# migrations

dir: sysdb
filename: 00001-collections.sqlite.sql
hash: 38352d725ad1c16074fac420b22b4633
sql:
CREATE TABLE collections (
    id TEXT PRIMARY KEY,
    name TEXT NOT NULL,
    topic TEXT NOT NULL,
    UNIQUE (name)
);

CREATE TABLE collection_metadata (
    collection_id TEXT REFERENCES collections(id) ON DELETE CASCADE,
    key TEXT NOT NULL,
    str_value TEXT,
    int_value INTEGER,
    float_value REAL,
    PRIMARY KEY (collection_id, key)
);


dir: sysdb
filename: 00002-segments.sqlite.sql
hash: 2913cb6a503055a95f625448037e8912
sql:
CREATE TABLE segments (
    id TEXT PRIMARY KEY,
    type TEXT NOT NULL,
    scope TEXT NOT NULL,
    topic TEXT,
    collection TEXT REFERENCES collection(id)
);

CREATE TABLE segment_metadata (
    segment_id TEXT  REFERENCES segments(id) ON DELETE CASCADE,
    key TEXT NOT NULL,
    str_value TEXT,
    int_value INTEGER,
    float_value REAL,
    PRIMARY KEY (segment_id, key)
);


dir: sysdb
filename: 00004-tenants-databases.sqlite.sql
hash: 048867ce8fcdefe4023c7110e4433591
sql:
CREATE TABLE IF NOT EXISTS tenants (
    id TEXT PRIMARY KEY,
    UNIQUE (id)
);

CREATE TABLE IF NOT EXISTS databases (
    id TEXT PRIMARY KEY, -- unique globally
    name TEXT NOT NULL, -- unique per tenant
    tenant_id TEXT NOT NULL REFERENCES tenants(id) ON DELETE CASCADE,
    UNIQUE (tenant_id, name) -- Ensure that a tenant has only one database with a given name
);

CREATE TABLE IF NOT EXISTS collections_tmp (
    id TEXT PRIMARY KEY, -- unique globally
    name TEXT NOT NULL, -- unique per database
    topic TEXT NOT NULL,
    dimension INTEGER,
    database_id TEXT NOT NULL REFERENCES databases(id) ON DELETE CASCADE,
    UNIQUE (name, database_id)
);

-- Create default tenant and database
INSERT OR REPLACE INTO tenants (id) VALUES ('default_tenant'); -- The default tenant id is 'default_tenant' others are UUIDs
INSERT OR REPLACE INTO databases (id, name, tenant_id) VALUES ('00000000-0000-0000-0000-000000000000', 'default_database', 'default_tenant');

INSERT OR REPLACE INTO collections_tmp (id, name, topic, dimension, database_id)
    SELECT id, name, topic, dimension, '00000000-0000-0000-0000-000000000000' FROM collections;
DROP TABLE collections;
ALTER TABLE collections_tmp RENAME TO collections;


dir: sysdb
filename: 00005-remove-topic.sqlite.sql
hash: b1367c826b8fba5f96f27befdc1d42d2
sql:
-- Remove the topic column from the Collections and Segments tables

ALTER TABLE collections DROP COLUMN topic;
ALTER TABLE segments DROP COLUMN topic;


dir: sysdb
filename: 00006-collection-segment-metadata.sqlite.sql
hash: 4eea7468935bf25d4604a0fed2366116
sql:
-- SQLite does not support adding check with alter table, as a result, adding a check
-- involve creating a new table and copying the data over. It is over kill with adding
-- a boolean type column. The application write to the table needs to ensure the data
-- integrity.
ALTER TABLE collection_metadata ADD COLUMN bool_value INTEGER;
ALTER TABLE segment_metadata ADD COLUMN bool_value INTEGER;


dir: sysdb
filename: 00007-collection-config.sqlite.sql
hash: 1c7e63bba346a42a18b6ab7f1c989bed
sql:
-- Stores collection configuration dictionaries.
ALTER TABLE collections ADD COLUMN config_json_str TEXT;


dir: sysdb
filename: 00008-maintenance-log.sqlite.sql
hash: 0a0e7e93111a01789addf64961c6127c
sql:
-- Records when database maintenance operations are performed.
-- At time of creation, this table is only used to record vacuum operations.
CREATE TABLE maintenance_log (
  id INT PRIMARY KEY,
  timestamp INT NOT NULL,
  operation TEXT NOT NULL
);


dir: sysdb
filename: 00009-segment-collection-not-null.sqlite.sql
hash: 054355aef9e63702bf54ea29e61563f1
sql:
-- This makes segments.collection non-nullable.
CREATE TABLE segments_temp (
    id TEXT PRIMARY KEY,
    type TEXT NOT NULL,
    scope TEXT NOT NULL,
    collection TEXT REFERENCES collection(id) NOT NULL
);

INSERT INTO segments_temp SELECT * FROM segments;
DROP TABLE segments;
ALTER TABLE segments_temp RENAME TO segments;


dir: sysdb
filename: 00010-collection-schema.sqlite.sql
hash: 5c3a5ac4b79df76799b4721827ed5e1d
sql:
-- Stores collection schema as stringified json
ALTER TABLE collections ADD COLUMN schema_str TEXT;


dir: metadb
filename: 00001-embedding-metadata.sqlite.sql
hash: 2b4cf52c4bb2676e21d6860a4409f856
sql:
CREATE TABLE embeddings (
    id INTEGER PRIMARY KEY,
    segment_id TEXT NOT NULL,
    embedding_id TEXT NOT NULL,
    seq_id BLOB NOT NULL,
    created_at TIMESTAMP NOT NULL DEFAULT CURRENT_TIMESTAMP,
    UNIQUE (segment_id, embedding_id)
);

CREATE TABLE embedding_metadata (
    id INTEGER REFERENCES embeddings(id),
    key TEXT NOT NULL,
    string_value TEXT,
    int_value INTEGER,
    float_value REAL,
    PRIMARY KEY (id, key)
);

CREATE TABLE max_seq_id (
    segment_id TEXT PRIMARY KEY,
    seq_id BLOB NOT NULL
);

CREATE VIRTUAL TABLE embedding_fulltext USING fts5(id, string_value);


dir: metadb
filename: 00002-embedding-metadata.sqlite.sql
hash: 12a570f7121b3a8ce750a2a7c36da20f
sql:
-- SQLite does not support adding check with alter table, as a result, adding a check
-- involve creating a new table and copying the data over. It is over kill with adding
-- a boolean type column. The application write to the table needs to ensure the data
-- integrity.
ALTER TABLE embedding_metadata ADD COLUMN bool_value INTEGER


dir: metadb
filename: 00003-full-text-tokenize.sqlite.sql
hash: f97ad6334aeaa8f419f01110b648b97a
sql:
CREATE VIRTUAL TABLE embedding_fulltext_search USING fts5(string_value, tokenize='trigram');
INSERT INTO embedding_fulltext_search (rowid, string_value) SELECT rowid, string_value FROM embedding_metadata;
DROP TABLE embedding_fulltext;


dir: metadb
filename: 00004-metadata-indices.sqlite.sql
hash: fb36603a45ee2cd0254cef3ef86585e8
sql:
CREATE INDEX IF NOT EXISTS embedding_metadata_int_value ON embedding_metadata (key, int_value) WHERE int_value IS NOT NULL;
CREATE INDEX IF NOT EXISTS embedding_metadata_float_value ON embedding_metadata (key, float_value) WHERE float_value IS NOT NULL;
CREATE INDEX IF NOT EXISTS embedding_metadata_string_value ON embedding_metadata (key, string_value) WHERE string_value IS NOT NULL;


dir: metadb
filename: 00005-max-seq-id-int.sqlite.sql
hash: 0e9de46758761b373ce682925edcc326
sql:
ALTER TABLE max_seq_id ADD COLUMN int_seq_id INTEGER;

-- Convert 8 byte wide big-endian integer as blob to native 64 bit integer.
-- Adapted from https://stackoverflow.com/a/70296198.
UPDATE max_seq_id SET int_seq_id = (
  SELECT (
       (instr('123456789ABCDEF', substr(hex(seq_id), -1 , 1)) <<  0)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -2 , 1)) <<  4)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -3 , 1)) <<  8)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -4 , 1)) << 12)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -5 , 1)) << 16)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -6 , 1)) << 20)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -7 , 1)) << 24)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -8 , 1)) << 28)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -9 , 1)) << 32)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -10, 1)) << 36)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -11, 1)) << 40)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -12, 1)) << 44)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -13, 1)) << 48)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -14, 1)) << 52)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -15, 1)) << 56)
     | (instr('123456789ABCDEF', substr(hex(seq_id), -16, 1)) << 60)
    )
);

ALTER TABLE max_seq_id DROP COLUMN seq_id;
ALTER TABLE max_seq_id RENAME COLUMN int_seq_id TO seq_id;


dir: metadb
filename: 00006-metadata-array-support.sqlite.sql
hash: e026f01ea92c1baa1493f4ad5ca7cfe7
sql:
-- Separate table for exploded array metadata values.
-- Each array element gets its own row, enabling efficient $contains queries.
-- The existing embedding_metadata table (with its PRIMARY KEY (id, key))
-- remains untouched and continues to store scalar metadata values.

CREATE TABLE IF NOT EXISTS embedding_metadata_array (
    id INTEGER NOT NULL REFERENCES embeddings(id),
    key TEXT NOT NULL,
    string_value TEXT,
    int_value INTEGER,
    float_value REAL,
    bool_value INTEGER
);

CREATE INDEX IF NOT EXISTS embedding_metadata_array_id_key
    ON embedding_metadata_array (id, key);
CREATE INDEX IF NOT EXISTS embedding_metadata_array_key_string
    ON embedding_metadata_array (key, string_value) WHERE string_value IS NOT NULL;
CREATE INDEX IF NOT EXISTS embedding_metadata_array_key_int
    ON embedding_metadata_array (key, int_value) WHERE int_value IS NOT NULL;
CREATE INDEX IF NOT EXISTS embedding_metadata_array_key_float
    ON embedding_metadata_array (key, float_value) WHERE float_value IS NOT NULL;


dir: embeddings_queue
filename: 00001-embeddings.sqlite.sql
hash: d3755dfd232be8e8301f4d7fcfb3a486
sql:
CREATE TABLE embeddings_queue (
    seq_id INTEGER PRIMARY KEY,
    created_at TIMESTAMP NOT NULL DEFAULT CURRENT_TIMESTAMP,
    operation INTEGER NOT NULL,
    topic TEXT NOT NULL,
    id TEXT NOT NULL,
    vector BLOB,
    encoding TEXT,
    metadata TEXT
);


# collections

id: 1abd61f8-8bb8-4855-bcff-96876ff6db3e
name: langchain
database_id: 00000000-0000-0000-0000-000000000000
config_json_str: {}
schema_str:
{"defaults":{"string":{"fts_index":{"enabled":false,"config":{}},"string_inverted_index":{"enabled":true,"config":{}}},"float_list":{"vector_index":{"enabled":false,"config":{"space":"cosine","hnsw":{"ef_construction":100,"max_neighbors":16,"ef_search":100,"num_threads":12,"batch_size":100,"sync_threshold":1000,"resize_factor":1.2}}}},"sparse_vector":{"sparse_vector_index":{"enabled":false,"config":{"embedding_function":{"type":"unknown"},"bm25":false}}},"int":{"int_inverted_index":{"enabled":true,"config":{}}},"float":{"float_inverted_index":{"enabled":true,"config":{}}},"bool":{"bool_inverted_index":{"enabled":true,"config":{}}}},"keys":{"subject":{"string":{"fts_index":{"enabled":false,"config":{}},"string_inverted_index":{"enabled":true,"config":{}}}},"title":{"string":{"fts_index":{"enabled":false,"config":{}},"string_inverted_index":{"enabled":true,"config":{}}}},"page":{"int":{"int_inverted_index":{"enabled":true,"config":{}}}},"format":{"string":{"fts_index":{"enabled":false,"config":{}},"string_inverted_index":{"enabled":true,"config":{}}}},"moddate":{"string":{"fts_index":{"enabled":false,"config":{}},"string_inverted_index":{"enabled":true,"config":{}}}},"file_path":{"string":{"fts_index":{"enabled":false,"config":{}},"string_inverted_index":{"enabled":true,"config":{}}}},"author":{"string":{"fts_index":{"enabled":false,"config":{}},"string_inverted_index":{"enabled":true,"config":{}}}},"#embedding":{"float_list":{"vector_index":{"enabled":true,"config":{"space":"cosine","source_key":"#document","hnsw":{"ef_construction":100,"max_neighbors":16,"ef_search":100,"num_threads":12,"batch_size":100,"sync_threshold":1000,"resize_factor":1.2}}}}},"creator":{"string":{"fts_index":{"enabled":false,"config":{}},"string_inverted_index":{"enabled":true,"config":{}}}},"#document":{"string":{"fts_index":{"enabled":true,"config":{}},"string_inverted_index":{"enabled":false,"config":{}}}},"producer":{"string":{"fts_index":{"enabled":false,"config":{}},"string_inverted_index":{"enabled":true,"config":{}}}},"total_pages":{"int":{"int_inverted_index":{"enabled":true,"config":{}}}},"modDate":{"string":{"fts_index":{"enabled":false,"config":{}},"string_inverted_index":{"enabled":true,"config":{}}}},"trapped":{"string":{"fts_index":{"enabled":false,"config":{}},"string_inverted_index":{"enabled":true,"config":{}}}},"creationdate":{"string":{"fts_index":{"enabled":false,"config":{}},"string_inverted_index":{"enabled":true,"config":{}}}},"keywords":{"string":{"fts_index":{"enabled":false,"config":{}},"string_inverted_index":{"enabled":true,"config":{}}}},"source":{"string":{"fts_index":{"enabled":false,"config":{}},"string_inverted_index":{"enabled":true,"config":{}}}},"creationDate":{"string":{"fts_index":{"enabled":false,"config":{}},"string_inverted_index":{"enabled":true,"config":{}}}}}}


# embedding_metadata

key: chroma:document
string_value:
疯狂的里海投资体系框架
数据来源：《疯狂的里海》2019-2025年度文集合集（含投资周记、周直播、公众号文章）
整理日期：2026年5月26日
一、总体框架："2444"体系
疯狂的里海将自己的投资体系浓缩为 "2-4-4-4" 结构：
层次
内容
说明
"2"
认知 + 修行
投资分为两大部分：认知是知识的集合，修行是心性的磨练
第一个"4"
常识、概率、赔率、频率
底层思维框架
第二个"4"
简单、底部、变化、分仓
具体选标方法
第三个"4"
四种能力
价值判断力、理解市场先生的能力、心性控制力、宏观认知力
二、核心心法："九字秘籍"
看得准、买得低、熬得住（略分仓）
看得准：对公司的商业模式、竞争地位、变化方向有清晰判断（商业穿透力）
买得低：在安全边际充足的底部区间介入，不追高
熬得住：买入后能承受时间成本和波动，不被市场情绪裹挟
略分仓：适度分散（3-5只），不全仓单一标的，但也不过度分散
三、估值框架："向下看PB，向上看PE"
这是里海最核心的估值原则：
向下空间（安全边际）：看 PB
净资产质量好、货币资金充裕的公司，PB 构成股价的"债底"
破净（PB<1）且资产质量实的公司，下跌空间极为有限
例：好想你净资产41亿，市值跌到30亿就跌不动了
向上空间（盈利预期）：看 PE
要看公司能释放多少利润来支撑更高市值
例：公司要从34亿涨到55亿，至少需要2亿利润×25倍PE来支撑
关注利润释放路径：毛利率提升 / 营收增长 / 费用优化
体验 AI 驱动的深度投研，请访问 www.alphaengine.top


key: chroma:document
string_value:
四、选股模型：隐形冠军模型
核心公式：
隐形冠军 + 资产结构简单 + 低估值 + 有变化 = 买入信号
四大要素详解：
1. 简单（最重要的前提）
业务结构简单：主营业务清晰，产品线不复杂，散户看得懂
资产负债结构简单：没有大量有息负债，没有复杂的表外风险，资产质量"实"
典型特征：货币资金充裕、经营性负债为主、无暴雷风险
2. 底部（安全边际）
股价在历史低位区间，跌无可跌
估值指标：PB 1-1.5倍，PE 10-15倍
成交量萎缩，筹码充分沉淀
图形上呈横盘或缓慢筑底形态
3. 变化（向上的驱动力）
没有变化的公司不能介入 — 这是核心原则
变化类型：
新产能投放（但需确认下游需求）
管理层更换/国企改革
行业周期拐点
新产品/新业务拓展
原材料成本下行带来的利润弹性
4. 分仓（风险管理）
持仓3-5只标的
熊市相对集中，牛市适度分散
单只标的仓位根据确定性动态调整
五、两类标的：战略股 vs 战术股
维度
战略股
战术股
定位
赚大钱的核心持仓
维持收益的辅助仓位
研究深度
极深，需穿透商业本质
中等，初筛过关即可
体验 AI 驱动的深度投研，请访问 www.alphaengine.top


key: chroma:document
string_value:
维度
战略股
战术股
持有时间
1-3年甚至更长
数周到数月
预期收益
翻倍以上（3-10倍）
30-80%
仓位
重仓（40-60%）
轻仓/中仓（10-30%）
核心逻辑
业绩从低点释放到高点的全过程
赔率保护下的价值发现波段
典型案例
涪陵榨菜、太极集团
秦安股份、阳谷华泰、花园生物
操作要点
低位重仓、不惧波动、拿住
到预期目标果断走，切换到下一个
关键认知：
"战略股都是战术股走出来的" — 最初以战术股的标准买入，跟踪过程中确认为战略股后加仓并长持。
六、概率与赔率分析框架
概率（基本面发生变化的可能性）
公司困境反转的可能性有多大？
新产能能否顺利达产、销售？
行业周期是否即将反转？
管理层改革能否落地？
赔率（潜在收益与风险的比值）
向下空间：当前价位到"最坏情况"市值的距离
向上空间：当前价位到"合理估值"市值的距离
理想标准：向上空间 / 向下空间 ≥ 3:1
实操要点
"任何一个公司都可以投资，关键是概率和赔率在什么时候去下手"
"找赔率和概率的拐点" — 在概率即将兑现、赔率仍然充足时介入
隐形冠军在低估时赔率天然大（公司垮不了 = 向下有限）
七、"弱者选股 + 强者突破"
弱者选股（冯柳弱者体系的应用）
承认自己是信息弱势方
选择"公开信息就能看明白"的简单公司
体验 AI 驱动的深度投研，请访问 www.alphaengine.top


key: chroma:document
string_value:
在市场不关注（成交低迷）时买入
利用市场定价错误获取安全边际
强者突破（能力圈内的深度跟踪）
光选股不够，必须跟踪变化
在能力圈内做"强者"：深入产业链、实地调研、跟踪数据
本地公司优势：随时上门、通过合作机构了解、朋友在公司内
"散户做强者突破，只能是一点：能力圈内选股"
八、操作节奏与卖出原则
买入时机
股价在底部区间（PB低、PE低、成交萎缩）
基本面出现向上的"变化"信号
大势不需要太好，个股逻辑清晰即可
卖出原则
战术股：涨30-80%到目标位果断走，"搞一波就走"
战略股：持有到业绩充分释放、估值合理或偏高时
止损原则：逻辑被证伪时果断砍（"杀伐果断，该走就走"）
被游资打过的战术股：如有其他标的承接，果断切换
切换纪律
"一旦到了差不多的位置，还是要赶紧切换"
战术股到位后，即使没有更好标的也要减仓
错过最佳卖点后不要幻想涨回去
"抉择要果断，不能犹豫"
九、市场环境应对
牛市策略
"牛市要重势" — 趋势确认后勇敢满仓
适度分散，享受整体上涨
但选股标准不能降低
警惕"人多的地方"
熊市策略
"熊市要重质" — 聚焦资产质量好的公司
相对集中，精选3-5只
把安全边际放在第一位
"宁愿不赚钱也要少亏钱"
体验 AI 驱动的深度投研，请访问 www.alphaengine.top


key: chroma:document
string_value:
震荡市/结构性行情
"聚焦微观，做好当下，死磕投资"
放低预期，追求跑赢指数
找结构性机会：局部需求增长的行业/产业链
十、投资进阶路径
里海总结的散户进阶之路：
第一阶段：中巴式（买好公司长期持有）
 ↓
第二阶段：成长股（关注业绩增长）
 ↓
第三阶段：基本面 + 市场情绪（戴维斯双击）
 ↓
第四阶段：基本面 + 技术/交易（择时能力）
 ↓
第五阶段：赚时代的钱（前瞻性认知）
里海自身定位：主要在第三、四阶段，追求"基本面变化 + 低估值 + 市场重新定价"的钱。
十一、实操案例映射
标的
对应模型
核心逻辑
涪陵榨菜
战略股/成长股
低估值买入→业绩持续增长→长持翻倍
太极集团
战略股/困境反转
国药入主+管理改善→大营收+利润腾挪空间→4倍赔率
鲁西化工
困境反转
极度低估+新管理层→化繁为简看大逻辑
秦安股份
战术股/困境反转
低估值+周期底部+潜在变化→3个月浮盈30%
阳谷华泰
隐形冠军模型
1倍PB+10倍PE+产业龙头+潜在变化→赚150%
花园生物
隐形冠军/战术股
资产质量好+低估+底部→买入即赢
美思德
隐形冠军+新业务
简单资产+零负债+新产能投放→关注变化兑现
索通发展
隐形冠军模型
行业龙头+低PE+铝行业高景气
体验 AI 驱动的深度投研，请访问 www.alphaengine.top


key: chroma:document
string_value:
十二、风险控制原则
1. 不买复杂的公司 — 产品线多、资产结构复杂的一律放弃
2. 不追高 — 已被市场充分发现的不碰，"还是要把安全边际放第一位"
3. 不做短线 — "为啥我不做T或者小波段"，频繁交易耗费精力且胜率不高
4. 聚焦能力圈 — 个人精力有限，最多深度跟踪10只
5. 果断止损 — 逻辑证伪时不犹豫，"回避基本面往下"优于"低位信其有"
6. 警惕质押风险 — 控股股东高比例质押需警惕
7. 控制情绪 — 不被市场波动和外界压力裹挟决策
十三、核心金句精选
"投资最终是一个私人行为"
"投资比拼到最后，拼的是价值观"
"炒股高风险，投资低风险"
"复利是投资能赚大钱的核心秘密"
"持有才能赚大钱，交易很难赚大钱"
"大部分散户亏钱的原因是追求'时间效率'"
"散户多的地方，真去不得"
"选对标的可以穿越牛熊"
"价值永恒，不要理会波动"
"高认知和勤奋可以获得超额收益"
"人多的地方别去" — 亘古不变的真理
"买未来比现在好的公司"
免责声明：本文档仅为个人学习笔记整理，不构成投资建议。
体验 AI 驱动的深度投研，请访问 www.alphaengine.top


key: chroma:document
string_value:
震荡市/结构性行情
"聚焦微观，做好当下，死磕投资"
放低预期，追求跑赢指数
找结构性机会：局部需求增长的行业/产业链
十、投资进阶路径
里海总结的散户进阶之路：
第一阶段：中巴式（买好公司长期持有）


# embeddings_queue

created_at: 2026-07-11 07:50:31
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{"file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","page":0,"moddate":"2026-05-26T09:31:12+00:00","creationDate":"D:20260526093112+00'00'","producer":"Skia/PDF m141","creationdate":"2026-05-26T09:31:12+00:00","trapped":"","title":"","keywords":"","author":"","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","modDate":"D:20260526093112+00'00'","format":"PDF 1.4","total_pages":6,"creator":"Chromium","subject":"","chroma:document":"疯狂的里海投资体系框架\n数据来源：《疯狂的里海》2019-2025年度文集合集（含投资周记、周直播、公众号文章）\n整理日期：2026年5月26日\n一、总体框架：\"2444\"体系\n疯狂的里海将自己的投资体系浓缩为 \"2-4-4-4\" 结构：\n层次\n内容\n说明\n\"2\"\n认知 + 修行\n投资分为两大部分：认知是知识的集合，修行是心性的磨练\n第一个\"4\"\n常识、概率、赔率、频率\n底层思维框架\n第二个\"4\"\n简单、底部、变化、分仓\n具体选标方法\n第三个\"4\"\n四种能力\n价值判断力、理解市场先生的能力、心性控制力、宏观认知力\n二、核心心法：\"九字秘籍\"\n看得准、买得低、熬得住（略分仓）\n看得准：对公司的商业模式、竞争地位、变化方向有清晰判断（商业穿透力）\n买得低：在安全边际充足的底部区间介入，不追高\n熬得住：买入后能承受时间成本和波动，不被市场情绪裹挟\n略分仓：适度分散（3-5只），不全仓单一标的，但也不过度分散\n三、估值框架：\"向下看PB，向上看PE\"\n这是里海最核心的估值原则：\n向下空间（安全边际）：看 PB\n净资产质量好、货币资金充裕的公司，PB 构成股价的\"债底\"\n破净（PB<1）且资产质量实的公司，下跌空间极为有限\n例：好想你净资产41亿，市值跌到30亿就跌不动了\n向上空间（盈利预期）：看 PE\n要看公司能释放多少利润来支撑更高市值\n例：公司要从34亿涨到55亿，至少需要2亿利润×25倍PE来支撑\n关注利润释放路径：毛利率提升 / 营收增长 / 费用优化\n体验 AI 驱动的深度投研，请访问 www.alphaengine.top"}


created_at: 2026-07-11 07:50:31
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"subject":"","page":1,"producer":"Skia/PDF m141","chroma:document":"四、选股模型：隐形冠军模型\n核心公式：\n隐形冠军 + 资产结构简单 + 低估值 + 有变化 = 买入信号\n四大要素详解：\n1. 简单（最重要的前提）\n业务结构简单：主营业务清晰，产品线不复杂，散户看得懂\n资产负债结构简单：没有大量有息负债，没有复杂的表外风险，资产质量\"实\"\n典型特征：货币资金充裕、经营性负债为主、无暴雷风险\n2. 底部（安全边际）\n股价在历史低位区间，跌无可跌\n估值指标：PB 1-1.5倍，PE 10-15倍\n成交量萎缩，筹码充分沉淀\n图形上呈横盘或缓慢筑底形态\n3. 变化（向上的驱动力）\n没有变化的公司不能介入 — 这是核心原则\n变化类型：\n新产能投放（但需确认下游需求）\n管理层更换/国企改革\n行业周期拐点\n新产品/新业务拓展\n原材料成本下行带来的利润弹性\n4. 分仓（风险管理）\n持仓3-5只标的\n熊市相对集中，牛市适度分散\n单只标的仓位根据确定性动态调整\n五、两类标的：战略股 vs 战术股\n维度\n战略股\n战术股\n定位\n赚大钱的核心持仓\n维持收益的辅助仓位\n研究深度\n极深，需穿透商业本质\n中等，初筛过关即可\n体验 AI 驱动的深度投研，请访问 www.alphaengine.top","creationdate":"2026-05-26T09:31:12+00:00","creationDate":"D:20260526093112+00'00'","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","keywords":"","moddate":"2026-05-26T09:31:12+00:00","title":"","modDate":"D:20260526093112+00'00'","author":"","creator":"Chromium","trapped":"","format":"PDF 1.4","total_pages":6}


created_at: 2026-07-11 07:50:31
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"author":"","page":2,"producer":"Skia/PDF m141","creationDate":"D:20260526093112+00'00'","creator":"Chromium","subject":"","modDate":"D:20260526093112+00'00'","title":"","moddate":"2026-05-26T09:31:12+00:00","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","total_pages":6,"file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","chroma:document":"维度\n战略股\n战术股\n持有时间\n1-3年甚至更长\n数周到数月\n预期收益\n翻倍以上（3-10倍）\n30-80%\n仓位\n重仓（40-60%）\n轻仓/中仓（10-30%）\n核心逻辑\n业绩从低点释放到高点的全过程\n赔率保护下的价值发现波段\n典型案例\n涪陵榨菜、太极集团\n秦安股份、阳谷华泰、花园生物\n操作要点\n低位重仓、不惧波动、拿住\n到预期目标果断走，切换到下一个\n关键认知：\n\"战略股都是战术股走出来的\" — 最初以战术股的标准买入，跟踪过程中确认为战略股后加仓并长持。\n六、概率与赔率分析框架\n概率（基本面发生变化的可能性）\n公司困境反转的可能性有多大？\n新产能能否顺利达产、销售？\n行业周期是否即将反转？\n管理层改革能否落地？\n赔率（潜在收益与风险的比值）\n向下空间：当前价位到\"最坏情况\"市值的距离\n向上空间：当前价位到\"合理估值\"市值的距离\n理想标准：向上空间 / 向下空间 ≥ 3:1\n实操要点\n\"任何一个公司都可以投资，关键是概率和赔率在什么时候去下手\"\n\"找赔率和概率的拐点\" — 在概率即将兑现、赔率仍然充足时介入\n隐形冠军在低估时赔率天然大（公司垮不了 = 向下有限）\n七、\"弱者选股 + 强者突破\"\n弱者选股（冯柳弱者体系的应用）\n承认自己是信息弱势方\n选择\"公开信息就能看明白\"的简单公司\n体验 AI 驱动的深度投研，请访问 www.alphaengine.top","creationdate":"2026-05-26T09:31:12+00:00","format":"PDF 1.4","keywords":"","trapped":""}


created_at: 2026-07-11 07:50:31
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: fe2f76bf-b989-4635-9f56-40ec9e60da13
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{"total_pages":6,"keywords":"","producer":"Skia/PDF m141","chroma:document":"在市场不关注（成交低迷）时买入\n利用市场定价错误获取安全边际\n强者突破（能力圈内的深度跟踪）\n光选股不够，必须跟踪变化\n在能力圈内做\"强者\"：深入产业链、实地调研、跟踪数据\n本地公司优势：随时上门、通过合作机构了解、朋友在公司内\n\"散户做强者突破，只能是一点：能力圈内选股\"\n八、操作节奏与卖出原则\n买入时机\n股价在底部区间（PB低、PE低、成交萎缩）\n基本面出现向上的\"变化\"信号\n大势不需要太好，个股逻辑清晰即可\n卖出原则\n战术股：涨30-80%到目标位果断走，\"搞一波就走\"\n战略股：持有到业绩充分释放、估值合理或偏高时\n止损原则：逻辑被证伪时果断砍（\"杀伐果断，该走就走\"）\n被游资打过的战术股：如有其他标的承接，果断切换\n切换纪律\n\"一旦到了差不多的位置，还是要赶紧切换\"\n战术股到位后，即使没有更好标的也要减仓\n错过最佳卖点后不要幻想涨回去\n\"抉择要果断，不能犹豫\"\n九、市场环境应对\n牛市策略\n\"牛市要重势\" — 趋势确认后勇敢满仓\n适度分散，享受整体上涨\n但选股标准不能降低\n警惕\"人多的地方\"\n熊市策略\n\"熊市要重质\" — 聚焦资产质量好的公司\n相对集中，精选3-5只\n把安全边际放在第一位\n\"宁愿不赚钱也要少亏钱\"\n体验 AI 驱动的深度投研，请访问 www.alphaengine.top","author":"","modDate":"D:20260526093112+00'00'","format":"PDF 1.4","trapped":"","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","creator":"Chromium","creationDate":"D:20260526093112+00'00'","subject":"","moddate":"2026-05-26T09:31:12+00:00","title":"","page":3,"creationdate":"2026-05-26T09:31:12+00:00"}


created_at: 2026-07-11 07:50:31
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: 3e53e5a9-0dd9-4c63-b867-97dc905cf14e
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created_at: 2026-07-11 07:50:31
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"modDate":"D:20260526093112+00'00'","page":5,"source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","producer":"Skia/PDF m141","format":"PDF 1.4","title":"","subject":"","moddate":"2026-05-26T09:31:12+00:00","creator":"Chromium","chroma:document":"十二、风险控制原则\n1. 不买复杂的公司 — 产品线多、资产结构复杂的一律放弃\n2. 不追高 — 已被市场充分发现的不碰，\"还是要把安全边际放第一位\"\n3. 不做短线 — \"为啥我不做T或者小波段\"，频繁交易耗费精力且胜率不高\n4. 聚焦能力圈 — 个人精力有限，最多深度跟踪10只\n5. 果断止损 — 逻辑证伪时不犹豫，\"回避基本面往下\"优于\"低位信其有\"\n6. 警惕质押风险 — 控股股东高比例质押需警惕\n7. 控制情绪 — 不被市场波动和外界压力裹挟决策\n十三、核心金句精选\n\"投资最终是一个私人行为\"\n\"投资比拼到最后，拼的是价值观\"\n\"炒股高风险，投资低风险\"\n\"复利是投资能赚大钱的核心秘密\"\n\"持有才能赚大钱，交易很难赚大钱\"\n\"大部分散户亏钱的原因是追求'时间效率'\"\n\"散户多的地方，真去不得\"\n\"选对标的可以穿越牛熊\"\n\"价值永恒，不要理会波动\"\n\"高认知和勤奋可以获得超额收益\"\n\"人多的地方别去\" — 亘古不变的真理\n\"买未来比现在好的公司\"\n免责声明：本文档仅为个人学习笔记整理，不构成投资建议。\n体验 AI 驱动的深度投研，请访问 www.alphaengine.top","keywords":"","creationdate":"2026-05-26T09:31:12+00:00","author":"","total_pages":6,"creationDate":"D:20260526093112+00'00'","trapped":""}


created_at: 2026-07-11 07:54:39
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
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{"subject":"","keywords":"","title":"","creationdate":"2026-05-26T09:31:12+00:00","chroma:document":"熬得住：买入后能承受时间成本和波动，不被市场情绪裹挟\n略分仓：适度分散（3-5只），不全仓单一标的，但也不过度分散\n三、估值框架：\"向下看PB，向上看PE\"\n这是里海最核心的估值原则：","total_pages":6,"creationDate":"D:20260526093112+00'00'","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","moddate":"2026-05-26T09:31:12+00:00","author":"","page":0,"format":"PDF 1.4","trapped":"","producer":"Skia/PDF m141","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","creator":"Chromium","modDate":"D:20260526093112+00'00'"}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"page":0,"source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","chroma:document":"这是里海最核心的估值原则：\n向下空间（安全边际）：看 PB\n净资产质量好、货币资金充裕的公司，PB 构成股价的\"债底\"\n破净（PB<1）且资产质量实的公司，下跌空间极为有限","trapped":"","modDate":"D:20260526093112+00'00'","keywords":"","subject":"","creator":"Chromium","creationdate":"2026-05-26T09:31:12+00:00","creationDate":"D:20260526093112+00'00'","moddate":"2026-05-26T09:31:12+00:00","format":"PDF 1.4","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","title":"","producer":"Skia/PDF m141","total_pages":6,"author":""}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: b6c37ae9-3bac-42fc-a4fd-a8b96f2ba461
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{"page":0,"creationDate":"D:20260526093112+00'00'","format":"PDF 1.4","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","subject":"","title":"","moddate":"2026-05-26T09:31:12+00:00","producer":"Skia/PDF m141","author":"","modDate":"D:20260526093112+00'00'","creationdate":"2026-05-26T09:31:12+00:00","chroma:document":"例：好想你净资产41亿，市值跌到30亿就跌不动了\n向上空间（盈利预期）：看 PE\n要看公司能释放多少利润来支撑更高市值\n例：公司要从34亿涨到55亿，至少需要2亿利润×25倍PE来支撑","total_pages":6,"creator":"Chromium","trapped":"","keywords":"","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf"}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: 9130e142-7a01-48bc-bd12-2d4065fa645d
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{"modDate":"D:20260526093112+00'00'","producer":"Skia/PDF m141","moddate":"2026-05-26T09:31:12+00:00","creationdate":"2026-05-26T09:31:12+00:00","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","title":"","creationDate":"D:20260526093112+00'00'","chroma:document":"关注利润释放路径：毛利率提升 / 营收增长 / 费用优化\n体验 AI 驱动的深度投研，请访问 www.alphaengine.top","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","total_pages":6,"creator":"Chromium","keywords":"","format":"PDF 1.4","trapped":"","author":"","subject":"","page":0}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","keywords":"","total_pages":6,"format":"PDF 1.4","creator":"Chromium","title":"","trapped":"","page":1,"subject":"","creationDate":"D:20260526093112+00'00'","modDate":"D:20260526093112+00'00'","moddate":"2026-05-26T09:31:12+00:00","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","producer":"Skia/PDF m141","creationdate":"2026-05-26T09:31:12+00:00","author":"","chroma:document":"四、选股模型：隐形冠军模型\n核心公式：\n隐形冠军 + 资产结构简单 + 低估值 + 有变化 = 买入信号\n四大要素详解：\n1. 简单（最重要的前提）"}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"creationdate":"2026-05-26T09:31:12+00:00","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","page":1,"source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","format":"PDF 1.4","subject":"","moddate":"2026-05-26T09:31:12+00:00","chroma:document":"1. 简单（最重要的前提）\n业务结构简单：主营业务清晰，产品线不复杂，散户看得懂\n资产负债结构简单：没有大量有息负债，没有复杂的表外风险，资产质量\"实\"","author":"","keywords":"","producer":"Skia/PDF m141","creator":"Chromium","total_pages":6,"modDate":"D:20260526093112+00'00'","trapped":"","creationDate":"D:20260526093112+00'00'","title":""}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: 3d9f7020-374f-4a23-a957-5f30f0f6ca5b
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{"moddate":"2026-05-26T09:31:12+00:00","trapped":"","producer":"Skia/PDF m141","modDate":"D:20260526093112+00'00'","creator":"Chromium","total_pages":6,"format":"PDF 1.4","creationdate":"2026-05-26T09:31:12+00:00","chroma:document":"管理层更换/国企改革\n行业周期拐点\n新产品/新业务拓展\n原材料成本下行带来的利润弹性\n4. 分仓（风险管理）\n持仓3-5只标的\n熊市相对集中，牛市适度分散\n单只标的仓位根据确定性动态调整","subject":"","title":"","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","author":"","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","creationDate":"D:20260526093112+00'00'","page":1,"keywords":""}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
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{"keywords":"","modDate":"D:20260526093112+00'00'","chroma:document":"中等，初筛过关即可\n体验 AI 驱动的深度投研，请访问 www.alphaengine.top","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","page":1,"source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","format":"PDF 1.4","subject":"","trapped":"","moddate":"2026-05-26T09:31:12+00:00","author":"","total_pages":6,"creationdate":"2026-05-26T09:31:12+00:00","creationDate":"D:20260526093112+00'00'","producer":"Skia/PDF m141","creator":"Chromium","title":""}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: c273a31b-88ed-4394-a97d-8c7023b7c1c8
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","total_pages":6,"file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","creationdate":"2026-05-26T09:31:12+00:00","trapped":"","producer":"Skia/PDF m141","keywords":"","creationDate":"D:20260526093112+00'00'","creator":"Chromium","author":"","chroma:document":"操作要点\n低位重仓、不惧波动、拿住\n到预期目标果断走，切换到下一个\n关键认知：\n\"战略股都是战术股走出来的\" — 最初以战术股的标准买入，跟踪过程中确认为战略股后加仓并长持。\n六、概率与赔率分析框架","format":"PDF 1.4","modDate":"D:20260526093112+00'00'","page":2,"subject":"","moddate":"2026-05-26T09:31:12+00:00","title":""}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"creator":"Chromium","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","trapped":"","modDate":"D:20260526093112+00'00'","author":"","keywords":"","creationdate":"2026-05-26T09:31:12+00:00","moddate":"2026-05-26T09:31:12+00:00","title":"","subject":"","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","format":"PDF 1.4","creationDate":"D:20260526093112+00'00'","page":2,"total_pages":6,"producer":"Skia/PDF m141","chroma:document":"赔率（潜在收益与风险的比值）\n向下空间：当前价位到\"最坏情况\"市值的距离\n向上空间：当前价位到\"合理估值\"市值的距离\n理想标准：向上空间 / 向下空间 ≥ 3:1\n实操要点"}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: b6293dc0-7d05-42d1-bf38-209cd9e81db5
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"title":"","total_pages":6,"producer":"Skia/PDF m141","creationdate":"2026-05-26T09:31:12+00:00","chroma:document":"本地公司优势：随时上门、通过合作机构了解、朋友在公司内\n\"散户做强者突破，只能是一点：能力圈内选股\"\n八、操作节奏与卖出原则\n买入时机\n股价在底部区间（PB低、PE低、成交萎缩）","creationDate":"D:20260526093112+00'00'","page":3,"file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","moddate":"2026-05-26T09:31:12+00:00","creator":"Chromium","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","subject":"","trapped":"","format":"PDF 1.4","modDate":"D:20260526093112+00'00'","keywords":"","author":""}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"page":3,"keywords":"","subject":"","creator":"Chromium","creationdate":"2026-05-26T09:31:12+00:00","chroma:document":"止损原则：逻辑被证伪时果断砍（\"杀伐果断，该走就走\"）\n被游资打过的战术股：如有其他标的承接，果断切换\n切换纪律\n\"一旦到了差不多的位置，还是要赶紧切换\"\n战术股到位后，即使没有更好标的也要减仓","producer":"Skia/PDF m141","format":"PDF 1.4","total_pages":6,"creationDate":"D:20260526093112+00'00'","moddate":"2026-05-26T09:31:12+00:00","trapped":"","title":"","modDate":"D:20260526093112+00'00'","author":"","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf"}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"page":3,"creator":"Chromium","total_pages":6,"keywords":"","format":"PDF 1.4","chroma:document":"战术股到位后，即使没有更好标的也要减仓\n错过最佳卖点后不要幻想涨回去\n\"抉择要果断，不能犹豫\"\n九、市场环境应对\n牛市策略\n\"牛市要重势\" — 趋势确认后勇敢满仓\n适度分散，享受整体上涨","creationDate":"D:20260526093112+00'00'","moddate":"2026-05-26T09:31:12+00:00","subject":"","author":"","creationdate":"2026-05-26T09:31:12+00:00","trapped":"","modDate":"D:20260526093112+00'00'","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","title":"","producer":"Skia/PDF m141","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf"}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: 4f81b53e-a17b-4531-8e55-b64cef1395ca
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{"format":"PDF 1.4","creator":"Chromium","subject":"","creationdate":"2026-05-26T09:31:12+00:00","keywords":"","author":"","trapped":"","modDate":"D:20260526093112+00'00'","creationDate":"D:20260526093112+00'00'","producer":"Skia/PDF m141","page":4,"title":"","moddate":"2026-05-26T09:31:12+00:00","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","total_pages":6,"chroma:document":"震荡市/结构性行情\n\"聚焦微观，做好当下，死磕投资\"\n放低预期，追求跑赢指数\n找结构性机会：局部需求增长的行业/产业链\n十、投资进阶路径\n里海总结的散户进阶之路：\n第一阶段：中巴式（买好公司长期持有）"}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: 8ed9f9d7-b531-4838-aa8e-e649ca406e77
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{"creationdate":"2026-05-26T09:31:12+00:00","moddate":"2026-05-26T09:31:12+00:00","title":"","keywords":"","producer":"Skia/PDF m141","modDate":"D:20260526093112+00'00'","page":4,"subject":"","chroma:document":"第一阶段：中巴式（买好公司长期持有）\n ↓\n第二阶段：成长股（关注业绩增长）\n ↓\n第三阶段：基本面 + 市场情绪（戴维斯双击）\n ↓\n第四阶段：基本面 + 技术/交易（择时能力）\n ↓","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","author":"","trapped":"","format":"PDF 1.4","creationDate":"D:20260526093112+00'00'","creator":"Chromium","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","total_pages":6}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"modDate":"D:20260526093112+00'00'","subject":"","total_pages":6,"title":"","author":"","creationdate":"2026-05-26T09:31:12+00:00","keywords":"","trapped":"","producer":"Skia/PDF m141","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","creationDate":"D:20260526093112+00'00'","format":"PDF 1.4","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","page":5,"chroma:document":"十二、风险控制原则\n1. 不买复杂的公司 — 产品线多、资产结构复杂的一律放弃\n2. 不追高 — 已被市场充分发现的不碰，\"还是要把安全边际放第一位\"","creator":"Chromium","moddate":"2026-05-26T09:31:12+00:00"}


created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: 61d89989-4b29-4b19-90ee-73dffe8c57b4
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created_at: 2026-07-11 07:54:39
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 07:54:39
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: f2ad7d2f-cb64-41eb-8323-1408dfd74c29
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{"creationdate":"2026-05-26T09:31:12+00:00","keywords":"","modDate":"D:20260526093112+00'00'","trapped":"","producer":"Skia/PDF m141","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","creator":"Chromium","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","total_pages":6,"creationDate":"D:20260526093112+00'00'","page":0,"title":"","format":"PDF 1.4","chroma:document":"疯狂的里海投资体系框架\n数据来源：《疯狂的里海》2019-2025年度文集合集（含投资周记、周直播、公众号文章）\n整理日期：2026年5月26日\n一、总体框架：\"2444\"体系","subject":"","author":"","moddate":"2026-05-26T09:31:12+00:00"}


created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"subject":"","trapped":"","creator":"Chromium","chroma:document":"二、核心心法：\"九字秘籍\"\n看得准、买得低、熬得住（略分仓）\n看得准：对公司的商业模式、竞争地位、变化方向有清晰判断（商业穿透力）\n买得低：在安全边际充足的底部区间介入，不追高","total_pages":6,"creationDate":"D:20260526093112+00'00'","moddate":"2026-05-26T09:31:12+00:00","page":0,"format":"PDF 1.4","keywords":"","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","title":"","author":"","modDate":"D:20260526093112+00'00'","creationdate":"2026-05-26T09:31:12+00:00","producer":"Skia/PDF m141"}


created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
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created_at: 2026-07-11 08:26:03
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"total_pages":6,"author":"","format":"PDF 1.4","chroma:document":"六、概率与赔率分析框架\n概率（基本面发生变化的可能性）\n公司困境反转的可能性有多大？\n新产能能否顺利达产、销售？\n行业周期是否即将反转？\n管理层改革能否落地？\n赔率（潜在收益与风险的比值）","creator":"Chromium","moddate":"2026-05-26T09:31:12+00:00","page":2,"keywords":"","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","creationDate":"D:20260526093112+00'00'","producer":"Skia/PDF m141","subject":"","trapped":"","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","modDate":"D:20260526093112+00'00'","title":"","creationdate":"2026-05-26T09:31:12+00:00"}


created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"chroma:document":"赔率（潜在收益与风险的比值）\n向下空间：当前价位到\"最坏情况\"市值的距离\n向上空间：当前价位到\"合理估值\"市值的距离\n理想标准：向上空间 / 向下空间 ≥ 3:1\n实操要点","author":"","title":"","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","subject":"","producer":"Skia/PDF m141","creator":"Chromium","format":"PDF 1.4","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","creationDate":"D:20260526093112+00'00'","page":2,"trapped":"","total_pages":6,"keywords":"","moddate":"2026-05-26T09:31:12+00:00","modDate":"D:20260526093112+00'00'","creationdate":"2026-05-26T09:31:12+00:00"}


created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: a63773b4-cfb6-4c8b-a712-5f5b051c13f7
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{"total_pages":6,"creationdate":"2026-05-26T09:31:12+00:00","producer":"Skia/PDF m141","creator":"Chromium","modDate":"D:20260526093112+00'00'","title":"","author":"","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","page":2,"subject":"","trapped":"","creationDate":"D:20260526093112+00'00'","format":"PDF 1.4","moddate":"2026-05-26T09:31:12+00:00","keywords":"","chroma:document":"七、\"弱者选股 + 强者突破\"\n弱者选股（冯柳弱者体系的应用）\n承认自己是信息弱势方\n选择\"公开信息就能看明白\"的简单公司\n体验 AI 驱动的深度投研，请访问 www.alphaengine.top","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf"}


created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: e92531e1-5a4d-471b-bfdb-a77a53da0e7f
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"author":"","moddate":"2026-05-26T09:31:12+00:00","total_pages":6,"chroma:document":"基本面出现向上的\"变化\"信号\n大势不需要太好，个股逻辑清晰即可\n卖出原则\n战术股：涨30-80%到目标位果断走，\"搞一波就走\"\n战略股：持有到业绩充分释放、估值合理或偏高时","page":3,"title":"","creationdate":"2026-05-26T09:31:12+00:00","trapped":"","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","modDate":"D:20260526093112+00'00'","creator":"Chromium","producer":"Skia/PDF m141","creationDate":"D:20260526093112+00'00'","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","keywords":"","format":"PDF 1.4","subject":""}


created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: 9059b99e-9fe7-4273-90b0-7ac4cb763f49
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: 295d3838-e45e-4c41-8955-59511f333fcd
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{"creator":"Chromium","format":"PDF 1.4","chroma:document":"震荡市/结构性行情\n\"聚焦微观，做好当下，死磕投资\"\n放低预期，追求跑赢指数\n找结构性机会：局部需求增长的行业/产业链\n十、投资进阶路径\n里海总结的散户进阶之路：\n第一阶段：中巴式（买好公司长期持有）","moddate":"2026-05-26T09:31:12+00:00","page":4,"creationDate":"D:20260526093112+00'00'","trapped":"","creationdate":"2026-05-26T09:31:12+00:00","keywords":"","author":"","producer":"Skia/PDF m141","subject":"","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","total_pages":6,"title":"","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","modDate":"D:20260526093112+00'00'"}


created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
id: 4cc5e505-e5cc-4f87-b228-92b827a37728
encoding: FLOAT32
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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{"producer":"Skia/PDF m141","moddate":"2026-05-26T09:31:12+00:00","chroma:document":"↓\n第五阶段：赚时代的钱（前瞻性认知）\n里海自身定位：主要在第三、四阶段，追求\"基本面变化 + 低估值 + 市场重新定价\"的钱。\n十一、实操案例映射\n标的\n对应模型\n核心逻辑\n涪陵榨菜","creationdate":"2026-05-26T09:31:12+00:00","trapped":"","format":"PDF 1.4","author":"","file_path":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","creator":"Chromium","modDate":"D:20260526093112+00'00'","total_pages":6,"title":"","source":"D:\\investment\\data\\疯狂的里海_投资体系框架.pdf","subject":"","creationDate":"D:20260526093112+00'00'","page":4,"keywords":""}


created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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created_at: 2026-07-11 08:26:03
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created_at: 2026-07-11 08:26:03
topic: persistent://default/default/1abd61f8-8bb8-4855-bcff-96876ff6db3e
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