来源：雪球 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：红鑫24 核心就在于 ， 传统行业利润稳定 ， 绝对估值低 ， 分红高 ， 特别是分红复投的威力不容小视 。 标题 ， 更严谨一些应该是 ， 大部分成长股不适合大部分人 。 过去 ， 我对成长股关注多一些 ， 认为成长股的投资回报更好 ， 现在的很多人也是这样看问题的 。 所以 ， 往后原则上都不再考虑进入门槛低的阶段性成长股 。 只考虑绝对估值低 ， 分红好的 ， 优质行业的龙头公司 。 首先要优质 ， 其次是绝对估值底 ， 分红好 。 比如 ， 长电 ， 神华 ， 陕煤 ， 茅台 ， 五粮液 ， 中海油 。 比如我之前持有的 ， 人福医药 ， 派林生物 ， 赛力斯 ， 光迅科技等 。 这些公司 ， 阶段性的成长性都是不错的 ， 我也取得了一定的投资回报 。 但长期看利润稳定性不 行 ， 另外就是绝对估值偏高 ， 并且持有过程的体验真的不大好 。 实际上 ， 按照合伙生意思维 ， 大部分人会优先考虑稳定性 ， 其次才是未来的空间 。 以上公司不大行 ， 主要是几方面 ， 一是大部分商业模式不行(赚钱是否容 ...

Core Viewpoint - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, but identifying such stocks can be challenging due to their inherent risks and volatility [1] Group 1: Growth Stock Identification - The Zacks Growth Style Score system aids in identifying promising growth stocks by analyzing a company's real growth prospects beyond traditional metrics [2] - CACI International is highlighted as a recommended stock with a favorable Growth Score and a top Zacks Rank [2] Group 2: Earnings Growth - Earnings growth is crucial for investors, with double-digit growth being particularly desirable as it indicates strong future prospects [4] - CACI International has a historical EPS growth rate of 9.8%, but projected EPS growth for this year is expected to be 14.6%, significantly surpassing the industry average of 4.8% [5] Group 3: Cash Flow Growth - Higher-than-average cash flow growth is essential for growth-oriented companies, allowing them to expand without relying on external funding [6] - CACI International's year-over-year cash flow growth stands at 5.9%, exceeding the industry average of 4.9% [6] - The company's annualized cash flow growth rate over the past 3-5 years is 11.8%, compared to the industry average of 6.1% [7] Group 4: Earnings Estimate Revisions - Trends in earnings estimate revisions are indicative of a stock's potential performance, with positive revisions correlating strongly with stock price movements [8] - Current-year earnings estimates for CACI International have been revised upward, with the Zacks Consensus Estimate increasing by 0.8% over the past month [9] Group 5: Overall Assessment - CACI International has achieved a Zacks Rank of 2 due to favorable earnings estimate revisions and has earned a Growth Score of B based on various factors [10] - This combination positions CACI International as a potential outperformer and a solid choice for growth investors [11]

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but identifying strong candidates can be challenging due to inherent risks and volatility [1] Group 1: Company Overview - Hawkins (HWKN) is identified as a promising growth stock, currently recommended based on its favorable Growth Score and top Zacks Rank [2] - The company has a historical EPS growth rate of 23.3%, with projected EPS growth of 12.5% this year, significantly outperforming the industry average of 5.6% [4] Group 2: Financial Metrics - Hawkins exhibits a year-over-year cash flow growth of 16%, surpassing the industry average of 6%, which is crucial for its expansion without relying on external funding [5] - The historical annualized cash flow growth rate for Hawkins over the past 3-5 years is 18.3%, compared to the industry average of 4.1% [6] Group 3: Earnings Estimates - There is a positive trend in earnings estimate revisions for Hawkins, with the current-year earnings estimates increasing by 2.3% over the past month [7] - Hawkins has achieved a Growth Score of B and a Zacks Rank 1 due to these favorable earnings estimate revisions [8]

Group 1: Economic Outlook - The results of the China-US talks are more optimistic than market expectations, with the US aiming to balance trade deficits and bring back manufacturing, but achieving 100% of this goal is unrealistic [3] - Despite uncertainties from tariffs, domestic demand remains resilient, and technological innovation is unaffected by economic disturbances, leading to a stable economic recovery in the second half of the year [3] - The stock market's valuation is attractive, and the most uncertain phase has passed, indicating that some companies possess significant long-term value [3] Group 2: Investment Opportunities - The US economy is likely entering a stagflation period, with high fiscal deficits exerting downward pressure on actual interest rates, leading to potentially negative returns in the US stock market over the next three quarters [4] - Four sectors are highlighted for investment: 1. Internet sector benefiting from technological innovation and reduced market risks, such as AI-related stocks 2. Consumer sectors related to domestic demand, including innovative models and defensive new consumption and pharmaceuticals 3. Technology sectors focused on self-sufficiency 4. Sectors related to fiscal stimulus, such as engineering machinery [4] - AI is in its initial stage of development, with significant investment opportunities as the industry transitions from foundational models to application phases, supported by rapid advancements in China and decreasing deployment costs [4] Group 3: Semiconductor Industry - The semiconductor industry is a critical area for long-term attention, with one-third of the market in China, one-third of domestic semiconductor production being localized, and one-third of equipment also being localized, indicating substantial potential [5] - Rapid advancements in semiconductor equipment technology are driving manufacturing capacity growth, and breakthroughs in technology nodes often present significant investment opportunities [5]

21世纪经济报道记者 黎雨辰 北京报道 鹏华基金指数与量化投资部总经理苏俊杰，将聚焦指数投资实战，分享关税冲击后高波市场中的ETF投 资策略，为机构投资者运用工具提升投资效能打开思路。 相聚资本总经理梁辉，将结合对2025年中美经济路径的推演和细分行业的观察，分享当前成长股投资中 的机会与挑战。 继首场"财富·中国行"战略峰会在沪掀起思想风暴、收获行业热烈反响后，5月13日，由21世纪经济报道 主办、鹏华基金战略支持的"财富·中国行"活动"共话共启·机构视野·投资新局——全球秩序裂变与机构 资产配置研讨会"北京站也将正式启幕。 站在初夏的时点回望，资本市场的脉搏正与全球政治经济格局的演变同频共振。开年以来，全球供应链 重构的浪潮叠加大国博弈升级，资本市场的波动率中枢持续上移。但与此同时，一揽子支持稳市场、稳 预期的金融政策，也正以前所未有的密度和力度释放暖意。 此次研讨会汇聚了40余位来自私募、公募、券商、保险、智库及媒体行业代表。与会嘉宾将聚焦全球秩 序重构下的投资变局，通过主旨演讲与圆桌对话，共同探讨如何把握政策红利、优化资产配置以及践行 责任投资。 在稳定股市方面，央行坚定支持汇金公司增持股票市场指数基 ...

Group 1 - Warren Buffett announced his intention to retire by the end of the year, with Abel set to take over as CEO in 2026, marking the end of Buffett's 60-year investment career [1] - Buffett's net worth has seen remarkable growth, reaching $134.9 billion by April 2024 and projected to hit $168 billion by May 2025 [2] - Berkshire Hathaway's stock market value has grown at an average annual rate of 19.9% from 1965 to 2024, significantly outperforming the S&P 500's average return of 10.4% during the same period [3] Group 2 - Buffett's investment philosophy emphasizes continuous learning and the importance of avoiding foolish mistakes over mere talent [4] - Value investing, a strategy learned from Benjamin Graham, has been a cornerstone of Buffett's success, exemplified by his long-term investment in Coca-Cola, which is valued at approximately $25 billion by the end of 2024 [5] - Buffett's investment in Apple, initiated in 2016, has become one of his most profitable ventures, with the value of shares exceeding $150 billion when half were sold in 2024 [6][7] Group 3 - Buffett's strategy of holding cash during uncertain times, particularly in anticipation of market volatility, has proven effective, with Berkshire holding $325.2 billion in cash and equivalents by the third quarter of 2024 [9] - The stock market's performance following Trump's election highlighted the wisdom of Buffett's cash strategy, as major indices experienced significant declines [10] - Acknowledging mistakes and learning from them is a key aspect of Buffett's investment approach, with numerous documented errors leading to valuable lessons [11][12] Group 4 - Buffett's unique investment framework through Berkshire Hathaway allows for a diverse range of asset holdings, providing structural advantages that are not available to typical investors [14] - The combination of Buffett's innate investment acumen, the timing of his career, and the distinctive structure of Berkshire Hathaway contribute to his unparalleled success in the investment world [13][14]

Core Viewpoint - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, with Shift4 Payments identified as a strong candidate due to its favorable growth metrics and Zacks Rank [1][2]. Group 1: Earnings Growth - Shift4 Payments has a historical EPS growth rate of 138.8%, with projected EPS growth of 40.3% for the current year, significantly outperforming the industry average of 11.1% [4]. Group 2: Cash Flow Growth - The company exhibits a year-over-year cash flow growth of 38.8%, which is substantially higher than the industry average of 4.3% [5]. - Over the past 3-5 years, Shift4 Payments has achieved an annualized cash flow growth rate of 119.9%, compared to the industry average of 12.8% [6]. Group 3: Earnings Estimate Revisions - There has been a positive trend in earnings estimate revisions for Shift4 Payments, with the Zacks Consensus Estimate for the current year increasing by 17.3% over the past month [7]. Group 4: Overall Positioning - Shift4 Payments holds a Growth Score of B and a Zacks Rank of 2, indicating strong potential for outperformance in the growth stock category [9].

Core Viewpoint - Investors are increasingly seeking growth stocks that demonstrate above-average growth potential, with Gorman-Rupp (GRC) identified as a strong candidate due to its favorable growth metrics and Zacks Rank [2][9]. Earnings Growth - Gorman-Rupp has a historical EPS growth rate of 8.7%, but projected EPS growth for this year is expected to be 13.7%, significantly outperforming the industry average of 6.4% [5]. Cash Flow Growth - The company exhibits a year-over-year cash flow growth of 19.3%, which is substantially higher than the industry average of 1.3%. Over the past 3-5 years, Gorman-Rupp's annualized cash flow growth rate has been 10.6%, compared to the industry average of 8.5% [6][7]. Earnings Estimate Revisions - There has been a positive trend in earnings estimate revisions for Gorman-Rupp, with the Zacks Consensus Estimate for the current year increasing by 0.5% over the past month, indicating strong near-term stock price movement potential [8]. Overall Assessment - Gorman-Rupp has achieved a Growth Score of B and holds a Zacks Rank 2, reflecting its strong growth prospects and positive earnings estimate revisions, making it a solid choice for growth investors [9][10].

Core Viewpoint - The article highlights the advancements in the robotics and renewable energy sectors, showcasing the investment strategies of Huazhong Fund, particularly through the expertise of fund manager Xiong Zheying, who focuses on AI and advanced manufacturing opportunities [1][8]. Group 1: Investment Strategy - Xiong Zheying employs a three-pronged investment framework: "grasp structure + adjust rhythm + select stocks," aiming for a more comfortable experience in growth stock investments [3]. - The investment approach emphasizes controlling drawdowns while maintaining a balanced exposure to advanced manufacturing sectors, with a focus on high-concentration individual stocks [4]. - The portfolio of Huazhong New Energy Theme A is diversified across three major sectors: electric equipment and new energy (30.22%), non-ferrous metals (28.24%), and basic chemicals (23.38%), with individual stock concentration reaching 44.44% [4]. Group 2: Market Outlook - The renewable energy sector is expected to enter an upward cycle, with lithium batteries, electric vehicles, and energy systems leading the global competitiveness ranking [8]. - By the end of 2024, the renewable energy industry is anticipated to experience a supply-side turning point, leading to improved capacity utilization and ROE [8][9]. - Xiong Zheying predicts that the renewable energy sector will surpass the ROE bottom by 2025, with potential volume and price increases in the lithium battery and wind power supply chains [9]. Group 3: AI and Robotics Investment - The AI industry, particularly in application development, is seen as a significant growth area, transitioning from training to inference applications, which will foster innovation [9]. - The investment in robotics is entering a second phase driven by AI, with advancements in cognitive capabilities and sensor technology expected to create new demand [9]. - The development of AI applications is likened to industrial automation, evolving from discrete needs to broader process requirements, indicating a potential explosion in demand [9].