司证券价格变化 情况，剔除成交金额与总市值排名靠后、净利润为负的证券，剔除ROE均值、ROE波动率、自由现金流 收益率排名靠后的证券，选取市盈率倒数、股息率、自由现金流率综合得分最高的100只证券构成指数 样本。 值得注意的是，该产品也是首只跟踪国证价值100指数的ETF。 2)优选高自由现金流率企业，有利于筛选出具有相对更好基本面、更低价格的企业。 3)优选盈利能力良好且持续的企业。截至2025年一季末，该指数ROE水平(9.5%)略高于中证红利，与沪 深300接近。 长期表现来看，国证价值100全收益指数2013年以来年化收益超过17%，高于中证红利和沪深300的全收 益指数，同时历史最大回撤更低。 此外，该指数还采取了季度调仓的方式，持续聚焦低估值标的；同时将单一行业的权重限制在20%以 下，令行业分布更均衡，利于优 ...

价值股顺丰增长加速，重点关注 20250612 摘要 顺丰通过多网融通、运营模式变革和区域合并等措施，持续提升利润率， 预计利润率每年修复 0.2-0.3 个百分点，该趋势预计持续至 2030 年。 各大业务板块市场领先，但收入增速已从 40-50%降至 10-15%。 顺丰资本开支自 2024 年显著下降，自由现金流保持近 20%增长，分红 比例持续提升，2024 年达 88%。扣除一次性分红后，常规股息率从 35%提高到 40%。自由现金流好转，公司有能力进一步提高分红比例 和进行回购注销。 顺丰件量增速在 3 月份加速至 25%，首次超过行业平均水平，表明市占 率正在恢复。4 月份增速加速到 30%，高于行业 10 个百分点以上，5 月份预计高于行业 20 个百分点以上，增长速度远高于行业平均水平。 顺丰增长显著的原因包括：轻小件仓位优化策略提升装载率，签订新合 同提高退货件报价竞争力，以及调整前端激励模式为合伙人制，激发业 务人员潜力，这些管理改善对公司的成长性产生了强大的激励作用。 顺丰与淘系合作推出"极速上门"产品，特点是顺丰包邮、次日达、送 货上门，提升履约时效，与仓配电商竞争。顺丰凭借全货机网 ...

Core Insights - The article contrasts the investment philosophies and backgrounds of two legendary investors, Warren Buffett and George Soros, highlighting their differing approaches to investing and market dynamics [1][2][3]. Group 1: Background and Early Influences - Warren Buffett grew up in a middle-class family in Omaha, Nebraska, with a father who was a stockbroker, which instilled in him a strong financial awareness and a disciplined approach to investing [4][5]. - In contrast, George Soros had a tumultuous childhood in Hungary, where he faced the threat of Nazi persecution, shaping his risk-averse yet opportunistic investment style [6][7][8]. - Soros's experiences during World War II, including his family's survival tactics, influenced his belief in preparing for future risks and adapting to changing circumstances [9][10]. Group 2: Education and Early Career - Soros arrived in London with little money, working while studying at the London School of Economics, where he was influenced by philosopher Karl Popper, shaping his critical thinking and investment strategies [14][15][16]. - Buffett, on the other hand, had a smoother educational path, studying business management at the University of Pennsylvania and later at Columbia University under Benjamin Graham, which solidified his value investing approach [17][18]. Group 3: Investment Strategies and Philosophies - Soros found success in global arbitrage, leveraging his knowledge of European markets and relationships, particularly during the Suez Crisis, which allowed him to capitalize on market inefficiencies [19][20][21]. - Buffett's investment strategy focused on value investing, acquiring undervalued companies and waiting for their true value to be recognized, achieving an annualized return of 29% over 13 years [23][31]. - The article notes that Soros's approach is characterized by a focus on macroeconomic trends and market psychology, while Buffett emphasizes long-term value and the intrinsic worth of companies [35][36]. Group 4: Major Achievements and Turning Points - In the 1970s, Soros's Quantum Fund achieved remarkable returns, capitalizing on market volatility and employing leverage to maximize profits, particularly in currency markets [30][31]. - Buffett's investment in Berkshire Hathaway marked a significant shift in his strategy, focusing on acquiring great companies at reasonable prices, which led to substantial long-term gains [31][32]. - Both investors faced challenges in the 2000s, with Buffett's conservative approach to the internet boom and Soros's struggles in adapting to new market conditions, leading to a decline in their performance [33][34]. Group 5: Philosophical Differences - The article concludes that Buffett's investment philosophy is rooted in a belief in the inherent value of companies and a long-term perspective, while Soros's approach is more dynamic, focusing on the unpredictability of markets and the importance of quick decision-making [35][36][37].