文 | 银行螺丝钉 （转载请注明出处） 今天大盘整体微涨，截止到收盘，还在4.1星。 大中小盘股都上涨，波动不大。 现金流等价值风格整体上涨，今天上涨后，现金流指数距离正常估值也很近了。 成长风格也整体上涨。 港股今天比较强势，比A股涨的略多一些。 港股科技股领涨。 马上就是元旦假期了。 明天周三，也是2025年最后一个交易日了。 A股周三正常交易，但港股通周三就暂停了。 部分含有港股的基金，周三也暂停申购赎回交易。 周四到周五是元旦假期，A股港股也放假。 下周假期回来后，恢复正常交易。 1. [大吉大利，今天吃基] 第396期的螺丝钉 定投 实盘来啦。 时间： 2025年12月30日 方案： 定投买入 品种： ▶指数增强投顾组合： 回到正常估值，暂停定投，继续持有。后面回到低估后继续。 ▶主动优选投顾组合： 9456元， 点这里跟车买入 ▶月薪宝投顾组合： 10000元， 点这里跟车买入 开启后，当主动优选、指数增强组合发车止盈时，会自动转换到365天等稳健类组合，避免错过止盈机会。 想了解功能详情可以查看：《 自动止盈功能来啦，一键开启，不错过止盈机会 》。 想要开启功能的朋友，可以长按识别二维码，添加课 ...

Core Viewpoint - The article discusses the personal pension system in China, emphasizing the benefits of tax deductions for high-income earners and the investment options available within personal pension accounts, particularly focusing on index funds [3][6][63]. Group 1: Personal Pension Account Details - The deadline for transferring funds into personal pension accounts is December 31, 2025, with an annual contribution limit of 12,000 yuan [3][4]. - Individuals with higher incomes benefit more from the tax deferral advantages of personal pension accounts, making it more attractive for them [7][11]. - A table is provided to help individuals assess their suitability for opening a personal pension account based on their monthly pre-tax income [8][9]. Group 2: Investment Options in Personal Pension Accounts - Personal pension accounts can invest in various products, including commercial pension insurance, savings deposits, wealth management, public funds, and government bonds [15]. - As of September 30, 2025, there are 91 index funds included in the personal pension fund directory, covering 16 mainstream stock indices [16][18]. - The article highlights two classic investment strategies for index funds: combining the CSI 300 and the CSI 500, and pairing leading strategy indices with dividend strategy indices [22][25]. Group 3: Investment Strategy and Performance - The article suggests diversifying investments across different styles, such as growth and value, to balance risks and returns [34][37]. - It notes that both growth and value investment styles have shown similar long-term performance, despite short-term fluctuations [34][40]. - The article provides insights into how to determine investment amounts and strategies for personal pension accounts, including the importance of market conditions [42][44]. Group 4: Common Questions and Clarifications - The article addresses common questions regarding the operation of personal pension accounts, including the ability to redeem funds and the conditions under which funds can be accessed [58][61]. - It emphasizes that personal pension accounts are designed for long-term investment, ideally suited for individuals with a risk tolerance for market fluctuations [52][63].

Market Overview - The Shanghai Composite Index reached 4000 points during the day but closed slightly lower, indicating a volatile trading session [2][4] - The index has seen limited growth this year, with the CSI All Share Index up 24%, while the Shanghai Composite Index has only increased by around 10% [3][5] - Small-cap stocks showed slight gains, while large and mid-cap stocks experienced minor declines [7] Investment Strategies - The Active Selection strategy is estimated to return to normal valuation around 4 stars, leading to a pause in new investments [6] - The Index Enhancement strategy has also returned to normal valuation, prompting a halt in new investments while maintaining existing holdings [19] - The Monthly Salary Investment strategy, which consists of 40% stocks and 60% bonds, is recommended for stable market participation [20] U.S. Market Insights - U.S. stock markets have underperformed compared to the global average this year, with the RMB-denominated S&P 500 fund rising approximately 15% [10] - Recent price increases in U.S. stocks have led to a situation where they are no longer considered cheap, despite good earnings growth over the past two years [15][16] Personal Pension Investment - The personal pension index fund investment strategy has been ongoing, with a focus on combinations like CSI A500 and CSI Dividend, which represent growth and value strategies respectively [28] - Both selected funds have reached normal valuation levels, leading to a pause in new investments until they return to undervalued status [28] Valuation Metrics - The valuation metrics for various indices indicate that the CSI A500 has a P/E ratio of approximately 24, while the CSI Dividend has a P/E ratio of about 9 [32] - The investment star rating system indicates that a 1-star rating represents a bubble phase, while a 5-star rating indicates the highest investment value [38]

Market Overview - The stock market showed resilience recently, with large-cap stocks declining while small-cap stocks experienced slight gains [2][5] - The value style saw a slight decline, while the growth style has been strong this year, showing significant increases [3][4] - The Hong Kong stock market also opened lower but rebounded slightly by the close, with technology stocks leading the gains [5][6] Bond Market Insights - The pure bond market has faced a bear market, with long-term pure bonds retreating by 3% and 30-year government bonds down by 5.6% [7][8] - The current yield for 10-year government bonds has rebounded to approximately 1.86%, which is still not very attractive but close to a reasonable level [11] - The impact on fixed income products, such as monthly salary treasure, remains minimal, and these products have seen new highs this year [12][13] Investment Strategies - The investment strategy for the index-enhanced advisory portfolio has returned to normal valuation, leading to a pause in regular investments while holding onto existing positions [14] - The active selection advisory portfolio continues normal investments, and there is an increase in investment for the monthly salary treasure, which consists of 40% stocks and 60% bonds [14] - The monthly salary treasure features a "low buy high sell" strategy, providing a stable way to participate in the market with lower volatility [14] Pension Fund Insights - The pension index fund investment has been ongoing, with the current focus on the CSI A500 and CSI Dividend indices, both of which have returned to normal valuation [21][24] - The performance of these indices has been mixed, with the CSI A500 showing a 20% profit and the CSI Dividend around 5% [35] - The strategy emphasizes patience in waiting for undervalued opportunities, with a long-term investment perspective [39][40] Valuation Metrics - A detailed valuation table for various indices and funds has been provided, highlighting metrics such as price-to-earnings ratios, price-to-book ratios, and dividend yields [43] - The valuation metrics indicate that certain indices are currently undervalued, while others are at normal or high valuations, guiding investment decisions [49]

Market Overview - The market experienced a pullback today, with the CSI All Share Index down by 1.74%, returning to a rating of 4.3 stars [1] - Large-cap stocks saw slight declines, while small-cap stocks experienced more significant drops [2] - Recent market trends indicate rapid style rotation [3][8] Style Rotation - The previously underperforming value style saw gains today, while the growth style, which had performed well yesterday, faced declines [4][6] - Value and dividend indices showed slight increases, with the banking index rising significantly [5] - The ChiNext and STAR Market experienced notable declines [7] Growth and Value Dynamics - The growth and value styles frequently switch, with a notable speed of change [9] - This year, growth styles have led the market, with some STAR Market indices reaching overvalued levels [10] - The ChiNext has seen less growth compared to the STAR Market but has still achieved a relatively high valuation [11] Volatility and Valuation - Following the increase in valuations, the volatility of growth styles is expected to be higher than last year's undervalued state [12] - Investors should prepare psychologically for market fluctuations [13] Hong Kong Market - The Hong Kong stock market also experienced an overall decline, but the drop was less severe compared to the A-share market [14] - The Hang Seng Index showed slight declines but remained relatively resilient [15] Investment Strategies - The article discusses various investment strategies, including a pause in regular investments for certain indices that have returned to normal valuations, with a focus on maintaining positions until undervalued opportunities arise [17][25] - The "Monthly Salary Treasure" investment strategy, which consists of 40% stocks and 60% bonds, is highlighted as a stable market participation method [45][46] Pension Fund Insights - The article provides insights into personal pension fund investments, emphasizing the importance of patience and the potential for future undervalued opportunities [39][40] - The performance of selected pension index funds, such as the CSI A500 and CSI Dividend, is noted, with the former showing a 19% profit and the latter around 6% [38]

Core Viewpoint - The article discusses the current trends in the A-share market, highlighting the strength of small-cap and growth styles while noting the relative weakness of value styles. It emphasizes the impact of interest rate declines on market liquidity and investment strategies. Group 1: Market Trends - The A-share market has shown a strong performance in small-cap and growth styles this year [3][5] - The current bull market, primarily driven by small-cap stocks, is reminiscent of the bull market from 10 years ago [4] - Large-cap stocks have slightly declined, while small-cap stocks have seen minor gains [2] Group 2: Investment Strategies - The article mentions the introduction of a new monthly investment strategy focusing on value styles, which have seen a slight decrease in valuation compared to the beginning of the year [8][9] - The "Monthly Salary Treasure" investment strategy consists of 40% stocks and 60% bonds, with a focus on value stocks [12] - The article outlines two methods for following investment strategies: manual and automatic [19][21] Group 3: Performance Metrics - The performance of the "Monthly Salary Treasure" strategy is designed to provide stable market participation with low volatility [12] - The article provides insights into the performance of pension index funds, noting that both the CSI A500 and CSI Dividend funds have returned to normal valuations [25][36] - The A500 fund has achieved a profit of 11%, while the CSI Dividend fund has seen a profit of approximately 6% over the past seven months [34]

Core Viewpoint - The A-share market has shown strong performance with a continuous rise for six weeks, which is a rare occurrence in history, indicating a robust market sentiment [1]. Group 1: Market Performance - The overall market has rebounded, with the index surpassing the previous peak from October 8 of last year, indicating a positive trend across large, mid, and small-cap stocks [2]. - The A-share medical and healthcare sectors are gaining strength, following a significant rise in the Hong Kong stock market, suggesting a dual boost from "earnings recovery" and "valuation enhancement" [2]. - The consumer sector is currently experiencing a downturn, reminiscent of the medical sector's performance two years ago, indicating a potential area of concern for investors [2]. Group 2: Investment Strategies - The recent market uptrend has led to a decrease in the amount of capital allocated to investment portfolios, with weekly investment amounts dropping to less than half of what they were when the market was at 5.9 stars last year [5]. - The company offers a limited-time 50% discount on advisory fees for its investment portfolios, aiming to help investors reduce costs [6]. - The investment strategy includes a "periodic but variable" approach, where more capital is allocated when valuations are lower, allowing for a flexible investment strategy based on market conditions [13]. Group 3: Pension Fund Investment - The company has been actively investing in pension index funds, with a focus on combinations like the CSI A500 and CSI Dividend, which represent growth and value strategies respectively [21]. - Recent performance shows that both the CSI A500 and CSI Dividend have returned to normal valuations, prompting a pause in further investments until more attractive opportunities arise [23]. - The company emphasizes that long-term investment opportunities will continue to exist, even if current options appear limited [25].