作者丨 簪竹 来源丨 投中网 将投中网设为"星标⭐"，第一时间收获最新推送 "我们投你，不要求你急着盈利，不要担心。" 今天，国内电子元器件电商领域的龙头企业——云汉芯城（上海）互联网科技股份有限公司正式于创 业板挂牌上市。 云汉芯城本次发行价格为 27.00 元 / 股，截至发稿股价为 142元/股 ，市值超 92亿元 。从上市前 的申购情况来看，网上申购倍数超过了 1 万倍，这表明市场对云汉芯城的关注度颇高。 这家成立于 2008 年的电子元器件 B2B 交易平台，在 IPO 前共完成四轮融资，估值为 21 亿元， 投资人主要是市场上重要的国资和产投。在其背后，一家低调却实力雄厚的投资机构也随之浮出水 面：国科投资。 2018 年，云汉芯城宣布完成 1.8 亿元 C 轮融资，由 国科投资 领投。这也是云汉芯城单笔融资额 最高的一笔。据说，国科投资跟踪了 3 个年头才完成投资。 创始人曾烨回忆，当时国科投资非常谨慎，几乎把企业和全行业调研了一圈。但决定投资以后，国科 投资项目负责人夏东的一句话让其印象深刻： "我们投你，不要求你急着盈利，不要担心。" 这句话 让处于盈利压力的他吃下了定心丸。"只有对我们的商 ...

2025年5月，中国证监会重磅推出《推动公募基金高质量发展行动方案》，这份纲领性文件犹如破晓曙光，为基金行业的发展绘出了新 蓝图。 方案以系统性改革举措为抓手，推动行业发展理念从"规模至上"向"投资者回报导向"深刻转变，将"投资者最佳利益"确立为行业发展的 核心价值锚，通过制度优化与服务升级双向发力，持续增强投资者的获得感与信任感。 该政策的出台，不仅是行业发展的重要里程碑，更预示着公募基金即将迈入规范引领、质量优先、稳健致远的全新发展阶段！ 来源：财富大侦探007 曾几何时，"爆款基金一日售罄，三个月后净值腰斩"、"明星基金经理离职，产品业绩急转直下"……这样的例子屡见不鲜。 过去十年，中国基金行业规模极速扩张，从5万亿增长到30万亿，但投资者的体验却并不算好，似乎说起基金处处都是火爆的传言，但 赚钱的人总不是自己。 作为普通投资者，我们该如何理高质量发展？这场变革又将如何影响到我们？ 长期主义 成就投资价值 这次政策的出台，表明在基金行业向高质量发展转型的进程中，长期主义不再是抽象的理念口号，而是贯穿投资全流程、守护投资者利 益的核心实践准则。 过去基金经理频繁更迭与产品风格肆意漂移，是致使投资者难以长期 ...

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].

最近A股调整了几天，稍微一跌就又有人慌了，又开始担忧牛市是不是要结束了。这样的心态其实很难在股市投资中赚到钱，真正的投资者都是善于等待 的，敢于坚守的，有时候甚至有点"固执"。 比如你认为茅台是一家非常优秀的公司，也想去投资。但是当它的股价涨到了2000，能不能下手？这就在于你如何去评估茅台的内在价值了。如果认为价 格偏高，理应花更多的时间去等待"击球"的机会。 如果你在较低的位置买到自己心仪的公司。那么接下来就是要等待其价值的兑现了，说白点就是等待其股价的上涨。 实际上，等待价值兑现的难度比等待好价格更难。现实的投资中，往往出现的情况是所投公司的股价刚刚开始涨，很多人就开始下车了，而真正的赚钱机 会往往在后面。公司选对了，好价格也等到，也等到了它开始涨了，但就是没有等待到最后，这样也是很难赚到大钱。当然，能等到后面的投资者都是对 公司的价值有非常透彻的认知的。 对于当前的行情，等到十年，好不容易迎来了大牛市，就开始天天质疑，顾此失彼，不敢持仓等待，最终的结局就是要错过牛市。投资这个事情，既是对 投资者认知水平的考验，更是对一个人心性的考验，有时候心态甚至起到的作用更大。 说到底，投资的等待是对投资者认知水平 ...

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].

9月16日，中国基金报主办的"2025中国上市公司英华示范案例评选暨最受机构投资者喜爱的 上市公司评选"（以下简称2025中国上市公司英华奖）结果正式揭晓。 2025中国上市公司英华奖共设15项大奖，分别是A股价值示范案例、港股价值示范案例、卓 越企业领袖、优秀董秘、优秀CFO、A股成长示范案例、A股ESG示范案例、A股投关示范案 例、A股科创示范案例、A股出海示范案例、港股ESG示范案例、港股投关示范案例、港股成 长示范案例、港股科创示范案例、港股出海示范案例。 总体来看，150多位上市公司高管，以及300多家上市公司分享了上述奖项。 具体来看，工业富联、宁德时代、工商银行等42家公司被评选为A股价值示范案例，华润电 力、青岛港等17家公司被评选为港股价值示范案例，光启技术董事长刘若鹏、锦波生物董事 长杨霞等9家公司的董事长被评选为卓越企业领袖， 中国建材董秘裴鸿雁、 中国海油董秘徐玉 高、深天马A董秘陈冰峡等近百家公司的董秘被评选为优秀董秘，中化装备CFO李晓旭、国博 电子CFO何莉娜等10家公司的CFO被评选为优秀CFO。 同时，24家公司被评选为A股成长示范案例、28家公司被评选为A股ESG示范案例、 ...

A股一跌，又有人慌了。这样的心态其实很难在股市投资中赚到钱，真正的投资者都是善于等待的，等待机会来了，等待价值的兑现！投资就是一场马拉 松，坚持长期主义才能战胜市场。如果想赚快钱，股市可能并不是一个很好的场所。 实际上，等待价值兑现的难度比等待好价格更难。现实的投资中，往往出现的情况是所投公司的股价刚刚开始涨，很多人就开始下车了，而真正的赚钱机 会往往在后面。公司选对了，好价格也等到，也等到了它开始涨了，但就是没有等待到最后，这样也是很难赚到大钱。当然，能等到后面的投资者都是对 公司的价值有非常透彻的认知的。 投资，坚持长期主义，就是要学会等待。 说到底，投资的等待是对投资者认知水平的检验，也是对心性的一种考验。 一方面是要等待优质公司的"好价格"，另一方面是要等待优质公司的价值兑现。 所谓"好价格"，就是要等待目标优质公司的股价能够跌到一个相对较低的位置才下手买入，给自己的投资留足更多的安全边际。何为相对较低的价格？至 少是股价应该低于其内在价值。 比如你认为茅台是一家非常优秀的公司，也想去投资。但是当它的股价涨到了2000，能不能下手？这就在于你如何去评估茅台的内在价值了。如果认为价 格偏高，理应花更多的 ...

Group 1 - The core viewpoint is that the robotics industry is transitioning from a nascent stage to a more advanced phase, with a focus on companies that possess technological iteration capabilities and practical application scenarios [1] - The robotics sector is expected to experience wave-like fluctuations, but there is an anticipated upward trend, particularly with the expected mass production of Tesla's Optimus robot next year, which may enhance certainty in the market [1] - Long-term investment strategies are essential for the robotics industry, emphasizing the need for companies to maintain focus and a spirit of craftsmanship while continuously innovating and iterating [1] Group 2 - Investment in the robotics sector should be grounded in fundamentals and a long-term perspective, aiming to identify high-quality companies that can grow alongside the industry [1]