Group 1 - The global market appears to be driven by liquidity, with significant capital inflows into defense and cyclical stocks in the Eurozone, and nearly 1 trillion yuan from insurance funds into the Chinese stock market [2] - The expectation of a 25 basis point rate cut by the Federal Reserve in September is seen as a high probability event, which could inject momentum into Asian markets [2][4] - The S&P 500 index reached 6445.76 points in August, with major US indices up approximately 7% to 8% year-to-date, driven by expectations of Fed rate cuts [6] Group 2 - The Japanese stock market remains strong, with the Nikkei 225 index surpassing 43000 points, largely influenced by the AI boom [7] - Nvidia is expected to report second-quarter revenue of $53.8 billion, a 15% quarter-over-quarter increase, driven by high shipments of GB200 and early shipments of GB300 chips [8] - The A-share market has seen significant inflows, with approximately 1.5 trillion to 1.7 trillion yuan net inflow in the first half of the year, primarily from insurance companies [9][10]

在2025年5月发布的《推动公募基金高质量发展行动方案》中，"长期"成为高频词。鼓励投资者长期持 有、注重中长期业绩考核、强化对基金长期投资行为的引导、提高对各类中长期资金的服务能力、吸引 长期资金入市，归根结底，离不开基金管理人对"长期主义"的坚守。在国内公募基金经理整体偏年轻化 的背景下，依然有投资"老将"坚守初心，与时俱进、不断迭代，陪伴持有人走过漫长岁月。 数据显示，截至8月24日，公募行业中连续管理同一只主动权益基金超过10年的基金经理仅有120余人， 约占股票型与混合型产品基金经理人数的5%；如果把时间拉长到14年以上，则只有14人，占比更是低 至约0.6%。人数虽少，但老将的长期主义投资却颇有成效。 在这些老将的投资经历中，有多少是时代的贝塔？又有多少是主观能动的阿尔法？中国证券报记者观察 发现，践行长期主义的投资老将没有缺席时代的贝塔。与此同时，在时代的浪潮之中，他们或勤于思、 敏于行，先潮流而动；或守其心、持其行，穿越周期而来……投资老将是时代贝塔和主动阿尔法的综合 体。 老将堪称凤毛麟角 其余9位基金经理的任职以来年化回报率分布在6%-10%之间。梁浩管理的鹏华新兴产业、魏东管理的国 联安 ...

Core Insights - The article emphasizes the importance of "long-termism" in the public fund industry, encouraging investors to hold investments for the long term and focusing on long-term performance assessments [1][9] - A small percentage of fund managers have maintained the same active equity fund for over 10 years, highlighting the rarity and value of experienced managers in a predominantly younger industry [2][4] Group 1: Long-term Fund Managers - As of August 24, only about 120 fund managers, or 5% of active equity fund managers, have managed the same fund for over 10 years, with only 14 managers, or 0.6%, managing funds for over 14 years [2][3] - Fund managers with over 14 years of experience have achieved an average annualized return of 10.05%, while those with 10 to 14 years have an average return of 8.21% [2][4] Group 2: Performance of Notable Fund Managers - Notable fund managers who have managed their funds for over 14 years include Zhu Shaoxing, Du Meng, and Yang Gu, with annualized returns exceeding 10% [3][4] - Zhu Shaoxing's fund has achieved a remarkable annualized return of 15.32% since its inception in November 2005, demonstrating the effectiveness of a long-term investment strategy [4][5] Group 3: Investment Strategies - Successful long-term fund managers exhibit characteristics such as rich investment experience, mature investment philosophies, and a strong risk control awareness [8][9] - These managers often employ a disciplined approach to investment, including clear buy and sell standards, and adapt their strategies based on market changes [8][10] Group 4: Industry Trends and Challenges - The public fund industry is undergoing reforms influenced by policy changes and market dynamics, necessitating a collective effort from fund managers to embrace long-term investment principles [9][10] - There is a growing trend among fund companies to adopt practices from mature markets, focusing on research-driven investment cultures to foster long-term investment strategies [9][10]

北美市场涵盖了美国、加拿大等地。一般认为，北美处于技术和市场的制高点，不仅有巨大的消费市 场，更是品牌跃升的跳板："立足北美，再图欧洲、日本，势能完全不同。" 手掌隔空一挥，家门应声而开——这一无接触掌脉识别的黑科技已在国内成熟应用，并正式登陆北美市 场。 今年年初，当美国加征关税的阴云笼罩全球贸易，一家中国智能门锁企业选择迎风而上，将目光投向全 球智能家居的主要消费区域——北美市场。在智能门锁这个微小的家庭入口，鹿客科技（北京）股份有 限公司（以下简称"鹿客"）试图证明，唯有将技术长板扎进本土需求的深土，中国品牌才能在全球市场 真正扎根生长。 截至7月底，鹿客今年3月在亚马逊平台上线的一款智能门锁产品保持了平台单品类销量增速最快表现。 智能门锁借助数字密码、指纹、静脉识别等技术手段，实现了电子化控制开门，近些年在全球市场销量 增长迅速。 对于为何在加征关税压力背景下进军北美市场，鹿客创始人陈彬表示，这款产品定位在200美元以上的 高端智能门锁市场。依托中国在硬件制造与成本控制方面本身的显著优势，产品已经构筑了毛利缓冲 带，即便加征100%关税仍有信心保持盈利。 这并非鹿客首次尝试开拓海外市场，早在2019年 ...

Group 1 - As of August 22, 1254 stocks in A-share and Hong Kong markets reached new highs, with 234 stocks hitting historical peaks [1] - Among the 1254 stocks, 828 are among the top ten holdings of public funds as of the end of Q2, accounting for 66.03% [1] - In the current market rally, public funds have successfully identified popular stocks such as NewEase, Cambricon, and others [1] Group 2 - According to Wind statistics, the stock with the highest fund holdings among those reaching new highs is Dongfang Caifu, with over 2 billion shares held as of the end of Q2 [2] - Other notable stocks with significant fund holdings include Agricultural Bank and several others, with 47 stocks having fund holdings exceeding 100 million shares [2] - Cambricon, a leading AI chip company, has seen a cumulative increase of over 90% since Q2, with 397 funds holding the stock [2] Group 3 - A total of 110 stocks have doubled in price since Q2, with 67 of these being public fund heavyweights, representing over 60% [3] - NewEase, a leader in optical modules, has seen a cumulative increase of nearly 300% since Q2, with 630 funds holding the stock [3] - Other stocks with significant public fund holdings include Zhongji Xuchuang and Industrial Fulian, each with over 100 million shares held [3] Group 4 - Among the 67 public fund heavyweights that have doubled, Shutaishen has the highest increase, exceeding 600% since Q2, with 50 funds holding the stock [4] - The majority of funds holding Shutaishen are active equity funds, with several funds holding over 5 million shares [4] Group 5 - As of August 22, the Shanghai Composite Index has surpassed 3800 points, with trading volume exceeding 2 trillion yuan for eight consecutive trading days [5] - Analysts suggest that the current market rally is supported by ample liquidity, with attention on potential shifts in monetary policy and long-term capital inflows [5][6] - There is an expectation of increased liquidity in the market as retail funds may migrate towards equity assets due to declining attractiveness of fixed-income products [6]

Group 1 - The current A-share market is believed to be in the first half of a bull market, with significant increases in buying intentions among private equity firms [1][6] - The Shanghai Composite Index has surpassed 3800 points, and the trading volume in the Shanghai and Shenzhen markets has exceeded 2 trillion yuan for eight consecutive trading days [1] - Private equity firms are focusing their investments on sectors such as technology, consumer goods, and biomedicine [1][3] Group 2 - Market skepticism regarding the bull market is gradually dissipating, with historical data suggesting that bull markets typically last over two years [3] - The cumulative increase of the Wind All A index has significantly exceeded 50%, indicating a strong upward trend [3] - Factors such as declining risk-free interest rates and increasing risk appetite are driving liquidity in the market [3][4] Group 3 - Private equity firms have shown a notable increase in their stock positions, with the stock private equity position index reaching 74.86% as of August 15, marking a significant rise [7] - The hundred-billion-level private equity position index increased by 8.16 percentage points, the largest weekly increase this year [7] - Investment strategies are shifting towards diversified allocations, with a focus on sectors that have shown strong performance, such as gaming, military, and pharmaceuticals [8] Group 4 - The market is expected to continue favoring growth stocks over value stocks, with liquidity factors playing a significant role in the current market dynamics [5] - The technology sector is anticipated to remain a key area of investment, particularly in AI, which is seen as a major growth opportunity for the next five years [9] - The overall market sentiment is optimistic, with expectations of a "slow bull" market driven by policy changes and economic recovery [5][9]

Core Viewpoint - The current A-share market is believed to be in the first half of a bull market, with a significant increase in the willingness of private equity to increase positions [2][3][8]. Market Outlook - The market is experiencing strong performance, with the Shanghai Composite Index surpassing 3,800 points and trading volume exceeding 2 trillion yuan for eight consecutive days [2]. - Historical data suggests that bull markets typically last over two years, with the total return of the market likely to exceed 50% [4]. - The current market is driven by declining risk-free interest rates and increasing risk appetite, supported by domestic demand and policy initiatives [4][6]. Investment Strategies - Private equity firms are actively increasing their positions, particularly in technology, consumer, and biomedicine sectors [2][8]. - As of mid-August, the stock private equity position index reached 74.86%, with large private equity firms increasing their positions significantly [9]. - Investment strategies are shifting towards sectors that show potential for growth, such as AI and technology, while also considering opportunities in consumer and cyclical sectors [10][11]. Key Influencing Factors - The core factors influencing the market include liquidity and policy changes, with a focus on the impact of domestic policies on economic fundamentals and corporate earnings [6][7]. - The emergence of new production capabilities and the resolution of real estate and local government debt issues are seen as pivotal for economic growth [4]. - The performance of the U.S. economy and its monetary policies will also affect overseas capital flows and market sentiment [6]. Sector Performance - Technology stocks have shown strong performance, with AI being highlighted as a significant investment opportunity for the next five years [11]. - The market is expected to see a balance in investment opportunities across various sectors as economic recovery progresses [11].

Core Viewpoint - The U.S. government has invested $8.9 billion in Intel to acquire a 9.9% stake, which is touted as a "win-win" for both parties, aiming to strengthen U.S. leadership in the global chip industry, although analysts express skepticism about its sufficiency for Intel's chip manufacturing revival [1][10]. Group 1: Investment Details - The U.S. government purchased 433.3 million shares at $20.47 each, totaling approximately $8.9 billion, funded by previously allocated subsidies under the CHIPS and Science Act and other government projects [9][10]. - This investment brings the total government support for Intel to $11.1 billion, including $2.2 billion already received [10]. Group 2: Challenges Facing Intel - Intel's CEO has warned that without securing major customers, the company may have to exit the chip foundry business, emphasizing the need for confirmed customer commitments for its advanced 14A process [3][4]. - The company is struggling with low yield rates in its 18A process, making it difficult to attract new clients, especially given its ongoing financial losses [3][4]. Group 3: Historical Context - Intel, founded in 1968, was once a dominant player in the semiconductor industry, but has faced significant challenges and management missteps over the years, leading to a decline in its market position [5][6]. - The company has attempted various strategies to regain its footing, including inviting former executives back and proposing ambitious manufacturing plans, but has faced delays and setbacks [7][8]. Group 4: Market Reactions and Implications - The market reacted positively to the announcement, with Intel's stock rising 7% on the day of the investment announcement, indicating some investor confidence in the government's support [10]. - Analysts have mixed views on the implications of government ownership, with concerns about governance issues and the potential impact on Intel's ability to act in shareholders' best interests [10][11].

【文/观察者网 王一】美国总统特朗普日前头戴着"特朗普说的都是对的"红色棒球帽，嘴巴微撅满脸自 豪地在白宫宣布，美国政府通过向英特尔注资89亿美元，获得了该公司9.9%的股份。他吹捧这是一 笔"双赢"的交易，既可以巩固美国在全球芯片行业的领导地位，又会让"这家伟大的美国公司"未来更加 辉煌。 然而，英国路透社8月23日报道称，分析师表示，这笔资金仍不足以让英特尔的芯片制造业务实现真正 的繁荣，英特尔迫切需要的是客户采购其宣传的最先进的14A工艺，但短期内要实现这一点难度相当 大。 当地时间8月22 日，特朗普宣布美国政府获得了英特尔9.9%的股份。 视频截图 大客户少、良品率低 英特尔诞生于1968年，由曾为美国仙童半导体公司工作的半导体先驱罗伯特·诺伊斯（Robert Noyce）与 戈登·摩尔（Gordon Moore）创立，其率先推出了存储短期数据的内存芯片，随后发明了微处理器芯 片。 20世纪70年代，爱好者和企业广泛使用英特尔8080微处理器组装早期个人电脑，这款处理器的销量当时 远远超过竞争对手的芯片。英特尔之后又成功向美国国际商业机器公司（IBM）推销，让其在个人电脑 产品中使用英特尔芯片。 今 ...

本文来自微信公众号：张琨随笔，作者：张琨，原文标题：《抉择：做"有趣的人"vs"有用的工 具"？》，题图来自：视觉中国 我是一个典型的生于七、八十年代的中国人。我们这一代，大多在"有用为要"的教育理念下被塑造出 来。 从小，我们就被反复告诫："学好数理化，走遍天下都不怕"、"功夫不压身"，最好的职业是科学家、医 生这类有一技之长的人。至于文学、历史、艺术，往往被贴上"没用"的标签。"百无一用是书生"、"学 文科养不活自己"，这些观念在当时是绝对的主流。我上学时，文学、武侠、漫画属于浪费时间的读 物，需要偷着看，学科标化成绩是优秀的唯一评价标准。 在这种模式的训练下，我凭借着家族智商的天分和自己不懈的努力，在社会上找到了自己的位置。但在 职场打拼20多年后，我常常反思，我的生活缺少了某种质感——一种"有趣"的质感。于是，我开始重新 拾起年轻时错过的东西：重新捡起儿时被迫放弃的运动，去博物馆感受文化品味，去阅读那些曾被认为 是"闲书"的文学、历史和哲学。体味这些"无用之用"。 我发现，我个人的经历并非个例，它深刻地烙印着一个时代的共同记忆，这个批次的我们，就像星球大 战里的克隆人兵团。而今天，我想说，是时候反思我 ...