在2025年5月发布的《推动公募基金高质量发展行动方案》中，"长期"成为高频词。鼓励投资者长期持 有、注重中长期业绩考核、强化对基金长期投资行为的引导、提高对各类中长期资金的服务能力、吸引 长期资金入市，归根结底，离不开基金管理人对"长期主义"的坚守。在国内公募基金经理整体偏年轻化 的背景下，依然有投资"老将"坚守初心，与时俱进、不断迭代，陪伴持有人走过漫长岁月。 数据显示，截至8月24日，公募行业中连续管理同一只主动权益基金超过10年的基金经理仅有120余人， 约占股票型与混合型产品基金经理人数的5%；如果把时间拉长到14年以上，则只有14人，占比更是低 至约0.6%。人数虽少，但老将的长期主义投资却颇有成效。 在这些老将的投资经历中，有多少是时代的贝塔？又有多少是主观能动的阿尔法？中国证券报记者观察 发现，践行长期主义的投资老将没有缺席时代的贝塔。与此同时，在时代的浪潮之中，他们或勤于思、 敏于行，先潮流而动；或守其心、持其行，穿越周期而来……投资老将是时代贝塔和主动阿尔法的综合 体。 老将堪称凤毛麟角 其余9位基金经理的任职以来年化回报率分布在6%-10%之间。梁浩管理的鹏华新兴产业、魏东管理的国 联安 ...

Group 1 - The article discusses the "dumbbell investment strategy," which balances high-risk and low-risk assets to hedge risks while pursuing opportunities [2] - The report from Bank of China highlights that the Chinese equity market has shown strong performance in the first half of the year, with deep value and technology indices performing well, indicating the prevalence of the dumbbell strategy [2] - The report notes significant gains in various indices, such as the banking sector rising by 15.75% and the STAR 50 Index increasing by 13.49%, while the Hang Seng Mainland Bank Index surged by 25.94% [2] Group 2 - The Bank of China investment strategy white paper for 2025 emphasizes an increased equity allocation, utilizing a "value + technology" dumbbell strategy with specific indices for stable returns and growth [3] - The investment strategy aims to capture annual hotspots through sectors like consumer electronics and securities insurance for high returns [3] Group 3 - The article mentions that nearly 90% of public fund products achieved positive returns in the first half of the year, with various indices showing significant increases, indicating improved investment experiences for Chinese residents [5] - The average trading volume in the A-share market increased by 31% year-on-year, reflecting enhanced market vitality and investor sentiment [5] Group 4 - Hong Kong's stock market performed well in the first half of the year, with the Hang Seng Index and Hang Seng Technology Index rising by 20.00% and 18.68%, respectively, driven by technology stocks [6] - The article highlights that the Hang Seng Index's new consumption and innovative pharmaceutical companies are entering an upward cycle, with certain indices showing gains of over 50% [6] Group 5 - The article attributes the resilience and vitality of the Chinese stock market to government support and policies aimed at enhancing market stability [7][8] - The introduction of supportive monetary policy tools and the emphasis on stabilizing both the real estate and stock markets in government reports have contributed to this positive outlook [8] Group 6 - The article notes a structural shift in China's consumption market from "material" to "service," indicating potential growth in consumer spending in the second half of the year [9] - The rise of digital economy and high-end manufacturing is expected to drive investment in these sectors, with significant growth in related industries [9]

Core Insights - The annual index conference held by Huaxia Fund emphasized the importance of understanding the distinction between alpha (excess returns) and beta (market returns) in investment strategies [1][3] - Dr. Chen Peng highlighted that for most investors, achieving alpha is a costly and low-probability endeavor, while beta represents a more reliable source of returns [3][4] Group 1: Investment Returns - Alpha is often mythologized as a coveted achievement, but it is fundamentally a zero-sum game where gains come at the expense of others, leading most investors to experience negative alpha after accounting for transaction costs [4] - Beta, on the other hand, is the basic return provided by the market, accessible to anyone who participates; historical data shows significant long-term growth for investments in stocks compared to bonds and cash [5] - Costs associated with fund management, trading, and investor behavior are often overlooked but can significantly erode returns, particularly in the Chinese market where investor behavior losses are pronounced [6] Group 2: Asset Allocation Strategies - The core principle of achieving a "free lunch" in investing lies in effective asset allocation, which can enhance returns without increasing risk or reduce risk without sacrificing returns [7] - Historical data from the U.S. suggests that a well-balanced portfolio of stocks, bonds, and cash can yield returns similar to stocks while reducing volatility [8] - Broad-based index funds, such as the CSI 300 and CSI 500, provide a low-cost means to capture beta returns in the Chinese market, diversifying individual stock risk and offering lower fees compared to actively managed funds [9] Group 3: Investment Strategies for Individuals - Individuals are encouraged to focus on beta by utilizing index funds to capture market returns, with examples like the Huaxia CSI 300 ETF being highlighted as a strong choice for accessing large-cap stock risk premiums [10] - Proper asset allocation should be tailored to individual risk tolerance, with younger investors leaning towards stocks and older investors favoring bonds, alongside regular rebalancing to maintain target allocations [11] - The role of investment advisors is crucial in helping investors avoid emotional decision-making, with evidence suggesting that skilled advisors can generate significant additional returns for their clients [12] Conclusion - The essence of investing is to recognize the attainable versus the unattainable; the insights from Buffett's wager suggest that understanding one's capabilities is vital, and focusing on beta through disciplined asset allocation can lead to sustainable investment success [13]

Core Viewpoint - The article discusses the rapid rise and subsequent decline of the game "I Am Surrounded by Beauties!" and highlights the volatility of trends in the gaming industry, emphasizing the need for a sustainable business model rather than chasing fleeting fads [1][2][3]. Group 1: Game Performance and Market Reaction - "I Am Surrounded by Beauties!" achieved significant success shortly after its launch, with a peak of 65,435 concurrent players and over 30 million in revenue within 24 hours [1]. - The game topped the Steam China sales chart and generated over 1 billion views on social media platforms like Douyin [1]. - The success of the game led to a surge in stock prices for companies associated with the "short drama + game" model, with some stocks nearly doubling in value within 17 trading days [1]. Group 2: Business Model Analysis - The game operates on a buyout model, priced at 42 yuan, allowing players to experience a unique narrative, which is similar to existing female-oriented romance games [4]. - The article suggests that the core competitive advantage lies in content creation, but the sustainability of such content is questionable due to the lack of barriers to entry in artistic creation [4][6]. - The gaming industry's evolution from text-based narratives to interactive experiences is noted, but the article warns that the novelty may wear off quickly as competition increases [5][6]. Group 3: Investment Considerations - The article advises caution for investors, suggesting that companies should not rush to capitalize on trends without a clear understanding of their business model and competitive advantages [6][7]. - It emphasizes the importance of establishing a sustainable competitive edge (moat) in the market, particularly in content creation, which is difficult to maintain over time [6]. - Investors are encouraged to focus on companies that can build a moat rather than those that merely chase trends for short-term gains [6][7].