文 | 银行螺丝钉 （转载请注明出处） 大家双节快乐～ 8天的国庆、中秋假期就要结束了。 假期里也有很多朋友盼着大盘开门交易。 假期里，A股没有交易，A股指数估值没有变化，还是节前的4.1星。 不过假期里港股等资产是有波动的。 按照惯例，假期后也会更新下估值表。 1. 港股 港股上周整体上涨，不过本周周一、周三港股下跌。 整个假期里港股涨跌波动不大。 港股科技股表现比较坚挺，恒生科技指数上涨0.75%。 港股假期里的涨幅，不会丢失，会在节后也就是10月9日的基金净值中体现出来。 即，10月9日港股基金净值，会更新「假期里涨跌幅」+「10月9日当天港股涨跌幅」。 2. 美股及其他海外市场 假期里，全球股票市场微涨。 美股上周上涨，本周一周二略微下跌。 恒生指数下跌0.1%，H股指数下跌0.33%。 标普500略微上涨0.39%，波动不大。 3. A股 A股假期里没有交易。 不过海外市场有追踪A股的品种。 可以看作海外投资者，认为假期里A股的涨跌情况。 假期里，富时A50指数股指期货，略微下跌0.13%。 A50指数类似国内的MSCI A50、中证A50，是超大盘股的代表。 美股场内的沪深300指数基金，假期里略 ...

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].