Daily Reminder: In the investment field, the first lesson is always about risk. Whether it is investors who have personally faced losses or bystanders who have witnessed others’ losses, they will eventually understand that true wealth management is about pursuing returns under the premise of safety. The path of investment should not be about empty names; the accumulation of wealth must be gradual.Total word count: 1970 words, 6 images, estimated reading time: 5 minutes;

1. Capital Market Information

01.The Shanghai Composite Index fluctuated underwater for most of the day, briefly reaching a new high of 3888.60 before the noon close, ending at 3868.38 points, a slight decline of -0.39%, with overall poor profit-making effects. In the Tonghuashun industry index, gaming led the rise today with +2.17%, followed by chemical fibers/agricultural products, with 1-2 stocks in the sector rising significantly while others saw minor increases. The rhythm is similar to yesterday,non-hot main lines are operating under a logic of ‘a few large increases, with the rest rotating up.’From the perspective of the entire market sector, the technology and semiconductor funds are not flowing out, and not many people are willing to take over (it is said that this batch of investors is very smart and does not take over, leading to passive increases in the sector), resulting in hot money being unable to rotate to lower sectors, occasionally bringing some increases, but the profit-making effect of the sector is not strong, and the sustainability is much weaker, with each playing their own game.

02.Semiconductors, last night (August 25)Chip Origin Co., Ltd. (market value 83 billion) inquired about pricing from investment institutions, initially setting the price at 105.21 yuan/share (yesterday’s stock price was 157.9 yuan/share) for the transfer of 5% of its shares, with a discount of about 67%. Chip Origin opened down 5% today, closing down nearly 10%. This discount is indeed a bit low; normal discounts are generally between 85-95%.Compared to the purer concept of Cambricon, which closed down 4% today, the valuation of such companies, as mentioned in previous articles, cannot be calculated using gross profit, PB/PE, as it belongs to concept + sentiment, benchmarked against the entire market share.This wave of increase is backed by early investments in technology growth stocks, hot money buying stories, and a large part comes from passive buying by funds. Whether the story can be realized later has a longer timeline.After today’s market close,it is expected to achieve operating income of 2.881 billion yuan in the first half of 2025, a year-on-year increase of 4347.82%; achieving a net profit of 1.038 billion yuan, turning losses into profits.The latest review by the State Council on the “Opinions on Deepening the Implementation of the ‘Artificial Intelligence+’ Action” indicates that dual stimulation is expected to continue.

03.Securities, today -0.9%, leading the rise is Huaxin Co., which has relatively increased less in the previous period. Maintaining yesterday’s view: in a bull market, this version will continue to rise, but the current cost-performance ratio is not that high. Those who have not entered are unlikely to do so at this position, as the first phase of the wave is nearing its end.04.Liquor, today -0.37%, maintaining the top 5 rising stocks are: Jiu Gui Jiu, Jin Hui Jiu, Luzhou Laojiao, Shanxi Fenjiu, Shunxin Agriculture. In the closing auction, 3 out of the top 5 sawlarge purchases,Luzhou Laojiao 50 million, Shanxi Fenjiu 131 million, Jiu Gui Jiu 50 million. The declines correspond to the upper half of the table (0825.txt) and can continue to lie down.

2. Portfolio Information

Currently, there are two portfolios,all selections have fundamental support, with the difference being that Portfolio 01 strategy has trend waves and more frequent adjustments; Portfolio 02,aims to minimize declines and gradually earn, focusing more on undervaluation, waiting for rotation and valuation repair.[Trend Stability Strategy 01 · Day 22]: No changes.[Savings Investment Strategy 02 · Day 22]: No changes.No images are posted on days without adjustments; adjustments will update the holding information, and real-time information can also be obtained by leaving a message in the background.Reply ‘trend’ in the background to view the detailed information of Portfolio 01.Reply ‘savings’ to view the detailed information of Portfolio 2.

3. Some Discussions from Yesterday:

aUser: Why are you not optimistic about Cambricon?Answer: It’s not that I’m not optimistic, just that it’s not in the current investment logic, and I do not accept this risk. The simple logic is that compared to Intel, the revenue is 100 times less, and the market value is almost catching up. Cambricon may be able to overtake in the future, but that’s not money I can earn. Just like I can’t earn money from Nvidia.bUser:Why are you optimistic about liquor?Answer: Liquor has fallen for 4 consecutive years, and the sector’s net value is only 0.6. Luzhou Laojiao’s performance has increased for 10 consecutive years, with a 10-year dividend yield of 4.28%.cUser:What is the mentality of holding a single stock with 200,000 in full position?Answer: This depends on the assets. If family assets (cash and equivalents, excluding cars and real estate) exceed 2 million, then holding 200,000 in full position is considered financial entertainment or financial consumption, seeking stimulation. I also do short-term trading, accounting for about 5%-10%. What really matters is the mentality of investing the remaining portion after excluding this less than 10%.

dUser:Which is better, ETF rotation strategy or portfolio rotation strategy?

Answer: The difference lies in whether to select individual stocks or sectors;If you have knowledge and understanding of the industry, you can choose the ETF strategy; if you have more research on individual stocks, choose the portfolio rotation strategy. Understanding both the industry and individual stocks allows for adjustments based on market conditions.

eUser: Is Sunlight Rose an efficient market?

Answer: In 2015,Sunlight Rosehad a planting area of less than 150,000 acres, with a maximum price of 300 yuan per pound; nowthe national planting area exceeds 1.5 million acres, with a maximum price of 30 yuan per pound, and many are priced at 10 yuan for 3 pounds. Before 2015, this was considered a niche market, quickly making a group of people rich. From 2015 to 2020, some could still benefit, but after 2020, it gradually rolled back, and this year not losing money is already good.

4. Re-reading Soros’ Original Words

• The key is not whether you are right or wrong, but how much you earn when you are right and how much you lose when you are wrong.

• If you have put in hard work and conducted in-depth analysis, then holding a position contrary to market consensus can make you a lot of money.

5. Historical ArticlesThe Shanghai Composite Index is about to reach 3900, where are you hiding in the bull market?The Shanghai Composite Index is at 3800, what else can you buy?10 Influential Investment Masters in the World: Graham, Livermore, Soros, Buffett, which school do you belong to?Disclaimer: No deliberate hope is conveyed, no exaggeration of fear, all statements made represent personal judgment and do not constitute any investment advice; the stock market has risks, and operations should be cautious!