文 | 银行螺丝钉 （转载请注明出处） 很多投资者都是从投资指数基金开始自己的投资之路的。 但是怎样投资指数基金，才能获得好收益？ 这里有一门限时免费的福利课程，介绍了指数基金的投资技巧。 想要获取这个课程，可以添加下方「课程小助手」，回复「 指数基金 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 (1) 选择指数基金进行投资,波动会小于 个股。 指数是一篮子股票的集合,不同股票不会 同涨同跌。 ◆◆◆ (/ 银行螺丝钉 #螺丝钉小知识 股票市场下跌时,如何降低波动 风险? 如果希望能在股票市场下跌的时候，波动 风险小一些,有以下几种方案。 所以指数整体的波动，通常会小于单个股 票的波动。 个股一年下来,遇到数次涨停或跌停都很 常见。 但指数很少有这么大幅度的波动。 (2) 低估买入，会减少向下的波动风险。 例如在5.9星的时候，市场向下的空间就非 常有限。 但在2015年1星级的时候，之后市场下跌 是腰斩起步。 (3) 在指数或者股票基金中，希望波动小 些，可以考虑偏价值风格品种。 一般价值风格波动比大盘更小一些，偏防 守属性。 成长风格波动比大盘则更大一些，偏进攻 属性。 价值风 ...

Group 1 - Funds are suitable investment products for ordinary people [2] - New investors should consider what type of funds are appropriate for them [2] - There is a free course available to help new investors understand fund investment from scratch [2] Group 2 - Dividend indices are a common type of strategy index [5] - Strategy indices are based on specific investment strategies and cover a wide range of industries [6] - There are four main types of indices: broad-based indices, strategy indices, industry indices, and thematic indices [6] Group 3 - The core strategy of dividend indices is to select stocks with high dividend yields [8] - Dividend yield is calculated by dividing the total cash dividends by the company's market capitalization [8] - For example, a company with a market cap of 10 billion and annual dividends of 500 million has a dividend yield of 5% [8]

每日金句 赚钱能力如果用一句话总结，就是能创造有壁垒的稀缺价值。这句话包括 三个关键词： 1）价值。 比如饮料瓶都是圆形的，握感好省材料；而牛奶盒是方形，可以节 省运输成本。如果你要做三角形的，即使有差异化，也没价值。 2）稀缺。 经济学最底层的逻辑就是供需关系，稀缺就能获得很高的溢价。 3）壁垒。 自己能做，别人做不了，这叫壁垒，比如技术专利、银行牌照。 刘润丨润米咨询创始人 黑马实验室加速导师 3天时间，大家一起畅聊：怎么搞定品牌定位、搞定投资人的钱、搞定现金流，带你成为 未来的品类第一！ 文章末尾扫码，即可报名！ 活动详情如下 ↓↓↓ 攀黄山险峰, 拓创业新境 伴奇松险势, 守创业初心 安徽 ·黄山 2025.11.20-22 牛文文与冯卫东亲自带队,邀约百名企业家, 攀山见己,登峰见势。 共同向内探寻创始人的创业领导力, 向外探寻品牌定位的科学方法,助力品牌穿越周期。 这里认真推荐你： 报名 「 黑马·山海计划班 」 11月20日-11月22日 ， 天图投资创始合伙人＆CEO 冯卫东将与创业黑马董事长牛文文 ， 亲 自带一批黑马的同学们，一起走进安徽黄山。 你将收获 · 创业黑马创始人、董事长 · 创 ...

Core Viewpoint - The announcement of leadership changes at China Merchants Fund, with Wang Xiaoqing stepping down as chairman and being succeeded by Zhong Wenyue, highlights a significant transition in the company's management structure and strategic direction [1][11]. Management Changes - Wang Xiaoqing will leave his position as chairman due to work arrangements, effective September 24, 2025, and Zhong Wenyue will take over the role [1][4]. - Zhong Wenyue has extensive experience in the financial sector, having worked in various capacities within China Merchants Fund and other financial institutions [3][11]. Performance Under Wang Xiaoqing - During Wang Xiaoqing's tenure from March 2020 to September 2025, the total asset management scale of China Merchants Fund increased from 407.85 billion to 917.61 billion, a growth of 125% [6][8]. - Non-monetary funds were the main growth driver, expanding from 242.72 billion to 543.88 billion, a 124% increase [6][8]. - The fund's performance in various sectors showed significant growth, with equity funds increasing from 33.15 billion to 122.81 billion, a 270% rise [7][8]. Business Structure Optimization - The business structure of China Merchants Fund has been continuously optimized, with notable progress in various areas including fixed income, equity, and alternative investments [7][9]. - The bond fund scale grew from 163.94 billion to 347.00 billion, reflecting a 112% increase, while the QDII fund saw a remarkable growth from 0.14 billion to 8.26 billion, a 5700% increase [7][8]. Client Service and Investment Philosophy - The company has served over 180 million clients and generated profits exceeding 230 billion, with nearly 130 billion in dividends distributed [10]. - Wang Xiaoqing emphasized a long-term, value-driven investment philosophy, which has led to improved performance in equity investments, placing the company among the top in the industry [9][10]. Future Strategy - The new management team under Zhong Wenyue aims to focus on a "dual-wheel drive" strategy, enhancing core business areas while ensuring balanced development [13][14]. - The company plans to implement four major initiatives to optimize operations and improve comprehensive capabilities, including client orientation and digital management [14][15].

Group 1: Core Insights - The report analyzes the fund flow of exchange-traded index funds from September 15 to September 19, 2025, highlighting significant trends in various categories [1][2]. - The overall fund flow indicates a mixed performance across different index categories, with notable outflows in major indices like the Shanghai Composite and CSI 300 [6][7]. Group 2: Fund Flow by Category - The Shanghai 50 index had a fund size of 159.46 billion yuan, with a weekly decline of 1.71% and a net outflow of 5.98 billion yuan [6]. - The CSI 300 index, with a fund size of 983.45 billion yuan, experienced a slight decline of 0.39% and a significant net outflow of 33.92 billion yuan [6]. - The ChiNext index showed a positive trend with a weekly increase of 2.17% and a net inflow of 5.76 billion yuan, indicating investor interest in growth sectors [6]. - In the technology sector, the large technology category saw a fund size of 216.69 billion yuan, with a weekly increase of 2.20% and a substantial net inflow of 58.01 billion yuan [7]. - The large financial category faced a decline of 3.20% with a net inflow of 140.61 billion yuan, suggesting a shift in investor sentiment [7]. Group 3: Sector Performance - The healthcare sector had a fund size of 100.16 billion yuan, with a weekly decline of 2.11% and a modest net inflow of 5.94 billion yuan, reflecting cautious investor behavior [7]. - The manufacturing sector reported a fund size of 72.82 billion yuan, with a weekly increase of 2.19% and a net inflow of 64.79 billion yuan, indicating resilience in this area [7]. - The consumer sector showed a slight decline of 0.24% with a net inflow of 32.55 billion yuan, suggesting mixed investor confidence [7]. Group 4: International Indices - The Nasdaq 100 index had a fund size of 78.42 billion yuan, with a weekly increase of 1.84% and a net outflow of 0.67 billion yuan, indicating fluctuating investor interest [11]. - The S&P 500 index reported a fund size of 20.84 billion yuan, with a slight increase of 0.50% and a net inflow of 0.77 billion yuan, reflecting stable performance [11]. - The Hang Seng index had a fund size of 19.17 billion yuan, with a weekly increase of 0.40% and a net outflow of 3.72 billion yuan, suggesting challenges in the Hong Kong market [11].

1. Report Information - Report Title: Weekly Report on Capital Flows of Exchange-Traded Index Funds - Data Date: September 8 - 12, 2025 - Research Institution: Great Wall Securities Industrial Finance Research Institute - Analyst: Jin Ling - Report Date: September 17, 2025 [1] 2. Core View - The report presents the capital flow, fund scale, and weekly price change data of various exchange-traded index funds from September 8 - 12, 2025, covering comprehensive, industry theme, style strategy, enterprise nature, regional, QDII, bond, commodity, and index-enhanced funds. 3. Summary by Category Comprehensive Index Funds - **Fund Performance**: The Shanghai Composite 50 had a fund scale of 15.9456 billion yuan, a weekly increase of 0.99%, and a net weekly capital outflow of 394 million yuan; the CSI 300 had a scale of 98.3449 billion yuan, a rise of 1.51%, and an outflow of 4.095 billion yuan; the CSI 500 had a scale of 14.012 billion yuan, a 3.41% increase, and an inflow of 1.174 billion yuan [6]. Industry Theme Index Funds - **Sector Performance**: The large technology sector had a fund scale of 21.6688 billion yuan, a 5.13% increase, and an outflow of 6.616 billion yuan; the large finance sector had a scale of 12.8483 billion yuan, a 0.92% rise, and an inflow of 11.468 billion yuan; the large health sector had a scale of 10.0161 billion yuan, a 0.50% decline, and an inflow of 6.432 billion yuan [7]. Style Strategy Index Funds - **Style Performance**: The dividend style had a fund scale of 5.9877 billion yuan, a 1.01% increase, and an inflow of 633 million yuan; the growth style had a scale of 730.6 million yuan, a 3.02% increase, and an outflow of 252 million yuan; the value style had a scale of 330.8 million yuan, a 1.11% increase, and an outflow of 102 million yuan [9]. QDII Index Funds - **Overseas Market Performance**: The Nasdaq 100 had a fund scale of 7.8421 billion yuan, a 0.73% increase, and an outflow of 197 million yuan; the S&P 500 had a scale of 2.0837 billion yuan, a 0.69% increase, and an outflow of 38 million yuan; the German DAX had a scale of 975 million yuan, a 0.43% decline, and an inflow of 101 million yuan [11]. Bond Index Funds - **Bond Type Performance**: The 30-year bond had a fund scale of 896.9 million yuan, a 1.18% decline, and an inflow of 149 million yuan; the 10-year bond had a scale of 409 million yuan, a 0.20% decline, and no net inflow; the 5 - 10-year bond had a scale of 3.8952 billion yuan, a 0.26% decline, and an outflow of 302 million yuan [12]. Commodity Index Funds - **Commodity Performance**: Gold had a fund scale of 7.0887 billion yuan, a 2.33% increase, and an inflow of 2.095 billion yuan; soybean meal had a scale of 419.3 million yuan, a 0.75% increase, and an inflow of 12 million yuan; non-ferrous metals had a scale of 74.5 million yuan, a 1.40% increase, and an inflow of 7.7 million yuan [12]. Index-Enhanced Funds - **Index Enhancement Performance**: The Shanghai Composite 50 index-enhanced fund had a scale of 76 million yuan, a 0.99% increase, and no net inflow; the CSI 300 had a scale of 320.9 million yuan, a 1.30% increase, and an outflow of 108 million yuan; the CSI 500 had a scale of 197.8 million yuan, a 2.72% increase, and an inflow of 21.6 million yuan [12].

Report Information - Report Title: Weekly Report on Capital Flows of Exchange-Traded Index Funds [1] - Data Date: August 18 - 22, 2025 [1] - Analyst: Jin Ling [1] - Report Date: August 28, 2025 [1] Core Findings Domestic Passive Equity Funds - Different index funds showed varying performance in terms of fund size, weekly returns, and net weekly capital inflows. For example, the Shanghai - Shenzhen 300 index fund had a size of 983.449 billion yuan, a weekly return of 4.27%, and a net weekly capital outflow of 34.74 billion yuan; while the ChiNext Index fund had a size of 126.448 billion yuan, a weekly return of 5.81%, and a net weekly capital inflow of 22.61 billion yuan [4]. Overseas Index Funds - International index funds also had diverse performance. The Nasdaq 100 index fund had a size of 78.421 billion yuan, a weekly return of -3.08%, and a net weekly capital inflow of 7.78 billion yuan; the S&P 500 index fund had a size of 20.837 billion yuan, a weekly return of -1.63%, and a net weekly capital outflow of 1.44 billion yuan [5]. Bond Funds - Bond funds had different performance based on factors such as maturity and credit rating. The 30 - year bond fund had a size of 8.969 billion yuan, a weekly return of -1.25%, and a net weekly capital inflow of 59.60 billion yuan; the short - term financing bond fund had a size of 29.341 billion yuan, a weekly return of 0.01%, and a net weekly capital outflow of 28.50 billion yuan [6]. Commodity Funds - Commodity funds, including gold, soybean meal, and others, also had distinct performance. The gold fund had a size of 70.887 billion yuan, a weekly return of -0.29%, and a net weekly capital outflow of 0.94 billion yuan; the energy and chemical fund had a size of 2.93 billion yuan, a weekly return of 0.76%, and a net weekly capital inflow of 0.88 billion yuan [6]. Index - Enhanced Funds - Index - enhanced funds based on different indices had different performance. The CSI 500 index - enhanced fund had a size of 1.978 billion yuan, a weekly return of 3.76%, and a net weekly capital inflow of 0.12 billion yuan; the ChiNext Index - enhanced fund had a size of 0.469 billion yuan, a weekly return of 5.46%, and a net weekly capital outflow of 0.04 billion yuan [6].

Report Information - Report Title: Weekly Report on Capital Flows of Exchange-Traded Index Funds [1] - Data Date: July 7, 2025 - July 11, 2025 [1] - Analyst: Jin Ling [1] - Report Date: July 16, 2025 [1] Core Viewpoints - The report presents the fund scale, weekly price change, and weekly net capital inflow of various domestic passive stock funds, overseas funds, bond funds, commodity funds, and index-enhanced funds from July 7 to July 11, 2025 [4][5][6] Summary by Categories Domestic Passive Stock Funds - The scale of Shanghai Stock Exchange 50 funds is 15.9456 billion yuan, with a weekly increase of 1.30% and a net capital inflow of 0.669 billion yuan [4] - The scale of CSI 300 funds is 98.3449 billion yuan, with a weekly increase of 1.20% and a net capital outflow of 0.351 billion yuan [4] - The scale of CSI 500 funds is 14.012 billion yuan, with a weekly increase of 1.98% and a net capital inflow of 0.457 billion yuan [4] - The scale of CSI 1000 funds is 11.6917 billion yuan, with a weekly increase of 2.42% and a net capital inflow of 2.541 billion yuan [4] - The scale of ChiNext Index funds is 12.6448 billion yuan, with a weekly increase of 2.30% and a net capital outflow of 1.433 billion yuan [4] Overseas Funds - The scale of Nasdaq 100 funds is 7.8421 billion yuan, with a weekly increase of 0.01% and a net capital outflow of 1.093 billion yuan [5] - The scale of S&P 500 funds is 2.0837 billion yuan, with a weekly decrease of 0.13% and a net capital inflow of 0.21 billion yuan [5] - The scale of Dow Jones funds is 0.1708 billion yuan, with a weekly decrease of 0.17% and a net capital outflow of 0.001 billion yuan [5] Bond Funds - The scale of 30-year bond funds is 0.8969 billion yuan, with a weekly decrease of 0.30% and a net capital inflow of 0.1691 billion yuan [6] - The scale of 10-year bond funds is 0.409 billion yuan, with a weekly decrease of 0.15% and a net capital inflow of 0.0443 billion yuan [6] - The scale of 5 - 10-year bond funds is 3.8952 billion yuan, with a weekly decrease of 0.17% and a net capital inflow of 0.0446 billion yuan [6] Commodity Funds - The scale of gold funds is 7.0887 billion yuan, with a weekly decrease of 0.40% and a net capital inflow of 0.0523 billion yuan [6] - The scale of soybean meal funds is 0.4193 billion yuan, with a weekly increase of 0.52% and a net capital inflow of 0.0012 billion yuan [6] - The scale of non-ferrous metal funds is 0.0745 billion yuan, with a weekly decrease of 1.17% and a net capital outflow of 0.0017 billion yuan [6] Index-Enhanced Funds - The scale of Shanghai Stock Exchange 50 index-enhanced funds is 0.0076 billion yuan, with a weekly increase of 1.75% and a net capital outflow of 0.0001 billion yuan [6] - The scale of CSI 300 index-enhanced funds is 0.3209 billion yuan, with a weekly increase of 1.14% and a net capital outflow of 0.0084 billion yuan [6] - The scale of CSI 500 index-enhanced funds is 0.1978 billion yuan, with a weekly increase of 1.96% and a net capital outflow of 0.0014 billion yuan [6]

邹总以未来博众这一艘大船将走向何方？提出他一直思考的问题。他认为不论是个人成长、公司可持续 发展，都需要结合当下形势和未来，尽管中间有很多高光时刻，但今天我们重点看看未来五年，走向何 方！他认为有三个核心关键词：成长，理想以及价值。 随后，他与大家分享了博众25年高光历程以及 近5年成长与成果。他表示，我们的成长，不要去高估一年的积累，也不要去低估十年的改变。很多人 都希望我们有点爆发力，但我觉得我们还是要冷静，这种爆发可遇不可求，但是我们需要做好当下，同 时去不断地积累一些能力，去学习，等待好时机。 最后，他认为还是要去思考，我们到底创造了什么 价值，人生价值可能有时候讲得大，但确确实实，它不是简单用时间去衡量，更多是考虑你的深度去衡 量。股市没有常胜将军，要有新时代的价值，适应中国特色的牛市，把格局打开，全面的牛市需要时 间，现在的投资人需要我们。我们要往前走，2030年成为客户长期信赖的投资服务平台。 在博众优秀 投顾人才上台接受荣誉表彰环节后，在全体博众人的见证下，广东博众领航投顾官人才孵化战略正式发 布，三代博众吉祥物灌溉小树苗，在生命之泉的滋润下，寓意着博众领航投顾官持续生根发芽，终将长 成参天大 ...

Report Information - Report Title: Weekly Report on Capital Flows of Exchange-Traded Index Funds [1] - Data Date: June 30, 2025 - July 4, 2025 [1] - Analyst: Jin Ling [1] - Report Date: July 8, 2025 [1] Core Content Domestic Passive Stock Funds - **Composite and Industry Themes**: Different concepts have varying fund sizes, weekly price changes, and net weekly capital inflows. For example, the SSE 50 has a fund size of 159.456 billion yuan, a weekly increase of 1.41%, and a net weekly capital outflow of 2.765 billion yuan; the large technology concept has a fund size of 216.688 billion yuan, a weekly decrease of 0.32%, and a net weekly capital inflow of 6.066 billion yuan [4]. - **Style Strategies and Other Categories**: Similar to the above, different concepts show different performance. For instance, the dividend low - volatility concept has a fund size of 43.535 billion yuan, a weekly increase of 1.82%, and a net weekly capital inflow of 1.419 billion yuan [4]. Overseas - Related Funds - **Composite and Industry Themes**: Concepts like the Nasdaq 100 have a fund size of 78.421 billion yuan, a weekly increase of 1.04%, and a net weekly capital outflow of 0.032 billion yuan; the Hong Kong stock technology concept has a fund size of 92.609 billion yuan, a weekly decrease of 2.43%, and a net weekly capital inflow of 2.88 billion yuan [5]. - **Style Strategies**: The dividend concept has a fund size of 126.9 million yuan, a weekly increase of 0.99%, and a net weekly capital inflow of 0.0016 billion yuan; the dividend low - volatility concept has a fund size of 77.7 million yuan, a weekly increase of 1.26%, and a net weekly capital inflow of 0.00154 billion yuan [5]. Other Investment Types - **Bonds**: Different maturities and types of bonds have different performances. For example, 30 - year bonds have a fund size of 8.969 billion yuan, a weekly increase of 0.18%, and a net weekly capital inflow of 0.0257 billion yuan; convertible bonds have a fund size of 43.859 billion yuan, a weekly increase of 1.05%, and a net weekly capital outflow of 0.0098 billion yuan [6]. - **Commodities**: Gold has a fund size of 70.887 billion yuan, a weekly increase of 1.13%, and a net weekly capital inflow of 2.252 billion yuan; energy and chemical products have a fund size of 293 million yuan, a weekly decrease of 0.37%, and a net weekly capital outflow of 0.0093 billion yuan [6]. - **Index Enhancement**: Different index - related concepts also show different trends. For example, the SSE 50 index - enhanced concept has a fund size of 76 million yuan, a weekly increase of 2.55%, and no net weekly capital inflow or outflow [6].