文 | 银行螺丝钉 （转载请注明出处） 欢迎关注银行螺丝钉的公众号～ 有很多新朋友对基金投资感兴趣，但感觉无从下手，所以我写了这篇针对新手的入门帖。 方便大家了解基金投资知识和方法。 银行螺丝钉是谁？ 「银行螺丝钉」是我的笔名，从2014年开始，我在公众号以这个笔名日更投资文章，10余年来从未间断，也出版和翻译了多本基金领域的畅销书籍。 已经有数百万朋友，通过我的文章或书籍走上了基金投资之路，并获得了不错的收益。 截止到2025年8月，日更的估值表也到了2700多期。 未来，估值表还会做到10000期，差不多40年。螺丝钉也就变成一个快乐的小老头了。 也希望能跟大家一起走到那一天～ PS：如果对这个笔名的寓意感兴趣，可以点击查看《 为啥叫银行螺丝钉呢？ 》 超值福利：基金投资入门课 螺丝钉专为新手投资者打造的精品课程—— 《螺丝钉 基金投资入门课 》，限时0元解锁~ 本课程全面介绍了基金投资的必备基础知识，非常适合想学基金投资但不知从何下手的朋友们，手把手教你用基金"钱生钱"，轻松开启财富增值之旅。 长按识别下方二维码，添加课程小助手，回复「 基金入门 」，即可领取学习。 更有超值福利包，随课赠送： · 独家 ...

凌云社区为成员量身打造三大基金投资选择 随着全球经济快速变革和市场波动加剧，投资者的需求也越来越多样化。凌云社区深知社区成员在投资过程中面对的挑战与机遇，特 别是在不同风险偏好和财务目标下的多元化需求。为此，凌云社区正式推出三大基金产品——极速基金、增值基金和稳定基金，为社 区成员提供灵活、安全且高效的投资选择，帮助他们在复杂市场中找到适合自己的理财方式。 二．服务社区成员，构建信任与专业支持 一．精准布局三大基金，满足不同需求 1.极速基金：短期高效交易选择 对于风险承受能力较强、喜欢捕捉市场短期机会的社区成员，极速基金是理想选择。该基金主要投资比特币、以太坊、黄金等高波动 性资产，通过日内交易策略和先进交易系统实现高效增值。极速基金为社区成员提供了资金高周转和即时市场机会的投资平台，让热 衷短期投资的朋友能够紧跟市场节奏。 2.增值基金：中长期稳健增值 对于追求资产长期稳健增长的社区成员，增值基金提供了平衡风险与收益的投资方案。基金主要投资于成熟市场和新兴市场的优质交 易所交易基金（ETF），如标普500、纳斯达克100和沪深300等。通过长期持有和科学配置，增值基金致力于帮助社区成员实现资产增 值，同时 ...

该基金(暂定名称为建生国鑫泰达股权基金合伙企业(有限合伙))的建议期限为五年。该基金(作为私募基 金)主要投资于中国的大健康及生物科技技术领域。 董事认为，潜在交易(倘落实)将有助集团加深对医药业务最新行业发展的了解、分散其投资风险，并发 掘潜在战略合作伙伴，以期把握未来其他发展机遇。董事亦认为，集团拟向该基金出资可提供更多符合 公司发展战略的行业并购机会，亦可提供超越固定收益的潜在回报，从而有效运用其现有财务资源及竞 争优势，提升资金配置效率，并改善资本回报。 天津发展(00882)发布公告，力生制药（002393）(公司间接非全资附属公司)拟与建信股权(作为该基金 的管理人及普通合伙人)、泰达私募(作为该基金的普通合伙人)、共青城建兴(作为特殊有限合伙人)、泰 达国际、国资母基金及战新基金(各自作为有限合伙人)就设立基金订立合伙协议，该基金的建议认缴出 资总额为人民币5亿元，其中，力生制药(作为有限合伙人)拟向该基金认缴出资人民币1.74亿元，占该基 金建议认缴出资总额的34.75%，惟须受合伙协议的条款及条件所规限。 ...

Core Insights - The article emphasizes the importance of selecting a high-quality fund investment tool in an era with over ten thousand funds available, highlighting Sina Finance APP as a preferred choice for many investors due to its comprehensive, intelligent, and convenient features [1][2]. Group 1: Comprehensive Data and Authority - Sina Finance APP covers 98% of fund products in the market, monitoring over 10,000 funds in real-time, providing a one-stop solution for investors to access fund net value information [2]. - The platform integrates data from 163 mainstream fund companies, allowing investors to avoid switching between multiple platforms for information [2]. Group 2: Intelligent Screening and Matching - The APP offers personalized fund matching based on user-defined criteria such as expected annual return, maximum drawdown, and investment duration, simplifying the selection process for ordinary investors [3]. - For example, users can set conditions for a 10-15% annual return with a maximum drawdown of 10%, and the APP will automatically filter suitable stable combinations [3]. Group 3: Convenient Trading Experience - Sina Finance APP provides a seamless experience from information to trading, allowing users to complete account opening and transactions directly within the app [4]. - The platform collaborates with 60 fund companies, offering over 3,000 fund products, and features an intelligent regular investment function that adjusts investment amounts based on market conditions [4]. Group 4: Professional Insights and Community Interaction - The APP has developed a "three-tier content funnel" system to provide professional insights, including live broadcasts from fund managers and in-depth research reports [5]. - Community interaction features, such as real-time comments and hot search rankings, enable users to engage with other investors and stay updated on market trends [6]. Group 5: Personalized Customization - The APP allows users to customize service modules according to their preferences, enhancing efficiency for different types of investors [7]. - Features such as net value data export support in-depth analysis and archiving for investors focused on historical data [8]. Group 6: Overall Investment Ecosystem - The APP has established a complete fund investment ecosystem, facilitating a transition for ordinary individuals to engage in wealth management, making fund investment accessible beyond just professionals [10].

Core Viewpoint - The article highlights the current market situation where the Shanghai Composite Index has reached a 10-year high, emphasizing the challenges ordinary investors face in timing the market and selecting stocks effectively [1] Industry Performance Summary - In recent years, the performance of various sectors in the A-share market has shown significant variability, with energy achieving double-digit growth even during the bear market of 2022, while real estate declined nearly 10% during the bull market of 2020 [1] - The annual performance of different sectors from 2019 to 2024 indicates that sectors like daily consumption and information technology have fluctuated significantly, with some years showing strong growth while others faced declines [3] Fund Manager Insights - Professional fund managers are better equipped to navigate market risks and opportunities, with several actively managed funds achieving positive returns and annualized rates above 16% since January 1, 2022 [4] - Specific fund managers, such as Shen Li, Zhang Chengyuan, and Hu Zhongyuan, have demonstrated effective strategies in managing their funds, focusing on growth, flexibility, and stable returns respectively [6][13][19] Investment Strategy Recommendations - Ordinary investors are advised to focus on finding suitable professional management tools that align with their risk preferences rather than getting caught up in short-term market fluctuations [25] - The article suggests that long-term investment strategies, rather than precise timing, are key to asset appreciation over time [25]

Group 1 - The core viewpoint emphasizes the importance of clearly defining investment goals before selecting fund products, distinguishing between short-term and long-term investment strategies [1] - Fund performance is a crucial reference factor, with past performance indicating operational capability, but it should not be the sole criterion for future expectations [1] - The risk level of funds varies significantly, with different types of funds (money market, bond, and equity funds) presenting different risk-return profiles, necessitating careful assessment based on individual risk tolerance [2] Group 2 - The capability and experience of fund managers are critical, as their investment strategies and decisions directly impact fund performance [2] - The strength and reputation of fund companies are vital, with stronger companies typically having advantages in research and risk management, which supports fund operations [2] - Financial界 serves as a professional financial information service platform, providing comprehensive and timely financial news and knowledge to investors [3]

Group 1 - The market experienced a slight pullback after a profitable week, with a loss of 15,000 in ETF accounts and 10,000 in mutual fund accounts on the current day [1] - The sales of private domain tickets have been strong in the past two months, reminiscent of early 2020, indicating potential market peaks [1] - Historical performance shows that during market peaks, interest in private domain tickets declines as investors feel overconfident in their stock-picking abilities [1] Group 2 - A-share market temperature is at 64.21, indicating a slight increase, while Hong Kong stock market temperature is at 46.59 [3] - Various sectors have different configurations and performance metrics, with notable performances in the automotive sector and underperformance in the food and beverage sector [2][3] - The PE ratios and temperature readings suggest varying levels of investor confidence across different industries, with some sectors showing significant year-to-date gains while others are in decline [2][3]

Core Viewpoint - The article emphasizes the differences in risk and reward between fund managers and ordinary investors, highlighting that while fund managers may benefit from aggressive strategies, ordinary investors should focus on absolute returns to avoid long-term losses that could impact their purchasing power [3][5]. Group 1 - Ordinary investors take on greater risks without guaranteed rewards, unlike fund managers who can see significant performance boosts and income increases from aggressive strategies [3]. - Fund managers prioritize relative returns, aiming to outperform other funds, while ordinary investors should focus on absolute returns to ensure profitability [4][5]. - The article advocates for investing during undervalued phases to minimize losses, suggesting that even in a rising market, investors should consider fixed-income products to balance their portfolios [6]. Group 2 - The article mentions various investment advisory combinations available, including index enhancement and active selection, designed to simplify investment for individuals [7].

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 以下文章来源于晨星投资说 ，作者陪你聊基金的 晨星投资说 . 全球知名投资研究机构晨星Morningstar，与您一同探索投资星球。我们的使命是"赋能投资者成功"！ ↑点击上面图片 加雪球核心交流群 ↑ 作者： 晨星投资说 来源：雪球 基金终于回本了！ 随着沪指突破前期高点，不少朋友也在苦熬几年后终于等来了"解套"时刻。 在松一口气的同时，一个老生常谈的问题也随之而来：现在该怎么办？继续拿着会不会再次被套？ 其实，基金回本之际，也正是我们反思和调整持仓的最佳时机。 今天我们就换一个角度，聊聊如何通过两个问题判断基金在组合中的角色，带你检查手里的持仓，跳出反复被套的"怪圈"。 01 被忽视的两个关键问题 我们经常用"波动"来衡量风险，以"战胜市场"来定义投资成功。但在现实投资时，我们所面对的情况要复杂得多。 每个人的投资目标都不一样：有人为了养老攒钱，有人为了孩子上学，有人想凑齐房子首付，有人只是想赚点旅行基金…… 这些目标的重要性不同，需要用钱的时间也不同。所以，比起波动， 我们真正面临的投资风险是 —— 需要用钱的时候，账 ...

Core Viewpoint - The article discusses the recent rise of the A-share market, with the Shanghai Composite Index surpassing 3700 points, and questions whether this indicates a market peak or if investment opportunities still exist [2][3]. Market Valuation Comparison - The A-share market has shown a significant increase, but comparisons with past bear market levels suggest that while it may seem expensive, it is essential to evaluate against other asset classes like bonds [3]. - The equity risk premium indicates that stocks remain competitively priced compared to bonds, with current levels around the median of the past five years [4]. - The dividend yield of the A-share market suggests that, under conservative assumptions, the overall valuation is not significantly overvalued, remaining around the five-year average [6]. Signs of Market Overheating - There are emerging signs of "overheating" in specific sectors, with the overall dynamic PE ratio of A-shares at 21 times, and certain indices like the Sci-Tech 50 and CSI 2000 showing PE ratios around 140 times, indicating potential overvaluation [7][10]. Historical Insights - The article reflects on the 2015 bull market, highlighting that many investors who chased small-cap stocks at their peak did not achieve favorable outcomes, while quality leading companies have shown resilience and value creation over time [14]. - It emphasizes the importance of understanding market mechanisms and risks, particularly in different markets like Hong Kong, where mechanisms such as short selling can introduce additional risks for investors [14]. Investment Strategies - The article advocates for a diversified asset allocation strategy, focusing on quality funds and maintaining liquidity to manage risks and seize opportunities during market corrections [18][19]. - It suggests that investors should consider systematic investment plans (SIPs) to mitigate the impact of market volatility and average investment costs over time [19][20].