文 | 银行螺丝钉 （转载请注明出处） 而如果遇到下跌的时候感到恐慌，往往 说明这个时候你投的钱可能超出自己的 心理承受能力了。 投的钱越多，心理压力越大。这时候可 能就容易头脑一昏,做出错误的决策。 因此,最好用长期不用的闲钱投资,这笔 钱是遇到下跌你也不慌的金额。 说一个极端的例子，就是这笔钱哪怕打 水漂了，你也不会觉得心疼的那种。 这种程度的资金,做长期投资更容易坚 持下来。 有偏离自己制定的投资计划。 第二是我们在定投的时候，要综合考虑自 己的心理承受能力和投入的资金量。 定投开始时投入的钱不多，所以心理压 力会小一点。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

警惕"高收益陷阱"：年化超6%需谨慎，超8%大概率是骗局，正规金融机构从不会承诺"保本高收益"。拒绝资金错配：应急钱不投封闭产品，购房款不碰高 风险资产，避免急用钱时被迫亏损赎回。 先完成再完美，是理财的第一课。用1000元开展微创业，实践商业闭环，小成本试错比一辈子不敢行动强。 应急金管理：这部分资金要保证绝对安全和高流动性，货币基金投资于国债、央行票据等短期低风险资产，历史上从未亏损，适合1-3个月要用的短期 资金。 低风险资产配置：应急金之外的资金，可拿出40%配置R2级银行固收理财（年化2.5%-4%）或3年期国债（年化2.5%-3%），这些产品都有国家信用背 书，风险极低。 分散投资原则：避免将所有资金投入单一产品，建议采用"50%保本资产+30%稳健增值+20%长期成长"的配置比例，既能守住本金，又能获取合理收 益。 定投纪律：每月定投1500元，5年总投入9万，到期本息可达11万+，关键是要坚持长期持有，避免情绪化操作。 隐形复利工具：个人养老金账户年抵税1.2万，投资养老基金还能享长期增值，相当于给未来多一份保障。 持有期限管理：债券基金建议持有半年以上、指数基金定投3-5年，才能平滑短期波动 ...

Group 1 - The article emphasizes that different regional stock markets do not move in unison, allowing investors to seize more investment opportunities by understanding multiple markets [2] - Global investment can significantly reduce volatility risk, highlighting the benefits of diversifying investments across different markets [2] - A free course is offered to teach methods for investing in global stock markets through index funds, aiming to share the long-term gains of global markets [2][3] Group 2 - The article discusses the difference between systematic investment (定投) and phased investment (分批建仓), clarifying that systematic investment involves regularly converting cash flow into financial assets [4][5] - Phased investment is a technique where investors divide their capital into smaller portions to mitigate risk, commonly used by fund managers during the initial stages of a new fund [5]

Core Viewpoint - The article emphasizes the importance of two key abilities in investment: the ability to earn money and the ability to save money, highlighting that these are distinct skills that impact financial success [5][7]. Group 1: Investment Strategies - Dollar-cost averaging (定投) does not require timing the market; instead, it focuses on regular investments regardless of market conditions [3]. - Investors can choose to buy undervalued assets during market dips, which is a strategic approach to dollar-cost averaging [3]. - The essence of dollar-cost averaging is converting human capital into financial assets through consistent investment [3][4]. Group 2: Saving and Spending Habits - The ability to save money is crucial, as demonstrated by examples of individuals who earned significant wealth but failed to manage it effectively post-retirement [6][7]. - Spending habits are influenced by the source of wealth; unexpected gains often lead to less cautious spending compared to earned income [11][12]. - It is recommended to control lifestyle inflation, ideally keeping increases in living expenses within 150% of previous spending levels after financial gains [14]. Group 3: Savings Rate Insights - A household savings rate of 20% is considered a benchmark for financial health, with higher savings rates correlating with wealth and income levels [18][19]. - The article provides statistics showing that the top 1% of earners save 51% of their income, while the lowest 20% save only 1% [19]. - A practical tip for increasing savings is to match spending with investment, such as buying an asset equivalent to the amount spent on a luxury item [20][21]. Group 4: Summary of Investment Tasks - The two main tasks in investment and financial management are to work diligently to increase savings rates and to consistently invest in undervalued quality assets [22].

文 | 银行螺丝钉 （转载请注明出处） 不同地区股票市场不是同涨同跌的。了解多个股票市场，投资者可以把握更多的投资机会。 全球投资还可以显著降低波动风险。 那么，如何做好全球投资，分享全球市场长期上涨的红利呢？ 这里有一门限时免费的福利课程，介绍了通过指数基金投资全球股市的方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 全球 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 坝阿刺用指数基金 投资金球时时 aw 长按添加@课程小助手,回复「全球」 a 免费领取《全球指数投资指南》课程 更有课程笔记、思维导图 帮你快速搞懂全球指数投资, 分享全球市场长期上涨的红利 (2) 德姆斯 GI英里为用，主动者在巴黎语语，EA-3%(年 阿拉斯基金和30.2%/有，在的新英影歌剧M-8 - - would be manufacial in the manager of the manager 基金有风险,投资需谨慎 und #螺丝钉小知识 银行螺丝钉 定投, 要择时吗? 通常有两种行为，可能会被市场认为是 择时。 一种是根据估值来投资。比如说，某个 股票指数基金,估值比较高，就不买入 ...

Core Insights - The article emphasizes the growing popularity of "Fixed Income +" investment products, which combine traditional fixed income assets with a small portion of equities or convertible bonds to achieve stable returns while reducing volatility risk [5][6][7]. Group 1: Investment Strategies - "Fixed Income +" funds typically include secondary bond funds and mixed bond funds, which leverage the negative correlation between stocks and bonds to enhance returns [5]. - The demand for "Fixed Income +" products is expected to rise as traditional fixed income yields decline, prompting investors to seek alternatives that offer stable returns without increasing risk [6]. - The strategy of "Fixed Income +" focuses on asset allocation between stocks and bonds, with a rebalancing approach that allows for capturing average annual returns while minimizing overall volatility [8]. Group 2: Market Trends - The article discusses the impact of declining interest rates on investment choices, highlighting that lower yields on traditional savings and bonds have led investors to explore "Fixed Income +" options [6][10]. - It notes that the current market conditions, characterized by a recovery in corporate earnings, could support continued market growth if the positive trend persists [22]. Group 3: Consumer Behavior - The article addresses the psychological aspects of consumer spending during events like "Double Eleven," suggesting that awareness of behavioral biases can lead to more rational consumption decisions [10]. - It introduces the concept of self-restraint as a method to improve investment patience, advocating for strategies like dollar-cost averaging to enhance long-term investment outcomes [10][26]. Group 4: Financial Products - The "365-day advisory portfolio" has recently achieved new highs, primarily investing in bond funds and outperforming average returns in its category [19]. - The article also highlights the importance of understanding different investment styles, such as growth versus value stocks, and their respective strategies for profit-taking [24][25]. Group 5: Educational Resources - The article provides links to various educational resources, including a PDF compilation of essential articles for further learning on investment strategies and market analysis [2][4]. - It also mentions the release of a new edition of a well-regarded investment book, which has gained significant attention in the market [29][31].

Group 1 - The core idea of the article emphasizes the importance of systematic investment, particularly through regular contributions to financial assets, which can be achieved without needing unlimited cash flow [15][17][30] - The article discusses that every working individual is essentially engaging in a form of systematic investment through mandatory contributions to social security and pension plans [6][7][8] - It highlights that additional investments in stock funds are necessary to enhance long-term returns beyond traditional savings [9][10] Group 2 - The article explains that systematic investment does not require infinite cash flow, as it is closely tied to the individual's "human capital" which generates cash flow [18][19][30] - It outlines a typical investment timeline, suggesting that the primary period for systematic investment is from age 25 to retirement, allowing for approximately 1800 weekly investments or 450 monthly investments [27][31] - The article also notes that with increasing life expectancy and aging populations, future generations may have the opportunity to make even more systematic investments [28][29] Group 3 - The article contrasts systematic investment with the concept of phased investment, where investors may choose to invest a lump sum over time to mitigate volatility risks [39][41] - It explains that phased investment involves using existing capital, while systematic investment relies on future income streams that are not currently available [48][49] - The article concludes by suggesting that understanding how to increase available funds for systematic investment is crucial for effective financial planning [49]

Core Viewpoint - The article introduces the book "Continuous Investment," emphasizing the importance of consistent investment without timing the market to achieve financial freedom through cash flow accumulation [2][4]. Group 1: Investment Strategies - The book discusses two common behaviors associated with market timing: investing based on valuation and predicting future market trends [6][9]. - It highlights that systematic investment (定投) is inherently non-timing based, focusing on regular investment intervals regardless of market conditions [12][22]. - The article suggests maintaining discipline in systematic investment, recommending a comfortable frequency such as weekly or monthly [13]. Group 2: Market Conditions and Investor Behavior - The article notes that from 2022 to 2024, a prolonged bear market occurred, with over 94% of investors using active selection strategies remaining profitable by 2025 Q3 [14][15]. - It emphasizes the importance of sticking to a systematic investment plan during market downturns to mitigate panic and emotional decision-making [15]. - The article illustrates that during high market valuations, investors can adjust their systematic investment to include other asset classes, such as bonds, instead of equities [16][22]. Group 3: Real-World Examples - The article references Warren Buffett's investment strategy, which involves using cash flow from his numerous private companies to fund systematic investments, adjusting asset allocation based on market conditions [16]. - It compares investment strategies to grocery shopping, where purchasing decisions are based on current prices rather than fixed choices, advocating for flexibility in investment selections [20]. - The article concludes that long-term investment success is more about having capital available than about timing the market [21].

Core Viewpoint - The article discusses the concept of self-restraint in financial management, emphasizing the importance of limiting immediate consumption to ensure long-term financial stability and investment opportunities [2][3]. Group 1: Passive Restraint - The pension system serves as a form of passive restraint, where a portion of monthly income is allocated to pensions, ensuring a basic quality of life in retirement despite lower long-term returns compared to other investment options [4][6]. - This system is crucial for societal stability, as it prevents individuals from spending all their income immediately, which could lead to financial difficulties in old age [5][6]. Group 2: Self-Restraint Methods - Dollar-cost averaging (定投) is highlighted as a self-restraint method that helps individuals accumulate assets over time, similar to pensions, despite not being the highest yielding investment strategy [7][9]. - This method encourages patience in investing and acts as a forced savings mechanism, preventing immediate spending of received funds [8][9]. Group 3: Additional Tips - Practical tips for overcoming immediate gratification include weekly allowances for children instead of monthly, being cautious with credit card and loan usage, maintaining a budgeting habit, and setting aside a portion of every expenditure for investment [10][11]. - Recognizing the tendency for immediate gratification is the first step towards implementing these strategies effectively [11].

Market Overview - The Shanghai Composite Index has surpassed the 4000-point mark, leading to a surge in sectors like liquor and tourism, which rose over 5% [1][9] - The current market environment is characterized by volatility, with the index's upward trend supported by a bullish moving average system [3][5] Policy and Economic Signals - Recent favorable policies, such as the Ministry of Industry and Information Technology's action plan for high-quality development of computing power infrastructure, are boosting confidence in the high-tech sector [5][7] - Continuous support from the capital market, including improvements in the STAR Market's market-making system and facilitation of financing for tech companies, is strengthening the underlying support for the market [5] Industry Dynamics - Domestic computing power and chip sectors are experiencing significant developments, with SMIC's capacity utilization rate rising to 85% and a leading company reporting a 30% performance improvement in its latest computing server [7] - The trend of domestic substitution in technology is becoming irreversible, reinforcing the positive outlook for this sector [7] Liquor and Tourism Sector Analysis - The recent rise in the liquor sector is attributed to a short-term rotation of funds rather than a fundamental shift in the industry, with October's sales data showing a 5% month-on-month increase but a 2% year-on-year decline [9][11] - The tourism sector is experiencing similar dynamics, with both sectors benefiting from a rotation of funds rather than a significant improvement in their fundamentals [11] Market Liquidity and Trading Strategy - The recent trading volume in A-shares has stabilized around 2.1 trillion yuan, which is insufficient to support a broad market rally [12][15] - A daily trading volume of 2.5 trillion yuan or more is typically required to sustain a strong index performance, indicating that current liquidity can only support selective sector activity [15] Investment Strategy Recommendations - Investors are advised to focus on quality sectors and avoid chasing trends, as the speed of sector rotation has increased significantly [18][20] - Emphasis should be placed on long-term investment in core sectors like domestic computing power and chips, utilizing a dollar-cost averaging strategy to mitigate risks [18][21] - Maintaining a conservative position and avoiding excessive leverage is crucial in a volatile market environment [20]