沪深300指数全年上涨21.54%，代表中小盘走势的中证500和中证1000指数，年内涨幅也都接 近30%。 但很多投资者对这一年的体感，却并不一致。 有人确实赚得盆满钵满，也有不少朋友在复盘账户时发现，自己明明经历了一轮牛市，结果却 依然是亏钱的。 指数大涨的一年，为什么我们的账户没有同步受益？ 01 选错赛道 以下文章来源于晨星投资说 如果只看指数表现，2025年是牛市这件事，几乎没有什么争议。 从2025年的行业收益来看，同样是在牛市里，行业选择带来的结果，可能是天壤之 别。 在31个申万一级行业指数中，有12个行业的表现，超过了沪深300全收益指数全年21.54%的涨 幅。 其中，表现最为突出的是有色金属和通信板块，年内涨幅分别达到94%和84%。 但与此同时，也有19个行业跑输沪深300指数。 食品饮料、煤炭这两个行业在2025年甚至交出了负收益的成绩单，让不少重仓这些赛道的投资 者，在牛市中依然倍感煎熬。 行业选择，确实会极大地影响最终的账户收益。 但"选错赛道"解释不了所有问题。毕竟整体来看，大部分行业在2025年的收益还是相当可观 的。 即便在去年完全不做行业选择，只是买入并持有沪深300这样 ...

【导读】走进工银瑞信基金 | 第7期：银行渠道经理的故事 在公募基金行业，渠道经理是不同于传统销售的关键角色，他们深耕银行基层网点、传递专业投资理 念，成为连接基金公司、银行与投资者的"价值纽带"。 那么，公募渠道经理是如何通过银行把专业的产品和投资理念，清晰有效地传递给每一位投资者的呢？ 本期走进工银瑞信基金系列栏目，将带领大家走进渠道经理的日常。 不止于销售：三方联动的"服务枢纽" 很多人会将基金公司渠道经理的工作等同于"卖基金"，但此次工银瑞信的渠道经理给出了更精准的定 位：不直接面对投资者、不单纯销售基金，而是聚焦银行合作渠道的全流程服务。 在公募基金的销售体系中，银行是投资者接触基金产品的主要入口，而渠道经理的核心任务，就是为不 同的银行网点匹配契合的产品与资产配置方案。 从售前的产品培训、投资理念宣导，到售中的需求对接、疑问解答，再到售后的市场解读、投资者陪 伴，渠道经理贯穿了基金服务的每一个环节。他们既要发挥基金公司的专业投研优势，让银行理财经理 吃透产品的风格特点与投资逻辑；又要借助银行的综合金融服务能力，共同为投资者搭建起从"了解产 品"到"科学配置"的完整链路，最终实现基金公司、银行、投资 ...

【导读】走进工银瑞信基金 | 第 7 期： 银行渠道经理的故事 文：陈梦 在 公募基金行业，渠道经理是 不同于传统销售 的关键 角色，他们深耕银行 基层 网点 、 传递专业 投资理念，成为连接基金公司、银行与投资者的 " 价值纽带"。 那么，公募渠道经理是如何通过银行把专业的产品和投资理念，清晰有效地传递给每一位投资者的 呢？本期走进工银瑞信基金系列栏目， 将带领大家走进渠道经理的 日常。 不止于销售：三方联动的"服务枢纽" 很多人会将 基金公司 渠道经理的工作等同于"卖基金"，但 此次工银瑞信的渠道经理 给出了更精准 的定位：不直接面对投资者 、 不单纯销售基金， 而是聚焦银行合作渠道的全流程服务。 在公募基金的销售体系中，银行是投资者接触基金产品的主要入口，而渠道经理的核心任务，就是为 不同的银行网点匹配契合的产品与资产配置方案。 清晨的银行网点晨会，是渠道经理工作的重要阵地。 渠道经理们 的一天往往从一场紧凑的网点培训 开始。面对银行理财经理抛出的各类问题，从产品业绩波动到市场行情解读，从投资者风险偏好匹配 到资产配置建议， 渠道经理 都需要给出专业、易懂的解答。 尤其是在市场震荡期，投资者的焦虑情绪会 ...

Group 1 - The article discusses two significant events in the investment world: an interview with Duan Yongping and Warren Buffett's retirement announcement [2][3] - Duan Yongping emphasizes the importance of accepting one's limitations and the value of being an ordinary person, which can lead to happiness [4][6] - A key takeaway from Duan Yongping's interview is the idea that admitting ignorance in investment can prevent significant losses, as many investors often pretend to understand complex topics [7][10] Group 2 - Duan Yongping's investment philosophy includes recognizing when to cut losses quickly, as demonstrated by his past experience of losing over $10 million on a $100 million investment [13][14] - He advocates for a mindset of correcting mistakes promptly and sticking to sound investments, which is crucial for ordinary investors to understand [16][19] - The concept of opportunity cost is highlighted, with Duan Yongping explaining that decisions should be based on potential returns from alternative investments [20][22] Group 3 - Long-term holding does not mean one should never sell; if a better investment opportunity arises, it is wise to make the switch [32][34] - The decision to invest should be based on future cash flows rather than just price-to-earnings ratios, emphasizing the need for understanding the underlying business [36] Group 4 - Duan Yongping shares insights on parenting, stating that parents should focus on providing security for their children, which influences their future success [39][41] - The article discusses the psychological aspects of investing, noting that a lack of security can lead to irrational decisions in the stock market [43][45] Group 5 - The article concludes with a reflection on the current economic landscape, suggesting that there are new turning points in the market that require careful consideration and preparation for future investments [64][65]

Core Insights - Renowned investor Duan Yongping, who has been "retired" for over 20 years, recently shared his investment philosophy and views on company management and personal growth in an interview [1] - Currently, Duan holds only Kweichow Moutai in the A-share market, indicating it is one of his few major positions [1] - He emphasized that investment includes the option to sell, countering the common misconception that value investing equates to never selling [1][2] Investment Philosophy - Duan believes that "long-term holding" is more about the intention and mindset at the time of purchase rather than a rigid doctrine [1] - He stated that investors must continuously assess and compare opportunity costs during the holding period [1] - He provided an example where recognizing Nvidia's potential five years ago would justify switching from Moutai to Nvidia if conditions allowed [1] Decision-Making Criteria - The ability to make rational comparisons and choices within one's circle of competence is crucial [2] - Investment should not be about holding indefinitely but rather about having the courage and clarity to adjust positions when superior options are identified [2]

Core Insights - Warren Buffett's recent letter marks his formal announcement of a "quiet exit" from Berkshire Hathaway, indicating he will no longer write annual reports or speak extensively at shareholder meetings [3] - The letter, approximately 8 pages long, focuses on personal reflections rather than company performance, highlighting his childhood experiences, friendship with Charlie Munger, and deep affection for Omaha [3] - Buffett praised his successor, Greg Abel, stating that Abel's understanding of the business exceeds his current level, and he predicts that Berkshire will only need "5-6 CEOs" to sustain itself for another century [3] Donations and Philanthropy - On November 10, Buffett converted 1,800 shares of Class A stock into 2.7 million shares of Class B stock to donate to four family charitable foundations, with a total value exceeding $1.3 billion (approximately 9.5 billion RMB) [4] - The donations include 1.5 million shares to the Susan Thompson Buffett Foundation and 400,000 shares each to the Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation [4] - Buffett emphasized the importance of allowing his children, aged 67 to 72, to manage the majority of his estate distribution, avoiding future reliance on alternate trustees [4] Company Background - Berkshire Hathaway, under Buffett's leadership, has transformed from a struggling textile company into one of the world's most influential investment holding companies, with a market value exceeding $1 trillion by November 2025 [6] - The company holds significant stakes in major corporations such as Apple, American Express, Coca-Cola, and Occidental Petroleum, alongside fully owning diverse businesses like GEICO insurance and BNSF railway [6] - Buffett's investment philosophy, which includes value investing, long-term holding, and the concept of economic moats, has influenced generations of investors globally [6]

Core Insights - The article emphasizes the importance of being cautious when trading ETFs, highlighting various pitfalls that investors should be aware of. Group 1: ETF Trading Cautions - Name Fraud: Investors should check detailed information (F10) before purchasing ETFs, as the name may not reflect the actual investment direction, leading to potential misguidance [1] - Blindly Chasing Trends: Investors are warned against following trends, such as buying into a rapidly rising renewable energy ETF, as this can lead to significant losses when the market corrects [2] - Ignoring Liquidity: It is crucial to consider the average daily trading volume of an ETF; those with less than 30 million in daily trading volume may lack investor interest, making it difficult to sell [2] Group 2: Investment Strategies - Leveraged ETFs as Gambling: A staggering 92% of investors holding leveraged ETFs for more than three days incur losses, indicating that these products are better suited for experienced traders rather than ordinary investors [2] - Fee Traps: Investors should be aware that trading costs for niche ETFs can be higher than for stocks, with management and custody fees adding up annually. It is advisable to choose low-fee ETFs for long-term holding [3] - Fee Structure Overview: The article provides a detailed breakdown of various trading fees, including a 0.05% fee for stock trading and a 0.8% fee for Hong Kong Stock Connect, emphasizing the potential for negotiation based on trading volume [3]

Core Viewpoint - The article discusses the challenges of maintaining stability in investment amidst market volatility and emotional pressures, emphasizing that achieving "stability" is a complex and ongoing process rather than a one-time achievement [3][19]. Group 1: Market Conditions - The A-share market is experiencing fluctuations within the 3800-3900 point range, causing stress for investors as they navigate daily ups and downs [3]. - The article highlights the emotional turmoil investors face, with the need for stability becoming increasingly difficult in a volatile market environment [3][19]. Group 2: Investor Experiences - One investor shares their struggle with maintaining a steady investment approach while feeling pressured by peers who achieve higher returns through riskier investments, such as AI stocks [4][5]. - Another investor reflects on the overwhelming amount of information available, leading to excessive trading and ultimately lower returns compared to a more passive investment strategy [9]. - A different perspective reveals that what was perceived as stability in investment was actually a form of laziness, as the investor failed to adapt to changing market conditions and industry dynamics [11][13]. Group 3: Emotional and Psychological Factors - The article emphasizes that the desire to outperform others can lead to poor investment decisions and emotional distress, highlighting the importance of focusing on personal investment goals rather than comparisons with others [15][17]. - It suggests that true stability requires continuous learning and adaptation, rather than a static approach to investing [14][19]. Group 4: Conclusion and Future Insights - The article concludes by inviting readers to explore the concept of stability in investment further, with insights from a fund manager who emphasizes the importance of a disciplined approach and understanding human behavior in achieving stability [19][20].

Core Insights - The article emphasizes that true wealth accumulation comes from patience and strategic investment rather than impulsive trading or speculation [1][5][6] Investment Strategy - Successful investors focus on stable assets, diversifying their investments, and holding them long-term to benefit from interest and dividends [3][5] - The concept of compound interest is highlighted as a powerful tool that, while not leading to instant wealth, can significantly change one's financial situation over a decade [3][6] Market Behavior - The article contrasts the behavior of those chasing quick profits in volatile markets with those who adopt a steady and disciplined approach to wealth building [1][5] - It suggests that while others may experience anxiety and fluctuations in their investments, a calm and consistent strategy leads to true financial freedom [5][6]

Core Insights - Bond funds have shown increasing average returns over the past 3, 5, and 7 years, with a widening gap between the best and worst performers [2][4][5] - The recent recovery in the A-share market has heightened investor interest in equity investments, but bond funds remain essential for stabilizing asset allocation [2][4] - The report titled "China Fund Industry Marathon Master Gathering 2025" analyzes extensive data to assess the long-term performance of bond funds [2] Performance Analysis - The average returns for the entire bond fund market over the past 3, 5, and 7 years are 8.37%, 17.32%, and 32.36% respectively, with a notable increase in the proportion of funds yielding positive returns [4][5] - Specific categories of bond funds, such as pure bond funds and mixed bond funds, have also demonstrated improved performance over time, with average returns of 9.49%, 17.64%, and 28.12% for pure bond funds over the past 3, 5, and 7 years [5][6] - The number of bond funds with positive returns has increased significantly, with 99.42% of funds achieving positive returns over the past 7 years [4] Risk and Performance Discrepancies - "Rights-containing" bond funds have shown mixed results, with some experiencing significant declines during market adjustments [6][7] - A total of 203 bond funds reported negative returns over the past 3 years, with a concentration in "rights-containing" funds [6][7] - Notably, some "rights-containing" funds have also achieved outstanding performance, with several funds exceeding 30% returns over the past 7 years [8][9] Top Performing Funds - The top-performing bond funds over the past 3 years include 富国久利稳健配置 A (41.20%), 华夏大中华信用精选 A 人民币 (34.97%), and 华商恒益稳健 (32.51%) [10] - Over the past 5 years, 华商丰利增强定开 A (131.24%) and 华商恒益稳健 (95.43%) lead the performance rankings [10] - For the past 7 years, 华商丰利增强定开 A (170.07%) and 汇丰晋信 2026 (127.30%) are among the top performers [10]