近期，大盘出现了反复震荡调整的走势，显示出在4000点这一关键关口，多空分歧明显加大。临近年 底，部分投资者出于兑现全年收益的考虑，出现一定程度的获利了结行为，这在情理之中。因此，年底 市场往往呈现反复震荡的特征，但这并不意味着本轮结构性行情的结束。我一直认为，一轮慢牛长牛行 情是提振消费最有效的手段之一，也是打破当前经济增速放缓局面的关键所在。此轮牛市已经启动：以 2024年9月24日政策发布为标志，市场由此开启了第一波大幅上涨，正式拉开牛市序幕；而自2025年6月 底起开启的上攻行情，则可视为牛市的第二阶段。在此阶段，指数成功突破4000点整数关口，这也是A 股历史上第三次站上4000点。 的是，算力相关板块在2025年已累积较大涨幅，年底部分投资者可能选择获利了结，导致市场出现阶段 性调整。但此类调整预计为科技牛进程中的正常波动，并非行情终结。投资者需加以区分，真正具备技 术突破能力、能持续兑现业绩的科技龙头，有望在2026年继续表现；而仅有题材或概念的个股，一旦回 调，可能难有再起机会。因此，在科技股投资中，仍需坚持价值投资理念，谨慎投资纯题材股，避免追 涨杀跌，方能在本轮慢牛行情中真正实现财富的稳健 ...

今年第三季度伯克希尔最大的个股持仓集中在两家科技巨头——苹果和谷歌母公司Alphabet。其中，苹 果进一步被抛售，Alphabet则被首次建仓。考虑到巴菲特传统的价值投资理念以及他对高增长科技股的 谨慎态度，建仓Alphabet的举动令市场颇感意外。 关注我，更多股市资讯告诉你！ 11月15日，欢迎来到股市早观点，我们来看看今天有哪些消息热点？ 由于最近出现通胀持续的迹象，市场对美联储在12月会议上降息的预期明显下降。根据芝商所的 FedWatch数据，市场认为美联储12月降息25个基点的概率，已经从上周的67%降到不足50%。 周五，伯克希尔·哈撒韦公司（下简称"伯克希尔"）披露的13F报告显示，在今年底"退休"进入倒计时之 际，巴菲特领导的伯克希尔公司调整了对美国科技巨头的押注。 ...

■向炎涛 最近，美国著名投资人沃伦·巴菲特计划在年底卸任伯克希尔·哈撒韦公司首席执行官一职的消息引起广泛关注，有人感叹 一个投资时代即将落幕。但笔者认为，巴菲特的职务可以卸任，他毕生秉持的价值投资理念不会"卸任"，将继续引领A股及全 球市场投资者。 另外，巴菲特之所以能成为价值投资的标杆，还在于他的坚定坚守，精准选择那些有成长潜质的公司，并陪伴企业成长。 这些企业用技术突破、产品创新和产业拓展，持续验证着自身的长期价值，也让价值投资理念有了坚实的支撑。 对于A股上市公司来说，巴菲特的计划卸任某种意义上无异于又一次有力的提示：企业的真正价值，从来不是短期业绩 的"昙花一现"，也不是概念炒作的"空中楼阁"，而是源于发展质量的持续提升、可持续的利润增长与透明规范的公司治理。如 果企业只关注短期股价表现，陷入"追热点""炒概念"的误区，最终只会消耗投资者的信任；唯有在研发创新、公司治理、长期 战略上持续投入，才能成为资本市场的"长期赢家"。 A股市场正迎来投资理念与市场生态日益成熟的新阶段，巴菲特计划卸任，恰恰让我们更清晰地看到价值投资理念的永恒 价值。对个人投资者而言，不必为传奇的落幕而感慨，而应接过价值投资的"接 ...

Group 1 - Warren Buffett's plan to step down as CEO of Berkshire Hathaway has sparked widespread attention, but his value investment philosophy will continue to influence investors in A-shares and global markets [1][2] - The shift towards long-term, value, and rational investment is increasingly evident in the A-share market, with more individual and institutional investors focusing on fundamental performance and growth potential rather than short-term fluctuations [1][2] - Despite the growing trend towards value investing, short-term trading and speculation still persist, leading to market volatility and missed long-term gains associated with quality companies [1][2] Group 2 - The implementation plan issued by six departments, including the Central Financial Office and the China Securities Regulatory Commission, aims to encourage long-term funds to enter the market, enhancing stability and effectiveness in capital allocation [2] - Buffett's success as a value investment benchmark is attributed to his commitment to selecting companies with growth potential and supporting their development, which reinforces the long-term value of these companies [2] - For A-share listed companies, Buffett's planned resignation serves as a reminder that true corporate value is derived from sustainable profit growth and quality development, rather than short-term performance or speculative hype [2][3] Group 3 - The A-share market is entering a new phase of maturity in investment philosophy and market ecology, with Buffett's resignation highlighting the enduring value of value investing [3] - Individual investors are encouraged to embrace the principles of value investing by slowing down, enhancing research capabilities, and patiently waiting for long-term growth to realize wealth appreciation [3] - Companies are urged to respect the market and maintain their core values by focusing on sustainable performance and transparent governance to earn long-term trust from capital [3]

11月3日，泉果基金发布讣告。 "做资产管理是受人之托，守住'忠信'是我们的本分，也是我们的承诺。"泉果基金所有员工将继续秉承王国斌先生的思想 和精神，寻清泉，种良木，以投资者长期价值最大化为宗旨，力争交付投资硕果。 泉果基金对王国斌先生为公司创建和发展所做出的巨大努力和卓越贡献由衷感谢，对他的离世表示沉痛哀悼！在此，谨 向王国斌先生家人致以最深切的慰问。 兹定于2025年11月9日10时在上海市徐汇区龙华殡仪馆1号厅举行王国斌先生追思会，做最后的告别。 王国斌先生，1968年2月生，浙江金华人，中共党员，上海市人大代表。北京大学学士、硕士，曾就读于化学系、社会学 系、光华管理学院。 作为中国证券市场入行最早、并始终坚持在投资一线的资深专业人士之一，王国斌先生率先提出并引领和实践价值投资 理念，并以其深厚的专业素养与前瞻性视野，为中国资产管理行业培养了大批人才，做出了重要贡献。 王国斌先生被业内誉为"企业家型投资人"，在证券市场从业超过三十年，系东方红资产管理创始人、首任董事长，君和 资本联合创始人。王国斌先生怀揣"投资中国"之心，作为主要股东之一于2022年创办了泉果基金，始终积极地看待中国 发展，坚定地相 ...

Group 1 - Wang Guobin, the founder and general manager of Quan Guo Fund Management Co., Ltd., passed away on November 3, 2025, at the age of 57 due to illness [3][4] - Wang Guobin was a prominent figure in China's securities market, known for advocating and practicing value investment principles, contributing significantly to the asset management industry [3][4] - He was recognized as an "entrepreneurial investor" with over thirty years of experience in the securities market [3] Group 2 - In 2022, Wang Guobin co-founded Quan Guo Fund with a vision of investing in China, believing in the future of the Chinese capital market and asset management industry [4] - The employees of Quan Guo Fund are committed to upholding Wang Guobin's philosophy and spirit, focusing on maximizing long-term value for investors [4] - A memorial service for Wang Guobin is scheduled for November 9, 2025, at the Longhua Funeral Home in Shanghai [5]

Core Viewpoint - The implementation of the "Action Plan for Promoting High-Quality Development of Public Funds" marks a significant shift in China's public fund industry from a focus on scale to a focus on quality, emphasizing the importance of investment research, investor services, and market ecology [1][2][10]. Transition from Scale to Quality - The core value of the "Action Plan" is to drive a fundamental ecological transformation in the public fund industry, shifting the operational logic from scale-driven to quality-driven [2][3]. - This transformation encourages a positive cycle between scale and performance, where high-performing products attract more funds based on their merits rather than solely on marketing [3][10]. Strengthening Research and Investment Capabilities - Enhancing core investment research capabilities is fundamental to high-quality development, with a shift from individual-driven to system-driven approaches [4][5]. - Fund companies are focusing on building integrated and team-based research systems, leveraging technology to enhance research capabilities [6][9]. Enhancing Investor Experience - The "Action Plan" emphasizes better meeting residents' wealth management needs and enhancing investor satisfaction through fee reductions, product innovation, and investor education [7][8]. - Fee reforms have begun, with management fees across various fund types being reduced, fundamentally changing the competitive landscape towards performance-driven models [7][10]. Product Innovation and Compliance - The public fund industry is actively promoting product innovation, focusing on diverse and refined product offerings that meet investor needs [11][12]. - Compliance and risk management are critical to supporting the industry's transformation, with a focus on optimizing fee structures and enhancing operational efficiency [13][14]. Challenges in the Transition - The transition to a quality-focused model faces internal challenges, including entrenched performance metrics and external pressures from sales channels and investor behavior [15][16]. - The industry is exploring solutions that involve internal governance reforms and external ecological adjustments to align with long-term investment strategies [17][18]. Future Outlook - The next three to five years will see a continued emphasis on high-quality development, with a shift from scale competition to value competition, favoring firms with strong core capabilities [18][19]. - Companies that adapt to industrialization and digitalization trends while providing comprehensive services will likely gain a competitive edge in the evolving market landscape [19].

Core Insights - The event "Financial Life Carnival" was organized by Dongfang Fund in collaboration with several other funds to promote high-quality development in public funds in Beijing [1] - The initiative aims to enhance public financial literacy and encourage rational investment practices through interactive activities and professional guidance [1][5] Group 1: Event Overview - The event took place on October 17 and focused on addressing citizens' daily financial management needs [1] - Activities included interactive checkpoints and financial knowledge dissemination to engage participants in understanding common financial scams and proper investment channels [3][4] Group 2: Educational Approach - The event featured a shift from passive learning to active participation, encouraging attendees to engage in learning about financial safety and investment strategies [4] - Participants learned about typical scams and investment principles, fostering a better understanding of wealth management [4][5] Group 3: Community Engagement - Dongfang Fund emphasizes a user-centered approach, integrating financial education into everyday consumer experiences to enhance investor engagement [5][6] - The event was well-received, with many participants expressing enjoyment in learning financial knowledge in a relaxed atmosphere [5]

Core Viewpoint - The article discusses the extreme divergence in A-share market styles this year, highlighting the significant gains in the Sci-Tech 100 and Sci-Tech 50 indices compared to the decline in the Dividend Index, emphasizing the importance of maintaining investment discipline regardless of market conditions [1][3]. Market Performance - The Shanghai Composite Index recently broke the 3900-point mark, reaching a 10-year closing high [1]. - The Sci-Tech 100 Index has surged over 60% year-to-date, while the Dividend Index has dropped nearly 8%, indicating a nearly 70% difference in performance between these indices [1][3]. - Approximately 500 stocks have doubled in value this year, accounting for nearly 10% of the market [3]. Investor Psychology - Many investors may feel distressed by their underperformance in the market, leading to a detrimental mindset that equates others' gains with their losses [3]. - This mindset can result in irrational behavior, prompting investors to buy stocks they should not hold in a bid to avoid missing out on potential gains [3][5]. - The article references legendary fund manager Peter Lynch, who noted that many investors suffer from the pain of missing out on top-performing stocks, which can lead to poor investment decisions [3][4]. Investment Principles - Successful investing is not about achieving the highest returns but about reaching financial goals with the lowest possible risk [5]. - The article emphasizes the importance of adhering to investment principles, such as avoiding high valuations and maintaining a critical mindset towards investments [9][10]. - It highlights that long-term success in investing is more important than short-term market performance, with a focus on minimizing significant losses over time [10].

Core Viewpoint - The awareness of listed companies in China regarding returning value to investors has significantly increased during the "14th Five-Year Plan" period, with a total of 10.6 trillion yuan distributed through dividends and buybacks, representing an over 80% increase compared to the "13th Five-Year Plan" period, and equivalent to 2.07 times the amount raised through IPOs and refinancing during the same period [1] Group 1: Policy Ecosystem - The explosive growth in dividends and buybacks is attributed to systematic upgrades in the capital market's foundational systems during the "14th Five-Year Plan" period [2] - The regulatory framework has shifted from sporadic encouragement to a comprehensive institutional framework, including restrictions on major shareholders' sell-offs for companies with low or no dividends [2] - Policies have evolved from merely requiring returns to facilitating and cultivating a culture of returns, establishing a solid institutional foundation for a normalized dividend mechanism [2] Group 2: Listed Company Ecosystem - The concept of sharing profits has transitioned from merely accumulating funds, with dividends moving from passive compliance to active return [3] - In 2024, nine companies are expected to distribute over 50 billion yuan in dividends, and 33 companies over 10 billion yuan, indicating a significant increase in dividend scale [3] - The behavior of listed companies has evolved, with a notable increase in share buybacks aimed at enhancing per-share earnings, reflecting a collective awareness among companies regarding shareholder value [3] Group 3: Investor Ecosystem - The surge in dividends and buybacks corresponds with a shift in investor structure and philosophy, with a growing preference for high-dividend assets [4] - Investors are increasingly focused on returns, prompting companies to establish long-term shareholder return plans with higher-than-historical dividend rates [4] - The transformation from speculative trading to value sharing has led to a more rational market environment, enhancing the stability of the capital market [4]