Core Insights - Chinese assets have seen a significant surge, with the Nasdaq Golden Dragon Index rising approximately 3.8% during the National Day and Mid-Autumn Festival holidays, indicating international capital's recognition of A-shares and Hong Kong stocks [1] - The recent strength of Chinese assets is attributed to the alignment of prices with their underlying value, as highlighted by the cash flow discount model [2] Investment Evaluation - The investment evaluation methods have been influenced by economist Irving Fisher, who emphasized the importance of future cash flows over mere asset prices, distinguishing professional investors from amateurs [3] - Professional investors focus on the income generated by assets, while amateur investors often rely on price appreciation, which can lead to significant losses if not grounded in cash flow realities [3] Comparative Valuation - As of September 30, the Shanghai Composite Index had a dividend yield of 2.48% and a price-to-earnings (P/E) ratio of 16.6, while the Hang Seng Index had a dividend yield of 2.24% and a P/E ratio of 12.3. In contrast, the Dow Jones Industrial Average had a dividend yield of 0.56% and a P/E ratio of 32, and the Nasdaq Index had a dividend yield of 0.3% and a P/E ratio of 44 [5] - The increasing dividend payout ratios and share buyback activities of leading A-share companies indicate a growing commitment to returning value to shareholders [5] Share Buyback Trends - A-share companies are beginning to adopt share buyback practices, although they lag behind international counterparts like Apple, which has repurchased 13.5% of its shares since August 2020 [6] - If A-share companies align with international practices and implement consistent buybacks, their current valuations may become more attractive [6] Internal Measurement Perspective - Establishing an internal measurement perspective is crucial for investors, as external capital flows provide only a partial view of asset value [7] - Warren Buffett's investment in a farm exemplifies the importance of understanding intrinsic value and expected returns, which can lead to successful investments without specialized knowledge [7] Behavioral Insights - Successful investing relies on a critical mindset and the ability to maintain confidence in one's investment strategy, as emphasized by Benjamin Graham [8] - The behavior of investors is more significant than their investment methods, highlighting the importance of discipline and courage in achieving stable returns [8]

近日，苹果公司宣布了其印度市场扩展计划中的又一重大举措：位于印度班加罗尔的全新官方零售店将 于9月2日正式开门迎客。这家零售店坐落于亚洲凤凰购物中心，标志着苹果在印度迈出了新的重要一 步，成为继孟买与新德里后，印度境内的第三家苹果官方零售店。 苹果公司在印度市场的布局，无疑是对该地区日益增长的经济实力和消费潜力的积极回应。随着印度中 产阶级的不断壮大和消费者对高品质科技产品的需求日益增长，苹果选择此时加大在印度市场的投入， 无疑是一个明智之举。通过开设更多的官方零售店，苹果不仅能够更好地满足印度消费者的需求，还能 进一步提升其品牌知名度和市场份额。 就在本月早些时候，苹果首席执行官蒂姆·库克在财报电话会议中透露了公司对于印度市场的浓厚兴趣 及进一步拓展零售网络的决心。仅仅三周之后，这一蓝图便迅速转化为现实，苹果选择了班加罗尔作为 其在印度的下一个重要据点，这无疑彰显了公司对印度市场巨大潜力的深刻认识。 班加罗尔，这座被誉为"印度硅谷"的城市，不仅是印度信息技术产业的中心地带，更是汇聚了众多高收 入、高技能的IT精英。这里已成为众多国际科技巨头的聚集地，包括微软、惠普等，为苹果提供了极为 有利的市场环境。苹果此 ...

华尔街本周的开场，就像一位穿着燕尾服的窃贼，小心翼翼，步履轻盈，深知一个不慎就可能触发警 报。 美国股市在周一的交易中勉强挤出了一点涨幅，整个过程更像是电影的开场字幕，而不是高潮迭起的主 戏。投资者们似乎集体决定，暂时忽略那些恼人的政策僵局和疲软的宏观数据，转而拥抱一种反重力的 乐观情绪。 毕竟，MSCI世界指数都创下新高了，谁还在乎那些细枝末节？ 这种"无惧"模式的默认开启，很大程度上要归功于远在伦敦的一场外交表演。美中贸易特使们在那里进 行了一场被官方形容为"富有成效"的会谈。美国商务部长称赞它"成果丰硕"，财政部长也竖起了外交上 的大拇指。甚至连白宫草坪上的特朗普总统都表示"我们与中国做得很好"。 听起来一片祥和，对吧？经验丰富的交易员们心里清楚，"富有成效"通常只是"还没炸锅"的代码。 然而，就在这场礼貌的握手和官方赞美进行的同时，来自中国的五月数据包像一记闷棍，敲醒了那些只 看标题的人。整体出口同比增长4.8%？听起来不错。但仔细一看，对美国的出口竟然暴跌了34.4%！这 是自新冠疫情初期以来最惨烈的跌幅。 与此同时，对世界其他地区的出口却增长了11.4%。这数据像是在用扩音器喊话：嘿，各位，美国消 ...