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].

Core Viewpoint - Xinhua Life Insurance Company reported significant growth in its 2024 annual report, achieving record highs in multiple financial metrics, including revenue, net profit, and total assets [1][2]. Financial Performance - Total revenue for 2024 reached 132.56 billion yuan, marking an 85.3% year-on-year increase [1]. - The net profit attributable to shareholders was 26.23 billion yuan, a remarkable increase of 201.1% compared to the previous year [1][7]. - Total assets grew to 1.69 trillion yuan, reflecting a 20.6% increase year-on-year [1]. Insurance Premiums - Original insurance premium income reached 170.51 billion yuan, up 2.8% year-on-year, setting a historical high [2]. - First-year premium income for long-term insurance was 27.22 billion yuan, increasing by 15.6% [2]. - Renewal premiums accounted for 75% of total premiums, with a 5.5% year-on-year growth [2]. Shareholder Returns - Xinhua Life Insurance initiated mid-term dividends for the first time, distributing a cash dividend of 0.54 yuan per share, totaling 1.685 billion yuan [1]. - The company plans to distribute a year-end cash dividend of 1.99 yuan per share, amounting to 6.208 billion yuan, leading to a total proposed dividend of 7.893 billion yuan, a 197.6% increase from the previous year [1]. Business Structure and Strategy - The company emphasized its commitment to life insurance and enhancing product competitiveness while optimizing health and wellness service ecosystems [4]. - Xinhua Life aims to leverage opportunities in health, retirement, and wealth management, focusing on regional development, talent growth, and channel specialization [4]. Sales Channels - Individual insurance channels generated 115.97 billion yuan in premium income, a slight increase of 0.3% [5]. - The company plans to implement the "XIN Generation" project to transform its sales team and enhance productivity [5]. Investment Performance - Investment income for 2024 was 16.31 billion yuan, a turnaround from a loss of 3.775 billion yuan in 2023 [9]. - The total investment scale reached 1.629 trillion yuan, with an overall investment return rate of 5.8% [8]. - The company increased its high-dividend equity investments significantly, growing from 5.37 billion yuan to 30.64 billion yuan, a 470.6% increase [9]. Market Engagement - Xinhua Life actively participated in the equity market, acquiring stakes in companies like Shanghai Pharmaceuticals and China National Pharmaceutical Group [9]. - The company co-established a 50 billion yuan private equity fund to invest in quality listed companies, supporting long-term capital market stability [10].

Core Viewpoint - The article highlights the growth and recognition of Xueqiu Fund as a leading independent fund sales platform in China, emphasizing its commitment to promoting high-quality index investment and asset allocation solutions for investors [1][2]. Group 1: Company Overview - Xueqiu Fund, established in 2016, focuses on providing diversified fund products and asset allocation solutions to meet varying risk-return needs of investors [1]. - The company has experienced rapid growth in user and asset retention, with non-money market fund scale reaching 38.6 billion and stock index fund retention scale at 12.7 billion by the second half of 2024 [1]. - Xueqiu Fund ranks sixth among 100 independent fund sales institutions in terms of equity fund retention scale and stock index fund retention scale [1]. Group 2: Investment Strategy and Tools - Over the past three years, Xueqiu Fund has seen steady growth in index fund sales and scale, with an increasing proportion of index funds within non-money market funds [2]. - The platform promotes a long-term investment strategy centered around index funds and multi-asset allocation, leveraging its community influence [2]. - Xueqiu Fund collaborates with mainstream fund advisory institutions to provide specialized index advisory strategies, utilizing index funds as foundational investment tools [2]. - The company has developed unique investment tools, such as index valuation tools and systematic investment simulators, to help investors optimize costs and reduce volatility [2]. Group 3: Industry Impact - Xueqiu Fund aims to establish index funds as a significant tool for inclusive finance, contributing to the healthy development of the fund industry and index funds [2]. - The company maintains a "buy-side" perspective, continuously optimizing products and services to enhance investor experience [2].

新华保险当好"耐心资本"表率 积极落实中长期资金 入市 创新方式做浇灌实体经济沃土的动力源 作为资本市场的"稳定器"和"压舱石"，中长期资金是维护资本市场高质量发展的重要力量。近日， 中共中央办公厅、国务院办公厅印发《提振消费专项行动方案》，明确要加快打通商业保险资金、企 (职)业年金基金等中长期资金入市堵点。 作为国有控股的大型金融机构，新华保险（601336）管理商业保险资金、企业职业年金等超万亿 元，是中长期资金的持有代表。公司从政治和全局高度深刻认识落实推动中长期资金入市工作的重要意 义，用一系列实际行动做好表率，坚定履行"耐心资本"责任，积极支持资本市场发展。 前瞻布局做中长期资金入市的先行者 2025年1月，新华保险积极响应国家六部委《关于推动中长期资金入市工作的实施方案》要求，宣 布举牌杭州银行（600926），切实发挥国有金融企业领头雁作用，坚决当好长期资本主力军。 公司表示，看好中国银行业以及杭州银行的长期发展前景。投资杭州银行，新华保险可以通过配置 红利资产优化资产配置，增加长期股权投资底仓资产，促进银保业务协同，增强公司在金融服务领域的 竞争力和抗风险能力，进一步提升金融机构服务实体经济 ...

Core Viewpoint - The article draws parallels between Sun Tzu's military strategies in "The Art of War" and principles of value investing, emphasizing the importance of risk management and fundamental analysis in investment decisions [2][3][11]. Group 1: Sun Tzu's Philosophy on Warfare - Sun Tzu's approach to warfare focuses on avoiding defeat rather than seeking victory, highlighting the asymmetry of costs and benefits in conflict [3][5]. - The concept of "calculating" in warfare is misinterpreted as cunning strategies, while it actually refers to a thorough analysis of fundamental factors [5][6]. - The five factors and seven calculations outlined by Sun Tzu serve as a framework for assessing the likelihood of success before engaging in battle, akin to evaluating investment opportunities [5][6]. Group 2: Cost Considerations - Sun Tzu emphasizes the significant costs associated with warfare, advocating for careful consideration of whether the potential gains justify the expenses [8][9]. - Historical examples illustrate that excessive victories can lead to downfall, as seen in the case of Emperor Wu of Han, who faced severe consequences from his military campaigns [9][10]. - Investors are cautioned against becoming complacent after a series of successful trades, as this can lead to overconfidence and poor decision-making [10]. Group 3: Return on Investment - Sun Tzu's military philosophy prioritizes the preservation of resources and achieving objectives efficiently, which aligns with the principles of value investing [11][12]. - The article suggests that successful investors, like Sun Tzu's ideal commanders, should focus on long-term strategies rather than short-term gains [12][13]. - The narrative highlights that true success in both warfare and investing often lacks dramatic stories, emphasizing the importance of steady, principled approaches [13][14]. Group 4: Technical Aspects - Sun Tzu advocates for self-discipline and patience, advising that one should first secure their position before engaging in competition [15][16]. - The article discusses the importance of understanding market dynamics and using strategic thinking to identify undervalued investment opportunities [16][17]. - The need for emotional stability in investment decisions is underscored, drawing parallels to historical military leaders who maintained composure under pressure [18][19]. Group 5: Conclusion and Investment Philosophy - The article concludes by reflecting on Warren Buffett's investment philosophy, which emphasizes long-term value and maintaining a margin of safety [20][21]. - Buffett's consistent approach over decades, focusing on traditional industries and avoiding speculative trends, is presented as a model for successful investing [21].

Core Viewpoint - The issuance of three-year holding period funds has significantly decreased, with only 14 products established in 2023 and 2024, contrasting sharply with previous years when many high-value funds were launched [1][3]. Group 1: Fund Issuance Trends - The number of three-year holding period funds has sharply declined, with only 11 products established in 2023 and 3 in 2024, indicating a cautious approach from public funds due to market volatility [2][3]. - In the years 2020 to 2022, the issuance of three-year funds peaked, with 21, 38, and 17 products launched respectively, including several large-scale funds exceeding 10 billion [3]. Group 2: Performance of Newly Established Funds - Most of the newly established three-year funds have achieved positive returns, with notable performances such as Dachen Zhi Xin's nearly 30% increase and Yinhua's over 23% rise since inception [4]. - The funds that were launched during market lows have benefited from better timing, contrasting with the poor performance of funds issued at market highs [4][6]. Group 3: Investment Strategies and Market Conditions - Fund managers emphasize the importance of timing in investment, suggesting that funds should be launched during market lows to capitalize on valuation advantages [4][6]. - Despite the overall positive performance of newly established funds, many have missed out on trending sectors like artificial intelligence, focusing instead on stable, long-term investments [5][6].

有朋友问螺丝钉，能不能针对 全球股票指数、美债指数等 ， 做个估值表。 目前内地能买到的、投资海外市场的基金品种不多。 不过在海外这些品种比较丰富。 可以先从指数估值的角度，了解海外市场不同品种的估值情况。 螺丝钉也做了美股、全球股票指数、美债指数的估值表。见文章下面图片。 也新增了美股场内的美债ETF指数的估值。 如果觉得这个估值表 有需要 ， 后续每周日会在公众号、以及「 今天几星 」小程序，每周定期更新。 文 | 银行螺丝钉 （转载请注明出处） 海外市场指数数量很多，后面大家 有希望增加的品种 ，可以反馈给螺丝钉。 目前螺丝钉后台系统，已经覆盖海外主流的几百只指数品种。 1. 本周全球股票市场继续下跌。 美股市场连续第4周下跌。 美股全市场指数本周下跌2.2%。 欧洲股票市场本周也微跌。 本周人民币资产整体上涨，A股也上涨。 今年港股表现排到全球第一。 A股涨幅暂时落后于港股，但放在全球也排在前列了。 2. 有朋友问，美股下跌后，纳斯达克等指数回到低估了么？ 最近几年，美股成长股，主要是在2018年、2020年、2022年短期下跌较多的时候，出现过低估机会。 3. 其实美股目前也有一些品种已经回到低估。 ...

文 | 银行螺丝钉 （转载请注明出处） 率比女性更高，持有时间更短，最终导致 男性的平均收益低于同年龄段的女性。 例如60后的交易频率就比80后低。 年纪大了之后，体内激素水平下降，人也 就没有那么冲动了，也会更有耐心做长期 投资。 其实女性、年长者收益高，只是表面的统 计结果。 有意思的是，男性的交易频率，并不是始 终都很高。 背后的原因，是不折腾，拿得住。 随着男性的年龄增长，交易频率会降低, 会跟女性趋同。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 好品种+好价格+长期持有，做到这些，那 收益都不会差的。 ...

Core Viewpoint - The investment philosophy emphasizes the importance of a safety margin, shaped by both external experiences and personal characteristics, particularly a low risk tolerance [1][4]. Group 1: Safety Margin Concept - Safety margin is defined as the ability to accept a less optimistic scenario for a company's future performance, ensuring that even in adverse conditions, the investment remains protected [3]. - The approach to investment involves either confronting the complexities of the business world directly or considering the worst-case scenarios to establish a safety margin [3]. Group 2: Investment Philosophy - The investment strategy does not rely on being smarter than the market but focuses on gathering sufficient and reliable information for decision-making [6][7]. - The pursuit of "ten-bagger" stocks is discouraged, as identifying such stocks in advance is rare; instead, the focus should be on achieving a high long-term internal rate of return [8][9]. Group 3: Market Behavior and Emotional Management - Market volatility is acknowledged as inevitable, and the importance of analyzing substantial policy changes and their long-term impacts on stock value is highlighted [15]. - Emotional control is crucial, and practical strategies to mitigate emotional disturbances during market fluctuations are recommended, such as reducing exposure to market information [16]. Group 4: Long-term Investment Conditions - Successful long-term investing relies more on the characteristics of the investor's capital, such as patience and the ability to endure market fluctuations, rather than solely on market conditions [12][13]. - The complexity of the investment landscape necessitates a deep understanding of the market and the investor's psychological readiness for long-term commitments [12][13]. Group 5: Alpha vs. Beta - The distinction between alpha (excess returns from specific assets) and beta (market-wide trends) is emphasized, with a warning against mistaking beta for alpha [17][18]. - The focus should be on identifying alpha opportunities across various industries rather than concentrating on specific sectors during certain market cycles [17][18].

Core Viewpoint - The expansion of the pilot program for long-term stock investments by insurance funds is expected to provide substantial mid-to-long-term capital to the market and strengthen the institutional investor base [2][3]. Summary by Sections Pilot Program Expansion - The National Financial Regulatory Administration has approved an additional 600 billion yuan for long-term investment reform trials, bringing the total approved amount for the year to 1,120 billion yuan [3]. - Five insurance companies, including China Life and New China Life, are involved in this latest approval, which aims to enhance the long-term investment capabilities of insurance funds [3]. Fund Performance and Strategy - The "Honghu Fund," established by China Life and New China Life, focuses on investing in key industries and high-quality listed companies, achieving a balance of effectiveness, safety, and liquidity [4]. - The fund has been operational for over a year and has shown promising returns, with a continued positive outlook on stock market investments [4]. Mechanism Flexibility - The second batch of pilot programs allows for more flexible mechanisms, enabling single or joint establishment of private equity funds by insurance companies [5]. - This flexibility is seen as a response to policy guidance and is beneficial for equity investments [5]. Long-term Investment Impact - The pilot program is expected to optimize the structure of listed companies by attracting investments towards those with competitive advantages and good governance, while less favorable companies may gradually exit the market [9]. - The long-term investment approach is anticipated to reduce market volatility, leading to a healthier and more stable market environment [9]. Demonstration Effect - The successful implementation of the Honghu Fund serves as a model for insurance institutions to establish private equity funds, supporting the sustained and stable development of the capital market [10].