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在A股优胜劣汰加速的背景下,不同“赛段”(投资年限、经验不同)的选手都有自己的资产保值秘籍。随着近两年资本市场改革不断深化,监管推动上市公司提高质量的导向非常明确,对于投资者而言,必须学会价值投资。
投资是一场马拉松,只要不退出,比赛就没有结束。相对于业绩的偶然爆发,可持续的中长期收益对投资者来说更加可贵。衡量某只基金长跑能力的一个维度就是长期投资区间的年化回报,一般来说,超过5年的运作时间、超过15%的年化回报是相对不错的。
如下表所示,以华安基金为例,华安基金旗下有16只基金成立满5年、成立以来年化回报超15%。如果长期能够保持这个年化收益水平,投资者通过长期不断的投入,就能够充分利用时间的复利效应,让财富滚雪球般增长。
数据华安基金,经托管行复核的净值计算,截至2020.12.31
据有关数据显示,华安基金旗下的华安沪港深外延增长(001694)成立于2016年3月9日,在华安基金金牛基金经理崔莹的管理下,该基金自近年来业绩长期波动上行,历史回报出色,因此获得了银河证券三年期五星评级。(评级时间2021年3月5日)截至2020年12月31日,华安基金旗下的华安沪港深外延增长成立以来累计收益率319.71%(成立来年化收益率34.67%),长期超额收益凸出。(业绩及基准数据基金定期报告、华安基金、经托管行复核的净值计算,指数数据来源Wind,截至2020.12.31)
长期实践不断证明,实力更强的基金以及投资团队,能够通过灵活调仓、行业配置、优选个股等策略,更好地应对风险。
华安基金成立于1998年,是中国证监会批准成立的首批基金管理公司之一。Wind数据显示,华安基金的资产规模自成立以来,不断增长,截至2020年底,规模已突破4600亿元,较上年增长33%。海通证券数据显示,截至2020年底,华安基金权益类基金近3年、5年收益率91.30%、96.75%,排名行业16/110、19/97,固收类基金近3年收益率17.83%(年化5.62%),排名行业前1/5。
在北京天安门广场中心的人民英雄纪念碑的碑身上,刻有这样一句话:“三年以来,在人民解放战争和人民革命中牺牲的人民英雄们永垂不朽!”这三年,诉说了中国人民 *** 在解放战争中百折不挠的壮丽史诗,镌刻了中华民族为祖国和人民奋斗的信仰。为什么中国 *** 能够取得人民解放战争的伟大胜利?根源在于:军队打胜仗,人民是靠山。
在这场战争中,中国 *** 紧紧依靠人民群众,获得了排山倒海的力量,结束了 *** 的反动统治,建立了崭新的中华人民共和国。
1946年战争爆发前夕, *** 不仅在军队人数上,还是武器装备等方面,均有压倒性的优势,甚至还有美国撑腰。
所以,蒋介石满怀信心地认为, *** 很快会被歼灭。但是,历史却选择了这个看似“弱小”的一方。而造成这种反差的原因是什么?蒋介石是如何将一手好牌打得稀烂的?
张学良曾在晚年的口述历史中给出了答案,在他看来, *** 之所以能发展壮大,就是因为 *** 顺应了民意。
就在 *** 的军政高管们忙着敛财、压榨人民、党内派系勾心斗角的时候。 *** 人提出了一个口号——“一切可能下乡的干部要统统到农村中去”。
据军旅作家王树增采访回忆,在淮海战役打响的时候,村中一位老人参加了支前大军,为了把炮弹运输给 *** ,他推着小车,走了三、四百里的路。遇到雨天,他担心炮弹受潮打不响,就把自己的衣服脱下来盖在炮弹上。
运到淮海战场后,也没有急着回老家,而是一定要看着炮弹打出去才放心。那时,供应 *** 前线的物资运送,几乎全靠百姓们肩挑背负、小车推送。
新中国成立后,有人问淮海战役指挥者陈毅,这场战役是怎么打赢的,陈毅说,是老百姓用小车推出来的。
由于多年的战乱,中国经济遭受极大破坏,农业生产力极度低下,亟待恢复与重建。为了保障农民生存利益, *** 提出要解决农民土地问题。
1946年5月4日, *** 中央发布了《五四指示》,宣布改变过去的减租减息政策,改为将地主占有的土地分配给贫苦的农民。
百姓们有了地,就有了粮,就有了维持生存的根本,此时的他们更加深刻地认识到,只有中国 *** 才真正心系人民群众。
后来,仅1000多万人口的“北满地区”,就有40万农民自愿加入 *** 领导的军队,这很快改变了东北战场的力量对比。
而反观 *** 抓壮丁的强制征兵行为, *** 的士气自然远远压倒敌人,逐渐地,一些 *** 军队甚至成建制地投诚。
土地改革运动不仅是一场提高国内生产力的经济运动,更是一场人民解放运动,这场运动也极大提高了中国 *** 夺取政权的可能性。
随着解放战争的节节胜利,新的解放区必须着手建立新政权。
而在建立新政权的过程中,创造于抗日战争时期陕甘宁边区的“豆选”再一次让基层群众实现了当家做主。
美国
没有民主就没有社会主义,只有实行真民主才能得到真民心。
与 *** 在抗战胜利后聚“国难财”、争官衔相比, *** 人则表现出对名利的淡泊和事业的忠诚。
1955年,彭德怀、罗荣桓等人听说自己被评为“大元帅”的消息时,他们纷纷直言谢绝; *** 、周恩来也纷纷表示不参加评定军衔;许光达作为一名高级将领甚至提出降衔,后来考虑各种因素,还是授予其大将军衔,但在许光达的一再要求下,给他降低了一级工资;徐立清曾在解放战争初期担任正兵团级职务,属于正兵团级将领,按理授予上将,但是在确定授衔名单时,他先后给军委领导写了十多封信,坚决要求降衔。
*** 表扬说:“不简单哪,金钱、地位和荣誉可以看出一个人的思想和品格,古来如此!”
在中国人民革命军事博物馆解放战争的展厅中,“人民的胜利”五个烫金大字十分醒目。
展厅内一座“人民支前”浮雕,刻画了人民群众与人民 *** 勠力同心、并肩战斗的生动场景。
历史可以过去,但不会被人遗忘,中国 *** 的历史就是一场为人民奋斗、谋幸福的历史。
正如 *** 中央总书记 *** 所说,有了民心所向、民意所归、民力所聚,人民军队就能无往而不胜、无敌于天下,人民军队必须牢记全心全意为人民服务的根本宗旨,任何时候任何情况下都做人民子弟兵。
Why didthe CPC Win the War of Liberation?
Onthe Monument to the People's Heroes standing at the heart of Tian'anmen Squarein Beijing carved a line:
“Eternal glory to the people's heroes who laid down their lives inthe People's War of Liberation and the people's revolution in the three years!”
Thethree years is a magnificent epic of the unyielding struggle of the ChinesePeople's Liberation Army (PLA) in the War of Liberation, recording the Chinesenation's commitment to fight for the country and its people.
Whywas the Communist Party of China (CPC) able to win such a great victory in theWar of Liberation?
Herelies the root: The victory of an army relies on the people.
Duringthis war, with the strong support of the Chinese people, the CPC gainedenormous strength, thereby finishing the reactionary rule of the Kuomintang andestablishing the People's Republic of China.
In1946, just before the war, the Kuomintang had overwhelming advantages not onlyin the number of troops but also in weaponry and other things.It was evenbacked by the United States.
SoChiang Kai-shek had full confidence that the CPC would soon be eliminated.
Buthistory chose to stand on this seemingly \"weak\" side.
Whatwas the reason behind that contrast?
Howdid Chiang Kai-shek waste the precious window of opportunity?
Theoral history told by Zhang Xueliang in his late years gives us the answer.Hebelieved that it is because the CPC conformed to public opinion that it couldgrow up and thrive.
Whenthe Kuomintang military leaders were busy enriching themselves, squeezing thepeople and involved in rivalries with different factions of their party,
theCPC proposed a slogan, \"All the cadres who may go to the countryside forwork should go deep to the rural areas.\"In the eyes of the PLA, theirlogistics department was composed of ordinary people。
AsWang Shuzeng, a military writer, recalled in an interview,
whenthe Huaihai Campaign started, an old villager joined the supporting troops.
Hetrundled a wheelbarrow for about 100 miles to transport shells to the PLA.
Inthe rainy days, he would take off his clothes and put them over the shells, incase that they would misfire if getting damped.
Finishingthe transport task,he didn't rush to come back home before the shells werefired to enemies.
Atthat time, the transport of military goods and materials to the frontlinelargely relied on ordinary people, who carried them on their shoulders or backsand by their carts.
Afterthe founding of New China, when the commander of Huaihai Campaign Chen Yi wasquestioned how they won this battle,
hesaid that it was the ordinary people who trundled wheelbarrows to help themwin.
Dueto years of war, China's economy has been greatly damaged with extremely lowagricultural productivity, which needs to be restored and rebuilt. To protectthe survival interests of farmers, the CPC proposed to tackle the problemrelated to farmers' land.
TheCPC Central Committee issued \"the May Fourth Instructions\" on May 4,1946, declaring that they would change the policy of reducing rents andinterest, and distribute the land occupied by landlords to poor farmers.
Oncethe people had land, they would produce food. That would be the basis for theirsurvival.
Andthe people further learnt that only the CPC cared for them in the true sense.
Lateron, in northeastern China with a population of over 10 million, 400,000farmersvolunteered to join the army led by the CPC, which soon changed the powerstructure of the battlefield there.
TheKuomintang, in contrast, forced young men into conscription. So the morale ofthe PLA was far higher than the Kuomintang; gradually, some troops of thelatter even surrendered in an organized way.
Theland reform was not only an economic revolution that boosted nationalproductivity, but also a liberation movement for the Chinese people, therebyenhancing the likelihood for the CPC to seize the ruling power.
Asthe CPC gained a succession of victories in the War of Liberation, newgovernments had to be established at the newly liberated areas.
Duringthis process, the \"bean ballot\" created in the Shaanxi-Gansu-Ningxiaborder region in the anti-Japanese war enabled the local people to be the truemasters of the country again.
Whenthe American reporter Anna Louise Strong was doing interviews in Yan'an, amodel worker surnamed Yang told her,
\"Thebiggest difference between the old society and the new one is that there was noelection in the old society, but in the new society everyone can vote.\"
Withoutdemocracy, there will be no socialism; only the real democracy can win people'shearts.
Whilethe Kuomintang members were making profits from the disaster and fighting forthe ranks after the victory over Japan, the CPC members showed theirindifference to wealth and fame, and loyalty to their career.
In1955, when Peng Dehuai and Luo Ronghuan,among others,heard that they would beawarded the rank of grand marshal, they all politely declined the rank.
LiuShaoqi and Zhou Enlai also refused to accept any ranks.
Asa senior military officer, Xu Guangda even asked for demotion.
Withvarious factors considered, he was still awarded the rank of senior general.
Buthis salary was one level lower at his repeated request.
XuLiqing, once the general at the regiment level when the War of Liberationstarted,should have been granted the rank of general. But when the CentralMilitary Commission (CMC) was confirming the commission list, he wrote over 10letters to the CMC leaders and insisted on demotion.
MaoZedong praised him, \"So marvelous! We can tell a person's thoughts andmorals from his attitudes towards wealth, status and honor. It's always been sosince ancient times.\"
Inthe exhibition hall about the War of Liberation in the Military Museum ofChinese People's Revolution, there are five remarkable golden Chinesecharacters, \"人民的胜利,\" meaning \"People's Victory\" in English.
Arelief called \"People Supporting the Frontline\" in the hall vividlydepicts the scene of the people and the PLA fighting together.
Historyrepresents the past, but will not be forgotten. The history of the CPC is ahistory of fighting for the people and their welfare.
AsXi Jinping, general secretary of the CPC Central Committee, once said, thepeople's army will conquer all as long as they strive for the commonaspirations of the people and are supported by the people. They must bear inmind their responsibility of serving the people whole heartedly.They are thepeople's army at all times and under all circumstances.
中国网
10月21日,华安基金公告称,华安安心收益债券型证券投资基金进行2019年度的第一次分红。本次收益分配基准日为9月30日。
公告显示,华安安心收益债券A本次分红为0.440元/10份基金份额;华安安心收益债券B本次分红为0.380元/10份基金份额。截至收益分配基准日的数据显示,华安安心收益债券A份额净值为1.137元,可供分配利润为487.95万元;华安安心收益债券B份额净值为1.123元,可供分配利润为250.28万元。
具体投资方向上,张亮看好三大主线。一是产业周期处于底部,公司经营周期改善的板块。服务行业内部已发生翻天覆地的变化,龙头公司在逆境中逆势扩张,管理改善,效率提升,未来可取得更好收益。另外,养殖业也面临新一轮的猪周期。二是业绩稳定性相对较高、股息率高,受益稳增长的价值类股票,包括上游能源、港口等基础设施行业。三是核心优质公司。医药服务、日常消费、家电等行业的优质公司调整较多,已具有较大吸引力,可仔细研判公司基本面拐点和长期价值。
据悉,华安品质甄选混合将于7月7日起发行。从投资履历看,张亮拥有11年证券从业经验、5年卖方和3年买方的深厚研究功底,担任基金经理也有3年时间。投资中,他是一位善于均衡布局的\"多面手\",中长期投资业绩较好。
投资管理上,张亮注重逆向与顺势相结合,采用\"核心+重点+卫星\"的结构搭配投资组合。核心部分敢于重仓持有看好的优质公司,为组合贡献超额收益;重点部分紧跟市场顺趋势,精挑细选寻找个股;卫星部分则通过配置核心品种的二线选手以及投研团队的支持,来平滑核心仓位的波动。
对具体个股的选择,张亮认为,用自由现金流折现思维去理解公司,更能从短、中、长期全方位判断公司的价值。\"要做好企业价值判断,首先要拿起‘望远镜’,看这个公司未来天花板在哪,然后再用‘显微镜’来仔细识别公司质地、财务状况、公司治理。两相结合,才能做出准确判断。\"张亮称。
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