文 | 银行螺丝钉 （转载请注明出处） ◆◆◆ 在震荡期,我们要如何调整自己 的心态呢? A 股真正大涨的时间，大约占7%的交易 日。其他时间里多为震荡或阴跌行情。 很多投资者都希望多元化配置自己的资金，想要覆盖人民币资产和外币资产，也想要覆盖股票资产和债券类资产。 美元债就是其中的重要一环，那么美元债券基金该如何投资？ 这里有一门限时免费的福利课程，系统性地介绍了美元债券基金的投资知识。 想要获取这个课程，可以添加下方「课程小助手」，回复「 美元债 」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。 在震荡期,看到市场价格短期涨涨跌 跌,有的投资者是比较难受的。如何调 整自己的心态呢？ 巴菲特的老师,格雷厄姆,在价值投资 理念中提到，买股票，就是买公司。 买基金，就好比买了一篮子的股票，拥 有了自己的"迷你集团公司"。 我们以主动优选为例，假设持有1万的主 动优选，这就相当于一个市值1万元的迷 你公司。这个迷你公司买下后，背后公 司，每年会产生约700元的净利润（盈利 =市值/市盈率）。 涉及到的生意包含各行各业:从银行保 险，到电力芯片医药消费...... 很多生意是老百姓自己很难创办 ...

2026年开年以来，多家A股公司密集披露股份回购计划或回购进展相关公告。 例如，2026年2月4日晚间，重庆长安汽车（000625）股份有限公司（以下简称"长安汽车"）正式发布公 告，宣布拟以10亿元至20亿元自有资金回购公司股份，其中，A股回购金额不低于7亿元且不超过14亿 元，B股回购金额不低于3亿元且不超过6亿元。 对于此次回购的目的，步长制药称，鉴于公司当前股价未能体现出公司的长期价值和出色的资产质量， 对公司良好的市场形象有所影响。为充分维护公司和投资者利益，稳定投资者预期，增强市场信心，推 动公司股票价值的合理回归，基于对公司未来发展前景的信心以及对公司价值的高度认可，在综合考虑 公司财务状况以及未来盈利能力的情况下，依据相关规定，公司拟通过集中竞价交易方式进行股份回 购。 值得关注的是，为保障公司回购股份事项的顺利实施，近期多家上市公司相继宣布上调回购股份价格上 限。例如，1月27日晚间，江苏华盛锂电材料股份有限公司发布公告称，公司拟将回购价格上限从32元/ 股上调至150元/股，旨在应对股价持续超出原上限的情况，确保回购计划有效推进。 巨丰投顾高级投资顾问于晓明告诉记者："多家公司上调回购股份 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 在刚过去不久的 1月份，A股三大股指均经历了"先拉升后盘整"的走势。 最终，上证指数、深证成指、创业板指在1月份分别上涨了3.76%、 5.03%、4.47%。同时， 市场成交活跃，多个交易日出现 3万亿以上的成交额 。板块方面，商业航天、AI应用、有色金属在1月份均有亮眼表 现。与此同时， 黄金、白银等商品期货均在 1月份走出了加速上涨行情 。 在这样的市场背景下，根据私募排排网数据， 共有来自 1441家私募旗下的4001只私募产品的净值在2026年1月曾创下历史新高。 从私募公司维度统计来看， 有 309家私募在私募排排网有业绩展示的全部产品（产品数在3只及以上）在1月份均创了历史新高，占符合统计私 募（729家）的比例约为42%。其中，至少有3只产品在私募排排网有近3年业绩展示（成立满3年）且符合排名规则的私募则有139家 。 这139家私募，按私募的核心策略来看，股票策略私募占82家，多资产策略私募占20家，期货及衍生品策略私募占18家，其余策略私募家数较 少。 为了给读者提供更好的参考，笔者将这139家创新高的私募，按照私募公司的规模 ...

Core Viewpoint - The article emphasizes that in an era of information overload, investors should focus on long-term value and avoid being swayed by short-term news, as excessive information can lead to poor investment decisions [7][12][13]. Group 1: Psychological Research Findings - A psychological study by Paul Andreassen revealed that investors receiving more news updates had significantly lower returns compared to those who only observed stock price movements [8]. - The study indicated that information overload leads to emotional trading, where investors react impulsively to news, resulting in increased costs and poor decision-making [9]. - Investors who were less influenced by news updates maintained a more rational approach, leading to better long-term returns due to reduced trading frequency and emotional interference [10]. Group 2: Implications for Investors - The research suggests that investors should recognize that much of the daily information in the market is noise, and being swayed by short-term news can lead to emotional trading [13]. - True investment wisdom lies in the ability to filter and ignore irrelevant information, focusing instead on fundamental analysis and long-term value [13]. - In the current information-saturated environment, the competitive advantage for investors is not in acquiring information quickly, but in maintaining patience, rationality, and a long-term perspective [13]. Group 3: Information Providers' Role - Information providers often operate on a business model that prioritizes capturing user attention, regardless of whether the information leads to sound investment decisions [14]. - The content provided is designed to attract and retain attention, which may not necessarily contribute to better investment outcomes [14]. Group 4: Approach to Information - It is crucial for investors to understand that knowing what not to do is often more important than knowing what to do, with the majority of the time being best spent doing nothing [16]. - The article highlights the importance of resisting the temptation to follow popular trends and instead focusing on sound investment principles [19][20].

Core Viewpoint - The rise of the "New Three Golds," consisting of money market funds, bond funds, and gold funds, reflects a shift in investment preferences among young people, moving away from traditional savings to diversified asset allocation [1][3][4] Group 1: Investment Trends - Over 21 million users are expected to adopt the "New Three Golds" by the end of 2025, with nearly half being young individuals [1] - The decline in bank deposit interest rates has made traditional savings less attractive, prompting young investors to seek alternatives [1][3] - The combination of high liquidity, stable returns, and risk mitigation offered by the "New Three Golds" aligns with the investment needs of younger generations [1][3] Group 2: User Experience and Accessibility - The "New Three Golds" are characterized by low entry barriers, ease of operation, and a user-friendly experience on internet financial platforms [3] - Intuitive design and transparent performance metrics enhance the investment experience, making it more accessible and less intimidating for young investors [3] Group 3: Financial Literacy and Planning - The adoption of the "New Three Golds" signifies a growing financial literacy among young people, who are increasingly focused on proactive investment strategies rather than passive savings [3][4] - Financial institutions are urged to shift from product-centric to customer-centric approaches, emphasizing innovation, service enhancement, and refined risk management to meet the evolving needs of consumers [4]

■ 邢 萌 其次，上市公司要夯实内在投资价值，中介机构要勤勉尽责，为市场提供优质资产供给。 建设长期投资生态，关键在于重塑以优质资产为核心的市场价值体系。上市公司、中介机构作为资产的 创造者与守护者，其行为直接决定资本市场的"资产成色"。 上市公司要立足主业、强化治理，以真实透明的经营与可持续的成长夯实价值基础；中介机构需恪尽职 守，严把准入关口并强化持续监督，确保资产供给质量。二者共同筑牢市场信任根基，推动形成"优质 资产吸引长期资金、长期资金培育优质资产"的良性循环，持续增强资本市场吸引力。 日前，中央金融委员会办公室、中央金融工作委员会在《求是》杂志发表《锚定建设金融强国目标 走 好中国特色金融发展之路》强调，"建设培育鼓励长期投资的资本市场生态"。 一个成熟的资本市场，离不开长期资金的坚实支撑。长期资金既是熨平市场短期波动、增强资本市场韧 性的"压舱石"，更是为科技创新、产业升级和基础设施建设输送稳定资金的"助推器"，能够加速新旧动 能转换，为经济高质量发展注入持久动力。 笔者认为，建设培育鼓励长期投资的资本市场生态，是应时应势的战略之举，既契合了资本市场深化改 革的内在需求，也回应了产业转型的现实呼 ...

2025年5月，中国证监会正式印发《推动公募基金高质量发展行动方案》（以下简称《行动方案》）， 明确提出"加强透明度建设"的改革任务。在业内人士看来，随着行业二十余年来的持续发展，公募基金 信息披露标准体系不断健全，对于提升行业规范性和透明度、保护投资者合法权益起到了重要作用，但 在实践中也暴露出一些问题亟需解决。 近日，中国证监会就《公开募集证券投资基金信息披露内容与格式准则第2号—定期报告的内容与格 式》（以下简称《准则》）向社会公开征求意见，中国证券投资基金业协会同步就《证券投资基金信息 披露XBRL模板》（以下简称《XBRL模板》）征求行业意见。 信披内容更加突出"以投资者为本"的理念。《行动方案》明确提出要综合展示产品中长期业绩、业绩比 较基准对比、投资者盈亏情况等信息。据此，基金业协会将在本次《XBRL模板》中，要求管理人在年 报、半年报、季报中新增产品过去7年、10年中长期业绩，不再披露过去1个月的业绩，引导行业更加注 重"长期投资、价值投资"理念；同时，要求管理人在年报、半年报中披露过去1年主动管理的股票型和 混合型基金盈利投资者占比情况。 此外，监管导向上更加偏重提升投资行为稳定性。当前，部 ...

Core Viewpoint - The article emphasizes the importance of avoiding blind chasing of rising stocks in the frequently rotating A-share market, advocating for a more prudent investment strategy focused on reasonably valued sectors [1][3]. Group 1: Market Dynamics - Following a collective surge in the photovoltaic sector on February 4, a significant adjustment occurred on February 5, leading to substantial losses for investors who bought at high prices [1]. - The frequent rotation of sectors in the A-share market is highlighted as a key characteristic, with different sectors influenced by various factors at different times [1][2]. - Investors attempting to chase hot sectors often find themselves at a disadvantage, as the rapid rotation can lead to missed opportunities and increased trading costs [1][2]. Group 2: Investment Strategy - Waiting for opportunities in reasonably valued sectors is presented as a wiser investment strategy, as these sectors have a better alignment between price and intrinsic value, providing a safety margin [2]. - Long-term prospects for reasonably valued sectors are positive, as they are likely to experience upward movement when market conditions improve [2]. - Investors are advised to remain vigilant about macroeconomic conditions, policy changes, and industry dynamics while waiting for favorable investment opportunities [2][3].

2026.02.05 本文字数：1126，阅读时长大约2分钟 作者 |第一财经 黄思瑜 春节前最后几个交易日里，近20家沪市公司将合计发放258亿元春节红包。从2025年12月起至春节前， 沪市合计发放的分红金额合计将突破3476亿元。 在业内看来，银行股在分红节奏和分红频次上的变化，成为"春节前分红"政策落地的一个直观体现，让 投资者更早、更清晰地看到现金回报，无疑是一种对于投资者持股感受的提升与优化。 除了银行业外，还有较多传统行业公司在春节前向投资者发放现金红包，包括长江电力 （600900.SH）、达仁堂（600329.SH）等在内的多家公司将在春节前最后一周内发放现金红包。 其中，长江电力将于2月12日发放2025年中期分红，合计派发超过51亿元。该公司自2016年在国内率先 做出10年期高比例现金分红承诺。根据承诺，2016年至2020年每年每股现金分红不低于0.65元；2021年 至2025年每年现金分红比例不低于当年净利润的70%。近五年，长江电力现金分红金额总计达976.90亿 元。 2月4日晚间，达仁堂也发布了2025年季度权益分派实施公告，将每股派发现金红利2.45元（含税），共 计派发 ...

Core Viewpoint - The article highlights the significant cash dividends being distributed by companies in the Shanghai stock market, particularly focusing on the banking sector, which is leading the trend of pre-Spring Festival cash distributions to investors [3][4]. Group 1: Cash Dividends Distribution - Nearly 20 companies in the Shanghai market are set to distribute a total of 25.8 billion yuan in cash dividends before the Spring Festival [3]. - From December 2025 to the pre-Spring Festival period, the total cash dividends distributed by the Shanghai market will exceed 347.6 billion yuan, with 321.8 billion yuan already distributed by February 5 [3]. - Industrial Bank is set to distribute over 11.9 billion yuan in cash dividends to A-share investors, with a per-share cash dividend of 0.565 yuan (tax included) [3]. Group 2: Banking Sector Performance - The banking sector is the main contributor to cash distributions, with nine banks, including Industrial Bank, Jiangsu Bank, and China Merchants Bank, announcing a total of nearly 70 billion yuan in cash dividends for the first half of 2025 [3][4]. - China Merchants Bank announced a cash dividend of approximately 25.5 billion yuan (tax included) for A+H shares, with a distribution ratio of 35% [3]. Group 3: Other Industries - Other traditional industries are also participating in cash distributions, with companies like Yangtze Power and Da Ren Tang planning to issue cash dividends before the Spring Festival [4]. - Yangtze Power will distribute over 5.1 billion yuan in cash dividends on February 12, having committed to a high cash dividend ratio since 2016 [4]. - Da Ren Tang announced a cash dividend of 2.45 yuan per share (tax included), totaling 1.887 billion yuan, with a cumulative cash dividend of 5.117 billion yuan since its listing [5]. Group 4: Regulatory Environment and Investor Sentiment - Industry insiders note that the continuous strengthening of cash dividend regulations and disclosure requirements by regulatory authorities is enhancing shareholder return awareness among listed companies [6]. - Investors are increasingly inclined to choose companies that can withstand economic cycles and are willing to consistently return value to shareholders, marking a significant trend in value investing [6].