遇到集思录已经有四五年了，看一下集思录有什么新贴几乎是现在的我每天要做的事，真心 感谢集思录，让我接触了低风险投资，在这里可以窥见一些大佬的思路和操作，也借着去年 和今年的行情，赚了一点钱。来这里倾诉一下最近卖房的事情，吐一吐心中的不快，也想听 听大家的意见。 22年6月份花725万买入南京河西125平三居室新房，23年5月搬入新家。 25年秋季开始老婆孩子会去国外呆两年，再加上本人平日都在合肥上班，也就是每周周末回 南京，再再加上这两年在各个大V看跌房产的言论下，25年决定卖房。 25年3月28上架贝壳挂牌价850，之后是典型的卖房痛苦流程：买家出价-卖家嗤之以鼻-一 段沉寂之后降挂牌价，买家出价-卖家嗤之以鼻-一段沉寂之后降挂牌价。记得比较清楚的是 一个中介说有买家出价720，我说有点低，中介说确实有点低。既然中介都这么说了，我也就 没多想了，虽然720也能谈，但是我心想：要是买家一出价，我马上答应说可以谈，那也会把 买家吓走吧？ 720之后就没有愿意出价的了。 6月15号，一中介说有买家出价680，我嫌太低，架不住中介的多次要求，同意周末见面聊。 见面之前我说我底价是730，我心里预期可能会705-71 ...

Core Viewpoint - Shanxi Province is issuing 750 million yuan of government bonds aimed at individual and small institutional investors, providing a low-risk investment option with attractive returns [1][2]. Group 1: Bond Details - The bonds will be issued in a 5-year term with a face value of 100 yuan, and the issuance dates are set for August 26, 27, and 28, 2025 [2]. - The bonds include general bonds for non-revenue public projects and special bonds for revenue-generating public projects, with repayment sourced from government budget revenues [3]. - The coupon rate will be determined based on the average yield of similar-term government bonds, with interest income exempt from income tax [2][7]. Group 2: Accessibility and Purchase Process - The minimum subscription amount is 100 yuan, making it accessible for individual and small institutional investors [4]. - Eight banks will facilitate the purchase of these bonds, with nearly 1,800 bank outlets available for transactions [4]. - Investors can subscribe through bank branches or electronic banking channels, ensuring convenience [4][5]. Group 3: Trading and Liquidity - After the listing date on September 2, investors can trade the bonds with real-time settlement under a market-making system [5][7]. - The bonds are rated AAA by third-party agencies, indicating low credit risk and strong repayment capacity [7]. - The dual verification mechanism for bond holdings ensures security and has not reported any incidents of misappropriation [7]. Group 4: Societal Impact - Investing in these bonds allows citizens to participate in local development projects, enhancing public services and infrastructure [8]. - The initiative aims to increase public engagement in the economic and social development of Shanxi Province [8].

Group 1 - The bond ETF market has seen significant innovation and increased institutional demand in 2023, with net inflows reaching 300.31 billion yuan and total scale surpassing 536.34 billion yuan as of August 14 [1] - The introduction of new bond ETF products, such as benchmark market-making corporate bond ETFs and sci-tech bond ETFs, has diversified and refined the product line, with 8 out of 18 newly established bond ETFs surpassing 100 billion yuan in scale within six months [1] - The liquidity advantages of sci-tech bond ETFs align with national strategic directions and provide investors with convenient access to high-growth corporate bonds, gaining recognition from institutional investors [2] Group 2 - Multiple public fund institutions believe that the bond market adjustment may be nearing its end, with expectations for a rebound as domestic monetary policy is likely to become more accommodative in the fourth quarter [3] - The market logic is shifting from "stock-bond linkage" to being driven by individual fundamentals, suggesting that investors should maintain a long-term holding strategy and avoid chasing short-term fluctuations [3] - There is potential for increased market penetration of bond ETFs, driven by the demand from long-term funds like pensions and annuities for low-risk, high-liquidity instruments [3]

Core Insights - The Industrial and Commercial Bank of China (ICBC) has announced a significant expansion of its "Tian Tian Ying" cash management service, now offering the "Tian Tian Ying No. 1" product from Huabao Fund, which has a minimum investment threshold of just 0.01 yuan [1] - The service is linked to 106 high-quality money market funds, providing a quick redemption limit of 10,000 yuan per fund per day, with features like 24/7 quick redemption and real-time fund availability [1] - Huabao Fund has a strong track record in fixed income, with total assets under management reaching 215.7 billion yuan as of June 2025, and a diverse range of fixed income products catering to various investor needs [1][2] Company Performance - Huabao Fund emphasizes the integration of research, investment, and trading in its fixed income business, aiming to enhance liquidity management and risk control [2] - As of June 2025, Huabao Fund's fixed income assets achieved a return of 4.88% over the past year, ranking in the top 10% of the industry [2] - The current downward trend in risk-free returns and the reduction of bank deposit rates below 1% create a favorable environment for the "Tian Tian Ying" service, appealing to investors seeking a balance between yield and liquidity [2]

Core Viewpoint - The article promotes "Long Qian Bao No. 2," a low-risk, low-threshold, and highly liquid money market fund product offered by China Construction Bank, emphasizing its ease of use and accessibility for small investors [8][14]. Summary by Sections Product Introduction - "Long Qian Bao No. 2" is a specialized area for selected money market funds provided by China Construction Bank, featuring advantages such as low risk, low entry threshold, and high liquidity [8]. Investment Experience - The product allows investments starting from 0.01 yuan, making it accessible for small amounts, similar to purchasing an ice cream [13][12]. - It supports 24/7 trading, enabling quick redemption for urgent cash needs, with a daily redemption limit of 10,000 yuan [16]. Flexibility and Customization - Investors can choose from 50 different low-risk money market funds, allowing for flexible investment combinations and amounts [10][18]. - The product offers an intelligent allocation feature that distributes investment amounts based on the seven-day annualized yield of the funds and the investor's holdings [18]. Cost Efficiency - The product incurs no transaction fees for transfers in and out, helping to save on investment costs [14].

Core Viewpoint - The article discusses various investment returns achieved by different investors, highlighting the significant gains in the market and contrasting them with average market performance. Group 1: Investment Returns - One investor reported a return of over 3000 with a yield of approximately 157% [1] - Average returns for various stocks from January 2 to July 30, 2025, include: - Zhongzhuang: 17.44% - Sanfang: 22.3% - Saili: 163.85% - Weier: 13.88% - Diao: 38.48% - Fangyuan: 25.54% - Hongtu: 21.07% - Bohui: 65.58% - Meijin: 14.31% - Shouhua: 29.00% - Baichang: 20.42% - Haiyou: 29.19% [3] - An average return of 38% was noted for a hypothetical investment strategy where investors bought stocks without any trading [4] Group 2: Market Sentiment - Some investors expressed feelings of anxiety and pressure due to the performance of others in a bull market, indicating a fear of missing out [14] - A low-risk strategy was mentioned, where one investor moved their positions and achieved significant floating profits, leading to a sense of existential crisis due to the continuous market rise [12] Group 3: General Observations - The article reflects a mix of sentiments among investors, with some feeling satisfied with their returns while others express frustration or confusion about market dynamics [11][24] - The community appears to be focused on achieving steady profits rather than outperforming the market index, indicating a shift in investment philosophy [24]

Core Insights - The banking wealth management market in China has shown growth in both scale and investor participation, with a total size of 30.67 trillion yuan as of June 2025, reflecting a 2.38% increase from the beginning of the year and a 7.53% year-on-year growth [2] - The number of investors holding wealth management products reached 136 million, an increase of 8.37% from the start of the year, generating a total return of 389.6 billion yuan for investors in the first half of 2025 [2] - Personal pension wealth management products have seen significant growth, with over 1.439 million accounts opened, a 46.2% increase since the beginning of the year, and a total purchase balance of 110.36 billion yuan [2][11] Wealth Management Product Structure - The wealth management market has a strong focus on stability, with fixed-income products dominating, accounting for 97.20% of the total scale, and low-risk products making up 95.89% of the market [4][5] - The average duration of newly issued closed-end wealth management products ranged from 377 to 489 days, with closed-end products over one year accounting for 72.86% of all closed-end products, an increase of 5.71 percentage points from the beginning of the year [8][9] Factors Influencing Investor Preferences - The preference for low-risk products is driven by the uncertain global economic environment and domestic market volatility, leading investors to favor stable returns [5][6] - The shift in investor demographics towards younger, more educated individuals is expected to gradually change the client structure, allowing for a broader acceptance of mixed and equity products over the next 5 to 10 years [6] Pension Wealth Management Products - The rapid development of personal pension wealth management products is supported by government policies, with an average annualized return exceeding 3.4% [11][12] - The market has seen the introduction of multiple pension products, with six wealth management companies launching a total of 35 pension products, managing over 15.16 billion yuan [12] Recommendations for Investors - Investors are advised to diversify their asset allocation based on their risk tolerance and retirement goals, focusing on products with stable historical performance and controlled volatility [12][13]

Core Viewpoint - The phenomenon of high-yield funds struggling to attract new capital while low-yield funds succeed highlights a rapid increase in risk-averse strategies among public funds [1][2][9]. Fundraising Trends - Fund companies are facing challenges in raising capital for new high-yield products amid changing market expectations, with value-oriented products becoming more popular [2][3]. - A stark contrast in fundraising results was observed between a high-performing medical fund manager and a conservative value fund manager, with the latter raising over 13 billion while the former raised less than 3 billion [3][4]. - The trend of low-risk strategy funds attracting significant capital is becoming common, as seen with a conservative fund manager raising nearly 15 billion despite a modest 7% return [4][6]. Investor Behavior - Institutional investors, particularly insurance companies, show less interest in short-term high returns, preferring consistent annual returns of 10% to 20% [8]. - The average subscription amount for value strategy funds is notably high, indicating strong institutional backing, with some funds achieving average subscription amounts exceeding 12 million [6][7]. Market Sentiment - The current market sentiment reflects a shift towards value investing, with institutions wary of high-volatility sectors that have seen significant price increases [10][11]. - The narrowing of thematic investments and the potential for adjustments in popular sectors like healthcare and consumer sentiment suggest a cautious approach among investors [9][10]. Future Outlook - The market is expected to experience a period of adjustment, with a focus on identifying new themes and maintaining a balance between risk and return [10][11].

Group 1 - The concept of "practice makes perfect" is defined as finding a logical and practical approach that can consistently succeed [1] - Investment is viewed broadly, encompassing all legal means of making money, rather than just stock trading [2] - The journey of investment is continuous, with each stage representing a version of improvement, akin to software updates [1][3] Group 2 - Many investors have experienced a long learning curve, with some taking over a decade to stabilize their investment strategies [4][5] - The importance of risk management and disciplined execution is emphasized, with some investors reporting significant improvements in their returns after adopting these principles [7] - The sentiment that investment strategies are constantly evolving and require ongoing learning is prevalent among investors [15]

Core Viewpoint - The article emphasizes the transition from additive wealth accumulation to multiplicative strategies for achieving significant financial growth, highlighting the importance of asset reallocation and management skills in this process [1][2][3]. Group 1: Wealth Accumulation Strategies - Relying solely on additive methods, such as accumulating properties and savings, limits wealth potential, making it difficult to reach higher financial goals [1]. - The author illustrates that moving from 10 million to 30 million through multiplication is more efficient than through addition, as it leverages the power of compounding [2]. - The focus should be on optimizing asset allocation by shifting from low-efficiency to high-efficiency assets, which can enhance overall returns [2][3]. Group 2: Management and Professionalism - Effective management is crucial for scaling wealth; without it, attempts to expand can lead to significant risks [3]. - The article stresses the importance of having capable individuals manage wealth, as this is essential for sustained growth and risk mitigation [3]. Group 3: Financial Freedom and Lifestyle - Achieving a net worth of 30 million signifies a level of financial freedom where individuals can afford to live comfortably without the pressure of employment responsibilities [4]. - As wealth increases, the impact of household expenses on wealth accumulation diminishes, allowing for improved lifestyle choices and consumption patterns [5]. Group 4: Psychological Milestones - Reaching 50 million is described as a psychological milestone, making the concept of achieving a billion more tangible and attainable [5]. - The author reflects on the emotional significance of wealth milestones and the shift in mindset that accompanies them [5]. Group 5: Investment Philosophy - The article discusses the evolution of investment philosophy from seeking absolute returns to focusing on relative performance against market averages [6][7]. - It highlights the importance of understanding the sources of income and the rationale behind investment decisions to reduce risks [7]. Group 6: Long-term Perspective - The narrative emphasizes the paradox of low-risk investing, where substantial wealth can be built over time, despite the challenges of aging and market fluctuations [9]. - The author advocates for a mindset shift towards valuing the investment journey and the lessons learned along the way, rather than just the financial outcomes [9][10].