Core Viewpoint - The overall market has shown a recovery, with significant increases in both A-shares and Hong Kong stocks, indicating a positive trend in the investment landscape [1][10][13]. Market Performance - The Shanghai Composite Index is approaching 4000 points, while the CSI All Share Index has reached 5913 points, nearing its post-National Day level of 5967 points [3][4]. - Both large-cap and small-cap stocks have risen, with large-cap stocks showing slightly more growth [5]. - Growth and value styles have both experienced increases, with the STAR Market showing particularly strong performance [6][7]. - The Hang Seng Index has also risen, led by technology stocks [10]. Economic Indicators - The U.S. Consumer Price Index for September indicated a slowdown in inflation, which was below market expectations [11]. - The likelihood of a continued decline in U.S. dollar interest rates has increased, contributing to a global stock market rally [12]. Investment Strategies - The article highlights that despite market fluctuations, many investors have seen profits, with over 94% of holders in the actively selected portfolio being profitable [17][18]. - It discusses the importance of maintaining a long-term investment perspective and avoiding panic selling during market downturns [32][33]. - The article emphasizes that a majority of investors who engaged in regular investments or increased their positions during market lows have benefited from reduced costs and earlier profits [34][35]. Upcoming Events - A live session is scheduled for October 28 to discuss the reasons behind the recent significant increases in A-shares and Hong Kong stocks, the valuation advantages of RMB assets, and future market prospects [39].

Core Viewpoint - The current market trend shows similarities to the 2013-2017 period, characterized by a weak fundamental environment and stimulus policies, leading to potential investment opportunities in certain sectors [3][4]. Group 1: Market Trends - In the second half of 2014, the securities market experienced a significant rise, marking the beginning of a bull market [2]. - In the first half of 2015, small-cap and growth stocks surged, reaching bubble valuations by June 2015, followed by a sharp decline [2]. - From 2016 to 2017, a recovery in fundamentals led to increases in large-cap value and consumer stocks, surpassing previous highs by the end of 2017 [2]. Group 2: Economic Indicators - The fundamental environment is currently weak, with A-share listed companies experiencing a year-on-year decline in profits in 2024 [3]. - Stimulus policies were introduced in September 2024, coinciding with the Federal Reserve's first interest rate cut, which included significant reductions in deposit rates [3]. Group 3: Recovery Signs - From late September to November 2024, the securities market saw a strong rebound, returning to normal valuations, with small-cap stocks showing robust growth starting in 2025 [4]. - Early signs of recovery in certain sectors, such as technology and pharmaceuticals, have been noted, with significant year-on-year profit growth [4]. Group 4: Key Differences - Unlike 2015, where leveraged financing led to a bubble in small-cap stocks, current management of leveraged financing remains strict [5]. - The real estate market is still in a bearish cycle, contrasting with the significant price increases observed in 2016-2017, which supported the real estate industry chain [5].

Group 1 - The article emphasizes that stock markets in different regions do not move in unison, suggesting that understanding multiple markets can provide investors with more opportunities [2] - Global investment can significantly reduce volatility risk, highlighting the benefits of diversifying investments across different markets [2] - A free course is offered to teach methods for investing in global stock markets through index funds, aimed at helping investors capture long-term market growth [2] Group 2 - The article introduces a tool called the "Golden Bull and Bear Signal Board" designed to help assess the valuation of gold, indicating a structured approach to understanding gold market dynamics [5] - Weekly updates on the Golden Bull and Bear Signal Board will be available, providing users with timely information for their investment decisions [5] - Additional resources are available for those interested in detailed explanations of the indicators used in the Golden Bull and Bear Signal Board [5]

Group 1 - The global stock market rose by 1.5% this week, with significant gains in the Asia-Pacific region, particularly the A-share CSI All Share Index, which surged by 3.3%, and the Hang Seng Index, which increased by 3.6% [3][4]. - European stock markets experienced slight increases, while U.S. stocks also saw overall gains, with the Nasdaq 100 reaching a new high for the year [5][6][7]. - Despite the rise in index points, valuations have not yet reached previous highs, indicating a close proximity to overvaluation [9][10]. Group 2 - The global stock market has largely recovered from the volatility caused by the recent tariff crisis involving Trump, with the main pressure on U.S. dollar assets stemming from the large scale of U.S. national debt and its interest payments [14]. - The potential for lower inflation in the U.S. could facilitate further interest rate cuts by the Federal Reserve, although increased tariffs may lead to higher inflation, complicating the rate cut scenario [15][16]. - The tariff issues have primarily resulted in short-term market fluctuations, which have subsequently provided buying opportunities [19][20]. Group 3 - The U.S. released its Consumer Price Index (CPI) data for September, showing a slower-than-expected year-on-year growth rate, which increases the likelihood of continued declines in U.S. interest rates [21][22]. - Market expectations are rising for the Federal Reserve to cut rates in October, contributing to the recent uptick in global stock markets [23][24]. - A decrease in U.S. interest rates would positively impact global stock market valuations, particularly benefiting non-U.S. markets [26][27]. Group 4 - A global stock market star rating chart indicates that after a significant drop in early April 2025, the market rebounded to a rating of 4.1-4.2 stars, currently hovering around 2.9 stars [31]. - There are global stock index funds available in overseas markets, with substantial assets exceeding one trillion dollars, although such funds are not yet available in mainland China [34]. - The company has launched a "Global Index Advisory Portfolio" that diversifies investments across U.S., UK, Hong Kong, and A-share indices to track the global stock market [35]. Group 5 - A new edition of the book "The Long-Term Investment Secret" has been released, which has been a bestseller for 30 years and includes updated data and new chapters [40]. - The book emphasizes that, over the long term, stock assets are the best means of wealth accumulation, suggesting that households should allocate a certain proportion of their assets to stocks [41]. - It also highlights the challenges ordinary investors face in achieving long-term returns from stock investments due to the inherent volatility of stock assets [42].

为了感谢大家一直以来对螺丝钉的支持，螺丝钉也准备了一次企微限时福利活动： 添加「课程小助手」，完成问卷调研，就可以领取福利：《基金投顾投资指南》一本，包邮寄 送~ 领取方式： 文 | 银行螺丝钉 （转载请注明出处） 有朋友问，有没有系统全面介绍基金投顾的书籍呢？ 根据大家的需求，螺丝钉整理了一份《 基金投顾投资指南 》，大家可以： 希望能帮助大家，更好地了解基金投顾，省心省力做好投资。 扫描下图中的二维码，添加 「 课程小助手 」 ，并发送「 问卷 」，参与活动。 · 搞懂基金投顾是什么，是如何帮助我们做好投资的； · 系统了解钉系列各组合的详细策略和适用场景； · 放在手边，随时翻阅，快速查询。 作者：银行螺丝钉（转载请获本人授权，并注明作者与出处） ◆◆◆ 风险提示 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，投资螺丝钉投顾组合 基金投资组合策略具有市场风险 信用风险 流动性风险 法律风险以及其他投资风险等 其风险特 ...

4种定投方法，哪个更适合你？如何止盈？ 这里有一门限时免费的福利课程，能帮助你搞清楚这些问题。 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「 基金定投 」领取哦～ 文 | 银行螺丝钉 （转载请注明出处） 基金定投是非常适合懒人的投资方式，但是如何才能聪明地做好基金定投？ 定投前要准备什么？如何制定好定投计划？ A 股成长、价值，两类风格拿出来，长期都 是上涨的，长期回报也相似。 投资者低估买入,坚守其中任何一种风格 最终都可以获得收益。 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。 如何之能做好意会示要? 一长按添加@课程小助手,回复「基金定投」 免费领取《基金定投指南》课程 更有课程笔记、思维导图 帮你学会如何制定好一个基金定投计划 #螺丝钉小知识 und 银行螺丝钉 成长与价值风格轮动该如何应对? A股有成长、价值风格轮动的特点。 例如2020-2021年是成长风格大幅上涨, 价值风格微涨，相对低迷。 2022-2024年，是成长风格腰斩，价值风 格继续上涨，2024年价值风格创下新高。 2025年1-3季度成长风格大幅上涨，价值风 格微涨，又显得相对低迷。 但是涨跌特点， ...

「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 》 大家好，我是银行螺丝钉，欢迎来到这期的螺丝钉带你读书。 往期回顾 第一篇：《 从创业，到上市：企业生命周期6阶段，投资机会都在哪？ 》 公募基金可投资的4个企业生命阶段 这几期螺丝钉带你读书，介绍的，是投资和估值的新书《企业估值投资》。 这本书介绍了企业的生命周期。 企业的生命周期，大致分为6个阶段。 「深度成长」风格 （1）初创阶段，对应天使投资，目的是创造出产品原型。 （2）风投阶段，包括ABC轮融资。 成交的商用产品。 望扩大客户数量。 大，冲击上市要求。 例如在2025年上半年比较火的机器人公司，宇树科技，就完成了多轮融资，准备冲击上市。 不过初创和风投阶段的企业，还没有正式上市。 主要是一些天使投资人和股权私募基金投 ...

文 | 银行螺丝钉 （转载请注明出处） 很多投资者都是从投资指数基金开始自己的投资之路的。 但是怎样投资指数基金，才能获得好收益？ 这里有一门限时免费的福利课程，介绍了指数基金的投资技巧。 想要获取这个课程，可以添加下方「课程小助手」，回复「 指数基金 」领取哦～ #螺丝钉小知识 wnl 银行螺丝钉 上涨中遇到波动怎么办? 在牛市上涨中,遇到波动也很正常。 即便是2007年、2015年的1星级大牛市， 中间也出现过数次百分之几、百分之十几 的回调。 例如从2024年5.9星至今，A股中证全指， 上涨近60%。 这种上涨，不是一口气涨上去。 主要涨幅体现在两个时间段,2024年9月 最后两周，以及2025年三季度，大约7%的 时间里大幅上涨。 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。 ◆◆◆ ·2024年10月初，回调15.1%； ·2024年11月，回调9%； 其他时间是横盘震荡或者回调波动。 ·2025年1月，回调11%； ·2025年4月，回调16%； ·2025年9月初，回调5%-6%； ·国庆节回来后，A股回调大约5%-6%，跟 9月初相仿，暂时没有前几次回调那么大。 例如: 说这些 ...

文 | 银行螺丝钉 （转载请注明出处） 领取方式： 扫描下图中的二维码，添加 「 课程小助手 」 ，并发送「 问卷 」，参与活动。 根据大家的需求，螺丝钉整理了一份《 基金投顾投资指南 》，大家可以： 希望能帮助大家，更好地了解基金投顾，省心省力做好投资。 为了感谢大家一直以来对螺丝钉的支持，螺丝钉也准备了一次企微限时福利活动： 添加「课程小助手」，完成问卷调研，就可以领取福利：《基金投顾投资指南》一本，包邮寄 送~ · 搞懂基金投顾是什么，是如何帮助我们做好投资的； · 系统了解钉系列各组合的详细策略和适用场景； · 放在手边，随时翻阅，快速查询。 有朋友问，有没有系统全面介绍基金投顾的书籍呢？ 风险提示 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，投资螺丝钉投顾组合 基金投资组合策略具有市场风险 信用风险 流动性风险 法律风险以及其他投资风险等 其风险特 作者：银行螺丝钉（转载请获本人授权，并注明作者与出处） ◆◆◆ ...

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, and the article suggests a free course on investing in global stock markets through index funds [2][3] - The course includes notes and mind maps to help participants quickly grasp the course content and learn more efficiently [3] Group 2 - The article discusses the current valuation of Hong Kong technology stocks, noting that despite recent price increases, their price-to-earnings (P/E) ratios remain relatively low [4] - As of October 16, 2025, the P/E ratio percentile for the Hong Kong technology index is around 30%, while the price-to-book (P/B) ratio percentile is about 60% [5] - The article attributes the low P/E and high P/B ratios to a period of poor fundamentals and declining earnings for listed companies from 2020 to 2023 [5][6] Group 3 - In 2024, Hong Kong technology stocks are expected to see a recovery, with earnings projected to grow over 100% year-on-year in the first half of 2024-2025, marking the highest growth rate in five years [6] - The rapid increase in earnings leads to a quick decline in both the P/E ratio and its percentile ranking [7] - Despite the growth in earnings, revenue and net assets have increased but not at the same rate, resulting in a normalization of the P/E and P/B ratios as the index rises from its lows [7] Group 4 - The article questions the sustainability of the recent earnings growth, suggesting that it is unlikely for technology companies to maintain such high growth rates for multiple years [8] - The recent surge in earnings is attributed to cost-cutting measures, such as layoffs and salary reductions, as well as investment gains from asset sales [9]