今天的市场，又是一碗"冷面"！港股那边，恒生指数直接跌了1.28%，科技股成了重灾区。A股也没好 到哪去，超3800只股票下跌，三大指数全绿，创业板跌超1%。成交量倒是还有1.68万亿，但明显感觉 大家都没啥热情，热点散乱。 盯着股票软件，看着账户里的数字上蹿下跳，你是不是经常心潮澎湃？觉得赚了就是钱多了，亏了就是 钱没了？停！打住！这可能是你投资路上最危险的幻觉，也是痛苦的主要来源！ 你必须清醒地认识到：股票账户里那个时刻变动的"市值"，它根本不是你银行活期存款里那个随时能取 出来花的"钱"！把这两者划等号，相当于把天气预报里的温度，当成了你此刻体感的温度——差得太远 了！ 为什么这是幻觉？ 记住这句话：你账户里真正拥有的，是一家家实实在在公司的股权。市场每天给出的报价（市值），就 像个躁郁症患者"市场先生"的胡乱叫价。他恐慌狂甩时，你可以冷静捡宝；他狂热叫卖时，你可以理性 兑现。但千万别把他的疯话，当成你资产的真实标价，更别当成随时能花的钱！ 【行情速览：港股A股齐跌，这个冷门板块却狂飙6%！】 不过，一片惨绿里，也有"奇葩"绽放！一个叫 "培育钻石"的板块，居然暴涨超过6%，成了全场最靓的 仔！听说是因 ...

近期，债市呈现震荡格局。在缺乏明显交易主线的背景下，市场人气不足，行情跟随消息面出现波动。 上周，受地产信用风险事件以及市场传闻冲击，短期市场担忧情绪被放大。 "过去一段时间，大家习惯了在债市获取稳健收益，但最近市场脾气变了。"部分债券基金经理对中国证 券报记者表示。在他们看来，震荡并非短期现象，而是债市收益率中枢进入较低水平后的常态，这对从 业人员提出了更高要求，机构投资者需要从单边市向震荡市思维转变。 近期，债市波动明显加大。上周，债市延续震荡格局，机构出现赎回止损迹象。后半周的债市虽有所修 复，但中短端债券表现仍然不尽如人意。 房企债券展期事件成为触发近期市场避险情绪的直接导火索，近期多只相关债券被临时停牌。此外，市 场关于债基赎回费率改革以及其他传闻的讨论，让市场短期的担忧情绪被放大。在业内人士看来，费率 新规关于债基赎回费的规定削弱了债基作为短期交易工具的吸引力，此前机构常用的短频交易博取利差 策略的成本大幅上升。 "最近切实感受到了压力，虽然我管理的产品还没有出现大额赎回，但如果继续调整，投资者就快要受 不了啦。"一家中小基金公司的债券基金经理表示，临近年底，机构投资者持续抛售。此外，近期对于 债 ...

Core Viewpoint - The conference highlighted the role of private equity funds in promoting the high-quality development of listed companies, emphasizing the resilience and investment value of these companies amid changing market conditions [3][4]. Group 1: Conference Overview - The conference was attended by over 200 representatives from various sectors, including private equity firms, listed companies, and industry experts [3]. - The event was hosted in Shanghai and supported by multiple organizations, including the China Private Equity Fund Yearbook Editorial Committee and Huachuang Securities [1]. Group 2: Key Insights from Speakers - Sun Nianrui, Vice President of the China Listed Companies Association, noted three key aspects of listed companies: stable performance recovery, strong growth in the ChiNext board, and an emerging culture of dividend distribution [3][4]. - The total scale of private equity funds has exceeded 22 trillion yuan, with four positive trends in investment behavior: rational investment, comprehensive strategies, mainstreaming of ESG factors, and diversified exit strategies [4]. - Li Xunlei, Chief Economist at Zhongtai International, emphasized the importance of accelerating high-level technological construction and boosting consumption to address demographic challenges [6]. Group 3: Investment Opportunities - Liu Jianjun discussed investment opportunities during the 14th Five-Year Plan, focusing on upgrading traditional industries, developing new energy and materials, and enhancing service industries [7]. - Zhang Ruohai highlighted the growth of overseas revenue for A-share listed companies, with a compound annual growth rate of 17.14%, particularly in sectors like construction and automotive [8]. Group 4: Future Directions - The China Listed Companies Association is actively organizing merger and acquisition matching activities, signaling a potential milestone year for private equity in 2025 [4]. - Huachuang Securities aims to deepen cooperation with private equity and listed companies, enhancing its financial support and service systems [5].

Group 1 - Funds are suitable investment products for ordinary people, and there is a free course available to help beginners understand fund investment from scratch [2] - The course includes notes and mind maps to facilitate efficient learning [2] Group 2 - The relationship between stock prices and company earnings can be complex, with some companies showing good earnings but stagnant stock prices, while others with losses may see stock price increases [6][8] - Companies can be categorized based on their Return on Equity (ROE): loss stocks (negative ROE), marginal profit stocks (positive ROE but below market average), and quality stocks (positive ROE above market average) [6][7] - In periods of ample liquidity, stocks with poor earnings may rise more than those with good earnings, indicating a speculative market environment [9][11] - Long-term investment should focus on companies with relatively good earnings to ensure sustainable returns, rather than engaging in short-term speculation or investing in loss-making companies [11]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 据了解，中证红利质量ETF(159209)跟踪的中证全指红利质量指数选取 50 只分红稳定、股息率较高且盈 利持续性较好的上市公司证券作为指数样本，以反映具有较强分红和盈利能力特征的上市公司证券的整 体表现。区别于传统高股息，其当前持仓并不含有银行股。以"红利+质量"双因子筛选机制筛选出兼 具"低估值"+"高质量"双重护城河的优质企业。其核心理念与巴菲特"以合理价格投资卓越企业"的价值 投资逻辑高度契合。 12月3日，截至14时37分，两市唯一的"高质量红利"中证红利质量ETF(159209)换手率达10.69%，成交额 约5500万，环比前日放量165.26%，据Wind Level2实时行情结合均价预估，盘中净流入超2100万。 | 中证红利质量ETF | | 159209 +0.003 +0.26% | | --- | --- | --- | | SZ ...

↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 大唐炼金师 来源：雪球 价值投资不是长期投资 ， 长期往往是结果 ， 而不是目的 ， 价值投资之所以是价值投资 ， 是因为它的判断依据是价值 ， 如果一只股票是自己 能力圈内比较优质的资产 ， 那当然可以一直拿着 。 但如果一家公司已经变质 ， 或者价格涨到有很大的泡沫 ， 以至于需要未来很多年业绩的增长来消化估值 ， 那我们还在那傻乎乎的拿着 ， 那未 免有点太教条主意了 ， 说教条主义也不准确 ， 因为价值投资根本也没人提这个教条啊 ， 价值投资的集大者巴菲特也说 ： " 我们要专注于长期目标 ， 并不代表我们就不注重短期结果 。 毕竟 ， 如果五年或十年前 ， 我们考虑的是长远问题 ， 那时我们采取的行动现 在也应该有回报了 。 如果总是信心十足地播种 ， 却一再得到令人失望的收成 ， 那或许就需要考虑农夫本身是不是有问题 ， 也或许是这块地根本就不行 ， 投资者必 须要清楚 ， 对于某些公司甚至某些产业而言 ， 根本就没有什么长期战略可言 —— 出自1992年伯克希尔年报 ...

Core Viewpoint - The article emphasizes that stocks are ownership certificates representing shareholder rights, primarily serving as a tool for transferring ownership and facilitating trading, rather than possessing intrinsic value themselves [1][2]. Group 1: Stock Definition and Function - Stocks are defined as ownership certificates issued by companies to raise funds, allowing shareholders to receive dividends while also bearing operational risks [1]. - The issuance of stocks simplifies the transfer of shareholder rights, making it easier and cheaper to buy and sell shares compared to traditional methods [2]. Group 2: Investment Motivations - Investors are primarily interested in the underlying company’s equity and the associated dividends, rather than the stock certificate itself, highlighting a fundamental aspect of stock market investment [2][3]. - Value investing focuses on the actual performance and growth of the company, linking investment returns directly to the company's operational success and dividend distribution [3]. Group 3: Stock vs. Equity Value - The article distinguishes between equity value, which is tied to dividends and company performance, and stock value, which is influenced by trading convenience and market dynamics [4]. - The case of China Petroleum illustrates the disparity between the issuance price and the market price, with the initial public offering (IPO) price of 16.70 yuan corresponding to a price-to-earnings (P/E) ratio of 22.44, while the first-day trading price exceeded 60 times the earnings [6][7]. Group 4: Valuation and Market Dynamics - Valuation methods, including static and dynamic P/E ratios, are discussed, emphasizing that market prices are influenced by trading activities rather than solely by company fundamentals [8][9]. - The relationship between valuation and stock price is complex, as market perceptions and trading behaviors can lead to significant discrepancies between intrinsic value and market price [12][13]. Group 5: Value Investing Philosophy - Value investing is characterized by seeking undervalued stocks based on fundamental analysis, contrasting with trend investing that focuses on market movements [14][15]. - The philosophy of value investing is rooted in the teachings of Benjamin Graham, emphasizing the importance of understanding intrinsic value and market psychology [14][15]. Group 6: Price Formation and Market Behavior - The article argues that prices in the stock market are generated through trading activities, with no price existing without transactions [25][26]. - Market dynamics, including supply and demand, investor sentiment, and macroeconomic factors, play crucial roles in determining stock prices [26][27].

Core Insights - The establishment of China Merchants Bank's financial asset investment company, Zhaoyin Investment, marks a significant step in supporting technology innovation and the development of emerging industries [1][2] - Zhaoyin Investment aims to become a leading investment institution by enhancing its research, investment management, risk management, technological, and innovative capabilities [1] - The company will focus on market-oriented debt-to-equity swaps and participate in pilot equity investment projects under regulatory guidance to empower technological innovation [2] Group 1 - Zhaoyin Investment was officially launched on December 2, with key figures from Shenzhen and China Merchants Group present at the ceremony [1] - The company received approval for establishment on July 3 and for operation on November 21 [1] - The initiative aligns with the regulatory framework that encourages commercial banks to establish financial asset investment companies to support technology-driven enterprises [1] Group 2 - Zhaoyin Investment's mission includes enhancing its role in supporting high-level technological self-reliance and focusing on new and future industries [1] - The company emphasizes value investment and aims to create a new ecosystem of investment and lending [1] - Zhaoyin Investment plans to leverage the advantages of its parent company and strengthen collaboration with various investment sectors and branches [1][2]

（原标题：东方红资管总经理成飞： 资管机构应构建 "好投资+好服务+好品牌"护城河） 证券时报记者 许盈 近日，在深圳举行的"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"中国证券业资产 管理高峰论坛"上，东方红资产管理总经理成飞发表主题演讲时表示，在行业高质量发展的新阶段，各 类资产管理机构需要依据自身禀赋不断探索差异化发展路径，在做好投资和服务的同时，重视品牌的培 育与长期建设，努力构建基业长青的护城河。 成飞认为，在资管行业规模增长、业态不断丰富的大背景下，各类型的资产管理机构迎来了高质量发展 新机遇，同时也面临着一些新挑战。今年以来，大资管行业整体规模超过160万亿元，但细分领域结构 性分化凸显。其中，公募基金、保险资管、银行理财和信托整体规模超30万亿元，马太效应加剧，而同 期私募、券商资管、期货资管等机构仍然面临着严峻的竞争格局。 "中国资管行业的包容与广阔，允许各机构走出'和而不同'的发展道路。"成飞强调，在资本市场的星辰 大海之中，各家资管机构通过聚焦核心价值、塑造差异化竞争力，一定能够让更多投资者分享中国经济 发展红利，成为星空中耀眼的星辰。 一是战略上，东方红始终坚持"以客 ...

Investors interested in stocks from the Electronics - Miscellaneous Products sector have probably already heard of Kimball Electronics (KE) and Hoya Corp. (HOCPY) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The proven Zack ...