今天这篇文跟大家聊聊「黄金」。 小白有小白的好处，情感作家写投资相关的文章，比较更通俗易懂吧。 好了，切入正题：为什么我不买黄金？ 因为不懂，不熟不做。 来源：天亮了 连着写了两篇和投资相关的文章，阅读量还挺不错的，收获了不少读者的关注。我作为一个"小白"在这里非常感谢大家，也正因为有了那么多的 关注，我才可以继续写下去。 黄金这个领域，我没怎么研究过，也不了解，怎么买？ 近期的黄金市场剧烈震荡，金价从10月中旬的历史高点（约4380美元/盎司）暴跌至3900美元以下（截至10月28日最低触及3886美元/盎司）。如 果是高点介入黄金市场的伙伴，这段时间可能会觉得很煎熬，前期赚钱的倒还好。 资本市场就是如此：没有永涨不跌，也没有永跌不涨。 你问我黄金市场为何异动？ 我只能回答你：涨多了呗，涨多了自然要跌，这都很正常。 既然是投资，也是投机，你买入就会有价格的波动，要承担风险。 这几年，黄金涨了多少？ 我查阅了相关资料：国内金饰从2022年约400元/克→2025年10月1215元/克，涨幅超200%； 国际金价从2022年1800美元→2025年4380美元，涨幅超达143%。 黄金的涨幅挺疯狂的，连街边买菜 ...

Core Viewpoint - The trend of high-frequency dividends is becoming a new norm in both A-share and Hong Kong markets, with over 100 billion yuan in dividends being distributed as companies release their third-quarter reports [1][2][4] Group 1: A-share Market Developments - As of October 27, 95 A-share companies have announced third-quarter dividend plans, totaling 10.87 billion yuan [1] - Leading companies like Wens Foodstuff Group, Huaxin Cement, and Dahua Technology have reported significant dividend amounts, with Wens Foodstuff Group leading at 1.994 billion yuan [1] - Huaxin Cement's unexpected announcement of a 706 million yuan cash dividend, amidst a surge in profits, resulted in stock price increases of 7.89% and 10.23% in A-shares and Hong Kong shares respectively [1] Group 2: Hong Kong Market Developments - Major blue-chip companies in Hong Kong, such as HSBC Holdings and Hang Seng Bank, have also announced third-quarter dividend plans [1] - HSBC Holdings declared a dividend of $0.1 per share, maintaining the same level as the previous year, with total dividends for the year reaching $0.3 per share, which helped its stock price rise over 4% despite a decline in quarterly profits [1] Group 3: Trends and Policy Implications - The increase in high-frequency dividends is attributed to both policy guidance and market mechanisms, with new regulations encouraging companies to adopt multiple dividend distributions within a year [4] - The trend is reshaping the investment landscape, with long-term investors, such as insurance funds, increasingly favoring high-dividend companies [4] - As of mid-2023, the balance of insurance company investments exceeded 36 trillion yuan, and public fund sizes reached 36.25 trillion yuan, indicating a growing preference for high-dividend strategies in a declining interest rate environment [4]

Group 1 - The core viewpoint is that China's economy is transitioning from a high export and investment model to one driven by consumption and technology, with supportive policies expected to stimulate domestic demand [2] - Yang Delong predicts ten economic trends for the future, including a slowdown in the growth of the US and European economies, a continued easing of monetary policy in China, and an increase in capital market investments from residents [1] - The Chinese government is expected to implement more policies to support the real estate market, leading to stabilization in the sector [1] Group 2 - The capital market in China is currently undervalued, with significant opportunities in consumption, new energy, and technology sectors [2] - The ongoing shift of household savings into capital markets is anticipated to create unprecedented development opportunities for the Chinese capital market [2] - Yang Delong emphasizes the importance of value investing, suggesting that investors focus on advantageous industries and companies to support the real economy [2]

上市公司三季报披露进入窗口期，市场对分红的关注度显著提升。 证券时报记者根据Wind数据统计，截至10月27日，已有95家A股上市公司发布三季度分红预案，合计拟 派发金额达108.70亿元。今年半年报有837家公布现金分红方案，合计分红金额超6594.78亿元，而在今 年一季报披露期间，也有13家上市公司发布现金分红方案，分红金额达58.65亿元。 港股市场在季度报告陆续披露的情况下，也有多家上市公司公布了现金分红方案。恒生银行、中电控 股、华新水泥、重庆银行、汇丰控股等多家港股上市公司公布了三季度分红预案。 高频、稳定的现金回报正从政策倡导转向市场实践，成为上市公司提升投资者获得感的核心抓手。受访 人士认为，稳定分红是上市公司质量的试金石。投资者收获的不仅是现金"红包"，更是对资本市场长期 健康发展的信心。当高频分红成为一种趋势，市场将逐渐向成熟市场迈进。 三季度"红包"密集派发 "高频分红"成新趋势 在政策和市场双重推动下，上市公司分红不再局限于年度分配，多家公司采取"一年多次分红"的模式， 提升投资者获得感。 证券时报记者根据Wind数据统计，今年半年报有837家公布现金分红方案，合计分红金额超6594 ...

Core Viewpoint - The focus on cash dividends among listed companies has significantly increased as the third quarter earnings reports are being disclosed, indicating a trend towards high-frequency dividends as a means to enhance investor confidence and market maturity [1][5][6]. Summary by Sections Dividend Announcements - As of October 27, 95 A-share listed companies have announced third-quarter dividend plans, with a total proposed payout of 10.87 billion yuan. In the first half of the year, 837 companies announced cash dividend plans totaling over 659.48 billion yuan, while 13 companies announced dividends during the first quarter, amounting to 5.87 billion yuan [1][5]. - In the Hong Kong stock market, several companies, including HSBC, CLP Holdings, and Huaxin Cement, have also announced cash dividend plans amid the quarterly report disclosures [4]. Company Performance and Dividends - HSBC reported a third-quarter revenue of $17.788 billion, a 5% year-on-year increase, but a 20.56% decrease in profit attributable to shareholders. Despite this, the stock price rose over 4% due to its stable dividend policy, announcing a dividend of $0.10 per share for the third quarter, maintaining the same level as the previous year [2]. - Huaxin Cement reported a third-quarter revenue of 8.986 billion yuan, a 5.95% year-on-year increase, and a net profit of 900 million yuan, a 120.73% increase. The company proposed a cash dividend of 0.34 yuan per share, totaling 706 million yuan, which is 35.23% of its net profit [3]. Market Trends - The trend of high-frequency dividends reflects an increase in market maturity and is driven by both policy and market mechanisms. Companies are adopting multiple dividend distributions within a year to attract long-term, stable cash flow investors [5][6]. - Regulatory bodies have strengthened dividend requirements, with new policies encouraging companies to maintain consistent and predictable dividend payouts. Companies failing to meet dividend standards may face restrictions on major shareholder reductions and risk warnings [6]. Investment Implications - The deepening trend of high-frequency dividends is expected to attract more medium to long-term funds into the market, promoting a shift towards value investing. Institutional investors are increasing their market share, while individual investors are becoming more rational in their investment behaviors [7][8]. - The growing emphasis on high dividends is likely to change investment logic, reducing speculative behaviors and fostering a recognition of value investing among individual investors [8].

Core Insights - Learning from investment failures of renowned investors can provide valuable lessons on common pitfalls in investing, which are often overlooked in favor of their successes [1] Group 1: Investment Failures - High-tech stocks have consistently resulted in losses for the company, with a notable loss of $25 million in a data processing company in 1988 [2][3] - The company has also incurred losses in various high-tech stocks, including Tandem, Motorola, Texas Instruments, EMC, National Semiconductor, Micro Technology, and Unisys [3] - The company acknowledges a lack of understanding in high-tech investments, leading to repeated losses [5] Group 2: Lessons from Specific Investments - An early investment in a Baltimore department store was deemed a mistake due to youth and ignorance, highlighting the importance of learning from others' mistakes [6][7] - The competitive landscape of the department store market was challenging, with four chains splitting market share, necessitating continuous capital investment to remain viable [7] - The company managed to sell the department store and recover costs, learning a valuable lesson about the difficulties of the retail business [8] Group 3: Historical Investment Mistakes - Loyal Insurance Company faced significant errors by investing heavily in bonds and cash during a bull market, missing out on opportunities [10] - The company later attempted to correct this by investing in the stock market during a bear market, only to sell at a loss before the market rebounded [10][11] - Berkshire Hathaway experienced losses in investments in Frando and Sperry-Hutchinson, as well as in metal stocks, indicating that even seasoned investors can face setbacks [13][14] Group 4: Risk Awareness - Investments in sectors where the company lacks expertise, such as banking, can lead to significant losses, as seen in the case of Irish banks [15][19] - The company emphasizes the importance of avoiding investments in areas outside its competence, as these can often lead to pitfalls [19][20] - The competitive nature of certain industries, such as retail and textiles, can render companies unable to succeed, reinforcing the need to select investments with clear competitive advantages [21][22]

Core Viewpoint - The focus on cash dividends among listed companies has significantly increased as the third quarter earnings reports are being disclosed, indicating a trend towards more frequent and stable cash returns to investors [1][2][8]. Group 1: Dividend Announcements - As of October 27, 95 A-share listed companies have announced third-quarter dividend plans, with a total proposed payout of 10.87 billion yuan [2]. - In the first half of the year, 837 companies announced cash dividend plans totaling over 659.48 billion yuan, while 13 companies announced dividends during the first quarter, amounting to 5.87 billion yuan [2][8]. - Notable companies like HSBC, China Evergrande, and Huaxin Cement have also announced their third-quarter dividend plans in the Hong Kong market [6]. Group 2: Company Performance and Dividends - HSBC reported a revenue of 17.788 billion USD for the third quarter of 2025, a year-on-year increase of 5%, but its profit attributable to shareholders decreased by 20.56% [4]. - Despite the profit decline, HSBC's stock price rose over 4% due to its stable dividend policy, announcing a dividend of 0.1 USD per share for the third quarter [4]. - Huaxin Cement achieved a revenue of 8.986 billion yuan in the third quarter, a year-on-year growth of 5.95%, and a net profit of 900 million yuan, up 120.73% [5]. Group 3: Market Trends and Investor Behavior - The trend of high-frequency dividends reflects a maturation of the market, driven by both policy and market mechanisms, with an increasing number of companies adopting a "multiple dividends per year" strategy [8][9]. - The rise in long-term funds, such as insurance capital, in both A-share and Hong Kong markets is leading to a greater focus on companies with high dividend payouts [10][11]. - The regulatory environment is also tightening, with new policies encouraging companies to maintain stable and predictable dividend distributions, which may impact their financing capabilities if they fail to meet these standards [9][12].

Core Viewpoint - China Life Insurance emphasizes its commitment to asset-liability matching principles and long-term, value-oriented, and prudent investment strategies while steadily optimizing its equity asset allocation [1] Group 1 - The company will release its third-quarter report on October 30, which will provide further details on its financial performance and investment strategies [1]

Core Viewpoint - Xi'an Yiswei Materials Technology Co., Ltd. has successfully listed on the Sci-Tech Innovation Board, marking a significant milestone as the first unprofitable company to go public since the release of the CSRC's "Eight Regulations" [3][20] Group 1: Company Overview - Yiswei Materials specializes in the production of 12-inch semiconductor silicon wafers and has achieved a market capitalization exceeding 100 billion yuan on its first trading day [1][20] - The company has grown to become the largest 12-inch silicon wafer manufacturer in mainland China, with a monthly production capacity of 710,000 wafers [20] Group 2: Investment Background - In July 2021, Zhongwei Capital invested nearly 300 million yuan in Yiswei Materials, which was still in the capacity ramp-up phase at that time [6][19] - The semiconductor investment landscape in China saw a peak in 2021, with total financing reaching 76.7 billion yuan and 161 new companies established [5] Group 3: Investment Strategy - Zhongwei Capital's investment approach focuses on long-cycle sectors, emphasizing the importance of industry trends and team characteristics over financial metrics [13][19] - The investment decision was influenced by the historical trajectory of the semiconductor industry, which has seen a shift in production capabilities from developed countries to China [13][15] Group 4: Market Dynamics - The semiconductor industry is characterized by strong cyclical properties, and Yiswei Materials made a strategic decision to expand production during a market downturn, anticipating a recovery [22][23] - The company plans to invest 12.5 billion yuan in a second factory, expected to double its production capacity by 2026 [23][24] Group 5: Future Outlook - Yiswei Materials is projected to capture over 10% of the global market share by 2026, with a recovery in customer demand anticipated in the latter half of 2024 [24] - The company's management believes that expanding during a downturn positions them advantageously for future growth, contrasting with the common industry practice of expanding during peak periods [23][24]

Core Viewpoint - The article emphasizes that the most effective investment strategies are often perceived as "mundane methods" rather than flashy techniques, which tend to be high-risk and unsustainable [3][5]. Group 1: The Flaws of Flashy Methods - Investment markets are filled with "legendary stories" of stocks doubling in value or extraordinary profits from derivatives, which attract investors but often come with high risks [5]. - Retail investors in the A-share market frequently fall into a cycle of "one profit, two breakeven, seven losses," primarily due to their obsession with short-term gains [5]. - Flashy investment methods are characterized by their non-replicability and high uncertainty, relying on precise market predictions or extreme risk tolerance, which can fail when market conditions change [5][6]. Group 2: Effectiveness of Mundane Strategies - Effective "mundane methods" simplify complex logic into executable principles, focusing on "embracing the ambiguous correct" rather than seeking perfect decisions [8]. - The investment logic of renowned investors like Warren Buffett illustrates the value of long-term holding of understandable companies at reasonable prices, avoiding macroeconomic predictions [8]. - Mundane strategies utilize "mechanical discipline" to counter human weaknesses, such as greed and fear, allowing time to work in favor of returns [8]. - These strategies leverage the "compounding effect" to achieve gradual wealth accumulation, outperforming over 90% of short-term speculators in the long run [8][9]. Group 3: Barriers to Embracing Mundane Strategies - Ordinary investors often exhibit cognitive biases, such as overconfidence in their stock-picking abilities or loss aversion, leading to frequent portfolio adjustments that undermine long-term strategies [11]. - Media and industry narratives often glorify "star fund managers" and short-term success stories, marginalizing mundane strategies that lack compelling narratives [12]. Group 4: Returning to Mundane Strategies - For most investors, the focus should be on "asset allocation" based on investment goals and risk tolerance, diversifying funds across various asset classes to mitigate volatility [14]. - Selecting low-cost broad-based index funds as core investments can prevent excessive focus on sector themes or active fund selection [14]. - Setting long-term goals and avoiding frequent trading can help investors withstand short-term market fluctuations [14][15]. Group 5: Investment Philosophy - The essence of investing is not about seeking "stunning moments" but achieving "long-term stability" [15]. - Letting go of the obsession with the "extraordinary" and embracing the wisdom of "mundane" can lead to a more stable and enduring investment journey [16].