一边筹划定增并购，一边遭遇股东减持，晶升股份的资本运作引发市场对"低买高卖"的质疑。 晶升股份近期资本动作频频。2025年10月9日，公司发布关于发行股份及支付现金购买资产并募集配套 资金暨关联交易事项的进展公告。 股东减持计划与公司定增并购在时间上的接近，令人侧目。2025年8月7日，晶升股份公告称，持股 12.3%的大股东鑫瑞集诚拟自2025年8月29日至2025年11月28日期间，通过集中竞价交易、大宗交易方 式合计减持公司股份不超过4，150，900股，占公司总股本的3%，减持原因标明为"自身资金需求"。 然而，仅仅过了19天，2025年8月26日，晶升股份因筹划重大资产重组事项宣布停牌。公司计划通过发 行股份及支付现金的方式购买北京为准智能科技股份有限公司全部股份并取得控制权，同时募集配套资 金。 晶升股份的募资使用情况同样值得关注。根据公司披露，首次公开发行股票募集资金净额为10.16亿 元，其中超募资金总额为5.4亿元。 2025年7月，公司宣布使用部分超募资金1.6亿元永久补充流动资金，占超募资金总额的29.62%。公司解 释称这是"为满足公司流动资金需求，提高募集资金的使用效率"。 这一举动 ...

驰骋商界70载，97岁的李嘉诚23度蝉联香港首富。 今年初他以 373 亿美元（约 2909.4 亿港元）身家再次登顶，如今却惨遭重创。2025年8月14日，长和系公布半年报：净利润暴跌92%至8.52亿港元，创2015 年重组以来最大跌幅。 在8月中期业绩会上，97 岁的李嘉诚仍亲力亲为，条理清晰地向股东解释利润缩水主因是海外业务合并。针对此前港口交易风波，李嘉诚强调会继续推进， 并缓解监管审查压力挽回市场信心。 值得注意的是，本应主持业绩会的长子李泽钜（长和联席董事总经理）首次缺席，次子也未参与集团业务。外界不免议论纷纷，他的两个儿子都已经60多岁 了，难道还无法接下继承重担吗？ 01、商海浮沉："创业易，守业难" 1943 年，十五岁辍学养家的少年，用十年拼出两条赛道：20 岁执掌玩具厂，30 岁靠塑胶花远销欧美创下 "塑胶花大王" 名号，7000 美元起家的小厂数年扩 张十余倍。 真正让财富腾飞的，是他踩准时代的精准嗅觉。1958 年果断转战房地产，1967 年香港地产暴跌时逆势抄底核心地块，低谷期收购的物业在局势稳定后价值 翻百倍，由此构建起横跨港陆的地产版图。 更惊人的是他的套现魄力：2020 年 ...

Core Viewpoint - The article discusses three methods to control market volatility risk: dollar-cost averaging, diversification, and position control [2][11]. Group 1: Methods to Control Volatility Risk - **Method 1: Dollar-Cost Averaging** Persisting with dollar-cost averaging during periods of unrealized losses helps to lower the average cost of holdings, allowing for profitability without needing the market to return to previous levels [2]. - **Method 2: Diversification** Different types of stock assets exhibit varying levels of volatility risk, with individual stocks being the most volatile, followed by sectors, broad indices, and fund combinations. A diversified portfolio can mitigate risk by investing in a basket of undervalued funds [2][11]. - **Method 3: Position Control** The article presents a table showing the relationship between stock-bond ratios, maximum drawdown, and annualized returns. Higher stock ratios generally lead to higher long-term returns but also increase volatility risk [3][11]. Group 2: Monthly Treasure Combination - **Composition of Monthly Treasure** The Monthly Treasure combination consists of 40% stock funds and 60% bond funds, designed to meet the needs of conservative investors [5][11]. - **Stock Portion Characteristics** The stock portion focuses on value styles, characterized by lower volatility in bear markets and higher dividend yields, providing stable income regardless of market fluctuations [6][11]. - **Bond Portion Characteristics** The bond portion primarily invests in short- to medium-term bonds, which are less affected by interest rate changes. The current yield for 10-year government bonds is around 1.7%-1.8%, indicating lower attractiveness for long-term pure bonds [6][11]. Group 3: Rebalancing Strategy - **Automatic Rebalancing** The Monthly Treasure combination employs an automatic rebalancing strategy based on valuation, which facilitates "buy low, sell high" actions without requiring investor intervention [8][11]. - **Recent Rebalancing Actions** The article details two recent rebalancing actions, highlighting the strategy of selling outperforming assets and reallocating to underperforming ones to maintain the target asset allocation [9][11]. Group 4: Cash Flow Feature - **Flexible Cash Flow Functionality** The Monthly Treasure combination includes a feature for periodic cash flow distribution, which can be easily turned on or off based on the investor's needs, providing flexibility for long-term investment [10][11].

Core Viewpoint - The article emphasizes the importance of managing investment risks and optimizing potential returns in the current market environment, suggesting strategies for both risk reduction and return enhancement [1][10]. Risk Reduction Strategies - Utilize short-term funds for investment in funds to avoid the "recency effect" and prevent hasty decisions driven by market trends [2]. - Prioritize investing with funds that are not needed for at least one year, and avoid going all-in [3]. - Implement the "lifecycle method" to determine the appropriate allocation to equity assets based on age, suggesting a formula of (80 - age) / 80 * 100% for equity allocation [6][7]. - Diversify investments across low-correlation funds to smooth out volatility, focusing on both the number of funds and the sectors/styles of investment [8][9]. Return Enhancement Strategies - Choose better trading times, emphasizing the principle of "buy low, sell high" and the importance of patience in holding investments [11][13][15]. - Extend the investment horizon to capture higher returns, as many successful investments require time to realize gains [14][16]. - Select superior investment targets, recommending passive indices during certain market phases and suggesting a diversified approach to index investments [17][18]. Conclusion - The article concludes that successful investing is fundamentally about "buying low and selling high," yet many investors struggle with emotional biases that lead to poor decision-making [19][20][21].

Core Viewpoint - The article discusses the strategic sale of Li Ka-shing's global port assets by Cheung Kong Holdings to a consortium led by BlackRock, with the involvement of China Ocean Shipping Group (COSCO), highlighting the implications for both parties and the broader market dynamics [4][6][8]. Group 1: Transaction Details - On July 28, Cheung Kong Holdings announced plans to invite mainland Chinese strategic investors to join the sale of its port assets, emphasizing that no transaction would occur without regulatory approvals [4]. - The deal involves the sale of 80% of Cheung Kong's port assets and 90% of its Panama port company, expected to generate $19 billion in cash for the company [6]. - The consortium led by BlackRock, which includes Italian shipping magnate Gianluigi Aponte's "Port Investment Company," is positioned to acquire significant control over key global ports [7]. Group 2: Strategic Implications - The entry of COSCO into the consortium is seen as a stabilizing factor, allowing for a mutually beneficial arrangement where both parties can achieve their strategic goals [8]. - The transaction is viewed as a potential win-win situation, with Cheung Kong receiving a cash influx comparable to its market value, while BlackRock secures valuable global port assets [8]. - The involvement of a strong mainland investor like COSCO is expected to facilitate the deal and provide a strategic asset for the state-owned enterprise [8]. Group 3: Historical Context - Li Ka-shing's history with port assets dates back to the 1970s, when he began acquiring significant holdings in the port sector, establishing a global network of operations [10][15]. - The article notes that the port business has been a core asset for Li Ka-shing, contributing to his wealth and business empire, with a global presence in 53 ports across 24 countries [15]. - The decision to sell these assets comes amid changing market dynamics and the need to optimize the company's asset portfolio, as the port business has become less aligned with Cheung Kong's overall revenue contributions [17].

Core Viewpoint - The article discusses Li Ka-shing's decision to sell his global port assets to a U.S. consortium, highlighting the strategic entry of Chinese state-owned enterprises as a solution to facilitate the transaction and create a win-win situation for all parties involved [3][10]. Group 1: Transaction Details - On July 28, 2023, Cheung Kong Holdings announced plans to invite major mainland Chinese strategic investors to join the sale of its port assets, emphasizing that no transactions would occur without regulatory approvals [3][10]. - The deal involves the sale of 80% of Cheung Kong's port assets and 90% of its Panama port company, expected to generate $19 billion in cash for the company [8][10]. - The consortium led by BlackRock and Italian shipping magnate Gianluigi Aponte's "Port Investment Company" is involved in the transaction, which includes 43 ports across 23 countries [8][10]. Group 2: Market Context and Implications - The entry of China Ocean Shipping Group (COSCO) into the consortium is seen as a strategic move, providing a reference price for the deal and potentially enhancing the transaction's feasibility [10][11]. - The sale is positioned against a backdrop of geopolitical tensions, with initial criticism surrounding the decision to sell port assets during a sensitive period [9][10]. - The transaction could result in Cheung Kong Holdings receiving cash equivalent to its total market value, which was approximately HKD 148 billion ($19.03 billion) at the time of the announcement [10]. Group 3: Historical Background and Business Strategy - Li Ka-shing's business acumen is highlighted through his historical investments in Hong Kong's real estate and port sectors, which have been foundational to his wealth [13][21]. - The article outlines how Li Ka-shing built his port empire, starting from the acquisition of significant stakes in Hutchison Whampoa and expanding globally through strategic purchases [16][22]. - The complexity and lower revenue contribution of port operations compared to other sectors like telecommunications and retail may have influenced the decision to divest these assets [23][24].

Core Viewpoint - Li Ka-shing's company is selling the residential project Yushuiyuan at a significant discount, with prices dropping to 70% of the original price, raising concerns and interest in the market [2][3][5]. Summary by Sections Project Overview - Yushuiyuan, developed by Cheung Kong Holdings, has been under development for over 20 years and is the first residential project by Li Ka-shing in Beijing [4]. - The project covers a total area of approximately 400,000 square meters, acquired in 2001 for 700 million yuan, resulting in a land cost of only 1,750 yuan per square meter [2][9]. Pricing and Sales Strategy - The average selling price for high-rise units has been reduced to 70,000 yuan per square meter, with total prices starting from 9.8 million yuan, a decrease of nearly 1 million yuan compared to last year's opening price [2][5]. - The current selling price represents a reduction of approximately 20,000 to 29,000 yuan per square meter from the previous record price of 90,700 to 99,700 yuan per square meter [5]. - The project is offering various unit types, including 140 square meter and 185 square meter apartments, with total prices below 10 million and 13 million yuan respectively [3]. Market Context and Implications - Analysts suggest that the price reduction is a response to current market conditions and aims to accelerate sales, given the project's long development cycle and low land costs [7]. - The project is strategically located near key commercial areas and transportation hubs, enhancing its attractiveness despite the price drop [8]. - This sale is part of Li Ka-shing's ongoing strategy of "buying low and selling high," as the current price is still nearly 40 times the original land acquisition cost [8]. Compensation for Existing Owners - To address concerns from previous buyers who purchased at higher prices, the developer is offering compensation options, including renovation subsidies or cash differences ranging from 800,000 to 1 million yuan [6].

Core Viewpoint - The article emphasizes that while valuation is a crucial concept in equity investment, its direct impact on stock prices is inconsistent and influenced by various factors [2][6]. Valuation and Market Conditions - Valuation's influence on stock prices is unstable, as shown in a study by Everbright Securities, which analyzed the relationship between valuation and stock price movements across different industries from January 2013 to February 2025 [2]. - Market tolerance for valuation varies under different conditions, particularly in relation to earnings growth rates [4][5]. - High-growth scenarios (earnings growth above 30%) show minimal differences in returns between high and low valuation combinations, especially when growth exceeds 100% [5]. - Conversely, in low-growth scenarios, market tolerance for high valuations decreases, leading to better performance from lower valuation combinations [5]. Market Sentiment and Valuation Preferences - Market sentiment, represented by turnover rates, affects investor preferences for valuation. During bullish sentiment, investors favor high-valuation sectors, while in bearish conditions, they lean towards low-valuation sectors [5]. - The combination of market sentiment with valuation metrics significantly enhances the effectiveness of industry grouping based on PE ratios [5]. Complexity of Valuation - Valuation is important for providing a long-term perspective on investment levels, but the "reasonable valuation" at any given moment is subject to multiple influences [6]. - Acknowledging the complexity of valuation and maintaining a respectful attitude towards market dynamics is essential for assessing investment opportunities related to valuation fluctuations [6].