2025年5月3日，一年一度的伯克希尔・哈撒韦股东大会召开。 "股神"巴菲特（Warren Buffett）携副董事长阿贝尔（Greg Abel）以及保险业务负责人贾恩（Ajit Jain）一 同亮相。 今年是巴菲特收购伯克希尔公司60周年，这是巴菲特第60次主持股东会，也可能是巴菲特最后一次全程 参与的股东会。阿贝尔被确定为巴菲特接班人。 伯克希尔公布数据显示，本次大会现场参与人数约1.97万，创下历史新高，包括线上参与在内全球参与者 超过4万人。 5.AI对保险业的审慎态度： 伯克希尔承认AI可能改变保险业，但不会率先采用，需待风险与回报明确后 再行动。 6.接班人与企业文化传承： 阿贝尔被确定为巴菲特接班人，强调伯克希尔将延续"非干预"管理模式和长 期投资哲学。 7.应对美元贬值风险： 巴菲特直言美国财政政策"令人恐惧"，但伯克希尔不会投资可能崩盘的货币，增 加日元持仓。 8.Geico的逆袭与转型： 通过技术优化和裁员，Geico从危机中复苏，季度利润达20亿美元，现金储备290 亿美元。 9.能源转型与政府合作： 伯克希尔投资160亿美元建设美国最大风电站，但强调传统能源仍需维持电力稳 定供应。 以 ...

Core Viewpoint - The world's largest sovereign wealth fund, the Norwegian Government Pension Fund, adopts a strategy of "waiting it out" in response to potential global economic recession and asset value decline due to trade wars [1][2]. Group 1: Investment Strategy - CEO Nicolai Tangen emphasizes a long-term investment perspective and diversification, believing that "time can heal all wounds" and lead to good returns [2]. - Approximately half of the fund's assets are allocated to U.S. stocks and bonds, primarily in equities, with the fund's performance this year remaining flat due to exposure to European markets [2]. - Tangen warns that if the global trade system fractures due to tariff barriers, the fund could face losses exceeding one-third of its value, potentially amounting to $600 billion [2]. Group 2: Historical Context and Alternatives - Historical analysis suggests that broad stock investments have generally outperformed bonds, cash, and inflation over the past century, even after significant market downturns [2]. - James Mackintosh notes that the current environment may represent a new era, where historical patterns could repeat, leading to significant asset price declines [3]. - Alternatives to the "wait it out" strategy include investing in gold as a hedge against potential short-term inflation caused by tariffs, and active trading for those who can manage it [4]. Group 3: Challenges of Active Trading - Gold, while a classic hedge, may underperform if market conditions improve, as its price has already risen by approximately 60% [5]. - The size of the Norwegian fund makes active trading impractical, as most assets track indices with only a small portion subject to Tangen's team's adjustments [5]. - Active investing requires significant time and flexibility, and not all investors can outperform the market, as every buyer must have a seller [5].

Core Insights - The 2025 Berkshire Hathaway Annual Shareholders Meeting is highly anticipated, marking the 60th anniversary of the event, with significant global investor interest [3] - Mario Gabelli emphasizes the importance of understanding the concept of "compound interest" and the "Rule of 72" for young investors, suggesting that a 7% annual return can double assets in ten years [3][6] Geopolitical and Market Changes - Gabelli notes substantial changes in geopolitics and the stock market compared to previous years, highlighting the impact of the COVID-19 pandemic on investment behavior, leading to a focus on short-term gains [3][4] - The current U.S. administration is rapidly implementing changes that affect inflation and fiscal revenue, with Gabelli expressing concerns about the speed of these changes [4] Investment Philosophy Evolution - There is a shift away from the traditional notion of "long-term store of value" investments, with a growing interest in gold assets as a hedge against uncertainty [5] - Gabelli stresses the importance of considering monetary factors, capital conditions, interest rates, and the nature of products when evaluating investments [5] Advice for Young Investors - Young investors are encouraged to grasp the significance of compound interest and to think about how to double their money through investments, thereby gaining control over their financial futures [6]

Group 1: Financial Sector Developments - The "out-of-bounds" incident involving the China-Japan Friendship Hospital has raised concerns in the financial sector, particularly regarding private equity connections [1] - The incident has highlighted the involvement of a private equity firm linked to the "Wukuang" system, with the key figure, Ms. Dong, having previously served as a legal representative of the firm [2] - The private equity firm in question has no equity relationship with the Wukuang system, indicating it operates independently [2] Group 2: Private Equity Fund Movements - In Q1 2025, several large private equity fund managers disclosed their holdings, with notable investments in A-share companies [3] - Gao Yi Asset's Feng Liu reported a holding value of approximately 16.515 billion yuan in chemical stocks, with Hikvision being the largest position [3] - Other fund managers, such as Jianqiao Asset and Ruijun Asset, also revealed significant investments in various sectors, including semiconductors and agriculture [4] Group 3: Insurance Sector Investments - Xinhua Insurance announced a plan to invest 10 billion yuan in the "Honghu II Fund," a private equity fund co-established with China Life, aimed at investing in high-quality large-cap stocks [5] - This investment aligns with national policies promoting long-term capital market participation and aims for capital preservation and appreciation through low-frequency trading [5] Group 4: Securities Industry Performance - Northeast Securities reported a significant increase in net profit by 859.84% in Q1 2025, attributed to growth in wealth management and investment business revenues [6] - The company's total revenue reached 1.485 billion yuan, reflecting a year-on-year increase of 25.94% [6]

公告显示，该基金投资范围为中证A500指数成份股中符合条件的大型上市公司A+H股。 | A股股票代码:601336 | A股股票简称:新华保险 编号:2025-026号 | | --- | --- | | H股股票代码: 01336 | H股股票简称:新华保险 | 上天天基金APP搜索【777】领 98 元券包 ，优选基金10元起投！限量发放！先到先得！ 险资入市又有了新进展。 4月29日晚，新华保险公告称，公司拟出资不超过100亿元认购由国丰兴华（北京）私募基金管理有限公司发起 设立的私募基金的份额。该基金成立规模为200亿元，新华保险与中国人寿拟各出资100亿元认购私募基金份 额。 险资再出手 新华保险公告显示，为积极响应国家推动中长期资金入市的政策理念，贯彻长期投资理念，通过低频交易、长 期持有的方式以获得稳健股息收益，提升长期投资回报，实现资金保值增值，公司拟出资不超过100亿元认购 由国丰兴华发起设立的私募基金的份额。 据悉，国丰兴华由新华保险控股子公司新华资产管理股份有限公司与中国人寿资产管理公司共同出资设立，分 别持有国丰兴华50%股权。 据了解，该私募基金的名称暂定为国丰兴华鸿鹄志远二期私募证 ...

险资入市又有了新进展。 4月29日晚，新华保险公告称，公司拟出资不超过100亿元认购由国丰兴华（北京）私募基金管理有限公司发起 设立的私募基金的份额。该基金成立规模为200亿元，新华保险与中国人寿拟各出资100亿元认购私募基金份 额。 公告显示，该基金投资范围为中证A500指数成份股中符合条件的大型上市公司A+H股。 据了解，该私募基金的名称暂定为国丰兴华鸿鹄志远二期私募证券投资基金（简称"鸿鹄志远二期"），由国丰 兴华发起设立。鸿鹄志远二期存续期限为10年，私募基金贯彻长期投资理念，通过低频交易、长期持有的方式 以获得稳健股息收益。 鸿鹄志远二期的规模为200亿元，新华保险与中国人寿拟各出资100亿元认购私募基金份额。基金投资范围为， 中证A500指数成 份 股中符合条件的大型上市公司A+H股。 据新华保险公告，鸿鹄志远二期的投资标的应当公司治理良好、经营运作稳健、股息相对稳定、股票流动性相 对较好，与保险资金长期投资需求相适应。 新华保险表示，本次投资事项符合国家推动中长期资金入市的相关政策，以及未来本公司整体战略发展方向。 本公司坚持长期投资、价值投资和稳健投资的理念，积极发挥好长期资本、耐心资本、高能 ...

【导读】一季度社保基金新进持有100只个股 作为资本市场的重要"稳定器"和"压舱石"，社保基金凭借审慎稳健的投资运营管理，已经成为A股市场 长期投资、理性投资的典范。 根据A股上市公司2025年一季报披露，截至4月28日记者发稿，一季度末已有324家公司前十大流通股股 东名单中出现社保基金的身影，社保基金最新投资路线图逐次揭晓。数据显示，上述324家公司累计获 社保基金重仓持股54.97亿股，对应持股市值为853.85亿元。 增持方面，今年一季度社保基金加仓了中国巨石（600176）、鱼跃医疗（002223）、亿联网络 （300628）、广联达（002410）、山金国际（000975）、国药股份（600511）、天山铝业（002532）等 72只个股。 全国社会保障基金理事会日前表示，始终坚持长期投资、价值投资、责任投资理念，坚定看好中国资本 市场发展前景，主动融入国家发展战略，在积极开展股票投资的同时实现基金安全和保值增值。 社保基金新进持有100家上市公司 今年一季度，社保基金对云铝股份（000807）、华鲁恒升（600426）、常熟银行（601128）、万华化学 （600309）、赤峰黄金（600988 ...

Core Viewpoint - Xinghua Fund Management Co., Ltd. celebrates its fifth anniversary, emphasizing its investment philosophy of "deep research creates excess returns" and its differentiated development path in the public fund industry [1][2] Group 1: Company Overview - Xinghua Fund is the first public fund institution headquartered in Qingdao, Shandong, and has established a comprehensive product matrix covering various types such as credit bonds, interest rate bonds, fixed income+, FOF, and equity [1] - As of March 31, 2025, Xinghua Fund serves nearly 160,000 clients and has distributed a total of 499 million yuan in dividends [1] Group 2: Investment Performance - The Xinghua Anyu Interest Rate Bond A fund has achieved a net value growth of 7.41% over the past year, significantly outperforming its performance benchmark, and a cumulative net value growth of 14.05% since inception [1] - According to the China Galaxy Securities Fund Research Center, Xinghua Fund ranks 8th among 121 companies in terms of long-term active bond investment management capabilities over the past three years [1] Group 3: Future Strategy - In 2025, Xinghua Fund plans to enhance its product matrix by focusing on traditional strengths in interest rate bonds and credit bonds while also emphasizing short bond funds, bond index funds, and equity funds to create a diversified product system [2] - The company has established branches in Beijing, Jinan, Qingdao, and Shanghai, with a professional team of over 60 members, more than 40% of whom are in research and investment roles [2] - Xinghua Fund aims to support local quality enterprises and optimize capital allocation to contribute to the industrial structure upgrade in Shandong and nationwide [2]

为贯彻中央金融工作会议精神和新"国九条"部署要求，大力推动中长期资金入市，树立理性投资、价值投资、长期投资的理念，2024年，由中共上海市委 金融委员会办公室和上海证券交易所作为指导单位，上海资产管理协会组织会员单位中的资产管理机构，开展了首届资产管理行业践行"三投资"理念优秀 实践展示活动。 为倡导"三投资"理念，帮助广大投资者加深对资管行业和管理人的理解，上交所、上海资产管理协会和第一财经组织首届优秀实践资管机构接受访谈，共 同打造了《秒懂金融·资管行业践行"三投资"理念优秀实践系列访谈》专题节目，来自公募基金、银行理财、保险资管、信托公司、券商资管等资管领域 优秀实践展示机构的相关人士将分享"三投资"理念、实践经验以及所思所想。 瞄龄如驱 up 指导单位 上海证券交易所 主办单位 上海资产管理协会 第一财经 银行理财资金参与资本市场投资，对推动落实"三投资"理念有哪些积极作用？银行理财公司应从哪些维度实践"三投资"理念？银行理财产品相较于公募基 金存在哪些差异化优势？ 本期节目邀请到交银理财总裁陈春晖、交银理财固定收益投资部总经理陆维新、交银理财多资产投资部总经理高歌作为嘉宾。节目中，三位嘉宾将分享交 ...

以下文章来源于聪明投资者 ，作者聪明投资者 聪明投资者 . 聚焦优秀投资人和企业家，甄选高质量的内容，追求可累进的成长。更多内容可下载"聪明投资 者"APP，官网：www.cmtzz.cn 编者按 "长期投资之父"菲利普·卡雷特（Philip Carret）说，投资的天才之处，在于一半靠耐心，一半靠复利。他 有资格这么说，毕竟他已经成功投资了七十多年。 卡雷特出生于1896年11月29日，马萨诸塞州林恩人，早年毕业于哈佛大学化学系。第一次世界大战期 间，他驾驶着索普威思骆驼战机服役于美国空军。战后他短暂进入哈佛商学院，但很快辍学，转而投身 金融业，最初成为一名债券销售员。从1922年起，卡雷特在《巴伦周刊》任职四年，当时这份周刊仍由 创始人克拉伦斯·巴伦亲自管理。1927年，他成为Blyth,Witter&Co.（即后来的Paine Webber前身）首席经 济学家，并管理该公司旗下的封闭式基金。1928年，他独立创办了先锋基金（Pioneer Fund），成为美国 历史最悠久的开放式共同基金之一，并以极低的换手率和极强的长期回报穿越了大萧条、二战、70年代 滞涨以及无数市场动荡，直到1983年他卸任基金经理 ...