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Yangsirisme
IP属地:江西
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Yangsirisme
Yangsirisme
·
03-31 19:36
人家伊朗会放行除了你们盟友以外的其他国家放心吧
特朗普:各国应自行去霍尔木兹海峡“抢石油”
美国总统特朗普:所有那些因为霍尔木兹海峡而无法获得喷气燃料的国家,比如拒绝卷入伊朗斩首事件的英国,我有个建议给你们:第一,向美国购买,我们有充足的供应;第二,鼓起一些勇气,前往海峡,直接夺取。你们必须学会自己争取,今后美国不会再帮你们了,就像你们过去没有帮过我们一样。伊朗基本上已经被摧毁殆尽,困难的部分已经过去了。去争取你们自己的石油吧!
特朗普:各国应自行去霍尔木兹海峡“抢石油”
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Yangsirisme
Yangsirisme
·
03-27
$微型WTI原油2605(MCL2605)$
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Yangsirisme
Yangsirisme
·
03-21
$1盎司黄金2604(1OZ2604)$
左侧难搞,管你是什么,都能让你奔溃
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Yangsirisme
Yangsirisme
·
03-21
$1盎司黄金2604(1OZ2604)$
高抛低吸
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Yangsirisme
Yangsirisme
·
03-19
$1盎司黄金2604(1OZ2604)$
造孽啊,涨跌都超出预料
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Yangsirisme
Yangsirisme
·
03-19
$1盎司黄金2604(1OZ2604)$
tmd强平了
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Yangsirisme
Yangsirisme
·
03-19
$微型WTI原油2604(MCL2604)$
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Yangsirisme
Yangsirisme
·
03-18
$微型WTI原油2604(MCL2604)$
妈的。第一次搞期货入金搞半天,多了一块多追涨进去,多花了一千块
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Yangsirisme
Yangsirisme
·
03-17
特朗普的马仔
白宫经济顾问哈塞特:油轮开始通过霍尔木兹海峡,伊朗冲突将在短期内结束
不会拖上几个月。
白宫经济顾问哈塞特:油轮开始通过霍尔木兹海峡,伊朗冲突将在短期内结束
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Yangsirisme
Yangsirisme
·
03-15
陕西煤业真的吊
信号突变!“HALO资产”,突然爆火!双重焦虑之下,谁才值得重仓?
事实上,“HALO资产”一直是价值投资的重要标的。但如果以赛道的方式理解,用高估值买入“HALO资产”,那么注定会用多年时间消化估值泡沫。过去十年,“HALO资产”表面上默默无闻,从来不在风口,但其实涨幅可观。当前A股股息率超过3%,而估值低于20倍的“HALO资产”依然大幅存在。“HALO资产”的投资需要严格关注估值和股东回报文化。
信号突变!“HALO资产”,突然爆火!双重焦虑之下,谁才值得重仓?
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19:23</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>美国总统特朗普3月31日在社交媒体上发文说,所有因霍尔木兹海峡被关闭而无法获得航空燃油的国家,比如拒绝参与打击伊朗的英国,“我给你们建议:第一,从美国买,我们有的是;第二,鼓起勇气去海峡那里抢过来”。</p><p>特朗普还称:“你们得开始学会为自己而战,美国不会再帮你们了。伊朗基本上已经被打垮了。最难的部分已经完成。自己去弄你们的石油吧。”(新华社)</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c5340a93d38b55394f84681b69626819\" title=\"\" tg-width=\"604\" tg-height=\"266\"/></p><p><br/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/d630affd3bacdab9e9fd5e0627805ee0","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139319139","content_text":"美国总统特朗普3月31日在社交媒体上发文说,所有因霍尔木兹海峡被关闭而无法获得航空燃油的国家,比如拒绝参与打击伊朗的英国,“我给你们建议:第一,从美国买,我们有的是;第二,鼓起勇气去海峡那里抢过来”。特朗普还称:“你们得开始学会为自己而战,美国不会再帮你们了。伊朗基本上已经被打垮了。最难的部分已经完成。自己去弄你们的石油吧。”(新华社)","news_type":1,"symbols_score_info":{"CLmain":2}},"isVote":1,"tweetType":1,"viewCount":169,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3544518779726666","authorId":"3544518779726666","name":"里二外三","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3544518779726666","idStr":"3544518779726666"},"content":"四分五裂,头都没了,恐怕六亲不认模式了","text":"四分五裂,头都没了,恐怕六亲不认模式了","html":"四分五裂,头都没了,恐怕六亲不认模式了"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":547029379122704,"gmtCreate":1774575584209,"gmtModify":1774575595837,"author":{"id":"3560818482432945","authorId":"3560818482432945","name":"Yangsirisme","avatar":"https://static.tigerbbs.com/2166d9cedc25a9fab231e41517a39d77","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560818482432945","idStr":"3560818482432945"},"themes":[],"title":"","htmlText":"<a 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19:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>白宫经济顾问哈塞特:<strong>油轮开始通过霍尔木兹海峡。伊朗冲突将在短期内结束。这事几周内就能结束,不会拖上几个月。</strong>在把这件事(对伊朗的行动)完成之前,美国总统特朗普绝不会退缩。</p><p>哈塞特:期货显示油价将在今年晚些时候回到50多美元/桶。如有必要可以进一步释放石油储备。</p><p>哈塞特:我们已经为每个季度的混乱局面制定了计划。计划包括化肥和向西海岸运送燃料。眼下几乎到了播种季节,因此化肥至关重要。我们一直在寻找化肥的其他来源。曾与委内瑞拉、摩洛哥就化肥问题开展合作。成功找到其他肥料来源。我们的重点是帮助美国农民获得化肥。</p><p>哈塞特:美国经济依然“基本面强劲”。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/fec5acb98dc4d78fbd636373bf28956e","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160002539","content_text":"白宫经济顾问哈塞特:油轮开始通过霍尔木兹海峡。伊朗冲突将在短期内结束。这事几周内就能结束,不会拖上几个月。在把这件事(对伊朗的行动)完成之前,美国总统特朗普绝不会退缩。哈塞特:期货显示油价将在今年晚些时候回到50多美元/桶。如有必要可以进一步释放石油储备。哈塞特:我们已经为每个季度的混乱局面制定了计划。计划包括化肥和向西海岸运送燃料。眼下几乎到了播种季节,因此化肥至关重要。我们一直在寻找化肥的其他来源。曾与委内瑞拉、摩洛哥就化肥问题开展合作。成功找到其他肥料来源。我们的重点是帮助美国农民获得化肥。哈塞特:美国经济依然“基本面强劲”。","news_type":1,"symbols_score_info":{"YMmain":2,"NQmain":2,"ESmain":2}},"isVote":1,"tweetType":1,"viewCount":180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":542914001375992,"gmtCreate":1773542198019,"gmtModify":1773544376687,"author":{"id":"3560818482432945","authorId":"3560818482432945","name":"Yangsirisme","avatar":"https://static.tigerbbs.com/2166d9cedc25a9fab231e41517a39d77","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3560818482432945","idStr":"3560818482432945"},"themes":[],"title":"","htmlText":"陕西煤业真的吊","listText":"陕西煤业真的吊","text":"陕西煤业真的吊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/542914001375992","repostId":"1106327942","repostType":4,"repost":{"id":"1106327942","kind":"news","weMediaInfo":{"introduction":"致力于提供最及时的财经资讯,最专业的解读分析,覆盖宏观经济、金融机构、A股市场、上市公司、投资理财等财经领域。","home_visible":1,"media_name":"券商中国","id":"9","head_image":"https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f"},"pubTimestamp":1773538110,"share":"https://www.laohu8.com/m/news/1106327942?lang=zh_CN&edition=full","pubTime":"2026-03-15 09:28","market":"sh","language":"zh","title":"信号突变!“HALO资产”,突然爆火!双重焦虑之下,谁才值得重仓?","url":"https://stock-news.laohu8.com/highlight/detail?id=1106327942","media":"券商中国","summary":"事实上,“HALO资产”一直是价值投资的重要标的。但如果以赛道的方式理解,用高估值买入“HALO资产”,那么注定会用多年时间消化估值泡沫。过去十年,“HALO资产”表面上默默无闻,从来不在风口,但其实涨幅可观。当前A股股息率超过3%,而估值低于20倍的“HALO资产”依然大幅存在。“HALO资产”的投资需要严格关注估值和股东回报文化。","content":"<html><head></head><body><p>受地缘紧张和AI颠覆恐慌的双重影响,“轻资产”成长股近期受到市场冷落,而“HALO资产”受到资金追捧,资源、铁路、港口、交通运输、机械设备、公用事业等板块走强。</p><p style=\"text-align: justify;\">“HALO资产”,全称“Heavy Asset, Low Obsolescence”,即具备重资产、低淘汰率特质的企业资产类别,这一概念由投资机构Ritholtz的Josh Brown于2026年2月初首次提出,随后被摩根士丹利、高盛等华尔街投行广泛采纳。</p><p style=\"text-align: justify;\"><strong>事实上,“HALO资产”一直是价值投资的重要标的。A股价值投资大佬张尧“20年2000倍”正是源于这一逻辑,中国神华、陕西煤业、国投电力、中国海油无不是“HALO资产”;而巴菲特旗下的石油、电力、铁路行业的公司也早已有之;许多资源类巨头如石油公司巨头埃克森美孚的前身1920年就已经是上市公司了,经历过长达百年不同经济周期、各种重大事件的考验,公司股价依然能够不断创出新高。</strong></p><p style=\"text-align: justify;\">对投资者来说,处于低竞争领域的重资产公司可能不具备爆发性,但具备看得清和算得清两大特点,适合重仓持有,在极度深寒时以极低的估值买入,如张尧式的布局甚至可以创造投资的奇迹。</p><p style=\"text-align: justify;\">但如果以赛道的方式理解,用高估值买入“HALO资产”,那么注定会用多年时间消化估值泡沫。它们从来不是赛道,对其投资需要极度的耐心,买入时需要关注估值和股东回报。</p><h2 id=\"id_1631796950\">双重焦虑日益加重</h2><p style=\"text-align: justify;\">地缘政治紧张,单边主义盛行,每个国家的资源、关键产能和基础设施都受到了前所未有的重视。</p><p style=\"text-align: justify;\">在地缘动荡和逆全球化的年代,对大国的评判方式发生了深远的改变。在全球化时代,人均GDP、企业盈利、消费水平等的评价指标是评判一个国家是否强大的标志。然而,在地缘冲突日益加剧的时代,科技自主、经济韧性、工业规模、关键产能指标受到日益关注。重资产公司构成一国经济的骨架,关乎国计民生,而对地缘紧张和逆全球化可能会长期存在的评判,让资本市场重新评估重资产公司。</p><p style=\"text-align: justify;\">与此同时,AI发展的如火如荼也让科技巨头们陷入被颠覆的焦虑中,反AI押注使得硬资产公司成为资金关注的重点。</p><p style=\"text-align: justify;\">互联网“预言帝”凯文·凯利在其新书《5000天后的世界》中表示,纵观颠覆性技术的发展史,一个领域的主导者从来无法在下一个时代的平台上继续称雄。曾几何时,许许多多的公司妄图与制造计算机的IBM抗衡,并为此研发出一系列产品,然而并没有一家公司侥幸成功。业界甚至流传着一个笑话:“逆IBM者,遑论成功。”</p><p style=\"text-align: justify;\">然而,仿佛就在一瞬间,IBM也跌下了宝座。因为计算机时代进入了一个不再聚焦于硬件而更在乎软件的时代。于是,能够做好软件开发的公司取而代之。众所周知,做出Windows的微软取得了胜利。</p><p style=\"text-align: justify;\">新一轮竞争继续展开,很多软件开发公司试图以自己的操作系统对抗微软,其结果依然是铩羽而归。因为微软太强大了,其他操作系统实难匹敌。那么,又是谁最终将微软推下了王座?成为时代新贵的就是搜索引擎公司——谷歌。它并没有致力于开发操作系统,而是开拓了搜索引擎的新天地。</p><p style=\"text-align: justify;\">然后,又有人想在搜索引擎的领域里和谷歌一决雌雄,结果依然是以失败告终。超越谷歌的新王者是社交媒体公司脸书。现在的局面是数以千计的公司都在社交媒体领域和脸书对抗,他们也很难取胜。下一个胜出的必然是AR公司。</p><p style=\"text-align: justify;\">凯文·凯利说,每一个时代最强的那个公司,从IBM到微软,再到谷歌和脸书,可能都会想要在AR的世界里站在最领先的位置,但是历史告诉我们,没有一个公司可以笑傲下一个时代,因为它们的成功会成为它们最大的桎梏。</p><h2 id=\"id_3109535190\">“HALO资产”一直都在</h2><p style=\"text-align: justify;\">“HALO资产”一直都在,它们因为简单易懂、低估值、高分红、高现金流、可持续性等特点被价值投资者青睐,它们可能不具备爆发性,但具备“买入定输赢”的确定性,让投资者敢于重仓。投资重要的是不要有大亏,复利才能真正发挥长期作用,而“HALO资产”在满足估值与股东文化等约束的条件下,无疑是一种“有底”的投资标的。</p><p style=\"text-align: justify;\">过去十年,“HALO资产”表面上默默无闻,从来不在风口,但其实涨幅可观。中国神华过去十年上涨6倍,陕西煤业上涨8.7倍,涨幅堪比科网股;长江电力和国投电力的涨幅均在2倍以上,年化收益超过10%;安徽合力和中创智领等机械设备公司十年涨幅3倍左右;基础化工公司正丹股份涨幅超过2倍。</p><p style=\"text-align: justify;\">业绩是这类公司上涨的主要原因。如粤高速2014年的归母净利润为3.19亿元,2024年的净利润为15.62亿元,业绩十年提升了近4倍;申能股份2014年的归母净利润为20.61亿元,2024年的净利润为39.44亿元,业绩十年提升近一倍。</p><p style=\"text-align: justify;\">当前A股股息率超过3%,而估值低于20倍的“HALO资产”依然大幅存在。“HALO资产”的投资需要严格关注估值和股东回报文化。高估值的“HALO资产”需要很多年才能回本,2007年以40元以上价格抢中国石油的投资者对此深有体会。而有些公司缺乏股东回报文化,可能导致守着金饭碗却吃不上饭,分红度一切苦厄,股息率不仅反映着公司现金流质量也体现了股东回报的文化。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a79ba676a8e0800d41e5a488267d542\" alt=\"\" title=\"\" tg-width=\"1058\" tg-height=\"3278\"/></p><p style=\"text-align: justify;\">全球“HALO”交易情绪维持高位:纯粹的“轻资产成长叙事”溢价正在被系统性压缩。相反,那些拥有极高物理壁垒、手握实物资产(如上游资源、关键产能、基础设施),且现金流充裕的传统产业龙头,正作为抵御通胀与技术颠覆的“终极避风港”,重新赢得全球资本的战略性超配。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>信号突变!“HALO资产”,突然爆火!双重焦虑之下,谁才值得重仓?</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n信号突变!“HALO资产”,突然爆火!双重焦虑之下,谁才值得重仓?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/9\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d482d56459984e8c86a6a137295b3c4f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">券商中国 </p>\n<p class=\"h-time\">2026-03-15 09:28</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>受地缘紧张和AI颠覆恐慌的双重影响,“轻资产”成长股近期受到市场冷落,而“HALO资产”受到资金追捧,资源、铁路、港口、交通运输、机械设备、公用事业等板块走强。</p><p style=\"text-align: justify;\">“HALO资产”,全称“Heavy Asset, Low Obsolescence”,即具备重资产、低淘汰率特质的企业资产类别,这一概念由投资机构Ritholtz的Josh Brown于2026年2月初首次提出,随后被摩根士丹利、高盛等华尔街投行广泛采纳。</p><p style=\"text-align: justify;\"><strong>事实上,“HALO资产”一直是价值投资的重要标的。A股价值投资大佬张尧“20年2000倍”正是源于这一逻辑,中国神华、陕西煤业、国投电力、中国海油无不是“HALO资产”;而巴菲特旗下的石油、电力、铁路行业的公司也早已有之;许多资源类巨头如石油公司巨头埃克森美孚的前身1920年就已经是上市公司了,经历过长达百年不同经济周期、各种重大事件的考验,公司股价依然能够不断创出新高。</strong></p><p style=\"text-align: justify;\">对投资者来说,处于低竞争领域的重资产公司可能不具备爆发性,但具备看得清和算得清两大特点,适合重仓持有,在极度深寒时以极低的估值买入,如张尧式的布局甚至可以创造投资的奇迹。</p><p style=\"text-align: justify;\">但如果以赛道的方式理解,用高估值买入“HALO资产”,那么注定会用多年时间消化估值泡沫。它们从来不是赛道,对其投资需要极度的耐心,买入时需要关注估值和股东回报。</p><h2 id=\"id_1631796950\">双重焦虑日益加重</h2><p style=\"text-align: justify;\">地缘政治紧张,单边主义盛行,每个国家的资源、关键产能和基础设施都受到了前所未有的重视。</p><p style=\"text-align: justify;\">在地缘动荡和逆全球化的年代,对大国的评判方式发生了深远的改变。在全球化时代,人均GDP、企业盈利、消费水平等的评价指标是评判一个国家是否强大的标志。然而,在地缘冲突日益加剧的时代,科技自主、经济韧性、工业规模、关键产能指标受到日益关注。重资产公司构成一国经济的骨架,关乎国计民生,而对地缘紧张和逆全球化可能会长期存在的评判,让资本市场重新评估重资产公司。</p><p style=\"text-align: justify;\">与此同时,AI发展的如火如荼也让科技巨头们陷入被颠覆的焦虑中,反AI押注使得硬资产公司成为资金关注的重点。</p><p style=\"text-align: justify;\">互联网“预言帝”凯文·凯利在其新书《5000天后的世界》中表示,纵观颠覆性技术的发展史,一个领域的主导者从来无法在下一个时代的平台上继续称雄。曾几何时,许许多多的公司妄图与制造计算机的IBM抗衡,并为此研发出一系列产品,然而并没有一家公司侥幸成功。业界甚至流传着一个笑话:“逆IBM者,遑论成功。”</p><p style=\"text-align: justify;\">然而,仿佛就在一瞬间,IBM也跌下了宝座。因为计算机时代进入了一个不再聚焦于硬件而更在乎软件的时代。于是,能够做好软件开发的公司取而代之。众所周知,做出Windows的微软取得了胜利。</p><p style=\"text-align: justify;\">新一轮竞争继续展开,很多软件开发公司试图以自己的操作系统对抗微软,其结果依然是铩羽而归。因为微软太强大了,其他操作系统实难匹敌。那么,又是谁最终将微软推下了王座?成为时代新贵的就是搜索引擎公司——谷歌。它并没有致力于开发操作系统,而是开拓了搜索引擎的新天地。</p><p style=\"text-align: justify;\">然后,又有人想在搜索引擎的领域里和谷歌一决雌雄,结果依然是以失败告终。超越谷歌的新王者是社交媒体公司脸书。现在的局面是数以千计的公司都在社交媒体领域和脸书对抗,他们也很难取胜。下一个胜出的必然是AR公司。</p><p style=\"text-align: justify;\">凯文·凯利说,每一个时代最强的那个公司,从IBM到微软,再到谷歌和脸书,可能都会想要在AR的世界里站在最领先的位置,但是历史告诉我们,没有一个公司可以笑傲下一个时代,因为它们的成功会成为它们最大的桎梏。</p><h2 id=\"id_3109535190\">“HALO资产”一直都在</h2><p style=\"text-align: justify;\">“HALO资产”一直都在,它们因为简单易懂、低估值、高分红、高现金流、可持续性等特点被价值投资者青睐,它们可能不具备爆发性,但具备“买入定输赢”的确定性,让投资者敢于重仓。投资重要的是不要有大亏,复利才能真正发挥长期作用,而“HALO资产”在满足估值与股东文化等约束的条件下,无疑是一种“有底”的投资标的。</p><p style=\"text-align: justify;\">过去十年,“HALO资产”表面上默默无闻,从来不在风口,但其实涨幅可观。中国神华过去十年上涨6倍,陕西煤业上涨8.7倍,涨幅堪比科网股;长江电力和国投电力的涨幅均在2倍以上,年化收益超过10%;安徽合力和中创智领等机械设备公司十年涨幅3倍左右;基础化工公司正丹股份涨幅超过2倍。</p><p style=\"text-align: justify;\">业绩是这类公司上涨的主要原因。如粤高速2014年的归母净利润为3.19亿元,2024年的净利润为15.62亿元,业绩十年提升了近4倍;申能股份2014年的归母净利润为20.61亿元,2024年的净利润为39.44亿元,业绩十年提升近一倍。</p><p style=\"text-align: justify;\">当前A股股息率超过3%,而估值低于20倍的“HALO资产”依然大幅存在。“HALO资产”的投资需要严格关注估值和股东回报文化。高估值的“HALO资产”需要很多年才能回本,2007年以40元以上价格抢中国石油的投资者对此深有体会。而有些公司缺乏股东回报文化,可能导致守着金饭碗却吃不上饭,分红度一切苦厄,股息率不仅反映着公司现金流质量也体现了股东回报的文化。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5a79ba676a8e0800d41e5a488267d542\" alt=\"\" title=\"\" tg-width=\"1058\" tg-height=\"3278\"/></p><p style=\"text-align: justify;\">全球“HALO”交易情绪维持高位:纯粹的“轻资产成长叙事”溢价正在被系统性压缩。相反,那些拥有极高物理壁垒、手握实物资产(如上游资源、关键产能、基础设施),且现金流充裕的传统产业龙头,正作为抵御通胀与技术颠覆的“终极避风港”,重新赢得全球资本的战略性超配。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d8fb95e65f042f352c6313989391357","relate_stocks":{"000001.SH":"上证指数"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1106327942","content_text":"受地缘紧张和AI颠覆恐慌的双重影响,“轻资产”成长股近期受到市场冷落,而“HALO资产”受到资金追捧,资源、铁路、港口、交通运输、机械设备、公用事业等板块走强。“HALO资产”,全称“Heavy Asset, Low Obsolescence”,即具备重资产、低淘汰率特质的企业资产类别,这一概念由投资机构Ritholtz的Josh Brown于2026年2月初首次提出,随后被摩根士丹利、高盛等华尔街投行广泛采纳。事实上,“HALO资产”一直是价值投资的重要标的。A股价值投资大佬张尧“20年2000倍”正是源于这一逻辑,中国神华、陕西煤业、国投电力、中国海油无不是“HALO资产”;而巴菲特旗下的石油、电力、铁路行业的公司也早已有之;许多资源类巨头如石油公司巨头埃克森美孚的前身1920年就已经是上市公司了,经历过长达百年不同经济周期、各种重大事件的考验,公司股价依然能够不断创出新高。对投资者来说,处于低竞争领域的重资产公司可能不具备爆发性,但具备看得清和算得清两大特点,适合重仓持有,在极度深寒时以极低的估值买入,如张尧式的布局甚至可以创造投资的奇迹。但如果以赛道的方式理解,用高估值买入“HALO资产”,那么注定会用多年时间消化估值泡沫。它们从来不是赛道,对其投资需要极度的耐心,买入时需要关注估值和股东回报。双重焦虑日益加重地缘政治紧张,单边主义盛行,每个国家的资源、关键产能和基础设施都受到了前所未有的重视。在地缘动荡和逆全球化的年代,对大国的评判方式发生了深远的改变。在全球化时代,人均GDP、企业盈利、消费水平等的评价指标是评判一个国家是否强大的标志。然而,在地缘冲突日益加剧的时代,科技自主、经济韧性、工业规模、关键产能指标受到日益关注。重资产公司构成一国经济的骨架,关乎国计民生,而对地缘紧张和逆全球化可能会长期存在的评判,让资本市场重新评估重资产公司。与此同时,AI发展的如火如荼也让科技巨头们陷入被颠覆的焦虑中,反AI押注使得硬资产公司成为资金关注的重点。互联网“预言帝”凯文·凯利在其新书《5000天后的世界》中表示,纵观颠覆性技术的发展史,一个领域的主导者从来无法在下一个时代的平台上继续称雄。曾几何时,许许多多的公司妄图与制造计算机的IBM抗衡,并为此研发出一系列产品,然而并没有一家公司侥幸成功。业界甚至流传着一个笑话:“逆IBM者,遑论成功。”然而,仿佛就在一瞬间,IBM也跌下了宝座。因为计算机时代进入了一个不再聚焦于硬件而更在乎软件的时代。于是,能够做好软件开发的公司取而代之。众所周知,做出Windows的微软取得了胜利。新一轮竞争继续展开,很多软件开发公司试图以自己的操作系统对抗微软,其结果依然是铩羽而归。因为微软太强大了,其他操作系统实难匹敌。那么,又是谁最终将微软推下了王座?成为时代新贵的就是搜索引擎公司——谷歌。它并没有致力于开发操作系统,而是开拓了搜索引擎的新天地。然后,又有人想在搜索引擎的领域里和谷歌一决雌雄,结果依然是以失败告终。超越谷歌的新王者是社交媒体公司脸书。现在的局面是数以千计的公司都在社交媒体领域和脸书对抗,他们也很难取胜。下一个胜出的必然是AR公司。凯文·凯利说,每一个时代最强的那个公司,从IBM到微软,再到谷歌和脸书,可能都会想要在AR的世界里站在最领先的位置,但是历史告诉我们,没有一个公司可以笑傲下一个时代,因为它们的成功会成为它们最大的桎梏。“HALO资产”一直都在“HALO资产”一直都在,它们因为简单易懂、低估值、高分红、高现金流、可持续性等特点被价值投资者青睐,它们可能不具备爆发性,但具备“买入定输赢”的确定性,让投资者敢于重仓。投资重要的是不要有大亏,复利才能真正发挥长期作用,而“HALO资产”在满足估值与股东文化等约束的条件下,无疑是一种“有底”的投资标的。过去十年,“HALO资产”表面上默默无闻,从来不在风口,但其实涨幅可观。中国神华过去十年上涨6倍,陕西煤业上涨8.7倍,涨幅堪比科网股;长江电力和国投电力的涨幅均在2倍以上,年化收益超过10%;安徽合力和中创智领等机械设备公司十年涨幅3倍左右;基础化工公司正丹股份涨幅超过2倍。业绩是这类公司上涨的主要原因。如粤高速2014年的归母净利润为3.19亿元,2024年的净利润为15.62亿元,业绩十年提升了近4倍;申能股份2014年的归母净利润为20.61亿元,2024年的净利润为39.44亿元,业绩十年提升近一倍。当前A股股息率超过3%,而估值低于20倍的“HALO资产”依然大幅存在。“HALO资产”的投资需要严格关注估值和股东回报文化。高估值的“HALO资产”需要很多年才能回本,2007年以40元以上价格抢中国石油的投资者对此深有体会。而有些公司缺乏股东回报文化,可能导致守着金饭碗却吃不上饭,分红度一切苦厄,股息率不仅反映着公司现金流质量也体现了股东回报的文化。全球“HALO”交易情绪维持高位:纯粹的“轻资产成长叙事”溢价正在被系统性压缩。相反,那些拥有极高物理壁垒、手握实物资产(如上游资源、关键产能、基础设施),且现金流充裕的传统产业龙头,正作为抵御通胀与技术颠覆的“终极避风港”,重新赢得全球资本的战略性超配。","news_type":1,"symbols_score_info":{"000001.SH":2}},"isVote":1,"tweetType":1,"viewCount":324,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"following","isTTM":false}