Group 1 - Berkshire Hathaway held a total of 42 US stocks with a market value of approximately $274.16 billion at the end of 2025, an increase of over $6.8 billion from the end of Q3 2025 [2] - The company has a significant focus on the financial sector, with a holding value close to $112.2 billion, accounting for about 41% of its total portfolio [2] - At the end of Q4 2025, Berkshire's largest holding remained Apple, valued at approximately $61.96 billion, representing about 23% of its total holdings, with a reduction of about 4.32% in shares [2][3] Group 2 - The second and third largest holdings are American Express and Bank of America, both financial companies, with a combined holding value exceeding $84.5 billion, accounting for about 31% of the total portfolio [2] - In Q4 2025, Berkshire maintained its position in 28 companies, reduced holdings in 9 companies, increased holdings in 4 companies, and initiated a position in 1 new company [2] Group 3 - Duan Yongping's investment firm held 14 US stocks with a total market value of approximately $17.49 billion at the end of 2025, an increase of over $2.8 billion from the end of Q3 2025 [8] - The focus of Duan's investments is primarily in the information technology sector, with a total holding value close to $11 billion, accounting for about 63% of his portfolio [9] - Duan's top three holdings are Apple, Berkshire Hathaway, and Nvidia, with Apple being the largest at approximately $8.8 billion, representing about 50% of his investment portfolio [9][10] Group 4 - Duan significantly increased his stake in Nvidia, with shares rising from approximately 597,800 to 7,237,100, marking an increase of over 11 times, and its market value reaching about $1.35 billion [9] - In Q4 2025, Duan initiated positions in three AI-related companies and increased holdings in six companies, while reducing positions in five [9]

人民币加速升值，3 月如何布局 西部研究月度金股报告系列（2026 年 3 月） 核心结论 1、2026 中国有望回归 2019 "价值投资元年" （1）2018 年中国正式步入工业化成熟期，制造业强劲的对外出口能力，赚取大 量稳定的现金流。由此 A 股孕育出了 2019-22 年"价值投资"的土壤：大量拥 有稳定现金流的消费（茅指数）和制造（宁组合）得到系统性重估。 （2）《人民币升值是 2026 繁荣的契机》提示：美联储降息后人民币回归长 期升值趋势，正驱动跨境资本加速回流。中国的制造和消费行业将再次拥有 大量稳定的现金流，也将重获"价值投资者"的青睐。 2、巴菲特"价值投资"的基础，是稳定现金流的"大 DCF 资产" 1945 年开始美国正式进入工业化成熟期，制造业强劲的对外出口能力，赚取大 量稳定的现金流。由此美股孕育出了巴菲特"价值投资"的土壤：大量拥有稳定 现金流且 CAPEX 较低的"大 DCF 资产"。 策略月报 巴菲特"价值投资"的理念是以合理价格买入现金流充沛的优质公司。上世 纪 60 年代以来，巴菲特重仓的美国运通/华盛顿邮报/可口可乐/苹果等公司， 都是现金流充裕且 CAPEX 较低的 ...

Group 1 - The core investment philosophy of the fund manager emphasizes "independent thinking, probabilistic thinking, contrarian courage, and forward-looking vision," focusing on balanced allocation and risk control through a multi-faceted stock selection framework of "cigar butt stocks (static undervaluation) + quality stocks (steady growth) + technology stocks (forward-looking layout)" [2][14][15] - The representative product, Guotou Ruijin New Silk Road Fund, has achieved a total return of 148.37% and an annualized return of 8.93% since its inception, significantly outperforming the average of its peers and ranking in the top 15.95% of its category [3][29][30] - The fund's performance over various time frames shows returns of 24.86% over the past year, 12.82% over three years, 24.66% over five years, and 109.60% over ten years, all substantially exceeding the performance benchmark [4][29] Group 2 - The fund maintains a high equity position, consistently above 90%, focusing on stock selection rather than market timing, which reflects its core investment philosophy of emphasizing industry allocation and individual stock selection [37][38] - The industry allocation strategy is characterized by balanced diversification, with the largest sector allocation typically remaining below 25%, thus effectively controlling risks associated with overexposure to any single sector [38][41] - The fund's stock selection is diverse, focusing on long-term value, with a rigorous selection standard that prioritizes long-term factors over short-term market trends [53][54] Group 3 - The fund has demonstrated a low turnover rate, maintaining it below 100% since 2022, which indicates a stable investment style and effective cost management [66][67] - The fund has provided consistent dividends, with a total of 9 distributions amounting to 110 million yuan, exceeding 1.4 times the current fund net value, showcasing its commitment to returning profits to investors [5][72] - The investment management company, Guotou Ruijin, emphasizes value investing and fundamental research, aiming to create long-term stable returns for investors [80][81]

不少朋友私信问，今年的市场主线到底在哪？是追热点还是蹲价值？其实答案就藏在巴菲特的投资逻辑里——找那些能躺赚稳定现金流、不用老砸钱扩产的 公司。而2026年，这个机会正实实在在落在大炼化板块身上。 春节后的A股走得有点意思，科创50、中证500一路突突，大盘价值却蔫蔫的，TMT和中游制造涨得欢，消费金融反倒拖了后腿。 聊价值投资，绕不开巴菲特的"大DCF资产"逻辑，说人话就是：买现金流充沛、资本开支（CAPEX）低的现金奶牛。 图1：1962年巴菲特入股伯克希尔哈撒韦后，尤为偏爱的标杆重仓股 来源：Wind、证券时报、贝特曼、智通财经，截至：2026.2.25 | 序号 | 首次买入时间 | 公司名称 | 代码 | 一级行业 | 二级行业 | | --- | --- | --- | --- | --- | --- | | | 1964 | 美国运通/American Express | AXP.N | से हैं | 非银金融 | | 2 | 1972 | 华盛顿邮报/Washington Post | GHC.N | 可选消费 | 媒体 | | 3 | 1988 | 可口可乐/Coca-Cola | KO ...

I analyze securities based on value investing, an owner's mindset, and a long-term horizon. I don't write sell articles, as those are considered short theses, and I never recommend shorting.I was initially interested in a career in politics, but after reaching a dead-end in 2019 and seeing the financial drain this posed, I choose a path that would make my money work for me and protect me from more setbacks. This brought me to study value investing, in order to grow wealth with risk management in mind.From 2 ...

智通财经APP注意到，英伟达(NVDA.US)在周三公布远超预期的业绩后，成为市场上最具增长潜力的股票之一。然而，其交易价格为何看起来像一只价值 股？ 这家芯片巨头的股价周四下跌 5.5%，创下 4 月 16 日以来的最大单日跌幅，并拖累标准普尔 500 指数一同走低。目前该股的价格约为预期收益的 22 倍，远 低于其 37 倍的五年平均水平，且仅略高于标普 500 指数的平均估值倍数。 由于分析师基于英伟达第一季度营收预期达到780亿美元（远超华尔街此前约730亿美元的共识预期）而纷纷上调盈利预测，这个市盈率数字预计将进一步下 降。 "如此强劲的业绩与股价表现乏力之间存在某种脱节，"持有英伟达股票的 Dakota Wealth Management 高级投资组合经理罗伯特·帕夫利克表示。"你当然会认 为在这样的财报之后它会表现良好。公司展现出了非常强劲的增长。" 数据显示，英伟达现在的市盈率比标普 500 指数中约三分之一的股票都要便宜，但其过去 12 个月 65% 的营收增长率在该指数中排名第三。相比之下， Palantir 的营收扩张排名标普 500 第四，而其股价交易倍数约为预期收益的 98 倍。 M ...

在私募行业蓬勃发展的几十年中，公募基金经理"奔私"潮持续涌动，这背后既有个人在职业天花板的突围，亦有平台派系更迭引发的变动。从早年王亚伟、 邱国鹭开风气之先，到近年董承非、周应波等人自立门户，"公奔私"基金经理已经成为私募行业的一个重要派系，甚至不少是自身私募机构的核心人物，掌 舵着公司的整体投研方向。 私募排排网数据显示，截至2026年1月底，"公奔私"基金经理共有859位。其中，头部私募旗下的"公奔私"基金经理共有87位，占比10.13%。 接下来，笔者将划分百亿私募（规模100亿以上）、准百亿私募（规模50-100亿）两个规模组，为大家盘点头部私募（规模50亿以上）旗下"公奔私"基金经 理的代表人物。 | 8 | 崔童 | 股票 | 18 | | --- | --- | --- | --- | | 9 | 邓晓峰 | 股票 | 25 | | 10 | 董承非 | 股票 | 24 | | 11 | 杜昌勇 | 股票 | 30 | | 12 | 杜骐臻 | 股票 | 14 | | 13 | 归江 | 股票 | 28 | | 14 | 韩冬 | 股票 | 18 | | 15 | 韩海峰 | 组合基金 | 12 ...

先看今日行情。截至收盘，沪指涨0.39%，深成指微跌0.06%，创业板指跌1.04%。两市成交2.51万亿， 比昨天缩了一点。港股那边表现不错，恒生指数涨0.95%，恒生科技涨0.56%。 板块分化很剧烈。周期股全线爆发，钢铁涨3.37%，煤炭涨3.2%，有色金属涨3.1%。小金属和稀土永磁 掀起涨停潮，多只个股封板。电力板块也活跃，多股涨停。另一边，算力硬件股承压回调，CPO、PCB 等方向跌幅居前。资金正从高位成长板块撤出，转向低估值周期方向，风格切换的信号很明确。 行情聊完，说点实在的。 当你死死抱住某个估值数字，拒绝正视产业逻辑的变化；当你坚信市场终将回归，却无视基本面已经松 动；当你说"长期持有"其实是在"盲目死扛"——那根绳子就不再是牵引工具，而是绞索。 市场会用最残酷的方式告诉你：你啥也没掌控。 这不是否定价值投资。恰恰相反，真正懂价值的人，首先懂的是自己的局限。他们知道，价值不是一个 精确的坐标，而是一个模糊的区域。市场不是一条驯服的狗，而是一头难以预测的野兽。那根绳子不是 用来牵引市场的，而是用来在风暴中拉住自己、不被卷走的锚。 很多价值投资者喜欢讲一个比喻：股价是狗，价值是主人。狗有时候跑 ...

据报道，公募基金不断买入高折价的AH股中的港股，这有助于降低AH股溢价率。从价值投资的角度 看，同股、同权、同价是大势所趋，未来AH股溢价率有望持续收缩。 恒生AH股溢价指数从2025年初的140附近目前已经下降至118.81，表明同时存在A股和港股的公司股 价，A股股价较港股股价的平均溢价率已经从40%附近下降至18.81%，溢价水平不断收缩。 这种资金流向不仅改善了港股的流动性环境，更通过实际成交价格的拉升，直接压缩了同一标的在两地 的价差。当内资成为港股市场不可忽视的定价力量时，两地市场的定价逻辑趋于统一，溢价率收缩具备 了坚实的资金基础。 价值投资的核心在于资产价格最终会回归其内在价值。同一家企业的盈利能力、治理水平和派息政策在 AH两地完全对等。从长远看，不同市场之间带来的非理性折价不具备永远存在的条件。随着互联互通 机制不断发展，两地市场在交易制度、信息披露以及监管标准上日趋同步，这种制度性的融合正在消除 导致溢价的客观原因。 同股、同权、同价是成熟资本市场的基本特征。当两地投资者能够无障碍地跨市场选择同一资产时，价 格均衡点自然会向价值中心靠拢。港股折价的消失，本质上是市场套利机会被抹平的过程， ...

据报道，公募基金不断买入高折价的AH股中的港股，这有助于降低AH股溢价率。从价值投资的角度 看，同股、同权、同价是大势所趋，未来AH股溢价率有望持续收缩。 恒生A H股溢价指数从2025年初的140附近目前已经下降至118.81，表明同时存在A股和港股的公司股 价，A股股价较港股股价的平均溢价率已经从40%附近下降至18.81%，溢价水平不断收缩。 在A股、港股两地金融市场互联互通机制不断深化的背景下，公募基金已经对两边的溢价现象充分重 视，并不断进行逢低买入相关港股股票的交易，从价值投资的底层逻辑出发，同股、同权、同价不仅是 理论上的终点，也是两地市场融合发展的必然趋势。 公募基金买入行为的背后，是资本对确定性价值的追逐。长期以来，港股市场由于参与者以海外机构为 主，且受到全球宏观流动性环境的直接制约，导致其在估值层面相对于A股长期处于贴水状态。 当公募基金等内资通过港股通渠道稳步增持时，投资者对于内地蓝筹股的估值逻辑也在发生变化。内地 机构的定价权不断提升，意味着港股的价值发现功能被激活。随着公募基金为主的内地机构对港股配置 比例的提升，这种由资金力量驱动的价值修复，正在不断填平港股的价值洼地。 这种资金 ...