文 | 银行螺丝钉 （转载请注明出处） 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。 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？ 如果是螺丝钉的话，会考虑等机会出现 再出手。 巴菲特对此，有一个形象的比喻，假设 一生只有20次投资机会,每次决策都会 在卡片上打一个孔，打完即止。这样会 更加慎重的考虑每次的投资。 这个20次投资机会,不是说买20个股票 基金,或只出手投资20次,而更像是遇 到了20次熊市。 • 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? 電荷24用用? 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 更有课程笔记、思维导图,帮你快速了解基金投 ...

Group 1 - The article discusses the importance of diversifying investments across both RMB and foreign currency assets, as well as stocks and bonds, highlighting the role of US dollar bond funds in this strategy [2] - A free course is offered to provide systematic knowledge on investing in US dollar bond funds, including course notes and mind maps for efficient learning [2] Group 2 - A report titled "China Fund Advisory Business Insight Report (2025)" was released, focusing on the performance of fund advisory services, based on data from 18 advisory institutions and 5 fund sales organizations from 2022 to September 2025 [5] - The report indicates that 76.9% of advisory clients achieved profitability, compared to 63.4% of self-investing fund investors, emphasizing the effectiveness of fund advisory services [6] - The repurchase rate for advisory clients has increased to 38.2%, indicating a strong tendency for clients to invest multiple times [7] - Advisory clients have an average holding period of 672 days, which is significantly longer than that of individual stock investors and average fund investors [8][9] - Notably, the report reveals that the proportion of female investors in advisory services is growing faster than that of male investors, and 90% of advisory clients hold amounts under 100,000 yuan [10] - A significant 43% of investors prefer weekly advisory services, while 73% desire one-on-one communication with advisors [10] - The "Nail Series" advisory portfolio shows a cumulative profitability rate of approximately 90% from early 2022 to September 30, 2025, with a repurchase rate of 87% and an average holding amount of 159,000 yuan [11][12]

基金投资顾问服务是指财富管理机构接受投资者委托，根据与投资者约定的基金投资组合策略，代投资者作出具体基金投资品种、数量和买卖时机的决策， 代投资者执行基金产品申购、赎回、转换等交易申请，并直接或间接获取经济利益的服务。基金投资组合策略建议的标的应当为公募基金产品或经中国证监 会认可的同类产品。基金投顾帮助投资者做好预期管理，提升投资者持有体验；采用四笔钱资产配置方案：短期周转、稳健理财、财富增长、保险保障；跟 投、定投或相对合理的持有期等陪伴，让投资者的持有过程更从容。不同基金投顾组合策略，风险等级不一样。投资者需满足相应的风险承受能力才可以签 约相应基金投顾服务。展业机构不可以向投资者隐瞒基金投顾组合策略风险等级，也不得向投资者推荐高于其风险承受能力的基金投顾组合策略。 据了解，"投教领航"投资者教育网络课程第三季是陕西投资者教育领航者联盟第五年举办的公益性投教网络课程。课程旨在进一步帮助投资者了解规则、辨 识风险，持续引导投资者树立理性、价值、长期投资理念，培育理性、成熟的投资者。 本期的课程主题是——公募基金投顾-新型财富管理服务，由中泰证券（600918）股份陕西分公司总经理助理梁贺为各位投资者介绍： ...

大家好，我是银行螺丝钉，欢迎来到这期的螺丝钉带你读书。 「螺丝钉带你读书」也陪伴大家度过了三百多期，为大家讲解了很多有趣、经典的书籍和故事，比如《三十几岁，财务自由》、《如何读 一本书》、《战胜拖延症》等等。 还为大家详细介绍了几位投资大师：股神巴菲特、他的好搭档查理芒格和指数基金之父约翰博格。分享了他们的人生经历、投资生涯和投 资的理念。 大家可以点击下面链接查看部分螺丝钉带你读书合集： 《 世界读书日，螺丝钉送你121本私藏经典好书 》 一份关于基金投顾的报告 这一期螺丝钉带你读书，比较特殊，并不是读一本书，而是解读一份投资报告。 是新华财经，西南财经大学，和晨星、易方达财富，合作的《中国基金投顾业务洞察报告（2025）》。 这也是比较少有的，关于基金投顾的研究报告。 报告中的投顾客户数据 资者的数据。 这个报告，是调研了18家投顾机构，以及5家基金销售机构，从2022-2025年9月的投顾投 里面有一些数据也挺有意思的。 （1）投顾客户，累计盈利占比76.9%。 同期投资者自己投资基金，盈利占比63.4%。 盈利比例，是投顾最关注的一个指标。 通过投顾投资基金，盈利的投资者比例有所提高。这也是基金投顾存 ...

2025年12月，中欧财富发布《试点六周年 基金投顾业务发展白皮书》。 本白皮书回顾基金投顾试点六周年进展。2025年市场回暖、投资者风险偏好提升，投顾行业迎来"多元策略元年"。用户调研显示，投顾在改善持有体验、帮 助用户克服"追涨杀跌"方面效果显著，用户覆盖度与满意度持续上升。 以下是报告目录： 第一章 我国基金投顾市场分析 第二章 基金投资者及投顾用户调研分析 该报告基于全国调研数据，分析了家庭收入、资产、债务、消费及预期情况。结果显示：家庭收入结构稳定，工资为主要来源；住房资产持有趋稳，金融配 置多元化，一线城市投资更积极；消费整体回升，一线城市支出最高，青年重文娱、中年重教育医疗、老年重基础生存；消费预期改善，就业稳定性是关键 因素。报告建议优化住房金融、推出普惠理财、强化灵活就业保障、激活全年龄段消费，以巩固消费复苏态势。 免责声明:报告内容来源于中欧财富，不代表道乐研究院的立场与观点，如有侵权请联系research@szltech.com。 第三章 基金投顾有效帮助投资者践行理性投资 ...

Report Industry Investment Rating No relevant information provided. Report Core View - As of the end of November 2025, there were 469 fund investment advisor portfolios on the Tiantian Fund APP, an increase of 4 from the end of the previous month. Among them, there were 2 new balanced, 1 new aggressive, and 1 new consumer-themed portfolio [2][8]. - In terms of performance, over the past year, the median returns of aggressive and balanced portfolios outperformed similar FOF products, while the median return of the stable portfolio underperformed. In November, the median returns of aggressive, balanced, and stable portfolios outperformed both similar FOF products and their benchmarks. Among the track-type portfolios, only the gold track had a positive median return in November. For the regional portfolios, both the Hong Kong stock strategy and overseas strategy portfolios had median returns that underperformed their benchmarks in November [2][17][24]. - Regarding position changes, stable portfolios reduced bond funds and increased QDII funds; balanced portfolios reduced bond funds and increased money market funds; aggressive portfolios reduced hybrid funds and increased QDII funds. In terms of individual fund positions, consumer-themed, small-cap strategy, and real estate-themed funds were significantly increased [2][33][42]. - In November 2025, there were 91 portfolio adjustments, an increase of 1 from the previous month. Stable portfolios increased commodity funds and reduced active bond funds; balanced portfolios increased fixed-income + funds and reduced QDII funds; aggressive portfolios increased passive equity funds and reduced QDII funds [2][65]. Summary by Directory Fund Investment Advisor Portfolio Overall Situation - **Portfolio Structure**: As of the end of November 2025, there were 412 stock-bond central, 36 track-type, and 21 regional investment advisor portfolios. The number of stock-bond central portfolios dominated, with the aggressive type being the most numerous among them. Track-type portfolios were concentrated in growth industries, and regional portfolios mainly targeted global overseas markets including Hong Kong and US stocks [8]. - **Investment Advisor Institution Distribution**: Institutions such as Huabao Securities, Guolian Securities, Southern Fund, and Zhongou Fortune had a relatively large number of portfolios on the platform. The top ten institutions accounted for 66% of the total. Most of the portfolios were established between February and May 2022, with 2 new portfolios launched in November 2025 [12]. Investment Advisor Portfolio Performance Tracking - **Stock-Bond Central Investment Advisor Portfolio Performance**: Over the past year, the median returns of aggressive and balanced portfolios outperformed similar FOF products, while the stable portfolio underperformed. In November, all three types outperformed similar FOF products. Compared with the benchmark, the median returns of aggressive portfolios underperformed the benchmark over the past year, while the other three types outperformed. In November, all three types outperformed the benchmark. The Anxin Aggressive 90 of Guolian Securities, Taoli Buyan of Guolian Securities, and Shendu Stable of Shenwan Hongyuan Fund had the highest returns this year. The Huaxia All-Weather Multi-Aggressive Allocation of Huaxia Fortune, Zhongou Multi-All-Weather of Zhongou Fortune, and China Merchants Spare Money Best of China Merchants Fund had the highest Sharpe ratios this year [16][17][21]. - **Track-Type and Regional Investment Advisor Portfolio Performance**: Over the past year, all track-type portfolios had positive median returns, with most outperforming the benchmark except for the intelligent manufacturing and gold tracks. In November, only the gold track had a positive median return, and several tracks outperformed the benchmark. For regional portfolios, the Hong Kong stock strategy portfolio outperformed the benchmark over the past year, while both the Hong Kong stock strategy and overseas strategy portfolios underperformed in November. The top-performing track-type portfolios this year were mainly in the medical and technology sectors, and the top-performing regional portfolios were mainly in the Hong Kong stock strategy, with some overseas strategy portfolios also performing well [23][24][28]. Investment Advisor Portfolio Position Adjustment Tracking - **Holding Fund Position Change Tracking**: When analyzing the position changes of 449 portfolios, stable portfolios decreased bond funds and increased QDII funds; balanced portfolios decreased bond funds and increased money market funds; aggressive portfolios decreased hybrid funds and increased QDII funds. Among the 77 portfolios that disclosed individual fund positions, stable portfolios decreased active bond funds and increased fixed-income + funds; balanced portfolios decreased active bond funds and increased money market funds; aggressive portfolios decreased quantitative funds and increased passive equity funds [33][36]. - **Investment Advisor Portfolio Individual Fund Holding Tracking**: - **Active Equity Funds**: Value-style, quantitative strategy, dividend strategy, and technology-themed fund managers were favored. Consumer-themed, small-cap strategy, and real estate-themed funds were significantly increased [38][42]. - **QDII Funds**: Products such as Southern Asia US Dollar Bond A RMB, Huaxia Hang Seng Technology ETF Link A, and Tianhong S&P 500 A were favored. Global allocation products like Huatai-PineBridge Global Medical RMB and China Merchants Pusu Global Allocation A, as well as products tracking the Hang Seng Technology Index in the Hong Kong market, were significantly increased [43][47]. - **Passive Index Funds**: Dividend low-volatility strategy index funds and industry index funds such as Hong Kong Stock Connect Internet, gold stocks, liquor, and chemicals were favored. Industry-themed index products such as banks, coal, and gold stocks were significantly increased [49][52]. - **Fixed-Income + Funds**: Products such as Invesco Great Wall Jingyi Double Dividend, Zhongou Jintong, and Yongying Stable Enhancement were favored. Products such as China Merchants Anben Zengli and Huatai-PineBridge Zunli were significantly increased [54][57]. - **Active Bond Funds**: Products managed by fund managers such as Wang Xiaochen, Wang Shuai, Fang Chang, Song Qianqian, and Ji Lingyun were favored. Products such as Zhongou Pure Bond and Fullgoal Short Bond were significantly increased [59][62]. - **Fund Investment Advisor Position Adjustment Situation Tracking**: In November 2025, there were 91 portfolio adjustments, mainly in aggressive and stable portfolios. Stable portfolios increased commodity funds and reduced active bond funds; balanced portfolios increased fixed-income + funds and reduced QDII funds; aggressive portfolios increased passive equity funds and reduced QDII funds. A total of 13 funds had a net increase of 5 or more investment advisor portfolios, including 3 active equity funds, 4 passive equity funds, 2 active bond funds, 3 QDII funds, and 1 commodity fund [65][70].

证券研究报告 | 2025年12月14日 基金周报 上周市场回顾。上周 A 股市场主要宽基指数走势出现分化，创业板指、 科创 50、中证 500 收益靠前，收益分别为 2.74%、1.72%、1.01%，上 证综指、沪深 300、中证 1000 收益靠后，收益分别为-0.34%、-0.08%、 0.39%。 从成交额来看，上周主要宽基指数成交额均有所上升。行业方面，上周 通信、国防军工、电子收益靠前，收益分别为 5.92%、3.57%、2.51%， 煤炭、石油石化、纺织服装收益靠后，收益分别为-3.80%、-3.43%、 -2.68%。 截至上周五，央行逆回购净投放资金 47 亿元，逆回购到期 6638 亿元， 净公开市场投放 6685 亿元。不同期限的国债利率均有所下行，利差扩 大 0.53BP。 上周共上报 61 只基金，较上上周申报数量有所增加。申报的产品包括 1 只 REITs，2 只 QDII，5 只 FOF，中证有色金属矿业主题 ETF、中证工 业有色金属主题 ETF、、中证工程机械主题 ETF、中证全指公用事业 ETF 等。 12 月 11 日，华泰柏瑞中证 A500ETF 的规模达到了 307 ...

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。 文 | 银行螺丝钉 （转载请注明出处） 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。 具金投顾是什么? 有什么伺用? 长按添加@课程小助手，回复「赛令投顾 取《曝丝钉其会投顾入门 更有课程笔记、思维导图,帮你快速了解基金 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。 (1) 如果只投资两只股票。 波动风险，会是市场整体波动风险的2-3 倍。 换句话说，大盘如果下跌20%，只投资 两个股票，可能会遇到60%级别的波 动。 (2) 如果股票数量增加到20只。 #螺丝钉小知识 urnel 银行螺丝钉 分散到什么程度，才能有效降低 波动风险呢? 我们知道,投资中做好 ...

ETF业务是华宝证券财富管理的核心战略抓手。截至2025年上半年，公司非货币ETF保有规模占总体非 货币基金保有规模的比例达84%。据上交所数据，截至2025年6月，其ETF保有规模居行业第25位，成 交额跻身第7位，交易账户数位列第12位，三项指标印证市场竞争力。依托业内较早推出、品类齐全的 网格交易、条件单等智能工具，华宝证券为投资者提供ETF智能网格机器人、ETF定投等全天候自动化 方案，降低操作门槛，提升投资效率。 近日，"2025资本市场高质量发展论坛"在蓉举办，华宝证券凭借在核心业务领域的卓越表现，一举获 得"2025年度最佳券商自营团队""2025年度最佳ETF服务商"两项重量级荣誉。 值得关注的是，这已是华宝证券连续第三年获得ETF服务商相关荣誉，持续领跑行业的成绩，充分印证 了其在该领域的深厚积淀。与此同时，公司在大财富管理、大产融等核心业务板块多点开花，以专业能 力与创新精神为广大客户持续创造价值。 ETF创新赋能，基金投顾规模翻倍增长 作为财富管理与资产管理领域的专业机构，华宝证券始终以"买方视角"和"跨市场思维"为锚点，凭借扎 实的行业研究能力，构建起覆盖ETF、基金投顾、自营、资管的 ...

魏建榕（首席分析师） 证书编号：S0790519120001 傅开波（分析师） 证书编号：S0790520090003 高 鹏（分析师） 证书编号：S0790520090002 金融工程定期 2025 年 12 月 04 日 金融工程研究团队 苏俊豪（分析师） 证书编号：S0790522020001 胡亮勇（分析师） 证书编号：S0790522030001 王志豪（分析师） 证书编号：S0790522070003 盛少成（分析师） 证书编号：S0790523060003 蒋 韬（分析师） 证书编号：S0790525070001 相关研究报告 《基金投顾产品 10 月调仓一览》 -2025.11.6 《从投顾调仓行为出发构建 FOF 策 略》-2023.12.30 《基金投顾的全方位解析及 FOF 策 略 构建》-2023.9.26 基金投顾产品 11 月调仓一览 ——基金投顾产品月报系列（24） 魏建榕（分析师） 傅开波（分析师） weijianrong@kysec.cn 证书编号：S0790519120001 fukaibo@kysec.cn 证书编号：S0790520090003 业绩统计：2025 年 ...