Group 1 - The article promotes a custom WeChat red envelope cover designed to enhance the festive atmosphere for the upcoming Spring Festival, available for free on a first-come, first-served basis [1] - The theme of the cover design is "Wealth Enhancement," highlighting that as of January 23, 2026, the Ding series investment advisory portfolio has helped investors achieve a total profit of 2.72 billion yuan [2] Group 2 - The article discusses three types of taxes that impact investment returns: capital gains tax, dividend tax, and stamp duty [7] - Capital gains tax applies to profits made from selling stocks in the U.S. market, but it is currently not levied in China [8][9] - Dividend tax is applicable when receiving dividends from held stocks, but it can be exempted if the stocks are held for more than one year [10][11] - Stamp duty is a fee paid by investors during stock transactions, with more frequent trading resulting in higher stamp duty costs [12] - Reducing investment fees is highlighted as a nearly guaranteed method to improve investment returns [13]

文 | 银行螺丝钉 （转载请注明出处） 春节马上就要到了，螺丝钉特地定制一批微信红包封面，增添一些节日气氛，大家可以免费领取，先到先得。 封面设计主题：财富加码 截至2026年1月23日，钉系列投顾组合，已累计帮助投资者获得盈利27.2亿元，为客户财富加码~ 点击查看： 螺丝钉投顾组合四周年成绩单 长按识别下方二维码，添加@ 课程小助手 ，回复「 红包封面 」即可领取。 ◆◆◆ 风险提示 本文仅为信息分享，不构成任何投资建议。市场有风险，投资需谨慎 。 基金投资组合策略过往业绩并不预示其未来表现 为其他客户创造的收益并不构成业绩表现的保证 ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

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： 《 世界读书日，螺丝钉送你121本私藏经典好书 》 往期回顾 第一篇：《 红利策略，在A股有效吗：《红利指数基金投资指南》告诉你 》 第二篇：《 红利指数，最适合的投资方式：低估买入，持股收息 》 第三篇：《 红利指数盈利靠什么？三大收益来源全解析 》 红利指数的收益来源之一：规则优化 关于新书的详细介绍，可以点击查看文章： 《红利指 数基金投资指南》新书来了&新书福利 前几篇，咱们介绍了近年来，红利指数发展迅速的原因，以及最适合的投资方式：低估买入，持股收息。 也介绍了红利指数的三大核心收益来源： 盈利增长、估值提升和分红收益。 除此之外，红利指数还有一个收益来源：规则优化。 规则优化的两个方面 红利指数的规则优化， ...

指数从沪涂网巾，挑边了巾倡规侯最大 的50只股票，每季度调整一次成分股。 整体来看,这50只成分股的市值占A股 全部公司总市值的三分之一左右。它的 涨跌可以反映A股市场大致的波动幅度。 假期期间A股不开盘，但是海外市场有追 踪A50指数的指数基金、股指期货、股 指期权等。观察它们，就可以大概判断 出A股市场假期里的涨跌。 如果整个假期里，港股美股都是大涨, 那收益也不会丢失。假期结束后,A股会 大概率补涨，在节后第一个交易日体现 出来。 如果整个假期里，港股美股最终波动不 大，那假期结束后A股受影响也会变小。 当然，更简单方便的方法，是看螺丝钉 更新的估值表。 文 | 银行螺丝钉 （转载请注明出处） 风险提示 本文仅为信息分享，不构成任何投资建议。市场有风险，投资需谨慎 。 基金投资组合策略过往业绩并不预示其未来表现 为其他客户创造的收益并不构成业绩表现的保证 ▼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） 又到一年一度的情人节了，非常浪漫的日子，祝大家节日快乐！ 其实，在螺丝钉这里相识、相恋、终成眷属的朋友们，也已经有好多对了。 总是突然在某个时候，就收到了公众号朋友的留言，给螺丝钉很特别的惊喜，也非常感动。 还有前几年就已经成功结成眷属的朋友，已经有了可爱的小宝宝～ 之前还分享过有两位关注螺丝钉的朋友终成眷属的故事： 《 从遥远的非洲到遇见我的Mr.Right 》。 祝这些朋友可以一直幸福下去。 之前也有一位朋友问螺丝钉： 「钉大，我喜欢一个女孩，但我不敢跟她讲，我怕被拒绝，她非常优秀，比我优秀，我面对她感觉有点自卑，我们俩是很好的朋友。我希望等我有点小 成就时再和她说，但我担心那时她早就嫁人了。我是不是要勇敢一些，真的感觉我前怕狼后怕虎」 ★★★ 螺丝钉还是鼓励这位朋友勇敢表白的。 其实，年轻的时候没啥成就很正常，但重要的是保持一颗不断学习的心。 保持持之以恒的进步，每天比前一天优秀一点点。 另外，遇到好姑娘就好比遇到5星级，错过了就不知道啥时候还有了。 趁着这次情人节，咱们就再办一次「发对象」的活动吧～ 其实谁不想找一个属于自己的另一半呢？ 但是平时可能工作忙，没有 ...

Core Viewpoint - The article discusses the recent market fluctuations, particularly focusing on the performance of various indices and the behavior of institutional investors in the context of A-shares and ETFs, highlighting the importance of valuation in investment decisions [4][14][22]. Market Performance - The overall market experienced a decline, with large, mid, and small-cap stocks, as well as value and growth styles, all showing similar downward trends [2][10]. - The A-share market ended its four-day winning streak, influenced by global market volatility, particularly in the U.S. and commodity markets [11][12]. Global Market Influences - Significant volatility was observed in overseas markets, with silver prices dropping over 10% in a single day and nearly 40% from previous highs [4]. - The Nasdaq index fell by 2%, reflecting concerns over high valuations in U.S. equities [5][9]. - The U.S. Treasury market saw an increase, with the overall market index reaching a three-year high, indicating a shift in investor sentiment [8]. Institutional Investor Behavior - There has been a notable outflow of funds from major ETF index funds, particularly the CSI 300 ETF, which saw a net outflow of approximately 20 billion yuan in a single day, marking the largest outflow since 2012 [16][14]. - The outflows primarily occurred between January 14 and February 2, with a significant reduction in outflows after February 2 [17][18]. Growth of Index Funds - The domestic index fund market has rapidly expanded, with total ETF assets growing from less than 1 trillion yuan a few years ago to 5-6 trillion yuan by early 2026 [22][20]. - Institutional investors, including state-owned entities and pension funds, remain the primary drivers of index fund investments, while retail investor participation is gradually increasing [25][24]. Investment Strategies - The article emphasizes a strategy of gradually taking profits on overvalued assets while maintaining positions in undervalued ones, suggesting a disciplined approach to investment [13][36]. - The "buy low, sell high" strategy was effectively employed by institutional investors, particularly during market downturns, with significant purchases made at lower valuations [30][34]. Valuation Insights - The article provides insights into the valuation of various indices, indicating that the Hong Kong stock market is currently around 3.8 stars, reflecting its valuation status [21][48]. - A detailed valuation table for different indices is included, offering a reference for investors to assess market conditions [49].

文 | 银行螺丝钉 （转载请注明出处） 做决策不容易理性。 (3) 不要在晚上做重大决策。 人在白天和晚上的激素水平不同。 晚上精力会更差，身体抵抗能力也变弱， 情绪也更容易悲观低落。 (4) 找到适合自己的情绪发泄方式例如 运动、打游戏等。 但不要把脾气发泄给身边的亲人。 亲人对我们很容忍，但这不是向他们发脾 气的理由。 (5) 找到情绪稳定的人，让他们来帮助 你稳定情绪。 群体的恐慌、狂热情绪会传染。 找到你认为情绪稳定的人，或者找到有这 样的投资者所在的地方。 风险提示 本文仅为信息分享，不构成任何投资建议。市场有风险，投资需谨慎 。 基金投资组合策略过往业绩并不预示其未来表现 为其他客户创造的收益并不构成业绩表现的保证 ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

Group 1 - The article discusses the importance of overcoming present bias in financial decision-making, which leads to irrational spending and hinders savings and investments [7][8] - It highlights that recognizing this bias is the first step towards improvement, and suggests methods to implement self-restraint [8][19] - The article introduces the concept of passive self-restraint through systems like pensions, which ensure a basic quality of life in retirement despite low returns [10][11][12] Group 2 - It presents dollar-cost averaging (DCA) as a self-restraint method that helps investors accumulate assets over time, similar to a forced savings mechanism [13][14][16] - Additional tips for managing present bias include weekly allowances for children, cautious use of credit cards, maintaining a budget, and linking spending to investment [18][19] - The overall message encourages individuals to be both rational consumers and patient investors, emphasizing the need for awareness of one's spending habits [19]

有朋友问，如果有一笔年终奖，该如何规划呢？ 不同使用时间的资金，该如何投资呢？ 当前3点几星级，哪些品种适合投资？ 针对大家的这些疑问，螺丝钉也通过直播课，进行了讲解。 长按识别下面二维码，添加 @课程小助手 微信，回复「 0210 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） PS：直播内容仅为市场知识分享，不构成投资建议。 年终奖打理：根据资金的使用时间来配置 文 | 银行螺丝钉 （转载请注明出处） 首先，短期要用的资金，主要考虑的是投资债券类的资产。 我们一般可以根据资金的使用时间，来安排年终奖的打理方式： 短期要用的资金：短债基金 （1）债券类资产：相对稳健 如下，是 股票基金、债券基金和货币基金，2012年以来的走势对比图。 • 短期要用的钱，可以考虑投资短债基金。 • 长期不用的闲钱，可以按「100-年龄」做好股债资产配置。 可以看到，债券基金的收益和波动风险，介于货币基金和股票基金中间。 相比股票基金，债券基金的收益相对稳定，波动风险也较小。 （2）债券基金的分类 债券基金，一般是有两种分类方式。 第一种分类方式，是按照期限划分。 通常1年以内是短债，1-3年中短债，3-5年中债， ...

Core Viewpoint - The article discusses the current state of the stock market, highlighting the performance of different indices and sectors, and emphasizes the importance of understanding the underlying fundamentals of various investment styles to identify potential opportunities and risks in the market [2][4][10]. Market Performance - The overall market showed a slight increase, with the Shanghai Composite Index and Shenzhen Component Index experiencing minor gains, while the CSI 500 index saw a more significant rise [2]. - The market is characterized by a rotation among different investment styles, with value stocks declining after a previous rise, and growth stocks rebounding after a decline [2][4]. - The Hong Kong stock market experienced a pullback after three consecutive days of gains, with dividend indices showing less volatility compared to technology stocks [2][4]. Earnings and Valuation Insights - In 2024, A-share companies are expected to see a year-on-year decline in earnings, leading to a low valuation star rating of 5.9 [2][4]. - By 2025, earnings growth for A-share companies is projected to be between 5% and 10%, with specific sectors like technology and healthcare showing significant growth rates [4][10]. - The article categorizes companies based on their earnings growth rates into three tiers: 1. **First Tier**: Companies in a booming cycle with earnings growth exceeding 20%, such as A-share technology and Hong Kong healthcare stocks [4]. 2. **Second Tier**: Companies in a recovery phase with earnings growth between a few percent to over 10%, including dividend and low-volatility stocks [4]. 3. **Third Tier**: Companies in a downturn, such as food and beverage sectors, with minimal growth [4]. Investment Strategy - The article emphasizes the importance of diversifying investments across different styles, especially during market downturns, to mitigate risks and capture potential future gains as fundamentals improve [4][10]. - It suggests that patience is required for investments, particularly in low-valued stocks that may take time to recover [5][10]. - The article also provides a valuation table for dividend indices, indicating which stocks are undervalued and suitable for investment [5][7]. Conclusion - The article concludes with a focus on the importance of understanding market dynamics and the fundamentals of different sectors to make informed investment decisions, highlighting the potential for significant returns in the future as market conditions evolve [4][10].