Group 1 - The average price of convertible bonds reached 159.6 yuan, and the median price was 137.44 yuan, both being the highest since the index was established in 2018 [1] - The lowest average price recorded was 94.74 yuan, and the lowest median price was 93.13 yuan, both set on October 18, 2018 [1] Group 2 - Changhong Technology's subsidiary secured over 50% of the annual procurement order share from a major domestic wafer factory for 12-inch FOUP, HWS, and related semiconductor consumables [2] - This order signifies a breakthrough for Dinglong Weibo, indicating its stable mass production and supply capabilities, and it is expected to achieve large-scale production by 2026 [2] - The successful acquisition of this order will effectively promote the market expansion of the company's semiconductor consumables business and enhance its competitive advantage in the 12-inch wafer carrier field [2]

两个期货账户+股票，2025年总收益1000W。意外开心 一、2025收益构成 （2）低频量化策略组合-占总体收益的35% 作为全年投资的稳健打底板块，今年整体运行稳定，是最省心省力的组合品种。它的核心是 自动化低干预属性，机械化执行即可，无需盯盘。管理上遵循 "定期视检、择强汰弱"：每几 个月复盘各子策略表现，核查是否失效、底层逻辑是否适配市场。剔除不及预期、逻辑有瑕 疵的策略，保留收益稳定的强势品种，动态优化组合效率。 （3）抄作业组合-占总体收益的15% 这是我2018 年入市以来最早采用的非主观策略。不过今年这个策略的规模持续缩减，核心顾 虑在于抄作业限制较多：1.主理人可随时随心关闭组合，今年又有10个在抄作业关闭。2.长 期不调仓，其不调仓是正常策略还是疏于管理，我们无法判断。3.优秀的组合往往跟踪人数过 多，每回调仓易产生巨大滑点，显著侵蚀收益。 不过未来我并未计划进一步缩减该策略规模 —— 作为整体投资组合的重要组成部分，它能有 效降低整体收益波动，平滑收益曲线。后续若再有作业组合关闭，腾出的多余资金将转移至 其他表现优秀的作业组合中，提升优质作业的配置占比，类似于指数成分股择强汰弱的规 则。 ...

Group 1 - The core viewpoint of the articles revolves around recent corporate actions and updates regarding convertible bonds and shareholder activities [1][2][9]. Group 2 - Shareholder Sunshine Life intends to reduce its stake in Huakang Clean by no more than 3% [1]. - Baichuan Changyin's controlling shareholder plans to provide a financial support of up to RMB 48 million without interest or collateral to support the company's operational needs [1]. Group 3 - The last trading day for Liuyao convertible bonds is set for January 12, 2026 [2]. - Various convertible bonds are listed with their respective details, including their current prices, redemption prices, last trading days, and conversion values [3][5][7]. - Specific convertible bonds such as Huanxu Convertible Bond is subject to strong redemption, while Lanfan Convertible Bond proposes a down adjustment [9].

Core Viewpoint - The article reflects on the investment performance over the past decade, highlighting that 2025 is expected to yield high average returns for investors, with a personal return of 18.39% for the year [1][3]. Investment Performance Summary - The annual returns from 2014 to 2025 show fluctuations, with 2025 achieving an 18.39% return, while the average annualized return over the years is 20.79% [2]. - Monthly performance in 2025 indicates a cumulative return of 18.39% by December, with notable monthly variations [2]. Investment Strategy Insights - The investment strategy has been conservative, focusing on low-risk investments, which has limited the ability to capture higher returns during bullish market conditions [3][4]. - The article emphasizes the importance of understanding risk and the need to balance between conservative and aggressive strategies, suggesting that maintaining a high equity position is crucial for better performance [5][7]. Future Investment Directions - The author contemplates future investment strategies, suggesting a focus on non-linear investments such as convertible bonds, which provide a safety net and align with a conservative investment style [5][8]. - There is a recognition that traditional low-risk strategies are becoming less effective, prompting a need for adaptation and exploration of new opportunities [4][6]. Market Trends and Considerations - The article discusses the challenges in the convertible bond market, particularly regarding the effectiveness of the downshift strategy, indicating that market conditions are evolving and require patience and strategic positioning [8][9]. - The potential for gold as a negative correlation asset is highlighted, suggesting it could be a valuable addition to a diversified investment portfolio [9].

| 转债代码 | 转债名称 | 类型 | 日期 | 公告 | | --- | --- | --- | --- | --- | | 127062 | 垒知转债 | 不下修 | 2026-01-07 | 公告 | | 123211 | 阳谷转债 | 不强赎 | 2026-01-07 | 公告 | | 转债代码 | 转债名称 | 现价 | 强赎价 | 最后交易日 | 最后转股日 | 转股价值 | 剩余规模 | 转债占正股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | (亿元) | 流通市值比 | | 123249 | 英搏转债 | 143.002 | 100.100 | 2025-12-30 | 2026-01-06 | 143.25 | 0.022 | 0.04% | | 123233 | 凯盛转债 | 141.488 | 100.100 | 2026-01-09 | 2026-01-14 | 141.43 | 1.082 | 0.91% | | 128116 | 瑞达转债 | 135.600 | 101.118 ...

Core Viewpoint - The article discusses various perspectives on investment returns among individual investors, highlighting the differences in reported returns and the significance of absolute returns over relative percentages [1][2][8]. Group 1: Investment Returns - Many investors report returns around 30%, with some achieving significantly higher returns, leading to a sense of competition and comparison among peers [1][5]. - A participant mentions a personal gain of approximately 974,000 since 2009, indicating consistent positive returns [2]. - Some investors express reluctance to share their returns, especially if they are below the average, reflecting a culture of comparison and pressure within the investment community [3][9]. Group 2: Comparison of Returns - The article emphasizes that comparing returns across different investors can be misleading due to varying capital amounts and investment strategies [6][8]. - It is suggested that investors should focus on absolute returns rather than percentage returns, as the latter can be deceptive depending on the initial investment amount [8][10]. - A participant notes that achieving a return of 12% is satisfactory given their conservative investment approach, which has yielded consistent returns over the years [12]. Group 3: Market Conditions and Strategies - Some investors mention that their returns are influenced by market conditions, with a participant stating that a return of 6.5% is considered below par in the current market environment [11]. - The discussion includes strategies such as maintaining low stock positions and engaging in new stock offerings, which are seen as typical for achieving moderate returns [7][18]. - A participant highlights the importance of context, stating that achieving returns that outperform indices is a significant benchmark for success [20].

Group 1 - Zhejiang Mining Co., Ltd. plans to acquire 100% equity of Alaigyr Company in Kazakhstan for approximately 406 million RMB, which includes a cash payment of about 4.8853 million RMB and shareholder loans amounting to approximately 40.1564 million RMB [1] - The acquisition price will be finalized based on subsequent audits, evaluations, and the financial condition of the target company's balance sheet on the closing date [1] - Alaigyr Company holds a core asset, which is a lead-silver mine located in the Karaganda region of Kazakhstan [1] Group 2 - Shandong Zhanggu expects a net profit of 72 million to 80 million RMB for the fiscal year 2025, representing a year-on-year growth of 0.65% to 11.83% [2] - Various convertible bonds are listed with their respective details, including current prices, redemption prices, last trading dates, and conversion values [4][6] - Hengyi Petrochemical's controlling shareholder has raised the upper limit of its share buyback plan to 15 RMB [8]

Group 1 - Shandong Zhanggu is under investigation for suspected violations in the disclosure of financial information in periodic reports [1] - Luxshare Precision plans to repurchase company shares worth between 1 billion to 2 billion yuan [1] - Yanggu Huatai has terminated the issuance of shares to acquire 99.64% of Bomi Technology [1] Group 2 - The following convertible bonds have announced no adjustments: Liuyao Convertible Bond and Tianneng Convertible Bond [2] - Liuyao Convertible Bond has a current price of 107.893, with a redemption price of 108.000, and the last trading day is set for January 12, 2026 [6] - Tianneng Convertible Bond has a current price of 132.529, with a redemption price of 101.118, and the last trading day is set for January 13, 2026 [4]

Core Viewpoint - The article discusses the volatile journey of an investor over the years, highlighting the impact of leverage on investment outcomes and the emotional toll of market fluctuations. It emphasizes the importance of risk management and the lessons learned from both gains and losses in the stock market. Financial Performance Summary - The investor experienced significant fluctuations in annual returns, with a peak return of 116% in 2017 and a low of -50% in 2018. The overall trend shows a recovery in 2024 with an expected return of 85% [2]. - The net worth fluctuated dramatically, reaching a high of 340 million by 2025 after starting from a low of 7 million in 2023 [2]. Investment Strategy and Experience - The investor began using leverage in 2016, maintaining positions above 100% thereafter. This led to substantial gains in 2017 but also resulted in significant losses in subsequent years, particularly in 2018 and 2022 [3][4]. - The experience of losing half of the capital in 2018 was a turning point, leading to a deeper understanding of market risks and the emotional challenges of trading [3][4]. - The investor's strategy evolved to include higher leverage, with positions exceeding 300% in 2019, which contributed to rapid capital growth but also increased risk exposure [4][5]. Emotional and Psychological Aspects - The investor describes a shift in mindset from confidence to fear during market downturns, particularly after experiencing significant losses. This change reflects a deeper awareness of market unpredictability [5][6]. - The emotional burden of managing both market risks and personal financial pressures is highlighted, with the investor choosing to shield family members from the full extent of financial struggles [13][14]. Current Holdings and Market Outlook - The current portfolio includes major stocks such as Kweichow Moutai, Wuliangye, SF Express, and Gree Electric, with a total position size of 75% [7]. - The investor expresses a cautious approach moving forward, focusing on large-cap stocks to mitigate risk while acknowledging the potential for lower returns compared to previous high-leverage strategies [6][20].

Group 1 - The stock market has seen significant gains this year, particularly in precious metals, leading many investors to profit [1] - Some individuals are focusing on personal well-being and outdoor activities, indicating a shift in priorities beyond just financial gains [2] - There is a growing interest in amateur scientific exploration, with individuals investing time in reading and participating in scientific activities for personal enjoyment rather than profit [3] Group 2 - Some investors are planning to allocate funds for family activities and gifts, such as vacations and luxury items, reflecting a balance between spending and saving [7][12] - There is a sentiment of caution among investors regarding future spending, with some choosing to save more and limit expenditures due to market uncertainties [9][14] - The emotional aspect of investing is highlighted, with some individuals expressing a desire to continue engaging in the market for the thrill it provides, despite potential risks [13]