文 | 银行螺丝钉 （转载请注明出处） 基金投顾，顾名思义，就是基金的投资顾问。 很多行业都有顾问，特别是一些专业性很强的行业。 例如， • 看病吃药，需要医生，医生就是顾问； • 有法律问题，需要律师，律师也是顾问。 基金投资也是如此。 基金投顾的诞生，正是为了解决基金行业存在的"基金赚钱，基民不赚钱"的问题。 那么，基金投顾有哪些优势？ 是如何通过"投"和"顾"，帮助投资者获得好收益的呢？ 这里有一门限时免费的福利课程，介绍了基金投顾的方方面面。 想要获取这个课程，可以添加下方「课程小助手」，回复「 基金投顾 」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。 套冷凝顾景什么? 者什么情用? ►长按添加@课程小助手,回复「基金投顾」 免费领取《螺丝钉基金投顾入门课》课程 更有课程笔记、思维导图,帮你快速了解基金投顾 und #螺丝钉小知识 银行螺丝钉 基金收益率达到多少适合止盈, 该怎么设置呢? 从收益率角度来考虑止盈，是最常见的 基金止盈策略。 这种思路很简单,就是定投指数基金, 当看到自己持有的某只基金收益率达到 了设定的收益率，就可开始卖出止盈。 比如我们定投沪深300指数基金, ...

Group 1 - The core concept of fund advisory is to address the issue where funds make profits, but investors do not [4] - Fund advisory services are designed to help investors achieve better returns through professional guidance [5] - The emergence of fund advisory is similar to the role of consultants in other specialized industries, such as healthcare and law [6][7] Group 2 - The economic growth dynamics in China have shifted from low-end manufacturing and real estate to mid-to-high-end manufacturing in recent years [12] - The share of mid-to-high-end manufacturing in exports has been gradually increasing, indicating a transformation in the economic structure [12] - Historical examples from the US, Germany, and Japan show that families can benefit from economic transitions through investments in index funds [13]

文 | 银行螺丝钉 （转载请注明出处） 基金投顾，顾名思义，就是基金的投资顾问。 很多行业都有顾问，特别是一些专业性很强的行业。 例如， 基金投资也是如此。 基金投顾的诞生，正是为了解决基金行业存在的"基金赚钱，基民不赚钱"的问题。 那么，基金投顾有哪些优势？ 是如何通过"投"和"顾"，帮助投资者获得好收益的呢？ 这里有一门限时免费的福利课程，介绍了基金投顾的方方面面。 想要获取这个课程，可以添加下方「课程小助手」，回复「 基金投顾 」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。 • 看病吃药，需要医生，医生就是顾问； • 有法律问题，需要律师，律师也是顾问。 基金投顾是什么? 者什么值用? 七长按添加@课程小助手,回复「基金投顾』 and 免费领取《螺丝钉基金投顾入门课》课程 更有课程笔记、思维导图,帮你快速了解基金投顾 西区 基金有风险，投资需谨慎 #螺丝钉小知识 urne 银行螺丝钉 主动基金和被动基金有哪些区别? 普通投资者想要配置股票资产的话,投资 股票基金是个不错的选择。 从投资策略上,股票基金可以分为两类: ·一类是主动基金,主要依靠基金经理挑选 股票; ·另一类是被动基 ...

Group 1: Market Overview - The performance of the CSI 300 and ChiNext indices over the past year shows significant fluctuations, with a notable increase in the last few months [1] - The top five industries by yesterday's performance include non-ferrous metals, electronics, communications, basic chemicals, and automobiles, with gains ranging from 1.784% to 3.051% [1][2] Group 2: Fund Management Insights - In October 2025, the performance of industry rotation-type fund advisory products was relatively strong, with stock-type advisory products outperforming mixed equity funds [5] - The average returns for different types of fund advisory products in October were 0.31% for pure bond, 0.41% for fixed income+, 0.01% for mixed equity, and -0.90% for stock-type products [5][6] - Fund advisory products showed a shift in asset allocation, with an increase in exposure to non-bank financials and non-ferrous metals, while reducing exposure to the pharmaceutical and biological sectors [7] Group 3: Banking Sector Analysis - The banking sector is characterized by a low interest rate environment and a focus on stable high-dividend assets, highlighting the scarcity of such investments [12] - The investment strategy emphasizes buying high-dividend, defensive stocks while also considering the growth potential and long-term value of banks [12][16] - Recommendations include a three-tiered approach: large state-owned banks for core holdings, banks with strong wealth management capabilities for core configurations, and high-growth regional banks for flexible allocations [16] Group 4: Non-Bank Financials - The Hong Kong Stock Exchange reported a significant increase in revenue and profit for the first three quarters of 2025, with total revenue reaching HKD 218.5 billion, a year-on-year increase of 37% [18] - The trading and settlement fees, which are directly linked to ADT, saw substantial growth, indicating a robust performance in the trading sector [19] - The outlook for the Hong Kong Stock Exchange remains positive, with expectations of continued growth driven by the return of quality assets and sustained inflows from southbound capital [18][19] Group 5: Retail Sector Insights - The baby products retailer reported steady growth in its main business, with revenue for the first three quarters of 2025 reaching CNY 2.725 billion, a year-on-year increase of 10.4% [23] - The company is expanding its store network and enhancing its product offerings through partnerships, which are expected to drive future growth [25] - The jewelry retailer experienced a decline in revenue but improved profitability due to adjustments in product and channel strategies, focusing on enhancing operational quality [28][29] Group 6: Supermarket Sector - The supermarket chain faced significant revenue decline in the first three quarters of 2025, with total revenue of CNY 42.434 billion, down 22.2% year-on-year [32] - The company is undergoing a transformation towards quality retail, with ongoing supply chain reforms and store optimization efforts [32][34] - Despite short-term challenges, the long-term outlook remains optimistic as the company aims to improve operational efficiency and adapt to changing consumer habits [32][34]

2025年，A股市场的暖意与全球资产的轮动，为基金投顾行业注入了久违的活力。数据显示，2025年前 十月，部分主动布局A股与全球资产的明星投顾组合全线飘红，平均收益率分别达27.27%与18.45%，不 仅让多数产品成功收复失地，更催生了基金公司与券商合作的双投顾模式升温。 高风险组合仅两只未扭亏 2025年10月，A股市场行情表现积极，上证指数在月内一度突破4000点整数关口，全月上涨1.85%。与 此同时，当月资金净流入股票ETF的规模再度超过千亿元。 据记者统计，主动布局A股方向的16只明星基金投顾组合在2025年前十个月全部实现正收益，呈现显著 的普涨格局，平均收益率达到27.27%。 从年度表现看，中欧财富旗下的中欧超级股票全明星表现最为突出，以35.52%的收益率暂居首位。银 华基金旗下的银华天玑悄悄盈组合与华夏财富旗下的积极进取组合紧随其后，收益率分别为34.90% 和 34.36%。目前前三名组合收益率差距不大，最终谁能成为2025年冠军仍是未知数。 值得关注的是，上述组合近期都有调仓的痕迹：中欧超级股票全明星在9月份加仓了受益于全球流动性 改善的港股通互联网板块，并提高了港股医药的配置权重； ...

- The report categorizes fund advisory products into pure bond type (0% equity), fixed income plus type (0%-20% equity), mixed stock and bond type (20%-70% equity), and stock type (70%-100% equity) based on the equity weight in the performance benchmark [3][10][16] - In October 2025, the average absolute returns for pure bond type, fixed income plus type, mixed stock and bond type, and stock type fund advisory products were 0.31%, 0.41%, 0.01%, and -0.90%, respectively [3][10][15] - Among stock-type fund advisory products, macro-driven type achieved the highest return in October 2025 with an absolute return of 0.12%, followed by industry rotation (-1.77%), index-driven (-0.89%), and active selection (-1.02%) [15][21][23] - The report highlights that macro-driven fund advisory products performed relatively well in October 2025, while industry rotation fund advisory products led in performance over the past year [15][21][23] - In October 2025, fund advisory products reduced allocation to Indian stock market funds (-1.3%) and increased allocation to Chinese concept stock funds (+1.1%) and U.S. stock funds (+0.8%) [54][56]

Core Viewpoint - The rise of "fund managers" among retail investors is challenging traditional fund advisory services, as these investors prefer to make their own investment decisions rather than relying on professional advice [1][2][3]. Group 1: Fund Manager Phenomenon - Retail investors, referred to as "fund managers," are increasingly taking control of their investments, often sharing their experiences and strategies online [1][2]. - A significant number of these investors have substantial assets, with some exceeding 1 million yuan in their fund accounts, allowing them access to professional advisory services [2][3]. - Many "fund managers" express skepticism towards fund advisors, questioning their ability to guarantee returns and preferring to manage their portfolios independently [3][4]. Group 2: Fund Advisory Services Development - As of August, the net asset value of public funds in China reached a record high of 36.25 trillion yuan, indicating a growing market for fund advisory services [2]. - The fund advisory business has been in a pilot phase since 2019, with the number of institutions involved increasing from 5 to 60 over six years, including various types of financial institutions [6][8]. - Despite the growth, challenges remain, such as underperformance of advisory portfolios during market downturns, leading to a poor experience for investors [10]. Group 3: Performance and Client Retention - Various financial institutions report differing scales of fund advisory business, with some like Huatai Securities showing a 16.36% growth in advisory assets year-over-year [8]. - Client retention rates vary, with some institutions reporting over 75% of clients reinvesting in advisory services, indicating a level of satisfaction among certain investor segments [7][9]. - The average duration of client engagement with advisory services is around 800 days, suggesting a commitment to long-term investment strategies [7][9]. Group 4: Challenges and Opportunities - The fund advisory sector faces challenges such as a lack of diverse investment products and a need for a shift from a "sell-side" mentality to a more client-focused approach [10][13]. - There is a call for fee reforms in the advisory sector to align costs with performance, potentially improving investor satisfaction and trust in advisory services [12][16]. - The integration of AI technologies in advisory services is being explored, with early results showing potential for enhancing efficiency and client engagement [15][16].

Core Viewpoint - The article discusses the recent market trends, particularly focusing on the impact of the Federal Reserve's interest rate decisions on global and domestic stock markets, highlighting the performance of various indices and sectors. Market Performance - The overall market experienced a decline, with the CSI All Share Index down approximately 1% [2] - Large-cap stocks showed less volatility compared to small-cap stocks, which experienced a more significant decline [3] - The growth style of stocks saw a notable drop, while value styles remained strong [4][7] - The ChiNext Index fell by 1.8%, indicating a trend of high valuation followed by declines [8][10] Federal Reserve's Interest Rate Decision - The Federal Reserve announced a 25 basis point rate cut, aligning with market expectations, but indicated that a rate cut in December is not guaranteed [14][15][16] - This uncertainty regarding future rate cuts has raised concerns in the market, leading to a short-term decline in U.S. stocks [19] - Since the Fed's first rate cut announcement in September 2024, global stock markets have risen by approximately 28%, with A-shares increasing over 50% and Hong Kong stocks rising over 55% [23][24] Impact of Rate Cuts on Markets - Rate cuts are generally seen as beneficial for the stock market, as lower dollar rates favor global assets [21] - The positive effects of rate cuts are often reflected in the market weeks before the actual announcement, as investors anticipate these changes [25] - The article suggests that the dollar interest rates are likely to continue decreasing, which would benefit RMB assets and potentially lead to further increases in A-shares [26][27] Valuation Insights - The article provides a valuation table for dividend and free cash flow indices, indicating various metrics such as earnings yield, price-to-earnings ratio, and dividend yield for different indices [6][27] - The valuation insights suggest that certain indices are undervalued and suitable for investment, while others are overvalued [42] Additional Resources - The article mentions a live session scheduled for October 31 to discuss investment strategies and insights related to the current market conditions [34] - A free investment guide is offered to help readers understand fund advisory services better [30]

Group 1 - The article introduces a comprehensive guide on fund advisory investment, titled "Fund Advisory Investment Guide," aimed at helping investors understand fund advisory services and make informed investment decisions [2][3] - The guide includes detailed strategies and applicable scenarios for various fund combinations, making it a handy reference for quick queries [3] - A limited-time promotional activity is mentioned, where participants can receive a free copy of the guide by completing a survey [4] Group 2 - The article explains the concept of Hong Kong mutual recognition funds, which allow for global investment through RMB and have gained popularity in recent years [6][7] - Hong Kong mutual recognition funds can be sold to investors in A-shares, with a relatively low entry threshold, although the variety of available funds is still limited [7] - The advantages of Hong Kong mutual recognition funds include a total quota of 300 billion RMB for A-share sales and multiple share classes to meet different investor needs [8][9] - The article also outlines the disadvantages, such as a 20% personal income tax on dividends and generally higher management and subscription fees compared to QDII funds, although there are usually no redemption fees [11]

Core Viewpoint - The article introduces a comprehensive guide on fund investment advisory, aiming to help investors understand the concept and strategies involved in fund investment [1][3]. Group 1 - The guide explains what fund investment advisory is and how it can assist investors in making informed decisions [3]. - It provides a systematic overview of various strategies and applicable scenarios for different fund combinations [3]. - The guide is designed for easy reference, allowing users to quickly look up information as needed [3].