Core Viewpoint - The article emphasizes the importance of controlling drawdowns in investment funds to achieve long-term success, suggesting that lower volatility often correlates with higher returns [4][7][17]. Fund Performance Analysis - From January 1, 2020, to November 20, 2025, the median return of Chinese equity mutual funds was approximately 44.78%, with an annualized compound return of about 6.45% and a median drawdown of 45.12% [5][6]. - Funds with severe drawdowns (60-80%) accounted for 12.53% of the total, with an average return of 26.8%. In contrast, funds with smaller drawdowns (15-30%) represented 10.25% and achieved an average return of 72.25% [6][7]. - The data indicates that 81.28% of funds experienced drawdowns greater than 30%, with over 50.38% facing drawdowns exceeding 45% [6]. Drawdown and Return Relationship - There is an inverse relationship between drawdown magnitude and average return; larger drawdowns lead to lower average returns. For instance, a drawdown of over 30% requires a rebound of 43% to break even [7][8]. - Funds with drawdowns between 15% and 30% achieved the highest average returns, while those with minimal drawdowns (0-15%) had lower average returns [7]. Investor Behavior and Market Dynamics - Investors often struggle to profit from highly volatile funds due to emotional reactions, leading to premature buying and selling decisions [8][10]. - The case of "Wooden Sister" (Cathie Wood) illustrates how significant volatility can lead to substantial losses for latecomers who buy at market peaks [8][10]. Investment Philosophy - The article draws parallels between investment strategies and philosophical teachings from "Tao Te Ching," advocating for moderation and the avoidance of excessive greed [17][20]. - It highlights that enduring volatility is essential for long-term investment success, as evidenced by successful investment firms that manage to withstand significant drawdowns [15][16]. Conclusion - The key takeaway is that achieving a balance between risk and return is crucial in investment, and understanding the costs associated with pursuing higher returns is essential for long-term success [22][23].

预计阅读时长 8 mins 群过了巅峰的奥运选手围成一圈：只要敢打 药，冠军 50 万、破纪录再拿 100 万——这笔钱， 足够让他们把「干净」两个字暂时存进保险箱。 根据 ESPN 此前的报道，一项名为 Enhanced Games 增强运动会的体育赛事，将于明年 5月在美国拉斯维加斯 举办首届比赛。目前主办方公布的项目包括游泳、田径短跑和举重三大类，运动员会按照 XY 或XX染色体组 别进行比赛，而不是按常规赛事的男女进行分组。虽然规模要远远小于奥运会或世锦赛，但这个赛事一经公布 就引发了大量的关注，因为他们要挑战传统体育的禁药体系，运动员不仅允许，甚至被鼓励使用类固醇和生长 激素等世界反兴奋剂机构禁止的药物，来提升竞技表现。每个项目的冠军可以获得 50 万美元的奖金，如果能 打破世界纪录，还能额外获得 100 万美元。主办方表示，参赛运动员也可以不必服用兴奋剂，以「自然」运动 员的身份参赛。但如果要服用药物，也必须在严密的医疗监督下进行，而且只能使用经过美国药品监管机构批 准的产品。 而这项颇具争议的新赛事，是由澳大利亚律师兼企业家阿伦·德索萨（Aron D'Souza）发起的。他是硅谷知名 投资人彼得 ...

Core Insights - JD Health's performance during the 11.11 shopping festival demonstrated significant growth, with over 2,500 health and nutrition brands achieving a doubling of transaction volume year-on-year, and nearly 100 subcategories also seeing a 100% increase in sales [1] - The company reported a strong third-quarter performance, with revenues reaching 17.12 billion yuan, a year-on-year increase of 28.7%, and a Non-IFRS net profit of 1.9 billion yuan, up 42.4% [1] - JD Health launched over 30 new specialty drugs during the reporting period, reinforcing its position as the leading platform for the online debut of new specialty drugs [1] Business Developments - At the recent China International Import Expo, JD Health established multiple partnerships with nine global nutrition and health brands, including Noromega and NYO3, to introduce high-quality products to the Chinese market [2] - The company has formed a professional nutritionist team to provide scientific nutritional knowledge through live broadcasts and online consultations, enhancing consumer understanding [2] - The AI nutritionist has been implemented to handle over 90% of online consultations during the 11.11 period, covering more than 200 nutrition categories and providing personalized advice based on user data [2] Future Outlook - JD Health's management emphasized the vast potential of the health consumption market, indicating plans to deepen the super supply chain layout and integrate global quality nutrition products with professional services [3] - The company aims to drive the nutrition and health industry towards standardization and precision, providing better health solutions for consumers and sustaining growth momentum [3]

Core Viewpoint - The article highlights the recognition of the company, Yimaitong, for its social responsibility efforts in the healthcare sector, as it received the "Social Responsibility Golden Bull Award" at the 2025 Xiamen Industrial Development Conference [1] Group 1: Company Achievements - Yimaitong has been acknowledged for its commitment to corporate social responsibility, contributing to the advancement of the healthcare industry and giving back to society [1] - Since its establishment in 1996, the company has focused on user needs and integrated social responsibility into its business strategy, amassing over 7 million registered users, including more than 4 million licensed physicians, which represents 88% of China's total licensed physicians [1] Group 2: Innovation and Development - The company emphasizes technological innovation to address unmet clinical needs, forming a multidisciplinary R&D team and investing heavily in research resources [2] - Yimaitong is actively enhancing grassroots medical capabilities through collaborations with national health authorities, covering over 600 industry experts and more than 50,000 grassroots doctors in training programs [2] Group 3: Environmental and Social Responsibility - Yimaitong promotes low-carbon development in healthcare services through digital transformation, achieving a reduction of approximately 6,300 tons of CO2 equivalent emissions in 2024 [3] - The company engages in public welfare by providing free medical 3D teaching resources to support youth biological education and has been recognized for its contributions to the field of myasthenia gravis [3] - The company plans to continue leveraging technology to enhance medical digital innovation and fulfill its social responsibility commitments [3]

Core Insights - The research conducted by professors from Harbin Institute of Technology and Tianjin University highlights the transformative role of virtual team collaboration in the healthcare sector, particularly in enhancing individual service capabilities amidst digital transformation [1][3] - The study reveals that virtual team collaboration not only improves the quality of individual consultations by doctors but also optimizes the allocation of medical resources through peer effects [2][3] Group 1: Research Findings - The study utilized data from two online consultation platforms, one offering individual consultations and the other providing team-based consultations, employing advanced causal inference methods [2] - Key findings indicate that virtual team collaboration leads to significant improvements in doctors' individual consultation quality, characterized by longer response content, increased emotional support terminology, and more frequent updates of medical terminology [2] - The peer effects driving service collaboration manifest in four main aspects: transparency mechanisms fostering healthy competition, high-performance demonstration effects setting benchmarks, geographical and organizational proximity enhancing collaboration depth, and low-performance uplift effects benefiting previously underperforming doctors [2] Group 2: Implications for the Industry - This research fills a theoretical gap regarding the cross-boundary effects of virtual teams and provides empirical evidence for the ecological operation of global online medical platforms [3] - As online healthcare becomes the "new normal," the service collaboration effects of virtual teams are positioned as key drivers for enhancing equity and efficiency in healthcare delivery [3] - The findings signify a shift in online medical services from "single-point breakthroughs" to "ecological collaboration," injecting new momentum into the digital transformation of the healthcare industry [3]

Core Viewpoint - HSBC is optimistic about JD Health due to strong growth in its pharmaceutical and health supplement businesses, particularly in innovative drugs, which account for approximately 30% of prescription drug sales [1][3]. Group 1: Business Growth - JD Health is leveraging innovative drugs and AI as new growth engines beyond traditional e-commerce [3]. - The report predicts that JD Health's revenue will achieve approximately 20% year-on-year growth in the second half of 2025, driven by its core businesses [3]. - The innovative drug business is highlighted as a key growth area, benefiting from the migration of online traffic due to hospital prescription outflow [3]. Group 2: AI Implementation - AI technology has significantly improved JD Health's cost efficiency and conversion rate by 10 percentage points [4]. - The company utilizes vast amounts of real user dialogue data on its platform to train its AI models, enhancing precision and efficiency [4]. - Future investments in AI are expected to be "controllable" in scale [4]. Group 3: Profitability and Costs - JD Health is actively expanding offline, planning to open 200 self-operated pharmacies within the year, which is impacting short-term profit margins [5][6]. - The adjusted net profit margin for JD Health is projected to be around 10% in the first half of 2025, but is expected to remain between 8-10% in the short term [6]. - The report forecasts a non-IFRS net profit margin of approximately 8% in Q3 2025, potentially dropping to around 6% in the second half of 2025 [6]. Group 4: Cost Control Measures - The company is implementing "stricter cost control" measures, which are expected to buffer profit margins [7]. - HSBC maintains a "buy" rating for JD Health and has raised its target price from HKD 65.00 to HKD 66.00, indicating a potential upside of 7.4% [7].

Group 1: IPO Market Activity - The US IPO market showed high activity this week with 6 companies going public through traditional IPOs and 2 SPACs listing, alongside 13 companies filing for initial public offerings [1][8] - Alliance Laundry Holdings (ALH) raised $826 million with a market cap of $4.5 billion, pricing at the upper limit of its range, and saw a 14% increase in stock price [1][4] - Phoenix Education Partners (PXED) raised $136 million with a market cap of $1.3 billion, pricing at the midpoint of its range, and experienced a 13% stock price increase [1][4] Group 2: SPAC Listings - Two SPACs completed their listings this week: GigCapital8 raised $220 million and Lake Superior Acquisition raised $100 million, focusing on energy, social media, and consumer goods [3][4] - The SPAC market remains active, with several new SPACs filing for IPOs, including Xsolla SPAC 1 and Alussa Energy Acquisition II, both aiming to raise $250 million [5][7] Group 3: Company Performance - One and One Green Tech (YDDL) raised $10 million with a market cap of $27 million, and its stock surged by 31% [2][4] - Turn Therapeutics (TTRX) went public through direct listing but saw a 26% decline in stock price, opening at $10 [3][4] - Leifras (LFS) raised $5 million with a market cap of $10.5 million, but its stock fell by 5% [2][4] Group 4: Upcoming IPOs and Regulatory Changes - 13 companies have filed for IPOs, including BillionToOne and Evommune, each planning to raise $100 million [4][5] - The SEC issued new guidelines allowing companies to announce their pricing range during the IPO process, which may encourage more companies to proceed with listings amid macroeconomic uncertainties [9]

Core Viewpoint - Ping An Good Doctor has undergone a significant management change with the resignation of Li Dou and the appointment of Guo Xiaotao as Chairman and He Mingke as CEO, which is expected to enhance the company's operational efficiency and strategic direction [1][2]. Management Changes - Li Dou resigned from his positions as Chairman, Executive Director, and CEO due to personal work arrangements, effective immediately [1]. - Guo Xiaotao has been appointed as the new Chairman, while He Mingke takes on the roles of CEO and Executive Director [1][2]. - The new management team is anticipated to leverage their understanding of group resources and digital capabilities to accelerate the company's development in the healthcare service sector [1][2]. Strategic Direction - The company aims to deepen its "medical insurance collaboration" model and enhance the core services of family doctors and elderly care managers [1]. - Ping An Good Doctor will continue to implement the dual-driven strategy of "comprehensive finance + healthcare and elderly care" [1]. - The management change is expected to optimize operational strategies and improve functional efficiency, potentially leading to systemic transformation [1]. Business Development - The company has made significant advancements in its medical AI products, with two products recognized as typical cases of software innovation by the China Academy of Information and Communications Technology [3]. - Ping An Good Doctor is focusing on expanding its B-end business through the "Ping An Enterprise Health Protection Plan" [3]. - The new management is expected to enhance collaboration with the parent company, Ping An Group, to drive business development and strategic implementation [3].

Core Viewpoint - Southbound funds have reduced their holdings in Ping An Good Doctor (01833.HK) by 1.322 million shares on September 18, indicating a trend of net selling over the past few trading days [1] Group 1: Southbound Fund Activity - In the last five trading days, southbound funds have reduced their holdings for four days, with a total net reduction of 3.4349 million shares [1] - Over the past 20 trading days, there have been 11 days of net increases in holdings, totaling 22.2725 million shares [1] - As of now, southbound funds hold 455 million shares of Ping An Good Doctor, accounting for 21.06% of the company's total issued ordinary shares [1] Group 2: Shareholding Changes - On September 18, the total number of shares held was 455 million, with a decrease of 1.322 million shares, representing a change of -0.29% [2] - On September 17, the total number of shares held was 457 million, with a decrease of 1.7086 million shares, representing a change of -0.37% [2] - On September 16, the total number of shares held was 458 million, with a decrease of 1.7548 million shares, representing a change of -0.38% [2] - On September 15, the total number of shares held was 460 million, with a decrease of 328,400 shares, representing a change of -0.07% [2] - On September 12, the total number of shares held was 461 million, with an increase of 1.6788 million shares, representing a change of 0.37% [2] Group 3: Company Overview - Ping An Good Doctor is engaged in providing medical and health services through mobile platforms and offline resources [2] - The company operates through two segments: the medical services segment, which includes online consultations, referrals, appointment scheduling, hospitalization arrangements, disease diagnosis, and related sales of drugs and medical devices [2] - The health services segment offers standardized health service packages that integrate various medical health institution services to meet users' health-related needs, covering categories such as physical examinations, elderly care, dental care, anti-aging, and general health services [2]

Group 1 - Morgan Stanley reports that Alibaba Health's stock price has increased by approximately 27% since the announcement of its fiscal year 2025 results, outperforming peers by 8 percentage points [1] - The increase in stock price is attributed to positive investor reactions to recent updates in online retail sales policies for prescription drugs, leading to a target price adjustment from HKD 5 to HKD 6.5, reflecting a projected price-to-sales ratio of 2.5 times for the current fiscal year [1] - The report suggests that the impact of the policy update is more emotional than substantive, as it does not differ significantly from existing policies [1] Group 2 - The synergy with Taobao's fast e-commerce is expected to be a key focus for the first half of the current fiscal year ending in September, particularly in terms of user and order growth, potential investment scale, and user retention post-subsidy normalization [1] - Revenue forecasts for Alibaba Health for the current and next fiscal years have been raised by 4%, reflecting the collaborative effects with Taobao's fast e-commerce on user traffic and overall transaction volume [1] - Adjusted earnings per share forecasts for the current and next fiscal years have been increased by 3% and 4% respectively, due to savings from market promotion costs associated with high subsidies from Taobao, partially offset by investment from business collaboration [1]