Group 1 - The core viewpoint emphasizes a "growth and dividend" strategy in industry allocation, focusing on high dividend assets for stable cash returns [1] - The anti-involution policy is expected to improve profit margins and return on equity (ROE), which are crucial for stock market returns [1] - In the context of increasing institutionalization in the domestic stock market, there is a shift in focus towards profitability and shareholder returns rather than short-term earnings elasticity [1] Group 2 - The expansion of net profit margins can significantly drive stock price returns, as evidenced by Japan's experience [1] - Supply-side optimization measures for high-involution industries are expected to alleviate price competition, promoting profit recovery in traditional sectors such as photovoltaics, batteries, and chemicals [1] - The dividend-focused state-owned enterprise ETF (510720) tracks the national dividend index (000151), selecting high-dividend, stable enterprises from the Shanghai market, covering sectors like banking, coal, and transportation [1]

Group 1 - The core viewpoint is that despite increased volatility in tech stocks, the disruptive impact of AI across industries and the positive policy environment for the tech sector remain unchanged, suggesting that technology will continue to be a market focus [1] Group 2 - The investment opportunities in the tech sector are particularly emphasized, with global capital expenditure increasingly focused on AI, which is expected to drive a new phase of rapid GDP growth [2] - Chinese companies are noted for their global competitiveness in terms of application scenarios and user penetration, making them worthy of attention, especially those leveraging AI for cost reduction and business model transformation [2] - The company has established a strict risk control system to optimize fund holding experiences while seizing AI investment opportunities, including limiting AI-related holdings to no more than 50% of the portfolio and avoiding leverage tools [2] Group 3 - Beyond AI, there is significant interest in new consumption and resource sectors, driven by the preferences of younger consumer groups who prioritize products that express individuality and provide enjoyable experiences [3] - The concept of "value for money" is becoming a new competitive core for consumer enterprises, shifting the focus from price competition to delivering appropriate products and services at reasonable prices [3] - The construction of AI data centers and the expansion of power grids are expected to increase demand for key resources such as copper, aluminum, and uranium, presenting structural investment opportunities [3] Group 4 - The company expresses optimism about equity assets in markets like South Korea and Vietnam, noting that AI-related stocks constitute a significant portion of the South Korean market, with valuations generally in a reasonable range [4] - Vietnam's upgrade from "frontier market" to "secondary emerging market" by FTSE Russell is anticipated to enhance institutional ownership and correct mispricing, making it a market worth exploring [4]

Core Insights - The Vanguard Value ETF (VTV) is highlighted as a balanced investment option that combines growth potential with dividend income, making it suitable for long-term investors concerned about market corrections or economic downturns [1][9] ETF Overview - The Vanguard Value ETF tracks the CRSP U.S. Large Cap Value Index, focusing on large-cap value stocks determined by various financial metrics such as price-to-book ratios and price-to-earnings ratios [4] - The ETF has a low expense ratio of 0.04%, meaning an investor pays only $4 annually for every $10,000 invested [6] Performance Metrics - Recent performance data shows the Vanguard Value ETF's five-year average annual return at 12.40%, while the ten-year and fifteen-year averages are 11.55% and 11.77%, respectively [6] - In comparison, the Vanguard S&P 500 ETF has higher returns, with a five-year average of 14.91%, but includes a significant concentration in its top holdings [6] Top Holdings - The top ten holdings of the Vanguard Value ETF include JPMorgan Chase (3.60%), Berkshire Hathaway (3.22%), and ExxonMobil (2.12%), collectively accounting for about 20% of the ETF's total value, indicating a less concentrated portfolio compared to the S&P 500 [8] Dividend Yield - The Vanguard Value ETF offers a dividend yield of 2.1%, which is significantly higher than the S&P 500's yield of 1.1%, making it an attractive option for income-seeking investors [9]

Core Insights - The listing of HashKey Holdings in Hong Kong marks a significant milestone for the blockchain industry, indicating a shift from "wild growth" to "regulated maturity" [1] - The current industry winter is not a sign of decline but a "survival of the fittest" phase, where compliance becomes essential for survival and development [2] - HashKey's IPO signals a transformation in the blockchain industry's underlying logic, emphasizing long-term value over short-term speculation [2] Industry Overview - The ongoing industry winter is characterized by high regulatory pressure and a significant reduction in market liquidity, with over 60% of small exchanges shutting down due to compliance costs [2] - The total market value of global crypto assets has shrunk by over 40% from its peak, reflecting a broader trend of "bad projects being eliminated" [2] HashKey's Listing Signals - HashKey's IPO serves as a "trend guide" for the Web3 industry, highlighting four key signals that could reshape the industry landscape [3] - Hong Kong's unique position as a "safe haven" for Web3 is reinforced by HashKey's listing, which connects traditional finance with blockchain technology [4] - HashKey has established itself as a leader in Hong Kong's blockchain ecosystem, with a trading volume exceeding 1.3 trillion HKD and staked assets of 29 billion HKD [4] Compliance and Traditional Finance - HashKey's listing provides a strong compliance endorsement, addressing traditional finance's hesitance to enter the crypto space due to perceived risks [5] - The revenue from institutional clients at HashKey has surged from 420 million HKD in 2022 to 27.37 billion HKD in 2024, indicating a significant influx of traditional funds into the crypto market [6] Platform Token Dynamics - HashKey's platform token $HSK is now recorded on the company's balance sheet, transforming it from a speculative asset to a company equity certificate [7] - This new model aligns the value of $HSK with the company's financial performance, encouraging HashKey to maintain its value through business growth [7] Industry Turning Point - The current phase for digital assets is likened to the pivotal moment for the internet in 1995, with user growth and regulatory clarity paving the way for mainstream adoption [8] - Monthly active digital asset addresses have tripled to 220 million by September 2024, indicating rapid user base expansion [8] BUYCOIN's Strategic Positioning - BUYCOIN has proactively aligned itself with the compliance trend, establishing a robust operational framework that meets global regulatory standards [10] - The platform emphasizes community sovereignty, allowing users to benefit from their contributions through a transparent profit-sharing mechanism [11] Ecosystem Development - BUYCOIN's collaboration with DeepLink has led to the integration of over 100,000 devices, enhancing user engagement and expanding its ecosystem [13] - The platform's dual focus on hardware and finance aims to broaden its value proposition, making its token BCT a practical currency [13] Resilience Across Market Cycles - BUYCOIN's structure is designed to provide stability during market downturns while capitalizing on growth opportunities during upturns, ensuring community engagement remains strong [14] Conclusion - The current market conditions present an opportunity for strategic positioning within the compliant and value-driven segments of the crypto industry, as exemplified by HashKey and BUYCOIN [15][16]

常劲指出，本次征文大赛吸引了众多价值投资理念追随者，征文数量、质量远超去年。2025年是资本市场非常热闹的一年，市场似乎从冬天迈入春天，但 春天仍有"跳板"，价值投资人应永远将风险放在最重要的位置。他希望，芒格书院的征文比赛不会变成市场的晴雨表，而是价值投资者独立和理性思考的 体现。 由芒格书院发起的价值投资征文大赛已连续举办四届，旨在"以文会友"，持续发现并连接价值投资者与终身学习者。据介绍，本届大赛以"巴菲特时代"为 主题，面向价值投资研究者与终身学习者征集原创研究文章。自2022年以来，征文大赛形成了以巴菲特、芒格投资思想研究，中国公司研究，投资与创业 结合研究为核心的写作传统。 东方网记者刘轶琳12月14日报道：13日，"致敬巴菲特时代——第四届价值投资征文大赛颁奖典礼暨研讨会"在上海杉达学院举行。本次活动由上海杉达学 院与芒格书院联合主办。 上海杉达学院校长陈以一、副校长陈瑛等出席了颁奖典礼。本次征文大赛的评委喜马拉雅资本COO常劲、今日资本创始人徐新、六禾致谦管理合伙人夏 晓辉等出席活动并致辞。 陈以一在致辞中表示，上海杉达学院以"让每一个学生获得适合自己的发展增量"为办学使命，培养了大批服务长三 ...

以下文章来源于长线是金11 ，作者长线是金11 长线是金11 . 记录本人的投资心得，希望能对大家有所帮助 作者： 长线是金11 来源：雪球 有一位朋友，说价值投资不应局限于各种茅，也应该分析一下寒武纪、摩尔线程的价值。 于是我就以格雷厄姆曾经讲过的故事作了回应——有一个石油商死后上天堂的时候，圣彼得告诉他一个坏消息。 圣彼得说：你的确有资格进天堂，可是你也看到了，分配给石油商居住的地方已经客满了，我实在没有办法把你安插进去。" ↑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。 下面是A股的半导体指数，我们不难发现大起大落的周期性色彩非常明显，低迷久了就会暴涨，一旦涨狠了，往往又会暴跌。也就是说关注并投 资"科技股"，也应该在行业极端不景气、不被人看好的时候介入，而不是行业高度景气、众人痴迷的时候去人云亦云。 那个石油商想了一会之后问圣彼得说："我可不可以跟那些住在那里的人讲一句话？"圣彼得想了想，让他说句话也无妨。那个石油商于是合起他的 双手成杯状，放在嘴边大喊："地狱里发现石油了！" 忽然之间，大门开了，所有的人蜂拥而出向地狱冲去。 ...

Core Viewpoint - Value investing is a long-term strategy that is applicable not only to the US market but also to A-shares and Hong Kong stocks, as emphasized by Buffett, who achieved a 55,000-fold return through value investing over 60 years [1][4]. Group 1: Value Investing Principles - The essence of value investing is "good industry, good company, good price," but good companies often come with high prices, necessitating patience for market downturns to find good prices [1][4]. - Practicing value investing requires overcoming human emotions of greed and fear, advocating for reducing positions during market exuberance and increasing positions during market pessimism [1][4]. Group 2: Chinese Characteristics of Value Investing - The concept of "Chinese characteristic value investing" is proposed, which combines the selection of good industries and companies with appropriate position management based on market fluctuations [1][4]. - The A-share market is still developing, characterized by high volatility and a dominance of retail investors, necessitating a tailored approach to value investing [1][4]. Group 3: Market Timing and Strategy - The company successfully navigated market cycles over the past decade by timing market peaks and troughs, including significant actions taken in 2014, 2015, 2016, and 2018 to manage risks and capitalize on opportunities [2][5]. - Market phase assessment is based on eight factors, including policy direction, valuation levels, market sentiment, liquidity, external factors, risk premiums, market themes, and fundamentals [2][5]. Group 4: Policy Orientation - Close attention to policy direction is essential in "Chinese characteristic value investing," with a focus on industries supported by policy and avoidance of those that are restricted [3][6]. - The current A-share market is viewed as a golden investment period, encouraging investors to adhere to value investing principles and strategically invest in quality stocks or funds [3][6].

参与此次调研的睿远基金是一家以价值投资、研究驱动和长期投资风格为主的长期价值投资机构，聚焦 于权益投资和固定收益投资领域。截至目前，管理基金数量5只，其中睿远成长价值混合A最新单位净 值为1.9997，近一年增长62.96%。 在业务发展方面，公司作为全球水泥技术装备与工程服务领域规模领先的集成服务商，业务贯穿矿山开 采、水泥生产线技术研发、数字设计、智能制造、智慧建设、智慧运维及售后服务等全流程。2025年前 三季度境外订单同比增长37%，境外工程和境外装备订单持续高增。根据相关机构预测，2026至2030年 境外水泥工程服务市场年均规模预计可达323亿元，非洲、中东、南亚等"一带一路"沿线国家的新建需 求和欧洲等成熟市场的存量技改需求为增长动力。 在未来规划上，公司从2024年底开始谋划部署"十五五"规划，已形成初步发展思路：继续秉持稳中求进 工作总基调，推动业绩向上、结构向优、质效向好，全面融入集团产业布局；建强"十五五"战略科技力 量，推动科技创新和产业创新深度融合；坚持发展速度与发展质量并重，强基固本，夯实高质量发展根 基。针对应收账款管控，公司已成立"两金"压降工作组，建立了包括强化组织保障、严格 ...

Core Viewpoint - The article discusses the evolving landscape of investment strategies, particularly the tension between growth and value investing, emphasizing the need for a nuanced understanding of these concepts in the context of modern economic changes [6][8][9]. Group 1: Growth vs. Value Investing - James Anderson acknowledges a widening divide between growth and value investing, suggesting that traditional value metrics may not suffice in a changing economic landscape dominated by tech giants like Microsoft and Google [8]. - The article highlights that while growth and value investing appear divergent, they share fundamental principles, such as the importance of honest long-term cash flow estimation and risk awareness [9]. - Anderson emphasizes the need for a longer time perspective and serious company research, valuing patience and governance sensitivity inherent in value investing [9][10]. Group 2: Historical Context and Literature - The article notes a lack of literature supporting growth investing compared to the extensive documentation of value investing, which has a rich tradition and numerous classic texts [11][13]. - It references Benjamin Graham's views on growth stocks, indicating that while he recognized their potential, he also warned of their speculative nature and preferred investing in larger, less popular companies [13][14]. - The article argues that the realities of the past decade have diverged from Graham's observations, with growth stocks outperforming traditional value stocks [15]. Group 3: Future Investment Landscape - The article posits that future returns are highly uncertain, urging a reevaluation of investment beliefs and strategies in light of complex market dynamics [18][30]. - It suggests that understanding structural changes in the global economy is crucial for predicting long-term investment outcomes, rather than focusing solely on short-term financial metrics [33][34]. - The piece warns against relying on historical volatility to forecast future performance, advocating for a mindset open to exploring various possibilities [38][39]. Group 4: Case Studies - The article compares Coca-Cola and Facebook, illustrating how traditional value metrics may misrepresent the potential of high-growth companies [64][69]. - It highlights that Coca-Cola's growth has stagnated, while Facebook has shown significant growth potential, challenging the notion of which company represents true value [66][70]. - The automotive industry is used as a case study, showcasing how different companies within the sector exhibit varying growth and value characteristics, with General Motors and Ferrari serving as contrasting examples [82][88].

2025年末，资本市场的目光被两条看似无关的线索牵引交织。 另一边，曾因 "国民神车" 光环崛起、又因连续六年亏损超250亿元陷入绝境的众泰汽车，正悄然完成一场关键的人事换血——新一届管理层中，韩必文、 李立忠等"奇瑞系"老将与许明哲、严敏霞等步步高背景高管相继就位，勾勒出"产业+资本"的重组轮廓。 一边是低调潜行二十余年的商界奇人段永平，突然密集出现在公众视野，从特斯拉投资谈到财富哲学，甚至不惜推翻对马斯克的过往评价，一句"不做朋 友但可以投资"，让这位"步步高教父"的每一次发声都成为舆论焦点。 这场跨越电子消费与汽车制造两大领域的人事交集，引发外界连锁猜想。有人将段永平的高调亮相解读为"造车前哨"，认为其正通过资本网络布局整车制 造；也有分析称奇瑞汽车欲借众泰上市平台实现A股落地，完成新能源战略升级。 值得注意的是，截至目前，无论是段永平本人及步步高集团，还是奇瑞汽车，均未通过公告或官方渠道确认对众泰汽车的直接投资或接管意图，奇瑞汽车 方面相关工作人员向《每日经济新闻》记者直接回应其为"不实消息"。 众泰汽车的公告板则成为唯一的事实出口。12月8日和12月9日晚间，众泰汽车（000980.SZ）连续发布两 ...