Core Viewpoint - The article discusses the investment strategies and performance of fund manager Sheng Zhenshan, highlighting his unique approach to risk management and asset allocation in a volatile market environment [2][3][6]. Group 1: Market Environment and Fund Performance - The market has experienced significant fluctuations from early 2024 to mid-2025, with a notable drop below 2700 points and subsequent recovery [2]. - A set of equity mixed funds and ordinary stock funds was analyzed, focusing on those with a maximum drawdown of 10% and a scale exceeding 100 million, achieving returns above 8% in 2025 [2]. - Sheng Zhenshan's fund, "Industrial Bank Selected Return," achieved a maximum drawdown of 8.1% and a recovery time of only 11 days, with a return of 29.43% since its management began [3]. Group 2: Investment Philosophy and Strategy - Sheng Zhenshan emphasizes risk management as a core principle, shaped by his early experiences in unfavorable market conditions [6][20]. - His investment approach is characterized by a balanced asset allocation strategy, avoiding extreme bets and maintaining a diversified portfolio [7][11]. - The focus is on identifying undervalued assets through a dynamic valuation process, considering both growth and valuation aspects [8][9]. Group 3: Sector Focus and Asset Allocation - Sheng Zhenshan's portfolio is heavily weighted towards aviation and gold stocks, diverging from traditional sectors like energy and utilities [4]. - He adopts a supply-side perspective to assess industry cycles, prioritizing sectors with potential for capital improvement rather than those experiencing rapid growth [10][29]. - The investment strategy includes holding a diversified basket of low-correlation assets to mitigate risks and enhance returns [11][43]. Group 4: Insights on Specific Assets - The article discusses Sheng Zhenshan's views on gold, indicating a long-term bullish outlook despite short-term volatility, with a focus on the underlying asset's future value rather than immediate profits [50][52]. - In the aviation sector, he believes that current valuations are low, and the industry is nearing a recovery phase, making it an attractive investment opportunity [56][57]. - The approach to dividend stocks emphasizes the importance of sustainable earnings and dividends over mere historical performance [58][59].

Group 1 - The People's Bank of China, the National Financial Regulatory Administration, and the China Securities Regulatory Commission jointly released a draft regulation on customer due diligence and transaction record management, which notably removes the requirement for individuals to declare the source or purpose of cash transactions over 50,000 yuan [4][1][2] - The draft regulation is open for public comments from August 4 to September 3, 2025 [4][1][2] Group 2 - Henan Province has introduced policies to support the development of specialized and innovative enterprises in the artificial intelligence sector, offering subsidies up to 500,000 yuan for national-level "little giant" companies [4][1][2] - The policies aim to enhance the ecosystem for artificial intelligence and promote the development of various AI terminal products [4][1][2] Group 3 - Yanjing Beer reported a revenue of approximately 8.558 billion yuan for the first half of 2025, a year-on-year increase of 6.37%, with a net profit of 1.103 billion yuan, up 45.45% from the previous year [15][1][2] - The company is actively expanding into the beverage market, with beverage product revenue reaching approximately 83.015 million yuan, a year-on-year growth of 98.69% [15][1][2] Group 4 - Southern Fund announced an investment of at least 230 million yuan into its equity funds, demonstrating confidence in its internal products [17][1][2] - This investment is expected to positively impact the performance of the funds involved [17][1][2] Group 5 - Peet's Coffee, known as the "ancestor of Starbucks," has closed several stores in China, including its first store in South China, citing regular operational strategy adjustments rather than a simple exit from the market [19][1][2] - The closures reflect the intense competition and adjustment pressures within the restaurant industry [19][1][2]

为确保撤销 H 类基金份额符合法律、法规的规定，本公司就《华泰柏瑞积极成长混合型证券投资基金 基金合同》、《华泰柏瑞量化增强混合型证券投资基金基金合同》、《华泰柏瑞积极成长混合型证券投 资基金托管协议》和《华泰柏瑞量化增强混合型证券投资基金托管协议》的相关内容进行了修订。本次 修订对基金份额持有人利益无实质性不利影响，也不涉及基金合同当事人权利义务关系发生变化，无需 召开基金份额持有人大会。本公司已就修订内容与基金托管人中国银行协商一致。基金合同和托管协议 的具体修订详见附件对照表。 本公司将于公告当日，将修改后的基金合同和托管协议登载于公司网站，并在根据《公开募集证券投资 基金信息披露管理办法》规定更新的《华泰柏瑞积极成长混合型证券投资基金招募说明书》、《华泰柏 瑞量化增强混合型证券投资基金招募说明书》、基金产品资料概要中对上述内容进行相应修改。 投资者可通过本基金管理人的网站：www.huatai-pb.com或客户服务电话： 400-888-0001、（021）38784638了解详情。 本公告仅对华泰柏瑞积极成长混合型证券投资基金、华泰柏瑞量化增强混合型证券投资基金撤销 H 类 基金份额的有关事项予以 ...

Market Overview - The stock market has experienced significant volatility, entering correction territory and reaching new all-time highs within months, leading to mixed investor sentiment [1][2] - Approximately 35% of investors are optimistic about the next six months, while 43% are pessimistic according to a survey by the American Association of Individual Investors [1] Investment Opportunities - The Vanguard S&P 500 Growth ETF (VOOG) has reached a new all-time high, climbing over 38% since its low in early April [4] - This ETF is considered more resilient to market volatility and is likely to help investors build wealth despite potential downturns or recession risks [5] ETF Composition and Performance - The Vanguard S&P 500 Growth ETF includes only 212 stocks from the S&P 500, focusing on those with the highest growth potential [6] - The ETF has delivered an average annual return of 15.79% over the last 10 years, outperforming the Vanguard S&P 500 ETF, which has an average return of 13.62% [8] Investment Strategy - Investors are advised that timing the market can be less important than remaining invested over the long term, as holding investments can mitigate losses during downturns [9][10] - Historical examples show that holding the Vanguard S&P 500 Growth ETF through market declines can lead to significant total returns, even after substantial drops [11][13] Long-Term Perspective - A long-term investment horizon of at least five to seven years is recommended for minimizing risks associated with market fluctuations [15] - The Vanguard S&P 500 Growth ETF is positioned for long-term growth, emphasizing that time in the market is more valuable than attempting to time market entry [16]

本文自南都·湾财社 编辑 | 柴华 美编 | 尹洁琳 一周财经人物（2025年8月4日-8月10日） 头条 被调查两年半后，华兴资本控股的创始人包凡现身 8月8日，据媒体报道，近期华兴资本创始人包凡"出来了"。不过包凡是否重归自由，华兴资本方面并没 有予以回应。此前，2023年2月16日晚间，华兴资本控股发布一纸公告称公司董事会主席、实际控制人 包凡失联，而如今已经过去了约两年半时间。 当日下午，华兴资本回应称，包凡不再参与集团日常管理与运营，其个人生活动态属于私人事务范畴， 华兴资本不再予以回应。当前，华兴资本业务及运作一切正常，由执行委员会全面负责集团战略推进。 （湾财综合自智通财经、财新、新浪财经等） 关注 全新P7小订破万台，何小鹏：不会是部分鹏友期待的那种便宜 没有预售价，也"不会是部分鹏友期待的那种'便宜'"……一边烘托着悬念感，8月6日，小鹏P7正式亮 相。官方数据显示，全新小鹏P7小订突破1万台只花了6分37秒。 董事长下令周六不得加班？奇瑞未回应，曾因强制加班上热搜 奇瑞"加班"话题又引发围观。所不同的是，这次被曝出是掌门人尹同跃亲自下令，要改变员工周六加班 现状。不过，南都·湾财社记者向奇 ...

Core Viewpoint - The article discusses the fundamental differences in the definition of risk between Wall Street and value investors, emphasizing that these differences lead to distinct investment strategies and perspectives when evaluating undervalued businesses [1][3][27]. Group 1: Definitions of Risk - Wall Street defines risk primarily as the relative volatility of a stock or portfolio, often measured by beta, which quantifies past price fluctuations [7][18]. - Value investors, on the other hand, view risk as the potential loss of principal and related returns, focusing on the intrinsic value of a business rather than its historical price volatility [6][19]. - The article highlights that the understanding of risk is crucial for making accurate investment decisions, as a misinterpretation can lead to significant financial losses [4][27]. Group 2: Investment Strategies - Value investors adopt a long-term perspective, believing that holding undervalued businesses over time reduces risk, while Wall Street often emphasizes short-term trading strategies [20][21]. - The article contrasts the "Business Picker" approach of value investors, who focus on the underlying business fundamentals, with the "Stock Picker" mentality of Wall Street, which prioritizes market trends and price movements [14][15]. - Value investors prefer concentrated investments in a few well-understood businesses, arguing that diversification can increase risk due to the complexity of managing multiple variables [22][23]. Group 3: Risk Assessment Methodologies - The article outlines Buffett's five-factor method for assessing investment risks, which includes evaluating the long-term economic characteristics of a business, the competence of its management, and the impact of inflation on purchasing power [10][11]. - This method contrasts with Wall Street's reliance on quantitative measures like beta, which may not accurately reflect the true risks associated with an investment [12][19]. - The emphasis on qualitative assessments in value investing allows for a more nuanced understanding of risk, which can lead to better investment outcomes over time [26][27]. Group 4: Conclusion - The article concludes that the differing definitions and approaches to risk between Wall Street and value investors result in fundamentally different investment philosophies, with value investors more likely to achieve long-term success by focusing on intrinsic value and business fundamentals [24][27].

Group 1 - Baofang, the founder of Huaxing Capital, has reappeared after being missing for approximately two and a half years, but the company has stated he will no longer participate in daily management [1] - Huaxing Capital's operations are reported to be normal, with the executive committee now responsible for strategic advancement [1] - The new XPeng P7 model has received over 10,000 pre-orders in just 6 minutes and 37 seconds, indicating strong market interest [1] Group 2 - Chery Automobile's chairman has ordered a reduction in mandatory Saturday overtime, aiming to improve employee work-life balance [2] - The company plans to streamline meetings by 30% and reduce the number of participants, reflecting a shift in management philosophy [2] - Chery's chairman acknowledged past management practices as inhumane and expressed a commitment to valuing employees' time [2] Group 3 - Hang Seng Bank reported a 30.46% decline in net profit for the first half of the year, with shareholder profit at HKD 6.88 billion [4] - The bank's net interest income also decreased by 7.39%, leading to a 7.4% drop in stock price on the day of the earnings release [4] - The new chairman emphasized a focus on diversifying income sources and building a future-oriented business model [4] Group 4 - The active management equity fund sector has seen a strong recovery, with 95% of funds achieving positive returns, averaging over 15% [6] - The medical industry theme funds have emerged as the biggest winners, with four funds doubling their returns [6] - Notably, Zhang Kun from E Fund leads with over 50 billion in assets under management, while some fund managers have reported negative returns [6] Group 5 - Hichain Energy's president has been taken into custody for allegedly infringing on trade secrets, but the company claims the technology in question is publicly known [7] - The company reassured stakeholders that the incident will not adversely affect its operations [7] Group 6 - Wang Hong has been appointed as the vice chairman of the Shenzhen Stock Exchange, focusing on attracting long-term capital through ETFs [8] - GAC Honda has announced a leadership change, with Gao Hongxiang taking over from Li Jin as executive vice president [9] - The management reshuffle at GAC Honda has been confirmed, although the duration of Gao's term was denied as being publicly disclosed [9] Group 7 - In a significant leadership change, Ye Cai has been appointed as the chairman of Invesco Great Wall Fund Management, marking a transition in the management of this large asset management firm [11] - The new chairman's appointment is part of a broader restructuring within the company [11] Group 8 - Zhu Yong has been elected as the vice chairman of CITIC Securities, following a board meeting that approved his appointment [12] - This change reflects ongoing adjustments within the company's leadership structure [12] Group 9 - Wang Yijun has been approved as the chairman of Bank of Communications Investment, bringing extensive experience from his 31 years at the bank [13] - His leadership is expected to guide the investment firm through its strategic initiatives [13]

Group 1 - The cryptocurrency market experienced a significant increase, with Ethereum surpassing $4200 and Bitcoin reaching $117000, indicating a bullish trend in the market [1] - The total market capitalization of cryptocurrencies exceeded $4 trillion, reflecting a 1.9% increase in the past 24 hours [1] - Over 100,000 traders faced liquidation in the last 24 hours, with total liquidations nearing $400 million, highlighting the volatility in the market [1] Group 2 - Harvard Management Company made substantial investments in Bitcoin and gold-related ETFs, acquiring 1.9 million shares of BlackRock's iShares Bitcoin ETF valued at $116.7 million [1] - The expansion of global money supply, particularly since the pandemic, has led investors to view gold and cryptocurrencies as stores of value [2] - Recent regulatory changes under the Trump administration have facilitated the inclusion of alternative assets like cryptocurrencies in retirement savings plans, potentially increasing institutional interest [2]

Group 1 - The fund is named "Bank of China CSI Hong Kong Stock Connect Internet Index Fund" and has been approved for registration by the China Securities Regulatory Commission [1][10] - The fund is an open-ended, equity-type index fund that aims to closely track the performance of its benchmark index [10][13] - The fund's investment scope includes constituent stocks of the benchmark index, Hong Kong Stock Connect stocks, and other financial instruments as permitted by regulations [14][15] Group 2 - The fund's subscription period is from August 13, 2025, to August 13, 2025, with a minimum total subscription amount of 10 million units [19][20] - Investors can subscribe through various sales channels, including direct sales by the fund management company and other designated sales institutions [22][40] - The fund offers two classes of shares: Class A, which charges a subscription fee, and Class C, which does not charge a subscription fee but deducts service fees from the fund's assets [17][26] Group 3 - The fund management company is Bank of China Investment Management Co., Ltd., and the custodian is Ningbo Bank Co., Ltd. [1][46] - The fund's assets must maintain at least 80% in stocks, including depositary receipts, and at least 5% in cash or short-term government bonds [15][14] - The fund may participate in financing and securities lending activities as permitted by law and the fund contract [15][9]

Core Viewpoint - The report details the share transfer results of Tuojing Technology Co., Ltd., indicating a significant reduction in the shareholding percentage of 11 employee stock ownership platforms from 8.99% to 2.50% following the transfer [1][2]. Group 1: Shareholding Changes - As of August 4, 2025, the 11 employee stock ownership platforms collectively held 25,149,516 shares, representing 8.99% of the total share capital [2]. - After the transfer, the shareholding percentage of these platforms will decrease to 6.49%, indicating a substantial reduction in their influence [3][5]. - The transfer involved a total of 6,993,228 shares at a price of 144.92 RMB per share [3][8]. Group 2: Transfer Details - The transfer was executed through a pricing inquiry process, with the final price set at 144.92 RMB per share, based on the average trading price over the previous 20 trading days [7][8]. - A total of 421 institutional investors received the subscription invitation, with 34 valid bids submitted during the inquiry period [8]. - The transfer does not result in a change of control for the company, as the major shareholders and actual controllers remain unchanged [3][8]. Group 3: Compliance and Verification - The transfer process was reviewed by CITIC Securities Co., Ltd., which confirmed that it adhered to fair and just principles, complying with current securities market regulations [8].