著名投资人段永平的最新言论在投资圈激起波澜，他认为手持闲钱投资茅台的长期回报远超过存放在银行，这一判断背后隐藏着当前银行存款利率持续下行 与稀缺资产价值凸显的深刻逻辑。 作为广东步步高电子工业有限公司创始人和步步高集团董事长，段永平坦言自己有很多朋友喜欢喝茅台，所以能够理解这门生意。他更指出，对于闲钱而 言，"买茅台肯定是比放银行好"。 01 投资逻辑 面对茅台股价从2021年的2600元高点回落，段永平显得异常淡定。"一个股票，你要是扛不住掉50%，你就不应该买。"他在11月的采访中表示。 "有什么理由不看好呢？"段永平近日接受采访时表示，"很多人不理解这个问题。投机百分之八九十的散户都是亏钱的，牛市、熊市都亏。" 这位投资界大佬以他一贯的直白风格表达了坚定看好茅台的态度。 这种淡定源于他对茅台长期价值的深刻认知。段永平强调，投资决策不是由市盈率决定的，而是由未来的现金流决定。 "我觉得茅台将来一定会回来，但是什么时候我不知道，可能五年、十年，没有人知道。"他坦言。关键在于，"这个钱如果不放在茅台上，必须要有个地方 去。那去哪里？这个很重要。" 对于宏观环境对投资的影响，段永平也有独到见解。"我不觉得需要。 ...

今天净值出来了。 场内ETF账户亏损0.7万（资产260万）； 场外基金账户亏损1.4万（资产550万）； 两个账户合计亏损2.1万， 周一盈利5.7万，周二亏损2.1万，本周还剩3.6万浮盈。 听说银行下架五年期大额存单了。 银行都不缺钱了，市场降息又有盼头了。 （一） 答案是可以的，接下来给大家具体聊聊 （1）2月初的时候，博格写了一篇文章详细介绍了现金流ETF。 特别强调了：在国债利率持续降低的大背景下，投资者都开始尝试配置稳定分红的资产替代国债。现金流是分红的基石，所以未来分红最稳定的一定是现 金流指数。 | | 现金流ETF(159399)分红记录 | | | | --- | --- | --- | --- | | 收益分配 | 单位分红 | | 分红比例 | | 基准日 | (元) | 单位净值(元) | (%) | | 2025-03-05 | 0.001 | 1.0013 | 0.100% | | 2025-04-02 | 0.003 | 1.0121 | 0.296% | | 2025-04-28 | 0.0029 | 0.9828 | 0.295% | | 2025-06-03 | 0.0 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Pacer expanded its cash - flow product line by issuing two mid - cap and small - cap quality cash - flow ETFs last week, and has formed three major categories in the cash - flow field [2][8]. - Stock ETFs in the US had a stable inflow last week, with most other types of products also seeing inflows, while short - term and high - yield bond products in the bond category had outflows [2][9]. - Pacer's cash - flow products showed significant performance differentiation, with the largest US Cash Cows 100 ETF performing weakly this year and many global products having gains of over 20% [2][14]. - In June 2025, the total amount of non - money public funds in the US increased, and from August 13th to August 20th, US domestic stock funds had an outflow while bond products had an inflow [2][18]. Summary by Related Catalogs 1. US ETF Innovation Products: Pacer Further Expands Cash - flow Product Line - Last week, there were 7 new US ETF products, a decrease in the number of issuances. New manager Scharf issued two actively managed ETFs, and Franklin issued a bond ETF and a dividend - growth stock product. Pacer issued two mid - cap and small - cap quality cash - flow ETFs, selecting stocks based on free - cash - flow quality [7][8]. - The free - cash - flow quality is composed of the company's average free - cash - flow yield and free - cash - flow ROIC over the past 5 years. Pacer has formed three major categories in the cash - flow field: cash - flow value, cash - flow growth, and cash - flow hybrid [8]. 2. US ETF Dynamics 2.1 US ETF Funds: Stock ETF Inflows are Stable - Last week, stock ETFs had an inflow of over $20 billion, and most other types of products also had inflows. State Street's S&P 500 ETF had a significant inflow, large - cap products had higher inflows than small - cap ones, and BlackRock's Ethereum ETF had an inflow of over $1 billion. Short - term and high - yield bond products in the bond category had outflows [2][9][12]. 2.2 US ETF Performance: Pacer's Cash - flow Products are Highly Differentiated - Pacer has formed over 15 cash - flow products, covering different directions such as cash - flow, cash - flow growth, and quality cash - flow, including both domestic and international products. The performance of these products varies significantly. The largest US Cash Cows 100 ETF has performed weakly this year, while many global products have had gains of over 20% [14][15]. 3. Recent Fund Flows of US Ordinary Public Funds - In June 2025, the total amount of non - money public funds in the US was $22.69 trillion, an increase of $0.78 trillion compared to May 2025. The scale of US domestic stock products increased by 4.25%, slightly lower than the stock increase. From August 13th to August 20th, US domestic stock funds had an outflow of about $14.4 billion, similar to the previous week, while bond products had an inflow of over $8 billion [2][18].

Core Insights - Tiny has transformed into a holding company with an annual revenue of $300 million by acquiring and incubating overlooked but profitable products [1][6] - The company adopts a patient, opportunistic approach, acquiring businesses from founders seeking a long-term home while maintaining their independent operations [2][15] Group 1: Investment Philosophy - Tiny focuses on acquiring businesses that are "boring but profitable," avoiding the intense competition of popular Silicon Valley sectors [9][22] - The company seeks businesses with high profit margins, unique advantages, simple business models, stable profitability, a successful operating history, and quality teams [14][27] Group 2: Key Business Units - MetaLab serves as Tiny's cash flow engine, generating $40-50 million in annual revenue with a profit of $20 million, leveraging geographic arbitrage [11] - Dribbble, acquired for under $10 million, now generates tens of millions in annual revenue under Tiny's management, exemplifying the company's investment philosophy [12] - WeCommerce showcases Tiny's ability to create a cohesive ecosystem through the acquisition and integration of multiple Shopify applications [13] Group 3: Acquisition Strategy - Tiny's acquisition method contrasts traditional private equity by being founder-friendly, providing resources and support while preserving company culture [15][19] - Post-acquisition, Tiny enhances efficiency through standardized marketing processes, optimized pricing strategies, and shared best practices among its companies [17][18] Group 4: Entrepreneurial Insights - Entrepreneurs are advised to focus on industries with less competition and to leverage AI tools for market and financial analysis to reduce trial and error costs [22][24] - Common mistakes include entering over-saturated markets, and entrepreneurs should seek to scale their businesses while delegating less enjoyable tasks [25][26] Group 5: Future Outlook - Tiny's strategy highlights the potential of counter-cyclical investment opportunities, focusing on cash flow and long-term holding philosophy [28]

Group 1 - The article discusses the announcement by President Trump on July 4 regarding new unilateral tariff rates, which are expected to take effect on August 1, with rates potentially ranging from 10% to 70% [1] - The U.S. employment data for June indicates economic resilience, leading to a decrease in market expectations for Federal Reserve interest rate cuts [1] - The uncertainty surrounding trade policies and the impending end of the suspension period for reciprocal tariffs may cause market disruptions [1] Group 2 - Investors are encouraged to pay attention to cash flow ETFs, specifically ETF 159399, which has outperformed the CSI Dividend Index and the CSI 300 Index for nine consecutive years from 2016 to 2024 [1] - The investment theme for the year is expected to focus on "large and mid-cap stocks + central state-owned enterprises + abundant cash flow" [1] - For investors without stock accounts, options include the Guotai FTSE China A-Share Free Cash Flow Focused ETF Initiated Link A (023919) and Link C (023920) [1]

Core Viewpoint - The listing of Drip Irrigation Investment marks the beginning of a new investment paradigm focused on cash flow-based investing, providing diverse opportunities for investors while supporting small and micro enterprises [1][4]. Group 1: Company Overview - Drip Irrigation Investment has submitted a listing application to the Hong Kong Stock Exchange, with HSBC as its sole sponsor, indicating the start of its listing journey [1]. - The company was established on May 23, 2025, in the Cayman Islands, with an initial authorized share capital of 3 billion shares [3]. - Drip Irrigation Investment is a closed-end investment company that has not yet commenced operations or business activities [3]. Group 2: Investment Strategy - The company focuses on three major market opportunities: 1. Asset-Based Cash Rights, providing liquidity to private equity and venture capital investors [5]. 2. Business-Based Cash Rights, supporting the development of the real economy without diluting equity [5]. 3. Corporate-Based Cash Rights, aiding early-stage entrepreneurs with essential capital to avoid failures due to funding shortages [5]. Group 3: Financial Performance and Projections - As of June 20, 2025, Drip Irrigation has raised a cumulative financing amount of 5.545 billion Macanese Patacas and a cumulative income-sharing amount of 3.413 billion Macanese Patacas [3]. Group 4: Listing Methodology - Drip Irrigation Investment plans to list under the rare Chapter 21 of the Hong Kong listing rules, which allows companies without a specific main business to apply for listing, focusing on the rationality of investment strategies and internal controls [7]. - The company’s listing documents are available only in English, and it has not disclosed specific performance data in its prospectus [7]. Group 5: Market Impact - If successful, the listing will standardize and systematize the allocation of funds to diverse asset classes that traditional debt and equity markets cannot effectively reach, injecting non-dilutive capital into the real economy [8].

Core Viewpoint - Drip Irrigation International Investment Limited, founded by Li Xiaojia, has submitted its listing application to the Hong Kong Stock Exchange, marking the beginning of its journey to go public [1] Group 1: Company Overview - Drip Irrigation International Investment Limited is focused on cash flow investments and plans to hire an investment management company under Drip Irrigation Group for managing its investments [1] - The company aims to systematically, scale-wise, and diversely invest the raised funds into various cash flow investment opportunities [1]