（来源：吴说） Fundstrat 数字资产策略负责人 SeanFarrell 回复吴说表示，Fundstrat 由多位分析师组成，每位分析师拥 有独立研究框架与时间维度，服务不同类型客户的不同需求。他本人更偏向服务高加密资产占比投资组 合，策略更强调主动管理与风险再平衡；而 TomLee 面向的是仅将 1%—5% 资金配置于 BTC 与 ETH 的 机构投资者，因此更侧重长期宏观趋势与结构性判断，二者并非矛盾，而是职责与目标不同。 ...

Core Viewpoint - ServiceNow's stock dropped 11% following the announcement of a $7 billion acquisition of Armis, leading to analyst downgrades and investor concerns [2][3] Valuation and Performance - ServiceNow's current stock price of approximately $780 is considered appealing, but its high valuation makes it sensitive to negative surprises, presenting a challenging entry point [3] - The company's price-to-sales (P/S) ratio is 15.2 compared to 3.2 for the S&P 500, and its price-to-earnings (P/E) ratio stands at 111.4 versus 23.5 for the benchmark [11] - ServiceNow's revenues have grown significantly, with a 21.1% increase from $10 billion to $13 billion over the last 12 months, compared to 6.0% growth for the S&P 500 [11] - The operating income for the last four quarters totaled $1.8 billion, resulting in an operating margin of 13.9%, which is lower than the S&P 500's 18.8% [11] Financial Strength - ServiceNow's balance sheet is strong, with a debt of $2.4 billion and a market capitalization of $162 billion, leading to a low debt-to-equity ratio of 1.2% compared to 21.2% for the S&P 500 [11] - The company has a cash-to-assets ratio of 24.8%, significantly higher than the S&P 500's 6.9%, indicating strong liquidity [11] Growth and Profitability - ServiceNow's average revenue growth rate over the past three years is 22.3%, outperforming the S&P 500's 5.5% [11] - The company's profit margins are above most companies in the Trefis coverage universe, reflecting strong profitability [8] Resilience During Downturns - ServiceNow's stock has shown slightly better performance than the S&P 500 during recent downturns, indicating moderate resilience [10] - The overall assessment of ServiceNow's performance across key metrics is categorized as "Very Strong" for growth and financial stability, and "Strong" for profitability [15]

今年是贵金属价格集体冲高的一年，继黄金和白银之后，铂金再次成为市场上最受关注的资产之一。 近日，铂金价格走势强劲，现货铂金价格一度超过每盎司1800美元。截至目前，铂金价格年内累计涨幅 已近90%，超过黄金年内涨幅，上演了一场"翻身仗"。那么，铂金饰品线下消费市场的表现如何？为 此，证券时报记者走访了深圳水贝市场以及多家珠宝品牌店。 （水贝市场铂金饰品价格 吴家明/摄） 12月16日，记者看到水贝市场的铂金饰品克价在440元左右。有现场店铺的工作人员表示，今年以来铂 金饰品价格有过几波"行情"，今年6月的时候克价还在310元左右。 记者采访发现，黄金饰品之所以受到追捧，除了价格，便利透明的回收机制也是消费者关注的焦点。对 于铂金饰品，水贝市场也有相应的回收机制，但价格折算方式有所不同。"与黄金饰品一样，我们也回 收铂金饰品，而且不分品牌，回收价格比销售价格低一些，而且要在这个基础上打93折，作为手续费和 熔炼等费用。最近，销售价格与回收价格的价差也拉大，从年中的30元左右变成相差60元左右。"现场 店铺的工作人员表示。 记者还发现，部分品牌足铂饰品报价达到每克760元。值得一提的是，虽然品牌的铂金首饰零售价大 ...

" 我的偶像巴菲特常说，他每天早上 跳着踢踏舞 去上班。我也确实有这种感觉。 " " 我最欣赏 （芒格）的 是，他不仅有天赋，更重要的是，他把天赋变成了一整套系统。他的才华是被结构 化的，有方法、有框架 …… 这才走得 长 远 ， 而且这些思想深刻地影响了巴菲特。 " " 我 和（合伙人）布鲁斯 彼此真诚地承认：对方能做到一些自己做不到的事情。真正健康的合作关系， 正 是 建立在这种认知之上。我们一直都承认彼此的独特性，也从不因为谁犯错就互相指责。 " " 在投资这件事上，成功并不来自少数几次高风险的豪赌，而是源于长期、持续的稳健表现。 " " 投资的本质，不是追求确定性，而是在不确定中，设法让概率站在你这边。 " "' 情绪稳定 ' 是我见过许多优秀投资人身上最关键的品质之一。 " 这是我们今年看到 的橡树 资本联合创始人霍华德 ·马克斯最值得推荐的一场对话。 75分钟的访谈里，马克斯几乎讲出了他投资哲学中最本质、也最系统的一部分。而让这场访谈 与众不同的 关键，在于 对话者 是威廉 ·格林（William Green），《更富有，更睿智，更快乐》的作者， 他 深访过全 球众多的顶级投资人。 聪明投资者（I ...

奎菲称，中国资产中，最核心、最看好的仍是中国科技股。 2025年末，伴随美元进入弱势周期，一些亚太市场资产又孕育着长期投资机会。 年内各类负面事件以及不确定性下，大宗商品市场表现各异。其中，黄金屡创新高，白银、铜、钯金等贵金属也跟随上涨。这些趋势会否持续？ 明年，各大类资产又将呈现何种趋势，有哪些机遇和风险？针对相关问题，富达国际全球多元资产主管奎菲（Matthew Quaife）接受了第一财经 记者专访。 继续看好中国科技股 在今年年初DeepSeek彰显中国科技和人工智能（AI）发展潜力后，中国科技股在今年的大部分时间都受到了内资和外资的同时青睐。富达同样长 期看好中国科技股。 "韩国股市从估值角度来看，确实非常便宜。同时，与日本一样，韩国政府也在实施对股市相当友好的政策。目前，我们虽然已经适度减仓了韩 国股市，但我们仍然偏好（韩国股市），只是不如今年第一季度我们刚刚投资时那么有吸引力。"他称，"日本可能是2026年的一个重要的投资市 场。如果我们选择投资日本股市，我们会偏好中盘股，因为中盘股企业更倾向于日本国内市场。高市新政府即将实施的一系列政策也会对日本经 济产生影响。在这种背景下，中盘股往往跑赢大盘 ...

以此为基础并配合《行政长官2025年施政报告》的方向，"投资组合"将致力培育具备商业及战略潜力的 本地资产管理公司或以香港为基地的资产管理公司。根据港投公司最新估算，"2025资金组别"截至今年 底的规模至少为30亿港元，将会平均分配予上述获选的资产管理公司，并于2026年首季启动有关投资工 作。 据悉，早在2024年，香港特区政府就已经公布了"新计划"的详情，并在2024年3月1日开始接受申请。合 资格申请人须投资最少3000万港元于获许投资资产，当中300万港元将投放在"投资组合"。该"投资组 合"首批配置资金(即2024资金组别)的投资已经启动，且进度理想。 近日，香港投资管理有限公司(简称"港投公司")公布了"新资本投资者入境计划"(简称"新计划")下"投资 组合"的"2025资金组别"获委任的10家资产管理公司，这些公司以风险投资、私募投资、私募信贷及对 冲基金为主要投资策略，分别是盘实资本、海阔天空创投、CMC资本、晨壹基金、隐山资本、M Capital、柏骏资本、春华资本、信宸资本/中信资本与远信资本投资管理有限公司及惠理集团。 港投公司是香港特区政府在2022年设立的、全资拥有并代表香港特区政 ...

Core Insights - Booking Holdings (BKNG) is approaching a significant inflection point, with its stock price entering a historically supportive range that has previously led to substantial gains [2][3] - The stock is currently trading within the $4,529.60–$5,006.40 support band, which has historically attracted buyers and resulted in an average peak gain of 19.9% after testing this area [3] - A rebound is likely due to strong Q3 2025 results, bullish analyst sentiment, and favorable travel demand trends [4] Financial Performance - Q3 2025 results exceeded expectations, with gross bookings increasing by 14% and adjusted EPS rising by 19% [4] - Booking Holdings has demonstrated revenue growth of 13.0% over the last twelve months and an average of 17.8% over the last three years [10] - The company has a free cash flow margin of 31.9% and an operating margin of 34.5% for the last twelve months [10] Market Sentiment and Analyst Ratings - Analysts predominantly maintain "Buy" ratings for BKNG, with average price targets indicating significant upside potential [4] - Industry tailwinds, including resilient global travel demand and the rapid adoption of travel technology, contribute to a favorable market environment for the company [4] Risks and Historical Performance - BKNG has experienced significant declines in past market downturns, including a 90% drop during the Dot-Com bust and a 66% decline during the Global Financial Crisis [6] - The stock is vulnerable to sell-offs even in stable market conditions, influenced by earnings announcements and business updates [7] Valuation Metrics - BKNG is currently trading at a price-to-earnings (PE) multiple of 30.6 [10]

Core Viewpoint - Remitly Global (RELY) stock is considered a viable investment opportunity due to its growth, cash generation, and significant valuation discount [2] Financial Performance - Remitly Global experienced a 21% increase in active customers, reaching 8.9 million, and a 35% growth in send volume to $19.5 billion in Q3 2025 [4] - The company revised its full-year revenue forecast upward to over $1.6 billion, indicating a 28% growth, and expects a positive net income [5] - RELY has a low debt-to-equity ratio of 0.04 and demonstrates robust cash generation, reflecting solid financial health [5] Valuation Metrics - RELY stock is currently trading at a 38% discount compared to its 3-month peak, 54% below its 1-year peak, and 54% below its 2-year peak [10] - The stock provides an impressive cash flow yield of 7.4% and has shown revenue growth of 31.3% over the past twelve months [10] Market Sentiment - Despite its positive fundamentals, RELY has decreased by 44% this year due to macroeconomic challenges, competitive pricing pressures, and uncertainties regarding new digital offerings [3] Investment Potential - Companies with profiles similar to RELY can utilize cash for further revenue growth or return it to shareholders through dividends or buybacks, enhancing market appeal [2] - The average forward returns for stocks meeting specific criteria are projected at 25.7% and 57.9% over 6-month and 12-month periods, respectively [11]

Core Insights - The IRS allows a maximum contribution of $7,500 to IRAs in 2026, with an additional $1,100 catch-up contribution for individuals aged 50 and older [2] - Two investment scenarios are analyzed: investing entirely in an S&P 500 index fund or a conservative 60/40 portfolio of equities and fixed-income assets [2][5] Investment Scenarios - Contributing $7,500 annually to an S&P 500 index fund from age 27 to 67 could result in approximately $1.38 million, assuming a historical inflation-adjusted annual return of 6.69% [3][4] - A conservative 60/40 portfolio would yield a significantly lower amount, just over $882,000, with an average annual return of 4.89% from 1901 to 2022 [3][6] Implications for Investors - Investing in an S&P 500 index fund offers the potential for higher returns compared to a conservative 60/40 portfolio, but it also comes with greater volatility [5] - The 60/40 portfolio, while more stable, results in a smaller retirement nest egg, highlighting the trade-off between risk and return [6]

Core Insights - Zimmer Biomet (ZBH) is considered a strong investment option due to its high cash yield, solid fundamentals, and discounted valuation, which allows for revenue growth or shareholder rewards through dividends or buybacks [2][10] Financial Performance - ZBH's stock has declined by 14% this year, yet it is trading at a significant discount with a P/S ratio lower than its 3-month and 2-year peaks, as well as below its 3-year average [3] - The company experienced a slight revenue shortfall in Q3, and its full-year organic constant currency growth guidance was revised down due to international challenges; however, U.S. organic revenue grew by 5.6% driven by new product adoption and robotic placements [4] Product and Market Developments - Recent acquisitions, such as Monogram Technologies and Paragon 28, have strengthened ZBH's portfolio in robotics and foot & ankle sectors [5] - New product approvals, including the iodine-treated hip and ROSA Knee with OptimiZe, along with favorable pricing trends, indicate ongoing innovation and market engagement [5] Fundamental Strength - ZBH boasts a free cash flow yield of 7.9% and an operating margin of 18.7% over the last 12 months, with a revenue growth of 5.5% [10] - The stock is currently trading 31% below its 2-year high and 14% below its 1-month high, indicating a potential buying opportunity [10] Investment Criteria - ZBH meets several investment criteria, including a market cap greater than $2 billion, a recent dip in stock price significantly below its 2-year high, and a strong operating margin with high free cash flow yield [11]