东外经贸大厦现状和设计效果图。 受访者供图 新快报讯 记者李佳文 通讯员成广聚报道 近日，广东外经贸大厦裙楼户外广告位置4年10个月使用权历 经8小时13分、1013轮激烈角逐，从1493.5万元底价飙升至1.04835亿元，最终由凤凰都市传媒（广州） 有限公司竞得。这次交易创造了广州市户外广告位置使用权公开出让最高增值率，成交价格创新高。 近年来，户外广告行业传统模式承压、市场活力不足，同时城市空间品质提升面临挑战。广州市城市管 理和综合执法局通过政策松绑、资源挖潜、前瞻规划的系统性组合拳，为户外广告行业发展拓宽发展空 间。今年以来，广州城管通过出台政策激活行业创新活力，先后释放广州塔、白云机场等重点区域共37 处优质点位、699块广告牌，以优质资源供给提振行业发展信心。 据了解，本次拍卖的户外广告点位，位于天河区天河路与体育东路交界的广东外经贸大厦裙楼。该大厦 裙楼朝向西南，与天河体育中心、正佳广场、万菱汇等天河路商圈建筑隔路相望，平日有不少车辆和行 人经过。该裙楼现况设有相对简易的商户招牌；按照广州市城管部门的规划方案，承载户外广告的裙楼 外立面，将改造为一处设有曲面显示屏的外立面。 这个竞价结果体现了 ...

近日，天康生物发布公告称，公司拟以现金12.75亿元收购新疆羌都畜牧科技有限公司（以下简称"羌都畜牧"）51%股权。 交易完成后，羌都畜牧将成为公司的控股子公司。标的公司羌都畜牧是南疆地区生猪养殖重要企业之一，2020年至今持续 盈利。 在天康生物看来，本次交易是双方合作的进一步深化，有助于实现天康生物与羌都畜牧的优势互补，增强上市公司的综合 实力与整体竞争力。天康生物拥有饲料研发、动物疫苗、生猪育种、屠宰加工等全产业链优势资源，而羌都畜牧具备成熟 的养殖技术、庞大的养殖规模及良好的区域口碑，收购整合完成后，可形成"饲料—动保—养殖"的协同升级。天康生物还 表示，在生猪产能调控的政策背景下，此次整合以现有存量产能优化配置为核心，不涉及新增生猪产能。 本次收购采取收益法估值，羌都畜牧股东全部权益账面价值为18.36亿元，收益法评估值为35.11亿元，评估增值16.75亿 元，增值率达91.21%。 值得注意的是，这笔交易正处于"行业逆风期"，在生猪价格持续低迷的背景下，唐人神、天邦食品等多家上市猪企正采取 收缩战略"过冬"。行业寒冬在个体养殖户上也有所体现，某个体生猪养殖户表示在察觉猪价持续下跌时已经选择清栏止 ...

当生猪价格持续徘徊于预警区间，全行业面临成本与周期的双重考验时，天康生物（002100）的逆周期布局正书 写着畜牧行业的发展新篇。12月12日晚间，天康生物公告称，公司拟现金12.75亿元收购新疆羌都畜牧科技有限公 司（简称"羌都畜牧"）51%股权。交易完成后，羌都畜牧将成为公司的控股子公司。 天康生物方面表示，本次交易有助于实现天康生物与羌都畜牧的优势互补，增强上市公司的综合实力与整体竞争 力。从资源整合维度看，天康生物拥有饲料研发、动物疫苗、生猪育种、屠宰加工等全产业链优势资源，而羌都 畜牧具备成熟的养殖技术、庞大的养殖规模及良好的区域口碑。收购后，天康生物可将自身的饲料技术、动物防 疫体系快速导入羌都畜牧；同时借助羌都畜牧的养殖规模，支持饲料产能、提升疫苗使用，形成"饲料—动保— 养殖"的协同升级。 逆周期布局的底气，源自扎实的经营基本面。天康生物三季度财报显示，公司营业收入连续三个季度环比增长， 经营性现金流高达23.51亿元，为历史同期第三高水平；资产负债率为47.86%，在业内处于较低位置，健康的财 务状况为逆周期扩张提供了坚实支撑。 总的来说，在行业盈利中枢下移的趋势下，天康生物用收购扩产的魄力 ...

Core Insights - The article emphasizes the investment wisdom behind the saying "In prosperous times, buy antiques; in chaotic times, buy gold," suggesting that true wealth accumulation requires understanding market cycles and human psychology rather than following common sense [2][3][18]. Group 1: Investment Strategies - In chaotic times, acquiring antiques is advantageous as prices often drop significantly due to panic selling, creating opportunities for savvy investors to purchase undervalued cultural assets [13][14][21]. - Conversely, in prosperous times, the demand for antiques can lead to inflated prices driven by emotional investment, making it a less favorable time to buy [18][19]. - The ideal strategy involves buying undervalued cultural assets during downturns and selling them during upturns, then converting profits into gold to preserve wealth [19][22]. Group 2: Market Dynamics - The article highlights that during chaotic periods, the focus shifts to survival, leading to a decrease in the perceived value of non-essential items like antiques, which can be acquired at a fraction of their worth [13][14]. - In prosperous times, liquidity increases, and the market for antiques can become speculative, often resulting in price bubbles that do not reflect true value [18][19]. - Historical examples, such as Zhang Boju's investments in antiques during turbulent times, illustrate the long-term benefits of this contrarian approach [15][21]. Group 3: Psychological Factors - The article discusses the importance of counteracting the herd mentality in investing, where individuals must remain calm and make informed decisions contrary to prevailing market emotions [22][23]. - It stresses that successful investors must possess a deep understanding of historical patterns and human behavior to navigate market cycles effectively [22][23]. - The wisdom of "buying when others are fearful and selling when others are greedy" is reiterated as a fundamental principle for achieving long-term investment success [23].

Core Insights - The article presents Yang Zhenning as a strategic investor in human civilization, emphasizing his long-term investment in knowledge, culture, and belief rather than financial assets [3][22]. - Yang's life choices reflect the principles of value investing and long-termism, making him a model for investors [3][26]. Group 1: Early Life and Education - Yang Zhenning's upbringing in Tsinghua University provided him with a strong educational foundation, which can be seen as an investment in high-quality educational assets [5][6]. - His ability to adapt and thrive during turbulent times, such as completing his studies during wartime, showcases his strategic foresight [7]. Group 2: Global Integration and Scientific Contributions - Yang's decision to study in the U.S. in 1945 marked a significant step in his career, akin to an "overseas IPO," allowing him to engage with leading physicists [8][9]. - He made groundbreaking contributions to physics, including the Yang-Mills theory, which laid the groundwork for particle physics, demonstrating the concept of delayed returns on investment in knowledge [10][12]. Group 3: Return to China and Strategic Investments - Yang's return to China in 1971 was not merely a visit but a strategic move to assess and invest in China's scientific potential [19]. - His various initiatives, such as advocating for basic research and establishing educational networks, reflect a long-term vision for China's scientific development [19][20]. Group 4: Legacy and Influence - Yang Zhenning's approach to wealth and influence emphasizes the importance of connecting people and knowledge, rather than merely accumulating financial assets [22][25]. - His actions have significantly raised the profile of Chinese science on the global stage, demonstrating the impact of strategic investments in human capital [25]. Group 5: Lessons for the Future - The article suggests that individuals can adopt a long-term investment mindset, focusing on substance over speed, which is increasingly relevant in today's fast-paced environment [26][28]. - Yang's principles of patience, collective progress, and a focus on enduring value serve as a guide for future generations [26].

Core Insights - The article emphasizes the success of "Hua Xia Fund" in navigating the market downturn through a strategy of "counter-cyclical layout," which has led to significant returns for its funds in the recent market rebound [3][5][21] Fund Performance - In Q3 2023, all 165 active equity funds from public fund companies achieved positive returns, with an average return of 25.93% [3] - Over the past three years, more than 90% of companies reported positive returns, with an average return rate of 21.51% [3] - Hua Xia Fund's proactive approach resulted in impressive performance, with its newly launched index funds averaging a return of 45% since inception, and a median return of 50% [8][11] Strategic Initiatives - Hua Xia Fund launched 48 new funds in 2024, with 35 being index funds focused on the equity market, demonstrating a commitment to counter-cyclical investment during a market downturn [6][11] - The fund's strategy involved building a comprehensive asset management framework, allowing for timely adjustments based on market trends and sector performance [11] Sector-Specific Success - The article highlights specific funds that performed exceptionally well, such as the "Hua Xia Digital Industry Mixed A" fund, which achieved a return of 105% this year [16][17] - In the ETF sector, notable performers included the "Hang Seng Medical ETF" with a 101% return and the "Gold Stock ETF" with an 86% return [12][13] Overall Market Impact - Hua Xia Fund's active equity funds outperformed the market, with 102 funds beating the benchmark index, and 19 funds achieving over 50% returns this year [15] - The fund's "solid + " series also showed strong performance, with 87% of products reaching new net asset value highs in Q3 [18][19]

Group 1 - Berkshire Hathaway, led by Warren Buffett, is in advanced talks to acquire Occidental Petroleum's chemical subsidiary OxyChem for approximately $10 billion, marking the largest acquisition since the $13.7 billion purchase of Alleghany Corp. in 2022 [1] - Occidental Petroleum's decision to sell OxyChem is driven by the need to alleviate its debt burden, which has reached $23.34 billion as of June 2025, following aggressive expansions through acquisitions [3] - OxyChem generated $2.42 billion in revenue in the first two quarters of 2025, focusing on chemical products for healthcare, food safety, and construction, but its capital-intensive nature conflicts with Occidental's strategic focus on energy [3] Group 2 - The acquisition aligns with Buffett's investment philosophy of "buying quality assets at low prices" and continues Berkshire's strategy in the chemical sector, following a previous $10 billion acquisition of Lubrizol in 2011 [4] - OxyChem's applications complement Berkshire's other businesses, and the acquisition could deepen the collaboration between Berkshire and Occidental, which currently holds 28.2% of Occidental's shares valued at over $11 billion [4] - The deal signifies a shift in Berkshire's strategy from a conservative approach to a more aggressive stance in energy and industrial sectors, as indicated by recent investments and acquisitions [4] Group 3 - Following the announcement, Occidental's stock price fell by 1.81% to $47.25 but showed a slight recovery in after-hours trading, reflecting cautious optimism in the market regarding the deal [5] - Berkshire Hathaway's cash reserves are at a historical peak of $344 billion, providing ample resources for the $10 billion transaction [5] - Buffett's recent activities, including a $1.6 billion investment in UnitedHealth Group and increased stakes in Japanese trading companies, are interpreted as a final push before his expected retirement as CEO by the end of 2025 [5]

Core Insights - The public fund market in China has reached a record high of 35.08 trillion yuan in net asset value as of July 2025, with a total of 13,014 fund products available, indicating a competitive landscape with challenges such as product design mismatches and homogenization [1] - The China Securities Regulatory Commission has introduced an action plan for the high-quality development of public funds, emphasizing a shift from scale to investor returns, focusing on the best interests of investors throughout the fund management process [1] - Hui'an Fund has adopted a customer-centric approach since its inception, aiming to create value for clients while achieving sustainable growth through a diverse range of products tailored to different risk profiles and investment needs [2] Group 1 - The public fund industry is facing increasing competition and challenges, necessitating a focus on product differentiation and alignment with investor needs [1][2] - Hui'an Fund manages 71 public fund products across various risk-return profiles, including pure debt, mixed equity, and index funds, to cater to diverse client requirements [2] - The company emphasizes the importance of suitable product offerings, aligning its product development with its strengths and market conditions, rather than following industry trends blindly [3] Group 2 - Hui'an Fund is committed to making difficult yet correct decisions, such as engaging in counter-cyclical investment strategies during market downturns, which reflects its dedication to long-term client interests [4] - The company has a history of launching new equity investment products during market lows, demonstrating its proactive approach to investment opportunities [4] - Looking ahead, Hui'an Fund aims to enhance product innovation and supply, ensuring that it meets client needs and contributes to the high-quality development of the public fund industry [5]

Core Viewpoint - The insurance industry in China has shown resilience and progress in the first half of 2025, with significant growth in asset utilization and premium income, while maintaining a stable solvency capacity [1][10]. Group 1: Asset and Premium Growth - As of the end of Q2 2025, the total investment balance of insurance companies exceeded 36 trillion yuan, reaching 36.23 trillion yuan, a year-on-year increase of 17.4% [2]. - The original insurance premium income for the first half of 2025 was 3.7 trillion yuan, reflecting a growth of 5.1% compared to 2024, indicating a recovery in the life insurance sector [2]. - The number of new insurance policies issued in the first half of 2025 reached 524 billion, marking an 11.1% increase year-on-year [2]. Group 2: Investment Strategies - Bonds remain the primary investment for insurance funds, with a bond investment balance of 17.87 trillion yuan as of Q2 2025, where life insurance companies hold 16.92 trillion yuan, accounting for 51.9% of their total investments [3]. - Stock investments have also gained traction, with insurance companies' stock investments surpassing 3 trillion yuan, showing a quarterly increase of 8.9% [3]. - The shift towards equity investments is seen as a long-term strategic choice, driven by the need for higher returns in a low-interest-rate environment [3][4]. Group 3: Claims and Coverage - Claims and benefits paid by insurance companies reached 1.3 trillion yuan in the first half of 2025, a 9% increase, indicating a deepening of the insurance protection function [5]. - Health insurance and long-term care insurance have emerged as the main contributors to claims growth, driven by an aging population and rising healthcare costs [6]. - The insurance industry has demonstrated its commitment to social responsibility through rapid response to claims during natural disasters, showcasing its role in public welfare [7]. Group 4: Solvency and Regulatory Environment - The overall solvency adequacy ratio for the insurance industry was 204.5% at the end of Q2 2025, significantly above regulatory requirements [8]. - Among 60 life insurance companies, six maintained an AAA rating, with solvency ratios exceeding 200%, indicating strong capital strength and risk management capabilities [8]. - The regulatory environment remains challenging, with some smaller companies facing solvency pressures, necessitating improvements in capital management and risk strategies [10].

Group 1 - The pharmaceutical industry is experiencing significant developments, particularly in Alzheimer's disease treatments, with Eli Lilly's drug showing a three-year delay in cognitive decline, prompting increased interest from domestic companies and investors [1] - Domestic companies such as Fosun Pharma and Kangzheng Pharmaceutical are pursuing innovative treatments, including small molecule oral drugs and acetylcholinesterase inhibitors, to fill the market gap in China, which has over 13 million Alzheimer's patients [1] - Thirteen companies have been heavily researched by institutions, with notable advancements in drug candidates like Maiwei Biotech's Nectin-4 ADC for urothelial carcinoma and Baiji Shenzhou's Zebutine expanding into international markets [1] Group 2 - Recent national policies, including the National Medical Insurance Bureau's instant settlement, have reduced the cash flow pressure on pharmaceutical companies, shortening the payment cycle from three months to 20 days [2] - Companies like Hengrui Medicine and Rongchang Biotech are making significant strides in international markets, with Hengrui's GLP-1 dual-target drug being licensed for $6 billion and Rongchang's ADC drug outperforming Merck [2] - Long-term investors are encouraged to focus on companies with strong technological platforms and track clinical progress, particularly phase III data, as these factors are crucial for drug approval and market success [2]