Core Viewpoint - The article emphasizes the importance of adopting a bull market mindset, urging investors to abandon bearish thinking and recognize the potential opportunities in the current market environment [3][5][18]. Group 1: Market Performance - Ningde Times has significantly influenced market performance, with its stock rising approximately 7% in Hong Kong and around 4% in A-shares, highlighting a valuation discrepancy between the two markets [1]. - The ChiNext Index rose by 0.83%, largely driven by Ningde Times, which contributed 0.84% to the index's gain, indicating that without this stock, the index would have shown no increase [2]. Group 2: Bull Market Thinking - The article outlines characteristics of bearish thinking, including a belief that the stock market lacks long-term investment value and a tendency to project personal negative experiences onto the broader market [6][7]. - It argues that maintaining a bearish mindset can lead to missed opportunities, particularly in the context of the current favorable macroeconomic conditions [8][18]. Group 3: Investment Trends - Key factors supporting a bullish outlook for the Hong Kong market include an unprecedented low interest rate environment, relaxed regulations for insurance capital investments, and a shift in supply dynamics between A-shares and Hong Kong stocks [9][10]. - Insurance capital has shown a trend of increasing equity investments, with the proportion of investments in stocks rising from 6.78% in Q1 2024 to 8.43% in Q1 2025, indicating a significant increase in capital allocation to equities [15]. Group 4: Sector Highlights - The article notes that gold and related stocks have performed well, with gold prices surpassing 3300 USD, driven by geopolitical tensions [24][25]. - It highlights the competitive advantage of Huaxia's gold ETFs, which have the lowest management fees in the market, potentially attracting more investors [26][29].

今晚加更一篇，聊一下基金投顾的事情，明晚也准备再加更一篇，主要是聊下昨天晚上，金融监管总局发布的，关于允许保险公司调整万能险产 品最低保证利率的重磅通知，兹事体大。 聊基金投顾，是因为 从去年4月开始跟投表韭系列组合以来 ，正好满1年了，做个总结和复盘，对个人投资者朋友而言，可以看下跟投思路，对 同业小伙伴而言，也和大家分享一些肤浅的感悟。 不知道从何聊起，就写成一篇流水账了，一条一条往下聊，聊到哪儿算哪儿。 文章最后，有抽奖环节 ，奖品由主理人平台国联证券提供，大家记得看到最后。 ...... 所以，跟投基金投顾这个事情，于我个人而言，肯定不是1年或2年的事情，假设能活到中国人的平均寿命，那毛估估， 至少投个30-40年，应该 没问题 。 所以，这个周年的回顾，打算每年写一篇，到时候写满30年的时候，就能自费出一本书了，《"基"荡三十年》。 2、组合业绩观察。 投资这件事上，大家最关心的，莫过于业绩——虽然，实际上，从长期收益的角度来看，同"资产配置"、"仓位选择"相比，底层具体标的的表现 差异，其实关系没有想象的那么大。 不过，还是帮大家跟踪一下吧，以下数据，均来自于天天基金app，截至今天。 整体来看， ...

Core Insights - The key role of asset allocation in investment returns is emphasized, accounting for 80% of the returns, while the remaining 20% pertains to specific investment targets and asset classes [3][6][7] - China Ping An's investment return rate reached 5.8% in 2024, a year-on-year increase of 2.2 percentage points, with the life and health insurance business achieving a return rate of 6.0%, up 2.4 percentage points year-on-year [7][10] - The company is undergoing an investment system reform in 2024 to enhance asset-liability linkage and maximize the removal of interest rate spreads, rather than pursuing high-risk returns [3][7] Investment Strategy - The investment strategy focuses on matching assets and liabilities, considering five core factors: cost, duration, product, economic cycle, and regulation [6][8] - The company aims to strengthen the integration of products and investments to optimize returns while managing risks effectively [3][7] Life Insurance Reform - Since 2019, China Ping An has been reforming its life insurance sector, achieving a new business value of 285.34 billion yuan in 2024, a year-on-year growth of 28.8% [10][11] - The company is transitioning from a large number of agents to a focus on high-quality agents, with a current agent team size of 36.3 thousand, down from a peak of 130 thousand [11][12] AI and Technology Integration - The emergence of AI applications, particularly through models like DeepSeek, is seen as a transformative force in the insurance industry, enhancing efficiency and decision-making [14][15] - China Ping An has made significant strides in integrating AI into its operations, with a focus on improving sales, service, and management processes [15][16] Market Outlook - Analysts, including Morgan Stanley, have upgraded China Ping An's rating to "overweight," citing strong financial performance and sustainable dividend growth [9] - The company is positioned to support the real economy through investments in new production capabilities and high-tech sectors [8][9]

如果要给今天的A股港股的韧性打个分的话， 满分100分，至少能得95分，强的让人感到陌生了。 理论上来讲，昨晚美股的中概股走成那样了，今天应该拉一坨大的才对，但恒生科技开盘跌了4%多，结果盘中拉红，最后也就只跌了1.5%而 已，而A股这边，则全天都比较亢奋，即使尾盘跳水，主要股指的跌幅也都在1%附近，远远好于隔夜美股的中概表现。 昨天，我们提到不可低估America First Investment Policy的影响，结果 美股开盘后，中概股血崩 ，因为昨晚相当于政策发布后，美股的第一个交 易日，所以不管怎么说，在外资看来，确实兹事体大。 昨晚纳斯达克中国金龙指数，跌超5%，其中阿里跌超10%，拼多多跌近9%，京东和腾讯都是跌7%以上，历史上看，都是极其惨烈的一天。 我们往大了看，今天市场没崩的主要原因，我觉得是在于强大的、看起来似乎无穷无尽的 南向买入资金 ——今天，南向净买入超过220亿，这相 当于过往三个交易日净买入之和，也是2021年初以后，南向净买入第二大的交易日，仅次于一周之前，2月18日的224亿，而算上今天的220亿， 南下今年2个月不到就累计买入港股突破2000亿了 ，很残暴。 这里，22 ...