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如何给投资者稳稳的幸福?从“收益竞技”到“风险适配”,加大这些基金的创设力度
券商中国· 2025-06-09 04:00
Core Viewpoint - The article emphasizes the need for the public fund industry in China to enhance investor experience and satisfaction through the development of low-volatility and asset allocation products, as highlighted in the recent regulatory action plan by the China Securities Regulatory Commission [1][4]. Group 1: Current Challenges in the Fund Industry - The public fund industry faces a contradiction between rapid growth and poor investor experience, with many funds focusing on high-volatility strategies that ultimately lead to significant losses for investors [2][3]. - Since 2021, the CSI Equity Fund Index has experienced a maximum drawdown exceeding 40%, indicating the risks associated with high-volatility equity products [2]. - Investors are increasingly seeking stable returns and manageable volatility, as traditional fixed-income products fail to meet their wealth growth needs [3]. Group 2: Regulatory Response and Strategic Direction - The regulatory action plan aims to address investor demands for stable returns and better holding experiences, positioning "enhancing investor satisfaction" as a core measure of high-quality development [4]. - The plan includes increasing the creation of low-volatility products and asset allocation products as key initiatives to optimize product supply [4][6]. Group 3: Product Types and Market Potential - Low-volatility products include fixed income plus funds, convertible bond funds, and absolute return strategy funds, while asset allocation products encompass fund of funds (FOF), manager of managers (MOM), and target date funds [5][6]. - The market for low-volatility and asset allocation products is expected to recover, with FOF total scale surpassing 150 billion yuan by the end of Q1 2025 [5]. Group 4: Innovation and Development Strategies - To meet market demands, the industry must innovate in product design, utilizing artificial intelligence, introducing derivatives, and expanding cross-border asset allocation [1][11]. - Proposed innovations include AI-driven dynamic asset allocation strategies, quantitative fixed income products, and ESG-focused stable return products [12][13][14]. Group 5: Challenges in Product Creation - The industry faces challenges such as mismatched product design with market needs, severe product homogeneity, and insufficient research capabilities among fund companies [8][9]. - Investor education is crucial, as many investors lack understanding of the characteristics and risk-return profiles of low-volatility and asset allocation products, leading to poor investment decisions [10].
投资看起来简单,但却并不容易
Sou Hu Cai Jing· 2025-06-08 01:32
Group 1 - The core idea emphasizes that becoming a successful long-term investor is easier said than done, as it requires discipline and emotional control [4][6] - Historical data shows that the average annual return of stocks, adjusted for inflation, has been around 6% to 7% over the past two centuries, but future returns may be lower, around 5% [6][7] - Stocks are considered excellent long-term hedges against inflation, as they represent ownership of real assets [7][8] Group 2 - The risk associated with stocks decreases over time, while the risk of bonds increases, suggesting that long-term investors should hold a higher proportion of stocks [7][8] - Investing in low-cost, globally diversified index funds has historically outperformed most actively managed funds [8][9] - Value stocks have historically provided better returns and lower risk compared to growth stocks, indicating a potential strategy for portfolio adjustment [8][9] Group 3 - A strict investment plan is essential to maintain focus and avoid emotional trading, especially during market fluctuations [12][15] - The book suggests that investors should seek professional advice to help construct and maintain a diversified investment portfolio [17][18] - The overarching theme is that stocks remain the best avenue for wealth accumulation over the long term, a view that has persisted since the book's first edition [18]
血泪教训,一个赌徒的自白
雪球· 2025-06-07 03:48
风险提示:本文所提到的观点仅代表个人的意见,所涉及标的不作推荐,据此买卖,风险自负。 作者: 东安湖xiaohu 来源:雪球 端午节 , 晚上和家人亲戚喝了点酒 , 想说的其实早就在构思 , 只是趁着酒劲晕乎乎的写了出 来 。 一是深刻剖析自己 , 二是自己淋过雨 , 也想为他人撑把伞 。 希望写的东西能让很多人 看到 , 前事不忘 , 后事之师 。 一 、 故事梗概 " 小镇做题家 " , 211本科 , 985硕士 , 体制内 ( GWY ) , 1 : 7杠杆 ( 自己存款 30W+父母给的38W+XFD45w+最高融资账号100W+ ) , 炒股亏损25W , 父母痛心 , 暂离 股市 。 二 、 初进股市 记得我初进股市还是我读研的时候 , 时间大概在2019年 , 当时没多少钱 , 就买了几千块 , 然后就一直放着不动 , 也没过多关注 , 当时也没想在股市赚啥钱 , 纯粹就是想着要懂得理财 投资 , 买的股也是蓝筹股华能水电 , 毕竟自己专业相关 , 买了水电股 。 后面的确没咋关注 , 也忘记是何时卖的 , 没有亏钱 。 三、 工作后逐渐加钱 疫情期间 , 加上自己能力有限 , 趁着东风 , ...
长期投资和短期投资哪种更好?如何找到适合自己的投资节奏?
Sou Hu Cai Jing· 2025-06-06 02:19
Group 1 - The article discusses the debate between long-term and short-term investment strategies, likening them to different approaches in purchasing groceries [1] - Long-term investment is compared to planting a tree, emphasizing its benefits such as smoothing out short-term market volatility and the power of compound interest [1][3] - Short-term investment is likened to a sprint, highlighting its advantages like strong liquidity and the ability to quickly capitalize on market opportunities [3][6] Group 2 - Long-term investment requires patience and confidence in the chosen investment, as poor choices can lead to significant losses [3][6] - Short-term investment carries risks due to market volatility and requires constant market monitoring, which can be challenging for many [6][9] - The choice between investment strategies should be based on individual financial situations, risk tolerance, and investment goals [8][9]
险资最新动向:持续进军商业地产,扎堆成立私募基金
Group 1 - Sunshine Life, along with partners, has established a joint venture to acquire 100% equity in 48 Wanda Plaza projects across major cities in China, with the transaction receiving unconditional approval [1] - This acquisition reflects a trend where insurance companies are increasingly investing in commercial real estate, with Sunshine Life having previously acquired at least six Wanda Plaza projects [1][3] - Insurance companies are becoming a significant force in China's commercial real estate market, with direct investments reaching $9.3 billion from 2022 to 2024, ranking first in the Asia-Pacific region [1] Group 2 - The enthusiasm for commercial real estate investments by insurance funds is driven by the stability and attractive returns of high-quality projects, especially in the current low-interest-rate environment [2][3] - In 2025 Q1, insurance funds have made substantial investments in various commercial real estate sectors, including long-term rentals and retail properties, indicating a shift in asset allocation strategies [3][4] Group 3 - The decline in bond yields has pressured insurance funds to diversify their investments, leading to increased interest in real estate and alternative assets [4] - Insurance funds are exploring various investment channels in commercial real estate, including public REITs, private equity funds, and asset securitization products [4] Group 4 - Insurance companies have significantly increased their stock market investments, with a net purchase of nearly $39 billion in Q1 2025, marking the highest quarterly increase in recent years [5] - The focus on high-dividend stocks, particularly in the banking sector, has been a strategic move by insurance companies in response to the declining interest rates [6] Group 5 - The expansion of long-term investment reform trials for insurance funds has accelerated, with new participants and increased funding amounts, indicating a growing trend towards private fund establishment [7][8] - Recent initiatives have led to the establishment of multiple private funds by major insurance companies, emphasizing long-term and value investment strategies [9][10]
精彩抢先看| 价值与投资——向智向新 与资本市场共成长
第一财经· 2025-06-04 08:50
首期 节目 聚焦央企自主创新与产业升级,邀请一批资本市场改革中的排头兵,分享与资本市场同频 发展的故事 。 东方电气集团董事会秘书、总审计师冯勇,上海石化董事、副总经理黄翔宇,华润双 鹤董事会秘书、副总裁刘驹 将介绍 各自企业的生动实践案例。同时,国泰海通研究所副所长邓勇、 中证指数公司市场服务部副总经理胡威也将作为特邀嘉宾,与上市公司嘉宾进行互动交流 。 为更好服务于中国资本市场深化改革,强化 "投融两端同频共振", 上海证券交易所和第一财经联合 发起的 《价值与投资》栏目将 在 2025年的主题策划中, 坚持践行 "三投资"(即理性投资、价值 投资、长期投资)理念引领,强化央国企、科创板企业等上市公司的示范效应,深化买方机构与指数 公司的专业赋能,通过访谈对话、线下沙龙等形式,搭建监管机构、上市公司、研究机构、投资机构 的交流平台,为上市公司搭建精准传递投资价值的专业平台,更为投资者提供"听得懂、信得过"的 投资逻辑。 此次活动实况记录将于 2025年6月5日15:00在第一财经官网/APP同步上线,敬请期待。 直播链接 : https://yicai.smgbb.cn/live/ 102643181 . ...
精彩抢先看|秒懂金融·资管行业践行“三投资”理念优秀实践系列访谈之兴证全球基金
第一财经· 2025-06-04 08:37
为贯彻中央金融工作会议精神和新 " 国九条 " 部署要求,大力推动中长期资金入市,树立理性投 资、价值投资、长期投资的理念, 2024 年,由中共上海市委金融委员会办公室和上海证券交易所 作为指导单位,上海资产管理协会组织会员单位中的资产管理机构,开展了首届资产管理行业践行 " 三投资 " 理念优秀实践展示活动。 为倡导 " 三投资 " 理念,帮助广大投资者加深对资管行业和管理人的理解,上交所、上海资产管理 协会和第一财经组织首届优秀实践资管机构接受访谈,共同打造了《秒懂金融 · 资管行业践行 " 三 投资 " 理念优秀实践系列访谈》专题节目,来自公募基金、银行理财、保险资管、信托公司、券商 资管等资管领域优秀实践展示机构的相关人士将分享 " 三投资 " 理念、实践经验以及所思所想。 "三投资"理念如何助力基金行业突破现状?如何把"三投资"理念贯穿到日常投资过程中,实现客户 利益优先?如何从产品、服务、品牌等多个维度发力,为投资者带来多样化的产品? 本期节目邀请到 兴证全球兴益债券、兴全可转债混合、兴全有机增长混合基金基金经理虞淼,兴证 全球基金投顾组合主理人高鹏翔,兴证全球基金风险管理部总监助理郑超胜。 节 ...
每经热评|支持积极股东积极作为 有效提升上市公司治理水平
Mei Ri Jing Ji Xin Wen· 2025-06-02 12:22
想要成为积极股东,必须满足两个关键条件。 其一,长期持股的资本基础:持股比例达到"举牌线"(5%)是重要门槛。当股东持股达到举牌线,按 照规定需披露资金来源、穿透后的实际控制人、增持股份目的等关键信息,这些信息为其他投资者的决 策提供了重要参考,举牌股东相当于为其他投资者提供了"搭便车"的便利,自身却无法从中受益,只有 通过积极参与公司治理,才能获取理想的投资回报。而且,达到举牌标准后,股份存在限售期,6个月 内不得进行反向操作,持股比例发生变动时也需及时公告,只有具备长期投资心态的资本才能够承受这 样的限制。 其二,主动治理的能力与意愿:相较于散户,举牌股东往往具备专业研究能力和资源整合优势。投票权 是股东参与上市公司治理的关键途径,但对于公众投资者而言,个体投票对股东大会决议的影响力微乎 其微,这使得许多散户放弃行使投票权,导致部分上市公司的股东大会沦为"大股东会"。与之不同的 是,举牌股东通常具备更专业的知识和更丰富的资源,能够积极参与投票。当遇到不符合中小股东权益 的议案时,积极股东能够凭借自身影响力团结众多小股东,对决议结果产生重要影响。 不过,为更好地支持上市公司引入积极股东,还需在制度层面给予更 ...
“股神”徐翔是一个怎么样的人?
Sou Hu Cai Jing· 2025-05-31 11:24
Group 1 - The article discusses the controversial yet significant figure of Xu Xiang, known for his unique investment style and long-term high returns, leaving a legendary mark in the investment community [2] - Xu Xiang's early life was characterized by hard work and a strong dedication to studying finance, which laid the foundation for his future success in the securities industry [5][6] - His investment firm, Zexi, was known for its aggressive trading style and strict performance standards, focusing on absolute returns while also considering relative performance [12][13] Group 2 - Xu Xiang's work ethic was highlighted by his dedication to studying the stock market for over 12 hours a day, demonstrating an intense focus that contributed to his investment success [8][9] - The firm Zexi employed a rigorous assessment method for its researchers, emphasizing the importance of stock recommendations that would yield immediate gains and maintaining strict stop-loss measures [13][14] - The article illustrates the concept of contrarian thinking in investing, where Xu Xiang often went against prevailing market sentiments, leading to successful outcomes [14][18] Group 3 - The case of Chongqing Brewery is presented as a classic example of Xu Xiang's investment strategy, where he capitalized on market misjudgments despite negative news, showcasing the psychological aspects of stock trading [17][18] - The narrative emphasizes the importance of resilience in the face of market volatility, as demonstrated by Zexi's ability to recover from significant losses due to unforeseen events [19]
平安获批设立私募基金 保险系证券私募再现新进展
Mei Ri Jing Ji Xin Wen· 2025-05-30 13:40
Group 1 - Ping An Asset Management has received official approval from the National Financial Regulatory Administration to establish Hengyi Holding (Shenzhen) Private Fund Management Co., Ltd. [1] - The first phase of Hengyi Holding's fund will have a scale of 30 billion yuan, focusing on "long-term investment and value investment" in high-quality listed companies that align with policy guidance and insurance capital allocation needs [2] - The registered capital of Hengyi Holding is 300 million yuan, and it will be located in Qianhai, Shenzhen [2] Group 2 - Several insurance companies have recently applied for or received approval to participate in long-term investment pilot programs [3] - The total balance of insurance funds in China reached 34.9 trillion yuan by the end of the first quarter of 2025, showing a year-on-year growth of 16.7% [4] - The proportion of stock allocation by insurance funds has increased, with life insurance companies reaching 8.4% and property insurance companies at 7.6%, marking recent highs [4] Group 3 - The trend of increasing stock allocation by insurance funds is a response to policy encouragement and aims to address investment bottlenecks [4] - High dividend stocks are expected to become a significant focus for insurance companies in the context of low interest rates, with an anticipated annual increase of 300 billion to 400 billion yuan in high dividend allocations over the next three years [4]