券商多措并举抢抓业务机遇 8月22日，上证指数站上3800点，创下十年新高。投资者对投顾服务的需求也同步增强，有券商投顾业 务签约量与收入齐升。 面对市场回暖的态势，各家券商迅速做出响应，通过投顾服务升级、新客礼包投放等多重举措，积极开 展引客、留客、活客工作。 部分券商还注重引导新客户结合自身风险偏好与投资预期，进行分散配置与均衡布局，以避免短期内出 现追高杀跌的非理性投资行为。 对投顾服务需求增加 中金财富证券相关负责人向证券时报记者表示，这一轮行情中，权益类组合产品的签约占比有较明显的 提升，这反映出投资者对权益市场的投资热情及信心有显著回暖。此外，行情修复也改善了交易休眠账 户的情况，8月份客户账户找回密码重置业务办理量环比大幅增加，权限类开通增长明显。 随着市场氛围持续升温，多位受访的业内人士接受证券时报记者采访时均提到，投资者对券商投顾服务 的需求日益增强。 "从直播节目数据来看，8月观看投顾服务节目客户数量创近期新高。"银河证券相关业务负责人介绍， 投资者一方面较为关注当前市场行情演绎，包括市场整体估值是否合理、是否有持续入市资金、基本面 能否持续改善、关键政策能否落地、市场主线在哪里等问题；另 ...

朋友们，沪指创下新近10年新高了。 在群里、在微信后台，风云君最近是越发感受到大家的投资热情。 还有哪些产品能买？ xx这类策略现在入怎么样？ 以下文章来源于风云君的研究笔记 ，作者专注私募研究的 风云君的研究笔记 . 专注私募研究 先来看看近几年各私募策略在不同市场环境中的表现 大家有没有发现，其实在熊市中做投资决策，其实不怎么纠结，往往是行情来了，或者行情在持 续高涨的时候，我们才会反复犹疑，担心踏空、担心踩高。 所以今天风云君不推荐什么具体的投资策略，因为越是这个时点，我建议投资人更需要关注自己 投资组合的健康程度。 我知道这很难，毕竟有些逆人性，但它非常非常重要，为什么这么说呢？ 2019-2021年，流动性驱动下的权益牛市 2020年三次降准累计释放 1.75 万亿流动性，推动市场进入货币宽松周期；与此同时，新能源补 贴加码、半导体国产替代加速推进等产业政策持续落地，为相关板块注入增长红利，随之催生A股 走出结构化牛市。 这种行情下，主观多头基金经理凭借集中配置白马股的策略操作显著跑赢市场其他策略，主观多 头策略在当时也是风光无限。 2022年，地缘风险催生危机Alpha 前期白马股集中抱团带来的估 ...

Core Viewpoint - The A-share market experienced a slight decline after reaching the historical high of 3731 points in 2021, raising questions about investment opportunities and strategies for those who bought funds at that peak [1][4]. Market Performance - The three major indices in the A-share market closed lower today, with a trading volume close to 2.6 trillion yuan. Sectors such as liquor, real estate, and automobiles led the gains, while insurance and brokerage sectors saw a pullback [3][4]. - Analysts suggest that significant trading volume often leads to high volatility, and the current market remains active with no clear signs of capital withdrawal [3]. Fund Performance Since 2021 - Funds purchased at the 3731-point peak have shown varied performance, with some funds gaining over 200% since then. However, many investors are still waiting to break even [4][6]. - As of August 2025, the market has returned to around 3700 points, but many individual stocks have not recovered to their previous highs, indicating a disparity between index performance and individual stock performance [8]. Strategies for Investors - For investors whose funds have not yet returned to break-even, it is advised to maintain a rational approach and consider shifting from chasing hot stocks to a balanced allocation strategy. This includes dynamic adjustments to portfolios and setting stop-loss limits [9][12]. - Dollar-cost averaging through systematic investment plans can help reduce costs over time, especially during market downturns [9][10]. Market Outlook - The current market is characterized as a "healthy bull" market, supported by government policies and increasing capital inflows. This environment is expected to foster continued market confidence and potential upward movement [12][13]. - Investors are encouraged to adopt a balanced approach, using a "core-satellite" strategy to manage risk and avoid overexposure to any single investment [16][18].

Core Viewpoint - Lin Yuan Investment, known for its active presence in the stock market, has made its first foray into the public REITs market by participating in the issuance of the CICC Vipshop Outlet REIT [1][2] Group 1: Lin Yuan Investment's Participation - Lin Yuan Investment has subscribed nearly 80 million yuan in the CICC Vipshop Outlet REIT, marking its first offline subscription in a REIT project [1][2] - The total fund share approved by the China Securities Regulatory Commission for the CICC Vipshop Outlet REIT is 1 billion shares, with 700 million shares allocated for strategic placement and 210 million shares for offline placement [1][2] Group 2: Investor Structure and Market Trends - The public REITs market is increasingly dominated by institutional investors, with 96% of participants being institutions, including banks and insurance funds [4] - New entrants such as trusts, private funds, and small investment institutions are expected to accelerate their participation starting from Q4 2024, adding new dynamics to the market [4] - The involvement of state-owned capital operation platforms in strategic placements is seen as a new force, aiding in the integration of assets across regions and industries [4] Group 3: Market Development and Future Outlook - The CICC Fund indicates that the public REITs market is entering a new phase of regular issuance, with a growing variety of underlying asset types, enhancing the long-term allocation value of public REITs [5] - The development of this market is expected to support national strategies and the real economy, providing investors with richer investment choices and long-term value [5]

Core Viewpoint - The "Screw Nut Star Rating" is a tool to assess the overall market valuation, with different star ratings indicating varying investment strategies and methods [4][64]. Group 1: Star Rating System - The star rating system ranges from 1 to 5.9 stars, with each level indicating specific market conditions and investment opportunities [6][64]. - 5-5.9 stars represent the best phase for stock and fund investments, characterized by a high number of undervalued options and limited downside risk [10][12][14]. - 4-4.9 stars indicate a phase where some undervalued options remain, but there is a potential for significant market downturns, with historical declines of 30%-40% possible [22][25][28]. - 3-3.9 stars show a scarcity of undervalued options, suggesting a focus on profit-taking as most assets are at normal or high valuations [48][51]. Group 2: Investment Strategies - In the 5-5.9 star phase, the recommended investment strategy includes actively selecting and enhancing index advisory combinations, as this is when stock and fund investments are most valuable [18][19]. - During the 4-4.9 star phase, investors should control volatility risks and consider methods such as dollar-cost averaging and diversified asset allocation to mitigate potential losses [30][36][42]. - In the 3-3.9 star phase, it is advisable to consider profit-taking opportunities, as most assets are either at normal or high valuations, and to explore other asset classes for potential investments [52][57]. Group 3: Market Conditions and Historical Context - The 5-5.9 star phase is often marked by investor pessimism, despite being the most opportune time for investment [14][15]. - Historical data shows that significant market rebounds typically occur after reaching the 5-star level, indicating a strong potential for future gains [12]. - The 1-star rating represents a bubble phase, with extreme valuations rarely seen, and significant market corrections often follow such peaks [60][61].

Core Viewpoint - The recent recovery in the A-share market has led to increased investor interest and discussions about whether this marks the beginning of a bull market and what investment opportunities are available [4]. Market Recovery Insights - The A-share market has shown a noticeable recovery, with one investor maintaining a 70% position and feeling content with the market's upward movement [6]. - The fund manager emphasizes a bottom-up approach to identify investment opportunities, noting that market activity increases during overall market uptrends, making it easier for undervalued stocks to return to their fair value [6][7]. Market Conditions and Asset Repricing - In recent years, with a pessimistic economic outlook, many investors opted for stable return assets due to risk aversion. However, as market interest rates decline, the yield on these assets has compressed, leading to a rapid repricing of assets as optimism returns [7]. - The fund manager believes that the current market environment is favorable for equity assets, especially as domestic companies are relatively high-quality and recent policies have improved operational stability [7]. Growth and Dividend Assets Performance - Growth and dividend assets have performed well, while large-cap growth stocks have lagged due to macroeconomic influences and a digestion of valuations as growth rates decline [8]. - The fund manager suggests that as the market stabilizes and profitability improves, large-cap growth assets may perform better in the future [8]. Market Timing and Investment Strategies - One investor shares experiences of using a systematic approach to investment, finding that a managed account performed better in timing than personal decisions, leading to a preference for regular investment strategies over market timing [9][10]. - The fund manager advises against trying to time the market, suggesting that understanding historical valuation levels of core indices can provide insights into market conditions [10]. Investment Opportunities - Beyond widely recognized sectors like AI and innovative pharmaceuticals, the concept of "anti-involution" presents non-consensus investment opportunities, particularly in industries that may be at cyclical lows [12]. - Successful past examples of anti-involution include the aluminum and refrigerant industries, where government policies helped improve profitability by limiting excess capacity [13][14]. Hong Kong Market Outlook - The Hong Kong market has shown significant potential, with many quality companies performing well after previous declines, leading to attractive valuations [16]. - The influx of mainland capital and the evolving nature of the market suggest that there are still many investment opportunities in Hong Kong, particularly among smaller companies [16]. Future Investment Strategies - The fund manager's investment philosophy focuses on acquiring quality growth assets at reasonable prices, aiming for moderate returns while managing risk [23]. - The current strategy involves maintaining a mix of stable growth and trend growth assets, while remaining sensitive to early-stage investment opportunities to enhance portfolio flexibility [24].

Core Viewpoint - The article discusses the shift in investment strategies from a passive "Buy America" approach focused on the S&P 500 and tech giants to a more diversified and active investment strategy due to market changes and overexposure to technology stocks [1][4][5]. Investment Strategy Changes - Investors are advised to reduce their concentration in U.S. assets while still recognizing the fundamental strengths of the U.S. economy and the S&P 493, which excludes the "Magnificent Seven" tech stocks [7]. - The traditional view of increasing bond allocations with age is being challenged, with a suggestion to consider high-dividend stocks instead, as many tech giants offer minimal or no dividends [8]. Global Market Opportunities - European markets are seen as undervalued, with potential growth driven by government policies aimed at stimulating the economy, making it an attractive investment area [9][16]. - Emerging markets like Japan and India are highlighted for their improving investment environments, with Japan's corporate governance reforms and India's growing industries being particularly noted [20][21]. Stock Recommendations - Specific stock picks include Intuitive Surgical, Arista Networks, and Gap Inc., which are suggested for their growth potential despite the current market challenges [13][14][15]. - The article emphasizes the importance of diversification in investment portfolios to mitigate risks associated with market volatility [6][11]. Alternative Investments - Gold is presented as a strong investment option amid economic uncertainty, with its status as a "safe-haven asset" reaffirmed by recent price increases [24]. - Various gold investment channels are analyzed, including coins, bars, and ETFs, each with its own advantages and disadvantages [26][28][29].

Group 1 - The Shanghai Composite Index has finally surpassed the 3600-point mark, which has not been seen for nearly a decade, leading to optimism about a potential bull market [1][4] - The bull market has already begun in certain sectors, such as the banking index and innovative pharmaceutical index, which have shown significant gains [5][6] - Historical data indicates that while the overall index may rise, individual sector performance can vary greatly, with some sectors lagging behind [6][7] Group 2 - During previous bull markets, the Shanghai Composite Index's growth was less than 100%, and less than 35% of sectors experienced over 100% growth, indicating a structural bull market rather than a comprehensive one [6][10] - The performance of individual stocks during a bull market can lead to significant disparities in returns, emphasizing the importance of sector selection [7][11] - The article highlights that many investors may not benefit from the bull market if they are invested in underperforming sectors, regardless of the index's performance [11][12] Group 3 - The article suggests that the focus should not solely be on whether a bull market has arrived, but rather on whether individual accounts are positioned to benefit from it [13][14] - A diversified investment strategy is recommended to capture opportunities across different markets and asset classes, regardless of market conditions [16][24] - The All Weather Strategy, as demonstrated by Bridgewater, shows that a diversified approach can yield stable returns across various macroeconomic environments [16][19][22]

Group 1 - The core idea emphasizes that becoming a successful long-term investor is easier said than done, as it requires discipline and emotional control [4][6] - Historical data shows that the average annual return of stocks, adjusted for inflation, has been around 6% to 7% over the past two centuries, but future returns may be lower, around 5% [6][7] - Stocks are considered excellent long-term hedges against inflation, as they represent ownership of real assets [7][8] Group 2 - The risk associated with stocks decreases over time, while the risk of bonds increases, suggesting that long-term investors should hold a higher proportion of stocks [7][8] - Investing in low-cost, globally diversified index funds has historically outperformed most actively managed funds [8][9] - Value stocks have historically provided better returns and lower risk compared to growth stocks, indicating a potential strategy for portfolio adjustment [8][9] Group 3 - A strict investment plan is essential to maintain focus and avoid emotional trading, especially during market fluctuations [12][15] - The book suggests that investors should seek professional advice to help construct and maintain a diversified investment portfolio [17][18] - The overarching theme is that stocks remain the best avenue for wealth accumulation over the long term, a view that has persisted since the book's first edition [18]

文 | 银行螺丝钉 （转载请注明出处） 这几年，虽然A股和海外市场，涨跌走势有区别。但有一点是共通的：指数基金都得到了飞速 发展。 A股指数基金，在2024年，规模超过三万亿，创下历史新高。 在2024年前几个月时间里，规模就增长了几千亿。这几乎是A股指数基金诞生前十年的规模增长之 和。 海外指数基金的增长速度也非常快，并没有停下脚步。 有朋友问，指数基金在海外最早是怎么发展起来的呢？ 从海外指数基金的发展历程中，能否窥见一些A股指数基金的发展趋势呢？ 美股指数基金的发展历程，大体上可以分为三个阶段。 阶段一：理论奠基期 第一个阶段，是20世纪初-60年代，理论基础阶段。 这个阶段，很多经济学领域的著名学者，提出的重要理论，为指数基金的诞生奠定了理论基 础。 例如， • 巴舍利耶，提出了市场涨跌不可预测。 • 马科维茨，提出了分散配置，可以降低波动风险。 • 威廉·夏普，提出了阿尔法、贝塔收益，并构建了资本资产定价模型。 • 尤金·法马，提出了市场有效假说，并且日后又丰富了自己的观点，证明有策略可以获得超越 市场的收益。 系统学习过金融知识的朋友，对这些理论可能都比较熟悉了。 这些理论提出者的名字，也经常出现 ...