华东政法大学教授徐明： 12月26日，在2025上证（无锡）新质生产力研讨会暨第七届上证最佳分析师评选颁奖仪式上，华东政法 大学教授徐明表示，"十五五"规划建议提出"健全投资和融资相协调的资本市场功能""积极发展股权、 债券等直接融资"，均与投融资制度相关。完善投融资制度适配性正成为资本市场高质量发展的关键。 徐明认为，完善投融资制度适配性需要厘清对一级市场与二级市场关系的认知。"长期以来，许多人将 二级市场股票指数的下跌和一级市场的投融资活动挂钩，尤其是同首次公开发行股票（IPO）直接负面 挂钩，这种认知在一定程度上阻碍了我国资本市场投融资活动的健康发展。"在他看来，一级市场与二 级市场并非对立关系，而是"源头供给"与"流通增值"的正向共生关系——一级市场依赖二级市场的流动 性和估值实现融资落地，二级市场依赖一级市场的优质标的和企业成长实现价值提升。 徐明表示，当前资本市场投融资适配性面临的问题是不当融资与不当投资。要破解这一难题，需从三大 着力点发力。 "价值投资是投资的基本逻辑，也是理性投资在投资标的选择上的具体体现，核心是寻找'价格低于内在 价值'的标的，赚取价值回归或成长收益。"徐明表示：价值投资关 ...

Group 1 - Warren Buffett, the legendary figure leading Berkshire Hathaway for over sixty years, announced his retirement as CEO at the end of 2025, raising questions about the end of the "Buffett era" [3] - Chinese investment figure Duan Yongping shared insights on market trends and long-term value investing, emphasizing that investment should focus on the essence of companies rather than short-term fluctuations [3][5] - The investment philosophies of Buffett and Duan are being compared, particularly their shared belief in long-term accumulation and understanding the intrinsic value of businesses [5][7] Group 2 - A special live event featuring Wang Zhaoming, an expert on Buffett's investment philosophy, will discuss the stories of individuals mentioned in Buffett's latest shareholder letter and their value to Berkshire [5][6] - The event aims to provide insights into rational thinking, time, and compounding, appealing to those seeking a path to understand corporate value through cycles [5] - Questions regarding the current state of AI and potential bubbles in the market will also be addressed during the live session [9]