Group 1 - The core concept of fund advisory is to address the issue where "funds make money, but investors do not" [4] - Fund advisory services are designed to help investors achieve better returns through professional guidance [5] - The emergence of fund advisory reflects the need for specialized advice in the investment sector, similar to other professional fields [2][3] Group 2 - Fund advisory is compared to other advisory roles, such as doctors for health issues and lawyers for legal problems, highlighting the importance of expert guidance [7]

Market Overview - The market experienced slight fluctuations with a minor decline, maintaining a rating of 4.9 stars [1] - Large-cap stocks like the CSI 300 saw minor declines, while small-cap stocks experienced slight gains [1] - The Hong Kong stock market opened lower but reduced its losses by the close, with the Hang Seng Tech index showing slight gains [1] Monthly Investment Strategy - The "Yuexinbao" investment product has risen for six consecutive trading days, reaching a historical high [2] - A rebalancing of the Yuexinbao portfolio was conducted, reducing the stock allocation from around 40% to below 40% and increasing bond holdings [2][3] - From February last year to June this year, Yuexinbao saw an approximate increase of 15%, with the stock portion rising over 30% during the same period [2] Rebalancing Strategy - The stock allocation in Yuexinbao exceeded 45% after the previous increase, prompting a rebalancing on July 7 to restore the stock ratio to around 40% and bonds to 60% [3] - This rebalancing strategy is automated, allowing for a "buy low, sell high" approach without manual intervention [3][4] Economic Indicators and Valuation Metrics - Current market conditions show high price-to-earnings (P/E) ratios and low price-to-book (P/B) ratios across various indices, indicating a potential misalignment in valuation metrics [9][10] - For instance, the CSI 300 value index has a P/E ratio at the 69th percentile and a P/B ratio at the 31st percentile over the past decade [14] - The economic cycle has influenced these valuation metrics, with recent years experiencing a downturn in earnings growth, particularly in small-cap stocks [18][19] Investment Insights - The article emphasizes the importance of understanding different valuation metrics during various economic cycles, suggesting that P/E ratios may not be reliable indicators in periods of earnings decline [27][28] - The article also highlights the potential for significant gains in sectors entering a recovery phase, as seen in the Hong Kong tech sector, which has recently experienced substantial earnings growth [25][26] Investment Products and Promotions - The company is offering a limited-time 50% discount on advisory fees for its investment products, aimed at reducing costs for investors [29][32] - The Yuexinbao investment product has adjusted its minimum investment threshold to 200 yuan, making it more accessible for investors [40] - A regular cash flow feature is available for the Yuexinbao product, catering to investors with ongoing cash flow needs [38][41]

Core Viewpoint - The article announces a promotional event offering a 50% discount on advisory fees for the Ding series investment advisory combinations, effective from July 1, 2025, to December 31, 2025, benefiting all investors holding these combinations during the promotional period [5][18]. Summary by Sections Promotional Details - The annual fee cap is reduced from 360 yuan/year to 180 yuan/year during the promotional period for larger investments [4]. - For smaller investments, the percentage fee rate is uniformly lowered to 0.2% per year [4]. - The promotional offer applies to all shares held during the promotional period, including those purchased before the promotion [5]. Fee Comparison - A detailed comparison of advisory fees before and during the promotional period is provided, showing significant reductions for various investment combinations [8]. - For example, the Active Selection Index Enhancement combination's fee structure changes from a cap of 360 yuan/year and 0.4% per year to a cap of 360 yuan/year and 0.2% per year during the promotional period [8]. Company Initiatives - The company has been actively working to lower advisory fees, having previously reduced the percentage fee rates in April 2023 [17]. - The combined fee model of "percentage + annual fee cap" is designed to benefit both small and large investors, automatically selecting the more advantageous option for clients [14][15]. Cost Savings - Since the launch of the advisory combinations, the company has saved investors approximately 156 million yuan in fees by implementing lower rates and promotional offers [20]. - The average fee rate after the promotional event is expected to be around 0.05%-0.1% per year, which is among the lowest in the global advisory field [28]. Future Plans - The company intends to continue advocating for further fee reductions and additional promotional activities to benefit investors [22][28].

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Core Viewpoint - The article discusses the valuation of global stock indices and U.S. Treasury indices, highlighting the limited availability of investment options in mainland China compared to overseas markets [1][2]. Group 1: Global Stock Market Performance - The global stock market saw an increase of approximately 1.4% this week, with the global stock index star rating returning to around 3.1 stars [4][5][6]. - The global stock index has surpassed last year's levels, reaching a historical high [8]. - Despite the historical high, the current valuations are not as elevated as last year, with the market currently at a normal to slightly high valuation level of around 3.1 stars [10][11]. Group 2: Valuation Insights - The relationship between index points and earnings is explained, indicating that index point fluctuations can be viewed as changes in the market capitalization of listed companies [12]. - The profitability of overseas listed companies has been growing, which has helped to absorb some of the valuation increases [12]. - The article notes that there are currently no global stock index funds available in mainland China, but a combination that tracks global stock indices is being offered [13][14]. Group 3: Investment Opportunities - The article mentions that there are numerous global stock index funds available overseas, with a total scale exceeding one trillion U.S. dollars [9][18]. - A "Global Index Advisory Portfolio" has been introduced, which diversifies investments across various stock markets, including U.S., UK, Hong Kong, and A-shares [20]. - The investment limits for overseas market funds in mainland China are generally low, with a maximum daily purchase limit of 350 yuan [22]. Group 4: Historical Context and Future Outlook - Historical low valuation phases for the global stock market were identified in 2018, 2020, and 2022, with a recent drop in April 2025 bringing the market back to a low valuation phase [16]. - The article emphasizes that investing during periods when the global stock index is rated between 4-5 stars is ideal for maximizing investment value [15].

Group 1 - The article emphasizes the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [1] - It highlights the significance of USD bonds as a crucial component in investment diversification strategies [2] - The article offers a free course that systematically introduces knowledge about investing in USD bond funds, aimed at enhancing investors' understanding [2][3] Group 2 - The course includes additional resources such as course notes and mind maps to facilitate efficient learning and comprehension of the investment topics covered [3] - There is a call to action for readers to engage with the course by adding a course assistant and responding with "USD bond" to receive the course materials [3]

Group 1 - The article emphasizes the importance of education in enhancing human capital value, citing that the return on investment for a bachelor's degree is approximately 18% annually, with a net return of 15% after inflation [15][16][17]. - It discusses the rising costs associated with education, which are increasing at a rate that surpasses the average inflation rate, making education funding a critical consideration for many families [23][24][25]. - The article highlights the need for families to plan for education funds, including both the parents' retirement and wealth transfer strategies [3][20]. Group 2 - Two main investment tools for education funds are identified: public mutual funds with regular cash flow and education savings or insurance products [27][36]. - Public mutual funds, particularly those with regular dividends, are suggested as a viable option for families needing consistent cash flow for educational expenses [28][30]. - Education savings and insurance products are characterized by their fixed terms and lower volatility, making them suitable for families that prefer to avoid principal fluctuation risks [40][42].

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Group 1 - The article highlights that most investors are familiar with stock index funds but have limited knowledge about bond index funds, indicating a gap in understanding investment options [1] - It introduces a free limited-time course that focuses on investment methods for bond index funds, suggesting an educational opportunity for investors [1] - The article encourages readers to engage with a course assistant to receive additional materials such as course notes and mind maps for efficient learning [2] Group 2 - The article provides a call to action for readers to click and access a free course on large family asset allocation, emphasizing the importance of education in investment strategies [3]

Group 1 - The core viewpoint is that investing in personal pensions can enhance retirement security while benefiting from tax deferral advantages [1]. Group 2 - Information on how to open a personal pension account and the five major investment options available is provided [2]. - A free course is offered to learn about personal pension investment methods, including course notes and mind maps for efficient learning [3].