文 | 银行螺丝钉 （转载请注明出处） 小，最近几年规模才起来，但总规模也只 占全部指数基余的5%不到。 这是因为，A股经常是风格轮动的。 价值投资策略，并不总是有效，这是它长 期有效的前提。 当时很多价值风格的基金,规模大幅缩 水。甚至有一位深度价值风格老将的基 金,规模缩水了90%以上。在投资者大幅 赎回的时候，刚好是这几年价值策略最低 迷的阶段。 后面2022年之后、价值策略在A股又逐渐 涨了起来。 2025年也是如此。 2025年是成长风格牛市，成长指数大幅上 涨。价值指数只是略微上涨，又被投资者 嫌弃。 在某一种策略，短期跑输市场、比较低迷 的阶段，尤其考验耐心。 但是,对于有耐心的投资者来说,这是- 个好事。 正是因为大多数人没有耐心,才让这些策 略，在百年之后，漂洋过海，在A股仍然 有效。 但也因为不总是有效，一些没有耐心的投 资者，往往在价值策略短期失效的时候抛 弃它。 像2019-2021年，上一轮牛市，A股是成长 风格大幅上涨。300成长上涨超150%， 300价值只是微涨。 投资，是一个「资产从没有耐心者，向有 耐心者转移」的游戏。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

Core Viewpoint - The article highlights the contrasting lives of former Evergrande president Xia Haijun and another fugitive, Chen Xuanlin, who have both escaped to the U.S. amid financial scandals, reflecting a broader narrative of greed and evasion of accountability [2][11]. Group 1: Xia Haijun's Background and Actions - Xia Haijun, once a prominent figure in Evergrande with a peak annual salary of 270 million yuan, has largely disappeared from public view following the company's financial collapse, only to resurface in California [5][8]. - He purchased a property in California for $1.2 million in 2011, which has appreciated to over $3.2 million, and has since transferred ownership to his wife, indicating premeditated asset protection [7]. - Despite Evergrande's staggering debt of 2.39 trillion yuan and the suffering of investors and homeowners, Xia enjoys a luxurious lifestyle in the U.S., seemingly detached from the consequences of his actions [8][11]. Group 2: Chen Xuanlin's Background and Actions - Chen Xuanlin, known for his rapid rise in the investment sector, faced legal issues for illegal fundraising, with over 30 billion yuan involved, leading to significant financial losses for investors [9]. - He orchestrated his escape from China through a series of strategic moves, including a boat trip to Southeast Asia, ultimately settling in California where he owns a Mediterranean-style villa valued at over $10 million [9]. - Both Xia and Chen exemplify individuals who have managed to evade accountability while enjoying the fruits of their questionable financial practices, highlighting a systemic issue within the industry [12][13].

Core Insights - The discussion surrounding the overseas wealth transfer of the Zong Qinghou family, once regarded as "China's richest," has gained significant public attention due to their substantial asset movement [1][8] - The Zong Qinghou family holds assets exceeding 15 billion RMB, including luxury properties in Los Angeles, Boston, and Hong Kong, alongside various trusts and equity holdings [1][4] - The family's primary business, Wahaha beverage series, mainly operates in mainland China, raising questions about the methods employed for their wealth accumulation and overseas asset transfer [1] Group 1: Wealth Accumulation and Transfer Methods - The Zong Qinghou family has a long history of overseas asset allocation, starting with the establishment of a company in California in 1992, which facilitated their application for U.S. green cards [1][2] - The family has utilized various strategies for fund transfer, including partnerships with foreign companies like Danone, which yielded significant returns, and the establishment of offshore companies to enjoy tax benefits [2][6] - The family’s real estate holdings in California, such as the San Marino estate and Los Altos Avenue villa, along with high-end properties in Hong Kong, not only reflect their wealth but also facilitate overseas fund transfers [4][6] Group 2: Challenges and Internal Issues - The Zong Qinghou family faced challenges, including tax issues with the IRS due to failure to report global income, leading to tax liabilities and penalties [6] - Internal disputes over family wealth have highlighted deficiencies in their asset management and inheritance arrangements [6] - Despite these challenges, the family's sophisticated asset management strategies and structural designs have been impressive, showcasing their adeptness in wealth transfer [6][8]

宗庆后家族的海外布局历史悠久，早在1992年，宗庆后就在美国加州注册了公司，并以此为依托申请美 国绿卡。随后，他的妻子和女儿也获得了美国社会福利号。1999年，宗庆后全家获批美国绿卡。尽管后 来宗庆后因税务问题放弃了美国绿卡，但他的家族成员在身份变更上却颇为频繁，为资产的分散布局提 供了便利。 除了身份便利外，宗庆后家族还通过涉外合作收入和离岸架构腾挪等方式实现资金转移。在与法国达能 集团的合作中，宗庆后家族获得了可观的收入。同时，他们通过海外注册的离岸公司返程投资控股境内 企业，将部分企业变为外资身份，享受税务优惠，并将境内盈利通过分红合法转向境外。 宗庆后家族的海外房产版图同样引人注目。他们在美国加州拥有多栋豪宅，包括圣马力诺庄园住宅、洛 斯阿尔托斯大道别墅等。在香港，宗庆后家族也购置了多处物业，如半山栢道2号的住宅和白加道27号 的豪宅。这些房产不仅彰显了家族的财富实力，也为资金转移提供了便利。 近期，宗庆后家族的财富转移问题引发了广泛关注。这个被誉为"前中国首富"的家族，如何在严格的外 汇管制下，将巨额资金转移至海外，成为了公众热议的话题。 宗庆后家族在海外拥有庞大的资产，包括位于洛杉矶、波士顿、香港 ...

Core Viewpoint - The article reveals the extravagant lifestyle of Xia Haijun, the former president of Evergrande, who has been living in luxury in California after the company's financial collapse, sparking public outrage over the stark contrast between his wealth and the struggles of ordinary people affected by the company's downfall [1][3]. Group 1: Xia Haijun's Wealth and Lifestyle - Xia Haijun is living in Irvine, California, owning at least three luxury properties valued over $24 million, equivalent to approximately 170 million RMB [3]. - His properties include a 300 square meter home purchased for $1.2 million, now worth $3.2 million, a $6 million property bought in April 2022, and a $14.5 million estate acquired through a trust [3]. - His garage features multiple luxury vehicles, including three Teslas and a Mercedes SUV, indicating a lavish spending pattern [3]. Group 2: Source of Wealth - Xia Haijun accumulated significant wealth during his 12 years at Evergrande, earning approximately 1.855 billion RMB from salary, bonuses, stock dividends, and service fees from related companies [5]. - Notably, he charged over 50 million RMB annually for financial advisory services through an offshore company, showcasing a potential conflict of interest [5]. Group 3: Asset Concealment and Legal Issues - Prior to Evergrande's collapse, Xia sold $128 million in Evergrande bonds, cashing out $56.52 million, indicating a premeditated exit strategy [7]. - He has been accused of asset concealment, only declaring three properties in Hong Kong while hiding other assets, leading to legal actions against him [7]. - The Hong Kong court has frozen assets under his wife's name, and cross-border recovery procedures have been initiated by mainland judicial authorities [7]. Group 4: Public Reaction and Social Implications - The stark contrast between Xia's luxurious lifestyle and the plight of Evergrande's creditors, including homebuyers and construction workers, has triggered public anger and highlighted social injustice [7]. - Xia's actions serve as a cautionary tale about the consequences of unethical financial practices, suggesting that ill-gotten gains may eventually be reclaimed [9].

近日，一则传言如惊雷般炸裂舆论场——雷军通过富国银行茅晨月，向海外转移50亿美金。富豪转移资产、数据金额庞大、外资银行高管涉案……当这些 标签联系在一起，瞬间点燃了公众敏感的神经，把小米雷军推上火山口，可能会让其很头疼。 该传言声称："小米雷诺被爆通过富国银行茅晨月向海外转出50亿美金。雷军这是准备消防潘石屹吗？"如此指名道姓、言之凿凿的传言，可不太常见，怪 不得引发网友们高度关注。该传言有两个特点：其一，有名有姓且道出具体金额，乍一看可信度似乎很高。50亿美金，折合人民币约360亿。这对普通人 是天文数字，但对雷军不是事儿。毕竟胡润富豪榜上，他身家2200亿，是全中国第八有钱的人。 | | 中国排名 中国排名变化 | 姓名 | 财富(亿元人民币) | 财富变化 世界排名 | | 主要公司 年龄 | 居住城市 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 3 | 张一鸣 | 4,350 | 76% | 22 | 字节跳动 42 | 新加坡 | | 2 | -1 | 钟滕滕 | 4,050 | -13% | 24 | 养生堂 71 | 杭州 ...

Core Viewpoint - The article discusses the increasing trend of wealthy individuals in China emigrating and transferring their assets abroad, despite the country's economic growth. This trend raises concerns about the potential impact on the domestic economy as high-net-worth individuals seek more favorable conditions overseas [1][5][7]. Group 1: Emigration Trends - In 2024, it is projected that 128,000 individuals will emigrate from China, marking a significant increase from 2023's figures [5]. - China leads the world in the number of high-net-worth individuals emigrating, with 15,200 expected to leave in 2024, up from 13,500 in 2023 [7]. - The emigration of wealthy individuals is seen as a negative indicator for the country's economic stability [7]. Group 2: Reasons for Emigration - Many wealthy individuals are choosing to relocate to the United Arab Emirates (UAE) due to its lack of personal income tax, which allows for greater income retention [10]. - The UAE's robust infrastructure and high-quality healthcare services are also significant factors attracting wealthy individuals [12]. - The United States is another popular destination, offering immigration-friendly policies, although the experience for lower-income immigrants can be vastly different from that of wealthy individuals [14][16]. Group 3: Economic Implications - The outflow of wealthy individuals and their assets could have detrimental effects on China's economy, as their departure may lead to reduced domestic investment and economic activity [7][29]. - There are discussions among the public about increasing taxes on emigration to deter wealthy individuals from leaving [8]. - The article highlights the challenges faced by returning emigrants, particularly those who may have left due to financial difficulties, indicating that re-entering the domestic market may not be straightforward [25][29].

Group 1 - The property in question, a villa in Dapeng New District, was sold at a starting price of 37.494 million yuan, significantly lower than its assessed value of 66.95 million yuan, indicating a discount rate of approximately 55% [1][3] - The villa covers an area of 10.26 acres (6,847 square meters) with a building area of 4,178 square meters, consisting of one underground and five above-ground floors, making it larger than many luxury properties in the area [1] - The property was sold without any competitive bidding, highlighting a lack of interest from potential buyers, which raises questions about its marketability and desirability [1][3] Group 2 - The actual cost of acquiring the villa may exceed 50 million yuan due to hidden costs, including an 816,700 yuan municipal fee that must be paid, as well as potential land transfer fees and value-added taxes if the property is resold [3] - The average price for luxury homes in the Dapeng area is around 30,000 yuan per square meter, while similar properties in the Futian central area exceed 100,000 yuan per square meter, indicating a significant price disparity [3][8] Group 3 - The buyer, Hongrongyuan Biotechnology, is a subsidiary of Hongrongyuan Group, which has previously developed high-end projects in Shenzhen but is now entering the real estate market under a non-real estate company name, raising suspicions about asset transfer and debt risk management [5] - The purchase may be a strategic move to convert cash flow from the struggling biopharmaceutical sector into tangible real estate assets, which are perceived as "hard currency" [5] Group 4 - The previous owner, Ye Zhaofu, is a well-known philanthropist and founder of Hong Kong Sun Holdings Group, whose financial troubles have led to the auction of his luxury property, sparking debates about the authenticity of his charitable contributions [6] - The situation reflects broader economic challenges faced by wealthy individuals, as the villa's sale raises questions about the sustainability of luxury real estate investments in the current market [11] Group 5 - The overall auction environment is characterized by a high failure rate, with over 60% of properties failing to sell initially, although the rate improves to 40% after price reductions [9] - Developers are increasingly using subsidiaries to acquire distressed assets, indicating a shift in investment strategies from opportunistic buying to risk management [9]

Core Viewpoint - The article discusses the recent developments regarding Jin Yuan Co., including the transfer of shares due to the divorce of its actual controller Zhao Hui and the implications of his sudden resignation and legal issues [2][5][6]. Group 1: Share Transfer and Management Changes - Zhao Hui transferred 8.505% of his shares in Jin Yuan Co. to his ex-wife Pan Ying as part of their divorce settlement, which is still undergoing the transfer process [1][2]. - Following the divorce, Zhao Hui resigned from all positions within the company, including Chairman and General Manager, citing personal reasons [5][6]. - The shares transferred to Pan Ying are currently under a lock-up period, and she is committed to fulfilling Zhao Hui's previous shareholding commitments [1][5]. Group 2: Legal Issues and Financial Performance - Zhao Hui and Jin Yuan Co. are under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, which may have significant implications for the company's governance and stock stability [7][8]. - The company reported a significant increase in revenue of 136.79% in the previous year, but its cash flow from operating activities plummeted by 192.86% [8][9]. - In the first quarter of the current year, Jin Yuan Co. achieved a revenue of 1.743 billion, a year-on-year increase of 84.59%, but the net profit attributable to shareholders decreased by 29.92% [10]. Group 3: Company Evolution and Business Focus - Jin Yuan Co. has undergone several strategic shifts since its inception, moving from a traditional building materials company to focusing on environmental protection and new energy materials [9]. - The company has exited the cement industry and now operates primarily in three segments: building materials, environmental protection, and new energy materials [9].

Core Viewpoint - Recent actions by Li Ka-shing, including the sale of 43 ports and significant price cuts on luxury properties, have raised questions about his financial strategy and potential cash needs [1][12]. Group 1: Property Sales - Li Ka-shing's company, Cheung Kong Holdings, has drastically reduced the price of its luxury project "Yuxu Garden" in Beijing, with prices dropping from an average of 90,700 to 70,000 yuan per square meter, representing a nearly 30% decrease [3][5]. - The total price for some units has fallen to as low as 9.8 million yuan, which is approximately a 30% reduction compared to the initial launch price [3][5]. - Cheung Kong Holdings has introduced a compensation plan for previous buyers, offering either renovation subsidies or cash compensation ranging from 900,000 to 1 million yuan, indicating the unusual nature of this price drop [5][7]. Group 2: Market Context - The timing of the price cuts is notable, occurring shortly after a government emphasis on stabilizing the real estate market, which raises questions about the company's alignment with policy signals [7][11]. - Historical context shows that the land for "Yuxu Garden" was acquired in 2001 for only 1,750 yuan per square meter, highlighting the significant appreciation in property value over the years [9][11]. - The lengthy development timeline of the project, which only opened in 2024, suggests strategic planning by Li Ka-shing to navigate regulatory frameworks while maximizing returns [11][12]. Group 3: Asset Reallocation - There are ongoing speculations about Li Ka-shing's intentions to shift assets abroad, as evidenced by the sale of prime properties in major cities like Beijing and Shanghai [12][13]. - Since 2023, Cheung Kong Holdings has moved its registration to the Cayman Islands, indicating a potential strategy for asset reallocation and international investment [13]. - Despite rumors of financial distress, Li Ka-shing's public appearances suggest a stable financial position, contradicting claims of an urgent need for cash flow [15].