文 | 银行螺丝钉 （转载请注明出处） 比如：40岁，配置60%的股票资产，40 %的债券资产;到了50岁，配置50%的 股票资产，50%的债券资产。 可以分为两大类: (1) 目标日期FOF 通常采用「100-年龄」的配置思路，股 债配置比例会随着年龄增长而变化。 不过,通常到了70岁,股票资产就不再 降低了。也就是说，股票资产的比例最 少不能低于30%。 这类型的养老FOF，基金名称里通常会 有一个具体的年份，比如，2040、2050 等，比较好识别。 如果自己在对应年份附近退休，就可以 考虑对应的养老FOF。 (つ) 目标风险FOF · H= \´— | 股票和债券资产,会有一个长期的平均 比例。常见股债比例：80:20、70:30、 60:40、50:50等等。 通常，股票资产的比例越高，长期收益 越高，相应的波动风险也越大。 这类型的养老FOF,基金名称里通常会 带有「稳健」、「平衡」、「积极」等 字样，从中我们可以判断出这只基金大 致的收益和波动情况。 养老FOF基金，建议大家可以从目标日 期型的入手。 因为选择目标日期养老FOF，主要是看 退休时间。 「退休时间」这个指标相对 客观，比较好判断， ...

Market Overview - The overall stock market has risen, with the CSI All Share Index increasing by 0.24% [1] - Both large and small-cap stocks have experienced gains, with large and mid-cap stocks rising slightly more than small-cap stocks [3][4] - Growth styles, such as those represented by the STAR Market and ChiNext, have seen significant increases, with the ChiNext Index rising over 2% [5][6] - The Hong Kong stock market has also shown a slight increase, recovering from a drop last Friday [8][9] Bull Market Analysis - The A-share and Hong Kong markets have risen over 40% since September 2024, indicating a technical bull market [15][16] - The definition of a bull market varies among investors, but a common international standard is a rebound of over 20% from a bear market low [12][13] - A typical A-share market cycle includes small bull and bear markets every 3-5 years and larger bull markets every 7-10 years [18][19][20] Market Characteristics - The current market is characterized as a "slow bull," but this term lacks a standard definition [21] - The CSI All Share Index has grown from approximately 1000 points in 2004 to around 5700 points now, reflecting an annualized return of about 8%-9% [23] - A significant portion of A-share gains occurs in short bursts, with only 7% of trading days contributing to major price increases [28][30] Investment Strategies - Investors are advised to avoid chasing trends and making frequent trades, as this can lead to missed opportunities during significant market rallies [36][38] - Patience is emphasized as a virtue for investors, suggesting that one should hold positions unless they reach overvaluation or personal profit-taking criteria [39][40] Tools and Resources - The "Today’s Star" mini-program offers an expanded percentile valuation table for indices, allowing users to filter by various categories for targeted index fund purchases [41][42]

Group 1 - The article emphasizes that fund investment is a suitable method for lazy investors and discusses how to effectively plan for fund investment [2][3] - It introduces four methods of fund investment and suggests that investors should determine which method suits them best [2] - The article offers a free course to help investors understand fund investment strategies and provides additional resources like course notes and mind maps for efficient learning [2][3] Group 2 - Dividend index funds are highlighted as defensive assets due to their high dividend yield and resilience during bear markets, making them attractive for investors seeking stability [4] - The article advises against buying dividend index funds at high valuation stages, as this could lead to immediate losses if the market corrects [5][6] - It explains that buying during undervalued stages can reduce volatility risk, enhance the holding experience, and capture potential future valuation increases [7][10]

Core Viewpoint - The article discusses the recent volatility in stocks, bonds, and gold, attributing it to a liquidity crisis and uncertainties surrounding the Federal Reserve's interest rate decisions. It emphasizes the need for investors to adapt to these market conditions and identifies potential investment opportunities amidst the fluctuations [1][3][4]. Group 1: Market Volatility - Recent fluctuations have been observed across global stock markets, with notable declines in gold and bonds as well [3][4]. - The simultaneous volatility in stocks, bonds, and gold is typically indicative of a liquidity crisis, a situation that is relatively rare [4][5]. - The current liquidity crunch is primarily driven by uncertainties regarding the Federal Reserve's interest rate cuts, particularly the potential for a rate cut in December [7][14]. Group 2: Federal Reserve and Interest Rates - The Federal Reserve is expected to enter a phase of interest rate cuts, with the U.S. national debt projected to reach $38.33 trillion by November 2025 [8]. - Interest payments on federal debt are anticipated to exceed $870 billion in 2024, surpassing military spending for the first time, and are expected to exceed $1 trillion in 2025 [9][10]. - The timing of interest rate cuts remains uncertain, with potential gaps of several months to over half a year between cuts [11][12]. Group 3: Investment Strategies - In response to market volatility, investors are advised to assess their holdings for undervalued assets and ensure that the underlying companies are still profitable [26]. - Short-term fluctuations may present opportunities to acquire undervalued assets, as seen during previous market downturns [28]. - Suitable investment options include undervalued index funds, actively managed portfolios, and "fixed income plus" products that incorporate a small amount of equities [32][34].

Market Overview - The overall market has risen, returning to a rating of 4.3 stars at the close [1] - All market caps, including large, mid, and small caps, have experienced an increase [2] - Value style has slightly increased, while growth style has seen a more significant rise [3] Recent Market Events - Last week, a liquidity crisis led to a substantial decline in global assets [4] - Smaller and growth-oriented stocks, which are more sensitive to liquidity, experienced greater declines [5] - Historically, liquidity crises tend to be short-lived and usually resolve without major concerns [6] Positive Developments - Over the weekend, positive news emerged with an increased probability of a Federal Reserve rate cut in December [7] - This news has contributed to a rebound in small and growth stocks, which have outperformed the broader market this week [8] Hong Kong Market Insights - The Hong Kong stock market saw a significant drop last week, particularly in technology stocks, which returned to undervalued levels [9] - However, the market rebounded sharply on Monday and Tuesday, with technology stocks returning to normal valuation levels by Tuesday morning [10] Investment Strategy - The company advises patience in waiting for the next investment opportunity [11] - Adjustments have been made to the valuation table's color scheme to enhance clarity for users with color vision deficiencies [12][18] Investment Products - The company has launched a new investment strategy for regular contributions, pausing investments in the index-enhanced portfolio as it has returned to normal valuation [20] - The active selection portfolio is set for regular contributions, while the monthly salary investment product, which consists of 40% stocks and 60% bonds, is recommended for increased investment [20] Pension Fund Insights - The company has initiated a new round of regular contributions to pension index funds, focusing on the CSI A50 and 300 dividend low volatility funds, which have returned to undervalued levels [29][37] - The company emphasizes that there are fewer undervalued opportunities in the market compared to previous years, but long-term investment opportunities will continue to arise [38][39] Valuation Table - The valuation table categorizes stocks into green (undervalued), yellow (normal), and red (overvalued) [48] - The company has provided a detailed valuation table for various indices, highlighting their respective price-to-earnings ratios, price-to-book ratios, and dividend yields [43]

Group 1 - The core viewpoint of the article emphasizes the importance of monitoring the profitability growth of listed companies, as it is a key driver for market performance and stock index growth [8][78] - A-share listed companies release four periodic reports annually: quarterly reports, semi-annual reports, quarterly reports, and annual reports, while Hong Kong stocks have similar requirements but with more flexible disclosure timelines [3][4][5] - The profitability growth of listed companies is crucial for understanding market trends, with A-share companies showing a recovery in profitability growth in 2025 after a period of stagnation [20][21] Group 2 - The overall profitability of A-shares, as observed through the CSI All Share Index, showed a significant recovery in 2025, with year-on-year growth rates of 4.46%, 2.19%, and 11.75% for the first three quarters [21] - The CSI 300 Index, representing large-cap stocks, demonstrated stable profitability growth, with a year-on-year growth rate of 12.27% in Q3 2025, indicating resilience against economic fluctuations [23][24] - The Hang Seng Index also showed a recovery in profitability, with a year-on-year growth rate of 16.54% in Q3 2025, following a dip in Q2 [27] Group 3 - The profitability of mid-cap stocks, represented by the CSI 500 Index, showed a notable improvement in 2025, with year-on-year growth rates of 6.51%, 3.6%, and 16.28% for the first three quarters [34] - Small-cap stocks, represented by the CSI 1000 Index, experienced significant volatility, with a recovery in profitability growth to 8.65% in Q3 2025 after a challenging period [39] - The ChiNext Index, representing growth-oriented stocks, exhibited strong profitability growth in 2025, with year-on-year growth rates of 30.79%, 13.39%, and 36.26% for the first three quarters [41] Group 4 - The profitability of the consumer sector, represented by the CSI Consumer Index, showed significant fluctuations, with a sharp decline of 21.58% in Q3 2025, indicating potential challenges ahead [60] - The Consumption 50 Index demonstrated more stable profitability growth, with year-on-year growth rates of 5.19%, 3.81%, and 6.38% for the first three quarters of 2025 [63] - The Hang Seng Consumer Index also showed stable profitability growth, with year-on-year growth rates of 14.52%, 29.48%, and 36.04% for the first three quarters of 2025 [68]

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] - Global investment can significantly reduce volatility risk, allowing investors to share in the long-term gains of global markets [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 - Interest rate fluctuations have a strong impact on various asset prices, including stocks, bonds, and real estate, with higher rates generally exerting downward pressure on prices [5] - When interest rates decrease, it releases more capital into the market, potentially driving up asset prices [5] - The influence of interest rates is particularly pronounced on small-cap stocks and dividend-paying stocks [5] Group 3 - Small-cap stocks are more sensitive to changes in liquidity; during the 2020-2021 period of low interest rates, small-cap stocks outperformed the broader market [6] - However, in the recent years of rising interest rates, small-cap stocks have underperformed compared to the average of the U.S. stock market [7] - Dividend-paying stocks are affected by the comparison between dividend yields and bond interest rates, with recent interest rate hikes making bonds more attractive [8]

Core Viewpoint - The article discusses the characteristics of "Fixed Income +" products, which combine low-risk bond assets for defense and higher-risk assets like stocks for potential returns, making them suitable for various types of investors [1][3]. Summary by Sections Characteristics of "Fixed Income +" - "Fixed Income +" consists of two parts: a defensive low-risk bond component and an offensive higher-risk component to enhance returns [1]. - The long-term returns of "Fixed Income +" products are significantly higher than those of pure bond funds, with a 20-year annualized return of approximately 7.77% compared to 4.33% for pure bond funds [3][5]. - The maximum drawdown for "Fixed Income +" products is about -12.02%, which is lower than that of equity funds, indicating a moderate risk profile [3][5]. Suitable Investor Types - **First Type: Steady Growth Seekers** Investors with moderate risk tolerance seeking steady asset growth find "Fixed Income +" appealing as it balances risk and return [7][9]. - **Second Type: Asset Allocators** Investors looking to balance stock and bond allocations can use the "100-age" rule for distribution, with "Fixed Income +" suitable for the bond portion [10]. - **Third Type: Alternatives to Savings and Wealth Management** With declining deposit rates and the end of guaranteed returns in bank wealth management, "Fixed Income +" serves as an ideal alternative for those willing to accept some volatility for higher returns [11][12][13]. - **Fourth Type: Transitional Investors** Investors optimistic about the stock market but wary of short-term corrections can use "Fixed Income +" to maintain exposure to equities with reduced volatility [17][18]. - **Fifth Type: Short to Medium-Term Fund Managers** Investors needing access to funds within one to three years can consider "Fixed Income +" as it offers better returns than traditional savings or money market funds [19][20][21]. Conclusion - "Fixed Income +" products are suitable for various investor needs, providing a balanced approach to risk and return [22][23].

Market Overview - The market experienced fluctuations, with large-cap stocks like the CSI 300 declining while small-cap stocks saw significant gains [2] - The value style showed a slight decline, while the growth style's losses diminished by the end of the trading day [3][4] - Indices related to pharmaceuticals and consumer goods remained relatively strong [5] Investment Opportunities - Recent market volatility has led to lower valuations in dividend, cash flow, and pharmaceutical consumer sectors, which have shown smaller overall fluctuations compared to the broader market [6][7] - Low valuations can provide a protective effect during market downturns [7] Hong Kong Market Insights - The Hong Kong stock market saw a notable increase, particularly in technology stocks, which rose over 2% after returning to undervalued levels [8][9] - In Q3 of this year, Hong Kong technology stocks continued to show strong year-on-year profit growth, indicating a solid fundamental backdrop [10][21] - The volatility in the Hong Kong market is primarily driven by short-term liquidity issues rather than fundamental weaknesses [11][26] Sector Performance - Both A-shares and Hong Kong stocks have shown signs of recovery, with an increase in year-on-year profit growth, especially in technology stocks [18][20] - The Hong Kong technology index has outperformed global indices, including the Nasdaq, with significant profit growth in recent quarters [23][24] Liquidity and Market Dynamics - The fluctuations in the Hong Kong market are closely tied to international liquidity conditions, with concerns about potential interest rate cuts by the Federal Reserve contributing to market volatility [27][28] - Historically, when international liquidity tightens, the Hong Kong market tends to experience pullbacks, despite strong underlying financial performance in many indices [29][30] Investment Strategy - Stocks with growing profits and low valuations are expected to have further upside potential, especially around key events like interest rate decisions or positive earnings reports [39][41] - The investment strategy emphasizes patience, suggesting that opportunities arise from market corrections, and maintaining a long-term perspective is crucial [45]

Group 1 - The core viewpoint of the article highlights the impact of significant monetary policy changes, particularly the substantial interest rate hikes by the US Federal Reserve from 2021 to 2023, which have influenced various stock markets, including the Korean stock market [3]. - The Korean stock market experienced a nearly 40% decline from its peak in 2021 and has been in a bear market for about two years, with low valuations observed, such as a price-to-earnings (P/E) ratio of around 10-12 times and a price-to-book (P/B) ratio dropping below 1 in August-September 2024 [3]. - Following the onset of a rate-cutting cycle by the Federal Reserve, the Korean stock market emerged from a prolonged bear market, leading to significant price increases in the subsequent year [3][4].