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].

以下文章来源于人神共奋 ，作者思想钢印 人神共奋 . 财经专栏作家，虎嗅&雪球2020年度十佳作者 本文来自微信公众号： 人神共奋 （ID：tongyipaocha） ，作者：思想钢印，题图来自：AI生成 一、A股投资之难 巴菲特这几年的股东大会上，每次都会提及他对日本五大商社的投资，可见股神对日本股市是真的看 好，国内不少日经ETF投资者都是被巴菲特"种草"的，但也有很多人不服气：中国经济这几年虽然增 速下降，但总比日本强，为什么巴菲特不投A股或中概股，却持续增持日本股市呢？ 首先，这个问题问得就不太对，巴菲特是个股投资，看中的是公司的护城河、公司治理、成长性等 等，而不是经济增速这种宏观因素，印度经济的增速比中国更快，市场规模也是仅次于美中日的全球 四大股市，但巴菲特也几乎没有什么对印度公司的投资。 当然，我明白大家真正想问的问题是：中国2024年GDP增速5%，日本2024年GDP增速只有0.1%，但 巴菲特进入日本股市的这五年多，日经指数涨了70%，A股跟五年前差不多，这个反差也太大了。 这个问题才是值得所有进行全球资产配置的人深入研究的，本文就来聊一聊这个话题。 $$\mathrm{\boldmat ...

顶流基金经理张坤卸任易方达基金高管职务。 易方达基金今日晚间发布公告称，因工作调整，张坤不再担任副总经理高级管理人员 职务，继续担任易方达 的基金经理，将专注于投资管理工作。 值得一提的是，明星基金经理担任公募基金高管职务曾成为一种潮流，也是基金公司留住人才的重要策略，而 今，随着公募行业高质量发展趋势以及基金经理更精准的职业定位，自2024年开始，一大批副总级基金经理纷 纷卸任高管职务，回归基金经理岗位专注投资。 张坤卸任易方达高管职务 今日晚间，易方达基金发布公告称，原担任易方达基金高管职务的基金经理张坤，将卸任高管职务，仍将继续 担任易方达的基金经理。张坤目前管理易方达蓝筹精选基金、易方达亚洲精选QDII基金、易方达优质精选 QDII以及易方达优质企业基金，合计管理的资金规模超600亿元。 易方达内部人士也向记者证实，卸任高管后，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。 值得一提的是，过去，"投而优则仕"是公募基金行业激励优秀投研人才的一种方式。而近年来，市场却出现了 一股回归初心的潮流，不少投研出身的基金高管选择主动"减负"、不再兼任管理职务，将更 ...

5月16日晚间，易方达基金发布重要公告，知名基金经理张坤因工作调整不再担任副总经理高级管理人员，未来将专注于投资管理工 作。 | 基金管理人名称 | 易方达基金管理有限公司 | | --- | --- | | 公告依据 | 《公开募集证券投资基金信息披露管理办法》 《让 | | | 券基金经营机构董事、监事、高级管理人员及从业 | | | 人员监督管理办法》 | | 高管变更类型 | 离任基金管理公司副总经理级高级管理人员 | | 离任高级管理人员职务 | 副总经理级高级管理人员 | | --- | --- | | 离任高级管理人员姓名 | 张坤 | | 离任原因 | 工作调整 | | 离任日期 | 2025年5月15日 | | 转任本公司其他工作岗位的说明 | 专注于投资管理工作 | 资料显示，张坤自2008年清华大学研究生毕业即加入易方达基金，从事投研工作近17年，是其主动权益投研团队的核心人员。作为易方达自 主培养的基金经理，张坤始终坚持深度研究为基础的价值发现、追求长期稳健的超额回报。 张坤管理的多只基金产品此前发布2025年一季度报告显示，这位明星基金经理在今年第一季度期间，将互联网、能源与消费作为 ...

杨恒波进一步分析，暂且认为公募的说法是对的，但他接下来的这句话就很令人费解了——他说"机构 始终秉持长线投资、价值投资的理念"，这让人实在难以信服。"风格漂移"这个词就是为公募基金发明 的，市场上也根本没有几只基金能称得上是价值投资，更多的基金经理只是在一味抱团炒作，追涨杀 跌，乃至于一些更夸张更不合规的操作。杨恒波表示，前几年的转融券事件，基金用投资者的钱砸盘事 件仍在眼前，所以公募基金现在站出来的"辟谣"，恐怕要打一个大大的问号。 回归市场，在不考虑公募基金利用自身大资金在场内冲杀搅局的情况下，杨恒波认为目前A股市场缺乏 明确的主线，主要是事件驱动。所以，如果周末没有出现能够改变机构对当前经济基本面判断的消息， 那么就只能关注一些行业性的消息了，在缩量轮动的市场环境下，投资者要么选择抱团，要么做T，要 么就躺平，千万不要盲目追涨杀跌。 5月16日，投顾杨恒波在今日市场分析中指出，大盘全天呈现出缩量修复、大小票分化的态势，这段时 间的行情可以用一个字来形容——卷。往往前一天表现强势的方向，第二天就直接"扑街"，而前几天大 跌的板块后面又有可能修复。本质上，这是市场暂时没有明确的主线，资金只能在板块之间来回轮 ...

本周市场迎来重大利好消息，中美经贸会谈取得实质性进展。中美双方磋商后在瑞士日内瓦发布联合声 明，于5月14日之前暂停实施24%的美国对华对等关税和中国对美反制关税90天，并互相取消91%的额 外关税。这意味着4月2日特朗普挑起的关税战出现了缓和的迹象，中方坚决反制美国大幅加征关税的行 动取得了阶段性胜利。特朗普在美国国内也承受了巨大的压力，包括物价上涨引发的民众压力、股市下 跌带来的华尔街的压力，不得不主动与中方谈判，推动中美贸易正常化，这次磋商成果还是取得了实质 性的成果，也符合中美两国的利益。 中美贸易"合则两利，斗则两害"，具有较强的互补性。特朗普单方面大幅加征关税引发中方坚决反制， 最终损人不利己，搬起石头砸自己的脚。之前我也说预计五一前后，特朗普可能会主动寻求在第三国与 中方谈判，目前也基本验证了我之前的分析。预计后续还将通过多轮谈判签订贸易协定、解决关税争 端，尽管过程可能会反复，特朗普态度也经常变化，大家也已经习以为常，但关税战对市场的影响正在 变小。联合声明发布后，美股、港股大幅上涨，A股表现相对平静，主要是因为"黑色星期一"后国家队 加大入市力度，各方积极稳市，市场已出现恢复性上涨，整体跌幅 ...

Core Viewpoint - The article highlights the investment philosophy and business insights of Duan Yongping, often referred to as the "Chinese version of Buffett," emphasizing his impact on various influential companies and the release of the book "The Great Way," which systematically organizes his thoughts on business and investment [1][3]. Investment Philosophy - Duan Yongping's investment approach centers on value investing, which he defines as buying companies based on their future cash flow discounted to present value [3][4]. - Key considerations for investing in a company include its long-term profitability and how profits are distributed to shareholders [4]. Business Model and Company Culture - The importance of a strong business model and corporate culture is emphasized, with Duan stating that these factors are more critical than price in assessing a company's value [5][6]. - A good business model is characterized by consistent profits and cash flow, with high barriers to entry that deter competition [5]. Investment Criteria - Duan employs a "soul five questions" framework to evaluate companies, focusing on their business model, culture, and long-term prospects [7]. - He believes that understanding a limited number of companies deeply is more beneficial than spreading investments too thinly across many [8]. Successful Investments - Duan's notable investments include NetEase, Apple, and Moutai, with significant returns achieved through long-term holding [10][11][12]. - His success is attributed to a deep understanding of the companies he invests in, allowing him to hold onto them through market fluctuations [14]. Margin of Safety - The concept of margin of safety is crucial in Duan's investment strategy, emphasizing the need for a buffer when predicting future cash flows [15]. - He believes that the frequency of finding great investment opportunities is less important than the strength of the investment decisions made [16]. Valuation Insights - Duan stresses that learning to value companies takes time and that a solid understanding of a company's future cash flow is essential for making informed investment decisions [18][19]. - He advocates for using discounted cash flow (DCF) as a logical valuation method, focusing on companies with monopolistic advantages and strong cash flow certainty [19]. Long-term Perspective - The article underscores the importance of making principled investment choices and maintaining a long-term perspective, as exemplified by Duan's adherence to value investing principles [20][21]. - Duan's investment philosophy aligns with the belief that value investing leads to sustainable success and personal fulfillment [23][24].