Core Viewpoint - The rise of the "New Three Golds," consisting of money market funds, bond funds, and gold funds, reflects a shift in investment preferences among young people, moving away from traditional savings to diversified asset allocation [1][2][3] Group 1: Investment Trends - Over 21 million users are expected to adopt the "New Three Golds" by the end of 2025, with nearly half being young individuals [1] - The decline in bank deposit interest rates and the volatility of the stock market have led young investors to seek safer and more stable investment options [1][2] - The combination of high liquidity, stable returns, and defensive attributes in the "New Three Golds" creates a balanced investment strategy [1][2] Group 2: User Experience and Preferences - Internet financial platforms offer low entry barriers, ease of operation, and a user-friendly experience, making it easier for young investors to engage with these funds [2] - The design of these platforms enhances transparency and reduces the complexity traditionally associated with financial products, aligning with the preferences of younger investors [2] - Young investors are transitioning from passive savings to active investment strategies, focusing on long-term wealth accumulation and financial literacy [2][3] Group 3: Industry Implications - The emergence of the "New Three Golds" indicates a need for the financial industry to shift from a product-centric to a customer-centric approach [3] - Financial institutions are encouraged to innovate products, upgrade services, and refine risk management to meet the demands for safe, profitable, and liquid financial products [3]

看有些v比较重仓位买入 我就比较呆板，目前股息率3点多并不高 电价他也没法定，那未来有增长吗？ 会不会承担更多社会责任？ 老感觉和存款比应该更好，和茅台有点像，也许险资适合 个人投资者适合拿着吃席吗？ winqueen 疫情之前有一套房出租，每月租金三千多，租给二房东了，结果二房东跑路了，就把这套房 卖了，拿到了两百多万，单独一个账号买了13万股长江电力，后面就分红就买，目前差不多 16万多股，后面还打算分红就买，这个账号就打算一直这样买下去了，我觉得比这套房出租 强多了。关键是省心。 路林 股市可能就没有一劳永逸的事情，之前很多人拿大秦、上机、宁沪也是一样类似的想法（是 的，你猜的没错，那个人就是我自己），站在利空来之前的时点，想不出会有什么大利空， 但利空终究还是来了，长电未来也会一样，分散点，别在一棵树上吊死！ quantech 长期持有 长江电力 的关键是，理解它为什么可以实现长期缓慢的利润增长，而不仅仅是 3.7%左右股息的债券。 此外，还取决于大家的信心。 ZT "基础设施和公用事业看上去是最重资产的行业，其实是世界上最轻资产的，100%都是 无形资产，因为其价值完全取决于当地法治对产权的保护和社 ...

Core Viewpoint - The recent regulatory crackdown on the "real-time valuation" feature of mutual funds across major platforms aims to address industry chaos and promote long-term investment principles [5][13]. Regulatory Actions - Major platforms have removed features like "real-time valuation," "live rankings," and "increased holdings rankings" in response to regulatory requirements [1][15]. - The China Securities Regulatory Commission (CSRC) issued a notice mandating the removal of these features by January 30, 2026, highlighting two main violations: collaboration with unqualified internet influencers and the reintroduction of previously banned features [15][16]. Reasons for Regulation - The core reasons for the removal of the "real-time valuation" feature include: 1. **Inherent Data Errors**: The data provided by third-party platforms is based on outdated reports, leading to discrepancies with actual net values, which can mislead investors and cause disputes [5][13]. 2. **Encouragement of Short-term Trading**: The feature promotes a short-term trading mentality, contrary to the fundamental principle of long-term investment, resulting in lower returns for frequent traders compared to long-term holders [5][13]. 3. **Marketing Malpractices**: Some fund companies have exploited the feature in collaboration with unqualified influencers, leading to misleading promotions and significant losses for investors [6][14]. 4. **Industry Ecosystem Upgrade**: The regulation aims to shift the focus from stimulating transactions to providing professional services, thereby enhancing investor protection [6][14]. Impact on Investors - Investors are advised to adjust their strategies post-removal of real-time valuation by focusing on: 1. **Understanding Actual Holdings**: Analyzing periodic reports for insights into the fund's top holdings and management strategies rather than relying on real-time estimates [8][16]. 2. **Evaluating Long-term Risk and Return**: Establishing performance evaluation mechanisms over longer periods to assess the fund's ability to generate excess returns and manage risks [9][16]. 3. **Implementing Dollar-Cost Averaging**: Adopting a disciplined investment approach to mitigate emotional trading and benefit from market fluctuations over time [9][17].

Group 1 - The core viewpoint of the article highlights the significant growth of stock ETFs over the past two years, with a total share increase of 62.24% from 13,707 billion shares at the end of 2023 to 22,238 billion shares by the end of 2025, followed by a decline of 5.64% in January 2026 [2][4][5] - The decline in shares is particularly pronounced in major broad-based ETFs, such as Huatai-PB CSI 300 ETF, which dropped from 888 billion shares to 493 billion shares, and E Fund CSI 300 ETF, which fell from 659 billion shares to 330 billion shares during the same period [5][6] - The increase in institutional investor participation in these ETFs is noted, with a significant rise in their shareholding proportions by the end of Q4 2025, indicating a potential signal of institutional funds withdrawing from broad-based ETFs in January 2026 [6][8] Group 2 - Investors are advised to consider market trends and policy directions in light of institutional fund adjustments, particularly in the context of recent regulatory changes aimed at stabilizing the capital market and fostering a slow bull market [8][10] - The article emphasizes the importance of focusing on the long-term fundamentals of underlying assets for sustainable investment returns, suggesting that investors should assess the professional capabilities of fund research teams and the stability of investment strategies [10][12] - Broad-based index funds like CSI 300 ETF and SSE 50 ETF are favored by institutional investors due to their transparency, lower fee structures compared to actively managed funds, and inherent diversification benefits that reduce non-systematic investment risks [12]

近日，中国证监会就《关于修改〈证券期货法律适用意见第18号〉的决定（征求意见稿）》向社会公开 征求意见，以完善上市公司战略投资者制度，培育长期投资的市场生态。 当前，我国经济迈向高质量发展，资本市场肩负着服务实体经济的重要使命，适时完善上市公司战略投 资者制度，展现出深化资本市场改革、提升服务实体经济能力的决心。期待未来随着新规的推行实施， 能够为上市公司引入更多志同道合的战略伙伴，引导长钱活水流向真正需要的行业企业，更好助力金融 强国和中国式现代化建设。 战略投资者，是指出于长期战略目标进行股权投资，与上市公司谋求战略协同价值的投资者。换句话 说，除了真金白银出资，这类投资者理应带来技术、市场、管理经验等实实在在的资源，与企业携手跑 马拉松，而不是当短跑选手。过去一段时间，有些投资者将战略投资简单地等同于财务投资，甚至个别 机构打着战略投资的旗号，行短线套利之实，不仅偏离了战略投资者这一政策设立的本意，也不利于上 市公司优化治理、专注主业、长远发展。 （文章来源：经济日报） 绑定更紧密，促长期主义落地生根。过去，个别机构以战略投资名义少量认购上市公司股权，快速获利 了结，如此以小博大、快进快出，显然不是引入 ...

Core Viewpoint - The regulatory authorities have mandated fund sales institutions and third-party platforms to conduct self-examinations and remove misleading features that could confuse investors, aiming to promote long-term investment strategies over short-term trading behaviors [1][2][4]. Group 1: Regulatory Actions - Regulatory bodies have observed that some fund sales institutions and unlicensed third-party platforms have reinstated "real-time valuation" features, which could mislead investors and dilute fund product returns [2][4]. - Fund sales institutions and third-party platforms are required to remove features such as "real-time valuation," "increased position rankings," and "actual performance rankings" to prevent misleading investor behavior [2][3]. - Major platforms like Ant Wealth and Tonghuashun have already complied by suspending these features, with specific timelines for adjustments announced [2][3]. Group 2: Industry Response - Many platforms have taken steps to comply with regulatory requirements, including the removal of various ranking features that could mislead investors [3][4]. - Some platforms continue to display real-time valuations under different formats, indicating a need for further compliance and adjustment within the industry [4][5]. - The industry is undergoing a self-assessment process to ensure compliance with regulations, with companies actively checking the qualifications of their promotional partners [3][5]. Group 3: Market Implications - The removal of misleading features is part of a broader effort to guide fund sales away from transactional behaviors and encourage investors to focus on long-term asset management [4][5]. - The use of real-time valuation has been criticized for fostering short-term trading behaviors, which contradicts the fundamental purpose of mutual funds aimed at ordinary investors [5]. - Regulatory actions are intended to stabilize the market and mitigate risks associated with investor behavior during periods of market volatility [5].

Core Viewpoint - The regulatory authorities have mandated fund sales institutions and third-party platforms to conduct self-examinations and remove misleading features that could confuse investors, aiming to promote long-term investment strategies over short-term trading behaviors [1][2][4]. Group 1: Regulatory Actions - Regulatory bodies have observed that some fund sales institutions and unlicensed third-party platforms have reinstated "real-time valuation" features, which could mislead investors and dilute fund product returns [2][4]. - Fund sales institutions and third-party platforms are required to remove features such as "real-time valuation," "increased position rankings," and "actual performance rankings" to prevent misleading investor behavior [2][3]. - Major platforms like Ant Wealth and Tonghuashun Fund have already announced the suspension of real-time valuation and related ranking features, with specific timelines for these adjustments [2][3]. Group 2: Industry Response - Various platforms have begun to remove features that could negatively impact investor behavior, such as "simulated valuation" and "ranking lists" [3][4]. - Despite regulatory requirements, some platforms continue to display real-time valuations under different formats, indicating a need for further compliance [4][5]. - The industry is undergoing a self-assessment process to ensure compliance with new regulations, including reviewing partnerships with unqualified internet influencers for fund sales activities [3][4]. Group 3: Market Implications - The removal of real-time valuation and ranking features is part of a broader effort to guide fund sales away from short-term trading and encourage investors to focus on long-term asset management [4][5]. - The use of real-time valuation has been criticized for facilitating frequent trading and market speculation, which contradicts the fundamental purpose of public funds aimed at ordinary investors [5].

本交易周开始不少基民进入"盯盘空窗期"，总体来看反馈不一。在多个互动平台上，记者注意到不少网友连夜自制了实时估值工具。 应监管要求，多家第三方理财平台纷纷下架基金实时估值相关功能。 监管部门发布的最新一期《机构监管通报》直指基金销售领域存在的违规乱象，强调基金销售机构及第三方网络平台需针对其他违规销售问题加强自查自 纠，如"基金实时估值"、按平台当日申购金额排序的"加仓榜"、展示用户持仓收益和明细的"实盘榜"等功能。监管认为，上述功能可能误导投资者，摊薄 基金产品收益，引发投诉纠纷，应当予以规制。 这并非监管部门首次整治估值乱象。早在2023年6月初，就有基金公司与第三方平台收到监管机构发出的口头或文字通知，明确要求于该月内下线直销和 代销平台基金净值估算功能。有通知显示："日常监管关注到，受市场波动等因素影响，盘中估值会严重偏离实际净值，存在投资者投诉风险，要求6月16 日前完成相关系统改造并下架盘中估值服务"。不过，之后有部分小程序、APP推出"实时估值"功能。投资者只要开通会员，即可查询实时估值，还能查 看早盘内参、涨跌信号等信息。从社交平台讨论度看，不少投资者均有使用类似小程序，以查看实时估值。 早盘 ...

深圳商报·读创客户端记者 詹钰叶 应监管要求，多家第三方理财平台纷纷下架基金实时估值相关功能。本交易周开始不少基民进入"盯盘空窗期"，总体来看反馈不一。在多个互动平台上，记 者注意到不少网友连夜自制了实时估值工具。 ● 当削-13.25% ● 最大-31.50% 差值 18.25% 日报刊在▼ (?) 早盘内参 0 基金扫雷 ● (YE 盘前获取精选研 全方位诊断不放 过基金雷点 投及咨询 会员标识 投资课程 ● =" 10 6 社区3大标识动 会员专属资产配 置课程 态置顶 点此咨询 会员服务群 暂无可用支付方式 NEW 最多选择 季度会员 免费领会员 年度会员 ¥ 129 ¥ 399 ¥ 0 ¥ 49 ¥499 邀请好友 领3天会员 每天1.4 母大 1.1 监管部门发布的最新一期《机构监管通报》直指基金销售领域存在的违规乱象，强调基金销售机构及第三方网络平台需针对其他违规销售问题加强自查自 纠，如"基金实时估值"、按平台当日申购金额排序的"加仓榜"、展示用户持仓收益和明细的"实盘榜"等功能。监管认为，上述功能可能误导投资者，摊薄基 金产品收益，引发投诉纠纷，应当予以规制。 这并非监管部门首次整治估值乱象 ...

中泰证券（上海）资产管理有限公司官方公众订阅号，投资路上的好朋友。 以下文章来源于中泰证券资管 ，作者文/鲁资资 中泰证券资管 . ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 中泰证券资管 "大事频发"是许多投资者近期的深切感受。地缘冲突、政策转向、巨头财报、重要会议……常常是前一个议题还没搞清楚，新的议题又已跃入视 野。在这种快节奏、高密度的信息冲击下，人很容易陷入焦虑，担心有片刻"离线"，就会错过什么大事。 可能引发市场震荡的大事那么多，投资如何心安？这也是近期小编和同事们常讨论的问题。以下，是我们的一些思考整理。 一是接受"不可为"，聚焦"可为处"。 是的，地缘冲突也好，贸易纠纷走向也好， 投资中有些事情，是我们必须接受的"已知未知"。 也唯有接受"不可为"的存在，我们才能腾出精力， 更为明智地分配自己有限的注意力，聚焦那些清晰、具体、可耕耘的"可为处"。 哪些是"可为处"？制定计划、优化成本、管理行为、控制情绪、提高对于所持标的的认知……这些事情平淡、枯燥，远不如追逐热点、高谈阔论 来得刺激和诱人，但往往是这些通过 ...