文 | 银行螺丝钉 （转载请注明出处） ◆◆◆ #螺丝钉小知识 und 银行螺丝钉 怎么看国家队买了多少指数基金? 基金定投是非常适合懒人的投资方式，但是如何才能聪明地做好基金定投？ 定投前要准备什么？如何制定好定投计划？ 4种定投方法，哪个更适合你？如何止盈？ 这里有一门限时免费的福利课程，能帮助你搞清楚这些问题。 想要获取这门课程，可以扫下方二维码添加 @课程小助手 ，回复「 基金定投 」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。 像场内规模最大的300 ETF,中央汇金这两 个主体，分别持有39%和29%。 这个在基金的定期报告中就有披露，是公开 数据。 所以国家队买入多少指数基金、每季度是否 ▼点击阅读原 文，免费学习大额家庭资产配置课程 最近每次市场大幅下跌的时候，会看到国家 队买入指数基金。 从哪里可以观察国家队买了多少呢? 所谓的国家队，例如中央汇金，主要是通过 「中央汇金投资有限责任公司」或「中央汇 金资产管理有限责任公司」这两个主体来投 资指数基金。 ...

文 | 银行螺丝钉 （转载请注明出处） 今天是9月最后一个交易日。 今天大盘整体上涨，截止到收盘，回到4.1星。 大中小盘股都上涨。中小盘股上涨多一些。 创业板开盘比较强势，一口气冲到高估。 不过收盘涨幅回落。目前在正常偏高，距离高估很接近。 医药、科技等上涨较多。 假期里A股暂停交易，估值表也暂停更新。 不过假期里，像港股还会有交易日。 都大幅超过全球股票市场平均涨幅（约7%）。 今天15点之前投资基金，是按照假期之前的价格成交。 15点之后就进入假期了。 港股也整体上涨。 港股科技、港股医药大幅上涨超2%。 假期里申购基金，也是等假期回来后第一天成交。 整个三季度A股港股大幅上涨。 假期里就不用交易基金了，咱们节后再战～ A股整体上涨18%，港股恒生指数上涨11%。 另外，在美股、新加坡等市场，也有挂钩A股的指数基金、股指期货等品种，这些品种假期里老外会交易，也会有涨跌。 最近全球市场波动大，在假期最后一天，也就是8日晚上，会把假期里港股、海外市场的涨跌波动更新下。 也祝大家，国庆、中秋双节快乐～ 1. [大吉大利，今天吃基] 第384期的螺丝钉定投实盘来啦。 时间：2025年9月30日 方案：定投买入 ...

Group 1 - Fund regular investment is a suitable investment method for lazy investors, and it is essential to prepare before starting and to create a solid investment plan [2][3] - There are four methods of regular investment, and it is important to determine which one is most suitable for individual needs and how to take profits [2] Group 2 - The statement that bull markets are a primary reason for retail investors losing money may seem counterintuitive, but it reflects reality [6] - The first common reason for losses is chasing prices, where investors tend to buy at market peaks during bull markets, leading to higher costs [7] - Another reason for losses is frequent trading, which can cause investors to miss out on gains and experience losses despite overall market increases [10] Group 3 - Investing in stocks should shift away from a trading mindset; instead, it should be viewed as owning a basket of companies through funds, which allows for easier management without direct involvement [12]

Core Insights - The article highlights the significant disparity in investment outcomes among investors who employed a systematic investment strategy in index funds, with over 60% of investors in the CSI 300 index experiencing losses, averaging an 8.7% decline, while a different group achieved a 12% annualized return [1][3]. Group 1: Investment Strategy Errors - Investors commonly made two critical mistakes: selecting the wrong assets and mismanaging investment timing [1][3]. - Many investors fell into the "chasing hot spots" trap, investing in high-volatility sectors like renewable energy and semiconductors, which led to substantial losses [3][4]. - For instance, a renewable energy index fund saw its net value drop from 2.5 yuan in September 2022 to 1.8 yuan in August 2025, resulting in an 11% loss for consistent investors [3][4]. Group 2: Comparison of Investment Outcomes - Broad-based index funds, such as the CSI 300, emerged as the "winners" in systematic investment strategies, yielding a 5.2% annualized return despite market downturns [4][10]. - In contrast, thematic funds averaged a -3.8% return during the same period, underscoring the importance of asset selection [4][10]. Group 3: Valuation Considerations - A common error among investors was neglecting valuation, leading to blind investments without considering price rationality [6][7]. - The CSI 300 index experienced significant valuation fluctuations, with its price-to-earnings ratio ranging from 12 to 15 during the investment period, affecting returns based on timing of investments [6][7]. - An investor who adjusted their investment based on valuation metrics achieved a 14% profit, while another who did not lost 5% [6][10]. Group 4: Recommendations for Improvement - To enhance investment outcomes, investors should prioritize selecting "evergreen" assets and avoid sectors with high cyclicality or rapid technological changes [4][12]. - Implementing a dynamic investment strategy based on valuation metrics can significantly reduce average costs and improve returns [7][10]. - Investors are advised to regularly assess their investment choices and adjust their strategies according to market conditions and asset valuations [12].

Core Viewpoint - The article emphasizes the importance of understanding investment strategies and managing psychological pressures in the context of market volatility, encouraging long-term investment rather than trying to time the market perfectly [1][4]. Group 1: Investment Strategies - The discussion highlights that many investors struggle with the concept of buying low and selling high, suggesting that long-term investment is preferred over constant trading [4]. - It is noted that achieving target returns is more important than trying to perfectly time market entry and exit points, as very few investors can accurately predict market tops and bottoms [4]. - The article introduces a feature in the 天天基金 APP that allows users to set profit-taking targets, which can help preserve gains during market fluctuations [5]. Group 2: Dollar-Cost Averaging (DCA) - The article presents findings from a quantitative analysis of index funds over 15 years, revealing that DCA does not necessarily yield higher returns compared to a lump-sum investment, and may even result in lower returns in some cases [7]. - It identifies that DCA can alleviate psychological pressure associated with large investments, even if the returns are not significantly higher [7]. - The article outlines that DCA is particularly effective in volatile or declining markets, where accumulating shares at lower prices can lead to better outcomes during market recoveries [8]. Group 3: Profit-Taking and Market Conditions - The article discusses the importance of setting profit-taking targets based on market conditions, suggesting that different strategies may apply to broad market indices versus high-growth sectors [11]. - It is recommended that investors consider lower profit-taking targets for broad market indices, while higher targets may be appropriate for high-growth sectors that experience significant price increases based on future expectations [11]. - The article concludes with insights on maintaining a balanced approach to investing, emphasizing that investment is just one aspect of life and encouraging practices that reduce anxiety [12][13].

Group 1 - The core concept of the article is to provide a comprehensive guide for beginners on how to invest in public funds, emphasizing the importance of understanding fund types and avoiding common pitfalls [2][3][4] - Public funds are defined as investment vehicles that pool money from multiple investors to create a diversified portfolio managed by professional fund managers [3][4] - Key advantages of investing in public funds include professional management, risk diversification, low entry thresholds, and good liquidity [4][5] Group 2 - Common types of public funds include money market funds, bond funds, stock funds, mixed funds, and QDII funds, each with distinct risk and return characteristics [6][19] - Money market funds are low-risk and high-liquidity options suitable for short-term cash management [7][9] - Bond funds typically offer lower risk and stable returns, making them suitable for conservative investors [10][12] - Stock funds are characterized by high risk and potential for significant returns, ideal for long-term capital appreciation [13][15] - Mixed funds provide a balance between stocks and bonds, allowing for flexible asset allocation [16][18] Group 3 - The article outlines three core risks associated with fund investments: market risk, liquidity risk, and liquidation risk [21][22][23] - Common misconceptions among new investors include focusing solely on past performance rankings, assuming cheaper funds are better, and frequently trading funds like stocks [24][25][27] - The article advises investors to consider long-term performance, fund manager stability, and appropriate fund selection based on individual risk tolerance [26][30][31] Group 4 - The investment journey is broken down into four steps: self-assessment, choosing an investment platform, selecting a good fund, and understanding investment methods and techniques [31][34][36] - Key techniques include dollar-cost averaging through regular investments, which helps mitigate market timing risks and encourages disciplined saving [40][41] Group 5 - Establishing a rational investment mindset is crucial, including accepting the coexistence of risk and return, avoiding blind following of others' recommendations, and controlling the number of funds held to prevent over-diversification [42][43][44][45]

Group 1 - The event "Investment has Young" aims to bridge the gap between public funds and young investors, promoting financial literacy and rational investment among university students [1][9] - The activity featured interactive sessions where fund managers shared their investment experiences and explained complex financial concepts in relatable terms, enhancing students' understanding of public fund operations and A-share market risks [3][5] - A financial literacy interactive experience was included, allowing students to reflect on their risk preferences through scenario-based questions, with fund managers providing real-time feedback to encourage rational investment thinking [7] Group 2 - The event was organized by Jiashi Fund in collaboration with several other funds, emphasizing the importance of high-quality development in public funds as part of a broader initiative [1][9] - The initiative is part of a larger action plan to promote the high-quality development of public funds, aligning with the goals of the "New Era, New Fund, New Value" campaign [1] - Jiashi Fund plans to continue engaging with universities and industry partners to spread the message of rational investment and support young individuals in their wealth management and career planning journeys [9]

Core Insights - The overall performance of investors has improved significantly this year, with many reporting substantial profits after employing strategies like regular investment and averaging down [1][5][22] - The "偏股基金指数" (Equity Fund Index) has rebounded to levels seen in February 2022, indicating that most investments made since then have turned profitable [4][9] - Data from Alipay shows that 215 million investors have positive cumulative returns on their fund investments, excluding money market funds like Yu'ebao [5][6] Market Performance - Major indices such as the Shanghai Composite Index and CSI 300 have risen over 14%, while the "偏股基金指数" has surged by 29.81%, outperforming the broader market [9][10] - As of September 18, 2025, only 70 out of 4,136 selected funds reported losses, representing just 1.69% of the total [11] - Approximately 79.35% of funds have returned over 15%, indicating that around 80% of active funds have outperformed the market this year [12][13] Fund Analysis - The "偏股基金指数" has consistently achieved new highs during bull markets, while the broader indices have not reached their previous peaks [17][20] - The active fund managers have demonstrated the ability to generate alpha returns, which are not consistently replicated by passive indices [20] - The average return of selected funds from Alipay's "蚂蚁理财金选" (Ant Financial's Gold Selection) has been 29.75%, outperforming the "偏股基金指数" [31] Investment Behavior - Good investment practices, such as regular contributions and averaging down, have been crucial for many investors to recover from previous losses [22][26] - Diversification and selecting quality funds are emphasized as effective strategies to mitigate risks and enhance returns [28][30] - The cultivation of sound investment habits is deemed essential for long-term success in fund investments [36]

Core Viewpoint - The article emphasizes the importance of setting realistic investment expectations and understanding the nature of fund investments, highlighting that long-term stable returns are more common than short-term high returns [4][6]. Group 1: Investment Expectations - Investors often have unrealistic expectations of achieving quick wealth through investments, which can lead to poor decision-making [4]. - Historical data shows that the annualized return of the S&P 500 index is approximately 8% from 2004 to 2024, while the annualized return of the CSI 300 index is about 7% during the same period [4]. - High investment expectations can lead to emotional distress and impulsive decisions, making it crucial for investors to set appropriate return expectations [6]. Group 2: Investment Timing and Strategies - Accurately timing market entry is extremely difficult, and a more scientific approach is to use methods like dollar-cost averaging or systematic investment plans [7]. - Dollar-cost averaging allows investors to spread their investments over time, reducing the risk of investing at market peaks [7]. - It is recommended to diversify investments across different asset types to mitigate risks [7]. Group 3: Understanding Fund Performance - New investors often misinterpret high net asset values as high risk, but past performance does not necessarily predict future results [8][9]. - The article illustrates that regardless of the net asset value, the total asset value can be the same if the funds perform equally over time [9]. - Investors should focus on the fund's investment strategy, the manager's long-term capabilities, and the overall research strength of the fund company rather than just the net asset value [9]. Group 4: Fund Dividends - High dividend funds are often favored by investors, but dividends are a distribution of earnings that reduce the fund's net asset value [10]. - Investors can choose between cash dividends or reinvesting dividends to purchase more fund shares, which does not change the total asset value [10][11]. - The decision to take cash or reinvest dividends should align with the investor's outlook on the fund's future performance [12].

Group 1 - The article discusses the concept of dollar-cost averaging in undervalued markets, suggesting that consistent investment during these periods can lower the average cost and enhance returns when the market improves [2] - It explains the structure of enhanced index funds, which typically invest about 80% in index components and 20% in enhancement operations, allowing them to follow index trends while also considering index valuations [3] - The challenges of actively managed funds are highlighted, particularly the lack of transparency regarding current holdings, as only quarterly reports reveal the stocks held [4] Group 2 - Several strategies for evaluating active funds are presented, including assessing the investment style or industry focus of the fund manager, such as value-oriented funds referencing value indices [5][6] - The article notes that active funds often have performance benchmarks, which may change to reflect the manager's actual investment direction, impacting their compensation if they underperform [7] - It suggests that constructing a diversified portfolio of actively managed funds across different styles and sectors can simplify valuation compared to evaluating individual active funds [8][9]