Core Viewpoint - The article discusses the valuation of global stock indices, U.S. Treasury indices, and the performance of various markets, highlighting the recent trends in stock markets and the contrasting behavior of gold prices. Group 1: Global Stock Market Performance - The global stock market has continued to rise, recovering from a short-term drop in early April, with global indices returning to around 3.5 stars after previously falling to 4.1-4.2 stars [1] - U.S., European, and Asian stocks have generally increased, with Hong Kong's Hang Seng Index rising over 2% this week, recovering losses from the tariff crisis [1] - The Hang Seng Index has outperformed the A-share large-cap index by 20% since the beginning of the year, with the healthcare and technology sectors in Hong Kong also outperforming their A-share counterparts by 20% [1] Group 2: Gold Market Trends - Despite the rise in global stock markets, gold has experienced a downturn, correcting approximately 9% since its peak in early April [1] - The strength of the U.S. dollar and its impact on real interest rates have been significant factors influencing gold prices, with a strong dollar generally being unfavorable for gold [1] Group 3: Investment Strategies and Products - The article mentions the availability of global stock index funds in overseas markets, which total over a trillion dollars, but notes the lack of such funds in mainland China [8] - A "Global Index Advisory Portfolio" has been introduced, which diversifies investments across U.S., UK, Hong Kong, and A-share indices to track global stock market performance [9] - The article also highlights the release of a new edition of "The Long-Term Investment Guide," which emphasizes the importance of stock assets for wealth accumulation over the long term [11][12]

将"5·15全国投资者保护宣传日"活动与"防范非法证券期货基金宣传月""民法典宣传月"等活动深度 融合，引导理性投资，护航幸福生活；联合北京证券交易所开展"直达服务行千里、理性投资进万家"投 教活动，走进社区、投教基地与投资者面对面座谈交流，传递理性投资理念；与大连商品交易所合作举 办"中小同行—助力客户成长，守护市场初心"投资者教育专项活动，为中小投资者普及期货品种基础知 识，讲解非法证券期货活动识别与防范，充分提示风险。 认真总结近年来辖区投资者保护、投教基地建设、投教宣传和纠纷调解等方面的工作成果，制作微 视频在长春欧亚卖场大屏幕循环播放，并在活动现场放置《站稳人民立场 践行金融为民》宣传展板， 从不同角度积极展示投保工作丰硕成果，进一步提升投资者获得感和认同感，强化投资者信心。 中证报中证网讯（记者 宋维东）在"5·15全国投资者保护宣传日"之际，吉林证监局按照证监会统一 部署，积极组织辖区市场主体认真开展系列活动，深入贯彻中央金融工作会议精神，全面落实新"国九 条"，有效保护投资者合法权益。 吉林证监局坚持以投资者为本，积极构建多部门联动投保新格局，联合国家金融监督管理总局吉林 监管局，组织辖区银行 ...

在"5.15全国投资者保护宣传日"之际，为推动中长期资金入市，构建指数化投资高质量发展生态，提升 服务投资者的能力，上海证券交易所召开专题座谈会，与多家基金销售机构代表深入交流。各与会机构 均表示，去年以来，投资者加速通过ETF进行布局，指数基金用户显著增长。上交所表示，将与市场各 方加强合作，凝聚共识，共同推动指数化投资生态高质量发展。一方面，强化理念宣导，加强推广投教 合作，加快培育形成长期投资、价值投资、理性投资理念；另一方面，营造良好生态，建立良性有序、 健康发展的行业文化，优化投资研究、市场推广等资源配置，从"重规模"向"重回报"转变，深入践行以 投资者为本的理念，多措并举提升投资者保护与服务质效，增强投资者获得感，夯实金融强国建设投资 者基础。(智通财经) ...

2025年5月15日，是第七个"全国投资者保护宣传日"。这一由中国证监会于2019年设立的节日，旨在通 过全国联动、形式多样的活动，将"理性投资、价值投资、长期投资"的理念深植人心，构建"规范、透 明、开放、有活力、有韧性"的资本市场生态。七年来，宣传日主题从"筑牢注册制改革基础"到"推动高 质量发展，提振投资者信心"，始终紧扣时代脉搏。这一宣传日不仅标志着资本市场对投资者权益保护 的深化，更如一座灯塔，照亮了通往成熟、稳健市场的道路，让理性投资成为护航经济航船的压舱石。 作为一家深耕行业二十载的专业证券投资咨询机构，国诚投顾始终以"教育为帆"，将投资者教育融入企 业基因，助力投资者在波涛汹涌的金融市场中筑起"理性长城"。然而，金融市场从不是风平浪静的港 湾，暗流与礁石始终考验着每一位投资者，非法金融活动始终在暗处窥视着投资者的财富。 常见的非法金融活动 1.非法集资陷阱 指未经国务院金融管理部门依法许可或者违反国家金融管理规定，以许诺还本付息或者给予其他投资回 报等方式，向不特定对象吸收资金的行为。不法分子常假冒民营银行、非融资性担保企业等名义，或打 着境外投资、高新科技开发、"养老"等旗号，甚至以高价回购 ...

（文章来源：证券时报网） 本次活动是宁波资本市场践行以投资者为本理念的生动实践，也是培育中国特色金融文化、夯实行业高 质量发展基础的一项举措。投资者保护是一项长期性、系统性工程，宁波资本市场将以此次活动为契 机，持续创新宣传形式，凝聚各方合力，筑牢投资者保护防线，为持续稳定和活跃资本市场贡献更大力 量！ 上午8时许，活动在热烈的氛围中拉开帷幕。宁波证监局、鄞州区人民政府相关负责人出席启动仪式并 为活动鸣笛。随着鸣笛声响起，全体参与者沿环湖路线正式出发。沿途设置了5个"投保知识加油站"， 由甬兴证券、光大证券浙江分公司、浙商证券宁波分公司、中信证券宁波分公司、招商证券宁波中山东 路营业部等单位承办。参与者行至廊河文化馆、国家安全主题公园教育馆、鄞州四明金融小镇等打卡点 时，通过趣味问答、案例解析等形式完成互动任务，进行集章打卡。活动全程以寓教于乐的方式普及投 资者权益保护、防非反诈等知识，让投资者保护理念深入人心。 活动主广场同步设立25个集中宣传展位，54家证券期货经营机构通过发放宣传手册、一对一咨询等形 式，向周边社区居民宣传资本市场改革发展成就、投资者保护工作成果和为民办实事的亮点举措，同时 以案说法普及 ...

Core Viewpoint - The article emphasizes the transition of the asset management industry from scale expansion to value creation, driven by the "Three Investments" philosophy, which aims to reshape the capital market to better serve the real economy [1][4]. Group 1: Industry Challenges - The asset management industry faces significant challenges, including a "trust deficit" in public funds, a mismatch between the large scale of bank wealth management and its low equity allocation, and difficulties in insurance asset management regarding long-term investment mechanisms [2]. - There is a struggle for asset management institutions to balance long-term value creation with short-term performance assessments, as well as the need to meet both client demands and the pressures of market performance [2]. Group 2: Differentiated Strategies - Public funds are adopting "counter-cyclical services" to rebuild trust, with firms like Huatai-PB embedding "client holding periods" into assessments and Wanji Fund encouraging regular investments during market downturns [3]. - Bank wealth management is shifting from fixed income to a "low volatility and stable+" strategy, with institutions like Bank of Communications Wealth Management extending product durations and balancing risk and return through various strategies [3]. - Insurance asset management is innovating internally, with firms like Taiping Asset increasing the weight of long-term assessments to 60%, thereby creating more space for technology investments [3]. - The trust industry is leveraging its institutional advantages, with Shanghai Trust using "wealth account trusts" to facilitate intergenerational wealth transfer and long-term investments [3]. - Brokerage asset management is focusing on a "buy-side perspective" to reshape the ecosystem, with firms like Zhongtai Asset Management implementing three-year assessment cycles [3]. Group 3: Implementation of the "Three Investments" Philosophy - The Shanghai Asset Management Association has released 18 quantitative indicators to provide a practical evaluation framework for the "Three Investments" philosophy, while evaluation institutions are promoting models that separate "ability from luck" and advocate for a balance between "scale and performance" [3]. - The recent issuance of the "Action Plan for Promoting High-Quality Development of Public Funds" by the China Securities Regulatory Commission underscores the need for industry institutions to prioritize investor interests and shift focus from scale to investor returns [4]. Group 4: Future Outlook - The article suggests that the current economic transition in China requires "long money" to support breakthroughs in sectors like semiconductors, new energy, and artificial intelligence, while also addressing the demand for stable returns in wealth management [4]. - The successful implementation of the "Three Investments" philosophy is viewed as a long-term project essential for cultivating new growth drivers in the capital market [4][5].

推动中长期资金入市，培育耐心资本，既是深化资本市场投融资综合改革的需要，也是推动科技创新、 产业升级和高质量发展的重要举措。 30万亿银行理财在参与资本市场过程中，如何在践行"三投资"理念，壮大长期投资力量的同时，实现稳 健投资收益，提升投资者获得感？ 在近日由上海证券交易所、上海资产管理协会和第一财经共同推出的"资管行业践行'三投资'理念优秀 实践"系列访谈中， "我们对接下来资本市场的投资机会持积极乐观的态度。"交银理财多资产投资部总经理高歌结合政策支 持、基本面向好、市场环境优化、上市公司理念实践变化等因素提到，当下资本市场预期和生态都已明 显改善，理财公司等机构投资者不仅要会"借风使舵"，更要有穿越风暴的信心和勇气。 发挥稳健投资优势，全生命周期陪伴提升投资者体验 新"国九条"对资管机构的投研能力和产品创新服务都提出了更高要求，不仅督促树立"理性投资、价值 投资、长期投资"理念，还提出了从规模导向向投资者回报导向转变，把投资者获得感放在更重要位置 的要求。 强调投资者回报对理财行业意味着什么？高歌认为，理财产品与公募基金存在多方面不同。首先，理财 产品定位是以稳健投资、绝对收益为导向；其次，理财资金能 ...

资产管理不在朝夕之盈，而在长远之兴。 公募基金的留客之道 近年来，A股市场结构化行情愈演愈烈，赚钱难度有所增加，投资者与机构均面临着挑战。一方面，投 资者在海量投资产品与复杂市场环境中，陷入"既怕踏空又恐踩雷"的焦虑，追涨杀跌成为常态；另一方 面，机构在投入大量资源"摇人"拓客后，如何将短期资金沉淀为长期投资，实现从"拉新"到"留客"的跨 越，成为行业高质量发展的关键。 在近期上海证券交易所、上海资产管理协会和第一财经联手推出的"资管行业践行'三投资'理念优秀实 践"系列访谈中，公募基金业内人士就如何做好投资的风险管理、破解"短钱困局"，给出了自己的答 案。 风险管理筑牢基石 随着A股市场结构化行情持续演绎，板块轮动速度显著加快，热点切换犹如"走马灯"。Wind数据显示， 今年1月，有色金属行业以4.47%的涨幅领涨申万一级行业；2月计算机板块接力冲高后，随即陷入长达 两个月的回调周期；3月家用电器行业单月涨幅超4%，却在4月迎来5.65%的回调。 这种高频次、大幅度的行业轮动，让普通投资者难以捕捉投资节奏，追涨杀跌现象屡见不鲜。每当市场 出现阶段性上涨，投资者情绪迅速升温，增量资金跑步入场，但急涨后的回调往 ...

Core Viewpoint - The "Three Investment" concept can enhance the efficiency of resource allocation in capital markets, directing funds towards enterprises with long-term development prospects, thereby achieving rational resource distribution [1] Group 1: Investment Strategies in Hard Technology - The importance of the hard technology sector, such as semiconductors and integrated circuits, has increased due to changes in the international competitive environment, characterized by high growth potential, high technical risks, and high market uncertainties [1][4] - Institutions are encouraged to adopt innovative approaches like PE, S funds, and mergers to create new investment pathways that are risk-controlled and adaptable to timeframes [1][5] - Value investment is defined as discovering and creating value, which goes beyond traditional metrics like market share and ROE, especially in early-stage investments [2] Group 2: Investment Examples and Trends - In 2018-2019, China's integrated circuit imports exceeded $300 billion, surpassing crude oil as the largest import commodity, highlighting the significant impact of the semiconductor industry [3] - The investment team at Zhongbao Investment has invested over 5 billion yuan in the semiconductor sector, recognizing its foundational role in supporting emerging technologies like digital economy and AI [3] Group 3: Challenges and Solutions in Hard Technology Investment - Insurance funds face challenges in investing in hard technology due to the sector's high growth potential and rapid technological iterations, which complicate the investment research system [4] - S funds are identified as suitable investment vehicles for insurance capital, offering clearer underlying assets and potentially higher annualized returns [5] - The REITs market presents significant investment potential, with only 58 listed REITs valued at 170 billion yuan, indicating a low asset securitization rate of less than 0.6% [5][6] Group 4: Future Directions and Strategies - Zhongbao Investment is expanding its REITs portfolio into advanced production assets, aiming to cultivate high-risk assets into stable cash flow generators [6] - A comprehensive investment strategy is essential for alternative investments like REITs and S funds, requiring attention to macroeconomic stability, industry research foresight, and the capabilities of decision-makers [6]

Core Viewpoint - The public fund industry has undergone a significant trust crisis over the past five years, with active equity funds experiencing a decline in scale and reputation, necessitating a shift towards a more investor-centric approach in marketing and management practices [1][4][8]. Group 1: Industry Performance and Trends - The active equity fund market reached a peak of 6.16 trillion yuan in 2021, a 177% increase from 2019, but is projected to shrink to 3.43 trillion yuan by the end of 2024, a 44% decrease [3]. - The average annual return for active equity funds was 53.57% in 2020, dropping to -19.2% in 2022 and -11.78% in 2023, reflecting a significant decline in performance [3]. - In the first quarter of this year, despite a 3.86% average return for active equity funds, net redemptions reached 693.04 million units, indicating ongoing investor skepticism [4]. Group 2: "Three Investments" Concept - The "Three Investments" concept (rational investment, value investment, long-term investment) is seen as essential for addressing the industry's trust issues and improving investor experience [1][2][4]. - The promotion of the "Three Investments" concept aims to reduce short-term speculation, enhance resource allocation, and stabilize the market [2]. - The transition from a scale-oriented approach to one focused on investor returns is crucial for sustainable industry development, emphasizing the importance of performance and service quality [4][5]. Group 3: Investor Trust and Experience - The shift in investor behavior from "high entry" to "deep entrapment" and "micro-redeem" highlights deficiencies in product management, marketing strategies, and investor education [6]. - Enhancing customer-centric demand response and solution capabilities is vital for rebuilding investor trust [6]. - The industry is encouraged to establish long-term assessment mechanisms that prioritize customer experience and retention over short-term performance metrics [7][8].