老司机的2025年度总结：收益率43%

Core Insights - The article reflects on the investment journey of the year, highlighting a strategic focus on convertible bonds and commodity futures, which yielded significant returns [1][2]. Group 1: Investment Strategies - The initial investment strategy was conservative, focusing on high-priced low-premium convertible bonds and commodity futures, leading to over 50% returns early in the year [1]. - The strategy evolved to include a shift to low-priced convertible bonds as the market premium rates increased, ensuring steady gains without losses [1]. - The article emphasizes a flexible approach to trading, adjusting positions based on market movements, particularly in response to significant index fluctuations [1][4]. Group 2: Performance Metrics - The overall annual return was reported at 43%, with a more aggressive small account yielding 81.87% [2]. - The profit distribution across different investment categories was as follows: convertible bonds 51.55%, index options 26.69%, stocks 4.24%, commodity futures 15.12%, and QFII 1.68% [3]. Group 3: Future Outlook - The outlook for 2026 anticipates a slow bull market with potential for short-term volatility, suggesting a balanced portfolio of 50% index futures, 50% convertible bonds, and 30% commodity futures [3][4]. - The article stresses the importance of adapting strategies based on market conditions, including decisive actions on stop-loss triggers and opportunities for additional investments [4].