✦ 关注蓝裕文化，好内容不容错过 ✦ 最近，我多次在手机视频中看到雪球创始人方三文对知名投资人段永平（人称"段神"）的访谈——这是段永平"退休"二十多年后的罕见公开对话。观看访谈 前，网络上不少声音将段永平奉为"神"，称其为"中国的巴菲特"，仿佛是神一般的存在；但看完访谈后，我心中"段神"的光环已然褪去。 访谈中，段永平提到了自己对茅台的几点看法： 不知道大家如何看待这些观点？访谈中，以下几段话给我的印象尤为深刻： 段永平是个"满仓主义者"，他说："我不买个股票拿着，心里就会不舒服。拿着现金是一件很难受的事情，还不如拿着茅台，知道它早晚会回来。" 对于茅 台股票曾从2600元跌至1200元，他表示："一个股票，你要是扛不住跌50%，就不应该买。我觉得这没问题，所以后来我们其实还买了不少——只要有闲 钱，就会一直买。" 从这番话中，我隐约读出：段神早已做好心理预期，茅台股价即便跌到1200元以下，他也能接受。可从2600元跌到1200元，多少普通投资者早已慌了阵脚， 甚至濒临崩溃？而大佬即便经历这样的跌幅，大概率还是盈利的，只是赚得少了些。这正是普通人和大佬的差距——在他们眼中，金钱和股价的波动已掀不 起太大波 ...

展会现场，南方基金以 " 专业 + 趣味 " 的沉浸式体验，让金融服务更具温度。全运会"大湾鸡"周 边、智能互动机器人与 " 阿梦 " 人形玩偶成为展区焦点，吸引众多观众驻足。南方基金通过多媒体 展示与专业顾问讲解，帮助观众直观理解基金产品的特点。此外，展区还设有趣味互动游戏，在轻松 氛围中向投资者传递长期投资、价值投资理念，助力提升投资者金融素养，让金融服务更贴近大众需 求。 展会现场的沉浸式互动与温度服务，是南方基金以客户为中心理念的生动落地，更是南方基金践行 " 金融为民 " 的鲜活实践。未来，南方基金将扎根粤港澳大湾区这片创新沃土，持续书写 " 五篇大文 章 " ，把握新质生产力的投资机遇，引导金融活水滴灌实体经济，在服务产业升级与高水平对外开 放的进程中推动公募基金行业实现高质量发展，为中国金融市场的持续繁荣与稳定注入动能。 11 月 19 日，以 " 产业金融新高地，科创赋能向未来 " 为主题的第十九届深圳国际金融博览会在 深圳会展中心盛大启幕。作为国内首批规范的基金管理公司，南方基金精彩亮相本次金博会，围绕 " 养老金融、科技金融、绿色金融、普惠金融、数字金融 " 五篇大文章 ，全面展示其在资产 ...

今天A股市场整体震荡偏弱，三大指数涨跌互现，呈现典型的结构性分化格局。截至午间收盘，上证指 数微跌0.04%，报3938.29点，连续两日收于4000点下方；深证成指下跌0.32%，创业板指逆势微涨 0.12%；科创50跌幅居前，收跌1.09%。两市成交额达1.44万亿元，量能维持在高位，但北向资金日内净 流出，市场情绪略显谨慎。 从板块表现来看，市场主线集中在"资源护城河"与"防御属性"上。石油石化板块以1.22%的涨幅领跑， 煤炭、银行、非银金融等低估值板块也稳中有升，分别上涨0.16%、0.82%和0.32%。这些板块的走强， 背后逻辑是宏观经济预期企稳、油价高位震荡以及长期资金对高股息资产的配置需求。 资金正从高估 值赛道如医药生物、计算机、传媒、房地产等撤出，转向更具确定性的周期与金融板块，市场风格切换 正在悄然发生。 值得深入探讨的是领涨板块的驱动逻辑。 市场每日的波动，如同海面的浪花，时而汹涌，时而平静。作为投资者，我们更需要关注的是海面之 下，那些真正优质企业在长期经营中构建的、持续增长的"价值洋流"。以合理的价格买入优秀的公司， 并长期持有，远比试图预测每一次短期波动更为重要。 请记住，市场 ...

一生坚守价值投资的巴菲特，在退休前夕做出重磅决策：首次建仓谷歌，并将其纳入伯克希尔·哈撒韦 前十大重仓股。这一举动在投资界引发巨大反响，被视为价值投资范式演变的重要信号——即便最为保 守的价值派，也已开始正视并认可AI的长期价值。 在这一决策的背后，是巴菲特投资哲学在AI时代的延续。谷歌凭借自研TPU芯片、Gemini大模型，以及 搜索、YouTube、云服务等海量应用场景，构建了全栈AI生态。这条又宽又深的"护城河"，正是巴菲特 价值投资体系中最看重的核心要素。 而除谷歌外，百度-SW(09888)是中国乃至全球范围内，在全栈AI技术布局上最为完整、协同效应最为 显著的公司，其在芯片、框架、模型、应用四个关键层级上均拥有自主核心技术并已实现大规模产业化 落地，"护城河"同样宽广。 而第三季度财报，便是百度于AI产业中具备强大竞争力以及领先的商业化实力的真实写照。11月18 日，百度发布了2025年第三季度财报。公司于此份财报中首次披露了其AI战略布局的两个关键性成 绩。其一是AI业务收入同比大增50%，其中，AI云收入同比增长33%;AI应用收入达26亿元;AI原生营销 服务收入同比增长262%达28亿元。 ...

Core Points - Warren Buffett, the "Oracle of Omaha," has announced his retirement after 60 years at the helm of Berkshire Hathaway, marking the end of an era in investment management [1][2] - Buffett's investment philosophy emphasizes long-term holding and understanding businesses, avoiding trends he does not comprehend, such as technology stocks during the dot-com bubble [3][4] - He has committed to donating 99.5% of his wealth to charity, accelerating his philanthropic efforts post-retirement [5][6] Group 1: Retirement Announcement - Buffett, at 95 years old, will step down as CEO and cease writing annual reports, concluding his active role in the company [1] - His retirement has been a topic of discussion for decades, especially after the passing of his close friend Charlie Munger [2] Group 2: Investment Philosophy - Buffett is known for his long-term investment strategy, preferring to hold stocks indefinitely and focusing on companies with competitive advantages [3] - He has consistently avoided investments in sectors he does not understand, such as real estate and cryptocurrencies, emphasizing the importance of knowledge in investment decisions [4] Group 3: Philanthropy and Legacy - Buffett has pledged to donate 99% of his wealth to charitable causes, with plans to increase the pace of his donations after retirement [5] - He reflects on his life and career in his farewell letter, acknowledging his mistakes and emphasizing the importance of learning from them [4][6]

Investors interested in stocks from the REIT and Equity Trust - Other sector have probably already heard of Boston Properties (BXP) and Gaming and Leisure Properties (GLPI) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank ...

Core Viewpoint - The increase in stock suspensions for verification is seen as a protective measure for investors rather than a cooling off of market hotspots [1] Group 1: Stock Suspension and Market Reaction - Recent stock suspensions for verification have notably increased, with stocks like Pingtan Development and Haixia Innovation being suspended on November 18 [1] - Many investors perceive these suspensions as mere formalities and continue to blindly chase high prices upon resumption [1] Group 2: Investor Protection and Value Investment - Stock suspensions serve as a warning to investors about the high risks of excessive speculation [1] - The temporary suspension of hot stocks aims to guide investors towards establishing a correct value investment philosophy, emphasizing long-term investment value over short-term speculation [1]

Group 1 - The core idea of the article is to explain the performance and characteristics of the proactive selection strategy, emphasizing its ability to outperform the market while managing risks effectively [1][21][66] - The proactive selection strategy is derived from the concept of actively managed funds, which are constructed by selecting a basket of fund managers to create an index for active funds [4][5] - The strategy focuses on selecting excellent fund managers from a well-structured talent pool within reputable fund companies, which includes veteran, mid-career, and emerging managers [8][9] Group 2 - The selection of veteran fund managers is based on three main criteria to ensure long-term performance [9] - Mid-career managers are identified through two main avenues: those with rich prior experience in asset management and those mentored by veteran managers [9][10] - The proactive selection strategy diversifies investments across different styles to mitigate individual risks and adjusts allocations based on valuation changes [11][14][18] Group 3 - The proactive selection strategy has consistently outperformed the market, with a cumulative return exceeding the CSI 300 Index by 7.08% as of October 2025 [21][66] - The strategy has a win rate of 66.67% against the equity fund index since its inception, although it has experienced periods of underperformance during specific market conditions [24][30] - The strategy avoids investing in loss-making stocks, focusing instead on quality stocks with strong profitability, which leads to better long-term performance [30][34] Group 4 - The article discusses two main methods for profit-taking within the proactive selection strategy: automatic rebalancing when certain assets are overvalued and overall portfolio adjustments when the market is deemed overvalued [57][61] - The strategy employs an automatic adjustment feature to help investors realize profits from overvalued assets while reinvesting in undervalued ones [58] - The proactive selection strategy emphasizes the importance of investing at favorable market valuations to enhance returns and reduce risks [42][45]

Core Viewpoint - The recent decline in U.S. tech stocks, particularly Nvidia, has raised concerns about overvaluation in the AI sector, leading to a shift in investor sentiment and potential market adjustments [1][2]. Group 1: Market Performance - On November 17, major U.S. stock indices experienced significant declines, with the Dow Jones dropping 556.99 points (1.18%), the S&P 500 down 61.61 points (0.91%), and the Nasdaq falling 192.51 points (0.84%) [1]. - Nvidia's market capitalization has decreased by 4.42 trillion yuan over 14 trading days, reflecting growing fears of an AI stock bubble [1]. Group 2: Investor Sentiment - Investors are increasingly uneasy about the high valuations of AI stocks, with the S&P 500 index up 13.66% this year, driven largely by tech stocks [2]. - The average P/E ratio of the S&P 500 is 30.42, with many major tech stocks, including Nvidia and Tesla, significantly exceeding this average [2]. Group 3: Energy Costs and AI - The rapid growth of AI has led to a surge in electricity demand, contributing to rising energy prices, with residential electricity costs increasing by 6% year-over-year as of August [2]. - States with high data center density, such as Virginia, Illinois, and Ohio, have seen electricity price increases of 13%, 16%, and 12%, respectively [3]. Group 4: Treasury Market and Interest Rates - The U.S. Treasury issued $694 billion in bonds over a three-day period, reflecting ongoing pressures in the short-term financing market [4]. - Following the Federal Reserve's October meeting, long-term interest rates have remained stable, indicating a cooling of rate cut expectations [4]. Group 5: Liquidity Concerns - There are signs of liquidity pressure in the short-term financing market, with higher borrowing costs for institutions seeking short-term financing [5]. - The Federal Reserve has suggested that market participants utilize standing repo facilities to manage liquidity [5]. Group 6: Investment Strategies - Warren Buffett's investment portfolio, valued at $267.2 billion, reflects a strategy of patience and value investing, with significant adjustments made in the third quarter [6]. - New investments in stocks like Google, which has a lower P/E ratio than the S&P 500 average, indicate a focus on growth potential and risk resilience [6]. Group 7: Economic Outlook - Upcoming economic reports are expected to influence market sentiment, particularly regarding inflation and employment data [7]. - If inflation remains around 3% with a deteriorating job market, the Fed may consider further rate cuts, while higher inflation could lead to a more cautious approach [7].

责任编辑：石秀珍 SF183 临近年底，市场波动可能加大，部分投资者选择获利了结，导致成交量阶段性萎缩、震荡加剧，这属于 正常现象。从投资策略看，在4000点之前的牛市上半场，仓位可以聚焦于高股息板块或科技成长股；进 入下半场后，板块轮动或将加快，"小登股"、"中登股"、"老登股"均可能有机会，配置需更加均衡，可 以避免过度集中，如此进可攻、退可守。在当前关键指数关口，多空分歧加大，信心尤为重要。建议投 资者保持信心，相信这轮慢牛长牛行情将是未来重要的财富增长机遇。最后，建议大家积极学习价值投 资理念，坚持做优质公司的股东，或通过配置优质基金参与市场，力争分享中国经济转型升级与资本市 场发展的长期红利。 （作者系前海开源基金首席经济学家、基金经理） MACD金叉信号形成，这些股涨势不错！ 我认为，4000点之前属于牛市的上半场。在此阶段，科技股一枝独秀，其他板块表现相对低迷，结构性 牛市特征明显。今年A股整体呈现出"哑铃型"结构——这也是我从年初就反复强调的观点。哑铃的一端 是以银行为代表的低估值、高股息板块，另一端则是科技成长股。这两类资产成为今年表现最为突出的 主线。近期，农业银行股价创历史新高，市值跃居 ...