曾经幻想暴富，现实变成暴负，投资只能慢慢变富～ 以下文章来源于做配置的小雪 ，作者做配置的小雪 ↑点击上面图片 加雪球核心交流群 ↑ 上周，两融余额突破了2万亿元，创近10年新高。 你觉得牛市来了吗？ 牛市，听起来很美好，很振奋人心：06-07年沪指翻了4倍多，19-21年，明星主动基金经理业绩也翻了2倍多。 这是市场的涨幅，那我们个人投资者呢？ 据统计，在2015年的牛市中，资产规模低于50万的散户，累计亏损金额达2500亿元，亏损幅度达30%，而这部分投资者占账户总数的85%。 牛市 只让很少的人赚钱，但是让更多人亏损甚至破产，牛市并没有大家想象的那么美好。 一、 牛市 比 熊市 更容易亏钱 我们倾向于认为，牛市遍地都是钱，熊市才会亏钱。但事实是，牛市的剧烈波动、板块的快速轮动，更容易让我们做出错误操作。比如： 1、越涨越 加仓 牛市在质疑声中上涨。 在牛市初期，由于你的谨慎，投入的本金并不多。 但是随着市场上涨，伴随媒体渲染、更多人赚到钱，你也越来越坚信牛市来临，并且逐渐投入越来越多的本金。 但是，风险在上涨中逐步累积。 你在高位投入的资金，所承担的风险要远远大于低位时投入的资金。 这种越涨越买的加仓方 ...

京东金融依托京东肯特瑞基金有限公司，致力于为投资者提供安全、便捷、智能的投资服务。平台汇聚 了市场优质的基金产品，涵盖货币基金、债券基金、混合基金、股票基金等多种类型，满足不同风险偏 好投资者的资产配置需求。 在市场机遇与专业服务的双重推动下，投资者参与基金投资的热情持续升温，京东金融平台基金业务呈 现量质齐升的良好态势。数据显示，截至2025年7月底，京东金融平台基金新增用户数同比增长58%， 基金交易用户数同比增长47%，反映出平台交易活跃度的持续提升。 近日，A股市场延续强势，三大指数均创年内新高，市场交投活跃度显著提升。8月12日，京东金融举 办"秋聚丰势启新程——京东财富15理财日投资策略会"，汇聚头部基金公司专家，共同探讨全球资产配 置新机遇与财富管理服务升级路径。京东金融数据显示，平台年轻投资者占比持续攀升，25-35 岁群体 占比40%、18-25 岁群体占比 20%，95后及00后等Z世代成为基金投资增长力量。 投资者热情高涨年轻用户成平台增长主力 深化基金服务转型 构建专业服务生态 京东金融始终坚持"好产品、好服务、好体验"的理念，持续深化基金领域布局，从"基金销售平 台"向"资产配置服务 ...

Economic Indicators - The 1-year Federal Reserve Financial Conditions Index (FCI-G Index) dropped to -0.4, the lowest since July of last year, indicating strong monetary policy support for corporate output and employment[9] - The 3-year FCI-G Index fell to -0.7, the lowest since April 2022, suggesting limited necessity for rate cuts compared to last year[9] Market Trends - As of August 8, the S&P 500 Index EPS growth reached 10%, significantly exceeding the expected 4%, reflecting robust U.S. economic growth[10] - Broad dollar speculative positions shifted from short to long, with net long positions reaching 31,000 contracts, the highest since April this year[10] Credit Market Developments - The proportion of banks tightening credit standards for large and medium-sized enterprises decreased from 18.5% to 9.5%, and for small enterprises from 15.9% to 8.2%[21] - The European Central Bank's deposit facility rate was reduced from 2.75% to 2%, yet broad credit expansion remains sluggish, with Eurozone M3 growth dropping to 3.3%, the lowest since September last year[17] Risk Premiums - The equity risk premium (ERP) for the CSI 300 Index is at 5.1%, one standard deviation above the 16-year average, indicating potential for valuation uplift[22] - The 10-year Chinese government bond arbitrage return is at 19 basis points, 49 basis points higher than December 2016 levels, suggesting favorable conditions for leveraged bond market strategies[27] Currency and Commodity Insights - The 3-month USD/JPY basis swap stood at -17.9 basis points, indicating a relaxed offshore dollar financing environment post-tariff adjustments[29] - The copper-to-gold price ratio fell to 2.9, while the offshore RMB exchange rate rose to 7.2, signaling diverging trends in global demand and currency valuation[34]

京东金融依托京东肯特瑞基金有限公司，致力于为投资者提供安全、便捷、智能的投资服务。平台汇聚了市场优质的基金产品，涵盖货币基金、债券基金、 混合基金、股票基金等多种类型，满足不同风险偏好投资者的资产配置需求。 在市场机遇与专业服务的双重推动下，投资者参与基金投资的热情持续升温，京东金融平台基金业务呈现量质齐升的良好态势。数据显示，截至2025年7月 底，京东金融平台基金新增用户数同比增长58%，基金交易用户数同比增长47%，反映出平台交易活跃度的持续提升。 从用户结构看，平台基金投资者呈现鲜明的年轻化特征：25-35岁的投资者占比约40%，18-25岁的投资者占比约20%，二者合计占比超半数，成为基金投资 的重要增长力量。 近日，A股市场延续强势，三大指数均创年内新高，市场交投活跃度显著提升。8月12日，京东金融举办"秋聚丰势启新程——京东财富15理财日投资策略 会"，汇聚头部基金公司专家，共同探讨全球资产配置新机遇与财富管理服务升级路径。京东金融数据显示，平台年轻投资者占比持续攀升，25-35 岁群体占 比40%、18-25 岁群体占比 20%，95后及00后等Z世代成为基金投资增长力量。 投资者热情高涨年轻 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Views - The report highlights the recent performance of precious metals, with gold rising by 1.24% and silver by 3.79% due to the easing of panic following weaker non-farm data [5] - Copper prices increased by 1.40% this week, benefiting from improved economic sentiment in the US [6] - The lithium market is experiencing a significant price surge due to potential supply constraints, with expectations of prices reaching 65,000 to 90,000 yuan per ton in the near future [7] - Cobalt prices are expected to rise as procurement of high-priced raw materials increases among manufacturers [8] - The rare earth market is showing signs of improvement, with exports increasing by 21.4% year-on-year in July [8] Summary by Sections Section 1: Market Performance - The non-ferrous metal sector saw a weekly increase of 5.24%, ranking third among sectors [17] - The top five stocks in the sector this week included Huaguang New Materials and Ningbo Yunsheng [18] Section 2: Prices - Basic metals saw price increases: LME copper up 1.40%, aluminum up 1.69%, zinc up 3.83%, lead up 1.49%, and tin up 1.17% [20] - Precious metals also saw gains: COMEX gold up 1.24% and silver up 3.79% [20] Section 3: Inventory - Global visible copper inventory increased by 19,482 tons, while aluminum inventory rose by 2,716 tons [33]

【纠错】 【责任编辑:刘睿祎】 随着我国经济的快速发展，居民收入持续增加，个人及家庭的财富管理需求迎来爆发式增长。为了 更好保护投资者权益，助力做好财富管理，新华网联合泓湖百世共同打造的投资者教育系列视频访谈节 目《泓湖财富观》上线，节目通过专业、丰富的讲解，为广大投资者普及证券金融、财富管理的专业内 容，并结合市场趋势，对投资者进行资产配置理念、政策法规、投资者权益和责任、风险揭示和防范等 方面的知识普及。 本期泓湖百世全球家族办公室董事长康朝锋分享"信托在家庭理财中的重要作用"话题。 ...

Group 1: Monetary Policy and Economic Indicators - The Federal Reserve's financial pulse growth index (FCI-G Index) for 1-year dropped to -0.4, the lowest since July last year, indicating strong monetary policy support for corporate output and employment[4] - The 3-year FCI-G Index fell to -0.7, the lowest since April 2022, suggesting that the necessity for rate cuts this fall is not as pressing as last year[4] - As of August 8, the S&P 500 index EPS growth reached 10%, significantly exceeding the expected 4%, reflecting robust U.S. economic growth[7] Group 2: Market Positioning and Speculation - Broad dollar speculative net positions shifted from short to long, with net long positions reaching 31,000 contracts, the highest since April this year[7] - The speculative net short positions in S&P 500 mini contracts decreased to 119,000, a two-month low, after a significant increase in July[10] - The overall credit standards of U.S. commercial banks marginally eased, with the percentage of banks tightening credit for large enterprises dropping from 18.5% to 9.5%[15] Group 3: European Economic Conditions - The European Central Bank has cut rates three times this year, yet broad credit and bank lending in the Eurozone have not expanded significantly, with M3 growth dropping to 3.3%, the lowest since September last year[13] - The Eurozone's non-financial corporate credit growth fell to 2.3%, indicating a need for further ECB rate cuts[13] Group 4: Risk Premium and Investment Returns - The equity risk premium (ERP) for the CSI 300 index is at 5.1%, one standard deviation above the 16-year average, suggesting potential for valuation uplift[17] - The forward arbitrage return for China's 10-year government bonds is 19 basis points, 49 basis points higher than December 2016 levels, indicating attractive returns[21] - The total return ratio of domestic stocks to bonds is 25.1, above the 16-year average, enhancing the appeal of equity assets over fixed income[29]

Core Insights - The article emphasizes the importance of selecting good companies, waiting for reasonable prices, and maintaining long-term investments in the stock market [1][9] Investment Returns - Over the past decade, investments in A-shares yielded nearly five times returns, averaging an annualized return of 16%, which is below the target of tenfold returns set ten years ago [1][2] - A 10% annualized return is significantly more beneficial compared to the current bank interest rates of around 2% [2] Investment Approach - The article advocates for a serious approach to stock investment, highlighting that stocks represent ownership in companies rather than mere trading instruments [3][4] - It suggests that understanding financial statements and key performance indicators (KPIs) is crucial for evaluating companies [7] Long-term Investment Strategy - The long-term performance of various investment assets shows that stocks, particularly those of leading companies, provide substantial returns, with some companies achieving an annualized return of 27.18% [6][7] - The article encourages young investors to set clear investment goals and adopt a diversified asset allocation strategy to mitigate risks [8][9] Recommended Investment Practices - Young investors are advised to start with index funds and gradually explore sector-specific ETFs to benefit from different industry growths [9] - The importance of global investment opportunities is highlighted, suggesting that young investors should not limit themselves to domestic markets [9]

Group 1: Strategy and Market Outlook - The report maintains a tactical overweight view on A-shares and US stocks for August, driven by improving risk appetite and favorable macroeconomic conditions [4][5][20] - The strategic asset allocation (SAA) plan is set with a target allocation of 45% equities, 45% bonds, and 10% commodities, with a maximum deviation of 10% [4][19] - The tactical asset allocation (TAA) plan forecasts a 2025 annualized return of 55%, with a Sharpe ratio of 1.65, suggesting strong performance in equity assets [5][20] Group 2: Construction Industry Insights - Historical reviews of three central Xinjiang work conferences indicate significant price elasticity for construction companies in the Xinjiang region, with notable stock price increases following these events [7][9] - Xinjiang's fixed asset investment grew by 16.2% in the first five months of 2025, with industrial investment increasing by 22.8%, particularly in wind and solar energy projects [8] - The establishment of the New Tibet Railway Company with a registered capital of 95 billion yuan is expected to boost infrastructure projects in Xinjiang, with a total investment plan of 3.47 trillion yuan for 500 key projects [9][10] Group 3: Aerospace Industry Developments - The report highlights a critical shortage in China's rocket launch capacity, which is a bottleneck for low Earth orbit satellite deployment [11][13] - The acceleration of low Earth orbit satellite networks is emphasized, with a target of deploying approximately 23,000 satellites by 2030, necessitating significant improvements in rocket launch capabilities [13][14] - The development of reusable rockets and liquid fuel technologies is identified as essential for enhancing launch capacity and reducing costs [14]

Group 1 - Brazil's gold exports surged by 60% year-on-year in the first half of 2025, driven by increased attractiveness of gold as a value reserve due to U.S. tariff policies [1] - The mining trade surplus in Brazil reached $16.01 billion, accounting for 53% of the national trade surplus, with mineral exports totaling $20.1 billion and imports at $4.1 billion [1] - Gold is recognized as a strategic mineral by multiple countries, highlighting its importance in Brazil's key mineral policy formulation [1] Group 2 - The spot price of gold in London has increased by 3.31% since August, with December futures reaching a record high of $3,534.1 per ounce on August 8 [2] - The share of gold in global foreign exchange reserves has been gradually increasing, with the IMF reporting that the dollar's share has declined to 57.4% as of Q1 this year [2] - Central banks' gold purchases, while slowing in Q2 2025, remain significantly higher than the average from 2010 to 2021, indicating sustained demand amid geopolitical tensions and economic uncertainty [2] Group 3 - Gold investment is viewed as a reliable long-term store of value, effectively hedging against inflation risks [3] - Historical data shows that while gold prices may fluctuate in the short term, the long-term trend is upward, ensuring the preservation of asset value [3] - The increase in official gold reserves globally reflects a long-term asset allocation strategy to safeguard national wealth [3]