文 | 银行螺丝钉 （转载请注明出处） 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。 螺丝钉之前也写过相应的资产配置文章, 大家在公众号底部对话框里回复「资产配 置」就有介绍。 比如说，用「100-年龄」，来分配股票、 债券类资产。 假如年龄是40岁，可以配置60%到股票类 资产，40%到债券类资产。 如何之能做好意会示要? 一长按添加@课程小助手,回复「基金定投」 免费领取《基金定投指南》课程 更有课程笔记、思维导图 帮你学会如何制定好一个基金定投计划 und #螺丝钉小知识 银行螺丝钉 如何做好管理,让投资不变形? 对个人投资者来说,是有一些好的技巧。 其中最好用的一个技巧，就是在做投资之 前，把自己投资的方案，列在纸面上。 个好的投资方案，包括： · 如何分配存量资金、增量资金; ·什么情况下买入; ·什 ...

来源：深交所互动易 编者按：为帮助中小投资者了解基金定投方法，更好开展指数化投资，深交所投教基地联合永赢基金共 同推出《小定投大乾坤》系列图文解读。今天是第3期，如果定投遭遇亏损，该怎么应对？ 恰清晰的问尖儿贝基立。 应对 ● 对新手而言,风险分散、简单省心的宽基指数 基金更友好。 若持有主动-行业主题基金 3 结论:若基金质地没问题,亏损可能源于行业周期性波动。 行业基金天然波动大,亏损时需审视行业长线逻辑。 ● 长期逻辑未变:下跌反而是捡便宜筹码的机会, 可坚持甚至适度加大定投。 应对 ● 逻辑生变或看不懂:建议果断止损,避免越套越深。 ● 若没有时间对行业进行深入研究及跟踪,更适合 省心省力的宽基指数基金。 场景 2 市场下跌 定投也在亏损 情形1:才定投就亏损,要不要赶紧赎回? 不必慌张,这或是定投的"黄金开局" 应对建议: 定投的魅力,在于利用市场波动 -- 在低位买入更多 份额,以此拉低平均成本,待市场回暖时获利,这一 过程构成了经典的"微笑曲线"。 若是市场走出最适合定投的"微笑曲线" 初期往往会出现一定的账户浮亏 此时所投入的每一笔资金 都是在为未来的反弹积累关键筹码 官投资利 开始定投 持续 ...

Group 1 - Fund investment plans are suitable for lazy investors, and it is essential to prepare and formulate a good investment plan before starting [2][3] - There are four methods of fund investment, and it is important to determine which one is most suitable for individual needs [2] - A free course is available to help understand fund investment strategies, including course notes and mind maps for efficient learning [2][3] Group 2 - The A-share pharmaceutical index has shown limited growth, underperforming compared to the China Securities North Pharmaceutical Index during the period from September 2024 to January 2026 [4] - The performance disparity between A-share and Hong Kong pharmaceutical stocks is attributed to differences in fundamental strengths, which affect index growth [5] - Currently, Hong Kong pharmaceuticals are in a prosperity cycle, with profit growth recovering and driving valuation increases [7] - A-share pharmaceuticals are in a recovery cycle, with profit growth showing some recovery since 2025, but not yet reaching significant growth levels [8] - Economic cycles are inherent characteristics, where downturns can lead to simultaneous declines in valuation and profits [9]

Core Viewpoint - The recent surge in gold prices, with international gold reaching $4959.54 per ounce and domestic prices in Shanghai hitting 1111.00 yuan per gram, reflects a market sentiment reminiscent of the 2019 gold bull market, driven by geopolitical tensions and expectations of U.S. interest rate cuts [1][6][9]. Price Dynamics - International gold prices increased by nearly 4% overnight, while domestic prices rose approximately 1.8% in a single day [1]. - The price disparity between retail gold jewelry and wholesale gold is significant, with retail prices in Beijing and Shanghai around 1542 yuan and 1539 yuan per gram, respectively, compared to a wholesale price of approximately 1274 yuan per gram in Shenzhen [3][4]. Market Sentiment - The current market environment shows a stark contrast between consumer enthusiasm for high gold prices and the cautious sentiment among wholesale traders, mirroring the dynamics observed before the 2019 gold bull market [4][9]. - Historical parallels are drawn, noting that in 2019, gold prices were stable around $1300 per ounce, with similar price disparities and consumer behavior [7]. Central Bank Activity - Central banks globally, including the People's Bank of China, have been steadily increasing their gold reserves, indicating a strategic shift towards gold as a stable asset amid economic uncertainties [7]. - As of January 2026, China's gold reserves have increased for 15 consecutive months, reflecting a long-term commitment rather than short-term speculation [7]. Investment Strategies - For consumers, purchasing gold jewelry from high-end brands may incur significant premiums, suggesting a shift towards more cost-effective options like traditional retailers or wholesale markets [10]. - For investment purposes, gold jewelry is not recommended due to high premiums; instead, investment gold bars or gold ETFs are suggested as more efficient vehicles for capitalizing on gold price increases [12]. - A cautious investment approach is advised, utilizing strategies like dollar-cost averaging to mitigate risks associated with market volatility [12].

Group 1 - The article emphasizes the importance of smart investment strategies for mutual fund regular investment, particularly for those who prefer a more hands-off approach [2][3] - It suggests that preparation and a well-defined investment plan are crucial before starting a regular investment in funds [2] - The article introduces four different methods for regular investment, encouraging readers to find the one that best suits their needs and to consider strategies for profit-taking [2] Group 2 - The article discusses the sources of returns for dividend index funds, highlighting four main aspects: profit growth, valuation improvement, dividends, and rule optimization [7][8][10][11] - Profit growth is identified as the primary driver of returns, with stable profit growth in the dividend index from 2022 to 2025 being a key factor for better performance [7] - Valuation improvement is noted as a secondary source of returns, where buying undervalued stocks can lead to gains when valuations rise [8] - Dividends play a significant role in the returns of dividend and value-oriented funds, with an increase in dividend payout ratios among A-share companies over recent years [10] - The optimization of index rules has also contributed to improved performance and reduced volatility in dividend indices [11]

Core Viewpoint - Understanding the three types of returns—cumulative return, money-weighted return, and time-weighted return—can help investors grasp how their investments are performing and the impact of their trading decisions [5][6]. Group 1: Cumulative Return - Cumulative return answers the question of whether the overall investment is profitable or not, providing a straightforward percentage of profit or loss [8][12]. - For example, if an investor puts in 50,000 in January and another 50,000 in July, ending the year with 120,000, the cumulative return would be 20% calculated as (120,000 - 100,000) / 100,000 [10][12]. Group 2: Money-Weighted Return - Money-weighted return considers all buying and selling actions, including timing and amounts, to provide a true measure of investment performance [16]. - In the previous example, the first 50,000 invested has a weight of 1, while the second 50,000, invested for only half the year, has a weight of 0.5, leading to a recalculated principal of 75,000 [21][23]. - The money-weighted return in this case is 26.6%, which needs to be compared with the time-weighted return to assess trading effectiveness [24][26]. Group 3: Time-Weighted Return - Time-weighted return measures the fund's performance independent of the investor's trading actions, focusing solely on the product's ability to generate returns [27][33]. - In the same example, if the total investment remains 100,000 and the fund earns 20,000, the time-weighted return is calculated to be 30.9% [37]. Group 4: Comparison of Returns - A higher money-weighted return compared to the time-weighted return indicates that the investor's trading actions positively impacted returns, while a lower money-weighted return suggests that frequent trading may have been detrimental [36][38]. - In the example, the money-weighted return is lower than the time-weighted return, indicating that the investor's decision to invest more at a high point was not beneficial [39]. Group 5: Investment Strategy - To mitigate the risks associated with emotional trading and market timing, a recommended strategy is to adopt a systematic investment approach, such as dollar-cost averaging [44][50]. - This strategy helps in averaging the cost of investments over time, reducing the likelihood of investing heavily at market peaks and enhancing overall investment performance [45][48].

Group 1 - The article emphasizes that fund investment is a suitable method for lazy investors and discusses how to effectively implement it [2][3] - It outlines the preparation needed before starting a fund investment and how to create a solid investment plan [2] - The article presents four different investment methods and encourages readers to identify which one suits them best, along with strategies for profit-taking [2] Group 2 - A free course titled "Fund Investment Guide" is offered to help individuals learn how to formulate a fund investment plan [3] - The course includes supplementary materials such as course notes and mind maps to enhance learning efficiency [3]

Group 1 - The article discusses different strategies for profit-taking in investment, highlighting the advantages and disadvantages of each method [3][4][5] - One strategy is profit-taking based on yield, which is simple to execute but may lead to missing out on significant bull market gains, as seen in 2007 and 2015 [3] - Another strategy involves profit-taking based on overvaluation, which can yield high returns during bull markets, typically seeing 30%-40% increases from undervalued to normal and from normal to overvalued [4][5] - Long-term holding without selling, relying on dividends as a profit method, is also mentioned as a sound investment strategy, particularly if income needs align with dividend income [5] Group 2 - The article emphasizes that in a bull market, the investment holding period can be long, requiring patience from investors [5] - It notes that typically, a bull market lasts 7-10 years, and using a strategy of profit-taking based on overvaluation can allow investors to benefit from the underlying profitability of their investments [5]

Core Viewpoint - The announcement details the partnership between Taixin Fund Management Co., Ltd. and Huaxi Securities Co., Ltd., effective from January 20, 2026, allowing Huaxi Securities to sell certain open-end funds and offering features like regular investment, conversion services, and fee discounts [1]. Group 1: Fund Sales and Fee Discounts - Huaxi Securities will be added as a sales institution for specific open-end funds, enabling regular investment and conversion services [1]. - Investors using Huaxi Securities' trading system for subscription and regular investment in these funds will benefit from fee discounts, with specific rates and promotional periods to be announced by the sales institution [2]. Group 2: Fund Conversion Rules - Fund conversion allows investors to directly convert their holdings in one open-end fund to another managed by the same fund management company without redeeming first [3]. - Conversions must occur within the same sales institution, and both funds must be managed by the same fund manager and registered with the same registrar [3]. - The fund being converted out must be redeemable, while the target fund must be available for subscription [3]. - The conversion process will be confirmed on T+1 day, with the ability to redeem the new fund shares starting from T+2 day [3][4]. Group 3: Conversion Fees and Calculations - The conversion fee consists of the redemption fee from the outgoing fund and the difference in subscription fees between the outgoing and incoming funds [6]. - A detailed calculation formula for the conversion process is provided, including steps for determining the amounts involved and the net shares received in the target fund [7][8]. - Investors must submit conversion requests based on available shares and follow a first-in-first-out principle [9]. Group 4: Special Conditions and Other Matters - The fund management company may suspend conversion services under certain conditions, such as force majeure or significant market fluctuations leading to large redemptions [10]. - Investors are encouraged to read the fund contracts and prospectuses for detailed information about each fund [10].

Core Viewpoint - The overall market performance last week was strong, with significant increases across major markets, indicating a solid feedback from the portfolio level [1][6]. Market Performance Summary - The following are the weekly performance metrics for various indices: - A-share dividend index rose by 1.53% - Hong Kong's Hang Seng Internet Technology index increased by 3.04% - The US Nasdaq 100 index saw a rise of 1.52% - The German DAX index increased by 2.16% - The Indian Sensex 30 index fell by 1.83% - The Vietnamese Ho Chi Minh index surged by 4.97% [6][7]. Portfolio Performance Summary - The "Rui Ding Tou Global Version" portfolio rose by 1.7%, reaching a new net value high, with a cumulative return of 3.37% since January 2026 [10][11]. - The "Lazy Balanced" portfolio also achieved a new high with a 1.58% increase, showing positive returns for 2024 and 2025, and a 2.66% return in 2026 so far [14]. - The "Peace of Mind Bond" portfolio increased by 0.17%, maintaining a positive performance with a year-to-date return of approximately 0.3% [14]. Investment Strategy Insights - The "Rui Ding Tou" portfolio employs a diversified strategy across A-shares, Hong Kong, and US markets, focusing on steady growth amidst market fluctuations [16]. - The "Lazy Balanced" portfolio utilizes a dynamic allocation strategy between stocks and bonds, currently holding about 62% in equity positions, allowing for potential bottom-fishing during market adjustments [18]. - The "Small Helper Dividend" portfolio focuses on high-dividend funds globally, aligning with the current policy environment encouraging increased corporate dividends [19]. Future Outlook - The company plans to continue optimizing asset allocation to achieve more stable and sustainable returns in the future [26].