全球知名投资研究机构晨星Morningstar，与您一同探索投资星球。我们的使命是"赋能投资者成功"！ 以下文章来源于晨星投资说 ，作者陪你聊理财的 晨星投资说 . 前阵子在网上刷到一个很有意思的段子 ： " 劝月入一万以下的朋友 ， 别天天张口黄金 、 闭口股票 ， 对普通人来说 ， 最好的理财方式其实是不吃晚饭 。 " 虽然只是个调侃 ， 但仔细想想 ， 似乎也有一定的道理 —— 我们总把注意力放在 " 怎么赚到最多的钱 " 上 ， 却忽略了 " 节流 " 在财富积累中的重要性 。 今天 ， 我们就来聊聊 ， 为什么对普通人来说 ， 比起一味地追求高收益 ， 存钱才是我们实现财富增长的第一步 。 ↑点击上面图片 加雪球核心交流群 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 晨星Morningstar 屈辰晨 来源：雪球 今年的市场格外热闹 ， 不仅黄金价格一路飙升 ， 大盘更是在近日一举突破了4000点 。 这波行情也点燃了很多人的理财热情 ， 身边关于 " 今 年投资什么最赚钱 " 的讨论又多了起来 。 01 先存钱 ， 再谈收益 俗话说 ， 省到就是赚 ...

今日市场震荡调整，截至收盘，上证指数跌0.81%，深证成指跌1.14%，创业板指跌2.31%。沪深两市成交额2.32万亿，较上一个交易日缩量 1039亿。 板块方面，医药、影视院线、食品、白酒等板块涨幅居前，存储芯片、CPO等板块跌幅居前。 算力硬件概念股集体下跌，"易中天"光模块三巨头大幅调整。 01 算力硬件股持续下挫 ↑点击上面图片 加雪球核心交流群 ↑ 科技股和非科技股再现"跷跷板"效应。 例如，以新易盛为例，该公司 第三季度60.68亿元的营业收入，环比第二季度下降近5%；归母净利润23.8亿元，环比仅微增0.6%。同时，这打破 了公司自2023年第一季度以来营业收入连续环比增长的纪录。 面对光模块板块的高涨幅， 机构观点开始出现分歧 。 摩根士丹利在9月份的研报中表达了谨慎态度，认为"大多数基本面上的积极因素已经得到了 反映"，建议投资者"在共识情绪保持乐观之际获利了结"。 然而， 花旗对光模块持乐观观点 ，认为"考虑到2027年强劲需求更为明朗，整体叙事依然具有说服力，光模块企业有望获得估值重估"。 对于新易盛三季报净利润低于预期，花旗分析称，新易盛股价波动 很可能是一次性事件，净利润预计将在第 ...

以下文章来源于风云君的研究笔记 ，作者专注私募研究的 风云君的研究笔记 . 深耕私募行业多年，专注私募基金各个策略以及资产配置，希望能分享给大家更深入、更专业的私募那 些事。 此轮强势上涨，或许真如2015年《人民日报》所提到的那样，"4000点才是A股牛市的开端"。 当然，风云君还是要稍作提醒，4000点这个关键点位难免会有些情绪的波动和结构的反复。 当下最好的状态，应该是在乐观中保留一份理性，重视持仓结构或许比单纯判断方向更重要。 说回私募市场，近期量化策略的情绪面开始回暖，迎来了一轮普遍的超额修复。 无论是我们持续跟踪的指增、量选，还是全指指增、小市值指增等细分策略，都有很好的表现。 主要还是因为近期的市场行情有所转变，对于整体量化相对比较友好。 首先是量化比较适合当下交投比较活跃的市场。虽然前期市场有些缩量，但当下市场的成交量和 活跃度处于比较高的分位，处于相对适合量化区间。 其次，市场逐渐回归相对均衡和轮动的节奏。我们可以看到，像之前资金集体抱团科技、一家独 大的情况显然有所缓和。行业开始逐渐有序轮动起来，个股极端分化趋于收敛，这正适合量化去 挖掘超额。 此外，此前承压的小微盘股也开始活跃起来。经历 ...

以下文章来源于朱酒 ，作者朱酒 朱酒 . 职业投资人，央视《投资者说》嘉宾，雪球网年度十大影响力用户，《看透地产股》和《个人投资者的 股市生存之道》作者。 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 朱酒 来源：雪球 泸州老窖三季报出炉 ， 正式宣告白酒股最黑暗的时刻结束了 ！ 我知道这句话说出来 ， 会被很多人喷的 ， 但这就是市场告诉我们的现实 ！ 就像我在今年6月 ， 全市场都在喊白酒股要崩溃的时候 ， 告诉大家白酒股股价的底部已经出来了 ， 可当时有几 个人信呢 ？ 6月份 ， 泸州老窖的股价最低到了102.93元 ， 4个月过去 ， 到今天的收盘价129.88元 ， 已 经有了26.18%的涨幅 ， 明显超过同期大盘18.06%的收益 。 这就是股市 ， 如果你一直被舆论所左右 ， 就会失去最好的投资机会 ， 然后只能一路追高 ， 为那些敢于在市场最低点加仓的投资者买单 ！ 在三季报出炉之前 ， 各机构对泸州老窖的业绩测算 ， 基本上都是归母净利润同比下滑20%左右 ， 可数据出来 ， 降幅只有13.07% ， ...

Core Viewpoint - The article emphasizes the importance of asset allocation over attempting to achieve quick wealth through market timing, advocating for a disciplined investment approach that focuses on high-probability strategies rather than low-probability ones [4][6]. Group 1: Asset Allocation Strategy - The author implemented a three-part asset allocation strategy (6:3:1 for stocks, bonds, and commodities) starting with an initial investment of 50,000 yuan and a weekly investment of 1,000 yuan, achieving a cumulative return of over 16% and an annualized return exceeding 22% with a maximum drawdown of approximately 8% [4][15]. - The article argues that there is no bad time to start asset allocation, as it can yield positive results regardless of market conditions, highlighting that even during periods of high uncertainty, good returns can be achieved [6][15]. Group 2: Market Conditions and Timing - The author notes that at the time of investment, there was significant uncertainty in both domestic and international markets, with high levels of caution among investors due to macroeconomic factors and asset valuations [6][9][10]. - Despite the challenging environment, the author emphasizes that asset allocation does not require precise market timing, as there are always undervalued assets available for investment [14][15]. Group 3: Dollar-Cost Averaging - The article discusses the benefits of dollar-cost averaging, stating that consistent investments can accumulate more shares during market downturns, allowing for better positioning when the market rebounds [19]. - The author experienced significant market volatility over the past year, but through disciplined investing, was able to capture gains without needing to predict market movements [16][18]. Group 4: Adding to Positions - The author identifies specific instances where adding to positions during market downturns proved beneficial, citing three occasions where additional investments were made during significant market declines [20][23]. - The strategy of adding to positions during dips is framed as a way to smooth out costs and enhance overall returns [24][25].

Market Overview - The three major indices experienced a significant drop, with the ChiNext Index falling nearly 2% and the Shanghai Composite Index losing the 4000-point mark. By the end of the trading day, the Shanghai Composite Index decreased by 0.73%, the Shenzhen Component Index fell by 1.16%, and the ChiNext Index dropped by 1.84% [2] - The total trading volume in the Shanghai and Shenzhen markets reached 2.42 trillion yuan, an increase of 165.6 billion yuan compared to the previous trading day, with 4100 stocks declining across the market [3] Sector Performance - Energy metals, steel, quantum technology, and battery sectors showed the highest gains, while sectors such as CPO, gaming, and coal experienced the largest declines [4] Computing Power Sector - Computing hardware stocks collectively weakened, with significant declines in stocks like Tianfu Communication and New Yisheng [5] - New Yisheng's stock dropped nearly 8%, while Tianfu Communication fell over 11%. Other leading stocks like Shenghong Technology, Industrial Fulian, and SMIC also saw declines of over 3% [6][8] - Despite NVIDIA's overnight increase of nearly 3% and its market capitalization reaching 5.03 trillion USD, this did not positively impact the computing power industry chain today [7] Financial Results of Key Companies - New Yisheng reported a revenue of 16.505 billion yuan for the first three quarters, a year-on-year increase of 221.70%, and a net profit of 6.327 billion yuan, up 284.37%. In Q3 alone, revenue was 6.068 billion yuan, a 152.53% increase, with a net profit of 2.385 billion yuan, up 205.38% [11] - Tianfu Communication achieved a revenue of 3.918 billion yuan for the first three quarters, a 63.63% increase, and a net profit of 1.465 billion yuan, up 50.07%. In Q3, revenue was 1.463 billion yuan, a 74.37% increase, with a net profit of 566 million yuan, up 75.68% [11] - Industrial Fulian reported a revenue of 603.931 billion yuan for the first three quarters, a 38.40% increase, and a net profit of 22.487 billion yuan, up 48.52%. In Q3, revenue was 243.172 billion yuan, a 42.81% increase, with a net profit of 10.373 billion yuan, up 62.04% [11] - Huatai Securities raised its revenue and earnings forecast for New Yisheng, anticipating growth from the upcoming 800G and 1.6T optical module products [11] CRO Sector - WuXi AppTec's stock fell by 8% following a shareholder reduction announcement, where the controlling shareholder plans to reduce up to 2% of the company's total shares [13][15] - WuXi AppTec reported a revenue of 32.857 billion yuan for the first three quarters, an 18.61% increase, and a net profit of 12.076 billion yuan, up 84.84% [15] Lithium Mining Sector - Lithium mining stocks saw significant gains, with Tianqi Lithium hitting the daily limit and closing up 9.67%. Other stocks like Guocheng Mining and Yongxing Materials also saw substantial increases [16][20] - Tianqi Lithium reported a net profit of 95.48 million yuan for Q3, a 119% increase, and a net profit of approximately 180 million yuan for the first three quarters, up 103% [23] - The report indicates that despite market fluctuations in lithium product prices, the company has improved its pricing mechanisms, which has positively impacted its financial performance [23]

以下文章来源于复利无声 ，作者复利无声 复利无声 . 本人2022年2月15日正式入职银华基金，在此之前言论均为个人发布，周知。 ↑点击上面图片 加雪球核心交流群 ↑ 2 、 站在当下看 ， 选择方向可能更加重要 。 当然 ， 介入的时机也很重要 ， 如果不能在底部区域做好战略布局 ， 现在这个时点我们去讨论 市场 ， 客观来说 ， 或许没有那么舒服 ， 但仍然是值得重视和把握的 ； 不过 ， 重心应该是方向的选择 ， 这个对于收益和投资体验的影响 ， 或许超过了仓位 。 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：无声 来源：雪球 突破4000点之后 ， 该怎么应对和面对市场呢 ？ 这是很多朋友的疑问 。 我们的观点有3点 ： 1 、 站在更长的历史维度看 ， 以资本市场为中枢的资产配置时代可能才刚刚拉开帷幕 。 1990年代末-2020年代初 ， 房地产市场对于居民理财保值增值的发挥重大的作用 ； 站在当下看 ， 资本市场是否有这个可能性 ， 去承载居民财富管理的功能 ？ 从我们的观察来看 ， 包括第三支柱个人养老金的全面推开 ， 公募基金行业高质量发展行动 ...

睿知睿见 . 一个好的投资者，其能量一定的积极的，向上的，乐观的！ 别人看着他，就像看着太阳！ 他还能用朴 实易懂的语言，传递正确的投资理念！ ↑点击上面图片 加雪球核心交流群 ↑ 以下文章来源于睿知睿见 ，作者睿知睿见 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者：睿知睿见 来源：雪球 昨天在盘中冲破4000点了。比较有趣的是，就在两三个月前，人们甚至认为A股还会跌回3000点 去。尤其是在贸易战打响那会，不少人说：A股要重新回到2600点。 人就是这样， 越涨越乐观，越跌越悲观。 现在不少言论说，4000点是A股的起点。 而在去年11月的时候，很多人认为4000点是顶。 当时我还在社群写了篇文章来反驳这个观点。 现在站上4000点了，到底是顶还是底呢？ 一、最关键的因素：流动性 本轮牛市是基本面驱动的吗？显然不是！ 很多人认为这是央行在呵护债市！ 非也！ 股价=PE*EPS 既然不是业绩贡献的，就是拉估值了。 拉估值的必备条件就是流动性，就这么简单。 所以4000点后还能不能涨， 主要在于流动性会不会枯竭 。这是至关重要的！ 我们如何判断流动性呢？ 这就需要看 ...

Group 1 - The core viewpoint of the article highlights that the recent rise of the Shanghai Composite Index to 4000 points is characterized by a different market environment compared to previous instances in 2007 and 2015, with a focus on valuation levels, market capitalization rates, and industry performance [1][2][13] Group 2 - The current valuation of the Shanghai Composite Index shows a significant recovery, with a PE ratio of 17 and a PB ratio of 1.53 as of October 28, 2025, which is lower than the 2015 peak but significantly below the 2007 level [2][3] - The dividend yield of the index has increased, reflecting a macroeconomic backdrop of lower interest rates and improved governance structures in the capital market [2][3] Group 3 - The market capitalization rate of A-shares has improved slightly to 88%, but it remains significantly lower than that of major international economies like the US (200.7%) and Japan (180.4%), indicating room for growth in China's macroeconomic capacity to support the capital market [4][5] Group 4 - The time taken for the Shanghai Composite Index to rise from around 3000 to 4000 points was approximately 397 days, which is longer than the previous instances of 54 days and 105 days, suggesting a more solid foundation for a "slow bull" market [6][8] - The current index performance is primarily driven by valuation increases, with lower contributions from earnings, although sectors like technology and high-end manufacturing are showing strong profit growth [6][8] Group 5 - The industry weightings in the Shanghai Composite Index have shifted, with significant increases in the electronics and computer sectors, reflecting the government's push for technological innovation since the 13th Five-Year Plan [10][11] - The market is not experiencing a broad-based rally; instead, it is characterized by structural increases, particularly in technology and non-ferrous metals, with the median industry gain from 3000 to 4000 points being 34.87% in 2025 compared to 49.76% in 2015 [11][12]

↑点击上面图片 加雪球核心交流群 ↑ 2024年10月28日，小雪三分法实盘账户正式启航，首笔5万元建仓买入，此后每周一定投1000元，如今已走过一整年，持仓金额已经超过了12万 元。带着【真实、知行合一、陪伴】的投资初心，我们与10w+使用三分法工具的投资者并肩前行：一起经历了权益市场的震荡起伏，见证了黄金 的持续闪耀，也穿越了全球宏观环境的多变考验。每周一次的定投，简单的坚持，收获了不错的投资成果，超预期完成了最初设定的投资目标。 业绩表现怎么样？ 小雪三分法账户用实打实的数据，交出了一份【收益与安心兼具】的答卷。 实盘账户累计 收益率 16.43%，年化收益率22.57%，资金加权收益率达到22.24% （因实盘以定投为主，资金加权收益率更能客观反映实 际收益水平）。同期业绩基准指数收益率17.45%（30%中证偏债+60%中证偏股+10%南华商品），为方便大家观察，我们也统计了市场其 他主流的宽基指数，国内中债指数收益率3.52%，A股核心指数沪深300指数收益率19.20%，港股恒生指数收益率28.38%，美股纳斯达克 100指数收益率26.87%，三分法实盘账户债股商30:60:10的仓位配比，跑 ...