Core Viewpoint - The article discusses the performance of various stock markets during the recent holiday period, highlighting the stability of A-shares and the fluctuations in Hong Kong and U.S. markets, while also providing an updated valuation table for investors to consider. Group 1: Hong Kong Market - The Hong Kong stock market experienced overall gains during the holiday, but there were slight declines on the following Monday and Wednesday [7][9]. - The Hang Seng Index fell by 0.1%, and the H-share Index decreased by 0.33% [9]. - The Hang Seng Technology Index showed resilience, increasing by 0.75% [10]. - The gains made during the holiday will be reflected in the fund net values on October 9, combining holiday performance with the market's performance on that day [11][12]. Group 2: U.S. and Other Overseas Markets - Global stock markets saw slight increases during the holiday period [13]. - The S&P 500 index rose by 0.39%, indicating minimal volatility [15]. Group 3: A-share Market - A-shares did not trade during the holiday, but there were indicators from overseas markets tracking A-shares [16][17]. - The FTSE A50 index futures saw a minor decline of 0.13%, while the U.S. market's CSI 300 index fund dropped by 0.49% [19][21]. - These movements reflect overseas investors' perceptions of A-share fluctuations during the holiday [22]. Group 4: Investment Insights - The article emphasizes the importance of knowledge and courage in investing, suggesting that understanding market trends can help investors navigate short-term volatility [25]. - It encourages a mindset where perceived market downturns can be viewed as opportunities for patient investors [25]. Group 5: Valuation Table - The valuation table provides various metrics such as earnings yield, price-to-earnings ratio, and dividend yield for different indices and funds, indicating investment opportunities [27]. - Green items in the table are considered undervalued and suitable for regular investment, while yellow indicates normal conditions, and red signifies overvaluation [29].

Core Insights - A total of 817 active equity funds are currently in a "submerged" state with net asset values below 1 yuan as of August 29, 2023, with 726 of these funds established between 2020 and 2022, accounting for over 88% [1][4] - The latest 2025 semi-annual report indicates a significant reduction in both the scale and number of investors in these high-positioned funds, with 648 equity funds experiencing a decline of over 1 trillion yuan in total scale and a drop in investor accounts from 51.12 million to 24.05 million, a decrease of over 50% [1][4] Fund Performance - Among the 94 ordinary stock funds with net asset values below 1 yuan, 78 were established during the market peak from 2020 to 2022, representing 82.98% [2] - Notable funds include "Open Vision," which was launched in July 2020 with a fundraising scale of nearly 17 billion yuan, currently showing a cumulative loss of 22.48% since inception despite a 20.11% return this year [2] - The "Growth Pioneer" fund, established in June 2020 with over 32 billion yuan, has a cumulative loss of 16.31% since inception, despite a 28% return this year [3] Scale and Investor Reduction - The total scale of the 78 stock funds with net values below 1 yuan has decreased from 202.72 billion yuan to 59.23 billion yuan, a reduction of over 70% [4] - The 648 high-positioned equity funds have seen their total scale shrink from 1,620.99 billion yuan to 540.94 billion yuan, a decline of over 1 trillion yuan, or more than 66% [4] - The number of investors in these funds has also significantly decreased, with the 78 stock funds reporting a drop from 5.20 million to 2.56 million accounts, a reduction of over 50% [4][5] Investor Confidence - Despite a new market rally in 2025, investor confidence in actively managed equity funds remains low, with many funds still below the 1 yuan threshold [7] - The industry is undergoing a transformation, moving away from extreme thematic investments and focusing on improving research mechanisms and investor experiences [7]

Core Viewpoint - The article draws a parallel between the high school entrance examination and the lifelong investment journey, emphasizing the importance of preparation, discipline, and a long-term perspective in achieving financial success [1][5]. Group 1: Preparation Phase - Knowledge accumulation is crucial before entering the investment world, similar to studying for exams. Understanding key investment terms and strategies is essential to avoid poor decision-making [2]. - Investors should solidify their foundation by learning about different types of funds (equity, bond, mixed, index) and their risk-return characteristics, as well as understanding fee structures [2]. - A structured "learning plan" should be established, defining investment goals (e.g., housing, education, retirement), risk tolerance, and investment timelines to select appropriate funds and maintain discipline [2]. Group 2: During the Investment Process - Maintaining a stable mindset and adhering to a disciplined approach is vital during market fluctuations, akin to managing exam stress. Emotional decision-making can lead to significant losses [3]. - Implementing a systematic investment strategy, such as dollar-cost averaging, helps mitigate the impact of market volatility and encourages consistent investment regardless of market conditions [3]. - Diversifying investments across various asset classes and markets is essential to reduce risk and avoid catastrophic losses from any single market or sector [3]. - Investors should remain focused on their long-term goals and strategies, resisting the temptation to react to short-term market noise [3]. Group 3: Evaluation Phase - Investors should adopt a long-term perspective when assessing their investment performance, recognizing that short-term market fluctuations are normal and do not define overall success [4]. - Regularly reviewing investment performance and asset allocation is more valuable than fixating on daily fluctuations, allowing for strategic adjustments based on evolving goals [4]. - Time is a critical factor in investment success, with compounding returns playing a significant role in wealth accumulation over the long term [4].