二是她的账户相对比较小，涨完了也只有几十万。对于普通人来说，几十万的账户已经很大了，但对于 这种出圈的大博主来说，那就和普通人放个一两万块钱玩一样，怎么涨跌都不会影响心情的。 小账户的特点就是牛市容易赚钱，熊市容易亏钱。我也有几个小账户，是当时为了港股多户打新开的， 现在不允许多户打新了，但里面还有些钱，也懒得转来转去，就随手买些股票锁仓在那里，目前还在用 的有三个，去年的收益率分别是123cm、123cm、85cm。 最近很多网红都在发总结，某著名反指人设博主去年赚了80多cm，看得吃瓜群众们道心都碎裂了。这 可能两个原因。 一是去年是追涨杀跌的大牛，无论是新易盛，还是白银LOF，甚至纳指ETF，都是只要你敢追他就敢 涨，所以撑死胆大的。 ...

（来源：中国宁波网） 转自：中国宁波网 2025年，黄金成为年度关键词之一，也是当之无愧的"话题之王"。黄金的一路高涨，屡屡刷新历史纪 录，又上演"过山车"式波动，点燃了无数人的投资热情，也触动了世界经济敏感的神经。 这一年，伴随金价上涨，各类黄金商品价格站上新高，但仍挡不住人们岁末年初的扫货狂欢，买婚庆三 金、投资金条首饰，情绪值直接拉满。 从金店柜台前人头攒动，到黄金理财产品热销，再到电商平台的爆单，银行与电商平台顺势而为，推出 了1克起投的积存金、金豆豆，把买金的门槛降到了一杯奶茶钱。 价格越高，话题越热，随着市场情绪外溢，人们很快发现，黄金不像股票有退市风险，也不像加密货币 一夜归零，涨价反而催生了 "抓紧上车""接盘也安全"的心理，于是，出现"越贵越买"的逆向追涨。 黄金是千年不变的支付符号，又是24小时交易的全球资产。从"天选之子"到话题之王，金价变动为何总 能引起普通人的关注？ 中国金融智库特邀研究员余丰慧告诉潮新闻记者：金价变动之所以引起普通人关注，是因为黄金不仅是 一种避险资产，也是文化和情感价值的象征。在经济不确定性增加时，普通投资者倾向于将资金转移到 更安全的资产上，而黄金由于其稳定性和 ...

追涨杀跌是所有散户的一个通病，看看今天上市的新股，发行价刚出来那会儿没人搭理，一拉升全冲进去了，结果收盘一看，心直接凉了半截。更别提明 天了，照这个架势，低开几个点都算客气的，要知道新股上市前五天是没有涨跌幅限制的！ 看看纳百川这只股票，发行价22.63元，开盘的时候涨165%，股价在60多块，对于一只新股来说，这都还算正常，毕竟大部分新股上市第一天都会大涨， 对于中签的散户来说，看到涨这么多，有的早盘直接就卖了，先落袋为安，就不管那么多了！ 下午开盘，还算正常，可到了下午两点，画风突变，直线拉到第一次临停，十分钟后复牌，继续猛冲，直接飙到324%。你以为这就完了？没门。二次临 停结束，股价像是打了鸡血，一口气蹿到642%！这个时候冲进去的，收盘直接倒亏36.5%。算笔账你就明白了——10万块冲进去，收盘只剩6万出头，一 天蒸发快四万，短短几分钟时间，就亏4万，这谁能受得了！ 纳百川主要专注于动力电池热管理相关产品的研发、生产和销售，产品包括电池液冷板、电池集成箱体等。锡华科技则专注于大型高端装备专用部件的研 发、制造与销售，其产品结构以风电齿轮箱专用部件为主，占比较高！ 通过纳百川的财务数据可以看到，公司2 ...

所以投资最重要的事，是发挥自己的长处，只做自己能懂的事。千万不要干，自己搞不懂， 还偏要不懂装懂的去干。认真对待自己，搞清自己那些不懂，实际上是投资的第一步，跨不 过这一步，后面的也别想走。实际上90%的人，第一步都跨不过去，因为很简单，许多人喜 欢糊涂过一生。 yup77 要搞懂赚谁的钱的问题。二级市场追涨杀跌其实是股民互相伤害模式，而低估买入持股收息 才是正确打开模式。当然不否认有些人追涨杀跌非常成功，但是价值投资更适合大部分人。 价值投资是一种信仰，是一项艺术，是一门科学。 以我近30年的投资经验，化作36字，与集友共享 选股思路：低估值高分红，少圈钱多回购，有增长不套现（的公司） 操作思路：分散投长期持，暴跌买大涨卖，好心态乐知足 为什么这么说？是由于我最近看了大道的访谈有关，以前我一直不太关注价值投资，因为我 搞不懂。最近慕名看了大道的访谈，我明白了我为什么搞不懂价值投资。因为价值投资实际 上是极难的，难到什么程度？大道作为名符其实的杰出企业家，能够搞懂的企业也寥寥无 几。我作为一个毫无企业经营经验的人，凭什么能够搞懂企业的未来？ 宿不移 0分。 标题里加上几个字： 我做 价值投资是万万不可行的 大 ...

Core Viewpoint - The article emphasizes that annual rebalancing of indices is a systematic process governed by transparent rules rather than subjective market judgments, highlighting the importance of understanding these rules for effective investment strategies [5][8][11]. Group 1: Annual Rebalancing - The second Friday of December marks the annual rebalancing day for most indices, leading to changes in sample stocks and their valuations [5][6]. - Criticism often arises regarding the inclusion of high-performing stocks and the exclusion of underperforming ones, but these changes are a result of established rules rather than market speculation [6][10]. - Understanding that rebalancing reflects adherence to rules rather than market sentiment is crucial for investors [8][35]. Group 2: Market Capitalization Indices - Market capitalization indices, such as the CSI 300 and SSE 50, aim to represent key companies in the market based on size and liquidity, rather than seeking to capitalize on market fluctuations [16][17]. - These indices naturally exhibit a tendency to include companies that have increased in size and performance while excluding those that have declined, which can be misinterpreted as "buying high and selling low" [18][19]. - The design of market cap indices prioritizes transparency and alignment with economic structures over short-term gains [20][21]. Group 3: Strategy Indices - Strategy indices, like dividend indices, focus on specific factors such as dividend yield rather than market capitalization [24][25]. - These indices adjust their components based on the stability of dividend payments, leading to a different risk-return profile compared to market cap indices [28]. - The mechanism of strategy indices allows for continuous alignment with predetermined financial metrics, rather than predicting future market movements [27][28]. Group 4: Understanding Index Characteristics - Market capitalization indices and strategy indices serve different purposes and are not mutually exclusive; they address distinct investment needs [31][32]. - Market cap indices provide a baseline for market returns, while strategy indices can be used for risk management and income generation [32][33]. - Misinterpretation of indices often stems from short-term emotional reactions rather than a proper understanding of their long-term rules [34][35].

Core Viewpoint - The article discusses the investment strategies for index funds, emphasizing the importance of understanding index rebalancing and its impact on investment performance [6][7][8]. Group 1: Index Rebalancing - Index rebalancing refers to the adjustment of constituent stocks in an index according to specific rules, which can lead to buying high and selling low during market fluctuations [6][7]. - Regular rebalancing can cause indices like the CSI 500 and CSI 1000 to follow a pattern of buying stocks that have risen significantly and selling those that have fallen, potentially exacerbating market volatility [7][8]. Group 2: Historical Context - The phenomenon of indices chasing performance was observed during the 1990s tech bubble in the U.S., where stocks associated with the internet saw significant price increases, leading to their inclusion in major indices like the Nasdaq 100, which later suffered during the market correction [8]. Group 3: Solutions to Mitigate Risks - Two strategies are proposed to mitigate the risks associated with index rebalancing: 1. Consider strategy indices that do not rely on market capitalization for stock selection, thus avoiding the pitfalls of performance chasing [11][12]. 2. Explore enhanced index funds, which invest 80% in index constituents while using 20% for active management to avoid stocks with clear bubbles [13][14].

Market Overview - The overall market was relatively sluggish, but the North Exchange 50 index surged, rising over 6% during the afternoon session, making it the only index in the A-share market to show gains [1][14]. - The total trading volume in the A-share market reached 1,324.2 billion, with 1,154 stocks rising, 73 remaining flat, and 4,226 declining [2][15]. North Exchange 50 Performance - The North Exchange 50 index closed at 1,476.97, with a gain of 87.17 points, representing a 6.27% increase [2][15]. - The trading volume for the North Exchange 50 was reported at approximately 200 billion, which is a significant increase compared to the recent daily average of around 100 billion [5][16]. Fund Inflows and Investment Trends - The surge in the North Exchange 50 is attributed to passive inflows from newly opened two-year fixed-term theme funds, as the North Exchange 50 ETF has not yet been issued [4][18]. - There are currently 11 funds focused on the North Exchange, all of which are two-year fixed-term funds, indicating a growing interest from investors [18][19]. Investor Sentiment - There is a notable interest from retail investors in the North Exchange funds, with a significant increase in the number of views on these funds, suggesting a strong demand for entry into the market [22]. - The best-performing stocks in the North Exchange are primarily in the basic metals and aerospace software sectors, which are popular among investors due to their low market capitalization compared to similar sectors [22]. Investment Strategies - The market appears to be divided into two camps: one focusing on long-term value investing, while the other follows a "trend-following" strategy, which emphasizes buying into rising stocks and sectors [24][26]. - Recent reports suggest that "buying the dip" strategies may not perform as well as trend-following strategies, indicating a shift in investment approaches among market participants [25][26].

文 | 银行螺丝钉 （转载请注明出处） A股平均3-5年会有一轮小的牛熊市，可 能达到3点几星级别，例如2018年初、 2021年初;平均7-10年会有一轮大的牛 市，有可能会达到1星、2星级别，例如 2007年、2015年。 这个更符合一般投资者说的牛市。 也有朋友问，现在是慢牛吗? 慢牛也没有标准的定义。 我们以A股中证全指为例，从2004年底 1000点起步，到2025年11月底，大约在 5700点上下，年化在8%-9%上下，加上 分红在7600点上下，年化在10%上下。 这是经历了多轮牛熊市之后，A股的长期 平均年化。 ,土杯工川町区示中物,以别十九也 在8%上下。 假设长期年化是10%，平均到一个月就 是0.8%上下的涨幅。如果一个月平均上 涨2%,一年对应上涨26%，会远远超过 所有主流经济体股票市场长期收益。 其实没有哪个国家的股票市场，能长期 保持每月2%的上涨速度。 A股的牛市很少是慢牛体现。 通常是闪电般快牛，之后一段时间震荡 或者阴跌。 例如最近一年的上涨，主要出现在2024 年9月下旬，以及2025年8-9月的少数交 易日，真正大涨的交易日，占全部交易 日的7%。 例如2024年9月， ...

本周市场出现连续调整，个股跌幅不小。很多投资者回顾今年业绩，最终盈利几乎归零，在这样一个全 年指数上涨接近20%的牛市里，这样的收益是明显低于预期的。 总结来看，主要有两个问题：第一是追涨杀跌。今年的行情往往每季度主攻行业不同，但全年来看，跑 赢上证指数的比例依然高达60%以上，那么大量的亏钱效应主要是追涨造成的。第二是不敬畏估值。追 涨的核心还是对估值不够敬畏，永远只看到上涨的股票，而不知道风险都是涨出来的，机会都是跌出来 的。此时投资者如果回顾全年的战役，相信值得很多人反思。 当下2025年已临近收官，此时的调整也预留了明年的空间，找到那些优质的、熟悉的、估值合理的股票 开始布局，保持耐心，相信2026年慢牛仍在路上。 (作者为爱建证券首席投顾) 本周全球股市出现震荡，各大媒体、自媒体都在分析调整的原因，无非是海外不确定性增加、科技泡沫 滋生、美联储降息放缓、基金漂移风格回归等，但在我们看来，一切都是借口而已，说到底，是估值有 点贵了。 前期美股的PE(市盈率)均值来到30倍以上，仅仅比2000年互联网泡沫略低一些，虽然英伟达、谷歌的季 报依然亮眼，但短期的性价比明显不高。资金都是极度聪明的，震荡调整在所 ...

Core Insights - The recent volatility in gold prices, with a peak of 1004 CNY per gram followed by a drop to 894 CNY, highlights the risks of chasing market trends and the emotional toll on investors [1][3][10] - Many investors tend to invest all their capital in a single asset, leading to significant losses during downturns, as seen in the recent gold price fluctuations [3][5] - The importance of asset allocation is emphasized, suggesting that diversifying investments across different asset classes can mitigate risks and reduce emotional stress during market volatility [5][9] Investment Behavior - Investors often react to market news and peer performance, leading to impulsive buying at high prices and subsequent panic selling at lows [3][10] - The tendency to invest all funds in one asset class can amplify losses, as demonstrated by the 11% maximum loss on a 10,000 CNY investment in gold during the recent downturn [5][7] Asset Allocation Strategy - A recommended strategy is to allocate only a portion of total capital to gold (e.g., 10%), while diversifying the remainder into bonds and stocks to stabilize overall portfolio performance [5][9] - Historical data suggests that a balanced portfolio with 12% in stocks and 88% in bonds can effectively manage risk and reduce anxiety during market fluctuations [7][9] Long-term Perspective - Long-term asset allocation strategies are likely to yield better returns compared to short-term trading strategies, which can lead to inconsistent performance [7][10] - The psychological benefits of a stable investment portfolio, which allows for less daily monitoring and anxiety, are highlighted as a significant advantage of proper asset allocation [9][10]