基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细阅读本 基金的招募说明书及其更新。 本报告中财务资料未经审计。 本报告期自 2025 年 01 月 01 日起至 2025 年 06 月 30 日止。 第 2页 共 54页 鹏华普天收益混合 2025 年中期报告 鹏华普天收益证券投资基金 基金管理人：鹏华基金管理有限公司 基金托管人：交通银行股份有限公司 送出日期：2025 年 8 月 28 日 鹏华普天收益混合 2025 年中期报告 基金管理人的董事会、董事保证本报告所载资料不存在虚假记载、误导性陈述或重大遗漏， 并对其内容的真实性、准确性和完整性承担个别及连带的法律责任。本中期报告已经三分之二以 上独立董事签字同意，并由董事长签发。 基金托管人交通银行股份有限公司根据本基金合同规定，于 2025 年 08 月 27 日复核了本报告 中的财务指标、净值表现、利润分配情况、财务会计报告、投资组合报告等内容，保证复核内容 不存在虚假记载、误导性陈述或者重大遗漏。 第 3页 共 54页 鹏华普天收益混合 2 ...

夏春系腾讯集团高级经济顾问、中国首席经济学家论坛理事 中央金融工作会议指出，要做好科技金融、绿色金融、普惠金融、养老金融、数字金融"五 篇大文章"，为推进金融高质量发展指明了方向。鉴于此，新浪财经年度策划《金融新启 航》特别推出《财富领航征程》系列访谈栏目，深度对话金融机构高管、专家学者，共谋行 业发展之道。 作为金融市场的重要组成部分，牛市是投资者实现财富跃升的黄金窗口， 随着指数持续上行，市场对 牛市是否真正启动的讨论愈发热烈。当前背景下，如何在牛市抓住财富风口？如何搭建科学的全球资产 配置？本期《财富领航征程》对话上善资本首席经济学家、中国首席经济学家论坛理事夏春。 近期，A股市场强势爆发，牛市特征显现。在夏春看来，本轮A股的逆转时刻始于去年9月底的政策发 力，除中央各部委将执行"五只箭"政策（宏观逆周期调节、扩大内需、优化营商环境、房地产止跌回 稳、提振资本市场）外，最大的驱动力来自估值和叙事（信心）逆转，以及中国应对美国贸易打压的底 气和韧性。 不过，夏春在看好政策发力、投资者热情上升带来市场行情延续的同时，也提醒投资留意可能的逆转。 一方面，美国虽与一些国家达成贸易协议，但条件仍然苛刻；另一方面， ...

Core Viewpoint - The discussion focuses on Bill Miller's investment philosophy, particularly his long-term investment in Amazon, which showcases his unique approach to value investing and decision-making in the face of market skepticism [2][4][7]. Group 1: Investment Philosophy - Bill Miller's investment style is characterized as "non-typical" or "alternative" value investing, blending valuation, fundamentals, odds, and time into practical judgments [5][34]. - Miller emphasizes the importance of defining a business correctly, as the description influences perception and investment decisions [5][19]. - The ability to switch between value and growth investing is a key aspect of Miller's pragmatic investment approach, allowing him to identify mispriced opportunities [34][38]. Group 2: Decision-Making Process - Miller's decision to invest in Amazon was influenced by his understanding of its business model, which he likened to Dell's negative working capital structure, allowing for high capital returns [4][14]. - He believes that understanding the underlying cash flow and operational efficiency is crucial, as demonstrated by his analysis of Amazon's financials during its early years [25][27]. - The ability to filter out market noise and maintain a clear perspective is essential for successful investing, as highlighted by Miller's approach to learning and continuous improvement [3][20]. Group 3: Resilience and Adaptability - Miller's resilience during market downturns, particularly during the 2008 financial crisis, showcases his ability to adapt and learn from past mistakes [39][42]. - His approach to investing is informed by a blend of philosophical insights, including pragmatism and language philosophy, which help him navigate complex market dynamics [22][31]. - The importance of maintaining a long-term perspective and the psychological challenges of holding investments through volatility are emphasized as critical components of successful investing [71][75]. Group 4: Practical Insights - The discussion highlights the significance of recognizing "explosive upside opportunities" in investments, as demonstrated by Miller's bets on Amazon and Bitcoin [67][68]. - Miller's investment decisions are often based on a calculated risk approach, where he assesses the potential for significant returns against the likelihood of loss [65][66]. - The ability to remain calm and rational during market turmoil is a trait that distinguishes successful investors like Miller, allowing them to make informed decisions rather than emotional ones [51][57].

↑点击上面图片 加雪球核心交流群 ↑ 最近两周上证指数持续上涨，市场情绪也比较热，很多人都抱着害怕错过的心态开始更激进的涌 入市场，生怕慢人一步。在这个看似遍地黄金的时刻，霍华德·马克斯《投资中最重要的事》中的 智慧犹如一剂清醒剂，提醒我们： 市场大涨时，最危险的不是错过机会，而是忘记风险 。 本文整理霍华德·马克斯投资智慧的50条精华，让我们在狂热市场中保持清醒，把握投资本质。 01 理解市场本质：周期永恒，人性不变 第二层思维法则：当大多数人想"市场大涨，必须跟进"时，你需要思考："大涨已经反映了多少乐 观预期？这种乐观是否已经过度？" 市场有效性局限：当前的市场定价真的合理吗？还是已经被群体情绪推高到非理性区域？ 钟摆理论精髓：市场情绪就像钟摆，在乐观与悲观间摆动，很少停留在理性中点。当前钟摆正摆 向乐观极端。 周期必然性认知：树不会长到天上，市场也不会只涨不跌。牛市之后必有熊市，这是亘古不变的 规律。 识别市场位置：比预测未来更重要的是认清现在。当前市场处于周期的哪个位置？是早期、中期 还是晚期？ 风险源头洞察：高风险主要来自购买价格过高的资产，而非资产本身质量。 感知风险与真实风险：当人人感觉风险很 ...

特朗普的投资团队2月初，以50万至100万美元购入T-Mobile US、联合健康集团和家得宝的债券，两周后， 又将25万至50万美元资金投入Meta Platforms。值得注意的是，这些企业大多处于政策敏感的领域：联合健 康集团深度参与政府医保计划，Meta则长期面临数据隐私监管压力，家得宝的建材供应链与基建政策密切 相关。 STARTRADER方向根据美国政府道德办公室8月12日披露的33页文件，特朗普自2025年1月就职以来，持 续通过大规模债券交易构建其投资组合，涉及地方政府、能源专区及知名企业。 OGE公开的文件显示，特朗普在就职后的七个月内，通过其信托基金完成了690笔债券交易，涵盖美国23 个州的市政债券、天然气基础设施专区债、供水系统融资债券，以及医疗集团和教育机构。尽管具体金额 因监管限制未完全公开，但CNBC根据申报区间下限估算，这些交易的总规模至少达到1亿美元。 《福布斯》杂志的财富追踪数据显示，特朗普的净资产在两届任期间从21亿美元跃升至55亿美元，被该刊 称为"美国史上最赚钱的总统后生涯"。 文件显示，特朗普的信托基金在2025年第二季度购入某中部州教育委员会发行的债券，该机构正因 ...

青侨阳光医药投资 - 月度思考 7 月 30 日，我们参加了雪球组织的一场医药主题对谈直播，其中一个问题给我们留下了深刻的印象： " 投资医 药行业最重要的是什么？是对利润的判断，对技术的判断，还是估值高低的判断？最后怎么组合出一个医药组 合？ " 这是个很基础也很重要的问题，不同人从不同视角出发会找到不一样的答案。 对我们而言，不管是做投资还是做其它工作，最重要的一定不是具体某项技能或某些知识，因为具体必然意味 着局限，作用和意义就只能局限于该事物本身；而跳出具体的"器"或"术"，从"形而上"或者说"道"的层面去探 索，我们就能找到那些更宽泛但影响也更深远的底层要素。 比如，在我们看来，医药投资最重要的， 首先是热爱、专注、诚实开放 等普适性特性， 然后才是行业认知框 架、估值定价体系、宏观策略思维等具体的能力和方法 ，至于组合构建则是有了行业认知和估值定价判断后 水到渠成的结果。 下面，也借着对这一问题探讨的机会，梳理一遍我们认为医药投资中最重要的几件事情。 1 保持热爱，才能获得源源不断的内生动力 如果驱动我们做投资的是外在的目标——赚钱，那或许前期动力不弱，但在赚到很多钱之后就难免动力消减， 很可能会 ...

Core Viewpoint - David Tepper's Appaloosa Management significantly increased its stake in UnitedHealth Group, showcasing a contrarian investment strategy during a period of market turmoil for the company, while simultaneously reducing exposure to Chinese stocks like Alibaba, JD.com, and Pinduoduo [3][5][8] Group 1: Investment Actions - Tepper increased his holdings in UnitedHealth Group by 2.3 million shares, bringing the total value to $764 million, making it the second-largest position in his portfolio at 11.9% [3][5] - The fund also increased its stake in Nvidia by 483% and Taiwan Semiconductor by 279.6%, while reducing positions in Meta and Alphabet [4][6] - Despite a 20% reduction in Alibaba shares, it remains the largest holding at approximately $802 million [4][8] Group 2: Market Context - UnitedHealth's stock price fell approximately 40% during the second quarter, making it one of the worst performers in the S&P 500, amid multiple crises including a CEO change and a criminal investigation [5][6] - Tepper's actions coincided with Berkshire Hathaway, led by Warren Buffett, also initiating a position in UnitedHealth, which helped boost market confidence and led to a nearly 10% increase in the stock price in after-hours trading [5][6] Group 3: Chinese Stocks Adjustment - Tepper's significant reduction in Chinese stocks reflects a more cautious outlook, with Alibaba's stake reduced by over 20%, and even larger cuts in JD.com and Pinduoduo [8] - The MSCI China Index rose about 46% over the past year, indicating previous successful investments in Chinese stocks, but the current adjustments suggest a shift in strategy [8]

Group 1 - Hedge fund manager David Tepper increased his stake in UnitedHealth Group by 2.3 million shares, bringing the total value to $764 million, which now represents 11.9% of his portfolio [1][3] - UnitedHealth's stock price fell approximately 40% during the second quarter, making it one of the worst performers in the S&P 500, amid multiple crises including a CEO change and a criminal investigation [3][5] - Tepper's actions coincided with Warren Buffett's Berkshire Hathaway also acquiring over 5 million shares of UnitedHealth, boosting market confidence and leading to a nearly 10% increase in the stock price in after-hours trading [3][5] Group 2 - Tepper significantly reduced his holdings in Chinese stocks, cutting Alibaba by over 20% to 7.1 million shares, while still maintaining a value of approximately $802 million [1][5] - Other Chinese stocks saw even larger reductions, with JD.com down 13%, Baidu down 19%, and Pinduoduo reduced by over 50% [5] - Despite a 46% increase in the MSCI China Index over the past year, Tepper's adjustments indicate a more cautious outlook on Chinese stocks [5] Group 3 - In addition to UnitedHealth, Tepper increased his positions in Nvidia by 1.45 million shares (483%), Amazon by 190,000 shares (7.6%), and Taiwan Semiconductor by 755,000 shares (279.6%) [2][5] - He also reduced his stakes in Meta by 15,000 shares (27%), Alphabet by 51,000 shares (25%), Uber by 45,000 shares (14%), and Lyft by 100,000 shares (11%) [2][5]

Core Viewpoint - Investment requires a personal style that aligns with one's cognitive framework, operational discipline, and risk tolerance, enabling a coherent internal logic and belief system in the market [3][4]. Investment Style - Investment style is defined as the sum of cognitive frameworks, operational discipline, and risk thresholds exhibited during portfolio construction and security selection [4]. - Successful value investors often have diverse stock holdings, indicating that value investing is not a rigid doctrine but revolves around the "value and price difference" [5]. Self-Recognition - A mature investor must have a clear understanding of themselves, including knowledge reserves, risk tolerance, and personality traits, to define their capability circle [8]. - Many investors lose money due to a lack of self-awareness, leading to inconsistent strategies and decisions [8]. Shortcomings and Strengths - Recognizing one's shortcomings is crucial, as investment success is often determined by these weaknesses [9]. - Acknowledging and leveraging strengths can provide stability to one's investment style [10]. Consistency in Strategy - Once an investment style is established, it should not be frequently changed; consistency is key [12]. - Investors should select a coherent investment philosophy that aligns with market realities and their personality [13]. Adaptability and Long-Term Focus - The key to success lies in finding a compatible investment approach rather than pursuing theoretical "optimal solutions" [14]. - Investors should avoid trying to chase multiple conflicting investment strategies simultaneously, as this leads to confusion and poor outcomes [15]. Practical Investment Guidelines - Avoiding leverage is recommended, as it can amplify losses during market downturns [17]. - Diversification across several industries and companies is essential to mitigate risks [17]. - Investment decisions should be based on the level of certainty regarding a company's prospects [17]. Valuation and Market Behavior - Investors should focus on a company's intrinsic value rather than being swayed by market emotions [18]. - Long-term holding is emphasized as a result of understanding a company's value, rather than a goal in itself [18]. - A conservative approach to valuation is advised, allowing for a safety margin to cushion against unforeseen market events [19].

Core Viewpoint - Jinglin Asset has made significant adjustments to its portfolio in the second quarter, focusing on increasing positions in Nvidia and Manbang Group while liquidating holdings in Apple, Pfizer, Legend Biotech, and ZTO Express. The firm believes that the valuation recovery of Chinese assets may be at a midpoint, necessitating a focus on identifying new companies with strong business models and cash flows [1][11]. Group 1: Portfolio Adjustments - As of the end of Q2, Jinglin Asset held stocks in 28 companies in the US market, with a total market value of $2.874 billion [1][12]. - The top ten holdings include Meta, NetEase, Manbang Group, Pinduoduo, Futu Holdings, Qifu Technology, Nvidia, Beike, New Oriental, and Nebius Group [3][12]. - New additions to the top ten holdings are Nvidia and Nebius Group, while significant reductions were made in technology and pharmaceutical stocks [4][5]. Group 2: Specific Stock Movements - Jinglin Asset increased its stake in Nvidia, acquiring 630,440 shares after previously selling 37,800 shares in Q1, indicating a renewed confidence in the company's valuation and fundamentals [5]. - The firm completely exited positions in Apple and reduced holdings in several tech stocks, including a more than 90% reduction in Taiwan Semiconductor Manufacturing Company and significant cuts in Hesai Technology [9][12]. - In the healthcare sector, Jinglin Asset liquidated positions in Regeneron, Pfizer, and Legend Biotech, reflecting a cautious stance towards certain pharmaceutical stocks [9]. Group 3: Market Outlook - Jinglin Asset remains optimistic about Chinese assets, focusing on structural opportunities despite macroeconomic pressures. The firm emphasizes the importance of monitoring policy changes and believes that new investment opportunities will arise in emerging sectors [11]. - The firm identifies potential growth areas in new consumer trends, innovative pharmaceuticals, and hard technology innovations in China, suggesting that the recovery of Chinese asset valuations is ongoing [11].