■择远 历时五天的第七届"5·15—5·19中小投资者保护宣传周"公益活动于5月19日圆满结束。 这是一场倡导理性投资、价值投资、长期投资，防范风险的金融知识普及的盛宴。五天的时间里，在北 京、深圳和上海，《证券日报》与投资者一起，聆听了资本市场各个参与主体的真知灼见，深切感受到 了他们对投资者保护工作的满腔热情。 保护投资者特别是中小投资者的合法权益，是资本市场工作政治性、人民性的集中体现，承载着万千投 资者的切身利益与美好期许。这在客观上就需要市场各方凝聚共识、共同努力，协同推进投资者保护工 作：不断健全投资者保护长效机制，合力培育成熟理性的投资文化，积极营造崇法守信的市场生态，切 实增强投资者对资本市场的信任和信心，提升投资者的获得感、安全感和参与感，推动资本市场高质量 发展。 这充分体现了保护投资者的鲜明导向，也是媒体必须积极践行的职责。唯有向投资者传递权威的声音、 普及更多的知识、倡导正确的投资理念，才能在投资者保护的道路上行稳致远，切实成为投资者保护的 引领者、推动者。我们是这么说的，也是这么做的。 作为"社会公器"的媒体必须要积极履行好社会责任。因为这是投资者了解政策、获取信息、形成预期的 重要 ...

Group 1 - The article emphasizes the importance of promoting the "Three Investment" philosophy in the asset management industry to encourage rational, value, and long-term investment practices [1] - The Shanghai Asset Management Association, in collaboration with the Shanghai Stock Exchange and other organizations, is conducting the first showcase of excellent practices in the asset management industry to advocate for this philosophy [1] - The program features interviews with representatives from various asset management sectors, including public funds, bank wealth management, insurance asset management, trust companies, and brokerage asset management, to share their experiences and insights on the "Three Investment" philosophy [1] Group 2 - The program will discuss how public funds can enhance investor returns and the shift from scale-oriented to return-oriented strategies, which will support the sustainable development of the industry [1] - The increasing number of ETF and index fund products raises questions about how investors should scientifically allocate their investments [1] - The program includes insights from senior executives at Huatai-PineBridge Fund, focusing on how they strengthen investor returns through standardized investment management and productized services [1]

Group 1 - The article emphasizes the implementation of the "Three Investment" philosophy to promote rational, value, and long-term investment strategies in the asset management industry [1] - The Shanghai Asset Management Association, in collaboration with the Shanghai Stock Exchange and First Financial, is organizing the first showcase of excellent practices in the asset management industry to advocate for the "Three Investment" concept [1] - The program will feature interviews with representatives from various asset management sectors, including public funds, bank wealth management, insurance asset management, trust companies, and securities asset management [1] Group 2 - The program aims to discuss how public funds can enhance investor returns and transition from a scale-oriented approach to a return-oriented approach, contributing to the sustainable development of the industry [1] - The increasing number of ETF and index fund products raises questions about how investors should scientifically allocate their investments [1] - Guests from Huatai-PineBridge Fund will share insights on how they strengthen investor returns through standardized investment management and productized services, contributing to the inflow of long-term capital into the market [1]

Core Viewpoint - Guanghui Energy held its 2024 annual shareholder meeting on May 20, where all 10 proposals were approved with over 99% support, reflecting strong investor confidence in the company's operational results and shareholder returns [1][2]. Group 1: Shareholder Returns - The company approved a cash dividend of 6.22 yuan per 10 shares (including tax), totaling 3.976 billion yuan (including tax) for all shareholders, indicating a strong commitment to sharing operational success [2]. - The actual cash dividend distribution, including share buybacks, amounts to 4.476 billion yuan, resulting in a total cash dividend of 0.70022 yuan per share (including tax), leading to a dividend yield of 10.47%, ranking 7th among over 5,400 A-share companies [2]. Group 2: Business Strategy and Financial Health - The company plans to enhance strategic planning and management to improve operational quality and ensure sustainable development, aiming for high-quality completion of annual targets [3]. - The company’s debt-to-asset ratio of 52.34% as of March 2025 ranks 14th among 30 companies in the coal mining sector, indicating a moderate level of financial health and operational resilience [2]. Group 3: Share Buyback and Capital Management - The company has completed a share buyback of 69,699,500 shares, representing 1.0616% of total shares, with a total expenditure of 505 million yuan, exceeding the minimum expected amount for the buyback [4]. - The company has decided to change the purpose of some repurchased shares from employee stock ownership plans to cancellation and capital reduction, which is expected to enhance long-term shareholder value and increase earnings per share [3]. Group 4: Future Growth and Analyst Recommendations - For 2024, the company projects revenues of 36.441 billion yuan and a net profit of 2.961 billion yuan, with significant growth expected in coal production, which is projected to increase by 64.02% year-on-year [5]. - Analysts from various securities firms have recommended a "buy" rating for the company, highlighting its high dividend yield and growth potential, with projected net profits of 3.5 billion yuan, 4 billion yuan, and 4.5 billion yuan for 2025-2027 [5]. Group 5: Strategic Partnerships and Industry Position - The company is introducing long-term value investors, including Fude Life Insurance and Fude Financial Holdings, which will not reduce their shareholdings for five years, indicating confidence in the company's future [6]. - Fude Group's extensive involvement in the energy and chemical sectors aligns with Guanghui Energy's operations, suggesting potential synergies and enhanced competitiveness in coal and chemical industries [7].

多次举牌上市公司股票、积极推进长期股票投资试点……近期，险资持续加大进入资本市场的力度，用行动践行价值投资、长期投资理念。政策利好持续 释放、投资环境持续改善，险资正用"真金白银"加仓权益市场。 在业内人士看来，未来，随着相关政策的继续优化，险资有望继续加大权益投资力度，优化资产配置结构，为资本市场的稳定发展贡献长期资金力量。 险资加速入市 结合当前市场利率情况，中国企业资本联盟副理事长柏文喜分析，传统固收类资产的收益率难以满足险资的负债端成本要求。因此，险资需要通过增加权 益类资产的配置来提升投资收益弹性，优化资产配置结构。柏文喜表示，险资的负债端具有长期性和刚性特征，适合配置估值较低、增长稳健的标的，如 银行股和高股息资产。这些资产不仅能够提供稳定的股息收益，还能在低利率环境下提升投资弹性。 政策持续发力 5月19日，平安人寿发布公告，平安资管受托平安人寿资金，投资于农业银行H股股票，于5月12日达到农业银行H股股本的10%，根据香港市场规则，触 发平安人寿举牌。 北京商报记者梳理发现，这已经是年内险资第15次举牌上市公司，其中，邮储银行、农业银行等均被二度举牌。相比于往年，今年险资举牌节奏明显更 快。去 ...

Core Insights - The article emphasizes the importance of establishing a scientific investment system, strict discipline, and risk control to significantly reduce the probability of losses and achieve long-term stable returns Group 1: Investment Philosophy - Acknowledgment of market unpredictability is crucial for investors [1] - Investment should be distinguished from speculation, focusing on the intrinsic value of companies [1] - Understanding the essence of risk is vital, where the real risk lies in permanent loss of capital rather than market volatility [1] Group 2: Building a Robust Investment System - Asset allocation should avoid putting all eggs in one basket [2] - Stock selection should focus on "three good" companies, emphasizing quality [2] - Trading discipline is essential, prioritizing buying at a good price over merely buying good stocks [2] Group 3: Strategies for Ordinary Investors - Index fund dollar-cost averaging can help smooth out market volatility over time [3] - High dividend strategies provide a safety net during market fluctuations [3] Group 4: Risk Control Principles - Implementing stop-loss measures is critical to cut losses and let profits run [4] - Position management should ensure that there is always available capital for opportunities [4] - Avoiding common investment mistakes, such as using leverage or chasing hot stocks, is essential for long-term success [4] Group 5: Trading Behavior and Performance - Retail investors in A-shares trade significantly more than institutional investors, leading to higher transaction costs and lower returns [5] - Long-term holding strategies improve success rates, with a notable increase in winning probabilities for investments held over three years [5] Group 6: Conclusion and Long-term Perspective - The article concludes that true success in the stock market comes from controlling drawdowns and compounding returns over time [5] - Emphasizing the importance of capital preservation over short-term gains is crucial for sustained investment success [5]

Group 1 - The national level is placing unprecedented emphasis on venture capital, as evidenced by the introduction of "long-term capital" and the establishment of the "National Venture Capital Guidance Fund" with a significant expected scale [1] - The venture capital industry is facing challenges in fundraising and investment due to tightened IPO regulations, with the number of new A-share listings dropping from 524 in 2021 to an estimated 100 in 2024 [1] - Despite current difficulties, there are growth opportunities in sectors like semiconductors and electronic devices, with a reported 37% increase in Q1 2024 investments in these areas [1] Group 2 - The majority of funds established since 2015 have a Distribution to Paid-In Capital (DPI) of less than 0.5, indicating that less than half of the principal has been returned [2] - To ensure profitability in the venture capital industry, it is essential to support the sector through policy measures, encourage long-term capital from various sources, and provide greater flexibility in the assessment of state-owned funds [2]

Core Viewpoint - The article discusses the valuation of global stock indices, U.S. Treasury indices, and the performance of various markets, highlighting the recent trends in stock markets and the contrasting behavior of gold prices. Group 1: Global Stock Market Performance - The global stock market has continued to rise, recovering from a short-term drop in early April, with global indices returning to around 3.5 stars after previously falling to 4.1-4.2 stars [1] - U.S., European, and Asian stocks have generally increased, with Hong Kong's Hang Seng Index rising over 2% this week, recovering losses from the tariff crisis [1] - The Hang Seng Index has outperformed the A-share large-cap index by 20% since the beginning of the year, with the healthcare and technology sectors in Hong Kong also outperforming their A-share counterparts by 20% [1] Group 2: Gold Market Trends - Despite the rise in global stock markets, gold has experienced a downturn, correcting approximately 9% since its peak in early April [1] - The strength of the U.S. dollar and its impact on real interest rates have been significant factors influencing gold prices, with a strong dollar generally being unfavorable for gold [1] Group 3: Investment Strategies and Products - The article mentions the availability of global stock index funds in overseas markets, which total over a trillion dollars, but notes the lack of such funds in mainland China [8] - A "Global Index Advisory Portfolio" has been introduced, which diversifies investments across U.S., UK, Hong Kong, and A-share indices to track global stock market performance [9] - The article also highlights the release of a new edition of "The Long-Term Investment Guide," which emphasizes the importance of stock assets for wealth accumulation over the long term [11][12]

将"5·15全国投资者保护宣传日"活动与"防范非法证券期货基金宣传月""民法典宣传月"等活动深度 融合，引导理性投资，护航幸福生活；联合北京证券交易所开展"直达服务行千里、理性投资进万家"投 教活动，走进社区、投教基地与投资者面对面座谈交流，传递理性投资理念；与大连商品交易所合作举 办"中小同行—助力客户成长，守护市场初心"投资者教育专项活动，为中小投资者普及期货品种基础知 识，讲解非法证券期货活动识别与防范，充分提示风险。 认真总结近年来辖区投资者保护、投教基地建设、投教宣传和纠纷调解等方面的工作成果，制作微 视频在长春欧亚卖场大屏幕循环播放，并在活动现场放置《站稳人民立场 践行金融为民》宣传展板， 从不同角度积极展示投保工作丰硕成果，进一步提升投资者获得感和认同感，强化投资者信心。 中证报中证网讯（记者 宋维东）在"5·15全国投资者保护宣传日"之际，吉林证监局按照证监会统一 部署，积极组织辖区市场主体认真开展系列活动，深入贯彻中央金融工作会议精神，全面落实新"国九 条"，有效保护投资者合法权益。 吉林证监局坚持以投资者为本，积极构建多部门联动投保新格局，联合国家金融监督管理总局吉林 监管局，组织辖区银行 ...

在"5.15全国投资者保护宣传日"之际，为推动中长期资金入市，构建指数化投资高质量发展生态，提升 服务投资者的能力，上海证券交易所召开专题座谈会，与多家基金销售机构代表深入交流。各与会机构 均表示，去年以来，投资者加速通过ETF进行布局，指数基金用户显著增长。上交所表示，将与市场各 方加强合作，凝聚共识，共同推动指数化投资生态高质量发展。一方面，强化理念宣导，加强推广投教 合作，加快培育形成长期投资、价值投资、理性投资理念；另一方面，营造良好生态，建立良性有序、 健康发展的行业文化，优化投资研究、市场推广等资源配置，从"重规模"向"重回报"转变，深入践行以 投资者为本的理念，多措并举提升投资者保护与服务质效，增强投资者获得感，夯实金融强国建设投资 者基础。(智通财经) ...