眼瞅着2025年即将结束。 最近，跟朋友吃饭却让我意外地发现，投资理财市场出现了两个非常奇怪的现象：一个是国内唯一一只白银基金的溢价创了历史新高，另一个是国债收益率 曲线正在变得"陡峭"。 这两个现象背后，都有不少值得咱们普通投资者警惕的风险。 今天，我就用大白话聊聊，帮大家理清理财思路，尽量避开可能遇到的"坑"。 先说白银溢价太高的事。 本质上，它就是投资白银基金的朋友，买贵了。 今年4月，白银价格一路上涨，创出了历史新高。 然而，由于国内能买的白银相关投资品很少——要么是风险很大的白银期货，要么是没什么人交易的白银实物，拿着也不方便。最后，很多人折中，挤进了 白银基金这个赛道。 有意思的是，国内唯一一只纯粹投资白银的基金，这个月竟然罕见地连续发了5次警告，说："投资者如果盲目买入高溢价的基金份额，可能会亏不少钱。" 不得不说，这位基金经理真是个好人。 因为目前这只白银基金的溢价率高达12%。 这是什么意思呢？就是你买基金的价格，比它实际代表的资产价值还高。好比本来值1块钱的东西，你现在得花1.12元才能买到。 这里藏着一个很大的风险！ 现在买入白银基金的人，如果想赚钱，要么白银价格继续涨——至少再涨12% ...

Core Viewpoint - Supor's performance has shown a significant decline in the third quarter of 2025, with both revenue and net profit decreasing, indicating a long-term structural imbalance in the company's market and management strategies [1][2]. Performance Decline - In Q3 2025, Supor reported revenue of 5.42 billion yuan, a year-on-year decrease of 2.30%, and a net profit of 426 million yuan, down 13.42%, with the profit decline outpacing revenue [1][3]. - For the first three quarters of 2025, the company's revenue saw a slight increase of 2.33%, while net profit decreased by 4.66% compared to the previous year [1][3]. Revenue and Profit Trends - The decline in net profit growth has been a gradual process, with a peak growth of 25.91% in 2018, dropping to 14.97% in 2019, and turning negative in 2020 [3][5]. - By 2024, net profit growth was nearly flat at 2.97%, and in 2025, it turned into a decline of 4.66% for the first three quarters [3][5]. Accounts Receivable Increase - As of Q3 2025, accounts receivable rose to 3.133 billion yuan, a 16.47% increase from the end of 2024, indicating potential risks related to bad debts [7][8]. Structural Imbalance - Supor's domestic sales, which account for 66.55% of total revenue, have stagnated, with growth rates dropping from 10.8% in 2021 to -1.21% in 2024 [8]. - The company's reliance on external sales, particularly from Groupe SEB, has led to significant revenue volatility, with exports declining by approximately 11% in 2025 [8][9]. Management Turmoil - The company has experienced management instability, with the resignation of key executives and a lack of a confirmed general manager since early 2025 [9][10]. - High-level executives have engaged in stock sell-offs shortly after receiving dividends, raising concerns among investors [9][10]. Research and Development Shortcomings - Supor's R&D investment has remained low, averaging around 2% of revenue, which is below industry standards [11][12]. - In contrast, competitors have significantly higher R&D investment ratios, indicating a potential disadvantage in innovation [11][12]. Consumer Complaints - Supor has faced a high volume of consumer complaints, with over 8,000 reported issues related to product safety and service quality, significantly higher than competitors [16][19]. - Recent data shows a 33.33% increase in public complaints within a month, highlighting ongoing consumer dissatisfaction [19].