规模接近5.63万亿元，其中7只规模超千亿 按指数看，跟踪沪深300的ETF今年前三季度规模增长了2110.22亿元，其中主要增长动力来自产品净值 上涨；三季度末相关ETF产品总规模已超过万亿，接近1.2万亿元。挂钩中证A500的ETF规模为2159.49 亿元，挂钩上证50、中证500、科创50、中证1000等指数的ETF规模超过千亿元。 深圳商报记者 詹钰叶 单只产品方面，目前市场共有7只千亿级ETF产品。其中，排名前四的ETF均挂钩沪深300，分别是华泰 柏瑞沪深300ETF、易方达沪深300ETF发起式、华夏沪深300ETF与嘉实沪深300ETF，规模分别为 4255.77亿元、3047.96亿元、2280.61亿元与1996.94亿元。 近年指数化投资热度持续上升，今年以来ETF份额与规模更是显著增长。今年三季度末我国ETF的份额 超过2.85万亿份，规模接近5.63万亿元，创下历史新高。跟踪沪深300的ETF规模具有明显优势，其中包 括了多只千亿级产品。 据同花顺（300033）数据，至今年三季度末，我国ETF数量达到1325只，总份额超过2.85万亿份，环比 年中增加近11%、同比去年末增加近2 ...

很多投资者都希望多元化配置自己的资金，想要覆盖人民币资产和外币资产，也想要覆盖股票资产和债券类资产。 美元债就是其中的重要一环，那么美元债券基金该如何投资？ 这里有一门限时免费的福利课程，系统性地介绍了美元债券基金的投资知识。 想要获取这个课程，可以添加下方「课程小助手」，回复「 美元债 」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。 ◆◆◆ 文 | 银行螺丝钉 （转载请注明出处） ·增量资金,则是新增收入，如工资,是 未来会拿到的钱。 要注意的是，这里的存量资金，指的是至 少3-5年不用的闲钱。 家里的钱，投多少到股票上比较 合适呢? 长期投资的时候,我们需要在家庭资产里 配置一定的股票资产。 有朋友问，家里的钱，拿出多少比例配置 到股票资产上，是比较合适的呢？ 通常来说，我们手里的钱，可以分为两部 分：存量资金、增量资金。 •存量资金,说的是我们家庭中已经有的 资金,比如过去这些年的积蓄。 对于存量资金，有一种较好的配置方法， 就是「目标生命周期策略」。 也就是根据"100-年龄"，来分配股票 资产和债券资产的比例。 例如年龄为40岁，就可以: • 分配60%的资金到股票基金。 · ...

瑞·达利欧是全球知名的资产配置大师，1975年创立桥水基金。他提出并实践的"全天候策略"，是资产配 置史上具有里程碑意义的策略之一，其核心是多元化、风险平衡与再平衡。达利欧和桥水至今是投资圈 的一段传奇，在50多年的投资生涯里，他曾经历多个国家的多次债务周期。 今年，瑞·达利欧出版了新书《国家为什么会破产：大周期》，也频频出现在公众视野。站在全球政治、 经济格局变化的重要节点，达利欧针对迫在眉睫的债务问题与货币体系崩溃危机，对世界提出了关键警 示。通过对过去100年中35个货币市场的研究，他创造性地总结了人类历史中反复上演的"大债务周期"及 其发展必经的五大阶段。 9月23日，中信出版集团、中信银行北京分行联合主办的"原则、大周期与秩序重构——《国家为什么会 破产：大周期》新书发布会"在北京举办，瑞·达利欧与中国证券监督管理委员会原副主席高西庆，哈佛大 学博士、长江商学院经济学及人力资源学教授王一江，中国证券市场研究设计中心总干事王波明，共同 带来了一场精彩对谈，洞察国家兴衰、市场波动、个人财富背后的规律与周期。 编者按 ——BY 芒格书院 一、一 生仅见一次的大债务周 期 王波明： 祝贺你出版新书。瑞，你谈 ...

Group 1 - The core idea of the podcast is to share investment strategies and insights from Ray Dalio, particularly in a low-interest-rate environment, emphasizing the importance of diversification and risk management [2][4][5] - Dalio highlights the performance of Bridgewater's China All Weather Fund, which has achieved an average return of around 16% over the past six years, demonstrating the effectiveness of a balanced asset allocation strategy [4][5] - The discussion includes the significance of maintaining a diversified portfolio to mitigate risks associated with market volatility and economic fluctuations [5][6][10] Group 2 - Dalio warns about the risks of relying solely on price appreciation for bond investments in a low-yield environment, suggesting that investors should be cautious when yields are low and focus on rebalancing their portfolios [7][8] - The importance of geographical diversification is emphasized, with Dalio advising investors to avoid market timing and instead maintain a balanced portfolio across different regions [9][10][11] - Dalio provides insights on the allocation of gold within an investment portfolio, suggesting that it should typically represent around 10-15% to effectively hedge against currency devaluation [16][17] Group 3 - The podcast discusses the structural decline of the US dollar due to excessive debt, emphasizing the relationship between debt and currency value [18][19] - Dalio compares Bitcoin to gold, viewing it as a complementary asset for diversification, while highlighting the unique advantages of gold as a stable store of value [20][21] - The limitations of stablecoins are addressed, with Dalio suggesting that they are not suitable for wealth storage compared to inflation-linked bonds, which provide better protection against inflation [22][23] Group 4 - Dalio shares personal insights on family wealth management, advocating for the importance of savings and teaching future generations about the value of money through tangible assets like gold coins [25][26] - The necessity of rebalancing investment portfolios is discussed, with Dalio stressing the importance of having a disciplined approach to maintain strategic asset allocation [28][30] - The use of automated investment systems to avoid emotional decision-making is recommended, highlighting the need for a well-defined investment plan [32]

Core Insights - A significant financial phenomenon is occurring in China, where banks, once seen as a safe haven for national savings, are experiencing unprecedented "capital migration" [1] - The growth rate of national resident deposits fell to a near ten-year low of 3.2% in Q2 2025, down from 5.9% in the same period of 2024, indicating a substantial shift in financial behavior [1][3] - The net outflow of resident deposits reached 786.5 billion yuan in the first half of 2025, 2.3 times that of the same period in 2024, marking the first time since 2010 that deposits have seen consecutive quarterly net outflows [3] Factors Driving Capital Migration - Continuous decline in interest rates is a key driver, with the average one-year fixed deposit rate dropping to a historical low of 1.65% in June 2025, resulting in negative real interest rates when adjusted for inflation [3] - In contrast, the average annualized yield of bank wealth management products rose to 3.7% in Q2 2025, up 0.8 percentage points from the previous year, attracting funds away from traditional savings [3] New Investment Directions - Funds are diversifying into five main areas, reflecting a shift in investment strategies [4] 1. **Wealth Management Products**: The scale of wealth management products reached 31.7 trillion yuan in H1 2025, a 15.3% increase from the end of 2024, with equity and mixed products surpassing 50% for the first time [5] 2. **Stock Market**: The Shanghai Composite Index rose by 18.7% in H1 2025, attracting significant capital inflow, particularly from younger investors aged 30 and below, who accounted for 41.6% of new A-share accounts [6] 3. **Real Estate Market**: New home sales in first-tier cities grew by 12.3% in the first five months of 2025, indicating a recovery trend despite the overall market adjustment [7] 4. **Insurance Market**: Life insurance premium income reached 2.1 trillion yuan, a 22.5% year-on-year increase, with annuity and health insurance seeing rapid growth [9] 5. **Overseas Asset Allocation**: Personal foreign exchange purchases reached 56 billion USD in H1 2025, a 17.3% increase, reflecting a growing interest in overseas investments [11] Changing Investment Behavior - The shift in capital flow is characterized by generational differences, with younger generations (post-85 and post-90) leading the trend of reducing bank deposits in favor of equity assets, while older generations remain more conservative [12] - This transformation in investment philosophy indicates a move from traditional savings to a more diversified asset allocation approach, reflecting an increase in financial literacy among residents [12][14] Implications for Financial Institutions - The outflow of deposits poses challenges for banks, with the net interest margin dropping to 1.72%, the lowest on record [13] - In response, banks are innovating products, such as AI-driven wealth management solutions, to attract and retain customer funds [13] - The shift towards diversified asset allocation is seen as a positive signal for the financial market's deepening and the enhancement of residents' financial literacy [13][14]

Group 1 - The total shares of ETFs increased by nearly 17 billion, reaching 2.94 trillion shares, with a total scale growth of over 70 billion, marking a 1.34% increase to 5.32 trillion [1] - The most favored asset class is Hong Kong stocks, particularly technology and internet-themed ETFs, which saw new capital inflows exceeding 1 billion [1] - The financial sector had the largest increase in ETF shares, with 24 funds tracking it, while the largest thematic increase was in the CSI Wine Index, tracked by 1 fund [1] Group 2 - The Fuguo Hong Kong Stock Connect Internet ETF led the growth with nearly 6 billion, while several other products also saw increases of over 1 billion [2] - Analysts noted that the expectation of valuation recovery in Hong Kong stocks and the demand for diversified asset allocation are driving the expansion of related cross-border ETFs [2] - The technology sector's recovery in sentiment is attracting investors to high-growth assets through ETFs, prompting fund managers to adjust their positions in Hong Kong stocks [2] Group 3 - Investment opportunities and risks coexist, with AI technology in the early stages of commercialization but facing high valuation pressures [3] - Securities sector ETFs also saw significant inflows, with multiple funds increasing by tens of billions, driven by favorable capital market reform policies [3] - The current market sentiment in A-shares is improving, leading to a preference for low-valuation, high-elasticity financial assets [3]

Group 1 - The private equity market in China has seen a significant increase in product registrations, with a total of 7,907 private securities products registered by the end of August, representing an 82.19% year-on-year increase [1] - Monthly registration data indicates a strong recovery in private securities product registrations since March, with monthly registrations exceeding 1,000 products, and maintaining above 1,100 products from June to August [1] - Stock strategies dominate the registration landscape, with 5,173 stock strategy products registered this year, accounting for 65.42% of total registrations, marking a 91.31% increase compared to the same period in 2024 [1] Group 2 - The demand for diversified asset allocation has led to steady growth in multi-asset strategies and futures and derivatives strategies, with 1,116 multi-asset strategy products and 841 futures and derivatives strategy products registered, representing 14.11% and 10.64% of total registrations, respectively, with year-on-year increases of 76.58% and 66.87% [1] - Quantitative private securities products have seen a rising share, with 3,584 quantitative products registered this year, making up 45.33% of total registrations, reflecting a 100.34% year-on-year growth [1] Group 3 - Billion-dollar quantitative private equity firms have become the main contributors to product registrations, with Kwan Der Private Equity leading with 118 registered products, primarily focusing on stock quantitative long strategies, especially those linked to the CSI 500 index [2] - Blackwing Asset follows closely with 112 registered products, also focusing on stock quantitative long and quantitative CTA strategies, with a preference for the CSI 500 index [2] - Among the 53 private equity managers with at least 20 registered products this year, 31 are billion-dollar firms, and 25 are billion-dollar quantitative firms, indicating a strong presence of large-scale quantitative private equity in the market [2]

文 | 银行螺丝钉 （转载请注明出处） 很多投资者都希望多元化配置自己的资金，想要覆盖人民币资产和外币资产，也想要覆盖股票资产和债券类资产。 美元债就是其中的重要一环，那么美元债券基金该如何投资？ 这里有一门限时免费的福利课程，系统性地介绍了美元债券基金的投资知识。 想要获取这个课程，可以添加下方「课程小助手」，回复「 美元债 」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。 ◆◆◆ A股2025年也是成长比较强势。 原因也是因为A股科技等行业,出现了业绩 复苏。这点跟港股类似。 有区别的是A股的小微盘股上涨也比较多； 而港股没有炒小微盘股的习惯。 2025年以来,港股和A股上涨的品种 有啥不同? 2025年A股和港股都是成长风格比较强势。 原因都是成长风格的部分品种，出现了业绩 复苏，出现了「估值提升」+「盈利增长」 的双击行情。 不过两个市场也有区别，2025年A股的小盘 成长股也大幅上涨，但港股主要是大盘成长 股上涨较多。 港股是欧美投资者为主。涨跌比较现实，主 要基于业绩来。所以最近一年港股的几次上 涨，主要出现在财报更新前后。 上涨的主力品种，主要集中在业绩出现大幅 增长的品种 ...

Group 1 - The private equity market in China has seen a significant increase in registered private securities products, with a total of 7,907 products registered by the end of August, representing an 82.19% year-on-year increase [1] - Monthly registration data indicates a strong recovery in private securities product registrations since March, with monthly registrations exceeding 1,000 products, and maintaining above 1,100 products from June to August [1] - Stock strategies dominate the registered products, with 5,173 stock strategy products accounting for 65.42% of the total, marking a 91.31% increase compared to the same period in 2024 [1] Group 2 - The demand for diversified asset allocation has led to stable growth in multi-asset strategies and futures and derivatives strategies, with 1,116 multi-asset strategy products and 841 futures and derivatives strategy products registered, representing 14.11% and 10.64% of the total, respectively [1] - The proportion of quantitative private securities products has continued to rise, with 3,584 quantitative products registered, making up 45.33% of the total, reflecting a 100.34% year-on-year growth [1] Group 3 - Within the quantitative product category, stock strategies are the most prevalent, with 2,601 stock strategy quantitative products, accounting for 72.57% of the total quantitative products [2] - Billion-yuan quantitative private equity firms are leading the registration efforts, with Kuande Private Equity registering 118 products, primarily focused on stock quantitative long strategies [2] - Among the 53 private equity managers with at least 20 registered products this year, 31 are billion-yuan firms, and 25 are billion-yuan quantitative firms, indicating a strong presence of large-scale players in the market [2]

Group 1 - The core viewpoint of the news is the expansion of personal pension financial products in China, with the introduction of two new products, enhancing the variety available to investors [1][2] - The newly added personal pension financial products have minimum holding periods of 2 years and 18 months, both classified as level two risk (medium-low), primarily investing in fixed-income assets like bonds, with a small allocation to equity and derivative assets [1][2] - The performance benchmarks for the new products have shifted to a more scientific and transparent index combination method, which better reflects the risk-return characteristics and investment strategies [1][2] Group 2 - Since the launch of the first batch of personal pension financial products in February 2023, a total of 37 products have been issued, with 21 commercial banks participating in distribution [2] - As of August 29, 2023, there are 1,135 personal pension products available, including 466 savings products, 303 fund products, 329 insurance products, and 37 financial products [2] - The current supply of personal pension products is still relatively insufficient, with a high degree of product homogeneity, primarily focusing on medium-low risk "fixed income plus" products [2] Group 3 - A diversified asset allocation, particularly in equity markets, is seen as an important direction for personal pension financial products, which are designed for long-term investment [3] - Among the 37 products, 25 are classified as level two risk (medium-low) and 12 as level three risk (medium), indicating a focus on stability [3] - As of June 2025, personal pension financial products have generated over 390 million yuan in returns for investors, with an average annualized return exceeding 3.4% [3]