Group 1 - The article introduces the concept of bond index funds and highlights that most investors are familiar with stock index funds but not with bond index funds [2] - A free course is offered to educate investors on how to invest in bond index funds, along with supplementary materials like course notes and mind maps for efficient learning [2] Group 2 - Inflation is defined as the general increase in prices of goods and services over time [6] - The Consumer Price Index (CPI) is used to measure inflation, which tracks the prices of a basket of 268 essential consumer goods and services [7] - The article notes that CPI is an average and may not reflect individual household experiences, as consumption patterns vary significantly between different families and cities [7]

Core Viewpoint - The market is experiencing style rotation, with growth styles currently performing strongly while value styles are lagging behind. The recent rise in the ChiNext index indicates a shift in market dynamics, suggesting potential investment opportunities in growth sectors [4][10][11]. Market Performance - The market saw a rise during the day, reaching a peak of 4.1 stars, but closed at 4.2 stars, indicating a slight pullback [1][2]. - Large-cap stocks showed minor gains, while small-cap stocks experienced slight declines [3]. - The growth style overall is on the rise, with significant increases in the ChiNext index recently, which had been undervalued for a long time [4][7][8]. Valuation Insights - The ChiNext index is approaching a price-to-earnings (P/E) ratio of approximately 45 times, indicating it is nearing overvaluation [9]. - Value styles, such as free cash flow and Hong Kong-Shanghai dividend stocks, have seen increases, with the latter rising 7-8% this year, marking the fifth consecutive year of growth [12][13]. - The average turnover rate in A-shares is significantly high, suggesting that many retail investors hold stocks for less than a month, which may not be sufficient to weather market corrections [42][43]. Investment Behavior - Historical data shows that during bull markets, it is common to experience pullbacks, and the market often exhibits a pattern of sharp rises followed by corrections [18][24]. - Attempting to time the market by selling before a correction and buying back at lower prices is challenging and often leads to missed opportunities [27][28]. - Frequent trading and chasing market trends can significantly reduce investor returns, with studies indicating that high turnover rates correlate with lower average profits [52]. Long-term Investment Strategy - Long-term stock and fund investments are closely tied to valuation and earnings growth, with valuation primarily affecting short-term returns and earnings growth driving long-term performance [44][46]. - Investors are encouraged to focus on controlling costs and enhancing revenue, akin to running a business, to achieve better investment outcomes [49][50]. Dividend and Cash Flow Indices - The article includes a valuation table for various dividend and free cash flow indices, providing insights into their earnings yields, P/E ratios, and other financial metrics for reference [51][65].

Core Viewpoint - The article introduces the new automatic profit-taking feature, which allows users to set up automatic conversions of their investment portfolios when certain market conditions are met, enhancing convenience and efficiency in managing investments [1][9]. Summary by Sections Automatic Profit-Taking Function - The automatic profit-taking feature has been launched to facilitate users in managing their investments more easily [1]. - Users can enable this feature to automatically execute profit-taking transactions when the market reaches specific valuation levels [9]. How Investment Combinations Take Profit - Investment combinations, such as Active Selection and Index Enhancement, utilize two main methods for profit-taking: 1. **Automatic Rebalancing**: When certain assets are overvalued and others are undervalued, the combination will automatically rebalance by taking profits from overvalued assets and increasing positions in undervalued ones. For example, in early 2021, the Active Selection combination achieved a profit-taking return of 120% by selling growth-style funds and reinvesting in undervalued deep value funds [4]. 2. **Overall Market Profit-Taking**: If the market is generally overvalued, the combination will signal a "profit-taking" action, prompting users to gradually convert their holdings into more stable investment options [5][7]. Specific Operations - Upon receiving a "profit-taking" signal, users have two options: 1. **Manual Profit-Taking**: Users can manually execute the conversion transactions upon receiving the signal [9]. 2. **Automatic Profit-Taking**: Users can set up the automatic feature to execute conversions without manual intervention, ensuring timely profit-taking [9]. Benefits of Automatic Profit-Taking - The automatic profit-taking feature offers three main advantages: 1. **Convenience**: Users only need to set it up once, and future profit-taking actions will be executed automatically [9]. 2. **Timeliness**: The feature ensures that users do not miss profit-taking opportunities as it responds promptly to market signals [9]. 3. **Discipline**: It adheres strictly to the profit-taking plan, ensuring that overvalued assets are sold as planned [9]. Activation and Management of the Feature - Users can activate the automatic profit-taking feature at any time, and it will only trigger transactions when the market conditions warrant it [13]. - The feature does not affect the ability to redeem current holdings, allowing for flexible management of investments [14]. - There are no additional fees for using the automatic profit-taking feature, although standard redemption fees may apply based on the fund's rules [16].

文 | 银行螺丝钉 （转载请注明出处） 基金是非常适合普通人的投资品种。 什么类型的基金更适合新手？ 基金投资该怎么投？ 长期投资前要做哪些心理建设？ 这里有一门限时免费的福利课程，能帮助新手投资者从零开始了解基金投资。 想要获取这门课程，可以扫下方二维码添加 @课程小助手 ，回复 「 基金入门 」 领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 估值百分位，看多少年的数据更 合适? 有朋友问,查询估值百分位数据的时 候,有的平台同时有3年、5年、10年的 百分位数据，选择哪个比较好? 实际上跟多少年没关系,主要看估值百分 位的历史数据,有没有覆盖历史上的极端 大熊市。 特别是在看百分位底部的时候,有没有 覆盖到熊市的位置。 比如过去的十几年,A股经典的几次大熊 市,像2012-2014年是大盘股历史最低估 #螺丝钉小知识 wnl 银行螺丝钉 ▼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） 马上要到国庆假期啦，A股放假。 今天来介绍下假期情况，以及基 金交易情况。 不同基金交易规则不同。本次国庆假期各个市场放假情况见下图。 有几天港股、美股还是交易的。 有朋友问螺丝钉，放假期间看不到基金的净值涨跌，那我们买的基金，假期里还会有收益么？ 该在什么日期之前买入，可以获得假期收益呢？ 我们分别来看下不同类型的基金，假期里的情况。 货币基金 在2022年国庆假期，10天左右的时间里，净值没有变化，不涨不跌。 通常需要在假期之前投资货币基金，才能享受到假期期间的收益。 以本次国庆假期为例，需要在2025年9月29日，也就是下周一的下午3点之前买入。 如果没注意错过了货币基金，也不用担心，可以看下文。 债券基金 在9月30日，也就是下周二 的下午3点之前，投资一些债券基金，也可以享受到假期收益。 通常债券基金，在假期里是有收益的。只不过假期里，债基不会每天更新净值，会在假期回来后的第一个交易日，统一更新。 长假之后第一天，一般纯债债券基金都是上涨， 将假期的收益补上。 这个特点对 90天投顾组合 里的纯债基金来说，通常也是成立的。 我们以组合里的某一只 纯债债基为例， ...

文 | 银行螺丝钉 （转载请注明出处） 今天A股港股比较强势，整体上涨。 截止到收盘，还在4.2星，距离4.1星不远。 大中小盘股都上涨，小盘股上涨更多。 昨天价值风格强势，今天变成成长风格强势。 科创、创业板领涨。 港股也整体上涨。 • 港股恒生指数，上涨43%。港股科技股上涨更多，恒生科技上涨66%。 人民币资产最近一年涨幅排在全球前列。 原因也是因为，一年前估值实在太低了。 当时A股港股在5.9星。 港股科技股上涨超2%。 1. 今天刚好是9月24日一周年。 在一年前，9月中旬，A股港股都在5.9星上下。 过去一年里，A股港股大幅上涨，从5.9星的历史极端低估，上涨到现在的4.2星上下。 过去一年里，截止到9月23日收盘： • 全球股票市场，上涨17%。 很多指数的估值创下历史新低。 同时A股港股整体估值，比全球市场平均估值，低50%。 另一方面，去年9月美联储开启了首次降息，之后美元利率、汇率下降。 全球市场流动性变得充裕。 同时去年9月24日，咱们也推出了一篮子的利好政策。 加上国家队买入上万亿的300、500等指数基金，让A股港股逐渐从底部提升起来。 低估，是最大的利好。 如果再来一轮5点几星，相 ...

一句话介绍国债逆回购： 1000块以上可以参与，适合1-7天的短期资金打理，特殊时间点如季末、年底，对应的年收益率会比较高。 另外，由于国债逆回购的计息规则比较特殊，操作得当的话，假期也能打理好资金～ 注意：想要在国庆假期获得收益，要记得最迟在9月29日下午3点半之前操作哦。 国债逆回购：特殊的短期理财 我们可以把国债逆回购看成是一种特殊的短期理财。 文 | 银行螺丝钉 （转载请注明出处） 有朋友留言，最近银行存款利率下降了，想了解一些风险相对较低、比较稳健的品种。 今天这篇文章，给大家介绍一个低风险投资品种——国债逆回购。 我们普通投资者手里有现金，希望获取收益；同时又有很多其他的投资者需要现金，也愿意为获得现金而支付一定的利息。 这种情况下，需要现金的人可以把一些比较保值的东西如国债，抵押给我们，换取现金去使用；等用完了之后，他们会归还本金，并支付一定的利 息，把抵押物赎回去。 因为是用国债作为抵押物，所以逆回购的安全性超强，不亚于货币基金。 这就是国债逆回购： • 对需要资金的人来说，相当于一种短期的抵押贷款； • 对于手里有现金的普通投资者，相当于一种特殊的短期理财。 整个过程也比较简单，我们只需要提 ...

Core Viewpoint - The market is experiencing a structural rotation, with growth styles recently underperforming while value styles are gaining traction. This indicates a potential shift in investment strategies and opportunities in different sectors [5][7][22]. Market Performance - The market index showed a decline during the day, reaching a low of 4.3 stars but rebounded to 4.2 stars by the end of the trading session [1][2]. - Large-cap stocks experienced a smaller decline compared to mid and small-cap stocks, which saw more significant drops [3]. - Growth styles faced a more considerable downturn, while value styles overall increased [4][7]. Sector Analysis - The banking index saw an overall increase, although it had previously reached a high valuation before correcting to a normal valuation [8][9][10]. - The recent market structure favors active selection strategies, as evidenced by the slight increase in active selection portfolios [12][13]. Market Trends - The market is characterized by structural bull markets where certain sectors lead while others lag, with each bull market cycle featuring different leading sectors [14]. - Bull markets are not continuous; they often exhibit patterns of rapid increases followed by corrections, indicating the need for patience from investors [15][16]. - The A-share and Hong Kong markets have shown 2-3 cycles of significant short-term increases followed by consolidation or corrections [17][18]. Investment Strategy - For investment strategies, the index-enhanced advisory portfolio has returned to normal valuation, suggesting a pause in new investments while maintaining existing holdings until a low valuation is reached again [21]. - The active selection portfolio continues normal investments, while the monthly salary treasure portfolio, which consists of 40% stocks and 60% bonds, is recommended for stable market participation [44][45]. Personal Pension Investment - The pension index funds, specifically the CSI A500 and CSI Dividend, have returned to normal valuations, leading to a pause in new investments until they reach undervalued levels again [31][32]. - The performance of these pension index funds has shown profitability, with the CSI A500 up by approximately 20% and the CSI Dividend up by about 4% over the recent months [37].

Group 1 - The article emphasizes that fund investment is a suitable method for lazy investors and discusses how to effectively implement it [2][3] - It suggests preparing a solid investment plan before starting fund investment and outlines four different investment methods to choose from [2] - The article highlights the importance of starting investment early, using examples of three individuals who began investing at different ages, demonstrating the significant impact of compounding returns over time [6][10] Group 2 - The example provided shows that an individual who starts investing at 22 years old can accumulate approximately 3.1 million yuan by age 60, while those starting at 27 and 32 years old would accumulate 2.06 million yuan and 1.35 million yuan, respectively [8][10] - The article illustrates that the difference in wealth accumulation among the three individuals, despite only a 5-year difference in starting age, can be as much as 700,000 to over 1 million yuan, showcasing the power of compounding [10][11]

Group 1 - The article emphasizes that different regional stock markets do not move in unison, and understanding multiple markets can provide investors with more opportunities [2][3] - Global investment can significantly reduce volatility risk, suggesting that investors should consider diversifying their portfolios internationally [2] - A free course is offered to teach methods for investing in global stock markets through index funds, along with supplementary materials like course notes and mind maps [2][3] Group 2 - The article discusses various schools of thought within value investing, highlighting Graham's classic strategy evolving into value and dividend indices [4][5] - Value investing has yielded good returns in the A-share market over the long term, with multiple different schools emerging over the past century [5] Group 3 - Value investing 1.0, referred to as the "cigarette butt" strategy, involved picking up undervalued stocks during the post-war period when many companies had market values below their liquid assets [6][7] - Value investing 2.0 transitioned to a focus on low valuation investments, particularly in the 1960s during the "Nifty Fifty" bull market, where leading companies reached high price-to-earnings ratios [8][9] - Value investing 3.0, influenced by Charlie Munger, shifted towards buying excellent companies at reasonable prices, exemplified by Buffett's investment in See's Candies [11][12]