最近身边好多人都在愁，之前存的高息定期眼看要到期了，去银行一问，现在的利率低得让人泄气。我 楼下张姐就跟我吐槽，去年存的三年期还能有两个多点的利息，今年再去问，同一家银行的三年期连一 点五都不到，这落差也太大了！ 说实话，不光是普通人犯愁，连银行的朋友都跟我说，最近来问转投的人快把门槛踏破了。有个在工行 做理财的老同学偷偷告诉我，前阵子好多人跟风买稳健型理财，结果赶上债券市场波动，不少人本金都 亏了点。就像他接触的一个客户，五万块买的 PR2 级理财，俩月浮亏一百多，想赎回来还得等持有期 满，急得天天打电话问。 你别说，这事儿真挺闹心的。以前总觉得银行理财只要选风险低的就稳赚，哪想到现在连 "稳健型" 都 能亏钱。我那同学说，主要是现在债券市场不稳定，好多低风险理财都重仓债券，一波动就容易跟着 跌。不过他也说了，这次破净的比例不算高，比前两年那次大规模赎回潮好多了，不用太慌。 说到底，钱到期了不可怕，怕的是瞎跟风乱投。要是实在拿不定主意，不如多跑几家银行问问，或者找 相熟的银行员工聊聊，他们手里往往有一些没公开宣传的活动。反正记住一点，别贪高收益，也别嫌麻 烦，多对比总能找到适合自己的法子。你们到期的钱都打算 ...

文 | 银行螺丝钉 （转载请注明出处） 大部分投资者对股票指数基金都耳熟能详，但是对债券指数基金知之甚少。债券指数基金该如何投资？ 这里有一门限时免费的福利课程，介绍了债券指数基金的投资方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 债券 」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。 分散投资，为何能提高投资收益? 有朋友说，明白分散配置可以降低风 险,但不太明白为什么分散配置,可能 会获得比集中配置更高的收益？ 之前给大家说过一个很形象的例子,就 是一个大妈,她有俩闺女,大闺女卖 伞，二闺女卖布。 ◆◆◆ 那很明显，如果遇到晴天的时候没有人 买伞,卖伞的闺女的生意就不好,但是 卖布的生意就会好一点。 反之下雨天的时候卖布的生意不好,卖 伞的生意好。 假设大妈只有一个闺女,闺女要么卖 伞,要么卖布,那生意总是没那么稳 定。 但是大妈现在有俩闺女，两个闺女做的生 意又不一样，彼此是可以对冲的。 这种情况下,大妈就可以选择,如果说 卖伞生意好的时候，大妈过去帮忙卖卖 伞;然后卖布生意好的时候,大妈帮忙 过去卖布。 这样分散配置以后，大妈整体的生意,赚 钱的稳定性提高，而且赚 ...

Core Viewpoint - The emergence of "credit cockroaches" in the U.S. economy signals underlying vulnerabilities, particularly in high-leverage sectors, necessitating a reassessment of investment portfolios and emphasizing the importance of diversification as a risk mitigation strategy [1] Group 1: Recent Events and Implications - The bankruptcy of Tricolor, a subprime lender, and First Brands, an auto parts giant with liabilities of approximately $50 billion and assets under $10 billion, highlights fraudulent practices and raises concerns about the credit environment [2] - Several regional banks have also reported bad debts due to fraudulent commercial loans, indicating a pattern of inadequate due diligence during economic booms [3] Group 2: Impact on Financial Markets - Despite some banks reporting better-than-expected earnings, concerns over asset quality have led to underperformance of bank stocks, lagging behind the broader U.S. market by over 470 basis points since early October [4] Group 3: Investment Strategy Recommendations - While the fraudulent cases are isolated, the exposure of U.S. non-deposit financial institutions (NDFIs) to these risks has increased, with their loans now accounting for less than 10% of total bank loans, up over 100% in the past decade [5] - A cautious approach is advised for banks with high exposure to NDFIs, while maintaining an optimistic outlook on U.S. equities, particularly in sectors like technology, communications, and healthcare [5] Group 4: Bond Market Insights - Emphasis on high-quality assets in bond investments, favoring investment-grade corporate bonds, as rising yield spreads present tactical opportunities [6] - Recommendations include investing in UK government bonds and emerging market local currency bonds, which are expected to have good upside potential [6] Group 5: Preventive Measures - The appearance of "credit cockroaches" underscores the need for preventive measures in investment portfolios, focusing on asset quality and defensive growth sectors [7] - A diversified investment portfolio across industries, regions, and asset classes is recommended to navigate potential market turbulence [7]

Core Insights - The investment in gold remains strong despite high price volatility, with young investors leading the trend towards rational investment strategies such as regular investment and asset allocation [1][6][8] Group 1: Young Investors' Trends - Young individuals, particularly those born after 1995, are becoming the main force in online gold investment, with over 890 million users engaging in gold ETF regular investments, and more than 40% of them being from the post-95 generation [1][8] - Nearly 10 million individuals from the post-90s and post-00s generations are diversifying their investments by allocating funds to money market funds, bond funds, and gold funds, referred to as the "new three golds" [1][8] - The average holding period for gold ETF investors on the Ant Wealth platform is 1,750 days, indicating a preference for long-term investment strategies [8] Group 2: Market Dynamics - Gold prices have recently surpassed $4,200 per ounce, with a significant increase in user engagement on platforms like Alipay, where over 940 million searches for "gold" were recorded, a fivefold increase compared to the previous year [6] - The global monetary expansion and rising U.S. debt levels are driving central banks to accumulate gold, with global central bank gold reserves now exceeding U.S. Treasury holdings [7] - The return of interest rate cuts by the Federal Reserve and declining U.S. Treasury yields have made gold a more attractive traditional safe-haven asset [7] Group 3: Investment Strategies - Financial experts advise investors to make decisions based on their investment goals and risk tolerance, emphasizing the importance of diversification and avoiding heavy concentration in gold [5][9] - Regular investment strategies are recommended for long-term investors, while short-term traders are cautioned against aggressive trading due to increased volatility [9]

Core Insights - Gold prices are experiencing high volatility, yet the investment enthusiasm remains strong, particularly among younger investors who favor rational investment strategies like regular contributions and asset allocation [1][7][9] Group 1: Investment Trends - Over 8.9 million users have initiated gold ETF regular investments on the Ant Wealth platform, with over 40% of these users being born after 1995 [1][9] - The number of young investors (those born in the 90s and 00s) diversifying their portfolios with money market funds, bond funds, and gold funds, referred to as the "new three golds," has reached nearly 10 million [1][9] - Following the National Day holiday, over 9.4 million searches for "gold" were recorded on Alipay, a fivefold increase compared to the same period last year [7][8] Group 2: Market Dynamics - On October 14, gold prices surpassed $4,200 per ounce for the first time, leading to over a million visits to the Industrial and Commercial Bank's gold accumulation page on Alipay [7][8] - The popularity of online AI services has contributed to the growth of online gold investment, with inquiries about gold to the AI financial assistant increasing by 180% after the National Day holiday [8] - Global central banks have increased their gold reserves, surpassing U.S. Treasury holdings, driven by factors such as currency overproduction and rising U.S. debt, which enhances gold's appeal as a risk-free asset [8] Group 3: Investor Behavior - Young investors are increasingly adopting systematic investment approaches, with an average holding period of 1,750 days for gold ETF investors on the Ant Wealth platform [9] - A case study of a user who began investing in gold ETFs two years ago shows a return exceeding 40%, highlighting the potential for long-term gains despite short-term price fluctuations [9][10] - Financial experts recommend that investors should make decisions based on their investment goals and risk tolerance, advocating for diversified portfolios that include low-risk assets alongside gold [10]

Core Insights - Ant Group's "Ant Financial Gold Selection" has introduced a new "can rise and resist fall" category focusing on relatively low-volatility active funds, enhancing the investment experience for users [1][4] - The platform's methodology is now applied across all funds, providing tools for multi-dimensional analysis of fund performance [1][7] Market Performance - As of the end of September, the CSI 300 Index has risen by 17.9% year-to-date, while the average return of equity funds is 33.27% [2] - Ant Group advocates for balanced asset allocation, suggesting investors consider both high-return assets and stable investments to manage volatility [2][4] Fund Categories and Strategies - "Gold Selection" currently covers four main types of funds: active funds, index funds, pure bond funds, and "fixed income+" funds, with a focus on diversified asset allocation [4][6] - The introduction of the "can rise and resist fall" category aims to meet the demand for stable active funds, suitable for core portfolio allocation in volatile markets [4][6] Performance Metrics - The average return of "Gold Selection" active funds is 34.52%, outperforming the industry average for equity funds [6] - The "high-yield fixed income+" category has a return-to-drawdown ratio 2.5 times higher than the industry average since its launch [6] Transparency and User Experience - The upgraded fund analysis tool enhances transparency, allowing investors to see key performance indicators and detailed research reports for selected funds [7] - Investors holding "Gold Selection" active funds have a 17% higher probability of positive returns compared to non-selected funds, with a 7.8% higher holding return [7] Long-term Performance - Since its launch in January 2019, "Gold Selection" active funds have achieved a cumulative return of 124.41%, significantly outperforming the cumulative return of 95.86% for consistently investing in "champion funds" during the same period [7]

Core Viewpoint - Ant Financial's "Jinxuan" has introduced a new "can rise and resist" category focusing on relatively low-volatility active funds, enhancing the investment experience for users by promoting rational risk assessment and matching [1][5]. Group 1: Market Performance and Fund Strategy - The A-share market has shown significant structural trends this year, with the CSI 300 index rising by 17.9% and equity funds achieving an average return of 33.27% as of the end of September [3]. - Ant Financial advocates for balanced asset allocation, suggesting investors consider advanced assets like gold and technology alongside stable assets like low-volatility fixed income and short-term bonds to control volatility [3][5]. - Users with a balanced stock-bond allocation have a 6% higher probability of profit compared to those holding a single asset [3]. Group 2: Product Offerings and User Experience - "Jinxuan" currently covers four major fund types: active funds, index funds, pure bond funds, and "fixed income +" funds, with over 60% of active funds being diversified to avoid concentration in a single industry [5][7]. - The introduction of the "can rise and resist" category addresses the demand for stable active funds, focusing on both returns and volatility control, suitable for core portfolio allocation in volatile markets [5][7]. - The average return of "Jinxuan" active funds is 34.52% year-to-date, outperforming the industry average for equity funds [7]. Group 3: Fund Analysis and Transparency - Ant Financial has expanded the screening methodology of "Jinxuan" to all funds on its platform, enhancing transparency in fund selection by displaying key performance indicators [9]. - Investors can view a fund's industry, performance against its sector, stability, cost-effectiveness, and management details, facilitating a clearer understanding of the fund [9]. - Data shows that investors holding "Jinxuan" active funds have a 17% higher probability of positive returns and a 7.8% higher return rate compared to non-"Jinxuan" funds [9].

Group 1 - The article discusses the importance of index fund investment and offers a free course on investment techniques for index funds [2] - It highlights the concept of rebalancing as a strategy to reduce volatility risk and maintain asset allocation [6][7] - The article outlines four common rebalancing strategies: periodic rebalancing, deviation-based rebalancing, valuation-based rebalancing, and volatility risk-based rebalancing [8][9][10][12][13] Group 2 - Periodic rebalancing involves resetting asset allocation at regular intervals, such as annually [9] - Deviation-based rebalancing triggers a rebalance when asset allocation deviates from the target by a certain percentage [10][11] - Valuation-based rebalancing focuses on adjusting allocations based on the relative valuations of assets rather than their prices [12] - Volatility risk-based rebalancing allocates assets according to their respective volatility levels [13]

Group 1 - The article emphasizes that funds are suitable investment options for ordinary people [1] - It discusses the importance of diversified allocation in investment, referring to it as a "free lunch" in investing [3][4] - The article highlights the concept of portfolio theory introduced by Markowitz, which states that diversification can reduce risk [6][10] Group 2 - Diversified allocation can lower investment volatility risk while potentially not reducing returns, especially when combined with rebalancing [6][7] - An example is provided where a diversified allocation of the CSI A500 and CSI Dividend (each at 50%) with annual rebalancing yields higher returns and lower volatility compared to the CSI 300 [6] - The article mentions that Markowitz's theory laid the foundation for the emergence of index funds, which typically diversify across dozens or even hundreds of stocks [10] Group 3 - The company's advisory portfolio applies the principle of diversified allocation, combining different styles such as growth and value, and adjusting allocations based on relative valuations [11] - Since its launch, the advisory portfolio has achieved returns exceeding the market index while maintaining lower volatility risk [11]

Core Viewpoint - The article emphasizes the importance of value investing principles applied to index funds, highlighting their lower risk due to diversification and the potential for long-term gains [3][4]. Group 1: Investment Philosophy - The investment philosophy is based on the equation: good variety + good price + long-term holding = good returns [4]. - Value investing, when applied to index funds, mitigates the risk of individual stock failures, as index funds consist of a diversified basket of stocks [3]. Group 2: Market Trends - The number of index fund options in the A-share market has increased, allowing for the application of the same investment principles to excellent industries and active funds [5]. Group 3: Framework and Detail - A solid investment framework is likened to a skeleton; it requires additional details and inputs to be effective. The method of "output driving input" is used to enhance understanding through various forms of content [6]. Group 4: Psychological Resilience - Understanding investment knowledge is one aspect, but the ability to remain steadfast during market fluctuations is crucial for success [7].