Core Viewpoint - The article emphasizes the importance of a systematic investment approach, particularly through the "three-part method" for fund investment, which aims to achieve stable returns that outpace inflation and bank savings [2][4]. Summary by Sections Initial Hesitation and Learning - The author initially hesitated to invest in funds due to a negative perception influenced by a colleague's comment about fund managers [2]. - The discovery of the Snowball App led to a renewed interest in fund investment, including a realization that previous investments were made through platforms like Alipay's Yu'ebao [2][3]. Understanding Fund Investment - The author gained a deeper understanding of fund investment concepts such as compound interest, asset allocation, rebalancing, and long-term investment through various resources, including a program featuring a discussion on pension investment [3]. - The recognition of the importance of a scientifically constructed fund portfolio based on individual risk tolerance was highlighted [4]. Implementation of the Three-Part Method - The author began implementing the "three-part method" for fund investment, which involves creating a reasonable investment portfolio to smooth out volatility and achieve average market costs through long-term investment [4][5]. - Two investment plans were created: a growth-oriented plan and an aggressive plan, which were shared with friends, indicating a growing acceptance of this investment strategy [5][6]. Investment Insights - Key insights learned from the investment experience include: 1. Fund investment should focus on the long term [7]. 2. Only use idle funds for investment, ensuring a reserve for emergencies [7]. 3. Long-term systematic investment helps to smooth out volatility and costs [8]. 4. Investor returns are influenced by both fund performance and individual investment behavior [9]. 5. Avoid trying to time the market; instead, focus on consistent investment to achieve average market costs [9]. 6. Avoid frequent fund switching and set realistic return expectations [11].

3倍大牛股 20%跳水跌停 市场全天低开低走，截至收盘 ， 沪指 跌0.79% ， 深成指 跌1.21% ， 创业板指跌1.36%。 盘面上 ， 市场热点较为杂乱 ， 个股跌多涨少 ， 全市场超4600只个股下跌 从板块来看 ， 油气股逆势大涨 ， 准油股份 等多股涨停； 固态电池概念股一度冲高。下跌方面 ，医药 概念股持续调整 ， 常山药业 20%跌停， 服装家纺、饮料制造等消费概念跌幅较大。 港股也同步调整，截至发稿，恒生指数、恒生科技指数均跌超2%，泡泡玛特、老铺黄金跌超5%。 01 医药板块集体回调，常山药业迎来20%跌停， 此前，常山药业自4月份低点，两个多月时间最高涨幅接近3倍。 广生堂、翰宇药业跌超11%，永安 药业跌停等。 >> · 15.75 11.92 成交额 33.95亿 MA5:28.90亿 10:31.33亿 盘后:96800 40.43亿 == MACD (12,26,9) DIF:7.26 DEA:6.68 MACD:1.16 7.86 4741711111111 -0.66 2025-04 2025-06 2025-05 不少机构依旧看好下半年创新药板块的投资机会。 银河证券表 ...

Core Viewpoint - The article emphasizes that even with the same price-to-earnings ratio (P/E) to return on equity (ROE) ratio at the time of purchase, companies with higher ROE will outperform in the long run in the U.S. stock market [1][19]. Group 1: ROE and Market Performance - High ROE is indicative of a strong economic moat and a guarantee of higher returns over the long term [2]. - Apple's ROE was around 33% before 2018, but after that, its debt ratio increased, distorting ROE [2]. - Walmart's ROE is approximately 22%, while Coca-Cola's ROE ranges between 30% and 40% [2]. Group 2: Market Capitalization Growth - On June 19, 2020, Apple and Walmart had similar price-to-earnings ratios of 1.02 and 1.03, respectively [5]. - Over five years, Apple's market value grew by 130%, while Walmart's increased by 97% [7]. - On February 11, 2011, both Apple and Walmart had the same price-to-earnings ratio of 0.56 [8]. - Over fourteen years, Apple's market value increased by 8 times, compared to Walmart's 3 times [9]. Group 3: Comparison with Coca-Cola - On April 29, 2021, Apple and Coca-Cola had close price-to-earnings ratios of 0.84 and 0.86, respectively [11]. - In the following five years, Apple's market value grew by 34%, while Coca-Cola's increased by 30% [12]. - On November 25, 2011, Apple's price-to-earnings ratio was 0.32, compared to Coca-Cola's 0.28 [13]. - Over fourteen years, Apple's market value grew by 8 times, while Coca-Cola's only increased by 1.1 times [17]. Group 4: Walmart's Position - Walmart's ROE is lower than Coca-Cola's, and its market value has been below Coca-Cola's for most of the time [15]. - In 2023, Walmart's market value began to significantly surpass Coca-Cola's, but its price-to-earnings ratio remains higher than Coca-Cola's, which is not sustainable in the long term [15].

作者： 炒股猫猫o 来源：雪球 以伊冲突周末部分核心事件梳理 ： | | | 以伊冲突周末核心事件梳理-20250615 | | | --- | --- | --- | --- | | 信息方 | 时间 | 雪体 | 性质 | | 以色列 | 6月14日 6月15日 | 以色列使用无人飞行器袭击了伊朗最大天然气田南帕尔斯天然气田的第 以色列官员表示,以色列对伊朗的行动预计将耗时"数周,而不是数 | 开级 升级 | | | | 14期项目,这是首次明显针对伊朗能源基础设施的袭击,此次袭击导致 | | | | | 该天然气田部分区域起火,部分生产被迫暂停。 | | | | | 天";以色列总理内塔尼亚胡表示"将打击伊朗的每一个地点和目标, | | | | | 至今他们所经历的一切,和他们未来几天的感受相比将是微不足道"。 | | | | 6月15日 | 以色列军方发言人宣布"以色列军方一夜之间袭击了伊朗80个目标，包 括用于生产原材料的研发基地和用于研制核武器的实验室",并表示 | 开级 | | | | "我们正在加深对核计划和军事能力的破坏,以破坏和减少对以色列本 | | | | | 士的威胁"。 | | | ...

今日市场全天探底回升，三大指数小幅上涨。截至收盘，沪指涨0.04%，深成指涨0.24%，创业板指涨0.23%。 个股跌多涨少，全市场超3400只个股下跌。沪深两市全天成交额1.19万亿，较上个交易日缩量161亿。 01 AI眼镜概念股大涨，带支付功能的AI眼镜上线 AI眼镜概念股迎来上涨，清越科技20cm涨停，则成电子涨19.14%，中京电子，比依股份迎来涨停。 消息面上，智能眼镜厂商Rokid宣布上线全球首款用于支付的智能眼镜—Rokid Glasses。用户可通过眼镜直接在显示屏上呈现的支付信息完成支 付，无需操作手机。该功能极大地拓展了智能眼镜的使用场景，意味着智能眼镜从"看"到"用"的迈进。Rokid与支付宝在支付和安全领域紧密合 作，结合支付宝的多维度风控系统来确保每一笔交易的安全性，并承诺支付"被盗即赔"。同时，Rokid正不断拓展朋友圈，与高德地图宣布达成战 略合作，联合发布首个全场景智能眼镜导航应用。Rokid Glasses目前全球订单量已突破25万台，并将于6月底开启交付。 02 稳定币概念持续走强 刘强东：计划全球申请稳定币资质 稳定币概念股协鑫能科4连板，稳定币概念股纷纷跟涨，东信和平 ...

Core Viewpoint - The relationship between banks and the liquor industry, particularly baijiu, has evolved over the years, reflecting a shift in investment preferences and market dynamics [1][2]. Group 1: Liquor Industry Insights - The baijiu industry is viewed as a pinnacle of growth stock investment, characterized by decreasing volume but increasing prices, with leading brands benefiting from cost control and price hikes [2]. - The current decline in baijiu stocks is attributed to long-term demand concerns, consumption downgrade affecting prices, and a shift away from financial attributes as inventory levels rise [3]. - The valuation of baijiu stocks, particularly for leading brands like Kweichow Moutai and Wuliangye, should be reassessed based on dividend yields rather than traditional growth metrics [4]. Group 2: Banking Sector Dynamics - The banking sector is currently in a phase where public funds are entering the market, contrasting with the baijiu sector, where public funds are exiting [3]. - Historical context shows that bank stocks were once undervalued, with dividend yields of 10% being disregarded, raising questions about what yield would attract new investments into baijiu stocks [4].

Core Viewpoint - The article emphasizes the importance of understanding investment psychology, setting realistic expectations, and maintaining a disciplined investment strategy to achieve long-term financial growth [3][7][21]. Group 1: Understanding Investment Psychology - Investors often face cognitive gaps and emotional challenges that lead to poor decision-making in financial markets [5][12]. - Acknowledging one's limitations and adopting a humble approach to investing is crucial for long-term success [6][7]. Group 2: Setting Realistic Expectations - Long-term returns for various asset classes are outlined, with equities expected to yield 8%-10% annually, while bonds may provide 3%-5% [8]. - A diversified investment strategy can aim for a combined return of 6%-8%, with potential for 8%-12% through passive strategies like index investing [8][19]. Group 3: Risk Management and Asset Allocation - Understanding potential drawdowns is essential, with equities possibly experiencing declines of 70%-80%, while bonds may see 5% and commodities up to 30% [10]. - A diversified portfolio should consider asset classes, market distribution, and time allocation to mitigate risks and enhance returns [15][16][19]. Group 4: Strategy Implementation and Consistency - The article introduces the "雪球三分法" (Snowball Three-Factor Method) for long-term investment, focusing on asset, market, and time diversification [26]. - Consistency in following a well-defined investment strategy is critical, as emotional reactions to market fluctuations can derail long-term plans [21][23].

Core Viewpoint - The article introduces the "Xueqiu Three-Point Method," which enhances traditional asset allocation by incorporating global asset allocation and dynamic rebalancing strategies [2][42]. Group 1: Asset Allocation - The "Three-Point" method consists of asset diversification across stocks, bonds, and commodities [3][42]. - It emphasizes market diversification by investing in different regions such as A-shares, Hong Kong stocks, and US stocks [3][42]. - The method also includes timing diversification through regular investment (dollar-cost averaging) [3][42]. Group 2: User Experience - The tool is designed to be user-friendly, allowing investors with limited knowledge to create a portfolio that outperforms benchmarks [4][5]. - Users can manually adjust asset allocation based on their preferences after an initial questionnaire [9][11]. - The platform offers a curated selection of high-quality funds, simplifying the selection process for users [12][25]. Group 3: Fund Selection Process - Users can choose from a pool of recommended funds or opt for a pre-assembled portfolio [12][13]. - The platform provides detailed information and tags for each fund, making it easier for users to understand their investment options [24][25]. - The tool allows for the selection of various fund types, including index funds and overseas investments [16][18]. Group 4: Rebalancing and Performance Tracking - The "Three-Point Dashboard" provides weekly updates on asset valuations and market sentiment, aiding in rebalancing decisions [30][39]. - The dashboard tracks multiple key indicators to inform users about market conditions and potential adjustments [41][42]. - The article highlights a successful reallocation based on the dashboard's recommendations, demonstrating its effectiveness [32][37].

今日A股三大指数小幅下跌，截至收盘，沪指跌0.04%报3387点，深证成指跌0.12%，创业板指跌0.36%。 全天成交1.24万亿元，较前一交易日缩量 64亿元。 板块方面，脑机接口、油气、电池、核污染防治等板块涨幅居前，游戏、创新药、美容护理、IP经济等板块跌幅居前。 | < | 倍盗康 ··· Q | | --- | --- | | 870199 已收盘 06-17 15:34:55 北京 | | | 3125人加自选(一) > | | | 41.86 +9.66 +30.00% | CN 融 L1 | | 高 41.86 开 39.00 量 91575.00手 总市值 28.51亿 。 | | | . 低 38.50 换 24.62% 额 3.73亿 | 市盈TTM -- | 五日 分时 日K 月K 李K 年K 分钟 · 周K 均价:40.76 最新:41.86 +9.66 +30.00% | 86 | | 30.00% 卖5 | | | 0 | | --- | --- | --- | --- | --- | --- | | | | 英4 | | | 0 | | | | 卖3 | -- | | 0 | ...

Core Viewpoint - The article discusses the performance of small-cap stocks in the context of the broader market, highlighting that despite recent concerns about potential pullbacks, there are indicators suggesting that small-cap stocks may still have upward potential, particularly when considering PMI and liquidity metrics [1][10]. Group 1: Market Performance - The Wind Micro-Cap Index has surged by 30.96% this year, while the traditional broad-based indices like the CSI 300 remain in negative territory [1]. - Historically, from 2009 to 2025, the annualized return of the Wind Micro-Cap Index is 28.85%, significantly outperforming the Wind All A Index at 3.71% [3]. - The strong performance of micro-cap stocks is not a recent phenomenon but has been consistent over time [4]. Group 2: Valuation Analysis - Micro-cap stocks have been driven primarily by valuation rather than earnings, with a negative EPS, and their current valuation is only slightly above the Wind All A Index, indicating no significant overvaluation at present [5][6]. - Since 2016, the valuation level of the Wind Micro-Cap Index has consistently been higher than that of the Wind All A Index, except for 2020 and 2021 [5]. Group 3: Market Sentiment and Liquidity - High market crowding in small-cap stocks is noted, but actual pullbacks require substantial negative events to trigger them [9]. - The article introduces PMI and liquidity as novel indicators for assessing the sustainability of the small-cap style, suggesting that micro-cap stocks tend to perform better when PMI is declining and liquidity is improving [10]. - Currently, the manufacturing PMI in China is fluctuating around the threshold, and the remaining liquidity has been on an upward trend since August of the previous year, which may favor micro-cap stocks [10][11].