Core Viewpoint - The importance of ESG (Environmental, Social, and Governance) in the mining industry is emphasized, highlighting that it requires long-term investment and commitment for sustainable development [1][2]. Group 1: ESG Commitment - ESG is viewed as a fundamental aspect for the long-term sustainability of mining companies, not merely a branding exercise [1]. - The mining industry is characterized by high ESG density, making it essential for companies to prioritize ESG initiatives to ensure their ongoing viability [1]. - For Luoyang Molybdenum, ESG is integral to all operations, balancing economic value creation with adherence to environmental standards and community benefits [1]. Group 2: Long-term Investment Perspective - Mining is a long-term investment sector, with operations potentially lasting decades or even centuries [2]. - Luoyang Molybdenum has invested nearly $10 billion in the Democratic Republic of the Congo (DRC), emphasizing the need for a long-term vision and local integration [2]. - The company has invested $325 million in community initiatives since the TFM mine began production, contributing to a stable external environment for operations [2]. Group 3: Global Expansion and Competitive Advantages - Luoyang Molybdenum has evolved from a local company to a global resource player, with over 90% of its assets and revenue derived from overseas [3][4]. - Chinese mining companies possess advantages in technology, manufacturing, and collective spirit, which are beneficial in resource-rich but infrastructure-poor regions [4]. - The internationalization of mining is seen as an extension of industrial chain globalization, with Chinese companies poised to leverage their capabilities in underdeveloped areas [4]. Group 4: Social Responsibility in DRC - The DRC is identified as an underdeveloped region with a GDP of approximately $70 billion in 2024, highlighting the significant responsibility of companies operating there [5]. - Luoyang Molybdenum is committed to community development through infrastructure projects such as roads, bridges, hospitals, and agricultural initiatives [5]. - The company's efforts in the DRC are framed as essential for embedding ESG practices into its operational foundation, ensuring resilience against risks and changes [5].

人民财讯9月24日电，9月24日，在由证券时报与南方基金联合主办的2025中国证券业财富经纪高峰论坛 上，华源证券总经理助理、财富委副主任陈洁谈及如何完善财富管理生态时表示，销售渠道不应是销售 通道，而应创造专业价值，其核心在于扮演买方投顾角色，通过资产配置为客户获取超额收益，并成为 连接客户与管理人的信息桥梁。陈洁指出，构建完善的财富管理生态需坚持长期主义，避免零和博弈。 她观察到，客户并非不能接受收费，关键取决于机构能否为其创造价值、赚取超额收益。 ...

"长期主义对公募基金而言，不是一种选择，而是一种必然。"近日，景顺长城基金总经理康乐在接受中 国证券报记者采访时表示，对于景顺长城基金来说，长期主义自公司成立之日起便镌刻在了"宁取细水 长流，不要惊涛裂岸"的投资理念和经营哲学里。在二十多年的发展历程中，面对短和长的取舍时，公 司始终追求长期稳健发展，舍弃短期捷径。 深度研究穿越市场波动 ● 本报记者 张凌之 体系化保障长期投资 公募基金的使命是向投资者提供长期稳定回报。康乐表示，投资规律决定了价值实现需要时间，唯有长 期资金能够陪伴优质企业成长，真正支持国家经济转型与创新战略。因此，长期主义是公募基金发展的 基石。 这一理念已深深植根于景顺长城基金的投研文化和制度设计中。景顺长城基金的长期投资理念，要求基 金经理坚持从基本面出发，追求持续的长期收益，与持有人利益和市场长期方向保持一致。对基金经理 的考核中，三年及五年的长期业绩考核占据更高权重。通过定期投资回顾，深入回顾其组合的投资纪 律、投资风格和中长期业绩表现，帮助基金经理保持风格不漂移，并持续沉淀和优化其投资方法论。当 基金经理的投资风格与市场不匹配，业绩表现落后时，公司给予较长的观察与成长期，支持和鼓 ...

01 美国股市最早的价值，主要是给企业融资和促进资源优化配置， 19世纪初，美国处于快速发展阶段，但交通不便制约了经济的进一步发展，修建运河成为当时的迫切需求。 纽约州州长决定成立伊利运河公司，并通过债券的方式向公众募集资金100万美元，使得运河能够顺利建设，在1825年全程通航，降低了运输成本，提高了 运输效率。 这两天巴菲特清仓比亚迪的新闻，上了很多热搜。 其实对于巴菲特清仓比亚迪，我并不觉得奇怪，2022年巴菲特就开始逐步减持比亚迪的股票。 当时，我写过几篇分析文章，有市场疯狂估值太高的原因，有巴菲特需要买石油对冲人民币贬值的原因，也有可能是巴菲特接班人风格调整的原因。 但是，我想从另外一个角度看待这个事情。 我们经常说：不忘初心！ 那股市的初心是什么？价值投资者的初心是什么？ 02 这种公开募集的方式也为美国股市的发展奠定了重要基础。 中国股市诞生于20世纪80年代末至90年代初，是计划经济向市场经济转型的产物，推动了中国经济体制改革的进程。 像融资困难的科技企业就是通过资本市场募资得到了高速发展，2004年腾讯在香港上市募资15亿港币，2005年百度美国上市募资1.09亿美元，2007年阿里巴 巴在 ...

股神清仓比亚迪，被热热闹闹的解读成了巴菲特不爱比亚迪了。 要我说，现在的巴菲特确实不爱现在的比亚迪了。其实，华尔街之狼的嗜好一直没有变化，但而今的比亚迪早已今非昔比。 要是爱，为什么股神旗下的伯克希尔要清仓比亚迪的股票投资呢？！ 2008年，比亚迪是全世界最优的新能源潜力股，没有几个人看得见。但是，人家芒格、巴菲特团队次第发现了，在查理·芒格建议下以2.3亿美 元购入2.25亿股比亚迪股份，17年持股期间股价上涨约3890%。 毕竟，17年投资比亚迪，股神的履历本上，又增加了一个约39倍投资收益率的疯狂成功案例。 但凡了解股神及其公司伯克希尔的商业模式和盈利模式的人，都不会大惊小怪他们清仓比亚迪的做法。 股神不在意要投资的公司及其股票"值多少"，而在意于这个公司股票能帮他们"赚多少"。 也就是说，对他们而言，绝对值多少，没有相对赚了多少更值钱。起起伏伏的净增长空间，才是他们的最爱和心头好。 而且，对于他们而言，短期利益越爆发越好，日子拖的越长越不好。 毕竟，巴菲特及其伯克希尔手头上的资金再是巨资，但也是有限资金。所以，他们就必须在全球范围内筛选最符合他们有限资金最佳选择 的"最具有增长性"的投资对象。 弄清楚 ...

来源：上海证券报·中国证券网 上证报中国证券网讯（记者 聂林浩）9月19日，由上海证券报和中欧基金共同主办的"金融教育宣传周-基金行业在行动"活动在中国证券博物馆礼查厅举行。 活动上，中欧基金正式发布《服务公约》，提出四大服务准则——常走动、常分享、常沟通、常创新，旨在积极响应"坚持以投资者为本"的监管号召，倡导 长期且专业的投资者服务，真正提升投资者获得感，以优质客户服务推动行业迈向高质量发展。 客户为先 以长期服务创造价值 近年来，证监会提出《推动公募基金高质量发展行动方案》，同时大力推动公募基金费率改革，多管齐下推动行业从"重规模、轻服务"向"坚持以客户为中 心，聚焦提升投资者长期回报"转型。 "这一监管导向清晰而明确。"上海证券报社党委常委、总编辑谭飞在致辞中表示，公募基金行业的未来，必须建立在投资者信任的基础之上，而信任的核 心，源于实实在在的获得感。 谭飞指出，金融机构可从以下三方面着手：一是践行"客户利益至上"的初心，通过优化产品设计、完善费率结构等举措，让利于投资者。二是强化专业赋能 与陪伴服务，提供有温度的投教内容和服务，陪伴投资者穿越市场周期。三是构建透明、诚信的沟通机制，保障投资者的知情 ...

Core Viewpoint - The article emphasizes that Master Kong is undergoing a significant transformation in the instant noodle industry, aiming to redefine instant noodles from a quick meal to a high-quality dining experience with the launch of the "Special Fresh Noodle" [2][3]. Group 1: Value Reconstruction - The "Special Fresh Noodle" distinguishes itself from traditional instant noodles by focusing on quality rather than just convenience, offering a dining experience closer to freshly cooked noodles through innovative cooking techniques [3][4]. - This product aims to change consumer perceptions, positioning instant noodles as a viable option for quality meals rather than just a quick fix [5]. Group 2: Growth in a Saturated Market - The company believes that the instant noodle market still has potential for growth, as consumer needs in various dining scenarios remain unmet [6][7]. - Master Kong is focusing on technological innovation and market segmentation to create new opportunities, moving from a scale-based competition to a quality-driven approach [6][7]. Group 3: Long-term Vision - Master Kong's strategy is centered around respecting consumer needs, which has evolved significantly over the years, emphasizing health, taste, and emotional value [8][9]. - The company aims to maintain a balance between short-term market pressures and long-term value creation, focusing on continuous innovation and consumer satisfaction [10][11]. Group 4: Capital Market Signals - Despite market challenges, Master Kong is committed to innovation and quality, which is expected to drive long-term value and attract investor confidence [10][11]. - The company has demonstrated strong financial health, with a dividend yield exceeding 6%, reflecting its stable cash flow and governance structure [11]. Group 5: Future Outlook - Master Kong envisions instant noodles evolving into a versatile dining solution that fits various life scenarios, thus enhancing their role in modern dining [13][14]. - The company aims to lead the industry by continuously innovating and responding to changing consumer demands, reinforcing its commitment to long-term growth and consumer satisfaction [15][17].

Core Insights - The essence of "Special Fresh Instant Noodles" lies in quality improvement rather than just convenience, aiming to provide a dining experience closer to freshly cooked meals [1][3] - The instant noodle industry is not at a ceiling; instead, there is significant potential for growth by addressing diverse consumer needs across various eating scenarios [2][4] - The introduction of "Special Fresh Instant Noodles" represents a strategic milestone for the company, emphasizing long-term consumer respect and innovation [4][5] Product Innovation - The new product utilizes a unique cooking method that enhances the texture and flavor, aiming to transform consumer perceptions of instant noodles from a mere convenience food to a quality meal option [1][3] - The company is focusing on creating a "convenience + quality" market segment, which has been largely unexplored in recent years [1][2] Market Strategy - The company aims to redefine its relationship with consumers by diversifying its product offerings and ensuring coverage across various price points [3][4] - The strategy involves optimizing product structure, precise cost control, and enhancing emotional connections with younger consumers [7][8] Long-term Vision - The company believes in the importance of long-term investment in research and development, supply chain, and channel innovation to meet evolving consumer demands [4][6] - The goal is to position instant noodles as a versatile meal solution that fits into various lifestyle scenarios, thus expanding the market potential [10][11] Financial Performance - The company reported a 0.7 percentage point increase in gross margin year-on-year, indicating effective cost management despite market challenges [7][8] - The dividend yield exceeds 6%, reflecting a strong governance structure and stable cash flow generation capabilities [8][9] Industry Outlook - The instant noodle industry is undergoing a transition from quantity to quality, with significant opportunities for innovation and market revitalization [11][12] - The company's approach serves as a model for how traditional categories can rejuvenate through micro-innovation and process upgrades [11][12]

Group 1 - Berkshire Hathaway confirmed that Warren Buffett has completely divested from BYD, marking the end of a 17-year investment relationship [1][2] - Buffett's investment in BYD yielded an astonishing return of 3890%, making it one of the most successful cases in investment history [2] - BYD's public relations manager acknowledged Berkshire's support over the years and noted that Berkshire had been reducing its stake since August 2022, with holdings below 5% by June of the previous year [1][2] Group 2 - Buffett's initial investment in BYD during the 2008 financial crisis provided crucial funding and stabilized investor sentiment, allowing BYD to maintain a high R&D investment ratio of at least 40% annually [7][9] - The departure of Buffett is attributed to differing philosophies, with Buffett becoming more conservative and favoring traditional energy investments, while BYD continues to pursue long-term technological innovation [10][14] - Geopolitical factors, such as the U.S. Inflation Reduction Act and European anti-subsidy investigations, have also impacted BYD's operations and may have influenced Buffett's decision to exit [17] Group 3 - The competition between Eastern and Western business models is highlighted by the contrasting strategies of BYD and Tesla, with BYD focusing on continuous innovation while Tesla capitalizes on brand strength [18][24] - BYD's advancements include the development of a 1.2MW ultra-fast charging technology and a solid-state battery prototype, showcasing its commitment to pushing technological boundaries [24][26] - The future of the automotive industry remains uncertain, with the outcome of the competition between BYD's innovative approach and Tesla's market strategies yet to be determined [27]

Group 1 - The core viewpoint of the article emphasizes the importance of transforming the public fund industry from focusing on scale to prioritizing investor returns, as outlined in the "Action Plan" issued by the China Securities Regulatory Commission [1][11] - The "Action Plan" aims to enhance the role of public funds in serving the real economy, optimizing resource allocation, and meeting residents' wealth management needs, contributing to sustainable and healthy industry development [1][11] - Companies are encouraged to strengthen their core investment research capabilities and align their services with long-term value creation and national strategic directions [2][11] Group 2 - The company has established a "1+3+5" decision-making system to enhance investment research performance, breaking traditional departmental barriers and fostering collaboration across various asset classes [3] - A comprehensive strategy management system has been developed, integrating asset allocation, style, and trading strategies to better meet diverse investor needs [3][4] - The company has implemented a clear growth path for investment professionals, promoting a culture of teamwork and knowledge transfer among fund managers [4] Group 3 - The company has proactively developed equity products in response to the "Action Plan," focusing on low-volatility and asset allocation products to support inclusive finance [5][6] - A robust product matrix has been created to cater to different risk preferences and life cycles, allowing investors to capitalize on market opportunities [6][7] - The company has accelerated its investment in technology-focused funds, providing investors with access to high-growth sectors and comprehensive research on the technology industry [6][7] Group 4 - The company emphasizes the importance of long-term performance in its evaluation mechanisms, shifting focus from short-term fluctuations to sustainable returns for investors [4][8] - A significant portion of the company's products has been designed to align with investor interests, including floating fee rate products that enhance investor satisfaction [8] - The company has established a risk management framework that adheres to national policies, ensuring a balanced approach to risk and return [9] Group 5 - The company has prioritized investor education and support, creating a comprehensive investment education platform and innovative advisory solutions tailored to client needs [10] - The company aims to enhance the quality of investor engagement through various educational initiatives and personalized investment strategies [10] - The commitment to long-term value and sustainable development is reflected in the company's operational strategies and product offerings [11]