靴子落地！ 5月17日，景顺长城基金以多份公告正式宣布，旗下核心基金经理鲍无可因个人原因于5月16日离职，其管理的8只基金产品同 日正式卸任。 作为市场公认的价值投资代表人物，鲍无可的离职引发行业高度关注。公开信息显示，鲍无可自2014年6月起担任基金经理， 离职前任职股票投资部执行总监，投资经理年限近11年。截至卸任前，其管理规模达162.07亿元，在管产品包括景顺长城能源 基建混合、价值领航两年持有混合等多只明星基金。 鲍无可离职，卸任8只基金 5月17日，景顺长城基金连发8份公告正式对外官宣，旗下基金经理鲍无可因个人原因于5月16日离职。 鲍无可离职前在管8只基金产品分别为景顺长城能源基建混合、景顺长城价值领航两年持有混合、景顺长城价值驱动一年持有 期灵活配置混合、景顺长城价值稳进三年定期开放灵活配置混合、景顺长城价值发现混合、景顺长城价值边际灵活配置混 合、景顺长城国企价值混合、景顺长城沪港深精选股票。根据公告，其管理的8只基金于同日正式卸任。 在管产品最佳业绩达3 74. 7 5% 作为业内知名的价值投资代表人物，此前，鲍无可的离职传闻曾引发市场关注。 公开资料显示，鲍无可自2009年12月加入景顺 ...

（原标题："体重减下来，价值涨上去"！像减肥一样做投资 | 猫猫看市） 和减肥的"只要少吃就能瘦"一样，投资中我们也有这样的原则："只要价值增长就能赚钱"。 2023年5月的一天，我看着镜子里的自己，觉得自己实在是太胖了。 173厘米的身高，整整80公斤的体重。虽然我平时运动得挺多，但是吃得更多，加上人到中年，代谢开 始下降，体重就一路飙升。 我感觉自己就是个死胖子：爱运动的灵活胖子也是胖子。 我要减肥。 怎么减呢？我也不知道，因为我也是第一次这么胖，而且是年纪大了以后第一次这么胖。年轻的时候减 肥很容易，多运动两天就行。但是年纪大了，减肥的难度显然增加了。 不过，到底该少吃什么呢？坊间各种传闻众说纷纭，有说要少吃碳水的，有说要少吃零食的，有说要少 吃红肉的，有说要少喝酒的。 看看自己大学时候的历史学毕业文凭，我感觉想要分清这些路径的医学差距，实在太难为我了。于是我 采用了一个特别简单的方法：所有东西都少吃一点。 于是坚持了两年，减掉13公斤。现在我只剩67公斤，加上运动的习惯导致肌肉含量略高，简直瘦成一道 闪电。 所以，减肥难吗？很多人都说减肥很难。但是减肥其实一点儿都不难，少吃就行了，坚持几年你肯定能 减 ...

Group 1 - The event "5·15—5·19 Investor Protection Awareness Week" aims to promote investment knowledge and advocate for rational, value, and long-term investment strategies among investors [1] - Zhang Shiyu, a chief analyst, discussed the need for asset allocation strategies to align with the emerging bull market in the A-share market, emphasizing a shift from a traditional "dumbbell" structure to a "dumbbell + pro-cyclical" style [1][2] - The macroeconomic environment is gradually improving, with sufficient fiscal policy tools available, indicating a potential opening of policy space [1] Group 2 - In the gold and jewelry sector, the industry has experienced rapid expansion and contraction cycles, currently entering an adjustment phase, highlighting the importance of understanding dynamic changes in corporate balance sheets for identifying long-term investment value [2] - The cross-border e-commerce industry has undergone significant changes due to US-China trade tensions, necessitating a shift in investment paradigms as competition intensifies and profitability may decline [2] - Zhang Shiyu illustrated the concept of "being a friend of time" in value investing, stressing the importance of fundamental research and recognizing trends within cycles to uncover value [3]

以下文章来源于睿知睿见 ，作者睿知睿见 睿知睿见 . 一个好的投资者，其能量一定的积极的，向上的，乐观的！ 别人看着他，就像看着太阳！ 他还能用朴 实易懂的语言，传递正确的投资理念！ 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： 睿知睿见 管理层最近一年一直在提股市的高质量发展 。高质量发展带来的牛市有什么不同呢 ？到底什么 是股市的高质量发展呢 ？ 一 、 高质量发展的典型案例 最近银行的上涨引起了很多人的关注 ， 大家都被涨得一脸懵逼 。 不知道为啥银行能涨得这么猛 ？ 很多人还一个劲的骂银行上涨 ， 怪银行虹吸了小盘股的流动性 。 反正银行一般都不讨投资者的喜爱 ， 公募和私募都不怎么碰 ， 散户更是瞧不上银行那点股价的 弹性 。 只有那些用来打新的账户 ， 才会买点银行作为底仓 。 然而 ， 大家都是短视的 ， 如果我们把时间拉长 ， 你就会发现银行的收益其实很高 。 银行全收益指数从2005年到现在 ， 涨了13倍 。不仅涨幅很大 ， 而且回撤相对小很多 。 指数在低波状态下缓慢爬坡 。 来源：雪球 不过 ， 如果我们只看银行指数 ， 就是另外一番景象 ...

Valuation Factors - The report identifies that the EP, BP, and SP factors show strong predictive capabilities across different sample pools, while the PEG factor performs poorly [1][6][10] - The EP factor demonstrates significant returns, with notable performance across various industries, particularly in manufacturing [1][40] - The BP factor excels in asset-heavy industries such as utilities and finance, while the SP factor performs well in the TMT sector [1][40] Sources of Returns - The report states that the mispricing between valuation and fundamentals is the source of returns from valuation factors, with significant positive returns from low valuation-strong fundamentals combinations and negative returns from high valuation-weak fundamentals combinations [2][41][46] Long-term Effectiveness - Valuation factors are noted to be effective in the A-share market, although there is a potential for diminishing returns as the market becomes more institutionalized [3][59][75] - Historical data shows that the selected portfolios based on valuation factors achieved annualized returns of 14.87% in the CSI 800 and 19.11% in the CSI 1000, indicating the long-term effectiveness of these strategies [4][11] Industry Performance - The report highlights that the performance of valuation factors varies significantly across different industries, with the EP factor generally performing well across most sectors [40][41] - The BP factor shows strong performance in heavy asset industries, while the SP factor is particularly effective in the TMT sector [40][41] Investment Strategy - The report suggests constructing investment portfolios based on the mispricing of valuation and fundamentals, utilizing factors such as BP, EP, net profit growth rate, and ROE for selection [4][41][75] - The strategy emphasizes the importance of identifying undervalued stocks with strong fundamentals to achieve superior returns [7][75]

作 者丨庞华玮 值得一提的是，上次易方达高管团队的调整中，还包括两位副总级基金经理卸任高管职务， 作为明星基金经理的陈皓和萧楠在上次管理团队的微调中卸任高管职务，但继续担任易方达 基金公司的基金经理，两人均表示："未来将更加专注于投资"。 而此次管理团队的微调中，张坤卸任高管职务，同样表示要"专注于投资管理工作"。 至此，易方达"三剑客"张坤、陈皓和萧楠均已卸任高管职务。 编 辑丨姜诗蔷 5 月 1 6 日 ， 易 方 达 基 金 公 告 称 ， 因 工 作 调 整 ， 张 坤 不 再 担 任 副 总 经 理 ， 将 专 注 于 投 资 管 理 工 作。 易方达内部人士向2 1世纪经济报道记者证实，卸任后，张坤将继续坚守在基金经理岗位上， 全身心投入到投资管理工作中，努力为持有人创造长期可持续回报。 张坤是公募圈中最有影响力的明星基金经理之一，截至2 0 2 5年3月3 1日，张坤在管基金总规模 6 0 8亿元，是国内管理规模最大的主动权益基金经理。并且在其担任基金经理的1 3年里，旗下 基金长期业绩优秀，年化收益率高达11 . 6 9%。 明星基金经理纷纷卸任"高管"职务 1个多月前，易方达基金刚经历了管理 ...

Core Viewpoint - The article emphasizes the importance of value investing and highlights Stagwell Inc. (STGW) as a strong value stock based on various valuation metrics [2][7]. Valuation Metrics - Stagwell Inc. (STGW) has a Zacks Rank of 2 (Buy) and a Value grade of A, indicating strong potential for value investors [4]. - The Forward P/E ratio for STGW is 5.89, significantly lower than the industry average of 8.42, with a historical range between 5.38 and 9.95 over the past 52 weeks [4]. - The P/B ratio for STGW is 1.84, compared to the industry average of 4.64, with a historical range of 1.66 to 2.87 [5]. - STGW's P/CF ratio stands at 8.05, which is attractive relative to the industry average of 10.68, with a historical range of 3.86 to 9.10 [6]. Investment Outlook - The combination of STGW's favorable valuation metrics and strong earnings outlook suggests that the company is likely undervalued, making it an appealing investment opportunity for value investors [7].

近日，证监会发布《推动公募基金高质量发展行动方案》（以下简称《行动方案》），为公募基金行业 的高质量发展指明方向。该方案以提升投资者获得感作为核心目标，在机制改革、产品供给和服务升级 等方面作出系统性部署。 作为公募基金行业的参与者，诺安基金深刻认识到《行动方案》对于保障投资者权益、促进行业可持续 发展的重大意义，将以此为契机认真贯彻落实方案要求，夯实投研能力基础，提升合规风控水平，积极 探索特色化发展路径，切实增强投资者获得感。 以投资者为本，夯实长期投资价值根基 公募基金"受人之托、代客理财"为根本，助力投资者实现资产长期保值增值是其核心使命。在新"国九 条"持续深化资本市场改革的政策背景下，基于行业发展的政治性与人民性，公募基金落实信义义务， 坚持"以投资者为本"，已成为行业高质量发展的必然要求。 本次《行动方案》围绕投资者利益保障，提出建立与基金业绩表现挂钩的浮动管理费收取机制、强化业 绩比较基准的约束作用、加强信息透明度建设、稳步降低基金投资者成本等要求。同时明确提出，要强 化基金投资收益长周期考核机制，要求三年以上中长期收益考核权重不低于 80%。这些措施有力推动 基金公司、高管、基金经理及销售机 ...

Core Insights - The company has achieved significant growth in 2024, with total revenue reaching 137.947 billion yuan, a 24.43% increase year-on-year, and a net profit of 17.881 billion yuan, representing a remarkable 519.42% growth [1][3] - The company plans to distribute a total cash dividend of 7.588 billion yuan for the year, and has approved a proposal to issue H-shares for listing on the Hong Kong Stock Exchange, marking a key step in its internationalization strategy [1][4] Financial Performance - In 2024, the company reported a total revenue of 137.947 billion yuan, up 24.43% from the previous year, and a net profit of 17.881 billion yuan, which is a 519.42% increase [1][3] - For the first quarter of 2025, the company achieved total revenue of 36.061 billion yuan, a 37.26% year-on-year increase, and a net profit of 4.491 billion yuan, up 288.79% [5] Business Strategy - The company has established a complete pork industry chain, including feed processing, breeding, and slaughtering, and has increased its annual pig output from less than 2 million heads to over 70 million heads in 2024 [3] - The company is focusing on enhancing its production capacity, service capabilities, and overall industry chain integration, while also advancing its digital capabilities through the use of technology [3][5] International Expansion - The company is pursuing internationalization by exploring overseas markets and has formed a partnership with a local breeding company in Vietnam to provide pig farming technology services [4][5] - The establishment of a wholly-owned subsidiary in Vietnam aims to offer technical services and smart farming equipment [4] Research and Development - In 2024, the company invested 1.747 billion yuan in research and development, employing a dedicated R&D team of 6,486 people and holding a total of 2,276 national patents [6]

Core Viewpoint - Guanghui Energy's major shareholder, Guanghui Group, is transferring approximately 976 million shares (15.03% of total shares) to the Fude Group at a premium price of 6.35 CNY per share, totaling 4.055 billion CNY, which is about 5% higher than the closing price on May 16 [1][2]. Group 1: Share Transfer Details - The share transfer is aimed at introducing long-term value investors to enhance the company's core competitiveness and improve shareholder returns [1]. - Fude Group, which manages nearly 1 trillion CNY in assets, has a diversified insurance group structure and is expected to provide significant financial support to Guanghui Energy [1][2]. - After the transfer, Guanghui Group will still hold 20.06% of the total shares, ensuring that there will be no change in the controlling shareholder or actual controller of Guanghui Energy [2]. Group 2: Strategic Alignment and Future Prospects - Fude Group has a strong presence in the energy and resources sectors, holding significant stakes in companies like China Coal Energy and Shougang Resources, indicating a strategic alignment with Guanghui Energy's business [2]. - Guanghui Energy is focusing on upgrading its production capacity across five major sectors: coal, coal chemical, natural gas (including oil), clean energy (hydrogen), and CCUS, contributing to national energy security and meeting the growing demand for green energy [3]. - The diverse shareholder structure is expected to accelerate project construction, particularly in coal production expansion, with several projects aiming for a combined output exceeding 100 million tons [3].