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 ～ ◆◆◆ ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

2025 年 05 月 13 日 创金合信基金黄弢：以逆向思维追 求低回撤稳健收益 白皓天 A0230123070002 baiht@swsresearch.com 联系人 肖逸芳 (8621)23297818× xiaoyf@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 权 益 量 化 研 究 ——基金经理研究系列报告之六十七 证券分析师 肖逸芳 A0230524110001 xiaoyf@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 研究支持 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 量 化 策 略 ⚫ 创金合信基金黄弢：清华大学硕士。曾任长城基金市场部渠道主管、海富通基金市场部南 方区总经理、鼎诺投资执行总裁、北京和聚首席策略师、上海禾驹投资首席策略师，2020 年 2 月加入创金合信基金管理有限公司。现任权益投研总部总监，行业研究投资部、风 格策略投资部和绝对收益目标权益投资部总监，管理创金 ...

以下文章来源于懒人养基 ，作者懒人养基 作者： 懒人养基 来源：雪球 基金一季报披露完毕后，前几篇文章梳理了今年以来最受欢迎的主动偏股基金、股票指数基金和多种纯债基 金，今天来聊聊黄金基金以及受关注度并不那么高的其他商品基金。 2021年1月2日至今年5月7日，偏股混合型基金指数累计回报为-19.00%，但黄金ETF、原油LOF和豆粕 ETF的同期回报却分别高达97.76%、88.97%和59.70%。 （数据来源：Choice） 懒人养基 . 雪球21年度十大新锐用户、22年度基金影响力用户，私企业主，经济学硕士，《基金投资全攻略》作者。早期靠创 业获取主动收入，从17年开始，逐步将经营产生的余钱、闲钱，几乎全部逢低买入权益基金，从赚取主动收入慢慢 向赚取被动收入过渡。价值投资践行者 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。 如果2021年以来配置了一部分黄金基金和其他商品基金，这几年的投资体验一定好得太多。 这么说并 不是想引导大家现在去高位追涨黄金等商品资产 ， 而是要懂得利用商品与权益的低相关性甚至负 相关性 ， 重视商品资产在资产配置中不可或缺的重要作用 ...

Group 1 - The recently released "Action Plan for Promoting the High-Quality Development of Public Funds" indicates a significant change in the A-share market ecosystem, facilitating the entry of medium to long-term funds, particularly from institutional investors like social security funds and insurance capital [1] - The A500 index, which tracks the top 500 stocks in the A-share market, covers 63% of total revenue and 70% of total net profit in the market, making it a strong tool for long-term investment in China's capital market [2] - The A-share market has seen a rise in high-quality stocks and high-dividend assets, with many investors recognizing the appeal of value investing as these stocks reach new highs [1] Group 2 - The A500 ETF (159339) has shown a daily average trading volume of 276 million yuan over the past 20 trading days, indicating high market activity [1] - The A50 index, which includes major large-cap stocks across various industries, benefits from increased market concentration due to supply-side reforms, making these stocks more attractive during earnings disclosure periods [2] - Recent data shows that China's export performance exceeded expectations, highlighting the resilience of the Chinese economy and the diversification of its foreign trade, which helps mitigate external shocks [2]

4月底重要会议强调"持续稳定和活跃资本市场"，力促中长期资金加速入场；4月26日上交所公开表示科技创新与产业创新需要耐心资本的长期支 持；4月初面对海外关税不确定性，险资、社保等中长期资金代表成为"稳市组合拳"的重要组成部分。 中长期资金未来在A股究竟将扮演怎样的角色？ 中长期资金入市正在深刻改变A股的运行逻辑。这类资金主要包括保险资金、公募基金和养老金等机构投资者的资金，它们具有投资期限长、追求 稳定收益的特点。政策层面通过调整考核机制、优化税收政策、放宽投资限制等措施，持续引导这些资金加大权益类资产配置。 （1）优化市场结构 这些长期资金的持续流入首先优化了市场结构。过去A股以散户为主，短期交易频繁导致市场波动大。现在机构投资者占比提升，更多资金选择长 期持有优质股票，市场换手率明显下降，价格波动趋于平缓。数据显示，机构主导的市场中，单日暴涨暴跌的情况减少了约30%。 图：A股投资者结构变化 （信息来源：中金公司；截至20241231） 图：A股波动率逐步下行 （信息来源：申万宏源；截至20250425） 需要注意的是，这种转变是渐进过程。当前机构资金在A股的占比仍不足40%，距成熟市场70%以上的水平还 ...

以下文章来源于金思汇闻 ，作者金思汇文 金思汇闻 . 全球价值投资社群 这个话题的灵感，源于今年4月和"金思汇文"金兄的一次面对面交流。 当时我们聊起最近搅动全球市场的特朗普关税，讨论制造业回流的可能性与现实逻辑。关于制造业为何难以回归美国，坊间 已有诸多分析，视角涵盖成本、就业、政策执行、地缘博弈等等。 但 "金思汇文"从一个更本质的角度切入——站在投资回报的视角，他说："制造业离开美国，不是被其他国家抢了饭碗，而 是它自身已经很难满足美国资本对回报率的要求。"这句话乍听平实，细想却颇有穿透力。 "金思汇文"在美股一线深耕十余年，至今仍坚持逐一跟踪标普500重点公司的财报，把基本面功课做得极为细致。而作为一 位坚定的"巴芒信徒"，其分析框架和逻辑方法，也与我们所认可的价值投资之道一脉相承。 借着今年股东信里提到的"Forest River"案例，他指出：制造业的困境，并不只是宏观叙事里的成本、就业或政策问题，而更 像是一场资本效率的自然筛选。在这个基础上，他进一步比较了伯克希尔与前进保险的组织演化路径，从激励机制到长期资 本回报，做了很多有启发的观察。 文章不长，但信息密度高，节奏克制，视角独特。推荐大家静 ...

Core Points - The event "Quality Improvement and Efficiency Enhancement to Strengthen Confidence, Communication and Trust to Promote Development" was successfully held in Guiyang, focusing on the 2024 annual performance briefing of listed companies in Guizhou [1] - The event was guided by the Guizhou Securities Regulatory Bureau and aimed to enhance communication between investors and listed companies, showcasing the increasing significance of collective reception days in China's capital market [2] Group 1 - The event featured participation from all A-share listed companies in Guizhou, with key executives such as chairpersons, general managers, and financial directors in attendance, marking an annual engagement with investors [2] - The Deputy General Manager of Shenzhen Panoramic Network Co., Ltd. highlighted the importance of collective reception days in facilitating communication between investors and listed companies, noting the growing influence of these events in the capital market [2] Group 2 - The Deputy Director of the Guizhou Provincial State-owned Assets Supervision and Administration Commission emphasized the role of state-owned listed companies in market value management to optimize resource allocation and achieve a dual integration of industrial and capital operations [5] - The Deputy Director of the Financial Development Department of the Guizhou Provincial Committee of the Communist Party of China stressed the importance of investors as the foundation of the capital market and pledged continued support for quality listed companies to grow stronger [8] Group 3 - The Deputy Director of the Guizhou Securities Regulatory Bureau expressed that the performance briefing serves as a vital bridge for value discovery and investment concept dissemination, encouraging companies to communicate in a way that enhances investor engagement [10] - The event demonstrated the integrity and regulatory compliance of listed companies in Guizhou, achieving a high response rate of 94.80% to investor inquiries, with 885 questions received and 839 answered, marking a new high in the past three years [11]

Group 1 - The core viewpoint of the article emphasizes the release of the "Action Plan for Promoting the High-Quality Development of Public Funds," which aims to align the interests of investors and fund managers, fostering long-term returns for investors [1][2] - The plan is seen as a significant regulatory innovation in China's capital market, focusing on optimizing fund operation models, evaluation systems, and encouraging the development of equity products [2][3] - The introduction of a new batch of floating management fee funds is set to deepen the binding of investor interests, utilizing a performance-based fee structure that adjusts management fees according to fund performance relative to benchmarks [3][4] Group 2 - As of the end of 2024, there will be 75 products in the market operating under the floating management fee model, with a total management scale of 783.29 billion, of which 63 products are performance-linked, accounting for 84% of the number and 98% of the scale [5] - The floating management fee funds have undergone several market tests since their inception in 1999, with 20 funds set to trial the new fee structures in 2023, linking fees to performance, scale, and holding period [4][5] - The future of public funds is expected to focus on long-term and value investing, as the interests of investors, fund managers, shareholders, and sales parties become more aligned following the implementation of the new plan [5]

周恒 制图 一场重塑公募权益投资生态变革的大幕已经拉开，将倒逼基金经理减少短期博弈和主题炒作，注重产品 投资收益的稳定性。作为掌握重要话语权的机构投资者，公募的改革也将重塑A股投资风格，促使资金 更多流向有长期价值的优质企业 ◎记者 赵明超 近日，证监会印发《推动公募基金高质量发展行动方案》（以下简称《方案》），强调建立健全基金公 司收入报酬与投资者回报绑定机制，并且全面强化长周期考核与激励约束机制。 对于主要依靠管理费收入的基金公司来说，《方案》将重构公募基金的商业模式。对于基金经理来说， 考核标准是指挥棒。随着《方案》的发布，一场重塑公募权益投资生态变革的大幕就此拉开，将倒逼基 金经理减少短期博弈和主题炒作，注重产品投资收益的稳定性。作为掌握重要话语权的机构投资者，公 募的改革也将重塑A股投资风格，促使资金更多流向有长期价值的优质企业。 回归价值投资本源 《方案》发布后，迅速在公募行业激起千层浪，引发基金经理热议。 沪上某基金经理李扬（化名）坦言，最近几天的同业交流，话题都围绕此次公募改革，周末还问了对方 公司的具体考核要求。 "目前正在与产品部沟通，确认合适的业绩比较基准，后续将对产品合同条款进行修改。 ...

Core Viewpoint - The article compares Apollo Commercial Finance (ARI) and Ladder Capital (LADR) to determine which stock is more attractive to value investors [1] Valuation Metrics - ARI has a Zacks Rank of 2 (Buy), indicating a stronger earnings outlook compared to LADR, which has a Zacks Rank of 4 (Sell) [3] - ARI's forward P/E ratio is 9.31, while LADR's forward P/E ratio is 10.74 [5] - ARI has a PEG ratio of 0.24, suggesting it is undervalued relative to its expected earnings growth, whereas LADR has a PEG ratio of 2.16 [5] - ARI's P/B ratio is 0.72, compared to LADR's P/B ratio of 0.87, indicating ARI's market value is lower relative to its book value [6] - Based on these metrics, ARI earns a Value grade of B, while LADR receives a Value grade of D [6] Earnings Outlook - ARI is noted for its improving earnings outlook, which enhances its attractiveness in the Zacks Rank model [7]