市场的表层价格总是波动不定，有时甚至过度。他曾说："悲观是朋友，陶醉是敌人。"他认为， 只有当市场忽视本源价值时，投资良机才会到来。巴菲特曾在可口可乐、美国运通等股价处于低 值时集中投资，这些最终都成为了巨大资产。 选择能够持续实现高利润率的优质企业并长期持有，从而实现复利效应，使投资收益像滚雪球一 样不断增加。长期的价值投资正是巴菲特投资哲学的核心。 "不了解的事物就不投资"。他曾在2000年IT热潮中未予跟进，当时被认为"神通不再"，但后来IT泡 沫破裂，其独具慧眼再次获得认可。 巴菲特的长期投资取得了巨大成功，自身投资公司的股价在60年间增长至6万倍。正因为如此， 他树立了一个旨在实现健全且可持续发展的美国资本主义的范例。他通过自身实践，证明股票投 资不仅是短线交易工具，更是成为企业所有者、参与企业长期成长的手段。 巴菲特（REUTERS） 著名投资家、被称为"奥马哈的先知"的巴菲特宣布2025年年底将卸任投资公司伯克希尔·哈撒韦的 CEO。他既是美国繁荣的最大体现者，也曾在美国的危机时刻出手相救。他选择退休恰逢特朗普 第二次上台执政。这是否也预示着美国资本主义的某种变质？ 美国著名投资家沃伦·巴菲特于 ...

Group 1 - Warren Buffett acknowledged that Apple is his most profitable investment, expressing gratitude towards CEO Tim Cook for creating significant wealth for Berkshire Hathaway [1] - Buffett's previous skepticism towards technology stocks changed when he invested in Apple in 2016, breaking his long-standing investment rules and achieving substantial returns [2] - Berkshire Hathaway's investment in Apple started with $1 billion, and the company became a major shareholder, increasing its stake over the years [3] Group 2 - Despite the successful investment, Berkshire Hathaway began to gradually reduce its holdings in Apple starting from Q4 2023, decreasing from 905 million shares at the end of 2023 to 300 million shares by the end of 2024, a reduction of nearly two-thirds [3] - Apple remains the largest holding for Berkshire Hathaway, with its market value significantly exceeding that of the next largest holdings, American Express and Bank of America [3]

25Q1 基金医药持仓：企稳回升，创新药加仓较多 20250427 摘要 • 医药市场进入业绩披露期，创新药虽短期受情绪影响，但因其超额收益， 长期投资价值明确，调整提供入场机会，仍是最明确主线，同时关注骨科 等器械领域。 • 业绩优异的底部个股如甘李药业、三外三等展现增长潜力，投资策略除创 新药主线外，应关注业绩驱动型股票。 • 推荐组合包括康弘、一品红、人福医药、华康净化和宜和佳业，分别受益 于核心产品增长、痛风药潜力、管理层变动、新业务拓展和业绩亮眼。 • 康方生物基本面稳健，Semperit 股价下跌因市场预期过高，康方市场预 期相对合理，长期价值投资理念至关重要。 • 康方临床试验 HR 值为 0.77，PFS 已获批，OS 显示显著趋势，中位 OS 可能提升 5.5 个月，一线治疗 PFS 获益尤为重要。 • 康方国内临床试验样本量 400 例，海外预计 780 例，海外一线治疗 PFS 获益更易实现 OS 获益，Hamilton 7 研究成功率或上调。 • 2025 年关注海外临床研究结果，若与国内一致，有望获美国 FDA 批准， 将成股价催化剂，医药板块仍有加仓空间，主动基金超配创新药。 Q& ...

文 | 银行螺丝钉 （转载请注明出处） 产的牛熊市周期就更长了，平均15-20年 一轮。 成为日股最大的净买入方，也是最大的日 本指数基金投资方。 在坚持投资了十几年之后，日本央行也坚 特到了日股上涨,获利颇丰。 FJ | 川八丁目 | 阿拉 | 阿伯 | 阿拉 | 阿拉 | 这些机构的特点，是资金量非常庞大，甚 至自己就可以成为影响市场的主力。 那么，有哪些投资者，有希望成为耐心资 本呢? （1） 国家队 例如2024年1月市场下跌,当时中央汇金 为首的、俗称"国家队"的机构，在短短 几个月里，买入数千亿的沪深300等指数 基金，对稳定市场起到了巨大的作用。 类似的，还有日本央行。 从2012年开始，每年定投买入几千亿日元 的日股指数基金。 ·养老金需要支付每年的养老费用; •保险机构每年需要做理赔; 投资周期通常也比较长。 ·高校捐赠基金需要支付高校的科研费用。 所以这类机构比较喜欢长期持有有定期现 金流的资产。 并且喜欢通过指数基金等方式，来分散配 置股票资产。 (2) 养老金、保险机构、高校捐赠基金 这类机构的特点，是有比较长期的资金, 以及每年定期的现金流支出。 例如有利息的债券、高分红的红利股、有 ...

Core Viewpoint - The inclusion of index funds in the personal pension product catalog is set to expand, following the initial inclusion of 85 index funds, which is expected to enhance investment options for individual pension accounts and promote long-term capital inflow into the stock market [1][2][4]. Summary by Relevant Sections Inclusion Standards - The recent notification outlines the criteria for index funds to be included in the personal pension product catalog, focusing on widely recognized core broad-based indices or dividend low-volatility indices as tracking benchmarks [2][3]. - Specific requirements include: - Ordinary index funds and ETF-linked funds must have a minimum scale of 1 billion yuan (approximately 10 million) over the last four quarters or 2 billion yuan (approximately 20 million) at the end of the previous month [3]. - Index-enhanced funds must have been established for at least three years, with a minimum scale of 1 billion yuan (approximately 10 million) over the last four quarters and positive excess returns over the last three years [3]. - The combined share of the top five investors must not exceed 50% [3]. - The fund management company must not have a classification evaluation result of C in the latest assessment [3]. Market Impact - The expansion of index funds into personal pension accounts is expected to diversify investment options for pension participants, meeting their varied investment needs and fostering the rapid development of index products [1][4]. - The anticipated influx of index funds is likely to create a positive interaction between the long-term stable inflow of capital into the stock market and the increase in residents' property income [1][4]. Fund Performance and Adoption - As of the end of December 2024, the first batch of personal pension index funds reached a total scale of 300 million yuan (approximately 30 million) and had nearly 58,700 account holders within a month of launch [5]. - Notable funds include Huatai-PB's Dividend Low Volatility ETF Linked Y, which has around 7,500 account holders, and other funds with over 5,000 account holders [5]. Advantages of Index Funds - Index funds are naturally suited for pension investments due to their low fixed fee rates, which are halved for the Y share of funds included in the personal pension investment catalog, enhancing the compounding effect over the long term [6]. - They offer stable styles and transparent holdings, which help reduce agency costs and minimize style drift issues [7]. - Index-enhanced funds combine the benefits of passive index products and active equity products, allowing for better tracking of index styles while addressing inherent flaws in broad-based indices [7].

Core Viewpoint - Long-term funds are increasingly entering the capital market, acting as a stabilizer and ballast for healthy market operation [2] Group 1: Long-term Funds and Market Stability - The People's Bank of China has guided securities and fund companies to conduct two batches of swap operations, exceeding 100 billion yuan [2] - Over 400 listed companies have publicly disclosed stock repurchase and increase information, with a loan limit of nearly 80 billion yuan [2] - The Financial Regulatory Bureau has initiated a second batch of pilot projects for long-term stock investments by insurance funds, with approvals of 52 billion yuan and 60 billion yuan recently [2] Group 2: Growth of Equity Funds - The development of equity funds has accelerated, with 459 equity funds registered from September last year to now, accounting for 70% of total registered fund products [3] - The scale of equity funds has increased from 6.3 trillion yuan to 7.7 trillion yuan, raising their proportion of total public fund scale from 20% to 24% [3] - A phased reduction in comprehensive fund fees is being promoted, expected to save investors over 45 billion yuan annually [3] Group 3: Market Capitalization and Net Inflows - The market capitalization of A-shares held by various long-term funds has grown from 14.6 trillion yuan to 17.8 trillion yuan, an increase of 22% [4] - From September last year to now, insurance funds and various pension funds have net bought approximately 290 billion yuan in the A-share market, significantly supporting market stabilization [5]