伯克希尔·哈撒韦公司（Berkshire Hathaway）已经完全退出了对中国电动汽车制造商比亚迪极其有利可图的股权投资。 2022年8月，伯克希尔开始减持其于2008年以2.3亿美元购入的2.25亿股持仓。该持仓价值在当年第二季度猛增41%，达到90亿美元。 伯克希尔17年前的初始投资是在查理·芒格力荐下完成。在2009年股东大会上，他告诉股东们尽管看似"沃伦和我都疯了"，但他认为该公司及其首席执行官 王传福是个"该死的奇迹"。 这一判断堪称神来之笔。在伯克希尔持股期间，比亚迪股价上涨约3890%。 至去年6月，伯克希尔已售出近76%持股，使其持股比例降至比亚迪流通股的5%以下。跌破该阈值后，根据香港交易所规则，伯克希尔无需再披露后续减 持，因此市场仅知其当时持有5400万股。 然而，一位巴菲特观察读者指出，持有这些股份的子公司伯克希尔哈撒韦能源公司（Berkshire Hathaway Energy）在一季度财务申报中，将该投资价值列为 零（截至3月31日）。伯克希尔发言人确认已悉数出售比亚迪持仓。 根据伯克希尔能源公司报告所列投资价值，减持行动在去年持股比例跌破5%后仍在持续。 上周特朗普在Truth ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has released a draft for public consultation regarding the management of sales expenses for publicly offered securities investment funds, marking a significant reform aimed at adjusting various fees and enhancing long-term investment incentives [1][3]. Key Data Overview - The draft proposes a reduction in subscription and application fees for different fund types: approximately 33% and 47% for equity funds, 58% and 67% for mixed funds, and 50% and 63% for bond funds [2]. - The redemption fee threshold has been raised, with a minimum of 0.5% for holdings under six months and a potential 1.5% penalty for holdings under seven days [2]. - As of the end of Q2, there are 8,370 active equity funds with a total scale of nearly 2.15 trillion yuan, while the total scale of public funds is approximately 7.65 trillion yuan [2]. Regulatory Signals - The regulation aims to encourage long-term investment and suppress short-term speculation by increasing the cost of short-term redemptions [3]. - It also seeks to promote market-oriented fee structures and improve service quality, pushing sales channels to focus more on product and service enhancement [3]. Impact Analysis - For equity funds, the reduction in fees and increased redemption thresholds are favorable for long-term holders, particularly passive index funds and ETFs [4]. - Bond funds may face significant challenges as many previously relied on short-term trading strategies, leading to potential capital withdrawals and volatility in fund sizes [4]. - Sales channels dependent on trailing commissions will experience income pressure, prompting a shift towards investment advisory services and scalable management [4]. Practical Recommendations - Individual investors should reassess their holding periods and liquidity needs, favoring money market funds or short-term bond ETFs for short-term liquidity, while opting for passive index or low-fee active funds for long-term investments [6]. - Institutional investors are advised to re-evaluate fund outsourcing and liquidity management strategies, considering direct bond allocations and extending durations to mitigate redemption cost impacts [7]. - Fund managers and distribution agencies should reduce reliance on trailing commissions, enhance research and advisory capabilities, and diversify product offerings to improve customer experience [7].

Whether you’re investing hundreds or hundreds of thousands, having money in the stock market during a downturn can send anyone reaching for the Tums. Or make you panic. And in that panic, you might be tempted to dump everything and run for the hills. After all, when stock prices are falling, it can feel like the safest move is to wait it out. For You: Avoid These 4 Common Mistakes When You Get Rich Overnight Find Out: 3 Advanced Investing Moves Experts Use to Minimize Taxes and Help Boost Returns Your sto ...

面对基民获得感不佳等焦点问题，公募基金销售行业重整出发，从以客户盈利为考核目标、设立逆向销 售激励机制、强化基金业绩归因分析、以数字化手段对客户画像、提供差异化投资解决方案、提高投资 者投资认知等多方面入手，重新建立与投资者的信任关系，构建起利益绑定的长效体系。 随着国内公募行业迈向高质量发展阶段，基金销售的市场竞争格局正在从产品推销竞争转向投资解决方 案竞争，从短期业绩竞争转向长期客户价值竞争。同时，基金行业生态也将进一步融合，不仅基金管理 人需要与销售机构深度合作，共同提升投资者服务能力，还要借助科技赋能行业数字化转型，构建综合 化持仓分析研究，通过量化手段对产品业绩进行拆分归因，清晰定位历史业绩贡献，到底是来自市场贝 塔、风格因子还是基金管理人的择时或资产筛选能力，通过历史数据分析，观察投资经理能力圈的稳定 性和历史演变。同时，建立"财富规划账户"功能，帮助客户重新梳理和认知自己的理财需求，为每笔投 资贴上"活钱""短钱""长钱"的标签，并提供相应的财富规划方案及专业的资产配置支持。 以专业姿态推动逆向投资 随着近期市场回暖，兴业证券坦言，基金销售再度面临如何平衡规模、考核与投资者获得感等现实难 题。当 ...

来源：蓝筹企业评论 作者｜睿研金融 编辑｜Emma 来源｜蓝筹企业评论 八月伊始，南方基金一则2.3亿元自购公告在财经媒体广泛传播，标题大多充斥着"彰显信心"、"坚定看 好"等乐观表述。然而，仔细梳理南方基金二季度操作却发现一个被刻意忽略的事实：同期该公司悄然 赎回了超过10亿元的偏债类产品。 这波操作巧合地发生在股债市场风格切换的当口：股市政策底显现，债市经历调整。南方基金一边追加 权益投资，一边削减固收持仓，像极了散户投资者熟悉的"追涨杀跌"剧本。一边是高调宣传权益自购彰 显信心，一边是静默赎回10亿固收产品，南方基金的操作与其说是"逆势布局"，不如说暴露了机构与散 户无异的投机本能。 1 高调自购：权益追涨与规模焦虑的双重奏 南方基金8月初发布公告称，将运用固有资金申购旗下权益类公募基金2.3亿元。公司发言人表示，这一 举措是"基于对中国资本市场长期健康稳定发展的信心"。 市场立即捕捉到这个信号，各大财经平台迅速推送这个消息。毕竟，基金公司自购通常是看好后市的明 确信号，特别是在当前股市估值处于历史低位的背景下。 但仔细分析其自购动机，可能不仅仅"看好市场"这么简单。南方基金自购的旗下3只权益基金包括： ...

Group 1 - The core viewpoint of the article emphasizes the importance of investor education and community engagement in promoting financial literacy, particularly among vulnerable groups like the elderly [1][3] - The event featured interactive activities such as a "Fraud Prevention Wheel" quiz and traditional games that combined financial knowledge with entertainment, resulting in high resident participation and effective learning [3] - Various educational materials were distributed, covering topics like fraud prevention, investment psychology, and basic investment knowledge, designed to be accessible and practical for residents [3] Group 2 - The theme of the event focused on the "High-Quality Development of Public Funds," with speakers analyzing common scams and introducing the operational logic of public funds and basic asset allocation principles [3] - The initiative reflects the public fund industry's commitment to high-quality development and aims to expand financial education efforts into communities, schools, and business circles [3] - The event serves as a microcosm of the public fund industry's responsibility to enhance financial literacy and contribute positively to the capital market ecosystem [3]

近年来，随着我国金融业迈向高质量发展新阶段，长期投资理念日益深入人心。易方达基金总经理吴欣 荣日前在接受中国证券报记者采访时表示，当前行业大力弘扬并积极践行中国特色金融文化，无论是诚 实守信、以义取利、稳健审慎，还是守正创新、依法合规，都与长期主义高度契合、内在统一。他表 示，易方达基金自成立以来，始终以客户利益作为出发点，致力于为客户实现资产的长期保值增值，将 长期主义植入企业基因。 坚守长期主义：始于初心重在践行 高质量发展是全面建设社会主义现代化国家的首要任务，金融要为经济社会发展提供高质量服务，必须 做好五篇金融大文章。吴欣荣表示，金融推动科技创新、促进绿色转型、支持数字经济、助力民生福 祉，都需要着眼长远、保持耐心、久久为功。 他指出，长期主义，知易行难。唯有始于初心，深刻认识事物的本质并尊重其发展规律，才能真正坚守 长期，做坚定的长期主义者。自成立之初，易方达基金就以客户利益作为出发点，致力于为客户实现资 产的长期保值增值，提出"我们执着于在长跑中胜出"这一口号，将长期主义植入企业基因。在公司发展 过程中，良好的治理，稳定的核心团队，健全的制度机制，一以贯之的企业文化，开放民主的氛围，为 践行长期 ...

Core Viewpoint - The article emphasizes the importance of long-term investment philosophy in China's financial industry, highlighting how it aligns with the country's high-quality development goals and the core values of integrity, innovation, and compliance [1][2]. Group 1: Long-term Investment Philosophy - The long-term investment philosophy is deeply rooted in the company's culture, with a focus on customer interests and asset preservation [2][3]. - The company has consistently integrated long-termism into its operational and management processes, ensuring that all employees adhere to this principle [2][3]. Group 2: Investment Strategy - The investment approach is based on deep research and value discovery, aiming for long-term stable excess returns [3]. - The company has established a management model that supports small teams within a larger platform, fostering a differentiated and stable investment style [3]. Group 3: Client Services - The company is committed to providing clients with long-term stable investment returns by developing products that meet diverse investor needs and reducing management fees [4]. - It has initiated educational programs and innovative advisory services to support clients throughout their investment journey, especially during market fluctuations [4]. Group 4: Technological and International Expansion - The company is proactive in exploring technological innovations, such as artificial intelligence, to enhance asset management capabilities for sustainable growth [5]. - It has established long-term strategic partnerships with leading institutional investors across Europe, Asia-Pacific, and the Americas to promote global business development [5]. Group 5: Future Commitment - The company plans to continue reinforcing its commitment to long-termism, focusing on investor interests and cultural foundations to navigate a changing and uncertain environment [5].

Core Insights - The personal pension accounts in China have shown a significant recovery, with nearly 15% profit realized by many investors, indicating a positive trend in the market [1] - As of September 17, 98% of personal pension public fund products have positive returns since inception, with an average return of 15% and 67% of products seeing net value increases exceeding 10% [1] Group 1: Market Performance - The growth in net value of personal pension fund products reflects the stabilization and improvement of the capital market this year [2] - The long-term investment and compound interest design of the personal pension system is expected to catalyze the growth of China's third pillar of pension [2] Group 2: System Optimization - The personal pension system, launched at the end of 2022, has undergone continuous optimization, expanding its coverage and increasing the variety of investment products available [2] - Future enhancements may include adjustments in annual contribution limits, investment product ranges, and tax incentives [2] Group 3: Investment Strategies - Investors are encouraged to deepen their understanding of the system and actively participate in pension planning to capitalize on long-term investment benefits [3] - Emphasis is placed on maintaining a long-term investment philosophy, prioritizing safety and stability in asset allocation [3] - Selecting professional institutions and enhancing active management capabilities are crucial for navigating market volatility and ensuring better investment outcomes [3][4] Group 4: Lifecycle Investment Approach - A lifecycle matching principle is recommended for product selection, with younger investors favoring high-volatility products, middle-aged investors balancing risk and return, and those nearing retirement focusing on stable products [4] - The impressive performance of personal pension funds reflects market confidence in China's pension system reforms, which are expected to provide more investors with benefits from economic transformation and institutional changes [4]

Core Viewpoint - The event organized by seven fund institutions aims to enhance financial literacy and investor education in the community, particularly focusing on the elderly population to ensure their financial security and awareness against fraud [2][12]. Group 1: Event Overview - The "Financial Knowledge into Thousands of Homes" themed event was conducted in the Honglian Village community, emphasizing the importance of financial safety for residents [2]. - The event utilized an "interactive + presentation" approach to engage the community effectively, addressing their urgent financial concerns [2]. Group 2: Activities and Engagement - The event featured engaging activities such as the "Anti-Fraud Big Wheel" quiz and traditional games that combined financial knowledge with fun challenges, resulting in high participation from residents [7]. - Various printed and electronic educational materials were distributed, covering topics like anti-fraud case analysis and basic investment knowledge, designed to be easily accessible for residents [7]. Group 3: Educational Focus - The thematic speech focused on "High-Quality Development of Public Funds," analyzing common scams and introducing the operational logic of public funds and basic asset allocation principles [10]. - Residents were encouraged to adopt long-term and value investment philosophies through legitimate channels to preserve and grow their wealth [10]. Group 4: Future Initiatives - The event reflects the public fund industry's commitment to high-quality development, with plans to expand educational outreach into communities, schools, and business circles [12]. - The institutions aim to spread positive financial energy in a more relatable and warm manner, contributing to a healthier capital market ecosystem [12].