为促进长期投资、价值投资、理性投资，诚邀您参加由中证金融研究院和西南财经大学中国 家庭金融调查与研究中心联合开展的 "投资者行为与储蓄投资转化研究" 问卷调查。本问卷为 匿名填报，填写约需 10分钟。我们承诺，问卷数据仅用于科学研究及政策优化，不会泄露您 的个人信息。 填完问卷您将获得一份您个人投资行为的简要测评，作为您观察自身投资习惯 的参考。 长按下方二维码或点击底部阅读原文即可填写问卷。 长按下方二维码填写问卷 根据问卷填写质量，会得到金额不等的微信红包，弹出二维码后领取即可。 免责声明 以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性和完整性做任何保证。 收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构成投资建议。转引的相关 戳阅读原文，立即填写问卷！ 分享、点赞、在看 顺手三连越来越有钱 感谢您的参与，祝您健康愉快！ ...

感谢您的参与，祝您健康愉快！ 长按下方二维码填写问卷 根据问卷填写质量，会得到金额不等的微信红包，弹出二维码后领取即可。 为促进长期投资、价值投资、理性投资，诚邀您参加由中证金融研究院和西南财经大学中国 家庭金融调查与研究中心联合开展的 "投资者行为与储蓄投资转化研究" 问卷调查。本问卷为 匿名填报，填写约需 10分钟。我们承诺，问卷数据仅用于科学研究及政策优化，不会泄露您 的个人信息。 填完问卷您将获得一份您个人投资行为的简要测评，作为您观察自身投资习惯 的参考。 长按下方二维码或点击底部阅读原文即可填写问卷。 免责声明 分享、点赞、在看 顺手三连越来越有钱 以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性和完整性做任何保证。 收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构成投资建议。转引的相关 戳阅读原文，立即填写问卷！ ...

Core Insights - The article highlights a significant increase in stamp duty revenue from securities trading, which rose to 66.8 billion yuan in the first five months of the year, a year-on-year increase of 52.4%, despite a declining stock market [1][3]. Market Analysis - The A-share market experienced a decline from around 3,400 points at the beginning of the year to over 3,200 points by June, indicating a challenging environment for investors [3]. - The increase in stamp duty suggests that retail investors are trading more frequently, often engaging in a cycle of buying high and selling low, leading to increased transaction costs and losses [3][4]. Trading Behavior - Retail investors are heavily influenced by market emotions, leading to impulsive trading decisions that result in higher costs and missed long-term opportunities [3][4]. - The article emphasizes that frequent trading can exacerbate losses, as seen in the example of an investor who changed stocks multiple times within the year, incurring significant transaction costs [3]. Comparison with US Market - In contrast to the A-share market, the US stock market does not impose a stamp duty but utilizes capital gains tax, which is capped at 20% for long-term holdings, encouraging investors to hold stocks for longer periods [4]. - The absence of stamp duty in the US market does not eliminate trading costs, as platform fees, commissions, and currency exchange losses can still accumulate, making long-term holding potentially more cost-effective [4]. Investment Strategy - The article advocates for a shift in investment strategy from frequent trading to a focus on long-term value, suggesting that investors should concentrate on companies with sustainable competitive advantages and hold their investments patiently [5]. - The increase in stamp duty is framed as a "tax on market emotions," urging investors to overcome impulsive trading behaviors and adopt a more rational approach to investing [5].

Core Viewpoint - The report outlines the increase in shareholding of Qinhuangdao Port Co., Ltd. by Great Wall Life Insurance Co., Ltd., indicating a strategic long-term investment approach in the port sector, which is considered a key area for asset allocation [1][2][10]. Group 1: Shareholding Changes - Great Wall Life Insurance increased its shareholding in Qinhuangdao Port from 275 million shares (4.9218%) to 279.4 million shares (5.0005%) [11]. - The increase in shareholding was executed through market transactions, specifically through continuous bidding for H shares and A shares [11][12]. Group 2: Investment Rationale - The investment aligns with the company's long-term investment philosophy, supporting national strategies and the development of the real economy [9][10]. - Qinhuangdao Port is recognized as a critical hub for coal transportation in China, enhancing its attractiveness for long-term investment due to its stable business and performance [10]. Group 3: Future Plans - Great Wall Life Insurance does not rule out the possibility of further increasing its stake in Qinhuangdao Port within the next 12 months, contingent upon compliance with existing laws and regulations [10][11].

Core Viewpoint - The article emphasizes that market fluctuations are part of a natural cycle, and investors should not panic during downturns, as long-term stability is expected if the fundamentals of companies remain intact [4][10]. Group 1: Market Cycles - The story of the gardener illustrates that both society and markets experience cycles, and current downturns are merely low points in these cycles [4][5]. - Historical examples from the U.S. stock market show that significant downturns, such as the 2008 financial crisis and subsequent recoveries, reinforce the idea that long-term trends prevail despite short-term volatility [7][10]. Group 2: Investment Strategies - Investors are encouraged to adopt a contrarian approach, buying undervalued stocks during market lows and selling during highs, as this aligns with the cyclical nature of markets [5][10]. - Strategies such as long-term investing, asset allocation, and systematic investment plans are recommended as effective methods to navigate market cycles [10].

Group 1 - The core viewpoint emphasizes the challenges faced by both investors and institutions in the increasingly complex A-share market, highlighting the need for long-term investment strategies and effective risk management [2][3] - The rapid rotation of market sectors has made it difficult for ordinary investors to capture investment opportunities, leading to a common trend of chasing highs and selling lows [3][4] - The performance of actively managed public funds has shown that smaller funds often outperform larger ones, but the actual beneficiaries of these funds are limited, leading to a situation where many investors face losses after high entry points [3][4] Group 2 - Risk management is deemed essential in the investment process, with a focus on balancing risk and return to achieve long-term value creation [4][5] - Investors are advised to first determine their risk tolerance and investment needs before selecting suitable products, which can be challenging given the vast number of available options [5][6] - The public fund industry is experiencing intense competition, with many new products failing to retain investors due to underperformance and product homogeneity [6][7] Group 3 - Institutions are encouraged to enhance their professional capabilities and integrate the "three investment" philosophy into their daily operations to create better returns for investors [6][7] - Extending the product lifecycle and enhancing investor education are seen as crucial strategies for retaining clients and fostering long-term relationships [7]

Core Viewpoint - Global major economies are developing along different trajectories, with government bond returns sufficient to crowd out many other investments, but not all liquid assets are the same. Stocks remain the core of long-term returns, while illiquid alternative investments, especially hedge funds, tend to thrive in such environments [1][4][5]. Economic Forecasts - The long-term macroeconomic forecasts for key variables from 2025 to 2034 indicate that the US is expected to have a real GDP growth of 2.5% over ten years, while the Eurozone is projected at 1.2%. Inflation rates are expected to be around 2.5% for the US and 2.0% for the Eurozone over the same period [2][5]. - China’s long-term growth is anticipated to weaken to approximately 3.7%, while India is expected to maintain growth above 5% despite a slowdown [5]. Bond Market Insights - The expected returns for Eurozone government bonds and investment-grade bonds are around 5.0%, while US and UK bonds are projected to yield between 4.5% and 5.2%. High-yield bond returns are expected to be only 1% to 1.5% higher than these figures [1][8]. - Credit spreads are currently at historical lows, increasing the likelihood of spread widening in higher-risk fixed income sectors [8]. Stock Market Analysis - Stocks are largely dependent on corporate earnings growth for returns, with expected returns in developed markets projected to be between 6% and 8% over the long term. This is considered average or below average, particularly in Europe [9][14]. - Despite short-term volatility, stocks are expected to provide higher returns than cash for patient investors [9]. Alternative Investments - Liquid alternative investments are expected to yield a return of 3.9% over the next decade, driven by higher returns from cash and stock alternative strategies, but may not perform as well as government bonds [10]. - Non-liquid alternative investments, particularly in private equity and hedge funds, are projected to perform relatively well, with average returns around 6.5% [11]. Market Dynamics - The long-term outlook suggests that the growth paths of developed markets are unlikely to converge, with significant differences in actual growth and short-term interest rates expected to characterize the next decade [5][6].

Core Viewpoint - The article introduces the "Xueqiu Three-Point Method," which enhances traditional asset allocation by incorporating global asset allocation and dynamic rebalancing strategies [2][42]. Group 1: Asset Allocation - The "Three-Point" method consists of asset diversification across stocks, bonds, and commodities [3][42]. - It emphasizes market diversification by investing in different regions such as A-shares, Hong Kong stocks, and US stocks [3][42]. - The method also includes timing diversification through regular investment (dollar-cost averaging) [3][42]. Group 2: User Experience - The tool is designed to be user-friendly, allowing investors with limited knowledge to create a portfolio that outperforms benchmarks [4][5]. - Users can manually adjust asset allocation based on their preferences after an initial questionnaire [9][11]. - The platform offers a curated selection of high-quality funds, simplifying the selection process for users [12][25]. Group 3: Fund Selection Process - Users can choose from a pool of recommended funds or opt for a pre-assembled portfolio [12][13]. - The platform provides detailed information and tags for each fund, making it easier for users to understand their investment options [24][25]. - The tool allows for the selection of various fund types, including index funds and overseas investments [16][18]. Group 4: Rebalancing and Performance Tracking - The "Three-Point Dashboard" provides weekly updates on asset valuations and market sentiment, aiding in rebalancing decisions [30][39]. - The dashboard tracks multiple key indicators to inform users about market conditions and potential adjustments [41][42]. - The article highlights a successful reallocation based on the dashboard's recommendations, demonstrating its effectiveness [32][37].

Core Insights - The Ministry of Human Resources and Social Security has released the first-ever cumulative return data for enterprise annuities over the past three years, showing a cumulative return of 7.46% as of the end of Q1 [1] - The total scale of enterprise annuity accumulated funds reached 3.73 trillion yuan [1] - The new cumulative return data reflects a shift from reporting "current" and "annual cumulative" investment performance to a focus on "three-year cumulative" returns, indicating a greater emphasis on long-term investment performance by regulatory authorities [1] Investment Performance - The cumulative return is calculated using a time-weighted method, covering the period from April 1, 2022, to March 31, 2025 [1] - The change in reporting methodology is seen as beneficial for promoting long-term and value investment principles within enterprise annuities [1] Challenges and Recommendations - Despite the positive developments, enterprise annuities still face challenges such as insufficient marketization and short assessment periods [1] - There is a pressing need to establish a long-term performance assessment system to enable enterprise annuities to truly embody the concept of "long money for long investment" [1]

Core Viewpoint - The China Securities Regulatory Commission's recent action plan aims to shift the public fund industry from a focus on scale to a focus on returns, impacting the active equity investment ecosystem and requiring fund managers to adapt their strategies [1] Group 1: Impact of the Action Plan - The action plan strengthens the constraints of performance benchmarks, leading to a shift away from strategies that heavily deviate from benchmarks towards a more balanced allocation across sectors and styles [2] - Fund managers will need to enhance their stock selection capabilities, as the focus will shift towards matching portfolios with benchmarks, allowing for clearer demonstration of their ability to generate excess returns [2][3] - The plan presents significant opportunities for Fund of Funds (FOF) and fund advisory businesses, enabling active equity fund managers to concentrate on in-depth stock research while advisory firms can leverage their expertise in asset allocation [2] Group 2: Stock Selection as a Key Competence - The ability to generate long-term excess returns is crucial for fund managers, with stock selection being the most stable and sustainable core competency, aligning with the plan's emphasis on investor interests and long-term value [3] - Historical trends indicate that even in high-growth sectors, only companies with core technological advantages and strong management can provide sustainable returns, highlighting the risks of short-term strategies focused on single sectors [3] Group 3: Finding Investment Opportunities - Fund managers should enhance their tracking of individual stock fundamentals, ensuring effective pricing and proactive investment when positive changes occur in quality growth stocks [4] Group 4: The Irreplaceability of Active Management - Despite discussions on the potential replacement of active equity funds by index-enhanced or quantitative funds, active management is expected to maintain a vital role in the asset management industry due to its advantages in tracking short-term economic changes and conducting in-depth research [5] - The core competencies of active management will focus on high-frequency tracking of corporate dynamics and deep valuation assessments, distinguishing it from quantitative strategies and ensuring continued excess returns for investors [5]