Core Viewpoint - The management of market value by central state-owned enterprises has transitioned from a policy advocacy phase to a comprehensive implementation phase, with companies actively responding to policy requirements and releasing signals of high-quality development to the capital market [1] Group 1: Market Value Management Initiatives - The Beijing Listed Companies Association organized a seminar on "Market Value Management and Value Investment," involving over 200 participants from listed companies and investment research institutions [1] - The Secretary-General of the Beijing Listed Companies Association emphasized the importance of market value management for company influence, investor relations, and the stability of the capital market [1] Group 2: Core Competitiveness Enhancement - Participating companies believe that the core of market value management lies in solidifying the intrinsic value of enterprises, focusing on main business development, and enhancing core competitiveness through technological innovation and management optimization [2] - China Railway, leading the investment and operation of the Jingwei Expressway, showcased its technological advantages and commitment to safety and efficiency through the application of new technologies during construction [2] Group 3: Company Practices in Market Value Management - China Railway has developed a long-term mechanism for market value management, focusing on institutional innovation, practical planning, and performance assessment [4][5] - Jinju Group has established a long-term mechanism for market value management, emphasizing value creation, growth, transmission, and maintenance [5] - China Chemical's market value management is driven by high-quality development and a dual focus on technological and management innovation, aiming to enhance operational efficiency and core competitiveness [6] Group 4: Knowledge Sharing and Future Directions - Representatives from listed companies shared their experiences in market value management, highlighting the importance of improving company quality while maximizing shareholder returns [4][7] - The Beijing Listed Companies Association plans to continue promoting advanced experiences and practices in market value management among its members, fostering a collaborative environment for learning and improvement [7]

如果说，价值投资是穿透市场迷雾的灯塔，那么，长期主义便是跨越市场周期的舟楫。两者合力，让资本于喧嚣中沉 淀，令价值于浪潮里绽放。 2024年4月，资本市场新"国九条"出台，"大力推动中长期资金入市，持续壮大长期投资力量"作为重要议题之一，是金 融机构助力资本市场健康稳定发展的关键指引。此后，推动中长期资金入市的指导意见和实施方案先后发布，着力打 通各类中长期资金的堵点痛点，推动形成"长钱长投"的制度环境。 Q：光大理财在资产端、产品端参与资本市场的情况分别如何？权益类产品业绩如何？有哪些代表性的含权产品？ 好风凭借力，扬帆正当时。30万亿体量的银行理财资金在政策支持"长钱"入市的号角下，持续为资本市场注入源头活 水，润泽实体经济、托举产业巨轮。近期，财经网发起"长期资金稳步入市 资管行业开启新篇"专题报道，对话光大理 财股票投资部总经理梁珉，就理财公司如何通过布局权益资产锚定价值投资航向、强化投研实力破除客户接受度边界 等问题进行探讨。 光大理财股票投资部总经理 梁珉 光大理财是自去年9月26日以来，市场首家落地理财资金定增的理财公司。该公司把权益资产配置作为战略重点，持 续进阶投研能力，打造以多资产、多策略 ...

Core Viewpoint - The company emphasizes its commitment to value investment and its role in supporting the real economy, aiming to enhance investor satisfaction and long-term returns through a diversified investment strategy [1][4][7]. Group 1: Investment Performance - As of Q1 2025, the company's actively managed equity funds achieved an average return of 214.95% over the past ten years, ranking first in the industry and being the only fund company to exceed 200% in this period [1]. - The company has launched 36 different types of equity funds during market lows (below 3100 points) from 2015 to Q1 2025, with one-year, three-year, and five-year weighted average returns of 22.85%, 47.80%, and 52.68% respectively for products established for over a year, three years, and five years [4]. Group 2: Investment Strategy and Research - The company has established a comprehensive investment research system focused on value, rational, and long-term investment principles, enhancing its research capabilities and talent development [2]. - A strong emphasis is placed on creating a collaborative research culture that encourages independent thinking and knowledge sharing among research personnel, resulting in higher stability compared to industry averages [2]. Group 3: Awards and Recognition - The company has received 56 industry awards, including the "Golden Bull Award" and "Golden Fund Award," and has been recognized as a top fund management company multiple times, reflecting its strong performance and compliance [3]. Group 4: Commitment to the Real Economy - The company actively supports the high-quality development of the real economy by identifying long-term growth values in quality enterprises and aligning investments with future economic trends [5]. - In the realm of technology innovation, the company has made proactive investments in AI and other tech sectors, significantly increasing AI holdings in its funds early on, which has led to favorable performance [6]. Group 5: Future Outlook - The company aims to contribute to the construction of a financial strong nation and the modernization of China by adhering to the principles of "finance for the country" and "investment for the people," while enhancing its investment management capabilities [7].

Group 1 - The core viewpoint of the news is the implementation of policies to enhance the dividend ecosystem in China's capital market, emphasizing long-term cash dividend policies and incentives for listed companies [1][2][3] - The total cash dividends for A-share listed companies are expected to exceed 2 trillion yuan for the third consecutive year, with a notable increase in the average dividend payout ratio to 37.78%, and 1,277 companies having a payout ratio over 50% [2] - A total of 3,751 listed companies have announced or implemented cash dividend plans for 2024, with 89.20% of profitable companies planning to distribute cash dividends, and 2,093 companies having maintained cash dividends for five consecutive years [2][3] Group 2 - The emergence of innovative financial products, such as high-dividend ETFs and dividend index funds, is driven by the stable cash flow from dividends, creating a virtuous cycle of attracting funds to support corporate development [2][3] - The number of dividend ETFs in the A-share market has reached 37, with total net assets of 93.782 billion yuan, reflecting a growing preference for stable dividend-paying stocks among long-term investors [3] - The policy guidance aims to balance the development characteristics of different industries while addressing structural market contradictions, focusing on the principle of "shared benefits" while allowing growth companies to innovate [3]

继过去10日内快速经历了申报、受理和获批后，5月27日，首批新型浮动费率基金（下称"浮费基金"） 正式开售。 公开信息显示，已获批的26只基金中，5月27日启动发行的共有16只，包括易方达、汇添富、广发、富 国、嘉实、天弘、华夏、平安、南方、宏利、银华、博时、中欧、交银施罗德、华安、东方红旗下产 品。多数产品将于6月中下旬结束认购，在募集目标的设置上，最高有基金设置了80亿元。 作为公募行业开启改革新篇的关键一着，新型浮费产品"千帆竞发"背后，机构在营销上仍然火热。从各 家的营销材料来看，主要的宣传点一在浮动费率的设置科普，二在强调拟任基金经理的主动管理能力， 如选股策略、历史胜率、价值投资等。 平均认购期不到1个月 5月7日，证监会发布《推动公募基金高质量发展行动方案》明确提出，对新设立的主动管理权益类基金 大力推行基于业绩比较基准的浮动管理费收取模式。此后，首批新型浮动费率基金应声落地，标志着基 金业在产品供给侧的又一次深度优化。 渠道方面，一批托管行也正整装待发。在26只获批产品中，建设银行托管了最多的浮费基金，共达7 只，其中包括在5月27日首批发行的华夏、博时、富国、华安、银华旗下的5只。 中国银行 ...

在职业价值导向层面，上海交通大学上海高级金融学院2024年毕业典礼上，学院负责人在致辞中 寄语毕业生：不要因为从事金融行业而产生羞耻感…… 无独有偶，在全球经济结构深度调整的背景下，美国近期出现对金融行业价值导向的反思性讨论。 特朗普在高校毕业典礼致辞中呼吁这些商科高材生们放弃看似 "高大上" 的金融领域。他指出青年 人才应避免过度聚焦金融投机领域，转而关注实体经济领域的价值创造。 本期导读： 当下，金融行业面临的问题之一就是过去金融的繁荣，使得就业者暴增。如今行业面临压力，金 融行业精英们正经历一场"上山下乡"运动，核心是转哪行？ 作者丨 范译阳 本期推荐阅读5分钟 57年前，中国城市曾面临青年就业结构调整，大量中学毕业生的职业路径与城乡资源分配议题引 发社会关注。1968 年，知识青年参与农村建设的相关举措成为特定历史时期的社会现象，1975 年 全国参与相关实践的青年人数达 236.8 万。1980 年随着改革开放后城市经济活力增强，相关政策 逐步调整，城市就业机会逐渐增加。这一历程成为一代人特定代际的集体记忆。 回到金融行业生态，当下， 金融行业面临的问题之一就是过去金融的繁荣， 使得就业者暴增。据 ...

作者 | 市值风云基金研究部 编辑 | 小白 风云君继续给大伙介绍"吾股"基金排名靠前的产品。 今天的主角是鹏华优选价值股票A（008134.OF，以下简称"鹏华优选价值"），它由基金经理伍旋管 理，目前合并规模30.13亿。 机构持有比例近93%！ 该基金的投资目标是，在严格控制风险的前提下，精选具有良好盈利能力和价值被低估的股票，力求 超额收益与长期资本增值。 从业绩和回撤的结果来看，该基金确实"言行一致"，做到了"严控风险"和"超额收益"。 业绩上，不论从短期还是长期来看，鹏华优选价值都比较能打，基本在同类排名靠前位置，且近五年 年化达11.4%。 | | YTD | 近六月 | 近一年 | 近两年年化 | 近三年年化 | 近五年年化 | 近十年年化 | 总回报年化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | (5.4年) | | ● 鹏华优选价值A | 8.77% | 12.35% | 15.21% | 10.88% | 12.02% | 11.44% | | 8.89% | | ● 鹏华优选价 ...

作者： 懒人养基 以下文章来源于懒人养基 ，作者懒人养基 懒人养基 . 雪球21年度十大新锐用户、22年度基金影响力用户，私企业主，经济学硕士，《基金投资全攻略》作者。早期靠创 业获取主动收入，从17年开始，逐步将经营产生的余钱、闲钱，几乎全部逢低买入权益基金，从赚取主动收入慢慢 向赚取被动收入过渡。价值投资践行者 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。 来源：雪球 大家都抱怨投资难，但抱怨无用，想办法解决问题才是上策。 我在《提升自己的投资赚钱能力，就这几招》一文中曾说过，一靠自己不断小仓位实操、试错积累投资经 验，二靠借助专业机构的陪伴和服务提升自己。 其中，本身就较为成熟、被称为投资"唯一免费午餐"（躺赚）的资产配置方法，经过机构的悉心改进和完 善，可以让我们省去很多自己求索的功夫，比如已经推出几年的雪球三分法。 初初一看，三分法并没有什么高大上，很多人宁愿自己折腾也不屑去用，但它专治各种"一买就跌、一卖就 涨"的韭菜病，今天我们就来了解一下。 01 投资有不少错觉，而且很多人都会"中枪" 你是不是总在朋友圈刷到"牛基大涨"就心痒痒？是不是每天打开账户就忍不 ...

Core Viewpoint - The approval of the first batch of 26 new floating rate funds marks a significant development in the mutual fund industry, emphasizing a new fee structure linked to performance metrics [2][3]. Group 1: Floating Management Fee Structure - The newly introduced "innovative floating rate funds" will have management fees primarily tied to performance against a benchmark, differing from previous complex fee structures [5][6]. - The management fee structure is asymmetric, favoring investors, where the maximum fee of 1.5% per year applies only if the fund outperforms the benchmark by over 6% and generates positive returns [10][6]. - In cases where the fund underperforms the benchmark by over 3%, the management fee is reduced to a minimum of 0.6% per year [6][10]. Group 2: Performance Benchmark Importance - The performance benchmark is a critical element in the new fund structure, influencing both fund manager performance assessments and management fees for investors [11]. - Most of the newly issued funds have set their benchmarks as a combination of A-share broad indices, Hong Kong stocks, and bond indices, with a significant number opting for the CSI 800 index [12][11]. - The CSI 800 index is favored for its broader coverage of the A-share market, representing approximately 70% of the total market capitalization, thus providing a more balanced investment strategy [13][15]. Group 3: Fund Manager Selection and Performance - The selection of fund managers for these new floating rate funds is based on a combination of qualitative and quantitative metrics, with a focus on long-term performance [19][18]. - Wang Mingxu, a notable fund manager, is highlighted for his consistent performance and investment philosophy, which aligns with the objectives of the new floating rate funds [19][27]. - Wang's investment strategy emphasizes absolute returns and risk management, which is crucial for navigating varying market conditions [27][28].

Group 1 - The issuance of equity funds is experiencing a surge, with 16 new floating management fee funds set to launch on May 27, indicating a potential influx of capital into the market [1] - The total scale of ETFs in the Shanghai and Shenzhen markets has exceeded 4 trillion yuan, with a steady increase noted, suggesting a robust growth trajectory for the ETF market [1] - Traditional brokerage firms like Huatai Securities and CITIC Securities are maintaining their leading positions in the ETF business, highlighting the competitive landscape [1] Group 2 - The private equity fund management scale has rebounded to 20.22 trillion yuan, with 14.16 million funds managed, indicating a recovery in the private equity sector [2] - The average return for private equity institutions this year stands at 4.19%, with 72.85% of firms achieving positive returns, reflecting improved performance [2] - Five insurance companies have been flagged for inadequate solvency, although the overall solvency of the insurance sector remains strong [2] Group 3 - The price of tungsten has reached historical highs, with black tungsten concentrate prices rising by 18.2% to 165,500 yuan per ton, driven by supply-demand dynamics [3] - The demand for tungsten in sectors like PCB cutting tools is expected to grow, suggesting a positive outlook for the tungsten industry [3] Group 4 - The 618 shopping festival is set to be a significant event for e-commerce platforms, with new promotional strategies being adopted to enhance consumer engagement [4] - The integration of national subsidies is expected to further stimulate consumer spending during the shopping festival [4] Group 5 - The establishment of the Taiping New M&A Private Equity Fund in Shanghai, with a capital contribution of approximately 9 billion yuan, indicates a strategic move towards private equity investment [8] - The recent asset disposal by Wanda Group, involving the sale of 48 companies for around 50 billion yuan, reflects efforts to alleviate debt pressure [7] Group 6 - Meituan's CEO Wang Xing emphasized the company's commitment to winning competition in the food delivery market, despite aggressive subsidies from competitors like JD [8] - The ongoing competition in the food delivery sector is characterized by irrational subsidies, which may impact service quality and pricing [8] Group 7 - The recent auction failure of a painting by Wang Zhongjun, head of Huayi Brothers, highlights the financial struggles faced by the film industry, with the company reporting cumulative losses of 8.247 billion yuan from 2018 to 2024 [8] - The stock price of Zhongyida has surged threefold in two and a half months, raising concerns about potential market overheating and speculative trading risks [9]