Core Viewpoint - The A-share market continues to strengthen, but public REITs with quasi-fixed income attributes have experienced a pullback, with five out of six completed public REITs trading at a discount compared to their expansion prices [1][2]. Group 1: Market Performance - Since the third quarter, the public REITs market has been in a state of fluctuation and pullback, with the CSI REITs Total Return Index dropping over 7% from a peak of 1124.91 points on June 23 to 1045.13 points on October 24 [2]. - Among the six public REITs that have completed expansion, five are currently trading at a discount, with an average discount rate of 12.34% [2]. Group 2: Discount Analysis - Specific REITs have shown significant discounts, such as Huazha Zhangjiang Industrial Park REIT at over 19%, and both CICC ProLogis REIT and Bosera Shekou Industrial Park REIT at over 17% [2]. - The discounts are attributed to the timing of the expansion, which occurred when the REITs market was at a high valuation, leading to a decline in market prices shortly after the expansions [2][4]. Group 3: Long-term Implications - While the short-term impact of discounts may affect market confidence, it is believed that this could lead to a return to value investing in the long run [4]. - The underlying assets' ability to generate stable cash flows and the establishment of effective price discovery and liquidity mechanisms are crucial for long-term market health [4]. Group 4: Investment Value - Current issues in the REITs market include a lack of significant positive changes in the underlying factors that previously drove valuations, such as declining interest rates [5]. - The absolute distribution rates of REITs have improved but still do not present a significant advantage compared to dividend stocks, indicating a need for positive changes on both the asset and parent company levels for price appreciation [5].

Core Viewpoint - The article discusses the challenges of maintaining stability in investment amidst market volatility and emotional pressures, emphasizing that achieving "stability" is a complex and ongoing process rather than a one-time achievement [3][19]. Group 1: Market Conditions - The A-share market is experiencing fluctuations within the 3800-3900 point range, causing stress for investors as they navigate daily ups and downs [3]. - The article highlights the emotional turmoil investors face, with the need for stability becoming increasingly difficult in a volatile market environment [3][19]. Group 2: Investor Experiences - One investor shares their struggle with maintaining a steady investment approach while feeling pressured by peers who achieve higher returns through riskier investments, such as AI stocks [4][5]. - Another investor reflects on the overwhelming amount of information available, leading to excessive trading and ultimately lower returns compared to a more passive investment strategy [9]. - A different perspective reveals that what was perceived as stability in investment was actually a form of laziness, as the investor failed to adapt to changing market conditions and industry dynamics [11][13]. Group 3: Emotional and Psychological Factors - The article emphasizes that the desire to outperform others can lead to poor investment decisions and emotional distress, highlighting the importance of focusing on personal investment goals rather than comparisons with others [15][17]. - It suggests that true stability requires continuous learning and adaptation, rather than a static approach to investing [14][19]. Group 4: Conclusion and Future Insights - The article concludes by inviting readers to explore the concept of stability in investment further, with insights from a fund manager who emphasizes the importance of a disciplined approach and understanding human behavior in achieving stability [19][20].

Core Viewpoint - The article highlights the continuous rise of the Shanghai Composite Index and the performance of actively managed equity funds, emphasizing the potential investment opportunities in the current market environment [2][3]. Group 1: Market Performance - The Shanghai Composite Index reached a new high for the year, closing up 1.18% at 3996.94 points, just shy of the 4000-point mark [2]. - The market has seen numerous "new highs" this year, driven by structural trends that have positively impacted the net asset values of many actively managed equity funds [3]. Group 2: Fund Performance Analysis - A selection of actively managed equity funds was made based on criteria such as a management tenure of over five years, a fund size exceeding 100 million, and a stock market value accounting for over 50% of the fund's net asset value by Q2 2025 [4]. - From 2020 to October 24, 2025, 42 funds achieved over 100 new high net asset values, with the top fund, Jin Yuan Shun An Yuan Qi, reaching 284 new highs [5][15]. Group 3: Fund Manager Insights - The article discusses the performance of several fund managers, noting that those with quantitative strategies, such as Ma Fang and Wang Ping, have maintained stable net asset values despite market volatility [9][10]. - Jin Yuan Shun An Yuan Qi, managed by Miao Weibin, has shown exceptional performance with a total return of 542.59% since its inception, ranking first among similar products [13][14]. Group 4: Investment Strategies - The article emphasizes the importance of sustainable performance, with only two funds meeting the criteria of positive annual returns since 2019 and maintaining over 50% equity holdings [14]. - Fund managers are increasingly cautious, often limiting large subscriptions when performance improves, as seen with several funds managed by Ma Fang, Wang Ping, and Su Bingyi [22][23]. Group 5: Sector Allocation and Trends - The article notes a shift in fund holdings towards small-cap stocks and increased equity allocations, with some funds raising their equity positions from around 40% to 80% [10]. - The investment focus has also shifted in response to market trends, with Jin Yuan Shun An Yuan Qi increasing its exposure to the electronic sector and reducing utility sector allocations [19][20].

我们常常陷入这样的困境：明明付出了大量努力，生活却始终没有质的飞跃。问题的根源在于，我们忽 略了最重要的资产——自己。就像一位智者所言："认识你自己"是解开所有迷茫的钥匙。 让我们来看一个真实案例：两位同窗好友，毕业后选择了截然不同的发展路径。甲同学追逐短期利益， 频繁跳槽；乙同学则专注深耕一个领域，持续积累专业能力。十年后，甲同学仍在基层徘徊，而乙同学 已成为行业专家，收入是甲的两倍有余。 这个案例揭示了一个深刻道理：战略性的自我经营远比战术性的勤奋更重要。正如《孙子兵法》强调 的"知己知彼"，只有真正了解自己的优势与局限，才能制定出有效的成长策略。 能力资产：你的核心竞争力 能力就像一把锋利的剑，需要不断打磨才能保持其锋芒。明代思想家王阳明主张"知行合一"，强调在实 践中提升能力的重要性。日本经营之圣稻盛和夫正是通过数十年如一日的技术钻研，将京瓷打造成世界 级企业。 你需要定期审视： 专业技能是否在持续精进？ 是否建立了系统的学习提升机制？ 能否解决行业内更具挑战性的问题？ 健康资产：一切成就的根基 健康如同数字1，其他成就是后面的0。没有健康的身体，再大的抱负也难以实现。投资大师查理·芒格 近百岁高龄仍 ...

Core Insights - The investment philosophy emphasizes finding undervalued assets in forgotten market segments, focusing on long-term value rather than short-term market fluctuations [1][2][3] Investment Strategy - The investment approach is characterized by a commitment to being fully invested since the fund's inception in June 2017, prioritizing the discovery of quality stocks with a safety margin [2][3] - The focus is on identifying undervalued individual stocks rather than timing the market, with a belief that the core of investment lies in continuous discovery of undervalued opportunities [2][3] Market Focus - Current investment interests include sectors that have been temporarily overlooked, such as leading companies in the liquor industry and the home furnishing supply chain [3] - The strategy involves a cautious approach to the AI industry, recognizing its potential but avoiding high-valuation stocks due to a lack of deep understanding and the current market valuations [4][5] Sector Analysis - The copper mining sector is highlighted as a promising investment due to its affordability and growth potential, driven by increasing demand from AI infrastructure, electric vehicles, and renewable energy [5] - The belief is that the copper market may face a significant supply gap in the next five to ten years, influenced by various technological and infrastructural demands [5] Long-term Perspective - The long-term outlook for the Chinese capital market is rooted in the entrepreneurial spirit of Chinese entrepreneurs, with expectations for the emergence of competitive and innovative companies [6][7] - The investment philosophy encourages a continuous learning mindset across various industries, focusing on fundamental analysis and recognizing personal limitations in investment capabilities [7]

Group 1 - The article highlights the importance of intuition and knowledge in the learning process, emphasizing that the conflict between the two presents valuable learning opportunities [1] - It discusses the significance of reading as a means to encounter profound thoughts and engage in self-reflection, ultimately leading to a clearer understanding of the world [1] - A curated book list for the fall of 2025 is presented, featuring ten selected titles across various fields such as economics, finance, and humanities, aimed at enhancing critical thinking [1] Group 2 - The article notes that the current decade is a pivotal turning point, with AI becoming central to the strategic competition between China and the U.S., framed by the concept of "technological revolution - institutional competition - order reconstruction" [2] - It mentions the shift from physical trading floors to algorithm-driven electronic trading systems, highlighting the historical significance of this transformation in trading practices [2] - The article introduces new works that explore the psychological aspects of money management and the impact of high-frequency trading on market efficiency [2] Group 3 - The book "Seeking a Path" by Zhou Qiren discusses the challenges faced by enterprises and individuals in a rapidly changing global landscape, providing insights into potential growth opportunities [4] - "Cities, Clusters, and Spatial Equilibrium" by Edward Glaeser presents a comprehensive overview of urban economics, addressing key concepts such as spatial equilibrium and the mechanisms of urban growth [6] - "AI Storm" by Liu Dian examines the intense competition between China and the U.S. over AI technologies, proposing a theory of "resilient power" to navigate beyond zero-sum games [8] Group 4 - "Speed Trading" by Donald MacKenzie chronicles the rise of high-frequency trading since the 1990s, analyzing its effects on market efficiency and the competitive landscape of trading [10] - "The Power of Critical Thinking" by Liang Yufeng et al. emphasizes the importance of critical thinking in value investing, addressing common misconceptions and providing practical investment guidance [12] - "The Danaher Model" by Yang Yi and Chen Chaowei dissects the success strategies of Danaher Group, focusing on its operational excellence and strategic acquisition capabilities [14] Group 5 - "The Art of Money" by Morgan Housel explores the relationship between money, human behavior, and happiness, offering insights into how this relationship influences decision-making [16] - "Breaking the Urban-Rural Dual Structure" by Cai Fang addresses the challenges of China's urban-rural divide, providing policy recommendations for integrated development [18] - "The Joy of 11th Century China" by Yu Wensuo analyzes the concept of happiness in Chinese thought and literature, particularly during the Song Dynasty [20]

Group 1: Core Views - The China Securities Regulatory Commission (CSRC) emphasizes enhancing the resilience and risk resistance of the capital market, improving the inclusiveness and adaptability of market systems, and strengthening the effectiveness and deterrence of regulatory enforcement [1] - The measures align with the "14th Five-Year Plan" development goals and the blueprint for building a financial powerhouse, aiming for high-quality development of the capital market [1] Group 2: Stability Measures - The CSRC aims to cultivate high-quality listed companies and improve the "long money, long investment" ecosystem to solidify the internal stability of the market [2] - Market experts suggest enhancing governance training for management and shareholders of listed companies, increasing supervision, and promoting regular dividends and buybacks to foster long-term investment confidence [2][3] - There is a focus on increasing the proportion of long-term capital investments, such as insurance funds and pensions, to enhance market stability [2] Group 3: Activation of Growth - The capital market's core value is to serve the real economy, requiring higher inclusiveness and adaptability to provide precise financing support for various types of enterprises [4] - The CSRC plans to deepen reforms in the Science and Technology Innovation Board and the Growth Enterprise Market, enhancing the multi-tiered equity market's nurturing function [4][5] Group 4: Legal and Regulatory Framework - High-quality development of the capital market relies on strict regulation and legal guarantees, with a focus on combating securities and futures violations [6] - The CSRC aims to enhance information disclosure regulation to maintain market transparency and fairness [6] - Digital and intelligent regulatory technologies are highlighted as key areas for improving regulatory effectiveness and investor protection [6][7]

Core Insights - The article emphasizes a value-oriented investment approach, focusing on underappreciated assets during market fluctuations [1][2][3] Investment Strategy - The investment strategy involves maintaining a fully invested position since the fund's inception in June 2017, emphasizing the importance of finding undervalued stocks with a safety margin [2][3] - The focus is on individual stock value rather than market timing, with successful investments made in sectors like CXO, Hong Kong consumer stocks, and copper mining during periods of market pessimism [2][3] Valuation and Cycles - The core of the investment philosophy is based on valuation and market cycles, with a belief that low prices provide a strong safety margin and potential for significant returns when cycles recover [3] - Current areas of interest include leading companies in the liquor industry and the home furnishings sector, which have been temporarily overlooked by the market [3] AI Industry Perspective - Despite the AI industry's prominence, the company remains cautious, citing a lack of deep understanding and high valuations of related stocks [4] - The company is actively learning about the AI sector while focusing on more stable investments, such as copper mining stocks, which are seen as undervalued with significant growth potential [4][5] Long-term Market Outlook - The long-term market outlook is driven by the entrepreneurial spirit of Chinese entrepreneurs, with expectations for the emergence of competitive companies that create new demand [6][7] - The investment approach is characterized by a continuous learning mindset, analyzing fundamentals, industry dynamics, and management effectiveness to identify suitable investment opportunities [7]

Core Viewpoint - The investment strategy focuses on identifying undervalued assets in forgotten market segments, emphasizing a bottom-up approach to uncover hidden opportunities during market fluctuations [1][2]. Group 1: Investment Philosophy - The company maintains a fully invested position since its inception in June 2017, demonstrating a commitment to long-term value rather than short-term market timing [2]. - The core investment philosophy revolves around finding high-quality stocks with a safety margin, rather than attempting to predict overall market trends [2][3]. - The investment approach is characterized by a focus on valuation and market cycles, with a belief that low prices provide strong safety margins and potential for significant upside when cycles recover [2][4]. Group 2: Current Market Focus - The company is currently exploring opportunities in sectors such as leading liquor brands and the home furnishings industry, which have been temporarily overlooked by the market [3]. - Despite the AI industry's prominence, the company remains cautious, citing high valuations and a lack of deep understanding of the rapidly evolving sector [3][4]. - The company identifies copper mining stocks as attractive investments due to their reasonable valuations and significant growth potential driven by increasing demand from AI infrastructure and renewable energy [4]. Group 3: Long-term Outlook - The long-term market outlook is driven by the entrepreneurial spirit of Chinese businesses, with expectations for the emergence of competitive companies that create new demand [4][5]. - The investment strategy is likened to "turning stones," emphasizing continuous learning and analysis of industry fundamentals, competitive dynamics, and management effectiveness [4][5]. - The company acknowledges the inevitability of mistakes in the investment process, viewing them as part of a learning journey that contributes to long-term value accumulation [5].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) emphasizes enhancing the resilience and risk resistance of the capital market, improving the inclusiveness and adaptability of market systems, and strengthening the effectiveness and deterrence of regulatory enforcement to promote high-quality development of the capital market [1] Group 1: Stability Mechanisms - The CSRC aims to cultivate high-quality listed companies and improve the "long money long investment" ecosystem to strengthen the internal stability of the market [1] - Market participants expect that during the 14th Five-Year Plan period, efforts will be made to enhance the quality of listed companies and create a favorable environment for long-term capital investment [2] - The proportion of institutional investors is expected to increase significantly, enhancing the market participation and influence of long-term capital such as insurance funds and pension funds, which will reduce market volatility and highlight long-term investment value [2] Group 2: Market Adaptability - The core value of the capital market is to serve the real economy, which requires higher inclusiveness and adaptability to provide precise financing support for various types and stages of enterprises [3] - The CSRC plans to deepen reforms in the Science and Technology Innovation Board and the Growth Enterprise Market, enhancing the financing capabilities of the multi-tiered capital market to better meet the diverse needs of the real economy [3][4] Group 3: Legal and Regulatory Framework - High-quality development of the capital market relies on a fair order and legal protection under strict regulation, with a focus on combating various securities and futures violations [5] - The CSRC emphasizes the importance of transparency in information disclosure to maintain market order and ensure fair practices [5] - Digitalization and intelligence in regulatory practices are seen as crucial for enhancing regulatory effectiveness and investor protection [6]