一、"一亿小目标"与我们有多 近？ 本文来自微信公众号： 秦朔朋友圈 ，作者：黄凡，头图来自：视觉中国 写完 《 今天的100万，十年后值多少？ 》 受到欢迎，那么我们进入下一个类似的题目——一个 亿，还是"小目标"吗？ 大约还是十年前，"一个亿小目标"一词曾经是带有积极色彩的网络流行语。激励着千万国人追逐各种 财富目标。 "一个亿小目标"的官方出处，其实是2016年8月底央视播出的《鲁豫有约大咖一日行》首期节目，嘉 宾是当时的中国首富、万达集团董事长王健林。 当两人讨论年轻人创业时，王健林以自身经验举例说："想做首富是对的，是奋斗的方向。但是最好 先定一个能达到的小目标，比方说我先挣它一个亿。" 这句话在当时也瞬间引爆网络，一时间，"一个亿"这个普通人难以想象的巨额数字与"小目标"形成的 巨大反差，让许多网友调侃，纷纷表示"这个目标太'小'了，小到我不敢想象"。 我因工作关系与王健林先生有过接触，直观感觉是，他为人直率也不失谦和。此言对他，也就是说出 真实经验与感受而已。他在20世纪80年代末创业初期，就为公司设定了"三年做到一个亿"的目标。 当时他的公司连一百万都没有，因此这个目标也曾被员工质疑"说胡话" ...

Group 1 - The article discusses a strategy that has yielded an average annual return of 55% over the past years, with the author experiencing a doubling of their initial investment of 500,000 to just over 1 million this year, coinciding with a bull market [1] - The author expresses a sense of dissatisfaction despite the profits, feeling that the growth is slow and contemplating the long-term goal of achieving 20 million for retirement, which would require a 20-fold increase over 7 years [1] - Concerns are raised about the potential for significant drawdowns in the strategy, highlighting the uncertainty and emotional strain associated with long-term investing [1] Group 2 - There is a sentiment that a 55% annual return is perceived as slow compared to other high-risk investment opportunities, such as those in the cryptocurrency space, which can offer returns of 500% to 5000% [2][4] - Suggestions are made to consider leveraging investments to accelerate the path to retirement, indicating a preference for higher-risk strategies to achieve quicker financial freedom [3] - The article emphasizes the importance of having multiple strategies to ensure certainty in returns, as relying on a single strategy can lead to significant risks and emotional distress during market fluctuations [5] Group 3 - The discussion includes the notion that the pursuit of future wealth can sometimes serve as a distraction from current dissatisfaction with life, suggesting that individuals should focus on addressing present issues rather than solely fixating on retirement goals [7][8] - It is noted that the current market conditions may not sustain the same level of returns in the future, indicating a need for realistic expectations regarding long-term investment performance [9] - The article concludes with reflections on the nature of investment returns, suggesting that the focus should be on the journey and personal growth rather than just the end financial goal [14]

Core Insights - Shareholders of Xinbao Global Holdings (00723) transferred shares from Huafu Jianye Securities to Fuzhong Securities, with a market value of HKD 14.39 million, representing 5.50% of the total shares [1] - The company anticipates generating approximately HKD 18.6 million in other income from listed securities investments, which is expected to significantly impact the interim results for the six months ending September 30, 2025, compared to the same period last year [1] Company Summary - Xinbao Global Holdings is undergoing a shareholder transfer of shares, indicating potential shifts in investor sentiment or strategy [1] - The expected income from listed securities investments suggests a positive outlook for the company's financial performance in the upcoming interim results [1]

Group 1 - The core point of the article highlights that on November 7, shareholders of SinoPac Global Holdings (00723) transferred shares from Huafu Jianye Securities to Fuzhong Securities, with a market value of HKD 14.39 million, representing 5.50% of the total [1] - SinoPac Global Holdings anticipates generating approximately HKD 18.6 million in other income from listed securities investments, which is expected to significantly impact the interim results for the six months ending September 30, 2025, compared to the same period last year [1]

Core Insights - The article discusses the contrasting investment styles of dividend stocks and growth stocks, highlighting how both have reached similar return levels despite their different approaches over the years [1][4]. Group 1: Dividend Stocks - Dividend stocks are often perceived as slow and lacking excitement, associated with traditional industries like coal, electricity, and transportation, which are seen as having peaked growth [4][5]. - The characteristics of dividend indices include a systematic value screening mechanism that emphasizes sustainable dividend payments and valuation safety margins, which is rare in the A-share market [5][11]. - The compounding effect of reinvested dividends creates a significant long-term return, with time favoring investors who adopt this strategy [5][11]. - Dividend assets tend to exhibit stability, avoiding extreme volatility and maintaining a steady growth trajectory, akin to a long, calm stream [5][11]. Group 2: Growth Stocks - Growth investing is characterized by high volatility and frequent narrative shifts, often leading to anxiety among investors as they chase trends in technology and innovation [8][9]. - The high expectations associated with growth stocks come with significant risks, as the competitive landscape can change rapidly, leading to potential losses during market corrections [9][10]. - The article emphasizes that while many investors can achieve quick returns, sustaining long-term growth is much rarer, highlighting the psychological challenges faced during market fluctuations [10][11]. Group 3: Investment Philosophy - The essence of dividend investing lies in its disciplined approach, focusing on steady returns rather than speculative gains, making it suitable for ordinary investors [11][12]. - The article contrasts the pursuit of quick profits with the wisdom of slow, steady investment, suggesting that the latter may be more beneficial for long-term wealth preservation [12]. - Ultimately, the choice between being a "shooting star" or a "steady star" in investing reflects one's ability to handle market volatility and the pursuit of sustainable returns [12].

Core Viewpoint - The article discusses the contrasting investment styles of dividend stocks and growth stocks, highlighting how both have reached similar return levels despite their differing characteristics and market perceptions over the years [1][4]. Group 1: Dividend Stocks - Dividend stocks are often perceived as "slow" and are overlooked in favor of growth stocks, which are associated with rapid innovation and high returns [5][6]. - The characteristics of dividend stocks include a systematic value screening mechanism, a focus on sustainable dividend payments, and a stable performance that is less affected by market volatility [6][9]. - The long-term performance of dividend strategies is attributed to their disciplined approach, emphasizing steady returns and the power of compounding through reinvested dividends [12][13]. Group 2: Growth Stocks - Growth stocks are characterized by their high volatility and the constant shift in narratives, which can lead to significant emotional stress for investors [9][10]. - The allure of growth stocks lies in their potential for rapid returns, but this comes with high risks and uncertainties, making it challenging for investors to maintain their positions during market fluctuations [10][11]. - The article emphasizes that while growth investing can uncover significant opportunities, it requires a strong ability to navigate market changes and withstand emotional pressures [13][14]. Group 3: Investment Philosophy - The article contrasts the investment philosophies of dividend and growth strategies, suggesting that dividend investing may be more suitable for average investors seeking stable returns without the need for precise market timing [12][13]. - It poses a reflective question for investors about their ability to handle volatility and market emotions, suggesting that a dividend strategy may offer a more suitable approach for those who prefer a steady accumulation of wealth [13][14]. - The conclusion emphasizes that in the long-term investment landscape, the choice between being a "shooting star" (growth investor) or a "constant star" (dividend investor) is crucial for achieving sustainable wealth [15][16].

Group 1 - The article focuses on the investment needs for the fourth quarter, addressing key issues such as "style switching, industry opportunity selection, and layout direction judgment" to provide a clear investment logic and mainline analysis for the current market [1] - It covers critical investment dimensions for the fourth quarter, including analysis of key industries such as gold, real estate, non-ferrous metals, technology, and cyclical sectors, while also addressing practical needs like "high cut low pit avoidance, position layout, and trend prediction" [2] - The content emphasizes actionable investment guidance for the fourth quarter, detailing how to respond to potential market fluctuations and style changes, and providing clear strategies on what to focus on, avoid, and how to position investments [3] Group 2 - The article offers access to comprehensive content and a dedicated community for fourth-quarter investment, allowing users to systematically learn about investment logic and receive ongoing support to navigate market changes [4] - It suggests that users can consult a helper for related questions, enhancing the support system for investors [5]

Core Insights - DingTong Technology (688668.SH) reported its Q3 2025 results, revealing that as of October 20, 2025, eight institutional investors held a total of 57.6812 million A-shares, accounting for 41.44% of the company's total share capital. This represents a decrease of 6.23 percentage points compared to the previous quarter [1] Group 1: Institutional Investors - A total of eight institutional investors disclosed their holdings in DingTong Technology, with a combined shareholding of 57.6812 million shares, which is 41.44% of the total share capital [1] - The institutional holding percentage decreased by 6.23 percentage points compared to the previous quarter [1] Group 2: Public Funds - One public fund, Xinhua Preferred Dividend Mixed A, reported a decrease in holdings by 0.46% compared to the previous quarter [2] - Three new public funds disclosed their holdings this quarter, including Zhonghang Opportunity Leading Mixed Initiation A, Debon Xinxing Value A, and Baoyin Transformation Power Mixed A [2] - A total of 335 public funds did not disclose their holdings this quarter, including Yongying Technology Smart Selection Mixed Initiation A, China Europe Digital Economy Mixed Initiation A, and others [2] Group 3: Social Security and Foreign Investment - One social security fund, GF Fund Management Co., Ltd. - Social Security Fund 2003 Combination, did not disclose its holdings this quarter [2] - One new foreign institution, Hong Kong Central Clearing Limited, disclosed its holdings this quarter [2]

Core Viewpoint - The company expects to generate approximately HKD 18.6 million in other income from listed securities investments, which is anticipated to significantly impact the interim results for the six months ending September 30, 2025, compared to the same period last year [1] Group 1: Financial Performance - The expected income includes a net gain of approximately HKD 3.4 million from the sale of financial assets measured at fair value through profit or loss [1] - Additionally, there is an expected net fair value gain of approximately HKD 15.2 million from financial assets measured at fair value through profit or loss [1] - Both income components are positively influenced by the recent recovery in the Hong Kong stock market [1]

Core Viewpoint - The company expects to generate approximately HKD 18.6 million in other income from listed securities investments, which is anticipated to significantly impact the interim results for the six months ending September 30, 2025, compared to the same period last year [1]. Group 1 - The expected income includes a net gain of approximately HKD 3.4 million from the sale of financial assets measured at fair value through profit or loss [1]. - Additionally, there is an expected net fair value gain of approximately HKD 15.2 million from financial assets measured at fair value through profit or loss [1]. - Both income components are positively influenced by the recent recovery in the Hong Kong stock market [1].