机构认为，年末行情轮动较快，或仍以震荡结构为主。 【财经日历】 中国11月贸易帐 国内成品油将开启新一轮调价窗口 恒生指数系列三季度季检结果生效 《证券结算风险基金管理办法》正式施行 2025年两化融合暨数字化转型大会(沈阳，12/8-12/9) 新股申购：纳百川、优迅股份 当地时间上周五，美国股市温和收高，截至收盘，道指涨0.22%，标普500指数涨0.19%，纳指涨0.31%。其中，标普500和纳指连续第四个交易日上涨。 美国科技七巨头走势分化，微软上涨0.48%，亚马逊涨0.18%，谷歌A上涨1.15%，Meta上涨1.80%；特斯拉小幅走高0.11%。另一方面，苹果下跌0.68%，英 伟达冲高回落0.53%。 华纳兄弟探索公司股价上涨6.3%，此前有消息称奈飞同意以720亿美元收购其电视、电影制片和流媒体资产，结束多周竞购。奈飞收跌2.9%，另一竞争者帕 拉玛斯斯凯丹斯重挫9.8%。 纽约尾盘，现货黄金下跌0.30%报4194.86美元，周累计下跌1.03%；COMEX黄金期货收跌0.44%报4224.30美元，周累计下跌0.73%。 ►►国务院总理李强主持召开国务院常务会议，研究进一步做好节能降碳工 ...

时至年末，A股与港股市场有所调整。对此，多家机构认为，本轮波动由多重因素共同导致，包括人工 智能"泡沫论"、美联储降息预期反复冲击全球风险偏好、年末机构获利了结行为加剧资金流出等。面对 市场波动，多家机构认为，当前调整为明年布局提供了有利窗口，将采取攻守兼备的投资策略积极应 对，重点把握A股市场的确定性机会。 安昀表示，将结合宏观、产业和公司逻辑，继续执行既有的策略，关注估值被低估的优质公司，同时进 行适当的均衡配置。 盛今认为，当前中国产业发展呈现多方面积极态势。在人工智能领域，产业链持续完善与升级。互联网 行业竞争格局逐步优化。部分消费细分领域需求开始稳步回暖。中国制造业整体优势进一步巩固，关键 技术领域不断取得突破，高端制造与硬科技板块展现出坚实的长期价值。 "医疗健康行业也迎来政策环境的边际改善，产业整体竞争力提升，生物制药领域的成长潜力日益凸 显。此外，化工、原材料等行业的盈利预期处于持续修复通道，相关企业的业绩前景值得期待。在市场 调整中，我们坚持自下而上的投资策略，遵循长期验证的价值投资方法，严守投资纪律。"盛今称。 对于近期市场波动，景顺投资高级基金经理刘徽对上证报记者表示：首先，AI相关板块 ...

Core Insights - The article emphasizes the distinction between investing and speculating, highlighting that investing requires understanding and knowledge of the underlying assets, while speculation often leads to higher risks and potential losses [1][2][3] Group 1: Investment Philosophy - Investment should focus on areas where one has genuine understanding and knowledge, as this leads to better decision-making and potential profitability [2][4] - The intrinsic value of a company is determined by the present value of its future cash flows, and stocks should be purchased when they are priced below this intrinsic value [4][12] - A strong corporate culture is considered a crucial component of a company's competitive advantage, or "moat," which helps in assessing its intrinsic value [6][27] Group 2: Investment Strategy - The article suggests that successful investing often involves a concentrated portfolio, where a few well-understood companies are held for the long term, rather than diversifying too broadly [10][11] - It is advised to avoid investments that require complex calculations for valuation, as simpler assessments are often more effective [7][20] - The importance of patience and waiting for the right investment opportunities is emphasized, as well as the need to reassess investments regularly based on changing circumstances [11][34] Group 3: Risk Management - The article warns against using leverage in investments, as it can lead to significant risks and potential losses [24][25] - Investors should be cautious of market trends and focus on the intrinsic value of companies rather than external market perceptions [18][19] - The concept of "margin of safety" is highlighted, suggesting that investments should be made with a significant buffer between the purchase price and the intrinsic value to mitigate risks [12][24] Group 4: Learning and Experience - The article stresses that understanding investment principles often comes from experience and learning from past mistakes rather than formal education [2][3] - It is noted that successful investors often have a deep understanding of their chosen industries, which allows them to identify opportunities that others may overlook [21][22] - Continuous learning and adapting to new information is crucial for long-term investment success [28][29]

中国证监会主席 吴清：要主动对接不同的风险偏好，不同规模、不同期限的（投资者）多元化的理财需求，提供更加丰富、更 加精准、更有利于长期投资、价值投资的产品服务，与投资者共进共赢，共同参与并且共享经济和资本市场发展的成果。 同时，他强调安全是行业底线，机构须强化合规风控，重点关注融资融券、场外业务等领域风险，坚决防范股东违规干预，维护 中小投资者权益。 吴清表示，我国居民资产中股票、基金占比仅约15%，资产管理与财富管理需求潜力巨大。他要求证券行业提供更加丰富、精 准、有利于长期投资的产品，与投资者共进共赢，共享经济发展成果。当前投资者信心与市场韧性明显增强，A股总市值自8月起已 突破100万亿元。 央视网消息：12月6日，中国证监会主席吴清在中国证券业协会第八次会员大会上表示，证券行业要为投资者提供更加丰富、更 有利于长期投资的产品。 在监管方面，证监会将对优质机构适度优化监管，支持其提升资本效率；对少数问题券商则依法从严监管、从严惩治，坚决出清 不合规股东，维护市场秩序稳定。 ...

Group 1 - The article emphasizes avoiding stocks with high turnover rates (30-50%) to prevent losses from high-frequency trading [1] - It suggests that quantitative strategies can be beneficial when they align with growth trends, acting as a support rather than a hindrance [1] - The management's cautious approach towards quantitative trading is seen as a positive consideration, promoting value, growth, and dividends [1] Group 2 - Financial data for various companies is presented, including metrics such as WMA, VWA, and financial performance indicators [3][4][5] - The article highlights the importance of sectors like power equipment, non-ferrous metals, and chemicals, indicating a potential for growth in these areas [5] - Positive developments in the insurance and brokerage sectors are noted, with a potential for significant market shifts if trading volumes increase [6]

中国证监会主席吴清称："要主动对接不同的风险偏好，不同规模、不同期限的投资者多元化的理财需求，提供更加丰富、更加精准、更 有利于长期投资、价值投资的产品服务，与投资者共进共赢，共同参与并且共享经济和资本市场发展的成果。" 吴清表示，在各方共同努力下，投资者信心和预期明显改善，市场韧性和抗风险能力明显增强。A股总市值从8月份开始突破100万亿元， 实现了量的合理增长和质的有效提升。证券机构是资本市场链连接投融资各方最重要的桥梁，对市场功能完善和生态建设发挥至关重要的作 用。 央视网消息：12月6日，中国证监会主席吴清在中国证券业协会第八次会员大会上表示，证券行业要为投资者提供更加丰富、更有利于长 期投资的产品，与投资者共进共赢。 吴清强调，当前我国居民资产中股票、基金等资产合计只占15%左右，证券行业正在面临新的经济社会结构的变化，资产管理、财富管理 服务的需求和潜力都是巨大的，证券公司、投资机构在权益投资、价格发现、风险管理等方面专业优势明显。 ...

本周值得看： 上周从宝藏库里面精译整理了一篇大部头，是Baillie Gifford传奇基金经理詹姆斯·安德森在2019年亲笔 撰写的一篇雄文——《格雷厄姆还是增长？》（Graham or Growth?） 1.8万字，看得酣畅淋漓。希望你跟我一样很喜欢。 点击阅读： 1.8万字｜柏基"传奇基金经理"詹姆斯·安德森2019年深度撰文：如何看待高成长与经典价值 还有一篇反响很好的转载文，缘起于两位投资圈的好友不约而同分享了风和基金创始人胡猛在北大价值 投资课堂上的交流。 1、 下阶段A股主要矛盾是基本面！中泰资管姜诚近期交流：知识要挑难的学，投资决策要挑简单的做 2、 明年投资要降低预期！景林高云程最新交流回答12个高关注问题 3、 中国资产已重回全球投资者布局的舞台中心！大摩邢自强最新发声：2026年的政策基调大概率还是渐 进、温和的 4、 公募量化都在说的AI赋能，如何能真正穿越周期获取超额？ 5、 港股证券怎么又热了？ 看完记得 点击视频右下角头像 ， 关注【聪明投资者视频号】 ，带你看投资智慧的浓缩精华。 转载开白， 请联系小编微信【fanxiaocom】，添加备注 "转载+新媒体名+姓名" ，按顺序邀 ...

Core Viewpoint - The article emphasizes the significant progress in China's financial futures market, highlighting the increased participation of institutional investors and the positive interaction between institutional involvement and market quality improvement [3][5]. Group 1: Institutional Participation and Market Dynamics - The China Financial Futures Exchange (CFFEX) aims to enhance the entry of medium- and long-term funds into the market, which has led to a notable increase in market capacity and institutional engagement [3][4]. - A joint initiative by six departments has outlined a clear plan to promote medium- and long-term funds entering the market, which is expected to support high-quality economic development and align with national strategic needs [4]. - In the first three quarters of the year, the average daily trading volume and open interest reached 1.24 million contracts and 2.08 million contracts, respectively, marking year-on-year increases of 30% and 13% [5]. Group 2: Financial Futures and Market Stability - The introduction of stock index futures and government bond futures has contributed to a more stable market environment, reducing the volatility of underlying indices by 6% to 17% [7]. - Institutional investors that engage in cross-period trading have extended their holding periods by 25% to 60% compared to those only participating in the spot market, indicating enhanced confidence and stability [7]. - The growth of index funds has surged over 150% in the past two years, with corresponding long positions in stock index futures increasing by over 170% [8]. Group 3: Future Directions and Innovations - CFFEX plans to further enrich its product offerings and optimize services to create a financial futures market ecosystem that supports long-term investments [8]. - The role of ETF market makers has been crucial, contributing over 25% of the total ETF trading volume, and they rely on stock index futures to hedge risks while maintaining market liquidity [7][8].

中经记者 孙汝祥 夏欣 北京报道 "'十五五'是我们乘势而上，全面深化资本市场改革、加快打造一流投行和投资机构的战略机遇期。"证 监会主席吴清12月6日在中国证券业协会第八次会员大会上致辞时指出，证券行业要把握机遇，勇立潮 头，争创一流。 吴清指出，"十五五"是推进中国式现代化、加快建设金融强国的关键时期。新征程上，证券行业作为直 接融资的主要"服务商"、资本市场的重要"看门人"、社会财富的专业"管理者"，发展空间广阔、大有可 为，必须主动呼应时代召唤，自觉担负使命责任。 受访专家对《中国经营报》记者表示，吴清致辞中有不少新提法或重点强化的要求，值得行业关注，并 深入落实。 奋力打造一流投资银行和投资机构 对于证券行业奋力打造一流投资银行和投资机构，吴清提出了五点希望。 一是行业功能发挥要迈上新台阶。 吴清指出，要坚决摒弃简单拼规模、比增速、争排名，切实把重心聚焦到高质量发展上来。要牢牢把握 服务实体经济这个根本，突出服务新质生产力发展这个重点，自觉承担保护投资者合法权益和促进稳市 兴市的社会责任。要带头践行价值投资理念，强化跨周期逆周期布局，提升投资稳健性和价值判断力。 要发挥好首席经济学家和行业机构分析研 ...

Group 1 - The core point of the news is the adjustment of the risk factor for insurance companies from 0.3 to 0.27, which releases more funds into the market, potentially increasing liquidity in the A-share market [1] - Experts estimate that over 100 billion yuan will flow into the market due to this adjustment, although this amount may not significantly impact the large scale of the A-share market [1] - The adjustment targets core assets such as the CSI 300 index and the CSI Dividend Low Volatility 100 index, which are expected to stabilize the market and promote a gradual bull market over time [1] Group 2 - The timing of this adjustment is seen as a response to declining market confidence and shrinking transaction volumes, as well as negative sentiment from significant shareholder reductions [3] - The adjustment is viewed as a measure to boost market confidence and stabilize the index around 3900 points in the short term, with a focus on increasing transaction volumes [3] - The current market situation indicates that while the index may improve, there are still underlying adjustments needed, emphasizing the importance of managing positions to seize opportunities and mitigate risks [3]