Core Insights - The article discusses the author's transition from a potential career in politics to a focus on value investing, emphasizing the importance of risk management and long-term wealth growth [1] Group 1: Career Transition - The author initially pursued a career in politics but shifted to finance after facing challenges in 2019, recognizing the need for financial stability [1] - The decision to study value investing was driven by the desire to make money work effectively and to safeguard against future setbacks [1] Group 2: Professional Experience - From 2020 to 2022, the author worked in a sales role at a law firm, where they became the top-grossing salesman and managed a team, contributing to sales strategy [1] - The experience gained during this period was instrumental in assessing company prospects based on their sales strategies [1] Group 3: Investment Advisory Role - The author served as an investment advisory representative with Fidelity from 2022 to 2023, focusing on 401K planning [1] - Despite excelling in this role and passing Series exams ahead of schedule, the author felt constrained by Fidelity's reliance on modern portfolio theory, leading to a decision to leave after one year [1] Group 4: Current Endeavors - In November 2023, the author began writing for Seeking Alpha, sharing investment opportunities and insights with readers [1] - The articles serve as a platform for the author to communicate the investment journey and opportunities being pursued [1]

Core Viewpoint - The article discusses the significant growth of "fixed income +" products in the current equity bull market, highlighting that the total market size of these funds reached a new high of 2.5 trillion yuan by the end of Q3 2025, with a quarterly increase of over 500 billion yuan [1]. Group 1: Growth of "Fixed Income +" Products - The understanding of "fixed income +" has evolved, with a general definition indicating that assets with less than 30% equity can be classified as such [1]. - The development of "fixed income +" funds has been ongoing for over 20 years, with the first public secondary bond fund launched in September 2002 [1]. - The total size of "fixed income +" funds was only 220.66 billion yuan at the end of 2014, but it has seen significant growth since then, largely driven by the decline in risk-free returns [1]. Group 2: Investment Strategies and Team Analysis - Various teams have adopted different investment strategies for "fixed income +" products, including multi-dimensional analysis frameworks and risk budgeting approaches [2]. - The Xingquan Fixed Income Enhancement Team is notable for its early exploration of fixed income enhancement investments, having launched the first public convertible bond fund in May 2004 [2]. - The team employs a value investment philosophy, focusing on the asymmetry of risk and return across different asset types [3]. Group 3: Performance Metrics and Risk Management - The article emphasizes the importance of performance metrics such as the Calmar ratio, which measures annualized returns against maximum drawdown, to evaluate "fixed income +" products [11][14]. - The Xingquan Fixed Income Enhancement Team has demonstrated strong performance, with several funds ranking in the top 20% of their categories based on returns and risk-adjusted metrics [11][15]. - The team has a structured risk management approach, including a risk warning mechanism that triggers discussions on adjustments when significant drawdowns occur [23]. Group 4: Market Trends and Future Outlook - The demand for "fixed income +" products has diversified, particularly among bank wealth management clients who are more sensitive to absolute returns and drawdowns [21]. - The article notes that as pure bonds enter a declining yield environment, more investors seeking absolute returns are likely to enter the "fixed income +" space [26]. - Xingquan aims to innovate within the "fixed income +" category by offering a variety of products, including index-enhanced and quantitative style-enhanced options, to meet diverse investor needs [26].

何理表示，尽管公司在2016年就已成立，但团队对新事物始终保持着热情与接纳度。方法论上，投研团 队系统性覆盖前沿领域，并建立稳定的产业与专家网络。"AI赛博坦"与强制性的回溯复盘机制相结合， 确保了每一个观点和交易都可追溯、可分析，推动认知在快速迭代中及时纠偏与深化。 对美股某AI硬件公司的成功投资，堪称这一理念与投资体系结合的范例。何理回顾说，在2022年开始 建仓，初始逻辑是将其视为周期下行阶段的优质硬件公司。"随着对AI认知的深化，我们系统性地提升 了对其长期价值的评估，并在上涨初期进行了加仓。"此后，该股持续大涨，公司通过持续评估"质价 比"，动态调整了部分仓位至其他更具性价比的标的。 在充满不确定性的资本市场中，私募机构如何构建可持续的竞争优势？止于至善投资创始人、总经理何 理的答案是将主观洞察、量化工具与人工智能技术深度融合，锻造一个不断进化、追求"理性共识"的科 学投资体系。近日，在接受中国证券报记者专访时，何理详细介绍了其"只以合理价格投资卓越公司"的 理念，并分享了如何借助体系化力量，在全球市场波动中捕捉机遇、管理风险的经验。 合理定义价值与风险 "价值投资可以简单理解为好资产加好价格，缺一 ...

Core Viewpoint - The article emphasizes the need to create a standardized, inclusive, and vibrant capital market ecosystem, highlighting the importance of legal construction and regulatory reforms in the capital market [1] Regulatory Reforms - The article calls for the revision of key laws including the Securities Law and the Securities Investment Fund Law, as well as the formulation and revision of administrative regulations such as the Listing Company Supervision Management Regulations and Securities Company Supervision Management Regulations [1] Investor Protection - There is a push to enhance investor protection mechanisms, including the establishment of representative litigation for investors and strengthening investor education and advocacy for rational, value, and long-term investment [1] Talent and Research Development - The article stresses the importance of building high-end think tanks and talent teams in the capital market, focusing on strategic, foundational, and forward-looking research [1] Public Sentiment and Innovation - It advocates for improving expectation management mechanisms and fostering a societal atmosphere that encourages innovation and accepts failure [1]

● 本报记者 王辉 何理将AI定位为团队的"数字同事"和投资体系的内在组成部分。"AI赛博坦由研究、交易、风控、回溯 四大子体系融合而成，AI几乎参与了公司每一个环节的构建、运行与迭代"，"在这个开发过程中，AI的 作用无可替代，它极大地提升了效率，并促进了更优方案的诞生。我们的开发模式是与AI持续讨论， 这使我们能够快速迭代。"何理称。 何理表示，尽管公司在2016年就已成立，但团队对新事物始终保持着热情与接纳度。方法论上，投研团 队系统性覆盖前沿领域，并建立稳定的产业与专家网络。"AI赛博坦"与强制性的回溯复盘机制相结合， 确保了每一个观点和交易都可追溯、可分析，推动认知在快速迭代中及时纠偏与深化。 对美股某AI硬件公司的成功投资，堪称这一理念与投资体系结合的范例。何理回顾说，在2022年开始 建仓，初始逻辑是将其视为周期下行阶段的优质硬件公司。"随着对AI认知的深化，我们系统性地提升 了对其长期价值的评估，并在上涨初期进行了加仓。"此后，该股持续大涨，公司通过持续评估"质价 比"，动态调整了部分仓位至其他更具性价比的标的。 在充满不确定性的资本市场中，私募机构如何构建可持续的竞争优势？止于至善投资创始人 ...

Core Thesis - DXP Enterprises, Inc. presents a compelling bullish case due to its strong execution across diversified segments, record backlogs, and disciplined capital allocation [2][5] Financial Performance - As of December 2nd, DXP's share was trading at $96.50, with a trailing P/E of 17.64 [1] - Consensus estimates project Q3 revenue of $499 million and EPS of $1.57, with a stronger base case of $502–$512 million in revenue and $1.55–$1.65 in EPS [2] - In Q2, DXP reported an EPS of $1.43, beating estimates, with revenue of $498.7 million [3] Segment Performance - Innovative Pumping Solutions (IPS) grew 27.5% year-over-year with 19.9% margins, while Service Centers rose 10.8% at 14.8% margins [3] - The Water segment has shown resilience, marking its 11th consecutive quarterly increase [4] Strategic Initiatives - Management expresses confidence in sustained project flow, particularly from IPS bookings, which provide visibility for the next 9–12 months [4] - Recent acquisitions, including McBride and Moores Pump, are expected to enhance scale and quality [4] Market Conditions - The macroeconomic backdrop is favorable for DXP's hybrid MRO-plus-project model, with manufacturing below 50 and services above 50 [5] - Key watchpoints include backlog trends, SCS profitability improvements, and ongoing M&A activity [5]

证券时报记者 刘敬元 邓雄鹰 "十五五"即将开篇，在培育壮大新兴产业与未来产业的进程中，37万亿元险资如何更好发挥"耐心资本"作用，仍是 亟待解答的时代课题。 近日，在"第十九届深圳国际金融博览会暨2025中国金融机构年会"分论坛"2025中国保险业资产负债管理年会"上， 四位保险资管高管以"壮大耐心资本，赋能新质生产力"为主题展开了圆桌讨论，分享不同业务条线的实践和思 考。 这四位高管包括新华资产总裁陈一江，太保资产副总经理、董事会秘书赵峰，中意资产总经理助理陈伍斌，中邮 资管首席风险管理执行官张超。 长期投资试点 是"上下结合"的成果 自去年鸿鹄基金入市以来，保险资金长期投资试点改革在资本市场上受到高度关注，今年试点规模进一步扩围到 2220亿元。 张超表示，中邮资管获得第三批试点资格，在投资思路上，基金将发挥"耐心资本"的核心优势，坚持长期投资、 价值投资、责任投资的理念，重点围绕服务国家战略、科技等领域，展开深入研究和投资。 做好支持科技的"耐心资本" 科技创新的金融支持是当前重要命题，保险资金凭借"耐心资本"属性，正积极投身"科技金融"实践，相关领域已积 累诸多经验认识。 陈一江表示，对于险资这类大 ...

Market Performance - The S&P 500 ended November relatively flat, with year-to-date gains at 17%, reflecting significant volatility throughout the month [1] - U.S.-listed ETFs attracted approximately $148 billion in inflows in November, bringing year-to-date inflows to $1.27 trillion, setting a new annual record [3] Market Outlook - The market outlook for the next year appears optimistic, driven by favorable economic conditions, rising expectations of a December Fed rate cut, and strong AI-driven earnings growth [2] - Several top banks forecast the S&P 500 to reach between 7,500 and 8,000 by the end of next year, suggesting long-term investors should remain invested [3] Investment Strategies - A passive, long-term investment approach is recommended to build a resilient portfolio, cushioning against short-term market pullbacks while positioning for sustainable growth [4] - Dollar-cost averaging (DCA) is highlighted as a strategy that encourages consistent investing over time, helping to lower average costs and minimize market volatility impact [9][10] ETF Recommendations - S&P 500 ETFs such as Vanguard S&P 500 ETF (VOO), SPDR S&P 500 ETF Trust (SPY), and iShares Core S&P 500 ETF (IVV) are suggested for long-term investment due to their stability and diversification benefits [13] - Value ETFs like Vanguard Value ETF (VTV) and iShares Russell 1000 Value ETF (IWD) are recommended for investors seeking undervalued stocks with strong fundamentals [15][16] - Growth ETFs such as Vanguard Growth ETF (VUG) and iShares Russell 1000 Growth ETF (IWF) are also suggested for those looking to capitalize on high growth potential during market uptrends [17]

大中盘股微涨，小盘股下跌。 价值风格略微下跌。 今天大盘中证全指略微上涨，波动不大，截止到收盘，还在4.3星。 文 | 银行螺丝钉 （转载请注明出处） 创业板科创板等成长风格上涨。 港股科技类指数，昨天下跌回到低估。 今天港股科技、恒生科技上涨较多，回到正常偏低的估值。 1. 有朋友问，西格尔教授的《投资者的未来》，这本书的数据基于1957到2003年的数据，显示用高股息、低市盈率策略，可以跑赢大盘指数。 这种策略有对应的基金吗，在A股有效吗？ 其实这种策略，在指数基金中，历史很悠久。 例如： ·高股息率策略，对应的是红利类指数。 ·低市盈率、低市净率策略，对应的是价值指数。例如300价值、中证价值等。 后来，还演化出很多其他的、类似价值策略的品种： 2. 相对来说，价值策略这几年在A股的效果，比美股市场更明显。 A股价值指数最有代表性的是300价值和中证红利。 我们以300价值指数为例。 如果加上分红，从2004年底，到2024年12月底收盘， 300价值全收益指数，从1000点涨到了9147点。大约上涨915%。 300价值是从沪深300中挑选低估值的股票，并定期调整。 对比同期的沪深300，从1000点 ...

Core Thesis - Abercrombie & Fitch Co. (ANF) is experiencing a multi-year turnaround driven by disciplined capital allocation and operational resilience, with a strong focus on omnichannel strategies [2][3] Financial Performance - As of November 28th, ANF's share price was $97.87, with trailing and forward P/E ratios of 9.42 and 9.15 respectively [1] - The company has delivered 12 consecutive quarters of growth, with record earnings from Abercrombie and nearly 20% growth from Hollister [4] - ANF has a free cash flow to enterprise value (FCF/EV) yield above 20% and a $1.1 billion buyback program, which is expected to enhance shareholder value as short positions depress the share price [3] Strategic Initiatives - The company is focusing on nostalgia-driven branding and launching a new kids line through partnerships with retailers like Macy's, which diversifies distribution channels and reduces reliance on single brands or regions [4][5] - International expansion is identified as a long-term growth lever, while immediate opportunities lie in enhancing engagement with millennials [4][5] Market Sentiment - Despite a 20% short interest reflecting investor skepticism, the fundamentals of ANF contrast positively, suggesting a compelling risk/reward profile for investors [3][5] - The stock has appreciated nearly 20% to $78, with management's conviction in intrinsic value reinforced by repurchasing double the expected amount of stock [5] Valuation Potential - Current EV/EBITDA multiple stands at 3.87, with potential re-rating towards GAP's 7.3x implying a share price above $123, while P/E alignment suggests a valuation around $120 [5]