Group 1 - The A-share market has shown significant improvement in market sentiment and risk appetite, with the total public fund management scale reaching 34.05 trillion yuan by the end of Q2, an increase of 2.24 trillion yuan or 7% from the end of Q1 [1] - The performance of actively managed equity funds has rebounded, driven by the ability to generate excess returns, exemplified by the outstanding performance of Dongfanghong New Power Mixed A fund, which achieved a cumulative net value growth rate of 412.39% since its inception [1][2] - Zhou Yun, the fund manager, emphasizes a value-oriented and moderately contrarian investment strategy, focusing on high-quality companies with reasonable valuations [2][3] Group 2 - Zhou Yun's contrarian investment approach is based on deep research and value judgment, avoiding the pitfalls of blindly following market consensus [3] - The investment strategy involves recognizing market trends while maintaining a focus on value, as demonstrated during the structural bull market from 2019 to 2020, where Zhou Yun chose to avoid overpriced core assets despite facing performance pressure [3][4] - Zhou Yun's understanding of corporate value and market cycles has led to tangible returns, highlighting the importance of adapting strategies in response to significant market changes [5][6] Group 3 - The essence of successful investing lies in balancing the recognition of trends with value preservation, requiring investors to be both contrarian and trend-sensitive [6] - Zhou Yun advocates for a systematic review of investment processes, emphasizing the importance of learning from past experiences to refine investment methodologies [9] - The performance of Zhou Yun's managed funds, such as Dongfanghong New Power Mixed A and Dongfanghong JD Big Data Mixed A, showcases strong cumulative returns, outperforming their respective benchmarks [9][11]

泡沫破裂后的资本异化 1987年，《福布斯》全球富豪榜首次将一位亚洲面孔推至榜首——堤义明以200亿美元现金资产登顶，此后连续七年霸榜。彼时他掌控的西武集团坐拥日本 六分之一土地，铁路、酒店、滑雪场构筑起庞大商业帝国。但2016年，这位曾经的世界首富财富较巅峰时缩水95%，从商业神坛跌落至财务欺诈被告席。堤 义明的兴衰史，堪称一堂关于资本逻辑与人性执念的经典案例课。 裙带资本主义的红利与陷阱 堤义明的崛起始于父亲堤康次郎打造的"政商共生"模式。20世纪20年代，这位农民之子通过收购土地、铁路积累原始资本，更以议员身份游走于权力场，为 西武集团攫取政策红利。到60年代，西武已成为横跨实业与地产的巨无霸，这种"商业+政治"的双重基因，为堤义明后来的扩张埋下伏笔。 1964年，堤康次郎临终前的继承安排颇具深意——跳过长子堤清二，将核心资产（铁路、酒店、土地）交予私生子堤义明。这一看似反常的决策，实则暗含 对资本控制权的精准判断：堤义明身上的"果敢与冷酷"，恰是维系家族式资本集权的必要特质。这种决策模式本身就违背现代公司治理原则，却在特定时代 背景下催生了商业奇迹。 80年代日本泡沫经济期间，堤义明将"土地崇拜"发挥 ...

看着美联储主席鲍威尔那张眉头紧锁的脸，我不禁想起十年前在复旦读书时教授说过的话："金融市场最大的谎言，就是让你以为你看到的就是真 相。"如今这一幕正在全球上演。 美国经济数据就像个精神分裂症患者：失业率4.1%看似健康，但新增就业却远低于历史水平；AI投资热火朝天，服务业消费却连续下滑。鲍威尔这 老哥现在就像站在十字路口的迷途旅人，往左走怕错过遏制衰退的时机，往右走又担心重蹈误判通胀的覆辙。 这让我想起2015年A股的场景。当时官方数据一片大好，但量化系统早就发出预警。现在回头看，那些所谓的"经济向好"不过是给散户准备的迷魂 汤。鲍威尔的困境告诉我们：在金融市场，表面数据往往是最危险的陷阱。 一、美联储迷雾下的投资困局 二、消息面背后的残酷真相 最近市场有个特别有趣的现象：「强者恒强，物极必反」。这八个字看似简单，却道破了A股最残酷的游戏规则。 我观察到的真实情况是：消息面对股价的作用不是引导，而是强化。就像给火堆浇汽油，火势会更大，但火种早就存在。散户们把结果当原因，本 质上是「张冠李戴」。更讽刺的是，当涨到极致时，同样的消息面又会反噬股价，这时散户又归因为"涨多了要调整"，完全是「错进错出」。 三、量化数 ...