文 | 银行螺丝钉 （转载请注明出处） 更多关于止盈的详细介绍，可以回看直播课：《 直播回放：上涨了，该如何止盈？ 》 ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

Core Viewpoint - The article discusses the current market trends, investor behavior, and the importance of rational decision-making in investment strategies, particularly focusing on the "break-even" effect in fund investments. Market Trends - The market experienced a brief rise, approaching a rating of 4.6 stars, but closed down with the CSI All Share Index falling by 0.29%, remaining at 4.7 stars [1][2]. - Both large and small-cap stocks showed slight fluctuations, with value styles experiencing a slight increase while growth styles saw a minor decline [3][4][5]. - Hong Kong stocks outperformed A-shares, with technology stocks leading the gains [6][7]. Investor Behavior - The article highlights the "disposition effect," where investors prefer to wait until they break even before selling their investments, which is a common behavioral finance phenomenon [9][10]. - Investors often exhibit loss aversion, leading them to avoid selling at a loss and instead wait for a return to their original investment price [11]. - The article notes that this behavior is irrational, as investment decisions should be based on the intrinsic value of the assets rather than personal cost bases [12]. Historical Context - The article references a previous market cycle in early 2019, where many investors redeemed their funds as the market rebounded, despite having initially invested during a downturn [13][14][17]. - It emphasizes that the "break-even" selling strategy can lead to missed opportunities for further gains in the market [19][21]. Investment Strategy - The article argues that investing in stocks and funds should not be solely about breaking even, but rather about long-term value appreciation [24]. - It suggests that investors should consider strategies for profit-taking and emphasizes the importance of not making decisions based on emotional responses [25][27]. - The article introduces a new feature in the "Today Stars" app that provides expanded index valuation data, allowing investors to make more informed decisions [28][29][30]. Investor Insights - The article concludes with a reminder that investing is inherently volatile, and patience combined with a disciplined investment strategy can yield positive results over time [33][34].

Group 1 - The article discusses the importance of personal retirement planning, which is a topic of significant interest to many individuals [1] - A free course is offered that outlines six key steps to help individuals effectively plan for their retirement [2] - Additional resources such as course notes and mind maps are available to enhance understanding and learning efficiency [2]

Core Viewpoint - The article discusses the performance and features of the "Monthly Salary Treasure" investment advisory portfolio, highlighting its recent historical highs and stable returns despite market fluctuations [6][7][72]. Group 1: Performance Overview - The Monthly Salary Treasure portfolio has seen continuous growth, reaching historical highs in July 2025, following a period of low performance in 2022 and 2023 [6][72]. - The portfolio has demonstrated significant excess returns compared to its performance benchmark, achieving an 81.82% quarterly win rate over 11 quarters [7][9]. - The maximum drawdown of the portfolio is limited to -9.13%, thanks to a 40:60 stock-bond allocation strategy [9]. Group 2: Portfolio Characteristics - The Monthly Salary Treasure portfolio is designed to provide approximately 6% annual cash flow, making it suitable for regular financial needs such as retirement or education [12][11]. - The portfolio employs a balanced strategy of 40% stock funds and 60% bond funds, with an automatic rebalancing mechanism to optimize buying low and selling high [18][20]. - Cash flow sources vary depending on market conditions; in bear markets, cash flow primarily comes from bond funds, while in bull markets, it comes from selling appreciated stock funds [31][33]. Group 3: Investment Strategy - The stock portion of the portfolio focuses on value-oriented investments, contributing an annual yield of 4%-5% from dividends, alongside potential price appreciation [35][39]. - The bond portion's returns are influenced by interest rates, with current short-term bond yields around 1.6%-1.7% [55][41]. - The portfolio's rebalancing actions have historically provided additional gains, with notable adjustments made in early 2024 and July 2025 to maintain the target asset allocation [30][62]. Group 4: Accessibility and Cost - The investment threshold for the Monthly Salary Treasure portfolio has been lowered to 200 yuan, allowing for more flexible investment options [64]. - A limited-time 50% discount on advisory fees is available from July 1, 2025, to December 31, 2025, benefiting all holdings during this period [70][71]. - As of July 2025, approximately 96.95% of investors in the portfolio are currently profitable, indicating strong overall performance [72].

Group 1 - Many investors start their investment journey with index funds [1] - There is a limited-time free course that introduces investment techniques for index funds [2] - To access the course, individuals can add the "Course Assistant" and reply with "Index Fund" to receive it [3] Group 2 - The course includes notes and mind maps to help learners understand the course structure quickly and learn more efficiently [3] - There is an option to click and read the original text for free learning on large family asset allocation courses [4]

Market Overview - The market has shown strong performance recently, with fluctuations in the index where it opened lower but closed higher, maintaining a rating of 4.7 stars [1] - Both large-cap and small-cap stocks have experienced upward movement, with large-cap stocks showing slightly more gains [2][3] Sector Performance - Value styles, particularly dividend stocks, have seen significant increases, despite a recent downturn in the banking sector. The CSI Dividend Index has returned to normal valuation levels [3] - Consumer and pharmaceutical sectors have also risen, with the liquor index showing notable gains, although it remains down approximately 7% year-to-date due to previous declines [4] Investment Strategies - The market is gradually trending upwards due to valuation increases and fundamental recovery, although this process will not be linear and may include corrections of 10-20% [6] - The company offers various investment advisory combinations that have reached new highs, indicating strong performance [6] Personal Pension Investment - The company has initiated a personal pension investment strategy, focusing on index funds, with a combination of A500 and dividend strategies showing profitability in recent months, around 6-7% [21] - The investment approach emphasizes a "periodic but irregular" strategy, where more is invested when valuations are lower [15] Valuation Insights - Recent valuations for various indices indicate that both A500 and CSI Dividend have returned to normal valuation levels, prompting a pause in further investments until lower valuations are observed again [21] - The company has provided a detailed valuation table for personal pension index funds, highlighting key metrics such as P/E ratios and dividend yields [25][26]

Group 1 - The core viewpoint of the article is that the Hong Kong stock market, particularly the technology sector, has shown strong performance this year, with significant fluctuations and recovery patterns observed in the technology indices [1][18]. - The representative indices for Hong Kong technology stocks include the Hang Seng Technology Index (HSTECH.HI) and the Hong Kong Technology Index (931573.CSI), which are the most influential indices in this sector [3][6]. - The Hang Seng Technology Index consists of 30 constituent stocks, while the Hong Kong Technology Index has 50, reflecting a broader selection of technology companies [4][5]. Group 2 - The selection rules for the indices differ, with the Hang Seng Technology Index focusing on large-cap companies in specific sectors, while the Hong Kong Technology Index includes stocks with significant trading volumes and growth potential [8]. - The industry distribution of both indices is similar, with consumer discretionary and information technology sectors accounting for 80-90% of the total [9][10]. - The top ten holdings in both indices show a high degree of overlap, indicating a concentration in key technology players [12]. Group 3 - Historical performance since the end of 2014 shows that both the Hang Seng Technology Index and the Hong Kong Technology Index have consistently outperformed the Hang Seng Index [16]. - Over the past year, the Hong Kong technology sector has experienced four cycles of decline and recovery, with notable percentage changes in index values during these periods [18][21][30]. - The recent upward trends in the technology indices are attributed to significant profit growth and valuation increases, contrasting with the declines seen in 2021-2022 [40][41]. Group 4 - Short-term movements in the Hong Kong technology sector are influenced by fluctuations in US dollar interest rates and exchange rates, with a tendency for the sector to perform well when US rates decline and the RMB appreciates [52][54]. - The article emphasizes that the long-term performance of Hong Kong technology stocks is primarily driven by the underlying economic fundamentals of mainland China [57]. - The article concludes with a summary of the investment value of the Hong Kong technology indices, highlighting the importance of monitoring profit growth and market conditions for future investment decisions [59].

文 | 银行螺丝钉 （转载请注明出处） 【7月22日晚7点直播预告】 有朋友问， 港股科技股有哪些代表指数，各自有啥特点？ 最近1年多，港股科技指数4轮上涨，有什么特点？ 影响港股科技短期和长期走势的原因是啥？ 周二7月22日，也就是今晚7点，螺丝钉会跟大家通过直播课，来交流一下这些问题。 大家可以，现在就： （1）长按识别上图中的二维码； （2）添加 「课程小助手」 微信号； （3） 回复 「0722」 ，稍等几秒钟，就会收到直播间的链接； （提示：回复后可以耐 心等待几秒哦～）； （4）定个闹钟，比如将提醒时间设置成：今晚（周二）6:55； （5）收到闹钟提醒后，再次找到这个链接 就可以观看直播啦 ～ 【直播内容简介】 港股今年比较强势。 每个时间段都有发力的品种。 春节后，先是港股互联网公司大幅上涨，当时有Deepseek带来的AI行情。 之后是港股消费，以泡泡玛特、老铺黄金、蜜雪冰城为代表的新消费。 再之后是红利指数，港股红利、沪港深红利低波动上涨。 到了7月份，港股医药指数大幅上涨。 其实前两年，港股也有过大幅低迷的阶段。 2021-2022年，港股是全球下跌幅度最大的市场之一。 当时几个负面因素叠 ...

Group 1 - The core concept of fund advisory is to address the issue where "funds make money, but investors do not" [4] - Fund advisory services are designed to help investors achieve better returns through professional guidance [5] - The emergence of fund advisory reflects the need for specialized advice in the investment sector, similar to other professional fields [2][3] Group 2 - Fund advisory offers advantages by combining investment strategies ("投") and advisory services ("顾") to enhance investor outcomes [5] - There is a free course available that covers various aspects of fund advisory, aimed at educating investors [5][6]

Core Viewpoint - The article emphasizes the importance of strategic asset allocation for families to optimize their wealth management and investment returns [1] Group 1: Industry Insights - The current market environment presents both challenges and opportunities for investors, particularly in the context of rising interest rates and inflation [1] - Diversification across various asset classes is highlighted as a key strategy to mitigate risks and enhance returns [1] Group 2: Company Analysis - Companies that adapt to changing market conditions and consumer preferences are more likely to succeed in the long term [1] - The article discusses specific sectors that are expected to perform well, including technology and renewable energy, due to increasing demand and innovation [1]