文 | 银行螺丝钉 （转载请注明出处） 大部分投资者对股票指数基金都耳熟能详，但是对债券指数基金知之甚少。债券指数基金该如何投资？ 这里有一门限时免费的福利课程，介绍了债券指数基金的投资方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 债券 」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。 ◆◆◆ 还有一种情况，最近场内一些美股ETF， 因为被炒作，溢价率一度达到50%。 买基金，会不会遇到卖不出去的情 况呢? 基金分为场外基金和场内基金。 场内基金是在证券账户里买卖交易。例如 ETF 就是场内基金。可以跟买卖股票一样 交易。 ETF有几种情况会导致无法卖出: (1) 遇到大涨大跌， ETF交易价格涨停 或者跌停。 ETF通常为指数基金。 大多数指数,很少达到像个股那样涨停跌 停的波动幅度。 只有在极端行情下可能遇到。 (2) 极端高溢价风险。 投资者如果这时候溢价买入，就会多付出 了50%的成本。 持续高溢价的 ETF,也会被暂停交易,导 致一段时间里可能无法卖出。 场外基金,是按照基金净值申购赎回。只 要场外基金是开放式基金,那投资者提交 赎回申请，就会按照基金净值成交。 ...

Core Viewpoint - The article discusses the recent market trends, particularly focusing on the impact of the Federal Reserve's interest rate decisions on global markets and the valuation of dividend indices. Group 1: Market Trends - The overall market has seen a decline, with the closing rating at 4.2 stars [1] - All market caps, including large, medium, and small caps, experienced a downturn, with small-cap stocks declining the most [2] - Growth style stocks faced significant declines compared to value style stocks [3] - The Hong Kong stock market showed minor fluctuations, with a slight decrease, less volatile than the A-share market [5] Group 2: Federal Reserve's Interest Rate Decisions - The Federal Reserve announced a 25 basis point rate cut in December, aligning with market expectations [6][7][8] - The Fed's future rate cut pace remains uncertain, with concerns about the high level of U.S. debt and interest payments [10][11] - Market expectations suggest further rate cuts in 2026 and 2027, but the pace may be slower than previously anticipated, leading to market volatility [12][13][14] Group 3: Implications for Global Assets - A "hawkish" rate cut approach may benefit global assets in the short term, but uncertainty around future cuts could lead to significant market fluctuations [16][17] - Short-term interest rates may rise, and the dollar could appreciate temporarily, negatively impacting non-dollar assets [18][19] - Historical data indicates that rapid rate cuts can lead to bullish trends in A-shares and Hong Kong stocks, as seen from 2019 to 2021 [25][26] Group 4: Valuation Insights - The article provides a valuation table for various dividend indices, highlighting metrics such as yield, price-to-earnings ratio, and return on equity [31] - The valuation data indicates that certain indices are undervalued and suitable for investment, while others are overvalued [48] - The article emphasizes the cyclical nature of interest rates and their impact on market opportunities, suggesting a strategy of buying undervalued assets during downturns [30][37]

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。 所以,想要在指数基金上赚钱,有三种 方式: •在估值处于低位的时候投资。之后估值 上涨，我们可以赚到估值的收益。 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。 #螺丝钉小知识 arm ( 银行螺丝钉 长期投资股票资产，收益是从哪 里来的呢? 如果用一个公式，总结股票指数基金投 资的收益来源,那就是：指数基金净值= 估值×盈利+分红。 •指数背后公司的盈利长期上涨，我们可 以获得盈利上涨的收益。 ·耐心持有,收获分红收益。 总的来说,就是在低估区域,买入长期 盈利增长的指数基金。 听起来很简单,但实际投资中,难度却 不小。 原因是，盈利的变化是比较慢的，但是 估值的短期变化幅度，要大很多。 这就是股票指数基金投资时的难点：虽 然盈利长期上涨，但遇到短期估值降低 时,可能几年下来还是亏钱的;然 ...

文 | 银行螺丝钉 （转载请注明出处） 今天大盘盘中一度下跌，到收盘反弹，中证全指略微上涨。 大盘还在4.2星。 像上证和中证系列的指数，基本上都是6月和12月份调仓，调仓时间是当月第二个周五之后。 螺丝钉也收集了一些大家感兴趣的问题。 1. 指数为啥要定期调仓呢？ 指数都有一定的选股规则和选股数量的要求。 一段时间里股票涨涨跌跌，有的股票就不符合要求。 沪深300等大盘股略微下跌，中小盘股上涨。 价值风格中，自由现金流等指数上涨。 前两天上涨的创业板等成长风格，盘中下跌较多，到收盘反弹了起来，波动不大。 港股今天盘中也下跌，波动比A股小一些。 不过到收盘，港股也反弹，整体上涨。 后天，也就是12月12日，收盘后，又到了指数调仓日了。 这个过程，不会让基金净值出现太大变化的，投资者持有该基金的盈利也不会发生变化（假设指数不涨不跌）。 但底层持有品种变化，估值会改变。 3. 此次调仓，主要指数的估值会怎么变化呢？ 因为指数比较多，螺丝钉收集了一些有代表性的指数。 另外指数默认不考虑亏损公司，有的股票亏损了，也会被踢出指数。 2. 调仓前后，指数基金的净值会变化吗？持有基金的盈利会变化吗？ 调仓不改变基金的盈亏情 ...

文 | 银行螺丝钉 （转载请注明出处） ·「+」的部分:通常会增加股票、可转 债等风险和收益更高的品种，用来提升 收益，这部分做进攻。 这种股债配置策略，好处体现在收益、 风险两方面： 如果仅是按照某个固定比例，配置了股 票和债券资产，那么后续随着市场的涨 跌，股债的比例又会有变动。 比如,一开始,40%的资金投入股票基 金,60%的资金投入债券基金,股票和 债券的涨跌并不同步，假设在一段时间 后,股票基金上涨比较多，那比例就超 过40%了。 所以需要按一定的方式，进行再平衡, 恢复股债的比例。 例如，一种常见的方式是，基于市场估 值的再平衡策略,这种策略,原理来自 于巴菲特的老师格雷厄姆。 •股票的长期收益更高，使得「固收+」 的长期收益相比固收品种显著提高; •股债负相关性,减少了整体波动风险。 (2) 再平衡 ▼点击阅读原 文，免费学习大额家庭资产配置课程 简单来说,就是: ·当股票上涨比例较高时,通过再平衡, 止盈一些股票，加仓到债券里。 ·当股票市场下跌,股票比例降低时,就 卖掉一部分债券，加到股票里。 这样不仅可以减少波动风险,还可以自 动实现「低买高卖」，在股市低估时加 仓，在股市高估时落袋为安 ...

文 | 银行螺丝钉 （转载请注明出处） 大中小盘股下跌，中小盘股下跌稍多。 价值风格整体下跌； 成长风格中，创业板指略微上涨。 市场还是风格轮动的。 10-11月，成长风格下跌超15%，价值风格下跌约5%上下。 到了12月，成长风格这几天比较强势，价值风格低迷。 风水轮流转。 港股今天也下跌。 波动比A股还大一些。 今天下跌后，港股科技、恒生科技也重新回到低估。 今天大盘整体下跌，截止到收盘，还在4.2星。 目前处在刚进入低估的位置。 1. [大吉大利，今天吃基] 第393期的螺丝钉定投实盘来啦。 时间：2025年12月9日 方案：定投买入 品种： 指数增强投顾组合： 回到正常估值，暂停定投，继续持有。后面回到低估后继续。 主动优选投顾组合：9553元 月薪宝投顾组合：10000元 最近市场上涨，本周发车金额有所降低 。 本周： · 指数增强组合回到正常估值，暂停定投，继续持有。后面回到低估后继续。 · 主动优选组合正常定投。不过主动优选距离正常估值也不远。 · 增加月薪宝组合投资，月薪宝底层是40%的股票+60%的债券。 月薪宝本身自带「低买高卖」的股债再平衡策略，自带止盈。本身波动风险小，比较稳健的参与市 ...

Core Viewpoint - Index rebalancing is a process that ensures the vitality of indices by removing stocks that do not meet criteria and adding new ones, which can impact the valuation of various indices [3][4][5]. Group 1: Index Rebalancing Types - Index rebalancing can be categorized into two types: temporary adjustments due to special events and regular adjustments based on sample stability [6][9]. - Temporary adjustments are rare, while regular adjustments occur periodically, such as every quarter or semi-annually [7][12]. Group 2: Frequency and Timing of Regular Rebalancing - Regular rebalancing occurs at different frequencies: quarterly, semi-annually, or annually, with specific dates for major indices like the CSI 300 and CSI 500 [13][14][16]. Group 3: Impact on Valuation - The recent rebalancing has led to changes in average valuations for various indices, with the CSI 300 and CSI 500 seeing increases in both price-to-earnings (P/E) and price-to-book (P/B) ratios [17][22][23]. - The CSI 2000 index, however, experienced a decrease in valuation due to the removal of loss-making companies, which increased the average earnings denominator [26]. Group 4: Strategy Indices Valuation Changes - Strategy indices like the CSI A500 and CSI Dividend have shown varying impacts on valuations post-rebalancing, with some indices experiencing increases while others, like the CSI Value, typically see decreases [31][32][39]. Group 5: Investor Considerations - Investors do not need to take action during index rebalancing, as it is managed by fund managers, and they should continue to hold their investments [59][61]. - The rebalancing process can lead to changes in index valuations, which may enhance the investment value of certain indices, particularly those with value strategies [62].

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 highlights the importance of preparing before starting a fund investment and how to create a solid investment plan [2] - The article introduces four different investment methods and encourages readers to identify which one suits them best, along with strategies for profit-taking [2] Group 2 - It clarifies a common misconception that fund investment requires unlimited cash flow, explaining that it is about converting human capital (like salary and bonuses) into financial assets [6][7] - The article outlines the life cycle of cash flow, indicating that from birth to age 25, individuals primarily incur expenses, while from age 25 to retirement, they can save and invest [8][9] - It presents a model of income and expenses, noting that the main investment period is from age 25 until retirement, estimating around 1800 weekly investments or 450 monthly investments until retirement at age 60 [10][11]

Core Viewpoint - The market is experiencing a rotation in styles, with growth stocks performing strongly while value stocks are lagging behind. Recent regulatory changes are expected to facilitate more capital inflow into the market, particularly benefiting certain indices [3][5][12]. Group 1: Market Performance - The overall market is up, with a closing rating of 4.2 stars [1]. - All market caps (large, mid, and small) have seen similar increases [2]. - The growth style is particularly strong, with the ChiNext Index rising over 2% [3]. - However, there is a rotation in market styles, with growth outperforming value [4]. Group 2: Regulatory Changes - Two positive regulatory announcements were made last week: 1. Insurance institutions have lowered the risk factors for investing in the CSI 300 and the Low Volatility Dividend 100 indices [9][10]. 2. There is a relaxation of capital space and leverage restrictions for quality brokerage firms, enhancing capital efficiency [11]. - These changes are expected to encourage more funds to enter the market [12]. Group 3: Risk Factors and Investment Strategies - The risk factor is akin to a "capital occupation coefficient," which determines how much capital insurance companies must reserve for risky investments [14]. - The risk factors for specific indices have been adjusted: 1. For stocks held over three years in the CSI 300 and Low Volatility Dividend 100, the risk factor decreased from 0.3 to 0.27 [15]. 2. For stocks held over two years in the Sci-Tech Innovation Board, the risk factor decreased from 0.4 to 0.36 [16]. - This adjustment allows insurance companies to allocate more funds to these indices, which is a positive signal for these stocks [17][18]. Group 4: Investment Insights for Retail Investors - Different indices are assigned varying risk levels by institutional investors, which can guide retail investors in their choices [21][22]. - The risk hierarchy for insurance institutions is as follows: 1. Broad-based and value style indices (e.g., CSI 300) are considered lower risk [23][26]. 2. Growth style indices (e.g., ChiNext) have higher risk factors, leading to more cautious investment [29]. 3. Smaller individual stocks not included in major indices carry the highest risk [31][32]. - Observing the risk factors assigned by insurance institutions can help retail investors identify suitable investment options [33]. Group 5: Future Investment Trends - The first batch of indices to be included in personal pension accounts by December 2024 will primarily consist of broad-based indices and dividend-focused indices [34]. - Recently, new stock-bond constant ratio indices have emerged, focusing on broad-based and dividend indices [36]. - Broad-based and dividend products are increasingly being promoted by financial institutions for individual investors [37].

文 | 银行螺丝钉 （转载请注明出处） 不同地区股票市场不是同涨同跌的。了解多个股票市场，投资者可以把握更多的投资机会。 全球投资还可以显著降低波动风险。 那么，如何做好全球投资，分享全球市场长期上涨的红利呢？ 这里有一门限时免费的福利课程，介绍了通过指数基金投资全球股市的方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 全球 」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。 在投资中,定投经常会跟另一个概念混 淆，就是一笔资金的分批建仓。 比如有的投资者会问，手里有一笔钱, 打算投入到低估的股票基金，但是担心 波动风险，该如何投入呢? 此时,就有分批建仓的技巧，例如将资 金分成20份,每周定投买入一份。这个 技巧,是很多股票基金经理常用的建仓 方式。 例如新股票基金,刚成立的时候,基金 里并没有持有股票，而是持有现金，基 金经理会在之后的一段时间里，分批买 入股票，这个过程叫做建仓。 右的其全经理建合很快 『于就应成 如何刷用 都有综合 SEE EN FOR 长按添加@课程小助手,回复「全球」 免费领取《全球指数投资指南》课程 更有课程笔记、思维导图 帮你快速搞懂全球指数投 ...