从事投研行业15年，管理基金产品超过7年，平安基金权益投资中心投资执行总经理何杰相继在券商研 究所、保险资产管理中心、公募基金权益投资部工作，在制造、消费、互联网等领域积累了丰富的经 验。 作为左侧价值"捕手"，何杰擅长自下而上地选择个股，逆向买入，然后耐心等待好资产的估值回归和其 自身稳健成长带来的投资回报。"早期投资时注重估值，侧重以合理的价格买入优质资产。近年来，在 不确定性增加的市场环境下，一方面，企业的新增资本开支已经很难获得超额收益，市场偏好成长的估 值模式有所偏离；另一方面，企业减少开支后会转而增加股东回报，从而带动市场适应新的估值体系， 市场将更加偏向兼顾股东回报、成长真实性等底层价值投资体系。"何杰说。 在组合管理上，何杰管理的产品呈现个股集中、行业分散的特点。何杰表示，从公司基本面与估值出 发，会重仓价格便宜、品质好的公司，前十大重仓股的集中度超过七成。 市场人士对何杰的评价是，不跟风热点，持仓周期长，很少调仓，大部分情况在等待机会。何杰看似投 资"躺平"，实则坚持长期主义"躺赢"了。Choice数据统计显示，截至6月13日，平安价值远见混合A近一 年收益达到28.29%，远高于沪深300 ...

相聚资本梁辉，一直以来为市场熟知的标签是成长投资。 2021年之前，成长股一路高歌猛进，在资金的持续流入中实现了估值和业绩的双击。相聚资本的业绩与 规模也高速发展，成为行业中颇具知名度的百亿级私募。 随着近年来成长股进入"逆风时刻"，相聚资本等成长风格管理人备受考验。于是，梁辉重新审视单一投 资策略的不完美，主动求变，寻找通过多样化投资策略应对市场变化的解题思路。 在梁辉看来，没有一种投资方法永远正确。在未来的投资中，既要挖掘可持续成长的优质公司，更要以 多样化策略构建投资组合，结合风格择时，提升对不同市场的适应性。 谈及具体的投资操作，梁辉称，接下来会兼顾投资机会和安全性。在他看来，经济基本面改善大背景下 中国资产重估尚未结束，真正受益于AI技术发展且估值合理的互联网板块值得关注，而没有业绩支撑 的主题型标的应谨慎回避。 "没有一种投资方法永远正确" 简单、专注、开放、务实，是相聚资本员工对梁辉的评价。经过近两个小时的深度交流，记者发现，这 个评价非常中肯。 从2002年进入公募基金行业，到2015年创办相聚资本，拥有资本市场丰富投资经验的梁辉，对市场里高 成长、高增长的投资机遇青睐有加。在他的投资体系中， ...

Core Viewpoint - The recent revision of the "Securities Company Classification Evaluation Regulations" by the China Securities Regulatory Commission (CSRC) indicates a new direction for the future development of the brokerage industry [1][2]. Group 1: Functional Positioning of Securities Companies - The regulations emphasize the functional positioning of securities companies to better serve the wealth management needs of residents and the financing needs of the real economy [3]. - The first article of the regulations states the legislative purpose of guiding securities companies to enhance their functional roles and professional capabilities [3]. - Evaluation of securities companies will be based on their brokerage, investment banking, asset management, comprehensive strength, innovation capability, and service to the real economy and national strategy [3]. Group 2: Support for Small and Medium-sized Brokerages - The regulations encourage differentiated and specialized operations for small and medium-sized brokerages, promoting a competitive landscape [4]. - The scoring system for net asset return and major business income has been expanded from the top 20 to the top 30, allowing more small brokerages to gain additional points [4]. - This change aims to guide small brokerages to explore differentiated development paths based on their unique strengths, leading to the emergence of specialized firms in niche markets [4]. Group 3: Regulatory Measures Against Violations - The regulations increase the penalties for violations and enhance self-regulatory measures to protect the legitimate rights of small investors [5]. - Companies with significant violations may face direct downgrades in their evaluation results, reflecting a strict regulatory approach [5]. - The revision aims to improve the scientific and precise nature of regulation, laying a solid foundation for the sustainable and stable development of the brokerage industry [5].

Core Viewpoint - The recent meeting held by the Ministry of Industry and Information Technology and other departments emphasizes the need to combat "involutionary" competition in the new energy vehicle sector, advocating for long-termism and quality over short-term cost-cutting measures [1] Group 1: Involutionary Competition - "Involutionary" competition is characterized by low-quality, homogeneous, and excessive disorderly competition, often leading to price wars and low-profit operations, particularly in the context of a slowing global economy and shrinking market space [1] - The urgency and necessity of addressing "involutionary" competition have been highlighted in recent government reports and meetings, indicating a strong policy direction towards comprehensive rectification [1] Group 2: Strategies for Companies - Companies should shift from "passive involvement" to "active engagement," focusing on innovation across various dimensions, including technology, management, and service models, to break the cycle of homogeneous competition [2] - Embracing new technologies such as artificial intelligence is crucial for companies to enhance production efficiency and create differentiated competitive advantages [2] - Exploring new markets and meeting emerging demands can help companies avoid "involution," with a focus on cultivating independent innovation capabilities and core competitiveness to establish a sustainable competitive edge [2] Group 3: Governance Framework - A comprehensive governance framework involving the government, society, and enterprises is necessary to effectively address "involutionary" competition, integrating market regulation, precise industrial policy guidance, and flexible business operations [3]

Group 1: Core Insights - The launch of the cross-border payment system enhances convenience for residents in both mainland China and Hong Kong, allowing for easy cross-border remittances through mobile devices [1] - The system significantly reduces payment costs by minimizing intermediaries, with several pilot banks waiving fees during the trial period, fostering a habit of cross-border payments [1] Group 2: Economic Integration - The cross-border payment system facilitates talent exchange and employment by enabling efficient salary payments for employees working across borders [2] - It supports educational and medical cooperation, allowing parents to easily pay tuition and living expenses for students studying abroad, and streamlining medical payments for patients seeking care in different regions [2] Group 3: Financial Market Development - The system promotes the internationalization of the Renminbi by providing a convenient channel for cross-border transactions in both Renminbi and Hong Kong dollars, enhancing the currency's global standing [3] - It strengthens Hong Kong's position as an international financial center, attracting more financial institutions and capital, thereby increasing its competitiveness in the global financial market [3]

Core Viewpoint - The Chinese reinsurance market is rapidly developing but still lags behind international standards in risk management, actuarial pricing, and data modeling, indicating significant potential for growth and improvement in supporting the national economy's high-quality development [1][5]. Group 1: Market Overview - In 2022, China's reinsurance premiums reached 259.5 billion yuan, while direct insurance premiums totaled 5.7 trillion yuan, resulting in a penetration rate of 4.6%. In comparison, global reinsurance premiums were $900 billion, with direct premiums at $7.2 trillion and a penetration rate of 12.5% [1]. - China's direct insurance ranks second globally, while its reinsurance ranks seventh, highlighting the need for increased penetration in the reinsurance sector [1]. Group 2: Support for National Strategies - The reinsurance industry has actively supported major national strategies, including aerospace projects and the Belt and Road Initiative, with initiatives like the establishment of a nuclear community to provide comprehensive risk coverage for over 1 trillion yuan in nuclear assets [2]. - As national strategies advance, there will be a surge in new and complex reinsurance demands, necessitating improvements in risk pricing, product innovation, and global risk diversification capabilities [2]. Group 3: Innovation and Industry Development - The reinsurance sector can play a crucial role in supporting technological innovation and modern industrial systems by mitigating risks associated with technology development failures, equipment damage, and supply chain disruptions [3]. - By sharing data and enhancing underwriting capabilities, reinsurance can help direct insurers better serve critical sectors, particularly those facing "bottleneck" technology challenges [3]. Group 4: Disaster Risk Management - There is a significant gap in the compensation capacity of China's insurance industry for natural disasters, with direct economic losses from disasters amounting to approximately 401.1 billion yuan, while insurance payouts cover nearly 10% of these losses [4]. - The reinsurance mechanism can aggregate underwriting capacity to efficiently transfer and diversify catastrophic risks, leading to more accurate pricing and innovation in catastrophe insurance products [4]. Group 5: Future Outlook - The reinsurance industry must integrate its development with the broader economic and social landscape of the country, enhancing risk management systems and data infrastructure to effectively promote high-quality economic development [5]. - As the penetration rate of the reinsurance market increases, its role in supporting national strategies, enabling technological innovation, and improving disaster protection systems is expected to become more critical [5].

Group 1 - The core viewpoint of the articles indicates that China's GDP is expected to achieve a growth target of over 5% in the first half of 2025, driven by strong consumption and investment, particularly from the "two new" policies [1][2][3] - The "two new" policies have significantly boosted consumption and investment, with retail sales of consumer goods growing by 5.0% in the first five months, compared to 3.5% for the entire previous year [2][3] - Manufacturing investment has also seen robust growth, with a reported 8.5% increase in manufacturing investment year-on-year in the first five months, outpacing the overall fixed asset investment growth [3][4] Group 2 - The "two new" policies have led to substantial increases in specific retail categories, such as home appliances and communication equipment, with growth rates of 53% and 33% respectively in May [2][3] - The manufacturing sector has shown strong performance, with significant increases in production for lithium-ion batteries, shipbuilding, and other related industries, indicating a positive impact from the "two new" policies [3][4] - Experts suggest that while the "two new" policies have been effective, there is a need for further measures to sustain consumer momentum and address structural weaknesses in the consumption market [5][6] Group 3 - The economic outlook for the second half of the year presents both challenges and opportunities, with external uncertainties potentially impacting export growth, while domestic consumption needs to be further solidified [5][7] - Recommendations for policy enhancements include expanding the coverage of the "two new" policies and considering measures like issuing consumption vouchers to stimulate spending among low-income groups [6][7] - Overall, experts believe that with continued support through fiscal and monetary policies, China's economy can maintain a steady growth trajectory, contributing to the goals set in the 14th Five-Year Plan [7]

港股热度持续提升。近期，超百亿元资金涌入港股主题ETF，多只港股主题ETF份额创历史新高。与此 同时，公募加快产品布局速度，把握港股市场细分投资机会。在业内人士看来，港股市场正焕发新活 力，优质资产掀起赴港上市潮，叠加市场活跃度提升，港股投资性价比显现。 公募加大布局力度 资金涌入港股主题ETF 据Choice测算，6月10日以来，截至6月19日，港股主题ETF净申购额为103.26亿元。从资金流向来看， 主要涌入港股创新药、科技、红利等领域。 具体来看，汇添富港股通创新药ETF净申购额为18.19亿元，广发港股创新药ETF、华夏恒生科技指数 ETF、华泰柏瑞南方东英恒生科技ETF净申购额也均在16亿元以上。 随着资金持续涌入，多只ETF份额创历史新高。具体来看，截至6月19日，华泰柏瑞南方东英恒生科技 ETF、华泰柏瑞港股通红利ETF、景顺长城港股创新药50ETF等份额均创历史新高。 拉长期限来看，多只港股主题ETF规模较去年底翻倍。从去年底至今年6月19日，富国港股通互联网 ETF规模从221.9亿元增至452.71亿元，景顺长城港股科技50ETF规模从58.1亿元增至133.99亿元，工银 瑞信港股通科 ...

"将全球的上市公司作对比，能发现更多卓越公司。"何理称，A股的优势在于具备大量传统优质企业， 港股涵盖了多家新消费、科技等板块的公司，美股则拥有全球科技龙头股、消费医药股和周期制造 股。"在全球范围内'翻石头'，能让我们更准确地识别和发现一家企业的全球竞争力。"何理说。 与此同时，何理认为，百年未有之大变局下，各国经济周期严重错位，单一市场配置会加剧组合波动。 基于深度研究的全球配置，能够在一定程度上提升组合的稳健度。 据何理介绍，止于至善目前的投资组合涵盖了A股、港股、美股，以及韩国和印度等多个市场的优质企 业。与此同时，止于至善的核心投研团队共计7人，其中5人是海归研究生，具备良好的全球化投研基 础，近年来多次到海外进行调研。 止于至善最为市场熟知的，是对AI"炒股"的先行尝试。但事实上，其前沿探索远不止于此。 "百年未有之大变局下，一家私募管理人要以长期视角'排兵布阵'。"在资本市场浸淫十余年，止于至善 总经理何理近年来尤其重视自己和团队的长期应变能力。在他看来，置身于各种不确定"迷雾"，私募要 主动拥抱科技浪潮，同时应放眼全球寻找机会，抵御单一市场周期性波动对组合带来的风险。 据悉，止于至善投资今年不 ...

佘诗曼 " 打卡 " 深圳山姆 有市场人士告诉《商业观察家》，深圳山姆港客会员北上消费热度减退，"跟去年同期比，深圳山姆目前的港客差不多少了近50%，不过，港 客占深圳山姆的销售比重也不大，过去的销售占比就在10%-15%左右。" 分析此波港客下滑的原因，一些市场人士对《商业观察家》称，可能主要有四方面因素影响：新鲜感下降、业务局限、内部分流、大环境。 一 新鲜感下降 香港消费者之前很喜欢去深圳山姆采购商品，现在热度下降，与新鲜感下降可能有一些关系。 疫情"解封"后，港客北上游玩市场出现了一个"小爆发"，很多港客会把山姆、Costco等仓储会员店当作游玩的站点，因为香港没有仓储会员店 业态，香港的超市业态面积都很小，相比内地要小很多。由此，仓储会员店这种大空间、"大仓储"式的购物方式，满足了很多港客的新鲜感 需求，进而激发了兴奋感。 但这种兴奋感可能会随着时间的延长而有所"流失"。而当兴奋感下降，很多港客就会开始考虑"实际"了。 仓储会员店的业务模型是做仓储批发的"大包装售卖"，消费者需要采购量大才能感受到便宜——量大带来便宜，你买得多，价格当然就能给 你便宜点。那么，要让消费者"大量"采购，首要的一个前提条 ...