Core Viewpoint - Fund regular investment is a suitable investment method for lazy investors, and the article discusses how to effectively implement it, including preparation, planning, methods, and profit-taking strategies [2][3]. Group 1: Preparation and Planning - Before starting a fund regular investment, it is essential to prepare adequately and create a solid investment plan [2]. - The article offers a free course to help individuals understand how to formulate a fund regular investment plan effectively [3]. Group 2: Investment Channels - Fund regular investment can be categorized into two main channels: on-market (场内) and off-market (场外) [4][10]. On-Market Channel - The on-market channel involves trading through a securities exchange, requiring a stock account that can be opened online [6]. - Advantages include rapid transactions and relatively low trading fees, typically between 0.02% to 0.03% commission, with a minimum fee of 5 yuan per transaction [8]. - Disadvantages include the need for manual operation and a limited selection of funds available for investment [9]. Off-Market Channel - The off-market channel allows transactions outside the securities exchange, accessible through banks, fund companies, and online platforms [10]. - Advantages include convenience in operation and a wider variety of fund options, with most platforms offering automatic investment features [11][13]. - Disadvantages include non-real-time trading, where transactions are executed at the end of the trading day, and slightly higher fees, around 0.1% for online transactions [14][16].

Core Viewpoint - The article discusses the performance of A-shares and Hong Kong stocks over the past year, indicating that they have experienced significant growth and are currently in a bull market phase, although signs suggest it may be in the later stages [3][4][8]. Group 1: Market Performance - Over the past year, A-shares and Hong Kong stocks have seen substantial increases, with the Hang Seng Index rising by 52.52% and the CSI All Share Index increasing by 60.43% [6]. - From the lowest point in September 2024 to the highest point in October 2025, the CSI All Share Index rose by 61.93%, indicating a technical bull market [8]. - As of December 26, 2025, the market has experienced a correction of approximately -6.47%, which is less severe than previous corrections in 2024 and early 2025, suggesting that A-shares remain in a bull market [8]. Group 2: Market Characteristics - The current bull market has been characterized by significant gains in small-cap and growth stocks, with some reaching overvaluation levels, indicating that the latter part of the bull market may have been reached [10]. - Dividend stocks have not seen substantial gains and may have potential for future rallies, as they have underperformed compared to broader indices [12]. - By the end of December 2025, many stocks are considered not cheap, with the market rating around 4.1 stars, indicating that while some undervalued stocks exist, many are at or above normal valuation levels [14][23]. Group 3: Market Signals - Key signals to watch in the later stages of a bull market include market valuations, with the valuation table updated daily indicating the overall market's status [16][18]. - The "Screw Star Rating" system is used to assess whether the market is cheap or expensive, with a rating of 4 stars indicating a late bull market phase where most stocks are overvalued [20][23]. - As of December 2025, the market is rated at 4.1 stars, with most stocks returning to normal valuations and very few considered overvalued [23].

Core Viewpoint - The overall market showed a slight increase, with the index remaining at 4.1 stars, indicating a stable market condition [1]. Group 1: Market Performance - Large, medium, and small-cap stocks all experienced gains, with minimal volatility observed [2]. - The cash flow and value style indices rose, approaching normal valuation levels after today's increase [3]. - Growth style stocks also saw an overall increase [4]. - Hong Kong stocks performed relatively stronger than A-shares, with technology stocks leading the gains in the Hong Kong market [5][6]. Group 2: Trading Schedule and Fund Management - The upcoming New Year holiday will affect trading schedules, with normal trading for A-shares on Wednesday, but the Hong Kong Stock Connect will be suspended [9]. - Funds containing Hong Kong stocks will also pause subscription and redemption transactions on Wednesday [10]. - Trading will resume normally after the holiday [12]. Group 3: Investment Strategies - The investment strategy includes a pause on regular contributions to the index-enhanced advisory portfolio as it returns to normal valuation, while continuing to hold existing investments [12]. - The active selection advisory portfolio is priced at 9,456 yuan, and the monthly salary treasure advisory portfolio is at 10,000 yuan, both available for investment [12]. - The personal pension fund investment strategy continues with regular contributions to the CSI A50 and 300 dividend low volatility funds, with a focus on long-term investment opportunities [19]. Group 4: Valuation Insights - A valuation table is provided, detailing various indices, their price-to-earnings ratios, dividend yields, and return on equity percentages, which can guide investment decisions [22]. - The valuation table indicates that certain funds are currently undervalued and suitable for regular investment, while others are at normal valuation and can be held [29].

文 | 银行螺丝钉 （转载请注明出处） 些,小的牛熊市3-5年一轮,长的牛熊市 7-10年一轮。 (3) 黄金的牛熊市周期不比股票资产 矢。 例如2011年到2016年，黄金出现了长达 5年的熊市下跌。这个长度甚至超过了A 股历史上的最长熊市。 (4) 房地产的牛熊市周期就更长了。 平均15-20年一轮。 例如2008年是上一轮房地产熊市的底 部,而2018年前后则是上一轮房地产牛 市的顶部（也是房地产行业股票估值的 巅峰）。 2018年之后开启了这一轮房地产熊市, 但熊市还在过程中。 所以每一类资产。都会有自己固有的牛 . . ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

文 | 银行螺丝钉 （转载请注明出处） 大中小盘股都下跌。 上周A股大幅反弹，上周2.7%，领涨全球。今天A股迎来回调。 价值风格波动相对较小。 成长风格下跌多一些，创业板下跌0.66%。 港股上午上涨，到收盘也变成下跌。 港股恒生指数下跌0.71%。港股科技股略微下跌，波动不大。 1. 前两天看了一个新闻，说港股的IPO融资额，今年变成了全球第一。 今天大盘盘中上涨，到收盘的时候变成下跌，还在4.1星。 对投资者，是买入优质股份的好时候。 这对港股有啥影响么？ 融资和投资，是一体两面。 （1）在熊市的时候，市场估值比较低，股息分红比较多。 但是对企业的创始人和股东来说，熊市卖股份不是太好的选择。 所以在熊市市场估值低的时候，IPO或者再融资，都不会太多。 以A股为例， 2024年，A股最低到了5.9星。 在熊市底部，新股IPO融资只有673亿，加上增发融资等，融资总额在2880亿上下。 2024年A股的分红总额达到2.4万亿。 （2）到了牛市的时候，市场估值会大幅提升。 其实股票资产的投资价值，随着上涨是在下降的。 甚至出现高估的时候，要做好止盈。 对融资者来说，股价上涨之后，那相同的股份，可以融资到更多的 ...

Group 1 - The article emphasizes that different regional stock markets do not move in unison, allowing investors to seize more investment opportunities by understanding multiple markets [2] - Global investment can significantly reduce volatility risk, highlighting the benefits of diversifying investments across different markets [2] - A free course is offered to teach methods for investing in global stock markets through index funds, aiming to share the long-term gains of global markets [2][3] Group 2 - The article discusses the composition of the CSI 800, CSI 1000, and CSI 2000 indices, explaining that they collectively cover over 90% of the market, making them similar to the CSI All Share Index [5][6] - The CSI 800 includes the largest 1-800 A-shares, the CSI 1000 includes the next 801-1800, and the CSI 2000 includes the next 1801-3800, providing a comprehensive view of the A-share market [5] - It suggests that once the number of index funds for CSI 2000 increases, a portfolio based on the combination of CSI 800, CSI 1000, and CSI 2000 could be considered for a full market index fund advisory [6][7]

Group 1 - The article discusses the potential for significant returns in a bull market, indicating that price increases can range from 30% to 40% when moving from undervalued to normal valuation, and even more in the case of overvaluation during a strong bull market like 2007-2008 [3] - It highlights that investors can benefit from the rising profits of the investment itself, particularly in the latter stages of a bull market, which typically lasts 7-10 years, as seen in previous bull markets in 2007 and 2015 [4]

Group 1 - The core concept of fund advisory is to address the issue where funds make profits, but investors do not [4] - Fund advisory services are designed to help investors achieve better returns through professional guidance [5] - The article emphasizes the importance of having advisors in specialized fields, similar to how doctors and lawyers provide expertise [6] Group 2 - The article discusses the concept of investment opportunities during bear markets, suggesting that they occur approximately every 3-5 years [13] - It highlights that in the last 15 years, A-shares have experienced three bear markets: 2012-2014, 2018, and 2022-2024 [12] - The potential for investment opportunities diminishes after 2025, indicating that the allure of investment in 2025 may not be as strong as in 2024 [12]

Group 1 - The global stock market rose by 1.4% this week, with A-shares (CSI All Share Index) increasing by 2.78%, recovering most of the declines from November [3][4]. - The Hong Kong stock market saw a slight increase due to holidays on Thursday and Friday, with expectations of a potential rebound upon resuming trading [5][6]. - Recent weeks of market declines were attributed to short-term liquidity tightening, with a recovery expected as liquidity conditions improve [7]. Group 2 - The Chinese yuan has appreciated significantly, with the exchange rate against the US dollar returning to 7.0 [8]. - The cyclical nature of exchange rates is highlighted, indicating that during a US dollar interest rate decrease cycle, the dollar tends to depreciate against other currencies [9][10]. - From 2021 to 2022, the Federal Reserve's significant interest rate hikes led to a 25-30% appreciation of the US dollar against other currencies [12]. - Following the Fed's first interest rate cut in September 2024, the US dollar is expected to continue depreciating, benefiting non-dollar assets [15][19]. Group 3 - The performance of various markets since the Fed's first interest rate cut shows that the S&P 500 index has risen approximately 30%, global non-US stock markets have increased by about 32%, and A-shares and the Hang Seng Index have surged over 50% [16]. - When accounting for the yuan's appreciation against the dollar, A-shares have increased nearly 60% when priced in USD [17]. - The last significant decline in the US dollar's interest rates and exchange rates occurred between 2019 and 2020, coinciding with a bull market for A-shares and Hong Kong stocks [18]. Group 4 - If the US dollar continues to decline in interest rates, there is likely further appreciation potential for the yuan, which would also favor A-shares and Hong Kong stocks [19]. - However, the fluctuations in exchange rates are expected to be moderate, with the yuan historically oscillating between the 6.x and 7.x range since 2012 [21]. - Interest and exchange rates exhibit cyclical fluctuations, typically spanning 3-5 years, while stock market bull and bear cycles tend to be longer [23][24]. Group 5 - A global stock market star rating chart indicates that the market was undervalued at 4-5 stars during previous periods in 2018, 2020, and 2022 [30]. - Currently, the global market is around 3.0 stars, which is considered a normal valuation, while 1-2 stars indicate overvaluation [32][33]. Group 6 - There are global stock index funds available in overseas markets, with a total scale exceeding one trillion USD, but such funds are not yet available in mainland China [35]. - The company has launched a "Global Index Advisory Portfolio" that diversifies investments across US, UK, Hong Kong, and A-share index funds to track the global stock market [36]. - Investment in overseas market funds is generally limited to small amounts, with a maximum daily purchase limit of 200 yuan [38]. Group 7 - A new edition of the book "The Intelligent Investor" has been released, which has been influential in the investment field for over 30 years and includes updated data and new chapters [41]. - The book emphasizes that, in the long term, stock assets are the best means of wealth accumulation, suggesting that households should allocate a portion of their assets to stocks [42].

《 世界读书日，螺丝钉送你121本私藏经典好书 》 柏基的成长投资策略 最近看了一本今年新出的好书，《柏基投资之道》。 柏基是一家有百年历史的投资机构，总部位于苏格兰爱丁堡，主打的是成长风格。 13.64倍的回报。 大家好，我是银行螺丝钉，欢迎来到这期的螺丝钉带你读书。 「螺丝钉带你读书」也陪伴大家度过了三百多期，为大家讲解了很多有趣、经典的书籍和故事，比如《三十几岁，财务自由》、《如何读一本 书》、《战胜拖延症》等等。 还为大家详细介绍了几位投资大师：股神巴菲特、他的好搭档查理芒格和指数基金之父约翰博格。分享了他们的人生经历、投资生涯和投资的理 念。 大家可以点击下面链接查看部分螺丝钉带你读书合集： 从2004年到2024年，这20年的时间里，柏基旗下的标杆策略——长期全球成长策略，获得了约 超过了同期的标普500和纳斯达克100指数。 在投资的时候，我们会看到很多投资大师和经典的投资策略。 有的是价值投资，有的则是成长投资。 所谓的价值投资、成长投资是什么呢？ 企业生命周期的四个阶段 其实价值和成长风格划分，跟企业的生命周期有很大的关系。 企业从上市，到退市破产，中间可以分为四个阶段。 （1）刚上市，企业 ...