Core Points - The event "Quality Improvement and Efficiency Enhancement to Strengthen Confidence, Communication and Trust to Promote Development" was successfully held in Guiyang, focusing on the 2024 annual performance briefing of listed companies in Guizhou [1] - The event was guided by the Guizhou Securities Regulatory Bureau and aimed to enhance communication between investors and listed companies, showcasing the increasing significance of collective reception days in China's capital market [2] Group 1 - The event featured participation from all A-share listed companies in Guizhou, with key executives such as chairpersons, general managers, and financial directors in attendance, marking an annual engagement with investors [2] - The Deputy General Manager of Shenzhen Panoramic Network Co., Ltd. highlighted the importance of collective reception days in facilitating communication between investors and listed companies, noting the growing influence of these events in the capital market [2] Group 2 - The Deputy Director of the Guizhou Provincial State-owned Assets Supervision and Administration Commission emphasized the role of state-owned listed companies in market value management to optimize resource allocation and achieve a dual integration of industrial and capital operations [5] - The Deputy Director of the Financial Development Department of the Guizhou Provincial Committee of the Communist Party of China stressed the importance of investors as the foundation of the capital market and pledged continued support for quality listed companies to grow stronger [8] Group 3 - The Deputy Director of the Guizhou Securities Regulatory Bureau expressed that the performance briefing serves as a vital bridge for value discovery and investment concept dissemination, encouraging companies to communicate in a way that enhances investor engagement [10] - The event demonstrated the integrity and regulatory compliance of listed companies in Guizhou, achieving a high response rate of 94.80% to investor inquiries, with 885 questions received and 839 answered, marking a new high in the past three years [11]

Group 1 - The core viewpoint of the article emphasizes the release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which aims to align the interests of investors and fund managers, fostering long-term returns for investors [1][2] - The plan is seen as a significant regulatory innovation in China's capital market, focusing on optimizing fund operation models, evaluation systems, and encouraging the development of equity products [2][3] - The introduction of a new batch of floating management fee funds is set to deepen the binding of investor interests, utilizing a performance-based fee structure that adjusts management fees according to fund performance relative to benchmarks [3][4] Group 2 - As of the end of 2024, there will be 75 products in the market operating under the floating management fee model, with a total management scale of 783.29 billion, of which 63 products are performance-linked, accounting for 84% of the number and 98% of the scale [5] - The floating management fee funds have undergone several market tests since their inception in 1999, with 20 funds set to trial the new fee structures in 2023, linking fees to performance, scale, and holding period [4][5] - The future of public funds is expected to focus on long-term and value investing, as the interests of investors, fund managers, shareholders, and sales parties become more aligned following the implementation of the new plan [5]

周恒 制图 一场重塑公募权益投资生态变革的大幕已经拉开，将倒逼基金经理减少短期博弈和主题炒作，注重产品 投资收益的稳定性。作为掌握重要话语权的机构投资者，公募的改革也将重塑A股投资风格，促使资金 更多流向有长期价值的优质企业 ◎记者 赵明超 近日，证监会印发《推动公募基金高质量发展行动方案》（以下简称《方案》），强调建立健全基金公 司收入报酬与投资者回报绑定机制，并且全面强化长周期考核与激励约束机制。 对于主要依靠管理费收入的基金公司来说，《方案》将重构公募基金的商业模式。对于基金经理来说， 考核标准是指挥棒。随着《方案》的发布，一场重塑公募权益投资生态变革的大幕就此拉开，将倒逼基 金经理减少短期博弈和主题炒作，注重产品投资收益的稳定性。作为掌握重要话语权的机构投资者，公 募的改革也将重塑A股投资风格，促使资金更多流向有长期价值的优质企业。 回归价值投资本源 《方案》发布后，迅速在公募行业激起千层浪，引发基金经理热议。 沪上某基金经理李扬（化名）坦言，最近几天的同业交流，话题都围绕此次公募改革，周末还问了对方 公司的具体考核要求。 "目前正在与产品部沟通，确认合适的业绩比较基准，后续将对产品合同条款进行修改。 ...

Core Viewpoint - The article compares Apollo Commercial Finance (ARI) and Ladder Capital (LADR) to determine which stock is more attractive to value investors [1] Valuation Metrics - ARI has a Zacks Rank of 2 (Buy), indicating a stronger earnings outlook compared to LADR, which has a Zacks Rank of 4 (Sell) [3] - ARI's forward P/E ratio is 9.31, while LADR's forward P/E ratio is 10.74 [5] - ARI has a PEG ratio of 0.24, suggesting it is undervalued relative to its expected earnings growth, whereas LADR has a PEG ratio of 2.16 [5] - ARI's P/B ratio is 0.72, compared to LADR's P/B ratio of 0.87, indicating ARI's market value is lower relative to its book value [6] - Based on these metrics, ARI earns a Value grade of B, while LADR receives a Value grade of D [6] Earnings Outlook - ARI is noted for its improving earnings outlook, which enhances its attractiveness in the Zacks Rank model [7]

近年来，监管层一直在推动和引导中长期资金入市，短线投机情绪则平稳回落，曾经的打板族超额收益 神话早已不复存在，日涨停股数量更是较以往出现明显下滑，说明A股的生态正在持续优化，这为A股 更加稳定发展奠定了坚实基础。 长、短线资金是A股市场生态的交易主体，两者既相辅相成，又此消彼长。从市场稳定性角度而言，长 线资金占比越高，投机性越低，市场波动率越小。 很长一段时间以来，A股生态中短线投机占比一直较高。与此同时，涨停板制度的存在，在一定程度上 激发了短线资金的投机热情，甚至衍生出"涨停板敢死队"这一特殊超短线交易群体，一年数十倍、上百 倍的收益神话，让无数中小投资者趋之若鹜。 打板族说到底是过度投机者，但A股不是赌场，投机暴富更不是A股的应有之义。短线投机的最大危害 在于不研究公司基本面，只炒概念，扭曲了市场的价值发现功能，还可能成为滋生股价操纵的"温床"。 如今，A股的市场生态已然生变。政策层面的不断加码，彻底打通了中长期资金入市的卡点堵点，以社 保基金、险资等专业机构投资者为代表的耐心资本，持续性布局优质资产，推动了绩优股的价值重估。 绩优股、高股息资产股价屡创新高，让越来越多的投资者认识到了价值投资的魅力所 ...

有一个案例可以佐证这个结论。在过去的几十年里，大家看到美国标普500指数的涨幅其实很引人注 目。但在涨幅中，大约63%的贡献其实来自于流动性的扩张，即资金的涌入。剩下的37%，也就是大约 三分之一的涨幅，才是由标普500指数中企业的利润增长所贡献的。 可能很多朋友会质疑：这难道不是因为企业利润有增长预期，才吸引了大量资金流入吗？你没办法把资 产价格的上涨完全按比例归结为流动性的流入。但实际上，这本书也举了其他例子。比如在2020年之 前，印度这个新兴市场中，很多企业的利润表现非常平淡，但这并没有阻止资金流入，推动股价上涨， 并形成了一个巨大的市场浪潮。类似的例子还有很多。 从上世纪80年代开始，全球实际上已经进入了一个全新的时代。这个时代中，资金的流入流出、汹涌澎 湃的流向往往决定了一个资产的价格涨跌。这可能也深刻改变了全球市场中不同的投资流派。不知道是 不是巧合，我们观察到从上世纪90年代末开始，或者说从21世纪初开始，像巴菲特所秉持的价值投资 派，在这段时间里，跑赢标普500指数的概率和幅度已经被压得很低，再也没有出现像上世纪六七十年 代或七八十年代那种价值投资派一骑绝尘、在市场中壮观的涨幅。 本文为妙投 ...

Core Viewpoint - The recent surge in military stocks is driven by the belief that advancements in military technology will enhance the performance of these stocks, representing a form of value investment [1][2]. Group 1: Military Technology Advancements - The rapid evolution of military technology is the primary driver behind the rise in military stocks, as technological competition is a key area of national strength [1]. - Breakthroughs in aerospace technology, intelligent weapon systems, satellite communication, and strategic strike capabilities enhance the core competitiveness of military enterprises [1][2]. - The capital market is keenly aware that technological strength will translate directly into market share and profitability for military companies [1]. Group 2: Investment Perspective - Traditional value investment focuses on realized earnings per share, but the investment logic for military stocks is being re-evaluated to include potential growth [1][2]. - Many military companies are investing heavily in R&D, capacity expansion, and market development, laying a solid foundation for future performance despite current earnings not being outstanding [2]. - Investors are increasingly recognizing the value of growth potential, shifting focus from short-term financial metrics to long-term growth and strategic value [2]. Group 3: Market Trends - The sharp rise in military stock prices reflects market recognition of military technology development and corporate potential [2]. - This trend signifies an evolution in value investment philosophy, moving from realized value to uncovering potential value [2]. - Investors are encouraged to adopt a rational and professional analysis approach to identify quality military stocks with genuine investment value [2]. Group 4: Investment Strategies - Due to the unique nature of the military industry, it may be challenging for individual investors to thoroughly understand specific companies [3]. - Investors can consider ETFs that hold a diversified portfolio of military stocks, providing a more stable investment approach while mitigating risks associated with individual stock price fluctuations [3].

➢ 动态、风格配置和选股均贡献明显超额。组合的超额收益主要来自于动态、 风格和选股的贡献。偏好低动量、低弹性、低波动率风格，价值属性突出，当前 更偏中盘。从板块布局来看，2020 年之前基本都在周期和金融间切换，近期提 高了对于消费赛道的配置比例，同时在制造和 TMT 板块也有所涉猎。 ➢ 深度价值型基金定义与精选。主要以持仓的绝对低估值特征进行深度价值型 基金的定义，计算基金在 BP 因子上的暴露，定义管理期间、及近一年重仓股平 均因子暴露分别为正且排名前 1/3 的基金样本为价值型基金。对于深度价值基 金池的筛选，我们主要考虑了持仓预期净利润等因素，构建相关基金池，选取因 子打分较高的基金等权，当前组合持仓列表如下： 新一期深度价值组合基金列表 基金分析报告 深度价值基金池 202505：保持绝对收益 2025 年 05 月 12 日 ➢ 深度价值属于格雷厄姆"捡烟蒂"式投资方式。按内在价值定义的不确定性 程度和估算难度，价值投资理念可大致分为：深度价值、成长价值、景气价值。 深度价值的投资理念源自于格雷厄姆，在 1929-1933 年美国经济大萧条期间， 许多股票价格远远低于其清算价值，投资此类股票即便 ...

基金分析报告 景气价值基金池 202505：科技制造为主 2025 年 05 月 12 日 ➢ 注重公司以及所处赛道的成长性并兼顾估值水平。以彼得·林奇为代表的景 气价值投资策略，更注重公司以及所处赛道的成长性并兼顾估值水平，因而也属 于价值投资范畴，这一投资理念对内在价值的审美更多在于增长潜力而非竞争优 势，景气价值公司的成长未必来源于竞争优势，也可为行业赛道的扩张。本报告 将优选市场当前的景气价值基金，以供对其有配置需求的投资者参考。 ➢ 景气价值型基金池：具备更高的弹性。2015 年 2 月 2 日至 2025 年 5 月 8 日，基金池年化收益率为 8.92%，相对于偏股基金指数超额收益为 2.41%，组合 年化波动为 26.95%。基金池在景气投资表现较好的区间具备比偏股基金指数更 高的收益弹性。 ➢ 超额收益主要源自行业配置，风格更偏成长。景气价值型基金池超额主要来 自于行业配置、动态和选股，其中行业配置的贡献更为明显。风格偏向高流动性、 高动量、高弹性、偏中盘，价值属性整体较弱，更偏成长。当前行业上以 TMT 为 主，更加注重行业的成长性，但 2021 年中到 2022 年底则明显增配了周期赛道 ...

基金分析报告 成长价值基金池 202505：偏配金融板块 2025 年 05 月 12 日 ➢ 买入具有竞争优势的优秀公司，价格合理即可，赚复利增长的钱。成长价值 策略判断内在价值的主要维度：优秀的商业模式和财务健壮性判断。优秀的商业 模式往往意味着持续较高的资产回报率，叠加良好的复利条件就能使得公司的资 产长期稳健增长，即所谓的长坡厚雪。财务健壮性判断则关注财务实力和财务造 假识别，以规避价值毁灭。本报告将优选市场当前的成长价值基金，以供对其有 配置需求的投资者参考。 ➢ 成长价值型基金池：兼具稳定性与进攻性。2015 年 2 月 2 日至 2025 年 5 月 8 日，基金池年化收益率为 15.74%，相对于偏股基金指数超额收益为 9.23%， 同时组合年化波动 20.98%，年化夏普达 0.75，在牛市行情中能够获取较高超额 收益，在市场下跌时也能较好控制回撤。 ➢ 超额收益主要源自选股，行业重仓周期和消费。选股能力为组合主要的超额 收益来源，行业配置和动态调整也有明显贡献。风格上，长期来看价值和成长属 性整体均不突出，新一期调仓中，组合持仓市值有所提高，整体呈现出更强的成 长性，以及高市场关注度、高盈 ...