Group 1 - The average return rate of equity funds from 170 public fund institutions reached 6.08% in the first half of 2025, with notable performers like Zhonghang Fund achieving a return of 23.01% [1][2] - Several public fund institutions, including Hongtu Innovation, Hengyue, Yongying, and Tongtai, reported annual returns exceeding 20%, while over 20 institutions, including Guojin, Huashang, and Penghua, had returns above 10% [1][2] Group 2 - Over the past decade, the performance of equity investments among public fund institutions has varied significantly, with institutions like Wanjia, Dacheng, and Hongta Hongtu doubling their investment returns [3] - The top-performing equity funds from July 1, 2015, to June 30, 2025, include Wanjia Fund with a return of 151.15%, followed by Dacheng and Hongta Hongtu with returns of 120.64% and 117.93% respectively [4][5] Group 3 - In the last three years, only 23 out of 156 public fund institutions achieved positive returns, with Huarun Yuanda leading at 34.65% [7][8] - A significant number of public fund institutions experienced losses, with 103 institutions reporting losses exceeding 10% over the past three years, including major firms like GF Fund and China Europe Fund [9] Group 4 - In contrast to equity funds, fixed income funds showed more stable performance, with only two out of 70 public fund institutions reporting losses over the past decade [10][11] - The highest return for fixed income funds in the last ten years was achieved by Everbright Baodexin at 74.80%, with several other institutions exceeding 50% returns [12]

Core Insights - The A-share margin financing and securities lending (two-in-one) balance has surpassed 2 trillion yuan, marking a significant milestone not seen since May 20, 2015, indicating a shift from concentrated to diversified leverage in the market [1][2] Group 1: Changes in Market Structure - The number of stocks with margin financing has increased significantly from 835 in 2015 to 3,712 currently, with the average margin balance per stock decreasing from over 2 billion yuan to about 500 million yuan [1] - The concentration of margin financing has decreased, with the top 100 stocks now accounting for only 25% of the total margin balance, down from 43% in 2015 [1] - The proportion of individual stocks' margin balance to their circulating market value has also decreased, indicating a more stable market environment [1] Group 2: Time Dimension of Margin Financing - The margin balance reached 1 trillion yuan at the beginning of 2015 and quickly rose to over 2 trillion yuan by May 20, 2015, but faced a rapid decline afterward, highlighting the volatility of leverage in the market [2] - As of now, the margin balance has returned to over 2 trillion yuan, but its proportion to the total circulating market value is only 2.3%, suggesting a healthy level of leverage [2] Group 3: Participant Dynamics - The number of brokerage firms providing margin financing has decreased in concentration, with only 5 firms surpassing 1 billion yuan in margin lending by the end of 2024, compared to 8 firms in 2015 [3] - The number of individual investors participating in margin financing has increased slightly, while the number of institutional investors has grown significantly, indicating a more balanced market structure [3] Group 4: Future Outlook - The low-risk-free interest rate has enhanced the attractiveness of A-shares, while declining brokerage financing rates have reduced the cost of leverage, suggesting that the margin financing market still has considerable growth potential [4]

Group 1 - The article emphasizes that funds are suitable investment products for ordinary people [2][3] - It introduces a free course aimed at helping beginners understand fund investment from scratch [2][3] - The course includes notes and mind maps to facilitate efficient learning [2][3] Group 2 - The article discusses the importance of long-term holding and the ability to navigate market fluctuations [3][5] - It highlights that practical investment experience is crucial, comparing it to learning to swim [5] - The article encourages early investment, even with small amounts, to gradually build experience [6]

宏观经济运行更"稳"，"进"的动能累积释放，需要财政政策持续发力，绵绵加力。南京江北新区财政局 将继续以构建新发展格局、促进经济高质量发展为己任，围绕加力提效财政政策、优化财政支出结构、 推动金融载体建设、培育护航企业上市等多维度科学谋划、协同发力，精准有效降低企业融资成本，缓 解企业资金压力，有实际行动显著激发实体经济活力。同时，财政局还将紧扣"政治—政策—项目—资 金"主线，以经济责任审计项目为统领，通过"1＋N"方式统筹经济责任审计与其他审计项目，聚焦民生 采购、住宅专项维修等重点领域风险排查与防范，深化探索"纪审联动"机制，预警风险隐患。 在市场活力不断释放的良好态势下，今年上半年南京江北新区财政局在新区党工委、管委会坚强领导下 主动作为，积极践行服务经济社会发展的使命担当，发展壮大"耐心资本"，积极推动基金集聚区建设， 为产业发展集聚金融活水，推动经济持续向上向好。 在市场活力不断释放的良好态势下，今年上半年 南京江北新区财政局在新区党工委、管委会坚强领导下主动作为，积极践行服务经济社会发展的使命担 当，发展壮大"耐心资本"，积极推动基金集聚区建设，为产业发展集聚金融活水，推动经济持续向上向 好。 ...

Core Viewpoint - The article discusses the recent performance of global stock markets, the impact of U.S. economic data on market sentiment, and the implications for investment strategies, particularly in relation to U.S. dollar bonds and Chinese assets. Group 1: Market Performance - Global stock markets experienced a significant decline, with a drop of over 2.7%, leading to a rating of 3.1 stars for the global stock market index [9][12]. - European stock markets fell more than 3%, marking the largest weekly decline since the tariff crisis in early April [10]. - The A-share market ended a five-week upward trend, with the CSI All Share Index dropping by 1.15%, which is a smaller decline compared to the global market [12][13]. Group 2: Economic Data Impact - The decline in global stock markets was influenced by disappointing U.S. non-farm employment data for July, which showed an increase of only 73,000 jobs, significantly below the expected 104,000 [14]. - The downward revision of previous employment data for May and June raised concerns about the stability of U.S. economic data, with May's figures revised from 144,000 to 19,000 and June's from 147,000 to 14,000 [18][19]. Group 3: Investment Implications - Disappointing economic data typically favors a decrease in U.S. dollar interest rates, which could lead to a continuation of the Federal Reserve's rate-cutting cycle [20][21]. - A low economic growth scenario would generally benefit U.S. dollar bonds, as interest rates on bonds tend to decrease to stimulate the economy [25][27]. - The decline in U.S. dollar interest rates is also favorable for Chinese assets, with Chinese assets showing an overall increase of more than the global market since the Fed's first rate cut in September last year [31][33]. Group 4: Investment Opportunities - The article highlights the availability of global stock index funds in overseas markets, which are substantial in scale, reaching over a trillion dollars, while such options are limited in mainland China [42]. - The company has introduced a "Global Index Advisory Portfolio" that diversifies investments across U.S., UK, Hong Kong, and A-share indices to track the global stock market [43]. - The article also mentions the launch of a new edition of the book "The Long-Term Investment Guide," which has gained significant popularity and provides insights into long-term stock market investments [47][50].

Core Insights - The article highlights the stark contrast between the tax obligations of ultra-wealthy individuals like Jeff Bezos and ordinary workers, emphasizing that Bezos has managed to pay an effective tax rate of approximately 1% on his wealth growth, while average workers face rates between 20% to 30% [2][6]. Group 1: Wealth Accumulation Strategies - Bezos's wealth accumulation strategy is based on the principle of "never selling," allowing him to avoid capital gains taxes by not liquidating his stock holdings, which continue to appreciate in value as Amazon grows [3]. - The article suggests that entrepreneurs should focus on long-term investments in high-growth assets and avoid frequent trading to minimize tax liabilities [3]. Group 2: Financial Leverage - The principle of borrowing rather than earning is discussed, where wealthy individuals use loans against their assets to fund large purchases without incurring tax liabilities, as loans are not considered income [4]. - Entrepreneurs are encouraged to utilize debt financing to optimize their capital structure, ensuring that the return on investment exceeds the cost of borrowing [4]. Group 3: Wealth Transfer and Tax Strategies - The article explains the strategy of leaving wealth to heirs without incurring taxes, as heirs benefit from a step-up in basis, effectively resetting the capital gains tax liability [5]. - Entrepreneurs are advised to consider trust structures and family funds to legally minimize tax burdens during wealth transfer, ensuring the continuity of family wealth [5]. Group 4: Income vs. Capital Gains - A key distinction is made between labor income, which is subject to higher tax rates, and capital income, which can be managed to incur lower tax rates through strategic planning [6]. - Amazon's global effective tax rate is noted to be as low as 1% to 12%, achieved through tax credits and strategic profit allocation to low-tax jurisdictions [6]. Group 5: Tax System Insights - The article concludes that the tax system primarily targets income tax rather than wealth tax, allowing the ultra-wealthy to structure their finances in a way that minimizes taxable income [7]. - Entrepreneurs are urged to study wealth management principles and leverage tax policies and financial instruments to enhance wealth accumulation and protection [7].

以下文章来源于不在此山中 ，作者不在此山中 不在此山中 . 专注基金投资和资产配置，著有《指数基金投资从入门到精通》，雪球有基金组合"天行健" 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。 万得近端次新股指数 ， 跟踪的是那些刚上市不久的新鲜股票 。 从2015年2月1日到2025年7月29日 ， 这 十年多点的时间 ， 从1000点跌到目前的35点 ， 跌幅高达96.5% ， 年化-27.9% ： 为什么这两个指数会这么惨 ？ 它们到底做错了什么 ？ 这两个指数的亏损根源 ， 其实是类似的 ， 就是投资中许多人爱做的事 —— 追热点 ！ 作者： 不在此山中 来源：雪球 在股市里 ， 要问怎么赚钱 ， 可能各有各的办法 ， 但要问怎么亏钱 ， 却往往是大同小异 。 今天要说这两个最惨的股票指数 ， 活生生的演示了怎样把钱亏光 ！ ↑点击上面图片 加雪球核心交流群 ↑ 这两个难兄难弟 ， 一个叫申万活跃指数 ， 另一个叫万得近端次新股指数 。 申万活跃指数 ， 从1999年12月30日到2017年1月20日 ， 大概17年的时间 ， 从1000点开始 ， 最后还 剩10点 ...

1.征集期：2025年8月1日至8月31日。 0:00 近日，为深入贯彻党中央国务院决策部署，持续落实推动中长期资金入市指导意见，促进优化指数化投 资生态，深交所拟联合21世纪经济报道、新华财经、蚂蚁财富和同花顺共同开展"定投中国——ETF定 投案例展"。活动事项介绍如下： 一、活动简介 "定投中国——ETF定投案例展"活动由深交所组织基金管理人、券商、基金代销机构、媒体等主体共同 参与，通过图文、视频、HTML5页面等创作方式，围绕产品、工具、市场等维度进行案例展示，并重 点突出定投策略的长期性、稳定性、便捷性等特点，向投资者生动展示ETF定投的优势特点和应用环 境，引导树立理性投资、价值投资、长期投资理念。 本活动由新华财经、21世纪经济报道、蚂蚁财富、同花顺，以及韭圈等作为媒体展示平台，相关作品拟 在9月后活动展示期间分批次上线。深市基金公众号等渠道也将同步进行展播。 二、案例征集 四是突出定投策略的长期性。引导投资者理解有效的定投策略具有长期性、稳定性特征，突出定投策略 对"长钱长投"的聚焦，助力投资者树立价值投资与长期投资理念。 2.征集渠道：通过深交所基金部邮箱（dingtouchina@szse ...

信达澳亚的投研团队犹如一支精锐之师，全面覆盖了权益、固收、量化等不同的业务领域，并且持续优 化升级投研体系，通过量化模型与资深团队的双向校验，极大地提高了投资决策的效率，确保资产配置 的科学性与精准性。在风险控制端，公司精心搭建了涵盖"信用风险、市场风险、流动性风险"的全方位 风控体系，犹如坚固的堡垒守护着投资者的资产安全；公司内部始终坚守"规范、诚信、专业、共赢"的 企业文化，在规范运作的基石之上，秉持着稳健的投资风格，执着地追求业绩的长期稳定增长。 面对全球宏观环境的不确定性，信达澳亚总经理朱永强在近期公开访谈中表示：公募基金想要走远，应 永远将客户利益放在首位，因此信达澳亚在产品端的布局上，一直遵循长期资产配置逻辑。公司还积极 践行监管《关于推动中长期资金入市的指导意见》中对积极推动公募基金投顾试点转常规的要求，目前 正在申请投顾业务牌照中。 风险提示：文中数据及排名均来自于公开数据，今后可能发生改变，仅供参考，不构成任何业务的宣传 推介材料、投资建议或保证，亦不作为任何法律文件。如需购买相关基金产品，请您关注投资者适当性 管理相关规定，提前做好风险测评，并根据您自身的风险承受能力购买与之相匹配的风险等 ...

Group 1 - The core strategy in a steadily rising market is to hold onto stocks rather than frequently trading them, as this approach tends to yield better returns during a bullish trend [1][2] - Frequent trading can lead to hidden risks, including accumulated transaction costs and emotional decision-making, which may result in significant losses [1][3] - A successful holding strategy requires investors to choose fundamentally strong stocks with stable growth and reasonable valuations, allowing time for their value to manifest [2][3] Group 2 - Holding stocks is not a blind strategy; it is based on thorough analysis of macroeconomic conditions, industry trends, and company fundamentals [2] - The essence of the holding strategy is to respect the time value of investments and understand the power of compounding returns [3] - Investors should regularly review their portfolios and make adjustments based on research and rational judgment rather than emotional reactions [3]