文 | 银行螺丝钉 （转载请注明出处） 今天大盘整体上涨，截止到收盘，大盘回到3.90星，距离3.8星也很近了。 大中小盘股都上涨。 中小盘股上涨较多多。 中证1000、2000已经到高估。 中证500、500低波动也以很快的速度，向着高估靠拢。 500低波动也是咱们的一个老指数了。 2018年5星的时候就重点定投过。随后7年时间里，500低波动没有到高估。 但是从2018年以来，500低波动上涨约1倍，主要是估值上涨+盈利增长+低波动调仓带来的低买高卖。 看看今年500低波动是不是可以来一波高估机会。 红利等价值风格微涨，波动不大。 港股也略微上涨。港股中小、港股红利领涨。 螺丝钉也收集了港股指数的估值，供参考，见文章下方图片。 1. 有朋友问，牛市现在在什么阶段呢？还会不会继续上涨呢？ A股港股的牛市，通常有几个特点： （1）结构性牛市。 不是所有品种同涨同跌。 例如上一轮牛市大涨的消费，这一轮牛市就比较低迷。 上一轮牛市是大盘成长风格上涨较多，这一轮则是小盘指数上涨较多。 这也是A股常见的风格轮动。 （2）大约7%的时间里大幅上涨，其他时间里阴跌或者震荡。 从2024年9月以来，A股中证全指，大约从底部 ...

那么，如何做好全球投资，分享全球市场长期上涨的红利呢？ 这里有一门限时免费的福利课程，介绍了通过指数基金投资全球股市的方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 全球 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 攻可裂用脂肪基金 Se ENR FOR 长按添加@课程小助手,回复「全球」 免费领取《全球指数投资指南》课程 更有课程笔记、思维导图 帮你快速搞懂全球指数投资, 分享全球市场长期上涨的红利 erman and the may be and the may be the may be the may be the seems of the may be the may be the sent of the may be the seems of the seems of the states of the states of th 基金有风险,投资需谨慎 文 | 银行螺丝钉 （转载请注明出处） 不同地区股票市场不是同涨同跌的。了解多个股票市场，投资者可以把握更多的投资机会。 全球投资还可以显著降低波动风险。 市盈率不会一直涨或者一直跌，它是有 上下限的。 但 ...

文 | 银行螺丝钉 （转载请注明出处） 前段时间，上市公司2025年三季报陆续公布了。 有朋友问，上市公司的定期报告有哪些，在哪里查看呢？ 过去几年，哪些公司赚钱了，哪些亏钱了？ 今年前3季度，上市公司盈利增长恢复了么？ 针对大家的这些疑问，螺丝钉也通过直播课，进行了讲解。 长按识别下面二维码，添加 @课程小助手 微信，回复「 1111 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） 上市公司的定期报告及披露时间 A股上市公司每年会有4份定期报告，分别是一季报、半年报（中报）、三季报和年报。 港股与A股类似，港股上市公司定期报告，也主要是季报、年报等。 不同的是，港股对季报披露时间，并没有强制要求。 实际的披露时间，通常也会比A股要晚一些。 另外，港股的财政年度有可能不是自然年度，而是可以自定义的。 所以三季报，大家主要看A股指数的相关数据。港股指数的数据三季度还不完全，只是定性参考下，等年报数据看会更准确。 这些定期报告，各自的披露时间，如下表所示。 | | A服 | 港股 | | --- | --- | --- | | 季度报告 | 1个月内披露 | 港股对季度报告无强制要求 A + H股公司 ...

银河证券认为，"十五五"开局之年改革政策预期强化，人民币汇率向上等价格因素支撑流动性向好，市 场信心有望得到提振。在居民存款搬家持续演绎、机构投资者加大入市力度、全球资本流向重塑叠加政 策工具护航下，A股市场仍将受益于流动性向上逻辑。当前A股估值处于相对合理区间，从全球主要权 益市场比较来看仍处于中等偏低水平。2026年，盈利有望接棒估值，成为市场聚焦的关键点。预计上市 公司基本面延续改善态势，中国经济转型的深化与新兴产业的持续发展将成为盈利增长的关键驱动力， PPI降幅收窄也有望带动企业利润率水平进一步回升。同时，关注美国中期选举、地缘风险等因素的阶 段性扰动。2026年，A股市场有望呈现出向上动能。 财信证券认为，周一，A股大盘的缩量反弹基本在市场预期之内。一方面是市场上周经历较大波动后， 技术面上存在反弹需求；而另一方面则是周末消息面上，并未出现能很快扭转当前较浓观望情绪的信 号，因此资金风险偏好延续较低水平。短期内，仍需等待市场回暖的明确信号。预计12月中旬左右，随 着机构资金重新布局明年方向、美联储降息靴子落地，届时A股市场将迎来新一轮做多窗口期。 东莞证券认为，周一，A股三大指数小幅上涨。从技术分 ...

文 | 银行螺丝钉 （转载请注明出处） 今天大盘略微下跌，波动不大，还在4.1星。 沪深300等大盘股下跌稍多。 中小盘股略微上涨。 今年三季报，中小盘股的基本面也开始出现复苏， 像中证500等指数的盈利同比增长情况也比较好。 红利等价值风格、成长风格都是略微下跌。 港股略微下跌，波动跟A股差不多。 1. 最近大盘进入到横盘震荡的时间。 今年三季度，A股成长股大幅上涨，创业板创下最近10年最大单季度涨幅。 在9月底的时候，A股达到了4.1星。 随后两个月，A股在4.1-4.3星上下波动。 其实最近1年多，A股的上涨，主要就是两个阶段： 去年9月最后两周，以及今年三季度。 而且这些时间里也不是每天都有上涨。 真正大涨的时间，大约占全部交易时间的7%。 其他时间里多为阴跌或震荡。 但也就是这7%的时间，创造了绝大多数的回报。 当闪电劈下来的时候，我们要在场。 2. 不过另一个问题来了，我们怎么知道闪电会劈下来？ 这要回归到指数基金的收益公式上： 指数基金净值=估值*盈利+分红。 除了每年比较稳定的股息分红的回报（这部分会直接归入到基金净值中）， 从指数长期上涨的角度，驱动因素主要是两个： （1）估值提升 （2）上 ...

Group 1 - The core viewpoint of the article emphasizes the recovery of profitability among listed companies in the first three quarters of 2025, with a notable increase in earnings growth compared to previous periods [1][18]. - The article discusses the importance of monitoring quarterly reports from listed companies, which include quarterly reports, semi-annual reports, and annual reports, with specific disclosure timelines for A-shares and Hong Kong stocks [3][4][5]. - It highlights the various methods to access these reports, including official stock exchange websites and company websites [7]. Group 2 - The article explains that long-term earnings growth is a primary driver of market increases, summarizing the relationship between index fund returns and company earnings [9]. - It provides an overview of different representative indices in A-shares and Hong Kong stocks, analyzing their earnings growth [11][12]. - The performance of the CSI All Share Index shows stable earnings growth, with a recovery in profitability in 2025 after a decline in previous years [17][18]. Group 3 - The CSI 300 Index, representing large-cap stocks, has shown stable earnings growth, with a significant increase in earnings growth rate to 12.27% in Q3 2025 [20][21]. - The Hang Seng Index also demonstrated stable earnings, recovering to a growth rate of 16.54% in Q3 2025 after fluctuations in earlier quarters [23][24]. - The H-share Index exhibited similar trends, with a recovery in earnings growth to 16.09% in Q3 2025 [26]. Group 4 - The CSI 500 Index, representing mid-cap stocks, experienced significant fluctuations in earnings, but showed improvement in 2025 with growth rates of 16.28% in Q3 [29][31]. - The CSI 1000 Index, representing small-cap stocks, also faced volatility, recovering to an earnings growth rate of 8.65% in Q3 2025 [35]. - The ChiNext Index, representing growth-oriented stocks, had high earnings growth rates, with Q3 2025 showing a growth rate of 36.26% [38]. Group 5 - The article discusses the performance of various strategy indices, noting that the CSI Dividend Index has shown stable earnings growth, while the Hang Seng Dividend Low Volatility Index has experienced larger fluctuations [43][45]. - The CSI A500 Index, representing leading growth stocks, saw a significant improvement in earnings growth to 11.8% in Q3 2025 [48][50]. - The consumer sector indices, including the CSI Consumer Index and Consumption 50 Index, displayed varying earnings growth, with the latter showing more stability [55][60]. Group 6 - The healthcare sector, represented by the Hang Seng Healthcare Index, experienced rapid earnings growth in early 2025, although it faced a decline in Q3 [67][70]. - The technology sector in Hong Kong showed strong earnings growth, with a notable increase of 128.92% in Q1 2025, although growth rates slowed in subsequent quarters [73].

Core Viewpoint - The article discusses the current market trends, focusing on the performance of various stock styles and the recovery of corporate earnings in A-shares and Hong Kong stocks, indicating potential investment opportunities. Group 1: Market Performance - The market experienced slight declines, with the index closing at 4.2 stars [1] - Both large, medium, and small-cap stocks showed minor declines [2] - Value styles remained relatively resilient during market fluctuations [3] - The Shanghai Dividend and CSI 300 Value indices have returned from undervaluation to normal valuation levels [4] - Other indices like the Hong Kong-Shenzhen Dividend and Free Cash Flow are also approaching normal valuation [5] Group 2: Earnings Recovery - The recent quarterly reports indicate a recovery in corporate earnings after a low-performing year [16][17] - Three tiers of earnings recovery are identified: 1. Technology and pharmaceutical stocks in Hong Kong showed significant year-on-year earnings growth, exceeding 100% for some [18][19] 2. Stable earnings growth was observed in consumer sectors and value styles, with A-share pharmaceuticals also recovering [22][24] 3. Some sectors, like A-share consumer and real estate, remain in a low-performing phase with no signs of recovery yet [26][28][29] - The overall economic low point is expected to occur in 2024, followed by a gradual recovery [30] Group 3: Investment Tools and Features - A new feature in the "Today Stars" app allows users to view core data and real-time valuations of mainstream ETFs [31] - The app supports tracking ETF premium/discount rates and historical valuation data [33] - Users are encouraged to provide feedback on additional data or features they would like to see [32]

Group 1 - The core viewpoint of the article emphasizes the importance of monitoring the earnings growth of listed companies as a key driver for market performance [8][74] - A-share companies release four periodic reports annually: quarterly reports, semi-annual reports, quarterly reports, and annual reports, while Hong Kong stocks have similar requirements but with more flexible disclosure timelines [4][5] - The earnings growth of listed companies is crucial for the long-term upward trend of stock indices, as it influences both valuation and dividends [8][9] Group 2 - The overall earnings situation of A-shares can be observed through the CSI All Share Index, which showed a significant earnings growth of over 20% in 2021, but faced stagnation in 2023 and 2024, with a slight decline of approximately 0.23% in 2024 compared to 2023 [21][23] - In Q1 2025, A-share companies experienced a year-on-year earnings growth of about 4.46%, which slowed to approximately 2.19% in Q2 2025, influenced by external factors such as tariff crises and declining profits in major state-owned energy enterprises [23][24][25] - The CSI 300 index, representing large-cap stocks, showed stable earnings growth, with a year-on-year increase of around 3%-5% in recent quarters, reflecting the resilience of large companies during economic fluctuations [27][28] Group 3 - The CSI 500 index, representing mid-cap stocks, exhibited significant earnings volatility, with a year-on-year growth of 6.51% in Q1 2025 and 3.6% in Q2 2025, indicating recovery after previous declines [30][31] - The CSI 1000 index, representing small-cap stocks, had a remarkable earnings growth of 68.02% in 2021, but faced declines in 2023 and 2024, with a recovery in Q1 2025 at 16.13%, followed by a slowdown to 0.44% in Q2 2025 [34][36] - The ChiNext Index, representing growth-oriented stocks, showed a strong earnings growth of 30.79% in Q1 2025, which decreased to 13.39% in Q2 2025, reflecting the inherent volatility of growth stocks [36] Group 4 - The Hang Seng Index, representing Hong Kong stocks, experienced a year-on-year earnings growth of 16.32% in Q1 2025, but saw a significant drop to only 0.14% in Q2 2025, with technology and healthcare sectors performing well while energy sector profits declined [38][40] - The H-share Index, representing large-cap Hong Kong stocks, displayed stable earnings growth, similar to the Hang Seng Index, but also faced a slowdown in Q2 2025 [40][41] - The Hang Seng Consumer Index showed a strong recovery with a year-on-year growth of 29.48% in Q2 2025, driven by new consumer companies listing in Hong Kong [62][63] Group 5 - The healthcare sector in Hong Kong, represented by the Hang Seng Healthcare Index, demonstrated significant earnings growth, with a year-on-year increase of 172.89% in Q1 2025 and 59.75% in Q2 2025 [68][70] - The Hong Kong technology sector also showed robust earnings growth, with a year-on-year increase of 128.92% in Q1 2025 and 51.24% in Q2 2025, indicating a strong recovery in this sector [72]

Group 1 - The article discusses the recent release of quarterly reports for A-share and H-share listed companies, focusing on their profitability trends and recovery in earnings growth for the first half of 2025 [1][10] - A-share companies are required to disclose four periodic reports annually: quarterly, semi-annual, and annual reports, while H-share companies have more flexible reporting timelines [4][5] - The article emphasizes the importance of monitoring earnings growth as a key driver for market performance, summarizing that stock index returns are derived from valuation, earnings, and dividends [11] Group 2 - The profitability trends of various indices are analyzed, including the performance of broad-based indices, strategy indices, and industry/theme indices [13][39] - The overall profitability of A-shares, represented by the CSI All Share Index, showed a decline in 2024 but rebounded with a 4.46% growth in Q1 2025 and 2.19% in Q2 2025 [20] - The CSI 300 index, representing large-cap stocks, demonstrated stable earnings growth, with a consistent positive net profit over the past five years, although growth rates have been lower during the economic downturn [22][24] Group 3 - The CSI 500 index, representing mid-cap stocks, experienced significant fluctuations in profitability, with a notable recovery in 2025, showing 6.51% growth in Q1 and 3.6% in Q2 [26] - The CSI 1000 index, representing small-cap stocks, had a dramatic 68.02% growth in 2021 but faced declines in 2023-2024, recovering to 16.13% growth in Q1 2025, though slowing to 0.44% in Q2 [29][33] - The ChiNext Index, representing growth-oriented stocks, showed a strong 30.79% growth in Q1 2025, with a decrease to 13.39% in Q2 [33] Group 4 - The Hang Seng Index demonstrated stable earnings growth, with a 16.32% increase in Q1 2025, but a significant drop to 0.14% in Q2 [35] - The Hang Seng China Enterprises Index (H-shares) also showed stable profitability, recovering after declines in 2020 and 2021, with consistent growth in 2022-2025 [37] - The article highlights the performance of various strategy indices, such as the CSI Dividend Index, which showed stable growth in profitability from 2022 to 2025 [42]

Group 1 - The core viewpoint of the article emphasizes that production efficiency improvements are a key driver of long-term economic growth and stock market performance [3][4]. - Production efficiency can be enhanced through various factors such as technological advancements and urbanization, which lead to increased opportunities and higher per capita output [3]. - A well-functioning society with fluid movement of business and labor will naturally result in long-term growth in the profitability of listed companies [3][4]. Group 2 - The article suggests that the overall stock market is likely to experience long-term upward trends as a result of these efficiency improvements [4].