Core Viewpoint - The article discusses the current state of the stock market, focusing on the performance of various indices, particularly dividend indices, and the importance of patience in index fund investment strategies. Group 1: Market Performance - The overall market experienced slight declines, with the closing rating at 3.8 stars [1] - Large-cap stocks like the CSI 300 saw minor gains, while small-cap stocks faced more significant declines [2] - Recent days have shown a notable pullback in small-cap stocks after a period of substantial gains [3] - Value style indices showed little volatility, with cash flow indices experiencing slight increases [4][5] - Hong Kong stocks also faced declines, particularly in technology sectors, while dividend stocks remained stable [6][7] Group 2: Investment Strategies - The article highlights that undervalued stocks are becoming scarce as the market rises, although some dividend indices still have undervalued options [9][10] - The performance of indices like the CSI 500 low volatility has been strong since 2018, with an approximate 80% increase [16] - The article emphasizes the importance of patience in holding onto low volatility and dividend strategies, which can lead to passive valuation reductions through strategic rebalancing [25][26] - A structural bull market is noted, where not all indices rise or fall simultaneously, indicating the need for strategic investment choices [28][38] Group 3: Dividend Indices and Valuation - The article provides a valuation table for dividend indices, indicating various metrics such as earnings yield and price-to-earnings ratios [41] - The dividend index has seen rapid growth in scale over recent years, with many investors expressing interest and questions regarding these products [46][47] - A new book titled "Dividend Index Fund Investment Guide" has been released to assist investors in understanding dividend indices better [45][48]

文 | 银行螺丝钉 （转载请注明出处） 福利版限量5千册，先到先得，感兴趣的朋友可以抓紧时间下单。 PS：当前是预售阶段，下单后需等待几天，正式发售后即可第一时间拿到新书。 为什么会有这本书？ 在当前一年期存款利率只有不到1%的时代背景下，红利指数基金的高股息策略日益受到投资者 的青睐。 红利指数基金，成为这几年，规模增长速度最快的指数基金之一。 然而，投资者对于红利类品种的疑问也比较多。 螺丝钉的新书，《红利指数基金投资指南》正式开启预售啦，扫描下方二维码即可下单。 也可以在京东App，搜索"银行螺丝钉"购买。 与前几本书一样，这次螺丝钉也精心准备了新书福利礼包，福利版包括了三重福利，具体规则 可见文末。 红利指数基金有几十种，有什么区别，怎么挑选？ 红利指数基金给投资者的分红一定会多吗？ 最适合红利指数基金的投资方式是什么？ 为了帮投资者更好地了解红利指数基金，螺丝钉精心设计了这本书，希望能为大家的投资之路 提供一些帮助。 这本《红利指数基金投资指南》，也是「螺丝钉投资指南口袋书」系列的第一本书。 「口袋书」，特点是体量比较小，读起来很轻松。1小时就可以读完，没有什么压力。 大家可以随身携带，随手翻阅，零 ...

Core Viewpoint - The dividend index has shown long-term outperformance compared to the market with lower volatility, yet it is often undervalued as an investment opportunity [3][4][34]. Group 1: Performance and Volatility - The dividend index has consistently outperformed the broader market, with a historical annualized return of 13.03% from November 14, 2014, to January 13, 2026, compared to 6.96% for the broader index [5][7]. - The maximum drawdown for the dividend index was -33.19%, significantly less than the broader index's -55.78% [7]. - The volatility of the dividend index typically ranges from 60% to 70% of the broader market's volatility [5]. Group 2: Investment Strategy - The dividend index is characterized by a value investment style, which has proven effective in the A-share market, yielding significant excess returns [4]. - Investors are advised to buy into dividend index funds during undervalued phases to mitigate holding period volatility and enhance future valuation upside [14][34]. - The primary sources of returns for dividend index funds include valuation, earnings, and dividends [8]. Group 3: Market Conditions Impacting Performance - The dividend index may underperform during periods of high bond yields, as seen in 2024 when U.S. bond yields reached 4%-4.5%, making dividend yields less attractive [8]. - In a growth style bull market, funds tend to flow towards growth stocks, which can suppress the performance of value-oriented dividend stocks [11][12]. - Historical data shows that from 2023 onwards, the dividend index underperformed the broader market [9]. Group 4: Valuation and Dividend Yield - Investing in dividend index funds during undervalued phases can lead to higher dividend yields, as lower stock prices result in higher dividend yields [22][24]. - The comparison of dividend yields to long-term bond yields indicates that, as of January 2026, the dividend index's yield was significantly higher than the yield on 10-year government bonds [24][25]. - The dividend index is designed to periodically adjust its holdings, favoring stocks with lower valuations, which aligns with a buy-low, sell-high strategy [28][30].

Core Viewpoint - The article discusses the current market conditions, highlighting significant fluctuations in the stock market, particularly the performance of large-cap and small-cap stocks, and signals indicating the late stages of a bull market [1][3][15]. Market Performance - The market experienced considerable volatility, with the index reaching a peak of 3.7 stars before closing at 3.8 stars [2]. - Large-cap stocks, such as the CSI 300, saw declines, while small-cap stocks continued to rise [3]. - The CSI 1000 index has returned to an overvalued state, and the CSI 500 is also nearing overvaluation after recent gains [4][5]. Investment Styles - Growth style stocks showed little volatility, while value style stocks experienced an overall decline, leading to significant redemptions from value-focused funds [6][7]. - Active selection strategies have begun to adjust portfolios, reducing exposure to overvalued small-cap and growth stocks while increasing the proportion of value stocks [8][9]. Bull Market Signals - Two key signals indicating the late stages of the bull market were identified: an increase in the margin requirement from 80% to 100% and a stock fund receiving over 10 billion in subscriptions in a single day [15][18]. - Historical patterns show that such high subscription volumes typically occur in the later stages of a bull market, as seen in previous years [15][16]. Fund Issuance and Market Dynamics - The current bull market differs from previous ones, as new fund approvals are more stringent, limiting the issuance of new high-valuation stock funds [22][24]. - The popularity of existing funds, particularly in sectors like AI and military, is driving subscriptions rather than new fund launches [25][26]. Investment Strategy - The article emphasizes the importance of contrarian investing, suggesting that the best investment opportunities arise during periods of low interest and market pessimism [29]. - Active selection and index-enhanced strategies have seen increased subscription volumes during undervalued market conditions, with a focus on maintaining low average costs for investors [30][32]. Conclusion - The article concludes with a reminder of the classic investment principle of being greedy when others are fearful and vice versa, highlighting the psychological challenges investors face [37].

文 | 银行螺丝钉 （转载请注明出处） 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。 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 uun( 银行螺丝钉 基金是非常适合普通人的投资品种。 指数基金，通常换手率在50%-150%。 指数每年会有1-2次调仓，同时也会更换 股票。 一般情况下,主动基金的年换手率,会 比指数基金高一些： •在200%以内是属于偏低的。 ·200%-400%之间是一个正常的水平。 •但是如果达到了百分之五六百，甚至上 千的换手率,这种就要谨慎一些。 换手率高，一方面意味着持有股票时间 短,有可能会错过股票大幅上涨的阶 段;另一方面,买卖太频繁,意味着更 高的交易成本。因为每买入卖出一笔, 无论是否赚钱，都要支付交易佣金。 主动基金换手率,多高合适呢? 换手率是影响基金收益的因素之一,也 被称为周转率,指的是基金经理每年买 卖手里持有的股票，占手里持有的所有 股票的比 ...

Group 1 - Fund regular investment is a suitable investment method for lazy investors, and it is essential to prepare adequately before starting [2][3] - The article discusses how to create a solid investment plan for fund regular investment [3] - There are four different methods for regular investment, and the article suggests evaluating which method is most suitable for individual investors [2] Group 2 - Different industries have varying profitability, with essential consumer and pharmaceutical industries being more likely to generate profits in the long term within the A-share market [5] - No investment type is guaranteed to only rise; even the highest-performing consumer sector in A-shares experiences downturns during specific periods [5] - It is crucial for ordinary investors to diversify their investments across multiple industries to mitigate volatility risks [5]

Core Viewpoint - The article discusses various methods for profit-taking in investment strategies, particularly focusing on index funds and the importance of evaluating market conditions to determine when to sell [1][3]. Group 1: Profit-Taking Methods - Method 1: Profit-taking based on return rate, typically considering selling when returns reach 30%. This method is simple but may lead to missing out on significant bull market gains [4][6]. - Method 2: Profit-taking based on high valuation, using a star rating system to assess market conditions. A higher star rating indicates a higher valuation, suggesting it may be time to sell [7][10]. - Method 3: Long-term holding without selling, relying on dividends for income. This strategy is less stressful but requires investment in high-dividend stocks [32][33]. Group 2: Case Studies - Case Study 1: From 2018 to 2021, investments made during a low valuation phase yielded significant returns as the market transitioned to a high valuation phase [20]. - Case Study 2: Investments made in 2018 that remained at normal valuation levels until 2026, indicating a strategy of holding through market fluctuations [22]. - Case Study 3: Investments in the 中证1000 index from a low valuation in 2024 to a high valuation in 2026, demonstrating the effectiveness of a buy-low, sell-high strategy [25]. Group 3: Market Insights - The market's star rating fluctuates, with a noted drop to 5.9 stars in September 2024, indicating a significant number of undervalued stocks at that time [16][17]. - The article emphasizes that each bull market varies in duration and magnitude, suggesting that a flexible approach to profit-taking is essential [28][30].

Core Viewpoint - The market experienced a pullback, with the overall rating at 3.8 stars, indicating a pause in investment opportunities for stock fund combinations until a return to 4-5 stars [2][43]. Market Performance - All market segments, including large, medium, and small-cap stocks, saw declines [3]. - Growth-oriented sectors such as the ChiNext and STAR Market faced significant downturns [5]. - Conversely, value-oriented styles, including dividend stocks, showed overall gains [6]. - Some undervalued stocks in the market began to see a gradual increase in valuation [7]. Investment Strategy - Following a rise on January 12, both active and index funds have paused subscriptions [8]. - The company advises patience until the market returns to a 4-5 star rating before resuming stock fund subscriptions [9]. Fund Management - The company has initiated a phased profit-taking strategy for the CSI 1000 index, which has reached a high valuation [14][18]. - A methodical approach is being employed, selling 10% of holdings weekly over approximately 10 weeks, with recent sales yielding around 71% returns [20]. - Proceeds from these sales will be reinvested into the "Monthly Salary Treasure" fund, with plans to allocate funds to other products once they return to normal valuations [21][22]. Personal Pension Fund - The company continues to invest in the CSI 300 Dividend Low Volatility fund, while suspending investments in the CSI A50 until it returns to normal valuation [27]. - The personal pension index fund is a new investment category, with a maximum annual contribution of 12,000 yuan [27]. Upcoming Publications - A new book titled "Dividend Index Fund Investment Guide" is set to be available for pre-sale, aimed at educating investors about dividend index funds [30][31].

Core Viewpoint - The article introduces new features of the Ding series investment advisory portfolios, including a capped annual advisory fee and the implementation of an automatic profit-taking function [2][6][13]. Group 1: Advisory Fee Changes - Starting in 2026, the advisory fees for multiple Ding series portfolios will be combined and capped at 360 yuan per year, regardless of the number of portfolios held [2][4]. - The original fee rates for various portfolios remain unchanged, but the annual fee will be capped at 360 yuan during the promotional period from January 1, 2026, to December 31, 2026 [4][5]. - The more portfolios held, the greater the advisory fee discount, allowing for better asset allocation and cost savings for investors [2][4]. Group 2: Fund Subscription Management - As of January 12, 2026, the subscription for the Active Selection and Index Enhancement portfolios has been completely closed to prevent investors from chasing prices during market upswings [5][9]. - This decision is based on the observation that subscription volumes for stock funds reached a high point prior to the closure, indicating a potential market bubble [5][9]. - The company prioritizes investor interests over sales volume, ensuring that investment strategies remain disciplined and focused on value [5][16]. Group 3: Automatic Profit-Taking Function - The newly launched automatic profit-taking feature allows for easier management of investments, automatically adjusting portfolios based on market conditions [13][16]. - The function includes two methods: automatic rebalancing when certain assets are overvalued and automatic conversion to bond funds when the overall market is overvalued [13][16]. - This feature aims to enhance investor experience by minimizing the need for manual intervention and ensuring timely profit-taking opportunities [13][16].

Group 1 - The article discusses the concept of premium risk in ETF trading, where the trading price can significantly exceed the net asset value (NAV) of the fund, leading to potential losses for investors [2]. - It explains that investors may pay 1.1 yuan for a fund with a NAV of only 1 yuan, resulting in wasted money due to premium risk [2]. - The article highlights that identifying ETF premium risk is straightforward, as ETFs have real-time net values (IOPV) available on financial terminals [3]. Group 2 - It suggests that investors should aim to buy ETFs at a discount, as this is more cost-effective [4]. - If an ETF shows a high premium on a given day, investors can opt to purchase an off-market index fund instead, which always transacts at NAV, eliminating premium risk [4]. - The article also describes an arbitrage strategy where investors can sell an ETF at a premium before market close and then purchase an off-market index fund at NAV, thus benefiting from the price difference [4]. Group 3 - The article notes that these strategies are particularly useful for novice investors who may not be familiar with ETFs and should consider starting with off-market funds [5].