Core Viewpoint - The article emphasizes the importance of balancing risk and return in investment strategies, advocating for the use of the Sharpe Ratio as a key metric for evaluating investment performance and making informed asset allocation decisions [6][7]. Group 1: Investment Performance - Various asset classes have performed well this year, with A-shares reaching a nearly 10-year high, and the Nasdaq and gold also hitting historical peaks [4]. - The author achieved a return exceeding 15% this year with a maximum drawdown of less than 8% by employing a diversified asset allocation strategy [4]. Group 2: Sharpe Ratio - The Sharpe Ratio, proposed by Nobel laureate William Sharpe, measures the risk-adjusted return of an investment, calculated as (expected return - risk-free rate) / volatility [7]. - A higher Sharpe Ratio indicates a better risk-return trade-off, allowing investors to assess the efficiency of their investments [7]. Group 3: Advantages of High Sharpe Ratio - Pursuing a high Sharpe Ratio eliminates the need for market timing, as investments with lower volatility tend to provide steadier returns [9][11]. - A high Sharpe Ratio enhances the trading experience by reducing psychological stress associated with market fluctuations [12][13]. - Time is a crucial factor in investment growth, and a stable return is necessary to benefit from compounding over time [14][15]. Group 4: Asset Allocation Strategy - The article suggests that effective asset allocation can significantly improve the Sharpe Ratio, with a reported Sharpe Ratio of 1.73 for a diversified portfolio compared to the CSI 300 index [16]. - Diversification across low-correlated assets can lower volatility, as demonstrated by the contrasting performance of A-shares, Nasdaq, and gold during market fluctuations [18][19][20]. - Optimizing asset weights within a portfolio can enhance the expected return while managing risk, as illustrated by a specific asset allocation strategy yielding over 15% returns with lower drawdowns [21].

Core Viewpoint - The article emphasizes the significance of rare earth elements in various industries, highlighting their critical role in technology, military applications, and AI development, while also discussing the challenges associated with their extraction and refinement [4][12][17]. Group 1: Importance of Rare Earth Elements - Rare earth elements are essential for modern technology, including smartphones, computers, and electric vehicles, contributing to advancements in performance and efficiency [12][18]. - In military applications, rare earths are crucial for systems such as F-35 fighter jets and submarines, with significant quantities required for their operation [13][14]. - The development of AI heavily relies on chips that utilize rare earth elements, underscoring their importance in the tech industry [22][24]. Group 2: Challenges in Extraction and Refinement - Despite their abundance in the earth's crust, the extraction and refinement of rare earth elements are complex and challenging, leading to their perceived scarcity [24][25]. - Rare earths are often found mixed with other minerals, making mining difficult, and their chemical properties require advanced techniques for separation [28][31]. - The historical context of China's advancements in rare earth extraction technology is highlighted, showcasing the transition from reliance on foreign technology to becoming a leader in the industry [41][47]. Group 3: China's Competitive Advantage - China possesses the richest rare earth resources globally, with both light and heavy rare earths available for industrial and military use [34][35]. - The development of efficient extraction techniques in China, particularly through innovations in the 1960s, has created a competitive edge in the global market [41][49]. - The decline of the rare earth industry in the U.S. due to capital abandonment has led to a reliance on Chinese processing for a significant portion of its rare earth needs [44][47].

以下文章来源于思哲与创富 ，作者思哲 思哲与创富 . 全天候-永久投资策略投顾主理人，全球资产配置，为你做好家庭投资框架，穿越牛熊 ↑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： 思哲与创富 来源：雪球 最近三位诺贝尔经济奖得主公布了 ， 分别是 乔尔莫克尔 、 菲利普 · 阿吉翁 、 彼得 · 豪伊特 ， 这三人得奖理由也挺有意思。 乔尔莫克尔主要阐述了 " 经济增长需要的三大前提条件 " ， 有点类似去年 《 国家为什么会失败 》 作者的阿西莫格鲁。 后者则主要把熊彼得的 创造性破坏理论 ， 倒腾出了一套可操作经济模型 ，他们三人一起拿走了相当于 116万美元左右 的奖金。 而今年的诺贝尔是6亿美金多点 ， 所以1.2%折算下来就是 700万左右奖金 ， 分到6个奖上 ， 每个奖发了116万美金。 这次经济学奖 乔尔莫克尔拿一半 ， 剩下的由 菲利普 · 阿吉翁 、 彼得 · 豪伊特 则来分。 钱不多 ， 但考虑到诺奖每年都得发六个 ， 合计700万美金 （ 目前 ） ， 发了125年 ， 还剩余越多 ， 还是有点东西的~ 这 ...

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 2025.10.21黄金价格大跌5%，创12年最大单日跌幅！ 上周五， "黄金ETF波动率"不仅超过了今年4月高点，还超过了2022年3月高点，成为近5年来最高波动率！ 在上涨趋势中出现波动率飙升，说明"获利者了结"和"空头入场"产生了巨大分歧，行情进入最后疯狂阶段，可能是阶段性顶部即将到来的信号。 今年4月 ，黄金价格从3000美金快速升至3500美金，黄金ETF波动率瞬间飙升后，黄金价格开始大跌，黄金基金今年4-5月期间，最大下跌幅度 为 -10% 。 黄金这次暴跌跟今年4月大跌一样，就是短期涨太高，空头被拉爆后，被迫高价买入黄金平仓，形成"轧空行情"。 黄金该加仓还是跑路？ 2022年3月 ，同样黄金ETF波动率飙升，随后从3月-7月，黄金震荡下跌5个月时间，黄金基金最大跌幅 -11% 。 从历史数据来看 ...

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。 近期，这类策略真的火出圈了，甚至中国证券报都发文称迎来了"强势周期"。 而这类策略就是多资产策略，当然也包括宏观对冲。 之前风云君有聊过，本质都是基于大类资产的配置或轮动，只不过驱动方式不同。 根据某第三方数据平台披露，宏观策略今年前三季度除了一月份小幅收负外，其他月份都为正收 益。 截至今年9月30日，宏观策略平均收益接近25%，而多资产策略收益接近19%，除了小幅落后股 票策略外，显著跑赢其他主流策略。 | | 股票策略 | 多资产策略 组合基金 | | 期货及衍生品策略 | 债券策略 | | --- | --- | --- | --- | --- | --- | | 前一季度盈利 | 31.19% | 18.92% 15.93% | | 10.72% | 9.26% | | 浮盈比例 | 93.52% | 90.01% | 95.17% > 880% · 风云君的研究笔记 | | | 今年以来，特朗普上台后的政策波动让市场短期失真 ...

Market Overview - The three major indices collectively rose in early trading, with the Shanghai Composite Index breaking previous highs, reaching a 10-year high. As of midday, the Shanghai Composite Index increased by 0.42%, the Shenzhen Component by 1.3%, and the ChiNext Index by 2.09% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 12,393 billion yuan, an increase of 1,813 billion yuan compared to the previous day, with over 2,900 stocks rising [2] Sector Performance - The storage chip, commercial aerospace, computing hardware, and quantum technology sectors saw significant gains, while coal mining, oil and gas extraction, real estate, liquor, and steel sectors experienced declines [3] - The computing hardware stocks continued to strengthen, with Zhongji Xuchuang reaching a historical high, increasing nearly 6% and achieving a market value of 522.2 billion yuan [4] Industry Insights - Citi Research issued a "buy" rating for Zhongji Xuchuang, indicating that recent pullbacks present better buying opportunities. The report suggests that demand in the optical module industry may exceed current market expectations due to strong prospects and increased attachment rates of optical devices [8][9] - The report predicts that the attachment rate of 1.6T optical transceivers to GPUs in the VR200 NVL144 rack will increase from 1:2.5 to 1:5, potentially doubling the demand for 1.6T optical modules by 2026 from an estimated 8 million units to over 20 million units, provided suppliers can meet the orders [9] Satellite Navigation Sector - The satellite navigation sector experienced a surge, with significant gains in satellite internet and commercial aerospace concepts. Notable stocks included Tongyi Aerospace, which rose by 22%, and Aerospace Huanyu, which increased by 15% [12] - Recent successful satellite launches and government support for satellite internet infrastructure are driving growth in this sector, as outlined in the "14th Five-Year Plan" [15] Storage Chip Sector - The storage chip sector saw a remarkable increase, with a sector-wide gain of 4.87%, leading among concept sectors. Stocks like Purun Co. and Kexiang Co. hit the daily limit of 20% increase [17][18] - Analysts suggest that the domestic storage manufacturers will benefit significantly from a new wave of price increases in storage chips, with a gradual recovery in industry demand [22]

↑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：聪明投资者 来源：雪球 知道今年依然是黄金的大年，但没想到是如此的巨大年。 毕竟去年高盛喊出黄金要上 3000 点时，市场讪笑声还是很多的。 去年的金价（ COMEX 黄金）是从 2000 点起步， 2024 年年内涨超 27% ，已经是 2000 年以来黄金涨幅第三大的年份，其他两个年份分别是 2010 年和 2007 年。 万万没想到的是，截至 2025 年 10 月 17 日，黄金年内已经涨超 61% 。是的，就是那个浓眉大眼，朴实无华的"避险资产"，涨出了 AI 的味 道。 就连一贯理性的摩根大通 CEO 杰米·戴蒙，在前几日的财富论坛上，面对记者问"黄金，高估还是低估"这个问题时，也老老实实回答说， 一起来看看。 问题1：你看待黄金的方式似乎和大多数人不同。你是怎么理解黄金的？ 达利欧： 没错。多数人犯的错误在于：他们把黄金当作一种金属，而不是最古老、最稳定的货币形式；他们把法币当作货币，而不是债务；他们认 为法币会被无限创造，以防止债务违约。 "我不太确定。我不是黄金的买家 ...

以下文章来源于WXH的思想空间 ，作者孟可的思想空 一切有为法，如梦幻泡影 WXH的思想空间 . ↑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： 孟可的思想空间 我在网上收到这样一个问题邀请 ： " 年近40岁女性 ， 如今失业在家 ， 很难找到如意的工作 。 准备拿出50万炒股 ， 请问如何在家炒股实现稳定 收入 ？ " 我对于回答这样的问题很感兴趣 ， 因为这个问题其实具有普遍性 。 绝大多数股民都是这样的投资状态 —— 投资知识极度缺乏 ， 有点 本金 ， 希望获得稳定收入 。 炒股或者叫 " 股票投资 " 是一个需要丰富的投资知识和操作经验的事情 ， 这是个有门槛的专业 。 仅从这点来看 ， 这位中年妇女就不适合直接进 入股票市场 。 股票型基金的投资才最适合她 。 其实 ， 股票型基金的投资也不是什么人都适合的 ， 至少需要懂点基金方面的专业知识 。 基金投 资也需要学习一 、 二个月的基础知识 。 但是 ， 投资股票型基金做不到每个月都有稳定收入 。 不仅保证不了月月有稳定收入 ， 就是年年有稳定收入也很难保证 。 ...

Market Overview - The market experienced a rebound in the afternoon, with all three major indices closing in the green. The Shanghai Composite Index rose by 0.22%, the Shenzhen Component Index increased by 0.22%, and the ChiNext Index gained 0.09% [1] - The trading volume in the Shanghai and Shenzhen markets was 1.64 trillion yuan, a decrease of 23.9 billion yuan compared to the previous trading day [2] Sector Performance - Sectors such as Shenzhen state-owned enterprise reform, coal, and energy metals saw significant gains, while sectors like cultivated diamonds, engineering machinery, and oil and gas faced declines [3] Company Spotlight: Pop Mart - Pop Mart, once a high-flying stock, has recently faced a continuous decline, with a drop of over 11% at one point during the trading day [4] - On October 23, Pop Mart's stock opened significantly lower, hitting a low of 227.2 HKD per share, marking a nearly one-third drop from its historical high of 339 HKD. The latest market capitalization stands at 314.5 billion HKD [6] - Despite Pop Mart's third-quarter performance exceeding market expectations, with revenue growth projected to increase by 245% to 250% year-on-year, investor concerns about potential future growth slowdown have emerged [9] Coal Sector - The coal sector continued to rise, with stocks like Daqo Energy achieving a remarkable 10 gains in 9 trading days. Since October 10, Daqo Energy's stock price has surged by 146% [13] - Daqo Energy reported a third-quarter coal production of 2.9039 million tons, a year-on-year increase of 15%, and sales of 3.071 million tons, up 24% year-on-year. However, coal sales revenue decreased by 7.13% to 1.054 billion yuan [16] - Analysts attribute the coal sector's strength to low valuations, capital inflows into dividend assets, and increased demand for coal due to the upcoming heating season [17] Shenzhen Local Stocks - Shenzhen local stocks experienced a collective surge, with companies like Jian Ke Yuan and Guangtian Group hitting the daily limit up. The rise was influenced by a newly released action plan aimed at promoting high-quality development of mergers and acquisitions in Shenzhen [18][21]

Core Viewpoint - The recent significant decline in gold prices, following a two-month surge, indicates a market adjustment phase, with potential for further fluctuations in the coming months [2][3]. Group 1: Market Trends - Gold prices experienced a historic drop of over 5%, ending a nine-week streak of increases, with a total decline of nearly 9% over two days [2]. - The current market sentiment regarding gold prices is highly divided, with some experts shifting from bullish to bearish stances, citing concerns over a potential bubble [2]. Group 2: Future Projections - The recent downturn is viewed as a technical adjustment due to the rapid increase in gold prices over the past two years, which may extend the duration and magnitude of the correction [3]. - The anticipated adjustment could see gold prices drop by 15-20%, potentially reaching between $3,500 and $3,700 per ounce, with a correction period of 5-6 months [3]. - Despite the expected adjustments, there remains a possibility for gold prices to maintain strength and potentially reach new historical highs after the correction [3]. Group 3: Gold Stocks Outlook - Gold stocks are expected to benefit from the long-term high prices of gold, leading to significant growth in future net profits and cash flows for companies involved in gold production [3]. - The performance of gold stocks is projected to surpass that of gold prices, as they reflect the discounted value of future cash flows [3].