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A股港股上涨不少 ,还有哪些品种估值比较低?|投资小知识
银行螺丝钉· 2025-08-25 13:50
文 | 银行螺丝钉 (转载请注明出处) 低。其实不仅仅是白酒,其他的食品饮料也是 整体下跌的。 原因是消费的基本面比较低迷。 因此估值也比较低,要等下一轮业绩复苏。 同红利。 (2) 质量类指数 主要挑选ROE比较高的股票,并且也含有不少 消费。 质量类指数是2020-2021年牛市上涨最多的指 数之一,但也因此2021年估值过高。之后几年 质量类指数表现比较低迷。 2025年以来截止到8月中旬,质量指数整体微 涨。但背后公司盈利也增长,估值并没有提高 多少。 代表是MSCI质量、300质量、500质量。不过 质量类指数基金,数量相对稀少一些。 (3) 红利类 像红利类指数,2025年以来截止到8月中旬平 均也是上涨的,但涨幅不高。 红利这种价值风格,往往在熊市的时候更容易 发挥优势。牛市弹性小,不吸引散户的眼球。 像2019-2021年牛市,红利也上涨了一些,但 跑输市场。 红利类指数,2025年略微上涨。背后公司的盈 利也增长,所以指数估值反而降了一些。 (4) 自由现金流 自由现金流指数是2025年新出来的指数,挑选 自由现金流率比较高的股票。 从今年年初到8月中旬,自由现金流指数微 涨。但背后公司盈利 ...
固收+买什么好?天弘安康颐养兼具基金经理与产品特色双重魅力
Sou Hu Cai Jing· 2025-08-24 11:11
固收+买什么好?固收+基金如何选择?是很多投资者追求的答案!一款优秀的基金产品,离不开出色 的基金经理与独特的产品设计。天弘安康颐养,正是凭借其基金经理的卓越能力与产品自身的鲜明特 色,吸引着众多投资者的目光。 先说说基金经理姜晓丽,她是天弘安康颐养A(420009)的灵魂人物。拥有 7 次金牛奖的辉煌荣誉,管 理天弘安康颐基金养A(420009)近 13 年,经验丰富程度不言而喻。她在债券、宏观研究等多个领域 都有着深厚的积累,历任的众多职位让她对市场有着敏锐的洞察力和精准的判断力。 目前,姜晓丽女士在管基金 10 只,合计管理规模 304 亿元,任职综合年化回报达到 5.93%,展现出强 劲的综合实力,业绩全面无短板,长期收益优秀。 再看天弘安康颐养A(420009)本身,成立于 2012 年 11 月 28 日,是一只偏债混合型基金。产品设计 上充分考虑了投资者的需求。以固收为基石,搭配适量股票的策略,既保证了基本的稳定性,又有机会 获取超额收益。历经十余年的市场磨砺,已构建起成熟的运作体系,荣获晨星五星评级。其策略定位明 确,以 85% 以上的资产权重投资于高评级信用债、利率债与可转债(AAA 评级占 ...
胡歌来了!“阿宝”喊话股民:“大师”“大哥”是大坑,理性投资最重要!防非法荐股重点有哪些?上交所提示
Mei Ri Jing Ji Xin Wen· 2025-08-23 06:40
每经编辑|杜宇 近期,随着股市行情转暖,非法证券期货活动也有所抬头。 据新华社官微,近日,演员胡歌为上海证券交易所自媒体账号拍摄短视频,提醒股民朋友警惕非法证券期货活动。一起看看胡歌提示了什么: "大师""大哥"是大坑,非法荐股要认清。 稳赚不赔莫相信,高额收益是空谈。 不因小利迷心窍,细辨真伪再掏包。 全民"防非"防陷阱,理性投资最重要。 图片来源:新华社视频截图 胡歌在去年热播剧集《繁花》中成功塑造了股市投资者"阿宝"形象,如今"阿宝"现身喊话股民,"腔调"更对了。作为一部股市题材的电视剧,《繁花》金句 频出,得到投资者普遍认可: "目标从来就不遥远,一步步,一天天。只管全力以赴,剩下的交给时间。" "做生意先要学会'不响':不该讲的、说不清的、没规划的,都不响,做事留余地。" "心可以热,但头要冷。" "心可以热,但头要冷。"当前,越来越多的投资者将短视频、自媒体作为获取股市投资知识和投资信息的重要渠道,一些不法分子也盯上这类平台进行非法 活动。那么,"防非"的重点有哪些?上交所提示投资者关注以下情形: 1、非法荐股,指无资格机构和个人向投资者提供证券投资分析、预测或建议等咨询服务的活动。防范要点:警惕 ...
胡歌变身“阿宝”喊话股民:“大师”“大哥”是大坑,理性投资最重要
Mei Ri Jing Ji Xin Wen· 2025-08-23 05:30
近期,随着股市行情转暖,非法证券期货活动也有所抬头。 据新华社官微,近日,演员胡歌为上海证券交易所自媒体账号拍摄短视频,提醒股民朋友警惕非法证券期货活动。一起看看胡歌提示了什么: "大师""大哥"是大坑,非法荐股要认清。 稳赚不赔莫相信,高额收益是空谈。 不因小利迷心窍,细辨真伪再掏包。 全民"防非"防陷阱,理性投资最重要。 1、非法荐股,指无资格机构和个人向投资者提供证券投资分析、预测或建议等咨询服务的活动。防范要点:警惕股市大师、股神、带头大哥、股票大户人 设,不转钱、不买课、不加群。 I Caree Will 图片来源:新华社视频截图 胡歌在去年热播剧集《繁花》中成功塑造了股市投资者"阿宝"形象,如今"阿宝"现身喊话股民,"腔调"更对了。作为一部股市题材的电视剧,《繁花》金句 频出,得到投资者普遍认可: "目标从来就不遥远,一步步,一天天。只管全力以赴,剩下的交给时间。" "做生意先要学会'不响':不该讲的、说不清的、没规划的,都不响,做事留余地。" "心可以热,但头要冷。" "心可以热,但头要冷。"当前,越来越多的投资者将短视频、自媒体作为获取股市投资知识和投资信息的重要渠道,一些不法分子也盯上这类平 ...
【银行理财】多元资产配置新浪潮,银行理财涌现哪些新范式?——2025年7月银行理财市场月报
华宝财富魔方· 2025-08-20 10:18
Core Viewpoint - The article discusses the ongoing transformation of bank wealth management towards diversified asset allocation, driven by low interest rates and asset scarcity, necessitating a restructuring of risk-return strategies [3][8]. Group 1: Regulatory Policies and Industry News - The transition to diversified asset allocation is characterized by a shift from "fixed income" to "fixed income+" strategies, which includes expanding investment regions, asset types, strategies, and scenarios [3][10]. - Recent developments include the launch of the "Xinghui+" multi-asset product system by Huibin Wealth Management, which integrates various investment strategies [7]. - The collaboration between Xingyin Wealth Management and the Straits Equity Exchange Center marks a significant step in equity registration services [7]. Group 2: Market Trends and Performance - As of July, the total market size of wealth management products saw a slight increase of 1.75% to 31.28 trillion yuan, with a year-on-year growth of 5.90% [4]. - The annualized yield for cash management products decreased by 9.81 basis points to 1.35%, while pure fixed income products yielded 1.87%, down by 0.79 percentage points [4]. - The new issuance of wealth management products declined in July, reflecting a contrast to the issuance peak in June, with most performance benchmarks being adjusted downward [4]. Group 3: Product Performance and Standards - The compliance rate for closed-end wealth management products reached 85.89% in July, showing a slight increase from June, while the compliance rate for open-end products was 70.13% [5].
2025年7月银行理财市场月报:多元资产配置新浪潮,银行理财涌现哪些新范式?-20250820
HWABAO SECURITIES· 2025-08-20 09:09
2025 年 08 月 20 日 证券研究报告|银行理财月报 021-20515355 多元资产配置新浪潮,银行理财涌现哪些新范式? 2025 年 7 月银行理财市场月报 分析师:蔡梦苑 分析师登记编码:S0890521120001 电话:021-20321004 邮箱:caimengyuan@cnhbstock.com 分析师:周佳卉 分析师登记编码:S0890525040001 电话:021-20321070 邮箱:zhoujiahui@cnhbstock.com 1、《银行理财 IPO 布局提速,费率模 式市场化探索破局—2025 年 6 月银行 理财市场月报》2025-07-25 2、《存款搬家效应强化,信披新规和 科创债布局引关注—2025 年 5 月银行 理财市场月报》2025-06-17 3、《理财规模季节性显著回升,固收 +产品为发行主力—2025 年 4 月银行 理财市场月报》2025-05-23 财增幅较大—2024 年 12 月银行理财 市场月报》2025-01-24 理财发行增多—2024 年 11 月银行理 财市场月报》2024-12-26 投资要点 监管政策与行业要闻解读:银行理财 ...
中泰双益债券型证券投资基金十问十答
中泰证券资管· 2025-08-18 01:19
提问 1. 全市场的债券基金那么多,到底有什么区别? 回答 按照投资范围,我们可以把主动管理型债券基金分为两类。一类是纯债基金,是指那些只能投资于 固定收益类金融工具的基金,不参与新股申购,也不投资股票。另一类是混合债基。 混合债基又可以分为一级债基和二级债基(主要根据投资标的作区别)。 本产品为混合二级债基: 投资于债券的比例不低于基金资产的 80% ,投资于权益类资产及可转换债券 (含分离交易可转债)、可交换债券的投资合计占基金资产的比例为 5%-20% , 其中投资于境内股票资 产的比例不低于基金资产的5%,投资于港股通标的股票不超过股票资产的50%。也就是大家常说的"固收 +"产品。 提问 2. 本产品的风险收益特点如何? 回答 本基金作为混合二级债基,预期收益和风险水平低于股票型基金,高于纯债基金与货币基金。同 时,本基金力争风险目标与中长期债券型基金指数相近。由于二级债基主要资产投资于债券市场,小幅参 与权益投资,产品兼具固收类资产严控风险及权益类资产争取更高收益的特性。 近20年来,二级债基指 数的涨幅 378.07% ,大幅跑赢中证全债(同期涨幅141.61%)。 上述数据来源:Wind,统计 ...
固收+,通常有这3个特点|投资小知识
银行螺丝钉· 2025-08-17 14:02
Group 1 - The core viewpoint of the article emphasizes the characteristics and advantages of "fixed income +" products, which leverage the negative correlation between stocks and bonds to reduce volatility risk and achieve better long-term returns [2][3][4]. Group 2 - Characteristic 1: Negative correlation between stocks and bonds, where stock market surges typically lead to underperformance in bond funds, and vice versa [3]. - Characteristic 2: The short-term performance of "fixed income +" products is more influenced by the stock component due to the larger fluctuations in stock prices compared to bonds [4][5]. - Characteristic 3: The decline in deposit interest rates enhances the appeal of "fixed income +" products, as traditional deposits offer low returns, with one-year fixed deposit rates dropping below 1% as of May 2025 [6]. Group 3 - The influx of funds into "fixed income +" products is expected as a significant portion of maturing funds from previous loans will not remain in deposits or enter the stock market, thus driving growth in this category [8].
汇添富的权益
YOUNG财经 漾财经· 2025-08-15 12:32
Core Viewpoint - Huatai-PineBridge has experienced a significant structural imbalance in its development, with a decline in equity business and a drop in overall performance rankings, prompting a leadership change to navigate through these challenges and restore its former glory [2][4][28]. Group 1: Company Background and Leadership Change - Huatai-PineBridge, once renowned for its stock-picking expertise, has seen its equity business decline while its fixed income scale has grown, leading to a drop in its non-monetary fund scale ranking from second to ninth [4][6]. - The recent leadership change, with Li Wen stepping down and Lu Weiming taking over as chairman, has drawn significant industry attention [3][13]. - The new leadership is expected to address the structural imbalance in the company's business and leverage resources from its major shareholder, Dongfang Securities [13][28]. Group 2: Historical Performance and Challenges - From 2015 to 2025, Huatai-PineBridge's management scale increased from 196.72 billion to 984.79 billion, a growth of over four times, peaking in the top three of the industry [5][14]. - However, from mid-2021 to the end of 2023, the management scale decreased from 948.92 billion to 817.36 billion, a decline of 13.86% [6][11]. - The decline in performance is attributed to external market conditions, including a significant style shift in the A-share market and internal issues such as a slow response to the growth of passive products [7][8]. Group 3: Financial Performance - The company's revenue dropped from 9.38 billion in 2021 to 4.83 billion in 2024, with net profit decreasing from 3.26 billion to 1.42 billion during the same period [11][12]. - Despite a rebound in total scale in 2024, the company's non-monetary public fund ranking has fallen to ninth, far from its peak position [8][14]. Group 4: Business Structure and Strategy - As of mid-2025, Huatai-PineBridge's public fund management scale reached 984.79 billion, with fixed income funds becoming the main growth driver, contributing significantly to the scale increase [14][17]. - The company has been slow to adapt to the growing demand for equity products, with its active equity management scale shrinking to 175.76 billion, representing only 4.7% of the market [16][18]. - The new leadership is expected to focus on balancing fixed income and equity businesses, enhancing research competitiveness, and addressing performance issues of star fund managers [28].
交银施罗德魏玉敏:平台赋能下的更优“固收+”解法
点拾投资· 2025-08-14 10:14
Core Viewpoint - The article emphasizes the importance of both defensive and offensive strategies in investment, suggesting that wealth preservation should precede wealth accumulation, especially in a declining interest rate environment for bank wealth management products [1]. Group 1: Investment Strategy - The focus is on low-volatility mixed "fixed income +" products, highlighting that only 30 out of 225 secondary bond funds established before 2019 achieved continuous absolute returns over six years [3]. - The performance of the "Jiaoyin Anxin Yield" fund managed by Wei Yumin is noted, achieving a positive return in a bear market and outperforming the benchmark index in recent months [3][4]. - The maximum drawdown recovery days for the "Jiaoyin Anxin Yield" fund are reported as 34 days in 2024 and 22 days in 2025, indicating strong net value recovery capabilities [3]. Group 2: Fund Performance - The article presents the performance metrics of several funds managed by Wei Yumin, with returns ranging from 4.84% to 5.87% over the past year, and commendable Calmar ratios indicating good risk-adjusted returns [4]. - The "fixed income +" products from Jiaoyin Schroder are recognized for providing a good holding experience, effectively defending against weak markets while capitalizing on structural opportunities [4]. Group 3: Convertible Bonds - Convertible bonds are described as the "soul" of fixed income + investments, providing unique "option value" that enhances the risk-return profile of portfolios [6][7]. - Wei Yumin's extensive experience in convertible bond research is highlighted, noting her strategy of identifying undervalued convertible bonds to enhance returns [8][9]. - The article discusses Wei Yumin's dual strategies for convertible bonds: seeking low-priced bonds with safety margins and identifying high-priced bonds with potential for alpha generation [10]. Group 4: Stock Strategy - Wei Yumin categorizes stocks into four styles: dividend, value, cyclical, and growth, aligning them with different economic cycles to create a balanced portfolio [11][12]. - The focus on dividend stocks during economic downturns and value stocks during stable periods is emphasized, along with the need for sensitivity to industry conditions for cyclical stocks [12][27]. Group 5: Multi-Asset Approach - The article underscores the necessity of a multi-asset investment approach to achieve absolute return goals, with different asset classes contributing to returns in varying market conditions [14][15]. - Wei Yumin's strategies include adjusting durations in bond investments and selectively increasing positions in convertible bonds during market downturns [15][19]. Group 6: Research and Collaboration - Jiaoyin Schroder's emphasis on integrating equity research with fixed income + investments is noted, enhancing the ability to identify suitable stocks for fixed income portfolios [18][20]. - The collaborative approach between equity researchers and fixed income managers is highlighted as a key factor in improving investment outcomes [18][21].