Core Viewpoint - The China Securities Regulatory Commission (CSRC) has officially released the "Action Plan for Promoting the High-Quality Development of Public Funds," which sets a new direction for the public fund industry in China, emphasizing "quality improvement and efficiency enhancement" [2] Group 1: Policy Framework - The Action Plan establishes a clear regulatory framework for fund advisory services, indicating that service standards, entry thresholds, and regulatory requirements will be detailed, leading to standardized management of advisory services [3] - This standardization aims to enhance service professionalism and ensure that investors understand the service content, return logic, and risk boundaries [3] Group 2: Investor-Centric Approach - The Action Plan emphasizes that investor returns should be the primary focus, requiring fund companies to create a performance evaluation system centered on fund investment returns [4] - This shift from a scale-focused approach to one that prioritizes long-term returns will align the compensation of fund managers and advisors with actual fund performance [4] Group 3: Long-Term Investment Focus - The Action Plan mandates that fund companies adopt a long-term investment philosophy, with at least 80% of the evaluation weight on medium to long-term returns over three years [5][6] - This requirement is expected to shift advisory services away from short-term speculation towards long-term asset allocation [5] Group 4: Tailored Wealth Management - The Action Plan encourages fund companies to develop products and services that cater to diverse resident wealth management needs, particularly supporting the creation of index funds and low-volatility products [7] - Advisory services will be able to offer personalized investment plans based on precise demand profiles, ensuring that every investment aligns with individual needs [7] Group 5: Technological Empowerment - The Action Plan signals a push for digital transformation in the industry, including the launch of a direct sales platform for institutional investors, which will enhance service accessibility and reduce costs [8] - The policy also aims to lower fund sales fees, making financial services more affordable for investors [8] Group 6: Risk Management - The Action Plan emphasizes the importance of risk control, requiring that risk management be integrated throughout the advisory service process [9] - This includes preemptive risk diversification, real-time monitoring, and dynamic adjustments based on market changes [9] Group 7: Collaboration with Long-Term Funds - The Action Plan supports the entry of long-term funds into the market, enhancing the service capabilities of fund companies towards various long-term capital sources [10] - The expertise gained in managing long-term funds will benefit personal investors, optimizing retirement planning and improving portfolio resilience [10]

Core Insights - The National Social Security Fund (NSSF) achieved an investment income of 218.418 billion yuan with an investment return rate of 8.10% for the year, and a cumulative investment income of 1,900.998 billion yuan since its establishment [1][2][3] - The NSSF's investment strategy emphasizes long-term, value, and responsible investing, aligning with China's economic growth and national strategies [1][2] Investment Performance - The NSSF's average annual investment return since inception stands at 7.39%, reflecting a strong performance in the context of China's resilient economy [1][3] - The fund's asset allocation is heavily focused on domestic investments, with 86.82% of assets allocated to domestic markets by the end of 2024, creating a positive feedback loop between economic growth and fund appreciation [1][2] Policy Environment - Recent policy improvements, including the "National Nine Articles" and guidelines for promoting long-term capital market participation, have facilitated a more predictable and transparent market environment for the NSSF [2] - These policies support the NSSF's focus on long-term investments and value discovery, enhancing its operational framework [2] Strategic Alignment - The NSSF's investment decisions are closely aligned with national strategies, focusing on sectors such as renewable energy and rural revitalization, which are expected to yield stable long-term returns [2] - The fund's approach to investment not only captures policy-driven opportunities but also aims to achieve a balance between economic benefits and social value [2] Investment Operations - The NSSF employs a professional investment operation strategy, leveraging its long-term capital advantages to navigate market volatility effectively [3] - The fund's investment philosophy resonates with other long-term capital market participants, reinforcing stability in the capital market and supporting sustainable economic growth [3] Conclusion - The NSSF's investment success underscores the importance of synchronizing with China's economic trajectory and maintaining a commitment to value investing for sustained returns [3]

Group 1 - The U.S. government is currently experiencing a shutdown, but essential services continue to operate, and the impact on long-term investment strategies may be minimal [1][2][7] - The Social Security Administration has a contingency plan in place, with only a small percentage of its workforce furloughed, ensuring that Social Security checks will still be mailed [2][3] - Historical data shows that the S&P 500 has consistently trended upward over time, despite government shutdowns, indicating that altering investment portfolios due to short-term events may not be advisable [5][6] Group 2 - The duration of past government shutdowns, such as the longest one lasting 35 days, suggests that current shutdowns are unlikely to pose long-term risks to investments [4][7] - Market fluctuations, including bull and bear cycles, are normal, and long-term investors should focus on maintaining diversified portfolios to weather these changes [6]

Group 1 - The US dollar index showed a modest gain while December gold futures initially traded lower but later rallied, breaching the $4,000 mark, reaching a high of $4,000.10 and extending to $4,061.20 [1] - The Cash Gold Index remains in a major long-term uptrend, indicating strong bullish momentum, akin to a runaway train with no signs of stopping [2] - As of the latest update, the Cash Gold Index reached a high of $4,038.81, reflecting an increase of $180 for the month, and has consistently climbed the $1,000 ladder [3]

Core Insights - The article emphasizes the importance of learning from investment mistakes, particularly the tendency to sell stocks too early, as highlighted by financial expert Suze Orman [2][4]. Investment Mistakes - Orman's primary investment mistake was selling stocks prematurely, believing they had reached their peak value, which led to missed opportunities for greater gains [2]. - The lesson learned is to avoid second-guessing investments and to hold onto stocks that are performing well instead of selling them too soon [2][4]. Long-Term Investment Strategy - The article references Warren Buffett's advice on long-term investing, suggesting that investors should plan to hold stocks for extended periods to avoid impulsive decisions driven by fear [3][4]. - Holding stocks for the long term is associated with greater potential gains, reinforcing the idea that selling while a stock is still performing well can be a mistake [4]. Financial Education Gaps - A significant issue identified is the lack of financial education among younger investors, particularly Gen Z, who may be enthusiastic about investing but lack foundational knowledge [5]. - Young investors often overlook essential concepts such as compound interest, emergency funds, and the importance of investing in the right retirement accounts, which can lead to shaky investment decisions [5].

以下文章来源于终身黑白 ，作者终身黑白投资感悟 终身黑白 . 畅销书《行稳致远，价值投资的底层逻辑》作者，雪球网2024年十大影响力用户，聊聊投资和人生，适 度分散 长期持有 选优秀的企业 做时间的朋友 1 、愿三月有耕耘，九月有惊讶 今天是国庆节，先祝大家国庆快乐，假期就好好休息，优秀的企业不用我们天天费心，他自己会 照顾好自己。 什么时候你发现自己持有的企业一周，一月不看，你也并不着急，那么证明你选对了企业，选到 了确实是自己认可的那些企业，也找对了方法，能基于长期价值。 昨天的雪球文章下收到这样一篇评论 来源：雪球 《皮囊》里有句话： 有人说生命始于40岁，也有人说是50岁。其实都不对，生命应该始于你不再 取悦围观者的那一天。 ↑点击上面图片 加雪球核心交流群 ↑ 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：终身黑白 确实啊，不知不觉我们都走过了艰难的阶段，获得了不错的收获。 "愿三月有耕耘，九月有惊讶"，这是《岁月里的话》这首歌的一句歌词。 初看歌词，可能有些不理解，如果说有惊讶的收成需要祝愿。那么，播种有什么好祝愿的，这不 是应该做的事吗？没见过哪个农 ...

Group 1 - The core idea emphasizes that extending the investment horizon to 10 years significantly increases the probability of making a profit, as there are very few instances of losses over such a long period [2][4] - In the A-share market, investing in all stocks at any point can yield high returns during bull markets but may also result in significant losses during bear markets. However, long-term investments generally lead to profits as long as purchases are not made at the peak of a bull market [3][4] - Longer investment durations align returns more closely with the true average returns of stock assets. Investing in undervalued regions and holding for 3-5 years has historically shown no loss records, even during market downturns [4]

Group 1 - The article emphasizes that funds are very suitable investment products for ordinary people [1] - It suggests that new investors should consider long-term investment strategies and prepare psychologically before investing [1] - A free course is offered to help new investors understand fund investment from scratch [1] Group 2 - The article discusses the importance of obtaining quality information sources for effective learning in investment [5] - It highlights that classic books provide the highest value of information, as they present core concepts that have stood the test of time [6] - Quality magazines and official media are recommended as reliable sources, such as major securities newspapers [7] - The article warns against relying too much on short videos and social media for investment information, as they often contain limited and potentially outdated content [9] - It concludes that allocating more time to reading books and quality publications will yield better learning outcomes [10]

Group 1: Berkshire Hathaway and Warren Buffett's Investment Strategy - Berkshire Hathaway has significantly outperformed the S&P 500 over the past 60 years, with Class A shares returning over 6,080,000%, approximately 137 times greater than the S&P 500's total return during the same period [2] - Warren Buffett has been a net seller of stocks for 11 consecutive quarters, totaling $177.4 billion, with a notable portion attributed to Bank of America [8] - Despite selling, Buffett has shown interest in Sirius XM Holdings, a legal monopoly in satellite radio, increasing Berkshire's stake to over 37% [14][13] Group 2: Bank of America (BofA) Investment Insights - Buffett has sold over 427 million shares of Bank of America, reducing his position by 41% from July 17, 2024, to June 30, 2025 [8] - The selling may be driven by profit-taking, as BofA's stock has appreciated significantly since Buffett's initial investment [9] - BofA's stock is currently valued at a 41% premium to its book value, contrasting with a previous 62% discount when Buffett first invested [12] Group 3: Sirius XM Holdings Investment Insights - Sirius XM's revenue model is more resilient during economic downturns, with about 77% of its net sales coming from subscriptions, compared to traditional radio companies that rely heavily on advertising [16] - The company offers a dividend yield approaching 5%, significantly higher than the S&P 500, and engages in stock repurchases to enhance earnings per share [17] - Sirius XM shares are currently valued at 7.4 times forecast EPS for 2026, representing a 43% discount to its average forward price-to-earnings multiple over the last five years [18]

Core Viewpoint - The market is seen as a long-term vehicle for wealth, with a recommendation for a diversified investment strategy that includes both index funds and growth stocks [1][2]. Investment Strategy - A "bifurcated portfolio" is advised, with 50% in index funds and the other 50% in five selected stocks, including one speculative investment and one insurance asset like gold or cryptocurrency [1]. - Consistent monthly contributions to investments are emphasized, along with a focus on quality growth stocks rather than frequent trading [2]. Opportunities for Younger Generations - Current younger generations are positioned to benefit significantly from investments due to easier access to market knowledge and resources [3]. - Education on long-term investing is crucial, especially as younger individuals inherit substantial wealth, which often leads to trading rather than investing [4]. Educational Resources - The release of a new book titled "How to Make Money in Any Market" aims to provide guidance to younger investors [4].