在波动加剧的资本市场中，如何平衡风险与收益是不少投资者与资管从业者共同探索的命题。国金证券 资产管理有限公司（以下简称"国金资管"）资产配置部投资经理王斯杰凭借多年市场历练，形成了以长 期主义为核心的投资理念。近日，王斯杰接受《证券日报》记者专访，深度解析其投资逻辑、行业判断 与资产配置策略。 以长期主义锚定方向 "投资的核心在于坚守长期主义。"谈及投资理念，王斯杰开门见山。他表示，自己在投资决策中偏左侧 布局与逆向思维，不盲目追逐当下热门赛道，而是聚焦有主业支撑、具备第二成长曲线的标的，避免为 主题概念盲目买单。 "基金赚钱、客户不赚钱"是资管行业的痛点，这一问题根源在于回撤控制、客户信任与预期管理的三重 失衡。为此，王斯杰多次强调，投资者应建立与长期价值投资匹配的理性预期，摒弃短期博弈心态，聚 焦标的长期价值将投资视为长期事业，而非短期博弈，才能有机会真正享受到时间复利的力量。 针对当前股票市场，王斯杰独创并践行了哑铃型配置策略。该策略以两类资产为核心：一端是具备高弹 性的成长股，这类资产在市场风险偏好上升时能有机会释放一定收益，但波动较大；另一端是通过DCF 模型可测算内在价值的资产，这类标的能一定程度 ...

近日，华商基金发布了旗下产品2025年第三季度报告。数据显示，截至今年三季度末，华商基金多资产 投资部副总经理胡中原管理的华商润丰灵活配置混合C近五年净值增长率高达215.01%，在同类基金中 排名第一位（数据来源：银河证券）。 华商润丰灵活配置混合C 自2019年成立以来的各年度表现 | 年度 | 净值增长率 | 同期业绩比较 基准收益率 | | --- | --- | --- | | 2024 年 | 32.77% | 11.36% | | 2023 年 | 0.64% | -5.47% | | 2022 年 | 2.94% | -12.97% | | 2021 年 | 8.52% | 1.29% | | 2020 年 | 58.78% | 18.27% | | 2019 年 (20190619-20191231) | 6.50% | 8.28% | 数据来源：基金定期报告； 该基金A类份额数据详见文末数据说明 华商润丰灵活配置混合基金经理胡中原自2014年北京大学硕士毕业后即加入华商基金，早期专注债券交 易领域，2017年开始负责债券交易管理，2018年正式转战投资领域。正是这种债转股的独特路径，塑造 ...

过去100多年，资产管理行业见证了众多成功投资机构的成长。伯克希尔-哈撒韦、富达、先锋集团、桥 水基金、文艺复兴科技、贝莱德……它们都用各自的投资哲学在现代资产管理历史中留下了独特印记。 柏基投资也是其中之一，它被誉为"全球超级成长股捕手"，精准押注特斯拉、英伟达、谷歌、亚马逊、 奈飞、阿里巴巴、字节跳动、腾讯、美团、宁德时代等知名科技行业巨头。这家低调的投资机构的长期 全球成长策略旗舰产品不仅跑赢了标准普尔 500 指数，而且优于巴菲特掌管的伯克希尔 - 哈撒韦。 柏基是如何做到的？全球首部揭秘柏基投资的作品《柏基投资之道》，为我们全方位呈现柏基的投资哲 学与核心策略，揭开柏基的投资密码之一：耐心。 李正、韩圣海 著 出版社：湛庐文化/浙江教育出版社 2025年11月 柏基的耐心可以从它的座右铭"真正的投资者以10年为单位思考，而非区区几个季度"讲起。 耐心不是人类与生俱来的天性，进化历程提醒我们，人类先祖在大部分时间中是狩猎者和采集者，按照 春、夏、秋、冬的季节思考问题。1万多年前，一部分人变成了农夫，思考时间被延长至一年。现代工 业时代，人类预期寿命更长，需要按10年以上的时间规划，但这个时代和人类漫长 ...

Core Viewpoint - Yunhan Chip City, a leading player in the domestic electronic components e-commerce sector, has successfully listed on the Growth Enterprise Market, with a current market capitalization exceeding 9.2 billion yuan, reflecting strong market interest and confidence in its business model [2][3]. Company Overview - Yunhan Chip City, established in 2008, operates as a B2B trading platform for electronic components and has completed four rounds of financing prior to its IPO, achieving a valuation of 2.1 billion yuan [2]. - The company’s IPO saw an oversubscription rate exceeding 10,000 times, indicating high market attention [2]. Investment Insights - Guoke Investment led a significant financing round of 180 million yuan in 2018, demonstrating increased confidence in Yunhan Chip City after a thorough evaluation process lasting three years [2][3]. - The investment from Guoke Investment has yielded approximately five times the return based on the current market valuation [3]. Industry Context - The electronic components distribution market in China exceeds 3 trillion yuan, with traditional distribution models being inefficient, thus presenting an opportunity for e-commerce platforms like Yunhan Chip City to disrupt the market [5]. - Yunhan Chip City aims to serve small and medium-sized electronic manufacturing enterprises as a one-stop procurement platform, capitalizing on the inefficiencies of traditional independent distributors [5]. Financial Performance - The projected revenues for Yunhan Chip City are 4.333 billion yuan, 2.637 billion yuan, and 2.577 billion yuan for the years 2022, 2023, and 2024 respectively, with net profits of 136 million yuan, 78.61 million yuan, and 88.27 million yuan during the same period [5]. - In the first half of 2025, the company achieved a revenue of 1.44 billion yuan, marking a year-on-year growth of 17.84%, and a net profit of 53.92 million yuan, reflecting a 40.67% increase [5]. Leadership and Team Dynamics - The founding team, consisting of Zeng Ye and Liu Yunfeng, has a strong complementary skill set and a long-standing partnership, which has contributed to the stability and growth of the company [7]. - The leadership's ability to adapt and respond to market changes has been crucial in navigating challenges such as the pandemic and regulatory shifts [3][6]. Long-term Investment Philosophy - Guoke Investment's approach emphasizes deep industry understanding, patience, and a commitment to social value, which has been validated through its successful investment in Yunhan Chip City [3][10]. - The firm has a history of supporting technology-driven enterprises and aims to balance innovation with stable returns in its investment strategy [14][22].

Core Insights - The Chinese mutual fund industry is undergoing a significant transformation towards high-quality development, shifting from a focus on scale to prioritizing investor returns [2][3] - The introduction of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission marks a new era for the industry, emphasizing investor interests as the core value [2][3] Industry Development - The mutual fund industry in China has expanded rapidly from 5 trillion to 30 trillion over the past decade, but investor experiences have not improved correspondingly [2] - The new policy aims to enhance investor trust and satisfaction through systematic reforms and service upgrades [2][3] Long-term Investment Focus - The policy emphasizes long-termism as a core practice to protect investor interests, moving away from short-term performance pressures that have historically plagued fund managers [3][4] - Fund managers are now required to have a minimum assessment period of three years, which helps mitigate the frequent style changes that have confused investors [4][6] Performance and Fee Structure - The introduction of a floating management fee structure links fund company earnings to investor performance, incentivizing fund managers to focus on delivering returns [8][9] - For example, the management fee for the Jiashi Growth Win Mixed Fund is contingent on outperforming benchmark indices, aligning the interests of fund companies with those of investors [8] Investment Strategy Recommendations - Investors are encouraged to focus on established funds with a track record of stability rather than chasing new or popular funds, which may be more volatile [11][12] - Regular investment in high-quality funds through a systematic investment plan (SIP) is recommended to mitigate market volatility and enhance long-term returns [12][16] Fund Selection Criteria - Investors should prioritize funds from companies with stable governance and low turnover rates among fund managers to ensure consistent performance [15][16] - The emergence of innovative products such as ESG funds, public REITs, and quantitative hedge funds offers diverse investment options for investors seeking to adapt to the evolving market landscape [15][16]

Core Viewpoint - Berkshire Hathaway, led by Warren Buffett, has completely exited its investment in BYD, marking the end of a significant 17-year relationship that saw the stock rise approximately 3890% during the investment period [1][4]. Investment History - Berkshire initially invested in BYD in 2008, purchasing 225 million H-shares at a price of HKD 8 per share, totaling approximately HKD 1.8 billion [1][2]. - The investment was made when BYD had a price-to-earnings ratio of 10.2 and a price-to-book ratio of 1.53 [2]. - Over the years, BYD's stock price peaked at HKD 333 in June 2022, reflecting a total increase of 2588.12% from the initial investment [4][5]. Divestment Details - Berkshire began reducing its stake in BYD in August 2022, selling 1.33 million shares at an average price of HKD 277.10, realizing approximately HKD 369 million [4]. - By June 2023, Berkshire had sold nearly 76% of its shares, reducing its ownership to below 5% [5]. Financial Performance of BYD - In the first half of 2023, BYD reported total revenue of CNY 371.2 billion, a year-on-year increase of 23.3%, with automotive revenue accounting for 81.48% of total income [6]. - BYD's overseas revenue reached CNY 135.4 billion, a significant increase of 50.5% year-on-year, contributing to 36.5% of total revenue [7]. - In August 2023, BYD's monthly sales exceeded 370,000 units, with cumulative sales surpassing 2.86 million units from January to August [8]. Market Position - BYD became the first domestic car manufacturer to enter the trillion-yuan market capitalization club, with a market value of CNY 1.02 trillion in June 2023, significantly outpacing competitors like Great Wall Motors [5].

Core Viewpoint - The recent fluctuations in the A-share market have led to investor anxiety about the potential end of the bull market, highlighting the importance of patience and long-term investment strategies [2][4]. Group 1: Investment Philosophy - Investment requires waiting for opportunities and the realization of value, emphasizing a long-term perspective to outperform the market [2][4]. - Investors should be patient and sometimes "stubborn," waiting for high-quality companies to reach a favorable price before making purchases [3][4]. Group 2: Price and Value - A "good price" is defined as a stock price that is relatively low compared to its intrinsic value, allowing for a greater margin of safety in investments [3]. - Investors must assess the intrinsic value of companies, such as Kweichow Moutai, to determine whether the current price is too high for investment [3]. Group 3: Challenges of Waiting - The difficulty of waiting for value realization is often greater than waiting for a good price, as many investors tend to sell too early when prices begin to rise [4]. - Successful investors are those who have a deep understanding of a company's value and are willing to wait for the full potential of their investments to be realized [4][5]. Group 4: Market Sentiment - Current market conditions have led to skepticism among investors, who may miss out on opportunities in a bull market due to fear and indecision [4].

Core Insights - The article emphasizes the importance of long-term investment strategies, highlighting that companies with sustainable value creation and competitive advantages will ultimately meet market expectations [1] Group 1: Company Overview - Weichai Power is presented as a model of long-termism in the A-share market, with its total market value increasing approximately 30 times since its listing [2] - The company's strategic expansion from a single engine business to various sectors such as power systems, commercial vehicles, and agricultural equipment is crucial for understanding its future direction [2] Group 2: Strategic Business Growth - In the first half of 2025, Weichai Power's strategic business experienced explosive growth, becoming a core driver of performance and valuation, particularly highlighted by the strong sales of large-bore engines [3] - Large-bore engine sales exceeded 5,000 units in the first half of the year, marking a 41% year-on-year increase, with revenue reaching 2.52 billion yuan, a 73% increase [4] Group 3: Market Dynamics - The growth in large-bore engine sales is driven by the high demand in the global AIDC (Artificial Intelligence Data Center) industry and the trend of domestic substitution [5] - The market for large-bore diesel engines in Chinese data centers is projected to approach 10 billion yuan by 2025, with the global market expected to exceed 40 billion yuan by 2026 [5] - Weichai Power has gained a competitive edge in this sector due to its technological advancements and ability to offer better pricing and faster production response compared to international brands [5][6] Group 4: New Energy Transition - Weichai Power is accelerating its transition to new energy, positioning itself as a leader in the sector through a multi-technology approach including pure electric, hybrid, and fuel cell technologies [7][8] - In the first half of 2025, the company's new energy power technology business generated 1.21 billion yuan in revenue, a 37% increase, with battery sales reaching 2.32 GWh, a 91% surge [8] - The company has established a solid foundation for large-scale production in the new energy sector with the launch of its new energy power industry park [8] Group 5: Future Growth Potential - Weichai Power aims to double its new energy revenue by 2025, supported by increasing market penetration in heavy trucks, light trucks, and construction machinery [9] - The company's ability to respond to market demands with tailored products enhances its growth prospects [9] Group 6: Long-term Value and Shareholder Returns - Weichai Power's 30-fold increase in market value is attributed to its commitment to long-term value, demonstrated through diversified business operations and consistent shareholder returns [10][12] - Since its listing in 2004, the company has distributed cash dividends exceeding 38 billion yuan, with current dividend yields of 5.21% for H-shares and 5.03% for A-shares, ranking among the industry's top [10][12] - The high and sustained dividend payouts reflect the company's focus on shareholder interests and the stability of its earnings, making it attractive to long-term investors [12]

Core Insights - The article emphasizes the importance of long-term investment strategies, highlighting that companies with sustainable value creation and competitive advantages will ultimately meet market expectations [1] Group 1: Company Overview - Weichai Power is presented as a model of long-termism in the A-share market, with its total market value increasing approximately 30 times since its listing [2] - The company's strategic expansion from a single engine business to various sectors such as power systems, commercial vehicles, and agricultural equipment is crucial for understanding its future direction [2] Group 2: Strategic Business Growth - In the first half of 2025, Weichai Power's strategic business experienced explosive growth, becoming a core driver of performance and valuation, particularly highlighted by the strong sales of large-bore engines [3] - Large-bore engine sales exceeded 5,000 units in the first half of 2025, marking a 41% year-on-year increase, with revenue reaching 2.52 billion yuan, a 73% increase [4] Group 3: Market Dynamics - The growth in large-bore engines is driven by the high demand in the global AIDC (Artificial Intelligence Data Center) industry and the trend of domestic substitution [5] - The market for large-bore diesel engines in Chinese data centers is projected to approach 10 billion yuan by 2025, with the global market expected to exceed 40 billion yuan by 2026 [5] Group 4: Competitive Advantage - Weichai Power has gained a competitive edge in the large-bore engine market, which has historically been dominated by international giants, by leveraging its technological advancements and cost advantages [5][6] - The high price and gross margin characteristics of large-bore engines contribute to revenue growth and optimize the company's profit structure [6] Group 5: New Energy Transition - Weichai Power is accelerating its transition to new energy, positioning itself as a leader in the sector through a multi-technology approach including pure electric, hybrid, and fuel cell technologies [7][8] - In the first half of 2025, the company's new energy technology business generated 1.21 billion yuan in revenue, a 37% year-on-year increase, with battery sales reaching 2.32 GWh, a 91% increase [8] Group 6: Future Growth Potential - The company aims to double its new energy revenue by 2025, supported by increasing penetration rates in heavy trucks, light trucks, and construction machinery [9] - Weichai Power's comprehensive industry chain advantage allows it to respond effectively to market demands, ensuring the successful realization of its growth targets [9] Group 7: Shareholder Returns - Weichai Power's 30-fold market value increase is attributed to its commitment to long-term value, reflected in its diversified business layout and consistent shareholder returns [10][12] - Since its listing in 2004, the company has distributed cash dividends exceeding 38 billion yuan, with current dividend yields of 5.21% for H-shares and 5.03% for A-shares, ranking among the industry's top [10][12]

Core Viewpoint - Recent changes in redemption fees for various fund types may significantly impact investor strategies, particularly for short-term bond funds, potentially discouraging investment in these products due to increased costs [1][2][3]. Fee Structure Changes - The maximum subscription fees for equity, mixed, and bond funds have been reduced to 0.8%, 0.5%, and 0.3% respectively, while service fees for equity and mixed funds, index funds, and money market funds have been lowered to 0.4% per year, 0.2% per year, and 0.15% per year [1]. - New redemption fee requirements stipulate that investors must hold stocks, mixed, bonds, and FOF products for over six months to avoid a minimum redemption fee of 0.5% [1]. Impact on Short-term Investors - Short-term investors may face higher redemption fees, with fees of 1.5% for redemptions within 7 days, 1% for 7-30 days, and 0.5% for 30 days to 6 months, making it essential for investors in pure bond funds to prepare for a holding period of at least six months [3]. - The introduction of a 0.5% redemption fee could significantly reduce the effective yield of short-term bond funds, which currently hover around 1% [2]. C-Class Fund Implications - C-class funds, which previously offered advantages in redemption fees, will now face similar restrictions as A-class funds, as the new rule requires a six-month holding period for fee exemption, diminishing the appeal of C-class funds for short-term investors [4]. Market Trends and Regulatory Guidance - The recent regulatory guidance emphasizes the shift from scale-oriented to investor return-oriented strategies, aiming to create long-term stable returns for investors [6][7]. - The focus on long-term investment strategies is becoming a key theme in the public fund industry's development, with a push for high-quality growth and a recognition that short-term volatility is a normal aspect of market behavior [7].