以下文章来源于范范爱养基 ，作者范范 范范爱养基 . 专注基金投资分享，说人话，不拽词！不保证说的都对，但都是当下我最最真实的想法。（雪球号同名） ↑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： 范范爱养基 来源：雪球 整理到excel表格中 ， 便于我们对当前持仓更一目了然 ， 心里有数 ： 前两天有朋友在我之前文章 下留言 ， 表示 不知道该怎么用调仓功能进行再平衡 。 他算是提醒我了~ 去年6月我首次用雪球三分法创建完组合后 ， 就很久没有管过了 。 趁新年伊始 ， 正好进行一次 " 再平衡 " 。 写这篇文章时 ， 我刚在雪球三分法完成组合的再平衡操作 。 只想说 ： 简直不要太方便 ！ 操作真的非常简单 ， 省了很多麻烦事 。 今天就以我自己的真实持仓为例 ， 给大家展示具体怎么操作 。 第一步 ： 梳理当前基金和大类资产持仓情况 打开雪球三分法后 ， 可以看到目前所有持仓基金的金额和盈亏情况 ： | 基金子账户 | | | | --- | --- | --- | | 基金 按最近交易▼ | 日收益 | 持有收益 | ...

Core Viewpoint - The article discusses the evolution of macro strategies in investment management, emphasizing the need for continuous adaptation in response to changing market conditions and geopolitical events [10][14]. Group 1: Evolution of Macro Strategies - The first evolution involves enhancing short-cycle adaptability, where managers increase trading frequency to respond quickly to market fluctuations [16][19]. - The second evolution focuses on improving alpha generation through quantitative strategies, reducing subjective judgment and leveraging advanced data analytics [22][31]. - The third evolution highlights the importance of capturing global asset opportunities by combining various strategies and models, moving away from single-asset approaches [33][40]. Group 2: Key Components of Modern Macro Strategies - Modern macro strategies are likened to building blocks, incorporating multiple components such as domestic equity and bond markets, macroeconomic cycle models, tail risk management, and CTA strategies [36][38]. - The integration of global momentum models allows for the capture of asset opportunities based on liquidity and risk preferences, with flexible risk budgeting according to market conditions [38][40]. - The overall approach emphasizes speed, stability, and breadth, showcasing a historical evolution of investment methodologies [40][42].

Core Viewpoint - The article emphasizes the importance of industry selection over individual company selection in investment strategies, highlighting significant disparities in performance across various sectors over recent years [6][9]. Industry Performance Analysis - From January 1, 2016, to January 1, 2023, three industries doubled in value, while two industries saw declines of 30% or more, indicating that industry performance is crucial for investment success [6]. - The electronic industry experienced a remarkable increase in market value, rising from 64,542.74 billion to 165,170.12 billion, a change of 155.91% [7]. - The banking sector also showed strong growth, with a market value increase of 52.78%, from 94,835.92 billion to 144,890.19 billion [7]. - Conversely, the food and beverage industry faced a significant decline, with a market value drop of 34% from 65,898.92 billion to 43,496.55 billion [7]. Sector Insights - The electronic industry, valued at approximately 16 trillion, surpasses the banking sector's valuation of 14 trillion, raising concerns about a potential bubble in technology stocks [8]. - The food and beverage sector, despite its recent struggles, contains strong companies like Moutai and Yili, which have substantial profits, suggesting that the sector may be undervalued compared to others [8]. - Industries with solid fundamentals, such as food and beverage, are contrasted with those driven by speculation, indicating that sustainable growth relies on actual revenue and profit generation [9]. Investment Strategy - The article advocates for diversified investment strategies to mitigate risks associated with market volatility, emphasizing the need for a balanced approach across different sectors [6][9]. - It suggests that understanding industry dynamics and focusing on core companies within promising sectors can lead to long-term investment success [9].

Market Overview - The Shanghai Composite Index experienced slight fluctuations, closing up 0.12%, while the Shenzhen Component and ChiNext Index rose by 0.81% and 1.18% respectively [3] - The total trading volume in the Shanghai and Shenzhen markets reached 1.33 trillion yuan, an increase of 30.7 billion yuan compared to the previous trading day, with over 2,700 stocks rising [4] Sector Performance - AI-related sectors, including computing power and liquid cooling servers, saw significant gains, with Tianfu Communication rising over 10% to reach a new historical high [5] - The non-ferrous metals sector remained active, with Xianglu Tungsten Industry achieving three consecutive trading limits and Zhangyuan Tungsten Industry hitting two consecutive limits [6] - Conversely, the film and cinema sector experienced a collective decline, with companies like Huanrui Century and Hengdian Film hitting the daily limit down [7] Company-Specific News - Jili Rigging, a leading stock in the commercial aerospace sector, faced a significant sell-off, with its stock price dropping 10.02% to 17.15 yuan per share, amid a large sell order exceeding 1.35 million shares [9] - Jili Rigging's stock had previously surged over 200% since December, with a market capitalization exceeding 10 billion yuan. However, the company denied claims of being a "new leader in commercial aerospace" and stated that it had not signed any significant contracts, emphasizing that its fundamentals had not changed [13][15] Computing Power Sector - The computing power sector continued its strong performance, with companies like Dazhi Technology achieving four consecutive trading limits and Youkede rising by 20% [17] - Tianfu Communication reached a new high of 327.88 yuan per share, with a significant increase in stock price attributed to rising demand in AI applications and hardware [19] - The Ministry of Industry and Information Technology announced plans for a national computing power interconnection node system, aimed at improving resource efficiency and promoting high-quality development in the sector [22][23] Liquid Cooling Sector - The liquid cooling sector saw explosive growth following a strong earnings report from the US-based leader, Viavi Solutions, which reported a 23% year-over-year increase in sales [25][28] - Companies like Chuanrun Co. and Dayuan Pump Industry opened with a trading limit up, reflecting the positive sentiment in the market [24] - Analysts suggest that the next potential growth area could be in energy storage, driven by increasing demand and significant capital investments from major tech companies [29][30]

↑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： 懒人养基 来源：雪球 最近，黄金市场经历了一场罕见的"过山车"行情：1月29日，金价一度飙升突破5600美元/盎司的历史高点；但仅仅两个交易日后，2月2日便跌破 4500美元，短短三个交易震荡幅度超过了20%；而截至2月10日，又强势反弹重回5000美元之上。 （数据来源：WIND） 如此剧烈的价格波动，不仅让短线交易者措手不及，也让许多持有黄金资产的多元配置型投资组合净值出现较大幅度震荡。一时间，"黄金不再是 避险资产"、"多元配置失效了"等质疑声四起。 01 因此，驱动金价的不再是传统的实际利率或美元指数单一模型，而是复杂交织的政治、货币与安全预期。这也解释了为何金价能在短期内暴涨暴跌 ——它已从"防御性资产"演变为"高阶不确定性定价工具"，其"博弈溢价"还将可能在未来相当长时间内存在。 03 三种可能走势，但"大幅走低"概率不大 面对当前高位震荡，投资者常陷入"追涨杀跌"的情绪陷阱。其实，未来金价无非三种路径：震荡上行、震荡下行或区间横盘。但结合宏观背景，大 幅走低的可能性 ...

A股三大指数今日涨跌不一，截止收盘，沪指涨0.09%，收报4131.99点；深证成指跌0.35%，收报14160.93点；创业板指跌1.08%，收报3284.74点。 沪深京三市成交额20012亿，较昨日缩量1237亿。 行业板块涨跌互现，玻璃玻纤、能源金属、小金属、贵金属、化纤行业涨幅居前，文化传媒、教育、旅游酒店、航天航空板块跌幅居前。 ↑点击上面图片 加雪球核心交流群 ↑ 个股方面，上涨股票数量超过2000只，60只股票涨停。玻璃玻纤板块大涨，国际复材20cm涨停，宏和科技、再升科技、中材科技、中国巨石、山东 玻纤涨停。能源金属板块走强，格林美涨停。 01 有色金属表现活跃！ 今日受相关期货价格提振，有色金属、稀有金属板块领涨市场。东方钽业、中钨高新、章源钨业涨停，厦门钨业涨7.54%，金钼股份涨7.09%，雅化 集团涨5.47%，华友钴业涨5.45%。 电竞博 已收盘 02-11 15:00:00 北京 2.28万人加自选 10953.33 +288.22 +2.70% 上涨家数 -- 开 10641.70 量 3963.99万手 11047.54 昌 换 2.38% 下跌家数 低 10641.70 ...

Core Viewpoint - The article discusses the concept of convertible bonds, using Tesla's experience in 2019 as a case study to illustrate the benefits and risks associated with this investment type [3][5][7]. Group 1: Tesla's Convertible Bond Situation - In 2019, Tesla faced significant financial pressure, needing to repay a $920 million convertible bond, which constituted 25% of its cash reserves at the time [5]. - Investors holding the convertible bonds hoped to convert them into stock to alleviate Tesla's debt burden, but the conversion was contingent on the stock price being above the conversion price [8][10]. - Ultimately, no investors chose to convert their bonds into stock, forcing Tesla to repay the $920 million in cash [14]. Group 2: Benefits of Convertible Bonds - Convertible bonds allow investors to enjoy the benefits of both debt and equity; they act as bonds when not converted, providing stable interest income without worrying about company performance [16][18]. - Upon conversion, they become equity, allowing investors to share in the company's growth and potentially earn higher returns than traditional bonds [20][21]. Group 3: Practical Strategies for Investing in Convertible Bonds - When stock prices rise above the conversion price, investors can convert their bonds into stock and sell for a profit [23]. - Investors should be cautious of "forced redemption" clauses, which can occur if the stock price exceeds 130% of the conversion price for a specified period, potentially leading to losses if not managed properly [25][27][29]. - If stock prices fall below the conversion price, investors should hold the bonds until maturity to receive the face value plus interest, assuming the company does not go bankrupt [31][33]. Group 4: Investment Approaches - The first approach is to buy new convertible bonds, which carry low risk but limited returns, often referred to as "new bond subscriptions" [33][34]. - The second approach involves purchasing existing convertible bonds in the market, which carries higher risk and requires thorough research due to market volatility and different trading rules [40][41][45]. - The third approach is to invest in convertible bond funds, which allow professional management of investments, suitable for those seeking higher returns with acceptable volatility [49][52][54].

↑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： 张翼轸 来源：雪球 春节前串台播客，聊了很多关于 4000 点之上的心理按摩。其实到了这个点位，我个人是处于且战且退的状态。我不去奢望这一波一定能走出长 牛，因为我是一个不相信 "这一次不一样" 的人。 在那次聊天中，我提到了好莱坞的一部喜剧电影，亚当・桑德勒演的《人生遥控器》。电影里有一个遥控器，一按就可以快进到未来。那部片子其 实是喜剧外壳下的悲剧，但对我们做投资的人来说，它提供了一个极佳的思想实验。 没人能跳过的三年熊市 很多时候我就在想，如果我们手里真的有这么一个遥控器，投资这事儿其实非常好做。 大家都说 A 股是 "熊三年，牛三年"。如果我有遥控器，我在牛市顶点按一下暂停键离场，然后按快进键把这三年的熊市直接跳过，等到那个无人 问津的底部我再按播放键买回来。你会发现中国的股市其实就这么好做，这简直是完美的投资体验。 可现实最残酷的地方就在于，我们没有这个遥控器。 熊市的那三年阴跌，你是要用肉身一天一天去扛的。在这个漫长的过程里，你还要面对无数的不确定性。 回想一下，在 ...

以下文章来源于摩根在野 ，作者摩根在野 摩根在野 . 前IT行业资深人士,现数字游民,个人投资者|越野跑爱好者|分享个人思考感悟&投资理财观点&多元资产配置&海外科技观察 ↑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： 摩根在野 来源：雪球 上周的多元资产配置实例的文章中，债券类的资产是这么配置的： | 偏债基金 30% | | | --- | --- | | 通过配置部分固收类资产进行分散投资,属于低波动特征配置。长 | | | 期走势相对平稳的特性是降低组合波动的压舱石。 | | | 基金列表(3) | 配置比例 | | 工银聚享混合 C | 10.00% | | 011730 混合型-偏债 | | | 安信新价值混合C | 10.00% | | 003027 混合型-灵活配置 | | | 招商鑫悦中短债A | 10.00% | | 006629 德兰刊_中短德 | | 确实，在标准的多元资产配置框架中，债券类资产并不是用来获取高收益的。它通常承担三项核心功能： 稳定器：降低组合整体波动。债券与股票的相关性较低，在市场剧烈 ...

近日，由朝阳永续主办的 2025 年度（第二十届）中国私募基金风云榜评选结果正式揭晓： 【 北京雪球基金销售有限公司 】 这一奖项是行业对雪球基金坚持 "资产配置、长期持有" 理念，深耕财富管理赛道的高度认 可，也标志着雪球基金在独立三方销售领域的标杆地位进一步巩固。 作为国内私募基金行业极具影响力的年度盛会，中国私募基金风云榜已连续举办二十届，始 终坚守 "公平、公正、公开" 原则。本届评选围绕策略创新、长期价值、责任担当三大核心方 向全面升级，新增海外基金评选及私募生态服务机构奖项，构建了覆盖多维度、全生态的综 合评价体系。"年度优秀独立三方基金销售机构" 奖项的评选，重点考察机构的综合服务能 力：专业服务类别、产品类型以及客户服务案例等; 创新能力: 特色创新服务、定制化服务案 例等；可持续发展能力：核心团队构成、外部专家、长期战略规划等。是对获奖机构行业贡 献与市场竞争力的权威认证。 雪球基金此次获奖，得益于独特的 "社区 + 财富管理" 生态布局与持续深耕的专业能力。 雪 球私募基金代销业务是基于雪球基金的基金销售牌照下的合规展业业务。依托雪球独具特色 的内容能力、专业的产品、策略研究能力、对投资人 ...