近日，证监会发布关于核准申港证券通过子公司从事私募投资基金业务的批复，核准申港证券通过设立 子公司从事私募投资基金业务。证监会要求申港证券应当依法完成子公司筹建工作，配备人员、系统、 场所，筹建情况通过公司住所地证监局现场检查前，不得实际开展业务。证监会还表示，申港证券应当 切实履行母公司的管控责任，加强对子公司的合规管理和风险控制，制定措施切实防范与子公司的利益 冲突和利益输送风险，督促子公司稳健经营、依法展业。子公司经营过程中出现重大问题的，应当及时 报告住所地证监局。(中证网) ...

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Core Insights - Nvidia has achieved a market value of $4 trillion, becoming the world's largest company, surpassing Apple and Microsoft [1][4] - The surge in Nvidia's market capitalization is attributed to its leadership in the artificial intelligence (AI) sector, particularly in designing highly sought-after graphics processing units (GPUs) [1][6] - Nvidia's revenue has significantly increased, exceeding $130 billion in the latest fiscal year, driven by strong demand for its AI chips and related products [6][7] Nvidia's Path to $4 Trillion - Nvidia's market capitalization rose from under $1 trillion in June 2023 to $4 trillion, marking a rapid ascent in the tech industry [4] - The company's dominance in AI has outpaced competitors like Apple and Microsoft, who are also involved in AI but have not benefited as significantly [6][7] Future Prospects - Nvidia's stock is currently trading around $171, with a potential to reach a market cap of $5 trillion, requiring a 20% increase in stock price [8][9] - The increase in market cap would raise Nvidia's trailing 12-month price-to-earnings ratio from approximately 55 to 66, which is considered reasonable for a high-quality growth stock [9] - Nvidia is expected to maintain its growth trajectory and could reach the $5 trillion milestone by 2025, supported by its ongoing innovations and annual GPU updates [7][11]

Core Viewpoint - Airline stocks, traditionally viewed as poor investments, are now seen as having fundamentally changed, with Delta Air Lines positioned as a strong buy due to several strategic advantages and growth opportunities Group 1: Revenue Growth - Delta is focusing on increasing premium cabin revenue, which now accounts for 30% of seats compared to 10% in 2010, with expectations that premium revenue will surpass main cabin revenue by 2027 [2][3] - The SkyMiles loyalty program has seen a 50% increase in membership from 2017 to 2024, enhancing customer loyalty and long-term value [4] - Co-brand credit card partnerships with American Express have grown from $2 billion in 2010 to $7 billion in 2024, with a target of reaching $10 billion, diversifying Delta's revenue streams [5] Group 2: Capacity Management - Delta has shown discipline in capacity management, adjusting capacity in response to market conditions for two consecutive years, which aids in cost and earnings management [7][8] - The airline industry as a whole is becoming more disciplined, with competitors like United Airlines also reducing capacity in response to demand slowdowns [9] Group 3: Financial Performance - Delta is leading the industry with a return on invested capital (ROIC) of 13% in 2024, exceeding its weighted average cost of capital (WACC) of 8%, with a long-term target ROIC of 15% [10] - The company has a favorable market position supported by its domestic hubs and international presence, contributing to its strong ROIC [12] - Delta's structural advantages as a network carrier allow it to better absorb rising costs compared to low-cost carriers [13] Group 4: Cash Flow and Debt Management - Delta's adjusted debt has decreased from $21.4 billion at the end of 2023 to $16.3 billion by June, supported by strong free cash flow generation, with guidance for 2025 FCF between $3 billion and $4 billion [15] Group 5: Valuation - Delta is currently trading at over 10 times estimated 2025 earnings and 12.2 times the low end of the 2025 FCF guidance, indicating that the market is undervaluing its long-term growth prospects [16]

受台风"韦帕"影响，香港天文台将于明日(7月20日)0时至2时改发八号烈风或暴风信号。(界面) ...

众所周知，当前内地投资者投资港股，最主要的渠道就是直接通过港股通购买港股的股票。今天，就让 我们来看看在通过港股通投资港股时，会涉及到的一些有意思的技术细节。 正所谓"投资不仅需要宏大叙事，也需要无数细节"，缺乏细节的投资者，在投资中是容易吃亏的。希望 这里探讨的技术细节，能让投资者更多获利。 港股通股票和非港股通股票比较 目前，港股通的范围没有扩大到所有港股。因此，投资者在使用港股通时，难免会思考一个问题：这种 限制对投资有何影响？ 对此，我曾经花了不少时间，研究了港股各种股票的情况，对比了港股通标的和非港股通标的。简单来 说，有以下几条结论： 一、大型和优秀的公司，绝大多数在港股通中。因此，通过港股通投资，可以满足至少90%左右的主要 投资需求。 二、非港股通股票的质量，平均来说，比港股通股票要差不少。尤其一些财务非常薄弱，甚至有老千股 股票嫌疑的公司，大多数都在非港股通股票中。 三、有一部分资质不错的公司，不在港股通范围内。而且，由于这些公司不能被内地资本购买，它们的 估值往往更低。 总结来说，港股通的范围限制，确实会让最优秀的投资者少赚一些钱，但是也会让很多投资者躲避港股 中的坑。 同时，对于有在港资 ...

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Core Insights - Warren Buffett's investment strategy focuses on determining whether a business is undervalued compared to its market price rather than trying to time the market or predict short-term stock movements [2][5] - Berkshire Hathaway has achieved a compound annual growth rate of approximately 20% since 1965, significantly outperforming the S&P 500's 10.4% during the same period [3][4] Investment Strategy - Buffett's approach of buying fundamentally undervalued stocks has proven successful, but he has recently identified that many equities in Berkshire's portfolio may be overvalued [5] - Berkshire Hathaway has been a net seller of stocks for 10 consecutive quarters, selling $174 billion more than it purchased during this period [5] Portfolio Adjustments - Significant reductions in holdings include a 67% cut in Apple and a 39% reduction in Bank of America [6][12] - Apple remains the largest holding in Berkshire's portfolio, accounting for nearly 22% of its value, but its high forward P/E ratio of 29 has led Buffett to refrain from adding to this position [11][10] Cash Management - Berkshire Hathaway has accumulated substantial cash from stock sales, with $314.1 billion in U.S. Treasury bills yielding an average of 4.3%, expected to generate $13.5 billion in interest in 2025 [15][16] - Despite the significant income from Treasury bills, Buffett prefers to invest in equities rather than bonds, emphasizing a long-term commitment to equity investments [17] Market Valuation Challenges - The current market presents challenges for Buffett, as many large-cap stocks are trading at high valuations, limiting the universe of investable stocks for Berkshire [18] - Smaller and mid-cap stocks are trading at more attractive valuations, suggesting potential opportunities outside of the largest companies [19][20]

海报新闻记者 张婷婷 刘娇 青岛报道 7月18日下午，以"上合枢纽 链接世界"为主题的物流运输国际合作对话对接会在青岛上合建国饭店举办。本场会议由山东省交通运输厅、山东省国资委指 导，上合示范区管委会主办，山东高速齐鲁号欧亚班列运营有限公司承办，来自中外政府机构、企业、商协会的约200位嘉宾参加。上合示范区党工委副书 记、管委会常务副主任李刚，山东省交通运输厅副厅长张玉宏，山东高速集团党委常委、副总经理张仰进、北京物资学院党委副书记卢向红等出席活动并致 辞。 本次会议旨在充分发挥上合示范区平台优势，通过构建多式联运通道、强化区域产业链协同，系统性破解上合组织国家出海口瓶颈，降低贸易成本，为中国 在亚欧大陆深化"硬联通"与"软联通"提供战略支点。 山东高速齐鲁号欧亚班列运营有限公司总经理助理满坤表示，山东高速集团积极融入上合国际物流中心建设，稳定运营"上合快线"、"日韩陆海快线"等精品 线路，高标准、高质量建设运营号中欧班列（济青）国家集结中心青岛枢纽，在新疆、淄博设立分中心，积极探索"齐鲁号·全球购"等新业态，推动"以物流 促贸易、以贸易促产业"的发展态势，为打造上合组织国家面向亚太市场的"出海口"提供了有力 ...