Core Viewpoint - The article promotes a three-day investment training camp aimed at helping investors improve their financial literacy and adopt rational investment strategies, particularly in the context of fluctuating market conditions [2][6][11]. Group 1: Training Camp Details - The training camp will take place from May 28 to May 30, focusing on value investing and rational investment methods [2][9]. - The camp will cover key strategies for aggressive and defensive portfolio management, as well as the use of ETFs for rebalancing [6][7]. - Registration for the camp is free, with a limited time to sign up on May 27 [9][21]. Group 2: Target Audience - The program is designed for investors holding multiple funds with unsatisfactory returns, older investors looking to reduce portfolio volatility, and beginners interested in systematic ETF allocation [13]. - The camp aims to create a community of like-minded investors for shared learning and support [13]. Group 3: Course Features and Benefits - The course will include rich content in a graphic format and provide real-time Q&A through an interactive community [11]. - Participants will have opportunities for rewards through daily interactions in the learning group and can win prizes upon completion of the camp [15]. - The course is accessible at no cost, with no product promotions involved, ensuring a focus on valuable content [17].

Group 1 - The core viewpoint is that the speculative trading behavior of retail investors in the A-share market is transitioning towards long-term value investing, indicating a maturation of the market [1][3][4] - Retail investors are increasingly focusing on high-dividend assets and adopting a long-term holding strategy, moving away from short-term speculative trading [1][2] - The regulatory environment has improved, with stricter enforcement against market manipulation, which has contributed to a more rational trading atmosphere [1][2] Group 2 - Policies aimed at stabilizing and activating the capital market, such as new merger and acquisition regulations and promoting long-term capital inflow, are enhancing the value discovery function [2] - The rise of quantitative trading is challenging the traditional trading strategies of retail investors, leading to reduced volatility in individual stocks [2] - The transition of retail investors to value investing is expected to further decrease the speculative atmosphere in the market, as other speculative traders may follow suit [3][4]

周末我应邀在深圳参加由新浪财经主办的2025基金高质量发展大会，我做了主题发言，分享了对于巴菲 特价值投资的理念以及对于中国股市的看法。我也非常荣幸连续多年获得由新浪财经颁发的投教达人奖 杯这也是对我一直推广价值投资理念的肯定，感谢各位投资者的大力支持。 利同等重要，让投资者在好机会来临时能够准确识别，而在风险来临时能够正确应对。 对巴菲特思想影响最深远的一本书是他的老师格雷厄姆写的《聪明的投资者》，至今仍被誉为投资的圣 经。《聪明的投资者》一书说提出了很多重要的论断。我们在做投资的时候要进行理性的选择，通过阅 读借鉴他人成功和失败的经验，在头脑里做好准备是比较有效应对风险的方式。巴菲特读完高中时就阅 读了一百多本书，超出了学校的要求。他说，"我到十岁时，我已读过奥马哈公共图书馆中每一本投资 的书，有的书读了两遍，你需要用各种互相竞争的想法填满大脑，并决定哪些是有意义的。" 有一次，有人问巴菲特成功的关键是什么，他举起一叠文件说，每天坚持阅读 500 页，这就是知识积累 的方式，如同复利增长一般。这件事，你们每个人都有能力做到，但我敢肯定，真正能持之以恒的人少 之又少。知名投资人罗杰斯说，"当你因对一家公司心 ...

Core Viewpoint - The conference emphasized "long-termism" and "structural opportunities driven by policy" as the key investment logic for A-shares in 2025 [1][8]. Group 1: Value Investment Practices - Yang Delong highlighted the importance of long-term holding of quality assets, citing examples like Moutai, and noted that A-shares have produced stocks with over 100 times growth, proving the effectiveness of value investing in this market [3]. - He focused on technology innovation and industrial transformation, identifying "AI + business applications" as the core future sector, particularly with the anticipated mass production of humanoid robots in 2025, which will create new industry opportunities [3]. - Yang pointed out the shift of 160 trillion yuan in household savings from real estate to the stock market, suggesting that funds should be allocated to products with clear top ten holdings and flexible rebalancing [3]. Group 2: Market Ecology and Investor Behavior - Li Daxiao proposed practical rules for value investing, advocating for blue-chip stocks and cautioning against high valuation traps, emphasizing the safety margins of traditional assets like high dividend stocks and core indices such as the Shanghai Composite [5]. - He called for investors to pay attention to entry timing when the market is supported by policy measures, noting that indices like the Hang Seng and Shanghai Composite are currently at "diamond bottom" levels [5]. - Li emphasized the importance of aligning the interests of retail investors with long-term benefits, suggesting mechanisms like floating fees to ensure mutual gains between fund companies and investors [5]. Group 3: Structural Opportunities - Both experts agreed that the market in 2025 will present a dual-track pattern of "technological breakthroughs and traditional value reassessment," with Yang leaning towards technology sectors and Li focusing on the recovery of traditional assets [6]. - Yang cited Nvidia as a case study, asserting that China has commercial advantages in AI applications, predicting that the logic of "order-driven performance" will materialize in 2025 [6]. - Li highlighted that undervalued blue-chip stocks will benefit from long-term capital inflows, creating a safety net through "stable growth + high dividends" [6]. Group 4: Rational Response to Volatility - Both speakers warned investors to avoid short-term speculation and to strengthen bottom-line thinking, with Yang advising to differentiate between concepts and performance in tech investments [7]. - He recommended diversified fund allocations and emphasized the importance of the fund manager's ability to adjust industry allocations [7]. - Li cautioned against high leverage, suggesting that it should be reduced to a level where investors can "sleep well," and recommended regular investments in index funds to smooth out volatility risks [7]. Conclusion - The discussions underscored the importance of rebuilding market confidence, with Yang advocating for the attractiveness of A-shares due to policy support and the shift of household savings, while Li emphasized a strong belief in national development and policy dividends [8]. - The consensus was that A-shares may transition from an "emotional market" to a "value market" in 2025, with a focus on holding quality assets and respecting market rules to share in the benefits of high-quality development [8].

价值投资 · 绝对收益 公司简介 重阳投资是首批在中国证券投资基金业协会登记的私募基金管理人，是连续十一年荣获业内最 权威奖项"金牛奖"的私募基金公司。重阳投资秉承"价值投资，绝对收益"理念，经过多年积 累，已创设了一套完善的投研体系，形成了良好的企业文化，聚合了大批优秀人才。在新时代 发展机遇面前，重阳投资愿借助平台积淀，严格遵守行业规范，积极参与市场建设，与蓬勃发 展的中国资产管理行业同步前行！ 详细信息请登录公司网站： http://www.chongyang.net 2025 · 与你同行 2025 · "渠道精英招募计划" 渠道经理 职责 描述 1、负责销售渠道开拓及维护； 2、组织渠道活动，高效传达公司投资策略； 3、及时跟踪渠道和客户动态，做好客户服务工作； 4、其他渠道服务相关工作。 职位 要求 应聘方式 请 发送简历⾄邮箱hr@chongyang.net， 标题请注明：姓名应聘渠道经理 联系⼈：薛⽼师 ▲向上滑动阅览 【免责声明】 本材料由上海重阳投资管理股份有限公司（简称"重阳投资"）原创并编辑发布，仅限于提供信息和投 资者教育的目的。本材料所依据信息和资料来源于公开渠道（例如：万得、彭博 ...

5月7日，证监会发布《推动公募基金高质量发展行动方案》（以下简称《方案》），全面建立以基金投资 收益为核心的行业考核评价体系。出于对投资者长期利益的考量，《方案》中着重强调了公募基金产品多 年以来"形同虚设"的业绩比较基准，并明确提出"强化业绩比较基准的约束作用"。 该项措施无疑针对的是多年以来公募基金重规模而轻收益的沉疴，还有风格漂移，以及"交易亢奋"等衍生问 题。受访的多位公募人士认为，这一改变将深刻变革主动权益型产品的底层运行逻辑，长周期考核机制下，公 募基金在追求超额收益的同时，可能更加注重产品投资收益的稳定性，"价值投资"的重要性将更为凸显。 如宏利成长的业绩比较基准为"65%×中信成长风格指数+35%×上证国债指数"，近三年来，该基准收益率为 112.95%，但基金收益率仅有10.25%，跑输基准超100个百分点，同期还有宏利周期、摩根中小盘等产品跑输 超过100个百分点。 此外，据国泰海通证券研究所基金评价团队测算，2022年—2024年，在A股市场持续下跌的背景下，主动权益 基金三年累计跑输业绩比较基准10%以上的比例高达64%。 对于上述基金长期大幅跑输业绩比较基准的现象，晨星（中国）基金评 ...

Group 1: Market Overview - The renowned international investment giant, known as the "Oracle of Omaha," announced his retirement as CEO by the end of 2025, emphasizing that his value investment philosophy will continue to influence the market [1] - The A-share market is currently witnessing a potential resurgence for undervalued stocks, indicating a favorable environment for value investing [2] Group 2: Regulatory Changes - In early May, a new action plan titled "Promoting High-Quality Development of Public Funds" was introduced, focusing on a client-centric business model that will reshape industry value and enhance the investability of the A-share market [3] - The reform of public funds is set to restructure capital allocation rules, with strict regulations on performance benchmarks for fund products, moving away from the previous model that favored high-tech investments over benchmark tracking [3] Group 3: Capital Flow and Value Recovery - A series of financial policies released on May 7 aims to stabilize the market and support value sectors, indicating a positive outlook for undervalued stocks [5] - The banking sector is currently trading at a price-to-book ratio of 0.5-0.6, with a high dividend yield of 6.9%, providing a dual safety net of high dividends and low valuations [5] - Regulatory requirements for long-term underperforming companies to develop market value enhancement plans may lead to improved asset structures and increased dividend distributions, thereby unlocking value [5] Group 4: Monetary Policy Impact - The central bank's reserve requirement ratio cut is expected to release over one trillion in liquidity, reducing banks' funding costs and alleviating net interest margin pressures [6] - The insurance sector's investment cap for equities has been raised, allowing an additional 60 billion for pilot projects, which may lead to increased investments in high-dividend financial stocks [6] - The implementation of a "quasi-stabilization fund" mechanism in the capital market will continuously inject liquidity, benefiting the financial sector as a core index weight [6] Group 5: Index Performance - The CSI 300 Value Index, which selects undervalued large-cap stocks based on dividend yield, price-to-book ratio, price-to-earnings ratio, and price-to-cash flow ratio, has a significant allocation in the financial sector, particularly in banks and non-bank financials, which constitute 52% of the index [8]

Core Insights - The article emphasizes the importance of long-term value investing and the philosophy of being a "clockmaker" rather than a "timekeeper" in the capital market [1] - It highlights the evolution of investment strategies under the leadership of Zhou Yun, focusing on adapting to market cycles and maintaining a long-term perspective [2][3] Investment Philosophy - Zhou Yun believes in the intrinsic value of companies and aims to identify high-quality stocks that can withstand market cycles [2] - His investment approach has evolved from classic value investing to incorporating dynamic assessments of competitive advantages and market cycles [3][4] Market Adaptation - Zhou Yun's strategy is characterized by "going with the big trend while countering the small fluctuations," focusing on industry transformations and human behavior in market cycles [4][6] - He has successfully integrated the "dual carbon" policy into his investment framework, predicting significant impacts on cyclical industries over the next 5-10 years [4][6] Performance Metrics - Zhou Yun's managed funds, such as the Oriental Red New Power and Oriental Red JD Big Data, have consistently outperformed benchmarks, achieving returns of 178.04% and 197.06% respectively from 2015 to 2024 [7] - His funds have maintained a strong track record, with 8 out of 9 years of positive returns for Oriental Red New Power and 7 out of 8 years for Oriental Red JD Big Data [7] Long-term Commitment - Zhou Yun exemplifies long-termism by holding significant personal investments in his funds, demonstrating alignment with investor interests [8] - His funds have shown annualized returns of 11.30% and 12.07%, significantly higher than their respective benchmarks [8] Conclusion - The article concludes that value investing is fundamentally about seeking truth and making informed decisions amidst uncertainty, with a focus on understanding the essence of companies and aligning with market trends [9]

本月上旬，中国证监会发布《推动公募基金高质量发展行动方案》（以下简称《方案》），全面建立以 基金投资收益为核心的行业考核评价体系。出于对投资者长期利益的考量，《方案》着重提到了公募基 金产品多年来"形同虚设"的业绩比较基准，并明确表示"强化业绩比较基准的约束作用"。 毫无疑问，上述举措击中了公募基金行业"重规模轻收益"的沉疴，以及风格漂移、"交易亢奋"等衍生问 题，一时间也引发业界积极讨论。近日，接受证券时报记者采访的多位公募人士均表示，这一举措将深 刻改变主动权益型产品的底层运行逻辑，基于长周期的考核机制，公募基金在追求超额收益的同时，将 更加注重产品投资收益的稳定性，价值投资的重要性也因此更为凸显。 据此，作为基金经理业绩考核的"指挥棒"，业绩比较基准也将重振旗鼓。 基准形同虚设备受诟病 业绩比较基准，是基金公司根据基金类型、投资范围、投资策略等，为基金设定的一条重要的"基准 线"，可以用来衡量基金创造超额收益的能力。 据证券时报记者统计，截至5月25日，纳入统计的超过3600只主动权益基金中，最近三年业绩能够跑赢 业绩比较基准的仅有948只，占比为26%。 还有部分基金产品跑输业绩基准超100个百分点。 ...

Core Insights - Zhejiang Haokun Shengfa Asset has gained significant attention in the private equity sector over the past year, with its products frequently appearing on performance rankings and experiencing explosive growth in scale [1][3]. Investment Strategy - The core investment strategy is summarized as "insightful foresight and agile victory," emphasizing a high win rate and the principle of small losses with large gains [2]. - The strategy respects market rules and involves rapid adjustments to positions when predictions conflict with market performance, ensuring flexibility and timely responses [2]. - The manager has extensive experience, having conducted on-site research on over a thousand listed companies, which aids in adapting to market changes [2]. Performance and Growth - Since taking over management, the representative products have consistently appeared on industry ranking lists, with the company's scale increasing from less than 500 million to over 1.8 billion [3]. Investor Relations - The company prioritizes investor returns, treating investor funds as its own, and has implemented a co-investment and profit-sharing mechanism to align interests [4]. - Over the past year, the company has internally purchased over 25 million in its products, with executives and employees contributing over 50 million, reinforcing investor confidence [4]. - Regular dividends are paid to investors, with most products having distributed dividends, and some investors have already recouped their principal [4]. Compliance and Risk Management - Strict adherence to compliance is emphasized as a foundation for sustainable growth, with a robust internal control and risk management system established [5]. - The company avoids short-selling stock index futures to mitigate leverage risks and has set strict limits on individual stock holdings [5]. - The maximum drawdown for most products does not exceed 15%, indicating effective risk management [5]. - The company has recruited five industry researchers and collaborates with external brokers to obtain timely market information and professional advice [5].