Core Viewpoint - The A-share market is at a critical juncture in early 2026, with the Shanghai Composite Index breaking through 4100 points and a record daily trading volume exceeding 3.9 trillion yuan, indicating a heated market sentiment [4]. Group 1: Market Dynamics - Regulatory measures are being implemented to cool down the market, including increasing financing ratios and reducing large-cap ETF holdings, which raises concerns among investors about potential market corrections similar to those seen in 2015 and 2021 [5]. - Investors face a dilemma between holding onto their investments or exiting the market, with the fear of missing out on potential long-term gains versus the risk of significant downturns [6]. Group 2: Holding vs. Exiting - Holding onto investments (referred to as "hard support") offers the potential for long-term gains if the market enters a slow bull or long bull phase, but it also comes with psychological stress and the risk of panic selling during downturns [8]. - Exiting the market ("running away") provides certainty and safety, allowing investors to preserve gains and have liquidity to buy during market corrections, but it carries the risk of missing out on future opportunities [10]. Group 3: Balanced Approach - A balanced strategy of reducing exposure without completely exiting the market is suggested, allowing for dynamic adjustments based on individual risk tolerance and financial goals [12][13]. - Investors are encouraged to establish a regular rebalancing mechanism to manage risk and avoid emotional decision-making, while also optimizing their asset allocation to include high-dividend and undervalued assets for better defensive positioning [15][16]. Group 4: Conclusion - The current market environment is characterized by high trading volumes and regulatory interventions, indicating accumulated risks. A rational approach focusing on gradual adjustments and maintaining a comfortable investment strategy is recommended [19].

↑点击上面图片 加雪球核心交流群 ↑ 今天市场震荡回升，截至收盘，沪指涨0.33%，深成指涨0.79%，创业板指涨0.63%。 沪深两市成交额3.1万亿，较上一个交易日放量3935亿，全市场超3900只个股上涨，其中121只个股涨停。 从板块来看，光伏板块爆发，隆基绿能、钧达股份、协鑫集成、明阳智能、拓日新能等30余股涨停；商业航天板块反复活跃，十余只成分股涨停， 金风科技、润贝航科、西部材料涨停；贵金属延续强势，白银有色4连板，中国黄金、豫光金铅涨停；下跌方面，保险、银行板块跌幅居前。 一起来看下今天的热点。 01 光伏要上天？ 太空光伏概念爆发 今天市场上最热的板块就是光伏了。光伏设备板块指数涨超10%，一骑绝尘，领涨两市。板块内涨停个股成片，连城数控、欧普泰30%涨停；拉普 拉斯、迈为股份、捷佳伟创、晶科能源20%涨停。 | 连城教容 | | | | | --- | --- | --- | --- | | 920368 已收盘01-23 15:29:06 北京 | | | | | 47.16 +10.88 +29.99% | | | 9389人加自选 冷风景 > CN 融 L1 | | 高 47.16 ...

Core Viewpoint - The article outlines six effective strategies for ordinary investors to make money in the stock market, emphasizing the importance of choosing a suitable approach and maintaining consistency in execution [3][9]. Group 1: Investment Strategies - The first strategy is to wait for significant market declines to buy index funds, suggesting that during major downturns, investors can potentially earn 30%-40% returns by purchasing broad-based ETFs [3]. - The second strategy involves focusing on one or two stocks for repeated trading, aiming to lower the average cost by selling during price increases and buying during declines [4]. - The third strategy is to accumulate stocks that offer around 5% dividend yields, particularly from state-owned enterprises, and to hold them for dividends, with the potential for capital appreciation [5]. - The fourth strategy is to understand market cycles and invest in undervalued sectors that are currently overlooked, as demonstrated by investments in bank stocks during a period of focus on other sectors [6]. - The fifth strategy is value investing, which involves purchasing leading companies when they are undervalued due to market sentiment, with the goal of benefiting from significant price appreciation when their value returns [7]. - The sixth strategy focuses on investing in smaller companies with strong growth potential, which requires deep industry knowledge and stock-picking skills [8].

↑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： 围棋投研 以下文章来源于围棋投研 ，作者伟琪 围棋投研 . 业内人士，重点覆盖高端制造 来源：雪球 最近公募基金都在发布2025年四季报 ， 我也翻阅着学习下 ， 发现有几位人工智能领域的基金经理写得不错 ， 尤其提及到三个重要问题 ， 分享 给球友们 。 第一个问题 ： 人工智能到底有没有泡沫 ？ 很多投资者都会把这轮人工智能和当年互联网泡沫做比较 ， 基金经理们从投资端和产业端分别给到了观点 ： 在投资层面 ， 就是看基本面和估值的匹配程度 。 一方面 ， 互联网泡沫的时候 ， 大部分公司都是没有盈利的 ， 靠所谓的点击率和用户数讲故事 ， 而现在人工智能巨头都有实实在在的业绩和现金 流 ， 而且现金流大多是用来做研发再投入和资本开支 ， 继续循环 ； 另一方面 ， 当年互联网龙头都给到前瞻市盈率 ， 就是预测次年利润再给估值 ， 哪怕如此都有50倍甚至百倍PE ， 而现在科技巨头普遍是30倍左 右 。 最典型就是英伟达 ， 从2023年初到2025年底股价涨了10倍 ， 但 ...

Core Viewpoint - The article discusses the recent surge in gold prices, attributing it to the weakening of the US dollar's credit system and geopolitical tensions, while highlighting the challenges investors face in timing their investments in gold [4][5][8]. Group 1: Reasons for Gold Price Surge - The fundamental reason for the current rise in gold prices is the erosion of the US dollar's credit system, which has been influenced by various geopolitical actions and policies initiated by the Trump administration [4]. - The Danish pension fund AkademikerPension's decision to liquidate US Treasury bonds and Poland's central bank's plan to purchase 150 tons of gold further fueled the demand for gold [2][3]. Group 2: Investor Behavior and Challenges - Many investors have missed opportunities to invest in gold due to fear of high prices and uncertainty about future price movements, leading to a cycle of hesitation [5][8]. - The unpredictability of geopolitical events makes it difficult for investors to forecast trends accurately, which can lead to missed investment opportunities [8][9]. Group 3: Investment Strategy - Gold possesses unique investment attributes as a commodity, currency, and safe-haven asset, making it essential in asset allocation strategies [13][18]. - The article suggests using a systematic approach to asset allocation, such as the "three-part method," to maintain a consistent investment in gold without attempting to time the market [15][18].

Core Viewpoint - The article discusses the performance and positioning of dividend indices in the current market environment, emphasizing their defensive characteristics and the importance of maintaining a balanced investment strategy during different market cycles [5][19][35]. Group 1: Performance of Dividend Indices - The article reviews the performance of various dividend indices over the past decade, highlighting their relatively lower volatility compared to growth indices during market downturns [12][16]. - In the bull market phases, dividend indices tend to lag behind high-growth indices, as seen in the years 2019 and 2020, where dividend indices had single-digit returns while growth indices performed significantly better [18][28]. - The defensive value of dividend indices becomes apparent during bear markets, as they exhibit less severe drawdowns compared to broader market indices [17][24]. Group 2: Positioning of Dividend Indices in Portfolios - Dividend indices are characterized as defensive assets within an investment portfolio, primarily composed of stable, mature companies that do not achieve high valuation premiums during bull markets [20][21]. - The article suggests that investors should adjust their expectations for dividend indices, recognizing their role as stabilizers rather than high-growth assets [22][28]. - Maintaining a balanced portfolio that includes dividend indices can help mitigate risks associated with high-volatility investments, especially in a fluctuating market environment [25][31]. Group 3: Strategies for Utilizing Dividend Indices in Bull Markets - In a bull market, the article recommends using dividend indices as part of a broader investment strategy to manage risk and maintain portfolio stability [30][35]. - Investors are encouraged to implement rebalancing strategies to ensure that their portfolios do not become overly concentrated in high-risk assets as market conditions change [33][34]. - The article emphasizes that understanding the role of dividend indices can help investors avoid emotional decision-making and maintain a long-term investment perspective [36].

↑点击上面图片 加雪球核心交流群 ↑ 市场午后震荡回升，三大指数集体翻红，创业板指走势较强。 截至收盘，沪指涨0.14%，深成指涨0.5%，创业板指涨1.01%。沪深两市成交额2.69万亿，较上一个交易日放量910亿。 盘面上，市场热点快速轮动，全市场超3500只个股上涨。从板块来看，商业航天爆发，近二十只成分股涨停；机器人板块反复走强，福莱新材、毅 昌科技涨停；油气板块延续强势，洲际油气2连板。 下跌方面，保险、半导体、医药等板块跌幅居前。其中创新药概念集体下挫，爱迪药业、回盛生物大跌。 01 连续一字跌停 封单超1000万手 1月20日晚间，利欧股份公告称，公司就股价波动的相关事项进行了核查。鉴于相关自查工作已完成，公司股票于1月21日起复牌。 复牌之后，利欧股份连续2天一字跌停。截至发稿，跌停板封单数量超1000万手。 | 利欧股份 | | --- | | 2 | | --- | | .. | | 8.42 -0.94-10.04% | | 12.02万人加自选 133 > | CN 融 通 L1 | | --- | --- | --- | --- | | 高 8.42 开 8.42 | 量 34.37 ...

Core Viewpoint - The article discusses the concept of Real Estate Investment Trusts (REITs) as a means for investors to earn stable, long-term income from real estate without the need to directly manage properties [12]. Group 1: Types of REITs - There are two main categories of REITs: ownership-type REITs and operating-rights REITs [16]. - Ownership-type REITs allow investors to own the underlying assets, primarily commercial real estate, and benefit from rental income and potential asset appreciation [18][19]. - Operating-rights REITs are linked to government projects, such as toll roads, providing stable dividends but without ownership of the underlying assets [24][26]. Group 2: Investment Characteristics - Ownership-type REITs offer both continuous rental income and the potential for capital gains, but they come with higher risks due to market fluctuations [22]. - Operating-rights REITs provide more stable dividends due to the monopolistic nature of government projects, but the rights revert to the government after a set period [25][30]. - QD-REITs invest in overseas listed REITs or real estate stocks, exposing investors to additional risks such as market volatility and currency fluctuations [34][36]. Group 3: Market Dynamics - The domestic REITs market is still in its early stages, leading to high demand for newly issued quality REITs [37]. - Investors can subscribe to REITs through stock or fund accounts, with different trading capabilities depending on the account type [40][41]. - REITs serve as a unique investment tool, allowing ordinary investors to participate in national infrastructure projects and diversify their investment portfolios [44][46].

Core Viewpoint - The article discusses the paradox of increased effort in investing leading to lower returns, emphasizing the concept of "inertia" in investment behavior and the importance of default options in retirement accounts [5][9][12]. Group 1: Investment Behavior - Many investors believe they are actively managing their portfolios, but a significant amount of funds remain idle in cash, particularly among younger investors and those with smaller accounts [12][13]. - The research indicates that if funds in retirement accounts are automatically invested in target-date funds instead of remaining in cash, it could significantly increase retirement wealth by six figures over time [13][16]. Group 2: Default Options and Inertia - Default options have a powerful influence on investor behavior, as seen in 401(k) plans where automatic enrollment leads to higher participation rates compared to voluntary enrollment [14]. - The inertia of doing nothing can be both a hindrance and a benefit, depending on the design of investment plans and product choices [17]. Group 3: Market Predictions and Adjustments - Investors often base their market predictions on recent performance, which can lead to incorrect expectations; thus, a long-term perspective is recommended [18]. - The article suggests that investors should be prepared for market corrections and consider rebalancing their portfolios to maintain their desired asset allocation [19]. Group 4: Financial Well-being and Personalization - The future of behavioral finance may focus on individual well-being, emphasizing the need for personalized financial advice that considers each person's unique utility curve [20][21]. - The shift in behavioral finance research is moving from identifying problems to providing actionable solutions that can improve the financial lives of many [21]. Group 5: Decision-Making Styles - The distinction between "satisficing" and "maximizing" decision-making styles is highlighted, with satisficers often experiencing greater happiness despite potentially lower investment performance [22][24]. - Individuals may exhibit different decision-making styles based on their expertise in a given area, suggesting that knowledge can influence whether one pursues optimal choices or satisfactory ones [25]. Group 6: Financial Education for Children - Early financial conversations and experiences can significantly impact a child's future investment behavior, with a focus on making learning enjoyable and positive [27][28]. - Parents are encouraged to help children feel included in the financial world, fostering good financial habits and decision-making skills for their future [28].

Market Overview - A-shares experienced a high and then a pullback, with the Shanghai Composite Index closing up 0.08%, the Shenzhen Component Index up 0.7%, and the ChiNext Index up 0.54%. The STAR Market 50 Index surged by 3.53%. The total trading volume in the Shanghai and Shenzhen markets was 2.6 trillion yuan, a decrease of 177.1 billion yuan from the previous trading day, with over 3,000 stocks in the green [2]. Semiconductor Sector - The semiconductor sector saw a significant rebound, with the 670 billion yuan giant Haiguang Information rising over 13%, becoming the top traded stock in A-shares. Other stocks like Longxin Zhongke and Zhishang Technology hit the 20% limit up, while Huahong Semiconductor and SMIC rose over 4% [4][5]. - Multiple factors have driven the semiconductor sector's strength, including TSMC's announcement of record revenue and profit growth due to AI chip demand, and a major technological breakthrough in domestic semiconductor equipment [8]. Precious Metals - The precious metals sector experienced a collective surge, nearing limit up, with stocks like Hunan Silver, Sichuan Gold, and Zhaojin Gold hitting the limit up, while others like Zhongjin Gold and Shandong Gold rose over 8% [10]. - Gold prices reached a high of 4,888 USD per ounce before retreating slightly but remained above 4,850 USD. Domestic gold jewelry prices are generally above 1,440 yuan per gram [12]. Banking Sector - The banking sector faced declines, with major state-owned banks like China Construction Bank and Industrial and Commercial Bank of China dropping over 2%. The overall banking index fell by 1.18% [15][16]. - Factors contributing to the banking sector's underperformance include a shift in capital towards high-growth sectors and pressure on interest margins. However, some banks like Shanghai Pudong Development Bank reported positive earnings, indicating potential recovery [17].