文 | 银行螺丝钉 （转载请注明出处） 很多投资者都希望多元化配置自己的资金，想要覆盖人民币资产和外币资产，也想要覆盖股票资产和债券类资产。 美元债就是其中的重要一环，那么美元债券基金该如何投资？ 这里有一门限时免费的福利课程，系统性地介绍了美元债券基金的投资知识。 想要获取这个课程，可以添加下方「课程小助手」，回复「 美元债 」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。 ◆◆◆ 2025年收官，A股港股表现怎么 样呢? 2025年是 A股港股，最近5年表现最好的 一年。 1、2季度，市场横盘震荡为主，在4月全 球市场出现大幅波动。 到了3季度,市场短期大幅上涨。A股创 业板三季度上涨50%,创下最近10年最 大单季度涨幅。 4季度出现了一些回调，不过到12月市场 反弹，收复了4季度大多数回撤。 (1) A股表现 2025年全年: ·代表A股整体的中证全指上涨24.60%。 ·代表大盘股的沪深300上涨17.66%。 ·代表中盘股的中证500上涨30.39%。 ·300价值指数，上涨6.41%； ·300成长指数，上涨29.52%。 成长和价值，时间拉长后，长期回报相 似，只是涨跌阶 ...

Group 1 - The market experienced fluctuations today, with sectors such as non-ferrous metals and oil & petrochemicals showing strength, leading to an increase in related indices [1] - By the market close, the Guozheng Value 100 Index and Guozheng Free Cash Flow Index both rose by 0.5%, while the Guozheng Growth 100 Index fell by 0.4% [1] - The Value ETF (159263) saw a net subscription of 36 million units throughout the day [1] Group 2 - The Guozheng Value 100 Index employs a three-dimensional screening system based on "high dividends + high free cash flow + low price-to-earnings ratio" to select value stocks, demonstrating stable historical performance [3] - The Guozheng Free Cash Flow Index selects stocks based on free cash flow rates, combining high dividends with growth potential [3] - The Value ETF (159263) and the E Fund Free Cash Flow ETF (159222) track the aforementioned indices, providing investors with opportunities to capitalize on related investment styles [1][3]

今日早盘，"红利+"指数震荡上行。截至午间收盘，国证价值100指数上涨0.5%，中证红利指数上涨0.3%，国证自由现金流指数上涨0.2%。相关ETF中，价值 ETF（159263）此前连续6个交易日获资金净流入，合计约1.5亿元。 国证价值100指数采用"高分红+高自由现金流+低市盈率"三维筛选体系，优选价值标的，历史表现稳健；国证自由现金流指数则采用自由现金流率进行选 样，兼具高股息与成长性。价值ETF（159263）和自由现金流ETF易方达（159222）分别跟踪以上指数，可助力投资者把握相关风格投资机遇。 | "红利+"指数基本情况跟踪 | | | | | --- | --- | --- | --- | | (2025年12月23日) | | | | | 红利ETF易方达 低费率 NO.1 | | | | | 跟踪中证红利指数 | | | | | 该指数由100只现金股息率高、分 | | | | | 红较为稳定,并具有一定规模及流 截至午间收盘 | 该指数 | 该指数 | 15 | | 动性的股票组成,反映高股息率A 该指数涨跌 | 滚动市盈率 | 股息率 | 净资 | | 股上市公司股票的整体表现,银 ...

Group 1 - The market showed mixed fluctuations in the early session, with sectors like petrochemicals and banks being locally active, driving the value style upward [1] - As of the midday close, the Guozheng Value 100 Index rose by 0.4%, while the Guozheng Free Cash Flow Index increased by 0.04%, and the Guozheng Growth 100 Index fell by 1.3% [1] - Related products saw increased capital inflow, with the Value ETF (159263) recording a net subscription of nearly 100 million units in half a day [1] Group 2 - The Guozheng Value 100 Index employs a three-dimensional screening system based on "high dividends + high free cash flow + low price-to-earnings ratio" to select value stocks, demonstrating stable historical performance [1] - The Value ETF (159263) tracks this index, providing investors with opportunities to capitalize on value style investments [1]

具体来看，热景生物披露的最新前十大流通股股东数据显示，与三季度末相比，截至11月11日，汇添富 创新医药主题混合基金减持热景生物21.77万股，易方达医疗保健行业混合基金减持13.08万股。不过， 基本养老保险基金一六零二二组合持股数保持不变，香港中央结算有限公司则成为热景生物新进前十大 流通股股东。 年末往往是价值风格胜率较高的时段。有基金经理表示：时至年末，一方面处于业绩空窗期，市场缺乏 一定的确定性博弈线索；另一方面，资金流动性通常偏紧、部分资金存在避险需求，为价值风格表现稳 健的板块带来季节性增量资金，加上此时容易出现估值切换行情，低估值、盈利确定性高的价值风格或 更好 临近年底，机构忙于调仓换股。上市公司近期发布的不定期公告显示，机构减持了部分前期涨幅较多的 标的，一些细分行业龙头公司获加仓。站在当前时点，多家机构表示，看好权益资产配置价值，尤其是 价值风格投资标的，后续将深挖结构性投资机会。 机构调仓换股浮现 多家上市公司近期发布的不定期公告，让部分机构的最新调仓情况得以曝光。 类似的还有，截至11月24日，全国社保基金一一八组合、高盛公司、诺安平衡混合基金成为宠物食品龙 头公司佩蒂股份新进前十大 ...

Core Insights - The National Securities Value 100 Index and the National Securities Free Cash Flow Index both increased by 0.5%, while the National Securities Growth 100 Index decreased by 0.02% [1] - Related ETFs saw significant inflows, with the Value ETF (159263) and the Free Cash Flow ETF (E Fund, 159222) experiencing net subscriptions of 2 million and 4 million units respectively [1] Group 1: Index Performance - The National Securities Value 100 Index employs a "high dividend + high free cash flow + low price-to-earnings ratio" screening system, focusing on value stocks with a stable historical performance [1] - The National Securities Free Cash Flow Index selects stocks based on free cash flow rates, combining high dividends with growth potential [1] Group 2: ETF Details - The Value ETF (159263) tracks the National Securities Value 100 Index, which consists of 100 stocks with a focus on value, primarily in the consumer discretionary, financial, and industrial sectors, which together account for over 65% of the index [3] - The Free Cash Flow ETF (E Fund, 159222) tracks the National Securities Free Cash Flow Index, comprising 100 stocks with high free cash flow levels, with over 70% of the index represented by industrials, materials, and consumer discretionary sectors [3]

Group 1 - The core viewpoint of the article highlights the strong performance of value stocks, with the Guozheng Value 100 Index rising by 1.3% and over 10% since October, while the Guozheng Free Cash Flow Index increased by 1.1%, achieving four consecutive days of gains [1] - The recent rise in value stocks is attributed not only to a "high-cut-low" market trend but also to expectations of economic recovery and the resonance of dividend premiums [1] - The current non-manufacturing PMI in China has crossed the threshold, indicating potential benefits for traditional value sectors such as home appliances and banking due to recovering demand [1] Group 2 - The Guozheng Value 100 Index employs a three-dimensional screening system based on "high dividends + high free cash flow + low price-to-earnings ratio" to select value stocks, demonstrating stable historical performance [1] - The Guozheng Free Cash Flow Index selects assets based on free cash flow rates, focusing on cash-rich value assets, with the top three weighted industries being non-ferrous metals, automotive, and oil and petrochemicals [1] - The Value ETF (159263) and the E Fund Free Cash Flow ETF (159222) track the aforementioned indices, providing investors with convenient tools to invest in undervalued quality assets and capitalize on style-switching opportunities [1]

Core Viewpoint - The market experienced wide fluctuations today, with popular sectors such as precious metals, semiconductors, and automotive parts undergoing corrections, while the value style showed strength. The Guozheng Value 100 Index rose by 0.9%, and the value ETF (159263) saw net subscriptions exceeding 10 million units throughout the day [1]. Summary by Categories Market Performance - The Guozheng Value 100 Index increased by 0.9% [1]. - The value ETF (159263) had net subscriptions of over 10 million units [1]. Investment Outlook - Analysts suggest that the value style has both upward potential and higher investment success rates. The divergence between growth and value styles has reached historical highs, indicating potential convergence in the future [1]. - Value stocks have lagged in previous gains, suggesting greater return potential [1]. - Current market conditions show a high demand for low-risk investments, coupled with the upcoming third-quarter earnings reports, which may lead to a preference for value stocks [1]. Index Characteristics - The Guozheng Value 100 Index employs a three-tier screening system focusing on "low price-to-earnings ratio, high dividend yield, and high free cash flow ratio" to identify financially healthy and reasonably valued companies [1]. - The current dividend yield of the index is approximately 5%, with a rolling price-to-earnings ratio of 9.3 times, positioned at the 6.7% percentile since the index's base date at the end of 2012 [1]. - The index has a balanced industry distribution, with the top three sectors being home appliances, banking, and non-ferrous metals, collectively accounting for nearly 50% of the index's weight [1]. Investment Product - The value ETF (159263, linked funds A/C: 025497/025498) is the only ETF product tracking the Guozheng Value 100 Index, providing investors with a straightforward way to invest in undervalued quality assets in the A-share market [1].

Group 1 - The core viewpoint of the articles highlights the supportive policies for the domestic capital market in response to various challenges, leading to a significant boost in market sentiment, with the Shanghai Composite Index surpassing 3900 points for the first time in nearly a decade [1][2] - The launch of the China Europe Value Navigation Mixed Securities Investment Fund aims to provide a value-focused, actively managed equity product that emphasizes risk control, catering to investors in a volatile market environment [1][2] - The fund is positioned as a value-style fund with a flexible investment strategy that combines large-cap value and growth strategies, along with a reversal strategy for dynamic portfolio adjustments [2][6] Group 2 - The fund's proposed manager, Lan Xiaokang, has over 14 years of experience in the securities industry and has developed a mature investment framework that balances macroeconomic trends with in-depth analysis of undervalued, high-quality stocks [2][3] - Lan Xiaokang's management of existing funds has shown significant outperformance against benchmarks, with the China Europe Dividend Preferred A fund achieving a consistent track record of excess returns over six years [3][4] - The fund's risk management approach includes careful stock selection, focusing on large-cap, low-volatility stocks, and maintaining industry diversification to mitigate concentrated risks [6][7] Group 3 - The China Europe Dividend Preferred A fund has demonstrated strong performance, with annual returns significantly exceeding its benchmark in multiple years, showcasing its ability to navigate market fluctuations [4][7] - The fund's maximum drawdown has been controlled effectively, with a maximum drawdown of -25%, which is lower than the benchmark's -26% and significantly better than the broader market's -45% [6][7] - Looking ahead, the manager identifies investment opportunities in traditional industries and emphasizes the importance of identifying high-quality companies with low price-to-book ratios across various sectors [6][7]

Core Viewpoint - The A-share market has reached a ten-year high, prompting investors to focus on strategies for positioning above 3800 points, with a strong emphasis on growth styles and the potential for value styles to complement investment portfolios [1] Group 1: Market Overview - The current market is characterized by a hot trend, with growth styles continuing to perform well, while value styles may become an important addition to investment strategies [1] - The launch of the Silver Hua Selected Value Return Fund (Class A: 023839, Class C: 023840) on September 1 is expected to help investors seize opportunities in equity investments [1] Group 2: Fund Management and Performance - Zhang Teng, the fund manager, has a strong educational background and extensive experience in the securities industry, focusing on sectors such as coal, non-ferrous metals, and public utilities [1] - As of August 15, 2025, the Silver Hua Ruihe Flexible Allocation Mixed Fund (005544) has shown a year-to-date net value growth rate of 29.69%, significantly outperforming its benchmark [2] - The fund's performance over the past year has been impressive, with a net value growth rate of 45.77%, ranking 84 out of 415 in its category [2] Group 3: Investment Strategy - The current A-share market exhibits clear cycles and style rotations, with value styles showing strong adaptability to market conditions [2] - Short-term indicators suggest a potential reversal from growth to value styles, as low-positioned consumer and cyclical sectors are expected to see a rebound [2] - Long-term economic shifts in China, characterized by a transition to a broadly low-interest-rate environment, are increasing the attractiveness of value stocks with high dividends and low valuations [2]