Core Viewpoint - The premium trading of certain QDII products has raised concerns among investors, highlighting the risks associated with blindly pursuing these products as their prices may not reflect their intrinsic value [1][2][3] Group 1: Market Dynamics - Some QDII products are experiencing premium trading, with certain products reaching new high premium rates due to heightened investor enthusiasm [1] - Premium trading has become a norm, leading some investors to speculate on higher premium rates for potential gains, which carries significant risks [1] - Market conditions can change rapidly, such as increased QDII quotas or major sell-offs, which could lead to a decline in premiums, resulting in actual losses for investors [1] Group 2: Investor Behavior - The blind pursuit of premium QDII products reflects a deviation in investment philosophy among some investors, who often overlook fundamental risks in favor of short-term price increases [2] - Investors are advised to recognize the risks associated with premium products and to avoid following trends without thorough analysis of the underlying value and potential risks [2] - A long-term investment mindset is essential, as overseas markets exhibit more complex volatility compared to domestic markets [2] Group 3: Regulatory Recommendations - Regulatory bodies should enhance oversight of the premium QDII product market to prevent excessive premiums and other anomalies [3] - Improving information disclosure and investor education can increase market transparency and awareness of risks, fostering a fairer investment environment [3] - The correct investment strategy involves selecting products priced below their intrinsic value for purchase and holding [3]

Core Viewpoint - The article discusses the investment philosophies of various individuals, particularly focusing on the insights shared by Duan Yongping, highlighting the subjective nature of investment strategies and the importance of aligning them with personal circumstances [1][3][6]. Group 1: Investment Strategies - Duan Yongping emphasizes the importance of investing in companies with a competitive moat, such as Apple, Moutai, and Tencent, but does not provide specific criteria for identifying such companies [1][3]. - The article mentions various successful investment strategies from different individuals, including quantitative rotation, value investing, and asset allocation, suggesting that there are multiple paths to success in the capital markets [2][3]. - It is noted that Duan's investment approach may not be suitable for everyone, particularly for those without the same level of financial security or understanding of market dynamics [3][4]. Group 2: Personalization of Investment - The article stresses that each investor must find a strategy that matches their own conditions, as not everyone can adopt the same methods successfully [3][7]. - It highlights the importance of personal experience and understanding in investment, suggesting that what works for one individual may not work for another [6][7]. - The discussion includes the notion that investment is a highly personalized endeavor, and individuals should absorb wisdom from various sources to refine their own investment frameworks [7][8]. Group 3: Market Insights - The article reflects on the current market environment, indicating that while broad investment principles may hold true, the application of these principles can vary significantly based on market conditions [5][9]. - It mentions the potential for significant returns in the stock market, but also acknowledges the challenges and risks involved in identifying future successful companies [5][11]. - The discussion includes references to the financial performance of companies like OPPO and VIVO, suggesting that strong cash flow from these businesses can support investment strategies [9][10].

Core Viewpoint - The premium trading of certain QDII products has raised concerns among investors, highlighting the risks associated with blindly pursuing these premium products, as a decline in premium could lead to actual losses for investors [1][2][3] Group 1: Premium Trading Dynamics - Some QDII products are experiencing premium trading, with certain products reaching new high premium rates due to heightened investor enthusiasm [1] - The phenomenon of premium trading is not new, but when it becomes the norm, it can lead to speculative behaviors among investors aiming for higher returns through premium rate speculation, which carries significant risks [1][2] Group 2: Investor Behavior and Mindset - The blind pursuit of premium QDII products reflects a deviation in investment philosophy among some investors, who often overlook fundamental risks in favor of short-term price increases [2] - Investors are advised to recognize the risks associated with premium products, avoid following trends, and consider various factors such as investment targets and management teams when selecting QDII products [2] Group 3: Regulatory and Market Considerations - Regulatory bodies are encouraged to enhance oversight of the premium QDII product market to prevent excessive premiums and ensure market order [3] - Improving information disclosure and investor education is essential to increase market transparency and investor risk awareness, creating a fairer investment environment [3]

Core Insights - The founder and CIO of Shiwa Asset, Liang Hong, publicly apologized for a significant decline in fund performance, with an estimated net value drop of around 20% from peak levels [1] - The decline was attributed primarily to issues with individual stocks and the beta exposure to the technology and internet sectors [1] Group 1: Performance Decline - Shiwa Asset reported an estimated net value drop of approximately 7% in its weekly report, with a cumulative decline of about 20% from the highest point [1] - The performance of the funds significantly lagged behind major indices during this period [1] Group 2: Reasons for Decline - The three main reasons for the performance decline were identified as: 1. A drop in heavily weighted innovative pharmaceutical stocks, where high valuations were not realized through timely selling [1] 2. A leading hardware company's stock fell over 37%, with the issue being an excessive position during a period of reasonable high valuation [1] 3. Heavy investment in stablecoin stocks in the U.S. while neglecting the risks associated with the cryptocurrency market turning bearish [1] Group 3: Reflection and Future Strategy - Liang Hong reflected on the decline, acknowledging that greed played a deeper role in the performance issues, emphasizing a lack of attention to risk and cost-effectiveness during high market valuations [1] - He expressed awareness of the disappointment among investors and the potential for significant redemptions, indicating preparedness for such outcomes [1] - Moving forward, the company plans to adapt its strategy by incorporating more absolute return considerations while maintaining a focus on value investing, aiming for improved performance in the coming year [1]

以下文章来源于兴证全球基金 ，作者与您相伴的 兴证全球基金 . 投资理财，有温度，有深度，有态度。 ↑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：兴证全球基金 来源：雪球 上周以来 ， A股市场大幅回撤 ， 上证指数上周下跌-3.9% ， 创业板指跌-6.15% （ 数据来源于wind ， 数据区间2025/11/17-2025/11/21 ） ， 面对市场的波动 ， 如何从容应对 。 我们试图通过梳理过往伯克希尔致股东的信 ， 探寻巴菲特与芒格对待市场波动时的智慧 ， 更重要的是 ， 我们也能从中窥见 ， 巴菲特与芒格在 面对市场波澜时的思想进化历程 。 " 真正重要的是独立思考而不是投票表决 "—— 1990年 宏观背景 ： 第三次石油危机 1990年 ， 第三次石油危机爆发 ， 中东地区局势持续震荡 ， 全球对美国经济衰退的担忧 ， 使得美股经历了自1981年以来的最差年份 。 伯克 希尔在当年的致股东信中这样写道 ： 当然以上所述并不代表不受欢迎或注意的股票或企业就是好的投资标的 ， 反向操作有可能与从众心理一样的愚蠢 ...

Market Overview - The market is experiencing fluctuations, with the main index showing signs of retreat after an upward movement, indicating a potential adjustment period ahead [1] - The current market environment is characterized by increased volatility, leading to a more conservative investment approach [2] Investment Strategy - The company has reduced its investment position from 700,000 to over 400,000, reflecting a cautious stance amid market uncertainties [1] - A focus on dollar-cost averaging and maintaining liquidity to respond to market changes is emphasized [1] Fund Investments - The company has increased its investment in the Morgan Huikai Growth Mixed Fund by 10,000, citing the fund manager's strong track record with an annualized return of 11.57% over nine years [2] - An additional investment of 5,000 has been made in the Zhongtai Kaiyang Value-Selected Flexible Allocation Mixed Fund, which has a balanced portfolio across various sectors, reducing volatility [2] - A 5,000 investment in the E-Fund CSI Military Industry Index (LOF) is noted, with expectations of growth due to stable defense spending and industry upgrades [3] Sector Analysis - The military industry is highlighted for its strong policy support and stable demand, with a focus on technological advancements and high barriers to entry [3] - The chip industry is currently facing a pullback, with the company opting to observe before making further investments [4] - The bond market is showing mixed signals, with the company maintaining its current holdings [7] - The renewable energy sector is in a consolidation phase, with plans to wait for a clearer trend before investing [7] - The Hong Kong stock market has shown some rebound but remains unstable, prompting a wait-and-see approach [7]

Core Viewpoint - The article discusses the performance and investment strategy of Dongfang Hongwan Investment, led by Chairman Dan Bin, highlighting the contrasting short-term and long-term returns of its funds, particularly in the context of AI investments and market dynamics [2][5][8]. Group 1: Investment Performance - As of October 2025, Dongfang Hongwan's overseas fund achieved a three-year return of 138.98%, ranking third among 9,970 global hedge funds, while its one-year return was 26.63% [2][5]. - The one-year return of 26.63% slightly exceeds the average of 24.32% for domestic subjective long-only strategies but falls significantly short of the top 5% return of 82.48% [2][5]. - Domestic products under Dongfang Hongwan have reported returns around 15%, which is notably lower than the 24.32% average for similar funds [6]. Group 2: Investment Strategy - The fund's investment strategy is heavily focused on AI, with significant holdings in companies like Nvidia, Google, Meta, and Microsoft, indicating a strong commitment to the AI sector [3][4]. - Dan Bin's recent investments include increasing positions in Alibaba and new investments in semiconductor companies like Astera Labs and Broadcom, reflecting a comprehensive approach to the AI supply chain [3][4]. - The emphasis on long-term value investment is evident, as Dan Bin stated that short-term volatility does not alter the commitment to growing alongside great companies [5][8]. Group 3: Market Dynamics and Investor Sentiment - The article notes a divergence in performance perceptions, with some investors expressing concerns over the short-term results of Dan Bin's funds, questioning whether he has been "over-mythologized" [6][7]. - Market analysts suggest that the performance differences stem from the inherent nature of value investing versus short-term speculation, especially in a market characterized by structural bull trends [7][8]. - The ongoing debate highlights the choice between chasing short-term gains versus investing in long-term growth, with Dan Bin's strategy leaning towards the latter [8].

产品净值累计回撤约20%，百亿私募希瓦资产创始人、首席投资官梁宏发文致歉。 【导读】百亿私募希瓦资产创始人、首席投资官梁宏发文致歉 中国基金报记者 李智 11月22日， 希瓦资产 发布的 周报显示，旗下多数基金预估净值下跌7%左右，从最高点累计回撤幅度约20% 。其间，产品净值 大幅跑 输主要指数。 对此，梁宏在周报中坦言，此次回撤的主因是个股问题，其次是科技互联网贝塔的原因。这波回撤重创，让人失望，深表歉意。 梁宏直言，这波回撤主要有三大原因：一是重仓的创新药股下跌，高位没有根据价值兑现大部分仓位，卖出决策又不够果断，导致后续卖 出价格不好；二是第一重仓的硬件龙头公司跌幅超过37%，该股操作上的问题是高位估值合理阶段不应该持有过重仓位；三是前几个月重 仓了美股稳定币股，忽略了加密货币转熊等三大风险，这笔操作是今年最大的问题。 "几个股票下跌造成的回撤是直接原因，但更深层次的原因还是自己过于贪婪。"梁宏反思称，"高位时过于兴奋，过于追求宏大叙事，而忽 略了涨幅风险，忽略了性价比。" 梁宏在周报中表示 ： "我知道这次的再次巨大回撤，让多数人对我深深失望和不再信任。不管怎样我在这里还是要道歉。今年的表现已经 落 ...

Core Viewpoint - The premium trading of certain QDII products has raised concerns among investors, highlighting the risks associated with blindly pursuing these products as their prices may not reflect their intrinsic value [1][2][3] Group 1: Premium Trading of QDII Products - Some QDII products are experiencing premium trading, with certain products reaching new high premium rates due to heightened investor enthusiasm [1] - Premium trading has become a norm, leading some investors to speculate on higher premium rates for potential gains, which carries significant risks [1] - A shift in market conditions, such as increased QDII quotas or major fund sell-offs, could lead to a rapid decline in premiums, resulting in actual losses for investors [1] Group 2: Investor Behavior and Mindset - The blind pursuit of premium QDII products reflects a deviation in investment philosophy among some investors, who often overlook fundamental risks in favor of short-term price increases [2] - Investors are advised to recognize the risks associated with premium products and to avoid following trends without thorough analysis of intrinsic value and potential risks [2] - A long-term investment mindset is essential, as overseas markets exhibit different dynamics and complexities compared to domestic markets [2] Group 3: Regulatory Recommendations - Regulatory bodies should enhance oversight of the premium QDII product market to prevent excessive premiums and other anomalies [3] - Improving information disclosure and investor education can increase market transparency and awareness of risks, fostering a fairer investment environment [3] - Adopting a value investment strategy by selecting products priced below their intrinsic value is recommended for investors [3]

Core Viewpoint - The article discusses the challenges and opportunities in the investment landscape during the "VUCA" (Volatility, Uncertainty, Complexity, Ambiguity) era, emphasizing the need for rational decision-making amidst market fluctuations and cognitive biases [2][3]. Summary by Sections Investment Landscape - The years 2021-2025 are characterized as a "post-pandemic" era with trade wars and rapid AI advancements disrupting traditional industries [2]. - Investor sentiment has been low due to significant market fluctuations over the past four years, revealing cognitive biases such as pessimism, anchoring effects, and loss aversion [3]. Book Overview - "Wealth is the Realization of Cognition" has received positive feedback since its release, helping readers navigate turbulent investment periods and achieve returns [4]. - The upgraded version of the book includes an additional 40,000 words of analysis, addressing key global shifts such as the AI equity revolution and the implications of trade policies [5]. Cognitive Traps and Solutions - The book identifies 12 cognitive traps that investors face, such as overconfidence and loss aversion, and provides corresponding strategies to overcome them [13][14]. - Key strategies include using self-awareness to combat overconfidence and adopting long-term thinking to counteract the urge for quick gains [13][14]. Author's Background - The author, Shu Taifeng, combines a humanities background with extensive media experience to present investment philosophies in an accessible manner [25][28]. - The book integrates insights from historical figures like Buffett and Laozi, highlighting the timeless nature of investment wisdom [19][28]. Reader Engagement - The article encourages readers to engage with the book, offering discounts for bulk purchases and membership benefits [7][9].