月薪宝创新高，收益来源有哪些？需要调仓吗？｜第395期直播回放

Core Viewpoint - The article discusses the recent performance and characteristics of the "Yuexinbao" investment advisory portfolio, highlighting its historical high returns and the strategies employed for asset allocation and cash flow generation [1][3][5]. Group 1: Performance Highlights - The "Yuexinbao" portfolio achieved a historical high with six consecutive days of gains in early July 2025 [3]. - Despite a bear market in recent years, the portfolio has shown stable performance, with 81.82% of the quarters since inception outperforming its benchmark [5]. - The maximum drawdown of the portfolio is limited to -9.13%, indicating effective risk management [9]. Group 2: Portfolio Characteristics - The portfolio features a 6% annual cash flow distribution, providing regular income to investors [8]. - It employs a 40:60 stock-to-bond allocation strategy, which allows for automatic rebalancing to optimize returns [14][16]. - Cash flow sources vary depending on market conditions, with bonds providing income in bear markets and stocks in bull markets [30]. Group 3: Sources of Returns - Returns are derived from three main components: stocks, bonds, and rebalancing strategies [32]. - The stock component focuses on value-oriented investments, contributing approximately 4%-5% in annual dividend yields [36][37]. - Bond returns are influenced by interest rates, with the current low levels of 10-year government bond yields enhancing bond performance [39][44]. Group 4: Recent Adjustments and Investor Engagement - The portfolio underwent rebalancing in July 2025 to adjust stock and bond allocations back to 40% and 60%, respectively, following a market rebound [27][29]. - The investment threshold for the "Yuexinbao" portfolio has been lowered to 200 yuan, making it more accessible for investors [55]. - A promotional activity offering a 50% discount on advisory fees is currently available, valid until December 31, 2025 [61]. Group 5: Investor Performance - Approximately 96.95% of investors in the "Yuexinbao" portfolio are currently profitable, indicating strong overall performance [62]. - The portfolio is recommended for investment during market phases rated between 4-5 stars, with the current rating at 4.8-4.9 stars [63][64].