Core Viewpoint - The rapid growth of China's ETF market, which is approaching a scale of 5.5 trillion yuan, is driven by policy support, cost advantages, transparency, and flexible trading mechanisms [2][3]. Group 1: ETF Expansion and Progress - The total scale of ETFs has surged from 4 trillion yuan to 5 trillion yuan in just four months [4]. - As of September 26, the total number of ETFs reached 1,319, with a net asset value of 5.497 trillion yuan, reflecting a 32.4% increase in the number of funds and an 81.8% increase in net asset value compared to the previous year [5][6]. Group 2: Supply and Demand Dynamics - The supply side has diversified ETF products, covering various asset classes, which enhances their attractiveness to investors [5]. - On the demand side, a recovering stock market and improved investor sentiment have led to increased inflows into ETFs, particularly during periods of market volatility [6][10]. Group 3: Role of Institutional and Retail Investors - The "national team," represented by entities like Central Huijin, has significantly increased its holdings in ETFs, spending over 210 billion yuan on 12 ETFs [7]. - Retail investors are increasingly shifting from direct stock investments to ETFs, driven by the convenience and lower costs associated with ETF investments [9][10]. Group 4: Market Competition and Risks - The ETF market is experiencing a "Matthew Effect," where larger funds attract more capital, leading to increased product homogeneity and potential challenges for investors in making choices [11]. - As the ETF market expands, risks such as liquidity issues during market volatility and valuation risks may accumulate, necessitating improved regulatory measures and investor education [12].

这几天，跨境圈里都在热议曾经风光无限的亚马逊家居大卖Walker Edison破产的消息。 据悉，Walker Edison家具公司及其三家关联公司已经宣布于8月28日提交破产申请，文件显示其资产最 高为5万美元，债务则在1亿至5亿美元之间。Walker Edison计划以2000万美元的价格，将资产出售给牵 头投标人，即知名家具制造商双星国际公司。 说起Walker Edison，在几年前的亚马逊家居圈，可以称得上是聚光灯下的明星企业。这家成立于2006年 的美国家居品牌，从成立之初就聚焦线上渠道，凭借高性价比、便捷组装，迅速吸引了大批年轻的消费 者，一度被视为家居电商化的标杆。 如今，它的陨落也不免让人唏嘘，这背后，也折射出美国家具家居行业的集体困境，在消费疲软、行业 竞争加剧，叠加关税政策带来的成本压力下，整个行业正经历一场痛苦的洗牌与重构。 01 Walker Edison的"起起落落" Walker Edison的崛起，离不开电商模式的红利。 感慨唏嘘之余，也再次给行业敲响了警钟。从Walker Edison的业务模式上看，其更像电商分销导向的设 计/进口商，而非重资产制造商，渠道极度平台化、进口依 ...

Group 1 - The core viewpoint of the article highlights Zhang Kun's contrarian investment strategy in the liquor sector, particularly focusing on leading brands while divesting from weaker ones [2] - In Q2 2025, Zhang Kun significantly increased holdings in top liquor stocks such as Wuliangye, Luzhou Laojiao, Kweichow Moutai, and Shanxi Fenjiu, while reducing exposure to Yanghe Distillery, indicating a preference for strong market leaders [2] - The investment strategy reflects a structural judgment on the liquor industry, emphasizing that only companies with strong pricing power can navigate through economic cycles [2] Group 2 - Zhang Kun articulated his investment philosophy in the quarterly report, which includes three supporting pillars: breaking the linear pessimism mindset, recognizing China's economic potential, and prioritizing the importance of timing over prediction [3] - He argues that the current downturn in real estate is a cyclical bottom rather than a long-term trend, as evidenced by a 2.9% decline in property sales and a 10.7% drop in development investment from January to May [3] - The belief in China's economic resilience underpins the decision to increase holdings in consumer sectors during a downturn, with a long-term view that GDP growth targets are achievable by 2035 [3] Group 3 - Despite the aggressive strategy, the funds managed by Zhang Kun underperformed, with the E Fund Blue Chip Select returning -7.15%, lagging the benchmark by 9.07 percentage points, leading to a decrease in management scale from 608.22 billion to 550.47 billion [4] - The commitment to the liquor sector is seen as a "faith anchor" for Zhang Kun's investment approach, as many investors view these brands as representatives of the consumer sector [4] - A shift towards technology investments could risk undermining investor confidence and lead to a significant reduction in fund size and management fees, making the decision to adjust holdings a critical strategic choice [4]

Group 1 - The core philosophy of value investing emphasizes risk avoidance and the importance of a margin of safety, which is crucial for long-term investment success [2][3][4] - Investors should focus on setting risk targets rather than return targets, as many investment strategies overlook loss avoidance [3][5] - Value investors must maintain discipline and patience, often standing against popular market trends to find undervalued securities [5][6] Group 2 - The concept of margin of safety involves conservatively assessing a company's intrinsic value and comparing it to its market price, which is fundamental to value investing [6][7] - Investors should be cautious about the potential decline in a company's value and respond with conservative evaluations and increased margin of safety [7][8] - The assessment of tangible assets should take precedence over intangible assets, as the latter are more challenging to evaluate [8][9] Group 3 - Value investing tends to shine during market downturns, as it allows investors to benefit from both performance recovery and valuation increases when market perceptions shift [11][12][13] - Market declines often create opportunities for value investors, as securities may be mispriced due to prevailing negative sentiment [12][13] Group 4 - Value investing is characterized by a bottom-up approach, focusing on absolute performance rather than relative performance, and is fundamentally a risk-averse strategy [15][16] - The relationship between market prices and potential value can be reflexive, meaning that stock prices can influence a company's perceived value [19][20] Group 5 - Reverse thinking is essential in value investing, as undervalued securities are often those that are out of favor, while popular stocks tend to be overvalued [22][23] - Successful reverse investors must be prepared for initial losses and uncertainty, as they often go against prevailing market trends [23][24] Group 6 - The effectiveness of research in value investing is limited by the 80/20 principle, where most useful information can be gathered quickly, and excessive research may hinder timely investment decisions [26][30] - Value investors should focus on identifying undervalued opportunities rather than attempting to gather exhaustive information, as low prices can provide a margin of safety [30][31]

关注投资家，⭐，您会收到最新推送 作者 | 周年洋 来源 | 雪球 在投资界，能被英女王授予爵士爵位的投资人屈指可数，约翰·邓普顿84岁高龄的时候获得了该荣誉。 还被 《福布斯》称其为"全球投资之父"和"历史上最成功的基金经理之一"，《纽约时报》将其评为"20 世纪全球十大顶尖基金经理人"。光看这一连串的荣誉，就知道他成就卓越。 他的投资履历十分传奇，当年凭着1万美金的借款，创造了220亿美元的财富。而他创立的邓普顿集团， 旗下的共同基金更是成绩斐然。在经历了石油危机、东欧剧变、两伊危机等事件后，年化投资收益还能 达到13.8%。由此他的投资理念受到世人追捧。 有人说，他是一位神学家，他依靠信仰的力量获得成功。有人说，他是一位逆向投资高手。他到底是怎 么投资的？ 01 邓普顿喜欢离群索居？ 自从邓普顿远离华尔街搬到巴哈马群岛以后，它的投资事业从低谷迈上巅峰，不管是投资收益还是募资 规模一年比一年好。 投资要谦卑，要有道德标准 还有一点，邓普顿跟别人不一样，那就是谦卑。他是一个虔诚的基督徒，每次重大的投资活动或投资会 议之前都要祷告，他不是只要有钱赚就去投，他有一定的道德标准，他的投资标的排除酒精、烟草和赌 博 ...

Core Viewpoint - Zhang Sufen, a prominent investor, focuses on undervalued stocks with state-owned enterprise (SOE) backgrounds, demonstrating a unique investment philosophy that contrasts with current market trends favoring high-profile sectors like chips and innovative drugs [1][2]. Group 1: Investment Strategy - Zhang Sufen's investment logic is characterized by a combination of "low price + SOE background," which serves as a safety net for her investments [2]. - Among the 22 stocks in her portfolio, 14 are controlled by SOEs or local governments, accounting for 63.64% of her holdings, which she views as a "policy lightning rod" to mitigate risks and capture policy benefits [2]. - The stocks in her portfolio are predominantly low-priced, with most trading below 10 yuan per share, indicating a preference for undervalued assets [1][2]. Group 2: Notable Holdings - In the second quarter, Zhang Sufen became a major shareholder in six companies, including Xinneng Wind Power, Fida Environmental Protection, and Jinjia Co., all of which have low stock prices [1]. - Fida Environmental Protection, one of her key holdings, saw its stock price rise from 4.8 yuan to a peak of 5.83 yuan, reflecting a more than 20% increase since the second quarter [7]. - Aerospace Power, another significant investment, experienced a price increase from around 10 yuan to a peak of 16.9 yuan, marking a recovery after a period of decline [5][7]. Group 3: Market Context - The recent policy initiatives from the central government aimed at promoting green and low-carbon transitions have positively impacted stocks like Fida Environmental Protection, highlighting the importance of aligning investments with government policies [7]. - Zhang Sufen's approach emphasizes patience and strategic trading, as evidenced by her handling of Aerospace Power, where she employed a flexible strategy to lower her cost basis during market fluctuations [5].

Group 1 - The A-share market has shown significant improvement in market sentiment and risk appetite, with the total public fund management scale reaching 34.05 trillion yuan by the end of Q2, an increase of 2.24 trillion yuan or 7% from the end of Q1 [1] - The performance of actively managed equity funds has rebounded, driven by the ability to generate excess returns, exemplified by the outstanding performance of Dongfanghong New Power Mixed A fund, which achieved a cumulative net value growth rate of 412.39% since its inception [1][2] - Zhou Yun, the fund manager, emphasizes a value-oriented and moderately contrarian investment strategy, focusing on high-quality companies with reasonable valuations [2][3] Group 2 - Zhou Yun's contrarian investment approach is based on deep research and value judgment, avoiding the pitfalls of blindly following market consensus [3] - The investment strategy involves recognizing market trends while maintaining a focus on value, as demonstrated during the structural bull market from 2019 to 2020, where Zhou Yun chose to avoid overpriced core assets despite facing performance pressure [3][4] - Zhou Yun's understanding of corporate value and market cycles has led to tangible returns, highlighting the importance of adapting strategies in response to significant market changes [5][6] Group 3 - The essence of successful investing lies in balancing the recognition of trends with value preservation, requiring investors to be both contrarian and trend-sensitive [6] - Zhou Yun advocates for a systematic review of investment processes, emphasizing the importance of learning from past experiences to refine investment methodologies [9] - The performance of Zhou Yun's managed funds, such as Dongfanghong New Power Mixed A and Dongfanghong JD Big Data Mixed A, showcases strong cumulative returns, outperforming their respective benchmarks [9][11]

Group 1 - The offshore RMB exchange rate surged over 300 points, breaking the 7.12 mark, reaching a nearly 9-month high on August 28 [1] - Historical experience indicates that bull markets in Hong Kong stocks are often accompanied by rapid appreciation of the offshore RMB [3] - Despite the focus on the A-share bull market, Hong Kong stocks have also been part of the current market rally, with significant gains, especially in technology and innovative pharmaceuticals [4] Group 2 - Private equity A focuses on deep value investing, adhering to Graham's "cigar butt" philosophy, investing in undervalued securities [5] - The fund has achieved nearly 70% returns this year, with a maximum drawdown of only -5.14%, and has consistently generated positive returns over six years [8] - Private equity B emphasizes individual stock alpha, maintaining high positions when extreme valuation bubbles are absent, with a historical average position of around 70% [9][10] Group 3 - Private equity C adopts a contrarian approach, focusing on undervalued assets and maintaining a high position without following market trends [16][17] - The fund has achieved a 15% return this year and a 31% return over the past year, with a consistent annual return of 21% over six years [22] - The investment strategy involves a diversified portfolio across various sectors, including industrial, telecommunications, and energy, while avoiding crowded trades [20][23]

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 截至8月31日，A股公司2025年的中报已经落下帷幕，仅剩3家ST公司还未披露财报。根据中报数据梳理发现， 不少知名私募基金经理管理的私 募产品现身在 A股公司的前十大流通股东名单之中 。 为了给读者提供一些参考，笔者根据A股公司披露的十大流通股东数据，梳理出了 冯柳、邓晓峰、裘国根、董承非、夏俊杰、蒋彤、赵军、吴伟 志、卓利伟 （按持股市值排序）等9位知名的百亿私募基金经理旗下产品在二季度末的A股持仓。 根据Choice数据， 截至 2025年二季度 末， 9位私募大佬旗下产品合计持有41家A股公司，持股 市值 合计约为 298.31 亿元 ， 截至 8月底，今 年来涨幅平均值约为33.32% 。 其中， 持股公司数在 5家以上的有冯柳、夏俊杰、邓晓峰、董承非。持股市值超100亿元的仅有冯柳和邓晓峰。 下面，笔者就为大家详细盘点各位私募大佬的持仓和动向。 需要说明的是，个股今年以来的涨跌幅，不代表基金经理旗下产品重仓股的浮盈或 者浮亏比例。（ 点此领取9位百亿私募大佬最新持仓名单 ） | # 宮 | 股票简称 | 二季度末 | 二季度末 | 二 ...

Fund Overview - The fund name is Penghua Putian Income Securities Investment Fund, abbreviated as Penghua Putian Income Mixed, with a total fund share of 168,262,456.89 shares at the end of the reporting period [2][3] - The fund aims to achieve long-term stable appreciation of assets by investing primarily in dividend-paying stocks and bonds, with a target stock investment ratio of around 70% and a minimum bond investment ratio of 20% [2][3] - The fund's investment strategy focuses on companies with a good dividend history, strong financial health, and a leading position in their industry [2][3] Financial Performance - The fund reported a profit of 18,097,139.09 RMB for the reporting period, with a weighted average net value profit rate of 4.93% and a fund share net value growth rate of 5.00% [3][12] - The fund's cumulative net value growth rate since inception is 1,233.66% [3][12] - The fund's net asset value at the end of the reporting period was 374,187,789.57 RMB, with a fund share net value of 2.224 RMB [3][16] Market Analysis - The market maintained a volatile pattern in the first half of the year, with significant excess returns in sectors such as robotics, innovative pharmaceuticals, new consumption, and AI [12][13] - The overall valuation of A-shares has returned to a reasonable range, with risk premiums decreasing but still not reaching historical averages, indicating a medium to high cost-performance ratio [12][13] - The outlook for the second half of the year suggests continued volatility, with external demand facing downward pressure and the need for incremental policies to counteract fundamental downturns [13][14] Investment Strategy - The fund manager emphasizes a proactive investment strategy in bonds to reduce overall portfolio volatility and improve risk composition [2][3] - The focus remains on sectors with high cost-performance ratios, particularly in pharmaceuticals and electronics, with an expectation of significant returns from semiconductor and panel investments [14][15] - The investment approach includes selecting high-quality growth stocks with low valuations and positive fundamental trends, as well as industries with supply constraints that may lead to profit recovery [14][15]