"大平台、小团队"的管理模式是组织高效运转、培养多元投资人才的保障。易方达基金副总裁冯波在接 受上海证券报记者专访时表示：强大的平台如同大树的"树干"，将内外部的各类资源汇聚起来，为投研 人员的孕育和成长提供充足的养分；风格清晰的"小团队"则像大树生出的"枝杈"，在传承中创新，衍生 出更多元的投资风格。在大树的支持下，投资老将与新生代基金经理都能各展所长、向阳生长。 易方达基金管理的资产规模 于深度研究中协同共进 以长期主义奔赴远方 ——易方达主动权益的进阶之路 ◎记者 聂林浩 在公募基金行业，主动权益投资始终是最能体现投研核心能力的板块。它不仅考验着基金经理的个人能 力，更是整个公司体系化投研能力的集中体现。 伴随着行业不断发展，如何在驾驭庞大资金的同时又能行稳致远呢？易方达主动权益团队清晰地认识 到，要能够提供各类风格策略清晰稳定、长期业绩优良的产品组合，更要打磨出可复制、可持续的体系 方法。 "传帮带"不仅有方法指导，也包括经验的传授。"在市场情绪高涨时，有时我也会因为某个令人兴奋的 故事和投资机会而激动。但一些前辈的分析又会让我冷静下来并反问自己，机会背后的风险点在哪儿？ 这个逻辑有没有可能被证伪？" ...

Core Viewpoint - The white liquor industry is undergoing a deep adjustment period, with companies needing to demonstrate resilience and adaptability in a challenging market environment [2][4]. Industry Overview - The macroeconomic pressure, changing consumer structures, and ongoing destocking in channels have led to a significant decline in white liquor production, with a 7.2% year-on-year drop in the first quarter of 2025 [2]. - The industry is shifting from rapid growth to rational growth, focusing on quality over speed and stability over scale [4]. Company Performance - Fenjiu reported a revenue of 32.924 billion yuan for the first three quarters of 2025, a 5% increase year-on-year, and a net profit of 11.405 billion yuan, up 0.48% [6][8]. - In the third quarter alone, revenue reached 8.960 billion yuan, reflecting a 4.05% year-on-year growth, which stands out against the industry average growth rate of below 1% [6][8]. Strategic Focus - Fenjiu's growth is attributed to its robust product structure, with the main product line generating 32.171 billion yuan in sales, a 5.54% increase year-on-year [10][11]. - The company emphasizes a balanced growth strategy through product diversification, channel management, and brand positioning, which enhances its resilience against market fluctuations [10][12]. Market Expansion - Fenjiu's sales in the provincial markets outside its home region reached 21.813 billion yuan, a significant 12.72% increase, indicating the success of its national expansion strategy [12][13]. - The company has strategically focused on high-potential regions such as the Yangtze River Delta and the Pearl River Delta, enhancing its market presence [13]. Brand Development - Fenjiu is enhancing its brand identity by emphasizing its cultural heritage and storytelling, which helps establish a deeper emotional connection with consumers [15][16]. - The brand's strategy of integrating cultural elements into its products aims to resonate with both domestic and international markets, positioning itself as a representative of Chinese liquor culture [24][25]. Future Outlook - The company is committed to maintaining a steady growth trajectory while adapting to market changes, with a focus on long-term strategies rather than short-term gains [20][26]. - Fenjiu's approach reflects a broader trend in the industry towards sustainable growth, emphasizing quality and cultural significance over mere volume [25][26].

Core Viewpoint - Baillie Gifford is committed to long-term investment in China, focusing on discovering high-quality growth companies and enhancing collaboration with diverse clients [1][8][9] Group 1: Investment Strategy and Market Insights - The firm has been investing in China since 1999, utilizing a dual research mechanism between its Shanghai and Edinburgh offices to maintain a global perspective while being locally informed [1][10] - Lorna Kennedy emphasizes that 2023 is the busiest year post-pandemic, with over 10 investment professionals visiting China, indicating a strong commitment to understanding local market dynamics [1][10] - The firm aims to expand its business scale and client diversity while continuously identifying quality growth companies in China [8][9] Group 2: Understanding Chinese Investors - Chinese investors exhibit different risk preferences when selecting overseas investment managers, often starting with fixed-income products before gradually moving to multi-asset allocations [6][7] - There is a need to educate local investors about the growth potential of global equities, as many are initially hesitant due to unfamiliarity with foreign companies [6][7] Group 3: Innovation and Competitive Edge - Baillie Gifford maintains an open mindset towards innovation, recognizing that China is achieving significant advancements in various fields, often at lower costs compared to Western counterparts [10][12] - The firm has a dedicated team in Shanghai that identifies emerging investment opportunities, such as Horizon Robotics, which may be overlooked by other global managers [10][12] Group 4: Long-term Investment Philosophy - The company focuses on understanding the business logic of companies rather than becoming domain experts in specific fields, allowing for a broader investment approach [12][13] - Baillie Gifford prioritizes long-term growth engines, including internet platforms, power batteries, AI chips, and autonomous driving, highlighting the global competitiveness of Chinese companies [13][19] Group 5: Role of AI in Investment - While AI can enhance research efficiency, it cannot replace human optimism and imagination regarding future growth potential [2][19] - The firm believes that long-term investment decisions should be based on fundamental analysis and industry trends, which AI cannot fully quantify [19][20]

Core Insights - The article highlights the contrasting situation of the Tianhe Road business district in Guangzhou, which remains vibrant and attracts significant foot traffic despite the rise of online shopping [2][3]. Group 1: Business Environment - Tianhe Road business district, known as "the first business circle in South China," spans approximately 2.8 kilometers and houses 25 large commercial complexes with over 10,000 merchants [2]. - The average daily foot traffic in the Tianhe Road business district is around 1.5 million, demonstrating its strong consumer engagement and spending power [3]. Group 2: Strategies for Attracting Consumers - To counter the impact of e-commerce, large shopping malls are shifting their focus from merely collecting rent from merchants to enhancing the consumer experience, aiming to transform into "super experience centers" [4]. - The district emphasizes offering unique product experiences, with many first stores in South China and China located here, attracting customers with exclusive offerings [5]. - Physical spaces are being redefined to include attractions like aquariums and climbing walls, turning shopping centers into urban lifestyle hubs that offer more than just retail [6]. Group 3: Enhanced Services - Tianhe district is improving customer service by creating pet-friendly social spaces and providing tailored services for international visitors, such as English menus and Arabic-speaking staff during peak tourist seasons [7]. - The local government and business associations are collaborating to streamline processes for merchants, reducing bureaucratic hurdles and fostering a supportive business environment [8]. Group 4: Collaborative Governance - The partnership model of "government + business association + enterprises" is effectively shaping a fair, vibrant, and orderly commercial environment in the Tianhe Road business district [8]. - The Tianhe Road Business Association plays a crucial role in bridging the gap between businesses and the government, promoting industry self-regulation, and coordinating resources to avoid market saturation and competition [8].

Core Viewpoint - The Chinese television and film industry is facing significant challenges, with a call for a return to content quality and long-term strategies for sustainable development, as highlighted during the "2025 Hengdian Film and Television Festival" [1][3]. Industry Changes - The number of television and online drama releases has drastically decreased from 752 in 2019 to 281 in 2024, representing a decline of over 60% in five years [3]. - Television stations are experiencing reduced purchasing power, while online platforms have shifted from "IP grabbing" to "copyright control" [3]. - The industry is facing content dilution due to competition from short videos and micro-dramas, alongside creative stagnation caused by strict subject matter regulations and lengthy review processes [3]. Policy Insights - The "Broadcasting and Television 21 Measures" aims to rejuvenate the industry with four core principles: 1. Return to content with a focus on "script-centered" production, emphasizing the importance of solid storytelling [4]. 2. Rebuild the ecosystem by promoting diverse content forms, encouraging the creation of realistic and historical themes while reducing idol and crime dramas [4]. 3. Optimize governance by enhancing review transparency and adopting a "bottom line + profit-sharing" revenue model to reward quality works [4]. 4. Advocate for long-termism in production, emphasizing the need for thoroughness at every stage of creation [4]. Future Outlook - Hengdian is positioned as a historical landmark for Chinese television and a frontier for new ecological practices, with a call for industry professionals to shift focus from chasing short-term gains to cultivating quality content over the long term [4].

Core Viewpoint - The article discusses the importance of living in the present and the psychological challenges faced by investors who often focus on future wealth and financial freedom, potentially at the expense of enjoying their current lives [1]. Group 1: Living in the Present - Many individuals, especially those in investment roles, struggle to enjoy the present moment due to constant anticipation of future financial success and freedom [1][9]. - The notion of future wealth often leads to a cycle of new expectations and desires, making it difficult to appreciate current experiences [1][12]. - The article emphasizes that achieving financial goals does not necessarily equate to happiness or fulfillment in life [1][11]. Group 2: Personal Experiences and Reflections - Some individuals share their experiences of finding joy in simple activities and the freedom that comes with not being tied to a traditional job [2][14]. - There are reflections on how past financial calculations and decisions have led to a sense of freedom, even if the current financial status does not meet conventional standards of wealth [10][15]. - The importance of balancing work and personal life is highlighted, with some individuals expressing satisfaction in their current lifestyles despite not being in high-paying jobs [12][16]. Group 3: Financial Perspectives - The article suggests that setting relative financial goals based on personal circumstances can be more beneficial than fixed monetary targets [16][17]. - It discusses the idea that once financial stability is achieved, individuals should consider how to give back to society rather than solely focusing on accumulating wealth [17][18]. - The concept of enjoying life and fulfilling personal desires while managing financial responsibilities is presented as a key to a balanced life [13][21].

Core Viewpoint - Jiangyin Bank has demonstrated resilience in a complex macro environment, reporting strong financial performance for the third quarter of 2025, with significant growth in both revenue and net profit [1][2]. Financial Performance - The bank achieved total operating revenue of 3.204 billion yuan, a year-on-year increase of 6.17% [1]. - Net profit attributable to shareholders reached 1.278 billion yuan, reflecting a robust year-on-year growth of 13.38% [1]. - The net profit excluding non-recurring gains and losses was 1.229 billion yuan, up 14.94% year-on-year, indicating enhanced profitability from core operations [2]. - The weighted average return on equity increased to 6.79%, up 0.23 percentage points from the previous year, showing improved efficiency in generating shareholder returns [2]. - Basic earnings per share rose to 0.5194 yuan, a year-on-year increase of 11.92% [2]. Asset Quality and Growth - Total assets surpassed 208.042 billion yuan, growing by 3.90% since the beginning of the year [2]. - Shareholders' equity reached 19.149 billion yuan, an increase of 3.01% year-to-date [2]. - The non-performing loan ratio stood at 0.85%, slightly down by 0.01 percentage points, maintaining a strong position within the industry [2]. - The provision coverage ratio was high at 371.91%, indicating robust risk mitigation capabilities [2]. Strategic Initiatives - Jiangyin Bank is focusing on strategic transformation with an emphasis on "stabilizing growth, adjusting structure, promoting transformation, preventing risks, and strengthening management" [3]. - The bank's total deposit size reached 165.073 billion yuan, an increase of 8.73% year-to-date, while total loans grew by 6.31% to 131.957 billion yuan [3]. - The net interest margin was reported at 1.56%, with a net interest spread of 1.39%, both showing a slight increase from the previous half-year [3]. Sector-Specific Developments - In the inclusive finance sector, the bank has established a comprehensive service system, resulting in a 15.07% increase in corporate clients [4]. - Green finance initiatives led to a 34.26% increase in green loan balances, significantly outpacing average loan growth [4]. - The bank has developed a unique brand in elderly finance, focusing on the needs of the aging population [4]. Shareholder Returns - Jiangyin Bank announced a cash dividend of 1.0 yuan per 10 shares, totaling approximately 246 million yuan, which represents 19.25% of the net profit attributable to the parent company for the first three quarters [5][6]. - This dividend proposal reflects the bank's commitment to shareholder returns and its stable financial policy [6]. - The bank aims to continue focusing on rural revitalization, industrial cluster development, and wealth management, reinforcing its long-term growth strategy [6].

Core Viewpoint - The chemical industry is entering a downward cycle due to high costs and weak supply-demand dynamics, despite maintaining high capital expenditure and supply growth since the peak in 2021. However, there are "long-termist" companies capable of navigating through the cycle, providing substantial returns to investors through growth and dividends [1][2]. Group 1: Industry Overview - The chemical industry has experienced high capital expenditure and significant supply growth since the peak in 2021, but demand recovery remains relatively weak, leading to a high-cost and weak supply-demand environment [1]. - Long-termist companies in the chemical sector are characterized by strong shareholder backgrounds, excellent management capabilities, reasonable industry chain layouts, continuous R&D investment, and a strong sense of social responsibility, enabling them to achieve stable growth and sustainable development [2]. Group 2: Oil and Gas Sector - The "three major oil companies" (China National Petroleum, Sinopec, and CNOOC) are expected to maintain high capital expenditure and enhance natural gas market development, aiming for long-term growth despite oil price fluctuations [3]. - The domestic oil service companies are benefiting from high upstream capital expenditure, with improved operational quality and international competitiveness, particularly in the context of the Belt and Road Initiative [3]. Group 3: Refining and Chemical Fiber Industry - The refining and chemical fiber industry is anticipated to recover, with the refining expansion nearing completion and supply-demand dynamics expected to improve, leading to high-quality development in the sector [4]. - The polyester sector is seeing limited new capacity, with structural optimization accelerating, which is expected to enhance the market share and competitiveness of leading companies [4]. Group 4: Coal Chemical Industry - The coal chemical industry is projected to improve profitability due to a gradual easing of coal supply and demand, alongside a decline in coal prices. The transition towards modern coal chemical processes is seen as essential for traditional coal enterprises [5]. - The average prices for various coal types have decreased, with main coking coal, thermal coal, and anthracite prices showing declines of -10.5%, -2.0%, and -16.0% respectively compared to the beginning of the year [5]. Group 5: Investment Recommendations - The report suggests focusing on leading companies in the upstream oil and gas sector and oil service companies, including China National Petroleum (601857.SH), Sinopec (600028.SH), CNOOC (600938.SH), and others [6]. - For the refining and chemical fiber sector, companies like Hengli Petrochemical (600346.SH) and Rongsheng Petrochemical (002493.SZ) are recommended due to their potential benefits from industry optimization and upgrades [7]. - In the coal chemical sector, companies such as Hualu Hengsheng (600426.SH) and Baofeng Energy (600989.SH) are highlighted for their expected improvement in profitability [7]. - The report also suggests monitoring cyclical leading companies like Wanhua Chemical (600309.SH) and Satellite Chemical (002648.SZ) as demand recovers and supply-demand dynamics improve [7].

Core Viewpoint - Water Margin's performance in Q3 2025 stands out amidst a challenging environment for the liquor industry, showcasing strong recovery momentum with significant profit growth and revenue increases [1][4][7] Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 2.348 billion yuan and a net profit attributable to shareholders of 326 million yuan, with a net profit of 265 million yuan after excluding non-recurring gains and losses [1] - In Q3 2025, the company's net profit reached 221 million yuan, with an overall net profit margin rebounding to 26% and a revenue increase of 12% quarter-on-quarter [1][4] Industry Context - The liquor industry is currently facing significant challenges, with a reported decrease of 100 large-scale liquor enterprises in the first half of 2025, and a mere 0.19% year-on-year increase in sales revenue, alongside a 10.93% decline in profits [1][7] - Only 6 out of 22 listed liquor companies reported both revenue and profit growth in the same period, indicating substantial downward pressure on the industry [1] Strategic Initiatives - The company is committed to a "long-termism" strategy, focusing on optimizing its distributor system, enhancing channel governance, and accelerating product innovation to build a competitive moat [4][7] - In the first three quarters, the company implemented a "one strategy for one region" approach in core markets, utilizing digital tools to improve channel efficiency and launching high-end products to fill market gaps [4] Market Outlook - Despite warnings of continued challenges in the liquor industry, there is a gradually optimistic outlook for 2026, driven by anticipated consumption stimulus measures and improved confidence among distributors [7] - The company's strategy of exchanging short-term profits for long-term value is beginning to yield results, with Q3 profit recovery reinforcing strategic stability and injecting confidence into the industry [7]

原标题：金融价值观｜开源证券李刚：坚守长期主义 做中小企业的战略合伙人 在投资上，开源证券充分发挥旗下另类子公司和私募股权子公司功能，通过直接投资和专项基金实 现"投早、投小、投硬科技"，是陪伴中小企业共同成长、为企业提供投后产业赋能、实现创业投资与投 行团队投保联动战略的核心环节。此外，紧紧抓住陕西科技策源地，即"一院一所一校"，加强与西北有 色研究院、光机所和西工大、西安交大等高校战略合作，成立专项基金。同时，借力全国一流中小企业 私募股权投资机构，累计投资近30家GP，一方面为创新型中小企业搭架了庞大的资本市场"朋友圈"， 另一方面也为科创基金市场带来增量活水。 在投行方面，开源证券积极围绕北交所"打造服务创新型中小企业主阵地"的建设目标，重点支持先进制 造业与现代服务业等领域，推动产业转型升级与科技自立自强。开源证券基于长期的新三板、北交所一 线服务实践，以科技型中小企业为主要服务群体，筛选、培育、陪伴"明日之星"，摒弃传统投行业务把 企业规模作为重要考虑因素的筛选客户方法，坚持"从可通过性向可投性转变"，打造面向未来可持续发 展的投资型投行。 四是坚定拥抱多层次资本市场，持续提升落地能力。在李刚看来 ...