理性投资

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突发!多只绩优基金开启限购,为什么“给钱都不要”?
Sou Hu Cai Jing· 2025-08-09 15:54
Core Viewpoint - The "fixed income +" category has regained popularity among investors as the Shanghai Composite Index fluctuates around 3600 points since August, with a notable increase in the total scale of public "fixed income +" funds reaching 1.73 trillion yuan by the end of Q2 2024, marking three consecutive quarters of growth since Q4 2023 [1][3]. Fund Performance and Strategy - The average yield of "fixed income +" funds in Q2 was 2.42%, outperforming the overall average by 1.28 percentage points, demonstrating strong performance in a volatile market [6]. - "Fixed income +" funds typically invest at least 70% of their assets in bonds, providing a stable income base while allowing for equity exposure to capture market gains, making them appealing in uncertain market conditions [6][10]. Fund Size and Purchase Restrictions - Several high-performing funds have implemented purchase limits, with some restricting daily single-account purchases to as low as 100 yuan, indicating a strategic move to manage fund size and maintain existing investors' returns [1][11]. - The trend of limiting purchases reflects a shift in the industry towards prioritizing investor returns over aggressive growth in fund size, as larger funds can complicate portfolio management and dilute returns for existing investors [11][12]. Industry Trends and Investor Education - The recent regulatory framework emphasizes high-quality development in the public fund industry, encouraging firms to focus on long-term returns rather than merely increasing scale [12]. - Investor education is crucial in helping clients understand the rationale behind purchase limits and the balance between fund size and performance, fostering a more rational investment environment [13][14].
上交所围绕普惠型ETF开展“三个走进”普及性活动
Zhong Guo Xin Wen Wang· 2025-08-08 21:49
Group 1 - The Shanghai Stock Exchange (SSE) conducted 143 "investor-centric" themed activities in July, focusing on "Inclusive Finance" and engaging over 4.1 million participants across 51 cities in 19 provinces [1][2] - As of the end of July, the number of ETFs listed on the SSE reached 719, with a total market size exceeding 3.3 trillion yuan, including over 140 billion yuan in dividend ETFs and 370 billion yuan in bond ETFs [1] - Year-to-date, net inflows into SSE ETFs have surpassed 400 billion yuan, indicating strong investor interest and market recognition [1] Group 2 - The SSE is promoting inclusive ETF products such as dividend, low-volatility, and bond ETFs to a broader investor base, aiming to cultivate rational, value, and long-term investment philosophies [2] - The SSE has organized 36 outreach activities in county-level cities to educate local investors about the economic functions and long-term value of ETFs as asset allocation tools [2] - Additional initiatives include financial summer camps in universities to educate future market participants and community outreach events to enhance the depth and breadth of ETF market promotion [2]
今年以来沪市ETF资金净流入已超4000亿元
Di Yi Cai Jing· 2025-08-08 10:41
Core Insights - The Shanghai Stock Exchange (SSE) is promoting inclusive ETF products such as dividend, low volatility, and bond ETFs to reach a broader investor base and foster rational, value, and long-term investment concepts [1] Group 1: ETF Market Overview - As of the end of July, the number of ETFs listed on the SSE reached 719, with a total scale exceeding 3.3 trillion yuan [1] - The scale of dividend ETFs and bond ETFs surpassed 140 billion yuan and 370 billion yuan respectively [1] - Year-to-date net inflow into ETFs in the Shanghai market has exceeded 400 billion yuan [1] Group 2: Investor Engagement Initiatives - In July, the SSE conducted 143 events themed "Investor-Centric, Return-Driven Development" focusing on ETF promotion [1] - The SSE's initiatives aim to enhance the understanding and accessibility of ETF products among a wider range of investors [1]
每经热评丨时隔10年 两融余额再破2万亿 从抱团到分散 杠杆资金更稳健理性
Mei Ri Jing Ji Xin Wen· 2025-08-06 16:56
Core Viewpoint - The A-share margin financing and securities lending (two-in-one) balance has surpassed 2 trillion yuan, marking a significant change in its structure and stability compared to 2015, with a shift from concentrated to diversified participation [1][2][4]. Group 1: Changes in Margin Financing Balance - As of August 5, the two-in-one balance reached 2,002.59 billion yuan, the first time exceeding 2 trillion yuan since May 20, 2015 [1]. - The number of stocks with margin financing has increased significantly from 835 in 2015 to 3,712 currently, while the average margin balance per stock has decreased from over 20 billion yuan to about 5 billion 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]. Group 2: Time Dimension of Margin Financing - In early 2015, the two-in-one balance reached 1 trillion yuan and quickly rose to 2 trillion yuan, but this was followed by a rapid decline due to irrational market behavior [2]. - By February 2024, the margin balance hit a low of 1,421.1 billion yuan, but has since increased steadily by over 578.9 billion yuan without irrational impulses, contributing positively to the A-share market [2]. - Currently, the total market capitalization of A-shares has surpassed 100 trillion yuan, with the margin balance at 2 trillion yuan, representing only 2.3% of the total market capitalization, indicating a healthy level [2]. Group 3: Participant Diversification - The number of brokerage firms providing margin financing has decreased in concentration, with only 5 firms exceeding 100 billion yuan in margin lending by the end of 2024, down from 8 firms in 2015 [3]. - The number of individual investors participating in margin financing has slightly increased to 746.98 million, while the number of institutional investors has grown significantly to 50,944 [3]. - The increase in both supply and demand participants, along with a more rational internal structure, suggests that the volatility of margin financing will continue to decrease [3]. Group 4: Future Outlook - The recent increase in the two-in-one balance is seen as a new starting point, with low-risk interest rates enhancing the attractiveness of A-shares and declining brokerage financing rates reducing the cost of leverage [4]. - These combined effects indicate that there is considerable room for growth in the margin financing market [4].
时隔10年,两融余额再破2万亿 从抱团到分散,杠杆资金更稳健理性
Mei Ri Jing Ji Xin Wen· 2025-08-06 16:48
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]
灵活融资与实盘交易:(新手版)理性投资的选择与建议。
Sou Hu Cai Jing· 2025-08-05 05:53
Core Viewpoint - The article discusses the importance of choosing and utilizing flexible financing and spot trading for novice investors, highlighting their characteristics, risks, and applicable scenarios while providing practical investment advice. Group 1: Flexible Financing - Flexible financing (such as margin trading) allows investors to amplify their investment scale by borrowing funds, leading to higher returns in a rising market [2] - The leverage effect can also magnify losses in a declining market, making it crucial for novice investors to start with low financing ratios (e.g., 1:1 or 1:2) to avoid liquidation risks [5] - Flexible financing is more suitable for short-term trading due to higher interest costs associated with long-term holding [5] Group 2: Spot Trading - Spot trading involves using personal funds to buy and sell securities without leverage, making it a safer option for beginners [4] - It helps novice investors develop trading habits, such as stop-loss and position management, while ensuring that losses are limited to the invested capital [6] - Spot trading is more aligned with long-term investment strategies, such as dollar-cost averaging or value investing, minimizing the impact of short-term market fluctuations [6] Group 3: Practical Investment Advice - New investors are advised to start with spot trading to build a solid foundation before exploring financing options [6] - Diversification is essential regardless of the chosen investment method to reduce the risk associated with any single asset [6] - Setting strict trading disciplines, such as predetermined stop-loss points, can help avoid emotional trading [6] - Continuous learning about market dynamics and technical analysis is vital for improving investment decision-making skills [6]
指尖搞定炒股手机开户:步骤拆解明路径,权限开通按需选
Sou Hu Cai Jing· 2025-08-04 09:12
权限开通要按需选择,是炒股手机开户的个性化步骤。除了基础的 A 股交易权限,创业板、科创板等 需要额外申请,且有相应的门槛要求,如资金量、交易经验等。炒股手机开户时,可根据自身投资规划 选择开通的权限,不必盲目追求 "全权限",避免后续因不符合条件而被限制,这是提升炒股手机开户 效率的小技巧。 手机开户凭借指尖操作的便捷性,成为当下多数人进入股市的首选方式。但便捷不代表随意,炒股手机 开户的每一步都藏着合规细节,比如选择正规券商的官方 APP,而非不明链接或第三方平台,这是炒 股手机开户的第一道防线,能从源头避免信息泄露或误入不合规渠道的风险,是保障炒股手机开户安全 的基础。 解锁炒股手机开户的流程,要按屏幕指引循序渐进。通常来说,炒股手机开户需经过下载 APP、注册 账号、身份信息提交、风险测评、协议签署等步骤,每一步都有明确的提示,比如上传证件时需确保画 面清晰、四角齐全,填写信息时要与证件内容一致。耐心走完这些流程,不跳过任何校验环节,才能顺 利完成炒股手机开户,这是避免开户失败的关键。 炒股手机开户时,官方渠道的识别尤为重要。正规券商的炒股手机开户入口,会在其官网、官方公众号 等可信平台标注,APP ...
深交所联合21世纪经济报道 发起定投中国——ETF定投案例展
2 1 Shi Ji Jing Ji Bao Dao· 2025-07-31 10:54
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 ...
精彩抢先看| 价值与投资——科创板六周年:资本助新产业焕新
第一财经· 2025-07-17 08:57
Group 1 - The core theme of the article is "Capital Assists New, Industry Revitalizes," focusing on how capital supports the continuous development of innovative technology enterprises [2] - The Shanghai Stock Exchange and Yicai Media are launching the "Value and Investment" column to promote rational, value, and long-term investment principles, enhancing the demonstration effect of state-owned enterprises and companies listed on the Sci-Tech Innovation Board [1] - The second episode coincides with the sixth anniversary of the Sci-Tech Innovation Board, highlighting the introduction of policies like the "Eight Articles of Sci-Tech Innovation Board" and "1+6" policy, which aim to facilitate the development of high-quality technology enterprises [1] Group 2 - The program will feature discussions with industry leaders such as Yuan Jiandong, Chairman and General Manager of Borui Pharmaceutical, and Zheng Baofu, Chairman and General Manager of Haoyuan Pharmaceutical, to analyze the role of capital in empowering industries [2] - Special guests include Professor Li Jinjing from Shanghai Jiao Tong University and Hu Wei, Deputy General Manager of the Market Service Department at China Securities Index Company, who will engage in interactive discussions with listed company representatives [2] - The live event will be available on Yicai's official website and app on July 18, 2025, at 15:00 [3]
精彩抢先看 | 价值与投资——科创板六周年:资本助新 产业焕新
Di Yi Cai Jing· 2025-07-17 07:46
Group 1 - The core theme of the event is "Capital Assists New, Industry Revitalizes," focusing on how capital support enables the sustainable growth of innovative enterprises in the science and technology sector [2] - The event features discussions with leaders from Borui Pharmaceutical and Haoyuan Pharmaceutical, highlighting their experiences in leveraging capital for innovation and industry empowerment [2] - The Shanghai Stock Exchange and Yicai Media are collaborating to launch the "Value and Investment" column, aiming to enhance communication between listed companies, research institutions, and investment organizations [1][2] Group 2 - The second episode of the program coincides with the sixth anniversary of the Sci-Tech Innovation Board, which is expected to facilitate the development of high-quality technology enterprises through new policies and supportive systems [1] - The event will be available for viewing on Yicai's official website and app on July 18, 2025, at 15:00 [3]