Core Viewpoint - The investment philosophy of Yu Long emphasizes a "hold to maturity" approach akin to bond investing, focusing on patience and value realization over time, contrasting with the prevalent trend of chasing market fads and short-term gains [1][3][4]. Investment Strategy - Yu Long's strategy is characterized by simplicity and a contrarian nature, relying on a long-term internal rate of return as the sole investment decision metric [3][4]. - The sources of investment returns are categorized into three areas: value distribution (dividends and buybacks), value creation through reinvestment, and value discovery from market mispricing [3][4]. - The target internal return rate for the investment portfolio is aimed to be above 15%, allowing for price fluctuations without concern as long as the quality companies are purchased at low prices [3][4]. Stock Selection Criteria - The selection criteria prioritize both "cheap" and "high-quality" companies, with a preference for leading and state-owned enterprises due to their stable dividend capabilities and capital returns [3][4][6]. - Yu Long typically maintains a concentrated portfolio of around 10 stocks, believing that fewer holdings can effectively control risk and enhance returns [6][7]. - The focus is on companies with strong competitive advantages, growth potential, safety margins, risk pricing, sound governance, and transparency [7][9]. Market Approach - The investment approach is fundamentally bottom-up, avoiding reliance on macroeconomic trends or industry rotations, and instead focusing on individual stock valuation [6][7]. - Yu Long seeks opportunities in underappreciated sectors, where companies may be undervalued despite having solid fundamentals [7][9]. - The strategy involves buying when market sentiment is low, capitalizing on the fear and panic of others to acquire undervalued assets [9][10]. Long-Term Holding Philosophy - The holding period for investments is generally long, with a low turnover rate, reflecting a willingness to wait for value to materialize over time [7][10]. - The philosophy underscores that true investment success comes from maintaining a rational approach and resisting the urge for immediate gratification [4][10].

在喧嚣热烈的资本市场中，于龙选择了"守静笃"。他的投资风格，低调克制、逆势而行，几 乎与主流市场的"逐热点、抢节奏"背道而驰。用他自己的话说："我们是为了持有到期而买入 股票，就像买债券一样。"在这个时代，大多数人追逐过程的涨跌，只有极少数人真正愿意等 待价值兑现，于龙正是那个"不到剩余的1%"。 在价值投资被广泛谈论却少人真正践行的当下，于龙用极简的策略，去穿越市场的复杂。他 只关注能看得清、算得准的公司，"Everything has a price"他常挂嘴边，冷门的龙头、被误 杀的优质公司，往往是他拾取价值的所在。这样的投资哲学，不靠预测，不博运气，更像一 场用认知和耐心去换时间价值的修行。 简历显示，于龙，兴银基金权益专户部总经理。上海交通大学工学学士、经济学硕士， CFA；拥有20年投资研究经验，曾任职于银河证券资管部、光大保德信基金、弘尚资产、 H&A。 于龙： 我的策略非常简单，但反人性 与很多基金经理关注宏观趋势、行业轮动不同，于龙完全采取自下而上的方法。他不依赖预 测行业景气，也不刻意分散风险，而是以极强的定价能力和价值判断为基础，精选个股。在 他看来，冷门行业中往往隐藏着被严重低估的机会 ...

Group 1 - Woodside, Australia's largest LNG exporter, plans to sell 20%-30% of its stake in the Louisiana LNG project, which has a value of $17.5 billion, following the project's final approval [1][2] - The company aims to achieve a target investment capital of around 50% by selling its wholly-owned holding company in the project [1] - The project is expected to deliver its first gas by 2029 and generate $2 billion in annual net operating cash in the 2030s [2] Group 2 - Woodside has previously agreed to sell 40% of the project infrastructure company to investor Stonepeak, which will contribute $5.7 billion towards the expected capital costs [2] - The company's target for reducing its stake aligns with analysts' expectations, who believe that further divestment is crucial for mitigating project risks and validating project value [2] - Discussions with potential partners are ongoing, with increased interest from various parties following the project's approval [3][4]