导读：在许多人眼中，我是一个访谈超过600位基金经理的"外部观察家"。我的工作就是通过访谈基金经理，挖掘出每一个人的投资框架，让每一个持有 人找到匹配自己的基金经理和产品。 但是，我自己也是一个基金持有人，对于怎么投资基金产品也在一个不断成长的过程中。和大家一样，我也是买自己信得过的基金产品。也和大家一样， 我在市场出现波动的过程中，也有喜怒哀乐。 就说今天，在特朗普宣布加征100%关税的冲击下，市场出现了比较大的调整，有人担心这波可能会出现像4月一样的调整。外界虽然也有很多情绪按摩的 声音，但是自己内心的忐忑也是真实存在的。 在这个全球贸易关系紧张、市场不确定性加剧的时刻，我们更需要保持冷静，聆听那些有穿越周期经验的投资人的声音。 曹晋就是这样的人，他2009年就入行了，2013年开始担任基金经理，在科技赛道见证过三轮牛熊周期。他坐过熊市的冷板凳，也做过牛市的"C位"，见识 过市场的大风大浪，还保持着高昂的投研热情。面对市场的波动，脚踏实地的研究总能让他多一分定力。 比如上一轮的关税冲击，2018年底，中美关税摩擦爆发后，市场对于出口存在一定的误判，认为出口会遭遇断崖式下滑。但他通过实地调研，与出口一线 公 ...

Core Viewpoint - The National Social Security Fund achieved an investment return rate of 8.1% in 2024, with total investment earnings of 218.418 billion RMB, which is competitive compared to many current financial products [2][3]. Investment Performance - The average annual investment return rate since the fund's establishment is 7.39%, indicating strong long-term performance [2][3]. - In 2024, the Shanghai Composite Index, CSI 300, and ChiNext Index had annual increases of 12.67%, 13.23%, and 14.68% respectively, suggesting that many A-share investors may have higher returns than the fund [2]. Historical Performance - The fund has shown resilience during market downturns, with only three years of negative returns in 24 years: 2008 (-6.79%), 2018 (-2.28%), and 2022 (-5.09%) [5]. - The fund's performance in bull markets has been modest, achieving over 10% returns only in four years since 2010, indicating a strategy focused on capital preservation rather than high-risk gains [5]. Compounding Effect - The compounding effect of the fund's average annual return of 7.39% means that an initial investment of 1 million RMB would grow to over 5.5 million RMB in 24 years [7]. - If this return is sustained, the same investment could exceed 11 million RMB in 34 years, highlighting the importance of time in investment growth [7]. Investor Behavior - The frequency of checking investment performance can negatively impact returns, as evidenced by research showing that less frequent monitoring leads to better outcomes [8][10]. - Investors are encouraged to adopt a long-term perspective and manage emotional responses to market fluctuations to enhance investment success [10].

Core Viewpoint - The article discusses the debate between concentrated and diversified investment strategies, highlighting that while prominent investors like Warren Buffett and Zhang Lei have achieved success through concentration, ordinary investors are advised to diversify their investments to mitigate risks [1][2][3][5][9]. Investment Strategy - The phrase "Don't put all your eggs in one basket" emphasizes the importance of diversification in investment to avoid systemic risks associated with market downturns [1]. - Prominent investors such as Warren Buffett have concentrated their investments significantly, with 92% of his $240 billion portfolio in three sectors, primarily technology, and 49.33% in Apple alone [2]. - Zhang Lei, founder of Hillhouse Capital, also exemplifies concentrated investment, having initially invested heavily in Tencent and later in JD.com, leading to substantial growth in assets under management [3]. Perspectives from Fund Managers - Fund manager Xiao Nan argues that concentrated holdings are not inherently risky, citing that only 4% of stocks have generated all the market value growth in the past 200 years, suggesting that investors should focus their capital on these high-potential companies [5]. - The article contrasts the strategies of successful investors with the advice given to average investors, indicating that the latter should diversify their investments across various funds managed by skilled professionals [6][9]. Conclusion on Investment Approach - The article concludes that asset management should be concentrated while wealth management should be diversified, allowing ordinary investors to benefit from the expertise of focused fund managers [8][10]. - In the current market environment characterized by volatility and frequent style shifts, the choice between concentration and diversification is presented as clear, depending on individual investment goals [10].

10月13日，宇通客车涨1.05%，截至发稿，报29.71元/股，成交9.21亿元，换手率1.39%，总市值657.76 亿元。宇通客车股价已经连续3天上涨，区间累计涨幅9.19%。 资料显示，宇通客车股份有限公司位于河南省郑州市管城回族区宇通路6号，成立日期1997年1月8日， 上市日期1997年5月8日，公司主营业务涉及客车的研发、生产和销售;客车零部件的研发、生产和销 售。主营业务收入构成为：客车制造分部94.41%，对外贸易分部32.14%，其他分部12.13%，客运分部 0.07%。 从基金十大重仓股角度 数据显示，国泰海通资管旗下1只基金重仓宇通客车。国泰君安高端装备混合发起A（017933）二季度 持有股数2.17万股，与上期相比持股数量不变，占基金净值比例为4.3%，位居第七大重仓股。根据测 算，今日浮盈赚取约6727元。连续3天上涨期间浮盈赚取5.42万元。 国泰君安高端装备混合发起A（017933）基金经理为李煜。 截至发稿，李煜累计任职时间2年228天，现任基金资产总规模1255.52万元，任职期间最佳基金回 报-4.26%， 任职期间最差基金回报-5.26%。 风险提示：市场有风险，投 ...

Core Viewpoint - Pengxin Resources has experienced a significant stock price increase of 32.07% over the past four days, with a current price of 8.40 CNY per share and a market capitalization of 18.588 billion CNY [1]. Group 1: Company Overview - Pengxin Resources Co., Ltd. was established on September 29, 2000, and listed on June 26, 2003. The company is based in Shanghai and primarily engages in the mining, smelting, processing, and sales of metals such as copper, gold, and cobalt [1]. - The revenue composition of the company includes 51.07% from trading, 48.68% from industrial activities, and 0.25% from other supplementary services [1]. Group 2: Shareholder Information - Among the top ten circulating shareholders of Pengxin Resources, a fund under Southern Fund has increased its holdings. The Southern CSI 1000 ETF (512100) added 2.8112 million shares in the second quarter, bringing its total holdings to 14.3131 million shares, which represents 0.72% of the circulating shares [2]. - The estimated floating profit from the recent stock price increase is approximately 5.8684 million CNY, with a total floating profit of 27.7674 million CNY during the four-day rise [2]. Group 3: Fund Manager Profile - The fund manager of Southern CSI 1000 ETF (512100) is Cui Lei, who has been in the position for 6 years and 342 days. The fund currently manages assets totaling 94.976 billion CNY, with the best return during the tenure being 177.68% and the worst being -15.93% [3].

Group 1 - The core viewpoint of the news is that Jin Chun Co., Ltd. has experienced a significant stock price increase, rising 5.41% to 37.00 CNY per share, with a total market capitalization of 4.44 billion CNY and a cumulative increase of 33.21% over the past five days [1] - Jin Chun Co., Ltd. specializes in the research, production, and sales of non-woven fabrics, with its main business revenue composition being 85.46% from the non-woven fabric industry, 11.31% from chemical fibers, 1.69% from cleaning and hygiene products, and 1.54% from other sources [1] Group 2 - Among the top ten circulating shareholders of Jin Chun Co., Ltd., a fund under Nuoan Fund has entered the list, holding 635,800 shares, which accounts for 0.53% of the circulating shares, with a floating profit of approximately 1.208 million CNY today and 5.5633 million CNY during the five-day increase [2] - The Nuoan Multi-Strategy Mixed A Fund (320016) has achieved a return of 61.76% this year, ranking 456 out of 8234 in its category, and an annual return of 86.28%, ranking 155 out of 8083 [2] - The fund managers, Kong Xianzheng and Wang Haichang, have had varying performance records, with Kong achieving a best return of 76.38% and Wang achieving a best return of 63.97% during their respective tenures [2]

Group 1 - The core viewpoint of the news is that Lianyun Technology has seen a significant increase in its stock price, rising by 5.39% to reach 60.60 CNY per share, with a trading volume of 320 million CNY and a turnover rate of 7.96%, resulting in a total market capitalization of 27.876 billion CNY [1] - Lianyun Technology, established on November 7, 2014, is located in Hangzhou, Zhejiang Province, and specializes in platform-based chip design, focusing on data storage control chips and AIoT signal processing and transmission chips. The revenue composition is 85.68% from data storage control chips, 11.77% from AIoT signal processing and transmission chips, and 2.55% from other products [1] Group 2 - Among the top circulating shareholders of Lianyun Technology, a fund under China Merchants Fund, specifically the China Merchants Fengying Active Allocation Mixed A (009362), has entered the top ten circulating shareholders, holding 320,800 shares, which accounts for 0.46% of the circulating shares. The estimated floating profit today is approximately 994,600 CNY [2] - The China Merchants Fengying Active Allocation Mixed A fund was established on July 29, 2020, with a current scale of 687 million CNY. Year-to-date returns are 26.19%, ranking 3780 out of 8234 in its category, while the one-year return is 27.45%, ranking 3212 out of 8083. Since its inception, the fund has experienced a loss of 25.61% [2]

Core Viewpoint - Guangli Microelectronics has shown a positive stock performance with a 6.55% increase, reaching a share price of 91.05 yuan, and a total market capitalization of 18.236 billion yuan as of October 13 [1] Company Overview - Guangli Microelectronics, established on August 12, 2003, and listed on August 5, 2022, is located in Yuhang District, Hangzhou, Zhejiang Province. The company specializes in the design, development, and service of integrated circuit EDA software and wafer-level electrical testing equipment [1] - The revenue composition of Guangli Microelectronics is as follows: 62.40% from testing equipment and accessories, 37.00% from software development and licensing, and 0.60% from testing services and others [1] Shareholder Information - Among the top ten circulating shareholders of Guangli Microelectronics, a fund under Guolian An Fund has increased its holdings. The Guolian An CSI Semiconductor Products and Equipment ETF Link A (007300) added 95,200 shares in the second quarter, bringing its total holdings to 1.0611 million shares, which represents 0.99% of the circulating shares [2] - The Guolian An CSI Semiconductor Products and Equipment ETF Link A (007300) was established on June 26, 2019, with a current scale of 1.669 billion yuan. It has achieved a year-to-date return of 47.77%, ranking 725 out of 4220 in its category, and a one-year return of 59.24%, ranking 319 out of 3855 [2] Fund Manager Performance - The fund managers of Guolian An CSI Semiconductor Products and Equipment ETF Link A are Huang Xin and Zhang Zhenyuan. Huang Xin has a tenure of 15 years and 185 days, managing a total fund size of 42.052 billion yuan, with the best fund return during his tenure being 204.34% and the worst being -35.8% [3] - Zhang Zhenyuan has a tenure of 11 years and 316 days, managing a total fund size of 40.822 billion yuan, with the best fund return during his tenure being 387.76% and the worst also being -35.8% [3]

Core Points - The announcement details the opening of subscription, redemption, and conversion services for the E Fund Henghui Regular Open Bond Fund during its 30th operation period from October 16, 2025, to January 15, 2026 [1][30] - The fund will have an open operation period from October 16 to October 29, 2025, and a closed operation period from October 30, 2025, to January 15, 2026 [1][30] - The fund is not available for individual investors, only for qualified institutional investors and qualified foreign institutional investors [1][30] Subscription, Redemption, and Conversion Procedures - The fund's operation periods consist of open and closed periods, each lasting three months, with the open period lasting at least 5 working days and no more than 10 working days [2][32] - During the open operation period, subscription, redemption, and conversion services will be available on normal trading days of the Shanghai and Shenzhen Stock Exchanges [2][32] - The fund management has the right to adjust the open days and times based on market conditions or regulatory requirements [3][33] Subscription Details - The minimum subscription amount for first-time subscriptions through non-direct sales institutions is RMB 1, while for direct sales, it is RMB 10 [4][34] - There are no upper limits on the total amount held by a single investor, but measures may be taken to protect existing investors if large subscriptions negatively impact them [5][36] - The fund management can adjust subscription limits and fees based on market conditions [5][37] Redemption and Conversion Details - Investors can redeem all or part of their fund shares, with a minimum redemption of 1 share [9][42] - Redemption fees will be charged based on the fund's regulations, and the management can adjust these fees as necessary [10][44] - Fund conversion calculations involve specific formulas to determine the number of shares transferred and associated fees [11][45] Fund Management and Sales Institutions - The fund is managed by E Fund Management Co., Ltd., with specific contact details provided for investor inquiries [24][30] - The fund is available through direct sales channels and other sales institutions, with details on their operations available on the fund management's website [25][30] Fund Value Disclosure - The fund management is required to disclose the net asset value of the fund on the next business day after each open day [26][30] - This includes both the net value for the day and cumulative net value disclosures [26][30] Additional Information - The announcement serves to inform investors about the specific operational details for the fund's 30th operation period, emphasizing the importance of reading the fund's contract and prospectus for comprehensive understanding [27][30]

电广传媒（000917.SZ）10月11日在投资者互动平台表示，公司旗下达晨财智管理基金规模超600亿元， 目前达晨财智旗下管理的基金累计投资了800余家企业，2025年上半年投资项目16个，投资金额11.25亿 元，同比增幅25%；新增过会2家、新增上市挂牌1家、新增IPO申报5家。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：请问达晨及公司投资的项目里，预计半年内上市过会 的有哪些？ ...