Group 1 - A-shares experienced a narrow range of consolidation on April 28, with bank stocks strengthening, as China Construction Bank, Industrial and Commercial Bank of China, and Jiangsu Bank reached historical highs during the session [1] - The Shanghai Composite Index fell by 0.2% to 3288.41 points, while the Shenzhen Component Index and the ChiNext Index dropped by 0.62% and 0.65% respectively, with the CSI A500 down by 0.25% [1] - A-share trading volume was 1.08 trillion yuan, showing a slight decrease compared to the previous trading day [1] Group 2 - As of April 28, 2025, a total of 4706 listed companies in A-shares had disclosed their Q1 reports, with 2121 companies reporting a year-on-year increase in net profit attributable to shareholders, accounting for approximately 45.07% [1] - Dongwu Securities analyzed that the medium-term outlook for China's monetary policy is leaning towards "loose monetary" [1] - The People's Bank of China implemented an excess renewal of MLF in April, signaling liquidity adjustment and potentially paving the way for "moderate easing" [1] Group 3 - The A500 ETF fund (512050) tracks the CSI A500 Index, employing a dual strategy of industry balanced allocation and leading selection, covering all sub-sectors [2] - The fund utilizes a cyclical sampling method to maintain dynamic balance, closely tracking changes in China's economic structure, and integrating value and growth attributes [2] - This approach aims to help investors smooth out style-switching volatility and achieve one-click allocation of core A-share assets [2]

Group 1 - The report introduces a quantitative model solution for addressing the issue of value and growth style switching based on odds and win rates [1][8] - The recent performance of the growth style portfolio was 0.88%, while the value style portfolio achieved a return of 1.77% [1][8] Group 2 - The estimated odds for the growth style is 1.03, and for the value style, it is 1.07, indicating a negative correlation between relative valuation levels and expected odds [2][14] - The current win rates indicate that 3 out of 7 indicators favor growth, while 4 favor value, resulting in a win rate of 46.13% for growth and 53.87% for value [3][16] Group 3 - The investment expectation formula yields a value style investment expectation of 0.11 and a growth style expectation of -0.06, leading to a recommendation for the value style [4][18] - Since 2013, the annualized return of the style rotation model based on investment expectations is 26.20%, with a Sharpe ratio of 0.96 [4][18]

文 | 银行螺丝钉 （转载请注明出处） 基金2024年的年报更新完毕，螺丝钉也梳理了一下投顾组合基金经理池中，主动基金经理的年报。 包括基金经理的观点，以及基金的一些数据信息。 基金经理观点怎么看 基金经理在年报中会有两个主要的内容。 • 一个是回顾过去一年的投资； • 另一个是对未来市场的观点。 后者会更重要一些。 不同基金经理，对待这一部分的态度也不同。 • 有的基金经理会很详细的写很多，例如景顺长城的杨锐文，就以报告观点详细著称。 • 有的基金经理写的不多（可能投资做的不错，但在报告里不怎么解释）。 并且，基金经理因为投资风格不同，每个人的偏好自然会有区别。 例如： 所以，对基金经理的观点，也要辩证看待～ 我们把基金经理分成了几组。 1. 深度价值风格 深度价值风格，代表是巴菲特的老师格雷厄姆。 投资的特点是比较重视估值， 如低市盈率、低市净率、高股息率。 • 价值风格的基金经理，偏向于低估值的品种一些。 • 成长风格的基金经理会更看重品种的增长速度。 在指数中，对应的是「价值指数」和「红利指数」。 主要投资的是金融地产、能源，估值低的材料、可选消费、制造等行业。 收益的来源，一部分来自于企业的盈利增长 ...

Market Performance - On April 11, 2025, the three major indices closed higher, with the ChiNext Index rising by 1.36%[2] - The Shanghai Composite Index increased by 0.45%, and the Shenzhen Component Index rose by 0.82%[2] - The total market turnover was 1,348.481 billion yuan, a decrease of 260.706 billion yuan from the previous trading day[2] Sector and Style Analysis - Among 30 CITIC first-level industries, the top performers were Electronics (3.59%), Automotive (2.33%), and National Defense (1.30%)[20] - The worst performers included Agriculture, Forestry, Animal Husbandry, and Fishery (-3.10%), Consumer Services (-1.17%), and Coal (-1.14%)[20] - Growth stocks outperformed value stocks, with small-cap growth leading the performance rankings[20] Fund Flow Insights - On April 11, 2025, the net outflow of main funds was 3.621 billion yuan, with large orders seeing a net outflow of 9.974 billion yuan[3] - Small orders continued to see a net inflow of 16.564 billion yuan, indicating retail investor interest[3] ETF Trading Activity - Major ETFs such as the Huaxia Shanghai 50 ETF and the Huatai-PB CSI 300 ETF saw significant changes in trading volume, with the former increasing by 0.615 billion yuan and the latter decreasing by 2.167 billion yuan[28] - The total trading volume for ETFs was lower compared to the previous trading day, reflecting a cautious market sentiment[28] Global Market Overview - On April 11, 2025, the Hang Seng Index rose by 1.13%, while the Nikkei 225 fell by 2.96%[32] - European indices showed positive performance, with the DAX Index increasing by 4.53% and the FTSE 100 rising by 3.04%[32] - In contrast, major US indices experienced declines, with the Dow Jones Industrial Average down by 2.50%[32]

Group 1 - The report introduces a quantitative model solution for addressing the value-growth style switching issue based on odds and win rates [1][8] - The overall market growth style portfolio had a return of -0.55%, while the value style portfolio had a return of 0.18% in the last week [8] Group 2 - The estimated odds for the growth style is 1.01, while for the value style it is 1.03, indicating a negative correlation between relative valuation levels and expected odds [2][14] - The current win rate for the growth style is 31.12%, and for the value style, it is 68.88%, based on seven win rate indicators [3][17] Group 3 - The latest investment expectations calculated show a growth style expectation of -0.38 and a value style expectation of 0.40, leading to a recommendation for the value style [4][18] - Since 2013, the annualized return of the style rotation model based on investment expectations is 26.73%, with a Sharpe ratio of 0.98 [4][19]

文 | 银行螺丝钉 （转载请注明出处） 从历史数据看，指数增强基金的平均收益，多数年份是可以跑赢对应指数的。 但其中也有一部分跑输了指数，如果不谨慎挑选的话，也有可能买到的基金，实际上跑不赢指数。 那应该如何挑选优秀的指数增强基金呢？ 这里有一门限时免费的福利课程，介绍了指数增强基金的投资方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 指数增强 」领取哦 ～ ◆◆◆ 不过，红利也有低迷的阶段。比如到了2019 -2020年，成长风格强势。 当时成长风格指数两年翻倍，但红利指数只 是微涨，大幅跑输市场，红利类基金也被投 资者嫌弃。 那么，什么情况下，比较适合考虑红利类品 种呢? 对普通投资者,红利投资有两种定位。 (1) 把红利品种，作为投资组合中的价值 风格部分。 因为红利是典型的价值风格品种，熊市比较 抗跌，牛市的时候进攻性会弱一些。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 可以跟成长风格品种搭配。 (2) 看中红利指数的分红现金流。 低估的时候买入，此时股息率也比较高，长 期持有获得现金流。 此时就不在乎红利导不是跑赢古场，口更和 ...

文 | 银行螺丝钉 （转载请注明出处） 基金投顾，顾名思义，就是基金的投资顾问。 很多行业都有顾问，特别是一些专业性很强的行业。 例如， • 看病吃药，需要医生，医生就是顾问； • 有法律问题，需要律师，律师也是顾问。 基金投资也是如此。 基金投顾的诞生，正是为了解决基金行业存在的"基金赚钱，基民不赚钱"的问题。 那么，基金投顾有哪些优势？ 是如何通过"投"和"顾"，帮助投资者获得好收益的呢？ 这里有一门免费课程，详细介绍了基金投顾的相关知识。 长按识别下方二维码，添加@课程小助手，回复「 基金投顾 」即可领取～ (了 银行螺丝钉 【最 】 免费 原价29.9元 5 与说 快速了解基金投顾 课程介绍 ·基金投顾是什么 ·基金投顾有哪些优势 · 如何通过「投」和「顾」帮你 获得好收益 「基舍拎顾」免费领取 #螺丝钉小知识 /////// 银行螺丝钉 市场上有哪些常见的基金风格呢? 市场上，也有很多专门投资某一种风格的 基金品种。 目前比较常见的基金风格，主要是下面这 几种。 (1) 均衡风格，代表是彼得·林奇。 兼顾成长和价值，在行业配置上面也比较 分散。 像彼得 · 林奇,从业生涯中,调研过数千 家上市公司， ...

ETF市场日报 | 纳指相关跨境ETF领涨，红利资产韧性凸显 2025年3月24日，Wind数据显示，A股三大指数红盘报收，沪指涨0.15%；深证成指涨0.07%；创业板指涨0.01%。沪深两市成交额达到14507亿，较上周 五缩量1001亿。 涨幅方面，纳指100ETF(513390)上涨近5% | 证券代码 | 证券名称 | ETF涨幅 TOP10 | | | | --- | --- | --- | --- | --- | | | | 涨幅 | 基金管理人 | 投资类型 | | 513390 | 纳指100ETF | 4.98% | 博时基金 | QDII股票型基金 | | 159632 | 纳斯达克ETF | 2.85% | 华安基金 | QDII股票型基金 | | 159509 | 纳指科技ETF | 2.31% | 景顺长城基金 | QDII股票型基金 | | 159529 | 标普消费ETF | 2.28% | 景顺长城基金 | QDII股票型基金 | | 159941 | 纳指ETF | 2. 26% | 广发基金 | QDII股票型基金 | | 513300 | 纳斯达克ETF | 2.23% ...

Core Viewpoint - The article reviews the performance of the dividend style in 2024, analyzes the timing effects of the dividend style in a low interest rate environment from an overseas perspective, introduces dividend stock selection strategies and event effects, and provides an outlook on the future performance of the dividend style in the current low interest rate environment [1][10]. Group 1: Dividend Performance in 2024 - The dividend style showed strong performance in 2024, with excess returns relative to the CSI All Share Index from 2021 to 2024, indicating a stable return profile [3]. - Since the end of May 2024, there has been a degree of internal differentiation within the dividend style, with financial and utility sectors maintaining stability while cyclical sectors experienced some pullback [3]. - Insurance funds have increased their allocation to dividend assets, as evidenced by the top holders of dividend ETFs [3]. Group 2: Timing of Dividend Style - The analysis draws on experiences from the US, UK, Germany, and Japan to assess how dividend and growth styles perform in low interest rate environments [4][14]. - Both dividend and growth styles performed well in low interest rate environments, with annualized returns of 21%, 11%, 8%, and 10% in the US, UK, Germany, and Japan respectively [4][15]. - Growth style is more sensitive to interest rate changes, with dividend style potentially having an advantage during periods of rising low interest rates [4][17]. Group 3: Dividend Stock Selection Strategy - A constrained dividend selection strategy, limiting industry and market capitalization deviations to within 5% of the CSI Dividend Index, achieved a stable excess return of 4.74% in 2024 and an annualized excess return of 7.65% since 2010 [6][33]. - Companies announcing high dividend plans typically achieve excess returns around the announcement date, with a notable effect observed in the period leading up to the ex-dividend date [6][38]. Group 4: Outlook for Dividend Style - The overall outlook for the dividend style in a low interest rate environment is positive, with expectations of absolute returns driven by interest rate trends and the influx of medium to long-term capital [7][37]. - The anticipated decline in interest rates in 2025 may favor growth style, but the expansion of medium to long-term capital inflows could further boost the dividend style [7][36].

文 | 银行螺丝钉 （转载请注明出处） (1) 直接投资宽基。 行业指数一共有11个,例如消费、医药、金 融、能源等等。 每一家上市公司,都会有自己所归属的一个 行业。 第四类是主题指数。 例如科技、新能源、养老等,通常是包含几 个行业中、跟对应主题相关的公司。 如果刚开始接触指数基金，可以从宽基指数 入手了解。掌握了投资知识后，再延伸到其 他几类指数。 比较常见的指数投资搭配，有以下几种: (3) 投资策略指数,要注意风格搭配。 A股有成长、价值风格轮动的特点。 例如2019-2020年是成长风格更强势,2021 -2024年价值风格强势,2025年又是成长风 格强势。 例如最经典的沪深300+中证500,覆盖了A 股规模最大的800家上市公司。 去年中央汇金为首的国家队，投资了几千亿 的 ETF,其中买入最多的就是沪深300+中证 ---- 500。 如果还想增加小盘股，对应的是中证1000、 中证2000。 如果同时投资沪深300+中证500+中证1000+ 中证2000,那效果会跟中证全指类似。 (2) 投资行业/主题指数，注意配置比例。 行业主题的波动会更大,投资的时候注意控 制好单个行业/主题的配 ...