将投中网设为"星标⭐"，第一时间收获最新推送 拆分GGV，是艰难而正确的决定。 整理丨 王满华 来源丨 投中网 距离上次和符绩勋的对话已经过去四年之久。在这四年中，纪源资本经历了机构历史上的重大转折。 2023 年， GGV 宣布将美国和亚洲业务进行拆 分，并不再使用已沿用 18 年的" GGV "这一英文品牌。 如今重提这一决策，符绩勋依然感慨万千，但他仍将其称之为"对的事 " ，在他看来，这是当下对 LP 、对被投企业，同时也是对团队最负责任的决 定。 宣布拆分简单，后续工作也得跟上，身为"船长"的他再次进入"修船"模式。 2024 年，纪源资本主动放慢投资节奏，开始重构能力模型，比如对团队的组织架构进行了调整，再比如开始拓展债权能力……符绩勋告诉我，经过一 年的战略调整，初步模型已经形成，如今他们已经做好了扣动扳机的准备。 至于投向哪里？他也有了比较清晰的思路，比如 AI 在各个行业的应用层，在他看来，未来两三年将有大量应用场景被激活，但这些机遇不一定属于创 业公司，更可能属于那些拥有数据积累的产品公司。 过去两年，美元基金的生存环境发生了巨大变化，各家应对变化的反应也不尽相同，有人选择离开、有人选择躺 ...

The S&P 500 is the most closely watched benchmark among the investment community because it measures the performance of large and profitable companies based in the U.S. However, it has been getting crushed in the past few days due to uncertainty surrounding tariff announcements.Some of its constituents have had a rough go, even after a long-term negative trend. As of April 7, this consumer discretionary stock is a whopping 69% off its peak, a record established all the way back in November 2021. To be clear ...

2025 年 4 月 2 日，美国总统特朗普在白宫签署了关于所谓"对等关税"的行政令，宣布美国对贸易伙伴加征10%的"最低基准关税"，并对部分贸易 伙伴征收更高关税，其中对我国额外加征34%的对等关税，同时计划终止从中国内地和中国香港输美小额包裹的免税待遇。我国也快速反应进行反 制，4月4日国务院宣布自4月10日起，对原产于美国的进口商品，在现行适用关税税率基础上加征34%关税。4月3日以来，全球股市陷入了自由落 体式下跌，A股也未能幸免，主要股指均在4月迎来大幅下跌。截止4月7日，上证指数和深证成指分别下跌7.17%和10.85%，代表大盘股、中盘股 和小盘股的沪深300指数、中证500指数和中证1000指数分别下跌7.66%、9.74%和11.73%。 图表1：4月以来A股市场主要股指涨跌幅 数据来源：晨星Direct； 数据截止日期：2025年4月7日 在市场避险情绪升温的背景下，债市成为了投资者寻求稳定收益的"避风港"。同时，受关税不确定性冲击，经济下行风险有所增加，提升了国内 市场对宽松货币政策的预期，推动国内债市大幅走强。 截止4月7日，10年期国债收益率自月初以来已下行19bps至1.63%,3 ...

2025 年 4 月 2 日，美国总统特朗普在白宫签署了关于所谓"对等关税"的行政令，宣布美国对贸易伙伴加征10%的"最低基准关税"，并对部分贸易 伙伴征收更高关税，其中对我国额外加征34%的对等关税，同时计划终止从中国内地和中国香港输美小额包裹的免税待遇。我国也快速反应进行反 制，4月4日国务院宣布自4月10日起，对原产于美国的进口商品，在现行适用关税税率基础上加征34%关税。4月3日以来，全球股市陷入了自由落 体式下跌，A股也未能幸免，主要股指均在4月迎来大幅下跌。截止4月7日，上证指数和深证成指分别下跌7.17%和10.85%，代表大盘股、中盘股 和小盘股的沪深300指数、中证500指数和中证1000指数分别下跌7.66%、9.74%和11.73%。 图表1：4月以来A股市场主要股指涨跌幅 数据来源：晨星Direct； 数据截止日期：2025年4月7日 在市场避险情绪升温的背景下，债市成为了投资者寻求稳定收益的"避风港"。同时，受关税不确定性冲击，经济下行风险有所增加，提升了国内 市场对宽松货币政策的预期，推动国内债市大幅走强。 截止4月7日，10年期国债收益率自月初以来已下行19bps至1.63%,3 ...

Group 1: Stock Buybacks by Securities Firms - Four listed securities firms, including Dongfang Securities, Guotai Haitong, Guojin Securities, and Guotou Securities, have initiated stock buybacks, planning to invest between 1.5 billion to 3 billion RMB [1] - Dongfang Securities plans to buy back 250 million to 500 million RMB of its A-shares at a price not exceeding 12 RMB per share, while Guotai Haitong's chairman proposed a buyback of 1 billion to 2 billion RMB [1] - This collective action by the securities firms is expected to enhance shareholder equity, stabilize stock price expectations, and signal long-term value to the market [1] Group 2: CITIC Securities Profit Forecast - CITIC Securities anticipates a net profit of approximately 6.545 billion RMB for the first quarter of 2025, representing a year-on-year increase of about 32% [2] - The significant growth in wealth management and investment trading revenues is cited as the primary reason for this profit increase [2] - As a leading player in the industry, CITIC Securities' performance is likely to positively influence the overall market sentiment towards the brokerage sector [2] Group 3: Social Security Fund's Stock Purchases - The National Social Security Fund has recently increased its holdings in domestic stocks and plans to continue this trend, reflecting confidence in the long-term development of China's capital market [3] - This move is expected to stabilize market sentiment and may lead to increased activity in undervalued, high-growth stocks, particularly in the financial and consumer sectors [3] - The fund's commitment to long-term and value investing principles is seen as a positive signal for the market [3] Group 4: Private and Public Fund Investments - Public and private fund institutions, including Bosera Fund and Pengyang Fund, are actively investing in their equity funds, demonstrating confidence in the long-term stability of the Chinese market [4] - Despite global market volatility, these institutions are focusing on domestic policies and sectors such as technology, pharmaceuticals, and consumer goods for future investments [4] - This proactive investment approach is expected to positively impact the stock prices of related fund companies and enhance overall market performance [4]

申万宏源首席策略分析师傅静涛表示，近年来，中央汇金多次表态力挺A股市场。2023年10月中央汇金 两次表态支持A股市场。2023年10月11日，中央汇金表示：近日已在二级市场增持工商银行、农业银 行、中国银行、建设银行的A股股份，并将在未来六个月继续增持。2023年10月23日，中央汇金表示： 今日买入交易型开放式指数基金（ETF），并将在未来继续增持。这样的表态，直接中断了2023年5月 之后A股自我强化的悲观预期，使得市场预期趋于平稳，行情演绎回归中性客观。另外，2024年2月6 日，中央汇金表示：充分认可当前A股市场配置价值，已于近日扩大交易型开放式指数基金（ETF）增 持范围，并将持续加大增持力度、扩大增持规模，坚决维护资本市场平稳运行。彼时，中央汇金加码稳 定资本市场预期，同时着力点更加均衡，价值和成长风格兼顾，使得市场摆脱了悲观预期和资金供需的 负循环，直接触发了A股2024年春节前后的反弹行情。 4月7日，中央汇金再次及时公告称：公司坚定看好中国资本市场发展前景，充分认可当前A股配置价 值，已再次增持了交易型开放式指数基金，未来将继续增持，坚决维护资本市场平稳运行。这是中央汇 金积极发挥平准基金 ...

Core Viewpoint - The article reflects on the lessons learned from four years of investment experience, emphasizing that investing requires rational planning and long-term commitment rather than following trends blindly [3]. Group 1: The Cost of Following Trends - The investment in popular funds, particularly in sectors like pharmaceuticals and military, led to significant losses when market conditions changed, revealing the risks of single-sector investments [4][6]. - A specific growth value fund experienced a maximum drawdown of over 50% due to heavy exposure to technology stocks during market downturns [4]. Group 2: Misconceptions About Dollar-Cost Averaging - Increasing investment amounts in a declining market did not yield the expected results, as the account faced multiple interruptions due to insufficient funds, missing opportunities to buy at lower prices [9]. - The failure to adjust investment strategies based on market valuations resulted in continued losses, highlighting the importance of timely decision-making [10][12]. Group 3: Emotional Decision-Making - During a market rally in September 2024, the account still showed a loss of over 40%, leading to a decision to cut losses by redeeming a quarter of the investment, which ultimately missed out on subsequent gains [14][15]. - The experience underscored the need for stop-loss decisions to be based on fundamentals rather than emotions, and the importance of investing with disposable income [16]. Group 4: Key Lessons and Insights - Diversification is crucial to survival, as over-concentration in high-volatility sectors can lead to significant setbacks during corrections; a balanced approach with value funds or fixed-income products is recommended [18]. - A long-term perspective and disciplined execution are essential, with stable investment amounts and dynamic valuation thresholds for profit-taking [20][21]. - Independent thinking is more valuable than following trends, as short-term performance may not reflect long-term stability; index funds are suggested for long-term investments over active funds [22]. Group 5: Rebuilding Investment Confidence - The company is now reallocating previously liquidated funds into diversified indices like CSI 300, CSI 500, and major U.S. indices, adhering to a "five-year hold + annual review" strategy to achieve recovery through low-cost averaging [24]. - The narrative concludes with a belief that respecting market dynamics and maintaining a disciplined approach are key to preserving capital and achieving long-term success [25][26].

Summary of Key Points Core Viewpoint The company, Guangzhou Haige Communication Group Co., Ltd., has announced a share repurchase plan aimed at enhancing investor confidence and implementing an employee stock ownership plan or equity incentive program. The total amount allocated for the repurchase will range from RMB 200 million to RMB 400 million, with a maximum repurchase price of RMB 17.60 per share. Group 1: Share Repurchase Plan Details - The types of shares to be repurchased are the company's issued RMB ordinary shares (A shares) [1] - The purpose of the repurchase is for employee stock ownership plans or equity incentives, with unutilized shares to be canceled if not used within 36 months [1][6] - The total funds allocated for the repurchase will be no less than RMB 200 million and no more than RMB 400 million [2][8] - The maximum repurchase price is set at RMB 17.60 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [1][7] Group 2: Financial and Operational Aspects - The estimated total number of shares to be repurchased is approximately 11,363,636 shares, accounting for about 0.46% of the company's total share capital, based on the lower limit of the repurchase amount [2][8] - The funding sources for the repurchase will include the company's own funds and a special loan for the repurchase, with a loan commitment of RMB 360 million from the Industrial and Commercial Bank of China [2][9] - The implementation period for the repurchase is set to be within 12 months from the date of the shareholders' meeting approval [2][10] Group 3: Management and Governance - The repurchase plan requires approval from the shareholders' meeting, and there is a risk of not obtaining this approval [3][15] - The management has expressed confidence in the company's long-term intrinsic value and believes that the repurchase will not adversely affect the company's operational, financial, or debt servicing capabilities [12][14] - The board of directors has committed to acting in good faith and diligently to protect the interests of the company and its shareholders during the repurchase process [12][14]

Core Viewpoint - Xinhua Life Insurance Company is focusing on transforming its product offerings, particularly in dividend-type products, to adapt to the low interest rate environment and meet customer wealth management needs [2][3]. Product Strategy - The company aims to enhance its product design to satisfy customer demands for wealth preservation while mitigating interest spread loss risks [2]. - Xinhua Life will increase the supply of floating and income-generating products, emphasizing the transformation of dividend-type products [2]. - The company is also strengthening its personal pension business, aligning with national social security arrangements [2]. Investment Strategy - In 2024, Xinhua Life has actively engaged in investments, including acquiring stakes in listed companies like Shanghai Pharmaceuticals and China National Pharmaceutical Group [4]. - The total investment scale reached 16,293.61 billion, with an investment return rate of 5.8% and a comprehensive investment return rate of 8.5% [4]. - The net profit attributable to shareholders increased by 201.1% year-on-year, reaching 26.229 billion [4]. Risk Management and Development - The company emphasizes the importance of balancing risk control with development, focusing on sales, product, and service capabilities [3]. - A dynamic floating interest rate pricing management mechanism will be established to enhance asset-liability management [3][5]. - Xinhua Life is committed to long-term and value-based investments, ensuring careful management of every premium [6]. Future Development Plans - The company plans to strengthen its investment sector and enhance its investment research management capabilities [7]. - Xinhua Life will implement innovative development strategies, focusing on institutional innovation and digital transformation [7][8]. - The company aims to serve the real economy and capital markets through value and long-term investments, while expanding its wealth management business [8].

Core Viewpoint - Investment should not be about quick gains but rather about choosing the right direction and being patient for long-term growth [4][10][23]. Group 1: Importance of Direction Over Speed - Many investors prioritize speed over direction, leading to significant losses [6][7]. - Successful long-term investors, like Warren Buffett, focus on holding quality assets rather than chasing short-term gains [8]. - A contrasting example is the speculative behavior of retail investors, which often results in substantial losses [9][10]. Group 2: Power of Compound Interest - Compound interest can significantly increase wealth over time, as demonstrated by the example of investing 10,000 yuan at a 10% annual return [12][14]. - Patience is essential for compound interest to work effectively; frequent trading can disrupt this process [15][16]. Group 3: Investment Strategy for Ordinary Investors - The "Snowball Three-Part Method" involves dividing investments into three categories to spread risk and stabilize returns [17][18]. - This method allows investors to benefit from market upswings while minimizing losses during downturns [19]. - The "All Weather Strategy" by Bridgewater Associates exemplifies effective risk management through asset diversification [20][21]. Group 4: Summary of Investment Principles - Successful investing requires selecting the right assets and exercising patience [23][24]. - The focus should be on long-term growth rather than short-term profits [25]. - The Snowball Three-Part Method promotes diversified and stable investment returns [26].