此前，凯德投资人民币母基金旗下的首只子基金——凯德投资中国产业园基金IV期已于2025年9月完成 募集，基金资产管理规模为17.4亿元，并以大连腾飞园区项目作为种子资产。目前，凯德投资在一线及 强二线城市拥有包括购物中心、产业园区、物流园及租赁住房在内的丰富资产储备，为人民币母基金未 来设立更多子基金提供了支持。 凯德投资将重构凯德MALL新都心项目的资本结构，将其作为种子资产注入CRF I，实现价值释放。凯 德MALL新都心位于青岛市北区，是一座总建筑面积达14.1万平方米的优质购物中心，出租率约为 99.6%。该项目不仅直接连接青岛地铁3号线，更是区域内定位最高、运营最优的标杆购物中心。凯德 投资将继续负责该项目的运营管理，获得经常性费用收入。 中证报中证网讯(记者董添)12月11日，凯德投资对外宣布，其人民币母基金平台下的第二只境内子基金 ——凯德投资中国商业人民币基金I期(China Retail RMB Fund(CRF I))已完成募集。除获得母基金的股本 承诺外，凯德投资亦成功引入多家本土机构投资者，使得该子基金的总规模达到10亿元。CRF I资金全 部部署后，预计将为凯德投资新增约14.8亿元 ...

Group 1 - The core point of the article is that Fengyinhe Holdings (08030) has announced the completion of the acquisition of a property in Hong Kong, with all preconditions met for the transaction [1] - The acquisition is set to be completed on December 9, 2025, and the property will become an asset of the group upon completion [1] - The financial impact of the property will be reflected in the group's accounts following the completion of the acquisition [1]

公告称，集团收入主要来自物业投资及金融服务，但两大业务于本期间均出现下滑。物业投资收入下降 主要由于平均出租率下降，加上为留住现有租户及吸引新租户而提供延长免租期及降租金优惠所致。 智通财经APP讯，普汇中金国际(00997)发布截至2025年9月30日止6个月的中期业绩，该集团取得总收入 3573.2万港元，同比减少19.57%;公司拥有人应占亏损1.2亿港元，同比减少47.51%;每股基本亏损10.28港 仙。 ...

Core Insights - Charlie Munger's later years were marked by active investment decisions and new challenges, rather than a quiet retirement [2][3] - Munger made significant investments in the coal industry, an area he had avoided for 60 years, resulting in over $50 million in paper gains [5][6] - He also collaborated with a young neighbor to build a real estate empire valued at approximately $3 billion [8][9] Investment in Coal Industry - Munger's unexpected investment in coal stocks came as many investors were bearish on the sector due to declining usage [5] - He believed that global energy demand would keep coal necessary, and many producers remained profitable with undervalued stock prices [5] - In May 2023, he purchased shares of Consol Energy and later Alpha Metallurgical Resources, both of which saw significant stock price increases [6] Real Estate Ventures - Munger's real estate investment began with a mentorship of his young neighbor, Avi Mayer, who sought guidance in his career [8] - Together with Mayer and Reuven Gradon, they acquired nearly 10,000 low-rise apartments in Southern California starting around 2017 [8] - Afton Properties, the company they formed, now holds assets valued at about $3 billion, with Munger actively involved in decision-making [9] Health Challenges and Social Engagement - Munger faced significant health challenges, including vision loss, but maintained a humorous outlook and engaged socially to combat loneliness [10][11] - He adapted his lifestyle, including dietary changes, and emphasized the importance of forming new friendships in his later years [11] - Munger continued to communicate regularly with Warren Buffett, maintaining their long-standing partnership despite health issues [12][13]

Core Insights - Charlie Munger's final years were marked by active investment decisions and new challenges, rather than a quiet retirement [3][4] - Munger made significant investments in the coal industry, an area he had avoided for 60 years, resulting in over $50 million in paper gains [5][6] - He also played a crucial role in real estate investments, helping to build a $3 billion apartment empire [8] Investment in Coal Industry - Munger's unexpected investment in coal came as many investors were bearish on the sector due to declining usage [5] - He believed that global energy demand would keep coal necessary, and many producers remained profitable with undervalued stock prices [5] - His investments in Consol Energy and Alpha Metallurgical Resources led to substantial gains, with Consol's stock price doubling by the time of his passing [6] Real Estate Ventures - Munger mentored a young neighbor, Avi Mayer, leading to a partnership in real estate that acquired nearly 10,000 low-rise apartments in Southern California [7] - Under Munger's guidance, their company, Afton Properties, adopted long-term loans to secure favorable rates, resulting in a portfolio valued at approximately $3 billion [8] Health Challenges and Social Engagement - Munger faced significant health issues, including vision problems, but maintained a humorous outlook and engaged socially to combat loneliness [9] - He continued to share investment wisdom and life philosophy with peers during regular breakfast meetings [9] Final Farewell to Buffett - Munger maintained a close friendship with Warren Buffett, communicating regularly despite challenges due to hearing issues [10][11] - In his final days, Munger requested privacy to make a last call to Buffett, marking a poignant farewell between the two legendary investors [11]

2025.11. 27 本文字数：2393，阅读时长大约4分钟 在生命的最后十年，他与公司的联系有所减少，但每隔一两周就会与巴菲特通话。巴菲特住在内布拉 斯加州奥马哈，而芒格住在洛杉矶，两人都有听力障碍，这使得沟通更加困难。 押注这个冷门行业 芒格毕业于哈佛法学院，曾与人共同创立了位于洛杉矶的芒格、托尔斯和奥尔森律师事务所。1962 年，他辞去了律师工作，专注于投资，并于1978年加入伯克希尔·哈撒韦公司。 芒格成为了巴菲特的顾问和智囊，他敦促巴菲特放宽投资标准，不再仅仅关注低价投资，而是投资优 质公司。"在商业决策上，查理和我是可以互换的。"巴菲特在1982年说道。 作者 | 第一财经 冯迪凡 "股神"沃伦·巴菲特的黄金搭档查理·芒格生命中最后的篇章鲜为人知。 据最新报道，在他去世前一年，投资了一个曾避之不及60年的冷门行业，从中获利超过5000万美 元，他还加大了对房地产的投资力度，与一位年轻的邻居合作进行大笔长期投资。 "他们会大声喊叫。"芒格的孙媳妇杰克逊（Whitney Jackson）说，她经常去芒格家探望他。"这或 许是想保密，但方圆一英里内的人都能听到。"她说。 朋友们说，几十年来，他几乎不关 ...

智通财经APP讯，新世纪集团(00234)发布截至2025年9月30日止6个月中期业绩，该集团取得收入3692.6 万港元，同比减少24.17%;公司拥有人应占亏损1871.6万港元，同比增加340.69%;每股亏损0.32港仙。 公告称，亏损增加乃主要由于随着对所有贷款申请采取收紧借贷措施，导致本集团的贷款组合下跌，令 放债业务溢利减少;本集团于香港的投资物业(主要为商业零售单位)的公平价值亏损增加;及上市股权投 资的公平价值收益及股息收入减少。 ...

新世纪集团(00234)发布截至2025年9月30日止6个月中期业绩，该集团取得收入3692.6万港元，同比减少 24.17%;公司拥有人应占亏损1871.6万港元，同比增加340.69%;每股亏损0.32港仙。 公告称，亏损增加乃主要由于随着对所有贷款申请采取收紧借贷措施，导致本集团的贷款组合下跌，令 放债业务溢利减少;本集团于香港的投资物业(主要为商业零售单位)的公平价值亏损增加;及上市股权投 资的公平价值收益及股息收入减少。 ...

Group 1 - NIRAKU (01245) announced a trust beneficial interest transfer agreement with a total transfer price of 9.557 billion yen (approximately 50.6 million HKD) for the trust beneficial interest of "Kie Asu" [2] - The effective date of the transfer is expected to be December 2, 2025 [2] - The group initiated its real estate investment business preparations in August 2024, focusing on investments in hotels and leisure facilities with high resale value potential [2] Group 2 - The new business officially launched in April 2025 aims to support the Japanese government's key policy of regional revitalization [2] - The strategy involves transforming local Japanese inns and hotels into financial products for sale to investors, redirecting capital from Tokyo to local economies [2] - The board views the sale as a prudent and strategic business decision to capitalize on favorable market conditions and generate substantial financial returns in the real estate investment sector [2] Group 3 - The proceeds from the sale are intended to be used for general working capital or future investment opportunities [2]

集团于2024年八月启动其于房地产投资业务的筹备工作。这项聚焦投资于酒店及具高转售价值潜力休闲 设施的新创业务，已于2025年四月正式启动。该业务旨在推动日本政府积极倡导的关键政策—地方振 兴。透过将当地和式旅馆与酒店转化为金融商品并销售予投资者，集团旨在将经常集中于东京的资本重 新导向地方经济。董事会认为出售事项乃审慎及策略性的业务决定，使集团可把握利好市况并在房地产 投资业务中产生可观财务收益。此交易与集团运用行业专业知识及市场洞察力为股东创造价值的策略一 致。集团拟将出售事项销售所得款项净额用作一般营运资金或日后出现有关机会时用作投资。 智通财经APP讯，NIRAKU(01245)发布公告，于2025年11月20日，卖方(公司非全资附属公司NBI Regional Revitalization Investment Co., Ltd.* )与买方(SMFL MIRAI Partners Company, Limited*)订立信托 受益权转让协议，以转让价合共9.557亿日圆(相当于约5060万港元)转让"界阿苏"的信托受益权。预期转 让事项生效日期为2025年12月2日。 ...