Group 1 - The core mechanism of systematic investment plans (SIPs) involves "fixed time + fixed amount + fixed target," achieving two main functions [2] - SIPs are compared to one-time investments, showing that SIPs can accumulate more low-cost shares during market downturns, leading to higher returns during market rebounds [4][5] - A practical example illustrates that a monthly investment of 1,000 yuan over six months can yield a net profit of 2,299.53 yuan, resulting in an actual return rate of 38.33% [6][10] Group 2 - Basic and enhanced strategies for SIPs include valuation strategies that adjust investment amounts based on historical price-to-earnings (PE) ratios, which can improve annualized returns [9] - Common misconceptions about SIPs include the belief that they can operate completely automatically, which is not true; regular performance reviews are necessary [14] - The article emphasizes the importance of selecting quality assets and allowing sufficient time for compound interest to work, aligning with Warren Buffett's investment philosophy [18]

Core Viewpoint - The announcement details the agreement between Caitong Securities Asset Management Co., Ltd. and Industrial Bank Co., Ltd. regarding the launch of regular investment and fund conversion services for the Caitong Asset Management CSI Interbank Certificate of Deposit AAA Index 7-Day Holding Period Securities Investment Fund starting from September 1, 2025 [1] Group 1: Fund Investment and Conversion Services - Starting from September 1, 2025, investors can initiate regular investment and fund conversion services for specified funds through Industrial Bank [1] - Fund conversion allows investors to transfer all or part of their holdings in one fund to another fund managed by the same management company [1] - The conversion service will only be available for funds that are registered with the same registration agency and managed by the same fund manager [2] Group 2: Fund Conversion Rules - Both funds involved in the conversion must be redeemable and subscription-eligible at the time of the conversion request [2] - The conversion price is based on the net asset value of the funds on the day the conversion request is accepted [2] - The conversion process follows a "first in, first out" principle regarding the registration dates of the fund shares [3] Group 3: Conversion Fees and Calculations - Conversion fees consist of the redemption fee from the outgoing fund and any difference in subscription fees between the incoming and outgoing funds [4] - The redemption fee is calculated based on the outgoing fund's redemption rate and the number of shares being converted [5] - The formula for calculating the conversion amount and shares is provided, ensuring transparency in the fee structure [6] Group 4: Important Notes for Investors - Investors engaging in regular investment through Industrial Bank will adhere to the same fee rates as those for subscriptions [7] - Specific rules and discount rates for the investment services will be determined by Industrial Bank [7] - Investors are encouraged to review the fund's legal documents and announcements for detailed information on risks and returns [7]

Core Viewpoint - The article highlights the significant performance of A-shares, which surged by 5.4%, contrasting with declines in US and Japanese markets, indicating a clear divergence in global asset performance [1][4][5]. Market Performance Review - A-shares: Increased by 5.4%, leading global markets [4]. - US stocks: Decreased by 1.2% [8]. - Japanese market: Declined by 2.1% [8]. - Hong Kong stocks: Rose by 2.6% [8]. - Indian market: Slight increase of 0.4% [8]. - Vietnamese market: Experienced a decline [8]. - Overall, A-shares' strong performance stands out against the backdrop of global market adjustments [5]. Investment Portfolio Performance Peace of Mind Bond - The Peace of Mind Bond portfolio achieved a modest increase of 0.26% [8]. Smart Investment Global Version - The Smart Investment Global Version portfolio rose by 0.72%, reaching a new historical high, with a cumulative return of 12% for the year [11]. Lazy Balanced Investment - The Lazy Balanced Investment portfolio increased by 0.52%, with a cumulative return of 8.36% year-to-date, surpassing its target range of 6%-8% [15]. Summary of Investment Strategies - The article emphasizes the importance of maintaining defensive strategies in global asset allocation, especially in light of the contrasting performances of A-shares and other markets [5]. - The strong performance of the investment portfolios reflects effective strategies in navigating market volatility and achieving returns above expectations [11][15].

（原标题：超级股票全明星业绩翻倍 跟投用户盈利占比近100%） A股市场近期表现强劲，上证指数连续突破3700点和3800点，创下近十年新高，沪深两市总市值首次突 破100万亿元。在市场屡破新高之际，中欧财富的超级股票全明星交出了一份令人满意的答卷。截至目 前，策略累计业绩达102.28%。全明星智慧跟投账户盈利占比已接近100%。（数据来源中欧财富，截至 2025年8月25日，盈利客户占比98.18%） 逆势布局 三年定投画出"微笑曲线" 中欧财富的全明星智慧跟投计划于2022年4月推出，当时A股跌破3000点，市场投资情绪低落。中欧财 富推出全明星智慧跟投计划，旨在用专业投资管理和投顾陪伴的方式带领投资者一起科学定投，力争穿 越周期。 过去超三年，全明星智慧跟投持续带领用户在周期低位默默布局，伴随用户走过漫长的低位煎熬，坚定 逆市加仓的勇气。时至今日，全明星智慧跟投的主理人实盘收益已达26.40%，相较一笔买入超级股票 全明星实现了21.52%超额收益。（数据来源：中欧财富，wind,2022/7/28-2025/8/26） 回顾过去三年多的市场表现，整体处于震荡偏弱的环境，虽然其中不乏结构性的投资机会， ...

Core Viewpoint - The market is experiencing style rotation, with different styles showing performance at various stages, while value style tends to be more stable during market fluctuations [4][5]. Market Performance - The market index reached a peak of 4.2 stars during the day but closed at 4.3 stars, indicating a slight pullback [1][2]. - Large-cap stocks experienced a decline, while small-cap stocks showed minimal volatility [3]. - The recent market trend indicates that consumer sectors have started to gain momentum [9]. Investment Strategies - The Free Cash Flow Index, which had been underperforming, has recently started to gain traction and is currently undervalued, approaching normal valuation levels [6][7]. - The "Monthly Salary Treasure" product, which has a significant value style component, also saw an increase today [8]. - The investment strategy includes pausing contributions to the index-enhanced advisory portfolio as it returns to normal valuation, while continuing regular investments in the actively selected advisory portfolio [15]. Personal Pension Fund Insights - The recent performance of the China Securities A500 and China Securities Dividend indices has returned to normal valuation, leading to a pause in contributions until they become undervalued again [22][23]. - The A500 index has shown a profit of 17% and the Dividend index approximately 7% over the past seven months of investment [23]. Valuation Metrics - The article provides a detailed valuation table for various indices, highlighting metrics such as price-to-earnings ratio, price-to-book ratio, and dividend yield for different investment products [24][31]. - The investment star rating system indicates that a 5-star rating represents the best investment stage, while a 1-star rating indicates a bubble phase [33].

Core Viewpoint - Fund regular investment is a suitable investment method for lazy investors, and understanding how to effectively implement it is crucial [2][3]. Preparation and Planning - Before starting regular investment, it is important to prepare adequately and formulate a solid investment plan [2]. - A free course is available to help investors understand these aspects better [2][3]. Investment Techniques - **Patience in Holding**: Long-term holding correlates positively with profit levels. The longer the holding period, the higher the average return for investors. A-share listed companies have an average annual profit growth rate of around 10%, with excellent companies and industries showing even higher growth [5]. - **Minimize Trading Frequency**: Frequent trading leads to lower profitability. Data shows that 54% of investors trade less than once a month, achieving a profit rate of 55% with an average return of 18%. In contrast, those trading more than ten times a month have only a 20%-30% profit rate and an average return of 2%-4% [9]. - **Consistent Regular Investment**: Investors who adhere to regular investment strategies have a higher profit rate and average return compared to those who do not. This method significantly enhances the investment experience [10].

Core Viewpoint - The article serves as an introductory guide for beginners interested in fund investment, emphasizing the importance of understanding different types of funds and investment strategies before starting to invest [1][4]. Fund Categories and Characteristics - The article categorizes funds into three main types: - Money Market Funds: 1%-2% long-term annualized return, extremely low risk, suitable for managing short-term funds [8]. - Bond Funds: 4%-6% long-term annualized return, moderate risk, suitable for managing funds not needed for 1-3 years [8]. - Stock Funds: 10%-11% long-term annualized return, higher risk with potential fluctuations of 30%-50%, suitable for managing funds not needed for 3-5 years [8]. Investment Strategy: Dollar-Cost Averaging - Dollar-cost averaging is recommended as a suitable method for beginners to start investing in funds. The four steps include: 1. Determine the investment amount, typically 20% of monthly income [9]. 2. Select fund types based on recommendations from the "Banking Screw" public account [9]. 3. Create a plan detailing the investment schedule and rules [9]. 4. Execute the plan consistently [9]. Services Offered - The "Banking Screw" public account provides various services to assist investors: - Daily articles covering investment knowledge, strategies, and market insights [10]. - A platform for users to ask questions and receive timely responses [11]. - A star rating system to assess the investment environment [12]. - An index valuation table updated daily to help evaluate investment opportunities [14]. - Investment advisory combinations and practical investment plans for ease of investment [15]. Challenges of Dollar-Cost Averaging - While dollar-cost averaging appears simple, maintaining consistency can be challenging due to market fluctuations and personal circumstances [18][19].

Core Viewpoint - The global market continues to exhibit a "strong stocks, weak bonds" pattern, with stock markets generally rising while bonds and gold are under pressure [1][3]. Weekly Market Review - Global stock markets saw widespread increases, with notable performances from Japan and A-shares. The Shanghai Composite Index and CSI 300 rose by 2.84%, while the Hang Seng Index increased by 1.08% [2][4]. - Non-equity assets faced downward pressure, with the overall bond market declining by 0.56% and U.S. 20-year+ Treasury bonds falling by 1.12% [4][6]. Performance of Investment Portfolios - The "Rui Ding Tou Global Version" portfolio reached a new high, with a year-to-date return of 11.19%. The portfolio has shown consistent performance, with returns of 13.13% in 2023 and 7.87% in 2024 [6]. - The "Lazy Balanced" portfolio increased by 0.53% this week, achieving a cumulative return of 7.80% year-to-date. The portfolio aims for an 8% return by year-end [9]. - The "Peace of Mind Bond" portfolio decreased by 0.42% this week, with a year-to-date return of only 0.58%. This portfolio is designed for defensive positioning and aims to mitigate significant losses during market downturns [12]. Future Outlook - The company remains cautious about future market conditions, aiming to maintain existing gains and avoid missing out on opportunities. The target is to secure a return of over 10% for the year [6][9].

Core Viewpoint - The A-share market experienced a slight decline after reaching the historical high of 3731 points in 2021, raising questions about investment opportunities and strategies for those who bought funds at that peak [1][4]. Market Performance - The three major indices in the A-share market closed lower today, with a trading volume close to 2.6 trillion yuan. Sectors such as liquor, real estate, and automobiles led the gains, while insurance and brokerage sectors saw a pullback [3][4]. - Analysts suggest that significant trading volume often leads to high volatility, and the current market remains active with no clear signs of capital withdrawal [3]. Fund Performance Since 2021 - Funds purchased at the 3731-point peak have shown varied performance, with some funds gaining over 200% since then. However, many investors are still waiting to break even [4][6]. - As of August 2025, the market has returned to around 3700 points, but many individual stocks have not recovered to their previous highs, indicating a disparity between index performance and individual stock performance [8]. Strategies for Investors - For investors whose funds have not yet returned to break-even, it is advised to maintain a rational approach and consider shifting from chasing hot stocks to a balanced allocation strategy. This includes dynamic adjustments to portfolios and setting stop-loss limits [9][12]. - Dollar-cost averaging through systematic investment plans can help reduce costs over time, especially during market downturns [9][10]. Market Outlook - The current market is characterized as a "healthy bull" market, supported by government policies and increasing capital inflows. This environment is expected to foster continued market confidence and potential upward movement [12][13]. - Investors are encouraged to adopt a balanced approach, using a "core-satellite" strategy to manage risk and avoid overexposure to any single investment [16][18].

Core Viewpoint - The Shanghai Composite Index has reached a new high, surpassing 3700 points, marking the highest level in the past decade since the bull market of 2015 [1][2]. Market Analysis - The recent upward trend in the A-share market has raised questions among investors about whether the market is overvalued. While it may seem expensive compared to previous bear market levels, it is essential to compare it with other investment assets [2]. - The equity risk premium indicates that stocks remain competitively priced compared to bonds, with current levels near the median of the past five years [3]. - The dividend yield of the A-share market suggests that, under conservative assumptions, the overall valuation is not significantly overvalued, remaining at the five-year average [5][6]. Valuation Insights - As of August 8, the overall dynamic price-to-earnings ratio (PE) of A-shares is 21 times, while excluding financial and oil sectors, it rises to 35 times, indicating that certain segments may be overheated, particularly the ChiNext and CSI 2000 indices, which have PE ratios around 140 times [6][12]. - The performance of small-cap stocks in the Hong Kong market also shows signs of overheating, raising concerns about potential risks for investors [7]. Historical Context - The 2015 bull market serves as a cautionary tale, where many investors were drawn to high-performing small-cap stocks, which later underperformed. In contrast, quality leading companies tend to provide sustained value creation over market cycles [10][12]. Investment Strategy - A diversified asset allocation strategy is recommended, focusing on quality funds and maintaining liquidity to manage risks and seize opportunities during market corrections [14][15]. - For investors looking to enter the market now but concerned about future performance, a systematic investment plan (SIP) approach is suggested, allowing for disciplined investment without attempting to predict short-term market fluctuations [14][15].