最近本号受获得了很多新读者的关注。考虑到不少朋友还是新手，为了让大家读文章、看讨论时不再一 头雾水，今天小编就用最直白的大白话，把理财圈里那些常用"黑话"和概念捋一遍。懂了这些，你的理 财体验将提升一个档次，至少不会因为听不懂暗语而心慌慌。 在之前的文章《建仓、加仓、减仓、清仓是什么意思？你投资的"仓"在哪里？》里，我们聊过关 于"仓"的那些事儿。这个概念是基础中的基础，咱们再快速回顾一下。 仓位，是指你拿出来去买基金或股票的资金总额，大家习惯把全部可投资的钱分成十份，一成仓位就是 用了10%的钱买了产品。 空仓：就是一点都没买，账户里全是现金，投资者处于观望状态。 理解了"仓"这个核心，我们再看看在具体操作过程中，常出现的那些词，背后都是血泪教训和经验总 结。 投资了50%左右的钱，拥有了五成仓位的股票和基金，就叫半仓，这时候算是中度参与了，但手里弹药 还比较充足。这种仓位比较中庸，兼顾了风险和收益，不至于太激进，也不会因为过于保守而错过机 会。 当你买得越来越多，超过了投资资金的七成，就处于重仓状态了。如果把所有钱都买成了股票或基金， 那就是全仓，也叫满仓，意味着你已经押上了全部身家，后面涨跌全靠它了。 ...

文 | 银行螺丝钉 （转载请注明出处） 春节假期里，除了走亲访友之外，我们也可以让自己养成一些好的习惯。 在家休息的日子，做点啥好呢？ 其实，利用假期，我们可以让自己养成一些好的习惯。 今天就跟大家介绍一下，假期里螺丝钉经常做的几件事。 锻炼身体 锻炼，跟投资一样，都可以产生复利。 锻炼也不是靠假期这几天就可以，需要长期坚持下来。 又到春节啦，螺丝钉祝大家新年快乐，马年大吉！ 之前说市场重新回到3点几星，螺丝钉会给大家来一段双节棍。 春节后第一天也给大家送上。 就像定投最难的，是前21次定投。 锻炼也是如此，刚开始锻炼的前几周，是最容易放弃的。 所以开始的时候，尽量降低锻炼的门槛，甚至在家里就可以开始锻炼。 在家锻炼，主要是这几种方式： ▼Switch+健身环大冒险 Switch+健身环大冒险，是在家健身的神器。 这是任天堂推出的，游戏机Switch上的一个健身游戏。 这个游戏后来也被引入到国内。 一个套装大约两三千，买回来可以连接到电视上，再铺一个垫子，降低噪音就可以锻炼了。 而且全家人都可以用，每个人可以单独建立属于自己的账户，里面有属于自己的锻炼进度、强度。 2020年春节的时候，螺丝钉开始练习健身环大 ...

文 | 银行螺丝钉 （转载请注明出处） 基金是非常适合普通人的投资品种。 什么类型的基金更适合新手？ 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 「 基金入门 」 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。 wnd #螺丝钉小知识 银行螺丝钉 定投,更适合哪类投资者? 其实定投这个操作也不是适合所有的投资 者,它是适合一些特定的人群,特别是有 定期现金流收入的朋友。 比如说上班族,每个月都有工资。那对于 很多上班族来讲,他的资产更多的是发生 在未来,每个月公司给他发的工资。 第二种是比如房东,手里有一些房产,要 收租金,又不打算卖掉房子,租金就是他 比较定期的一个收入来源。 还有一些小企业主、企业家,会有经营性 十 人 已十十七十十 基金投资该怎么投？ 长期投资前要做哪些心理建设？ 这里有一门限时免费的福利课程，能帮助新手投资者从零开始了解基金投资。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 风险提示 本文仅为信息分享，不构成任何投资建议。市场有风险，投资需谨慎 。 基金投资组合策略过往业绩并不预示其未来表现 为其他客户创造的收益并不构成业绩表现的保证 ...

文 | 银行螺丝钉 （转载请注明出处） 今天大盘整体微跌，截止到收盘，还在3.9星。 大盘股下跌。 中证500等中小盘股波动不大。 红利等价值风格略微下跌。 创业板等成长风格盘中上涨，到收盘也变成下跌。 昨天海外市场波动比较大。 美股、商品、虚拟货币大幅波动。 受此影响，今天港股也整体下跌。 港股恒生红利低波动波动小一些，港股科技股下跌。 螺丝钉也汇总了港股指数的估值，供参考，见文章下方图片。 1. 有朋友问，港股红利类指数最近表现比较强，接近历史新高的位置。 但同期港股科技类指数下跌，是因为啥呢？ 其实A股和港股，牛市经常出现成长/价值风格轮动。 港股的指数数量比A股少。 A股价值风格，有红利、低波动、价值、自由现金流等指数。 港股主要是红利类指数，例如恒生红利低波动。 A股成长风格，有A系列龙头策略、有成长、质量等指数，也有创业板科创板。 港股主要是科技类指数，例如港股科技、恒生科技。 2. 2024年9月5.9星以来，港股也出现过几波风格切换。 （1）2024年9月到2025年9月，港股成长风格比较强势。 2025年1-2季度，港股科技股的盈利同比翻倍增长，是最近5年增速最快的时间段。 指数点数=估值* ...

文末有抽奖赠书福利 你是不是也这样？刷着金价创新高的新闻，既兴奋又害怕，想进场又怕被套在山顶，总觉得别人都赚到了，就自己还在犹豫不决。 但上周，金价从每克近1250元的高位，回落到了1050元附近，近期更是持续波动。手机里，之前还在欢呼"黄金暴富"的群聊，瞬间被"是不是该跑了?""现 在能抄底吗?"的焦虑刷屏。很多人心痒痒的，又十分担忧。 这场景太熟悉了。每一次暴涨暴跌，都让无数人心态坐过山车——高位时贪婪追涨，跌了又恐惧割肉。我们似乎总在循环同一种情绪。 我们是不是在反复为"感觉"买单，而不是为"认知"投资？ 我们关注一时的涨跌，却不懂黄金为什么涨、会涨到哪、哪种方式真正适合自己、下跌了又该 怎么办。 去年，就有朋友在暴富故事的刺激下冲动买了金条，结果金价横盘半年，他天天焦虑，最后刚回本就卖了。一卖掉，金价又涨了。他懊恼地说："我纯粹 是被自己的情绪收割了。" ● 以为买金首饰就是投资，却没算过高昂的工费在回收时一文不值，买的更多是工艺，而非纯资产。 换一个角度看，这次回调，根本不是纯粹的灾难，而是市场赐予普通人的一次"最佳学习窗口期"。 它强行按下了暂停键，让我们能在喧嚣暂歇时，把追涨杀跌的精力，用来真正 ...

Core Viewpoint - The market showed a rebound today, with the overall index rising after a previous decline, indicating a potential recovery phase in the market [1][4]. Market Performance - The market opened lower but closed higher, returning to a 3.9 star rating [2]. - The small and medium-cap indices, which had previously dropped significantly, saw a notable increase today [4]. - The value style had a strong performance in the past two weeks but has recently corrected, with a slight uptick today [6]. - Growth styles, such as the ChiNext, experienced gains today [7]. - The Hong Kong stock market also saw a slight increase, contrasting with the A-share market [8][9]. Investment Strategies - The active and index combination remains at normal valuation, leading to a pause in subscription [3]. - Some indices have reached high valuation levels, presenting potential profit-taking opportunities [19]. - The company has initiated a phased profit-taking strategy for certain funds, selling 10% of holdings weekly to gradually realize gains [20][22][24]. - Specific funds, such as the CSI 1000 and CSI 500 Low Volatility, have shown significant returns, with profit-taking executed at approximately 71% to 90% gains [22][24]. Fund Management - The company has introduced a new fee structure for advisory services, capping annual fees at 360 yuan regardless of the number of advisory combinations held [19]. - The company continues to promote personal pension fund investments, highlighting the importance of regular contributions for retirement planning [19][16]. Valuation Insights - A valuation table was provided, indicating various indices' price-to-earnings ratios, dividend yields, and return on equity, which can guide investment decisions [17][30]. - The valuation table categorizes indices into different investment stages, with green indicating undervalued, yellow for normal, and red for overvalued [34].

Core Viewpoint - The market is experiencing fluctuations, with large-cap stocks showing slight declines while small-cap stocks are facing more significant drops. Recent weeks have seen a shift towards value and dividend styles, which are gaining strength after a period of underperformance [2][3][4][5]. Market Performance - The overall market has seen a decline, with the Shanghai and Shenzhen 300 index slightly down, while small-cap stocks have dropped more significantly [2][3]. - Value and dividend indices have recently increased, indicating a potential shift in investor sentiment towards these styles [4][5]. - Growth styles, particularly in the ChiNext board, have seen a pullback after reaching high valuations in previous weeks [6]. Investment Strategy - The company has adjusted its active selection strategy, taking profits from overvalued growth styles and increasing positions in undervalued value styles, aligning with the recent style shift [7][8]. - Active selection and monthly investment portfolios have achieved new highs recently, reflecting successful strategy implementation [9]. Fund Management - The Hong Kong stock market has shown slight declines, with less volatility compared to A-shares [10]. - The company has introduced a new fee structure for investment advisory services, capping annual fees at 360 yuan regardless of the number of portfolios held, which is a first in the industry [16][19]. - The company has paused subscriptions for certain investment portfolios to prevent investors from chasing high prices, indicating a focus on maintaining investment discipline [20]. Index Valuation - The CSI 1000 index has reached high valuation levels, prompting the company to initiate a phased profit-taking strategy for holdings in this index [22]. - The company has successfully executed profit-taking on its holdings in the CSI 1000 index, achieving returns of approximately 71% to 72% on recent sales [22]. New Publications - A new book titled "Dividend Index Fund Investment Guide" has been released, quickly becoming a bestseller, aimed at educating investors about dividend index funds [24][25].

Core Insights - Tencent's WeChat Wealth Management revealed that 98% of users achieved profitability in 2025, with users holding equity funds such as indices, stocks, and mixed funds achieving an annualized return of 24.8% [1][2] - Cumulative profits for users since inception exceeded 100 billion yuan, highlighting the significance of equity investments in driving user profitability [2] - The introduction of a "long-term investment" section in 2025, focusing on fixed income and funds, resulted in 100% profitability for users who held investments for over a year [2] User Engagement and Investment Strategies - Regular investment (DCA) has become a preferred method for users to manage high-volatility equity assets, with 14% of users opting for DCA and 26% among equity fund investors [2] - DCA users reported a 60% higher return compared to those making one-time purchases, emphasizing the benefits of staggered investments [2] - Tencent Wealth Management has enhanced its membership services, offering various benefits such as exclusive financial products and fee reductions, effectively creating a service loop that combines earning and saving [2] Institutional Collaboration and Content Services - The collaboration between Tencent Wealth Management and financial institutions focuses on enhancing user investment decisions through professional insights and educational content [3] - The integration of various WeChat tools, such as video accounts and mini-programs, facilitates the dissemination of financial knowledge and product services [3] - The community aspect of Tencent Wealth Management has attracted financial influencers and professionals to share investment strategies, enhancing user engagement and knowledge [3] Content Creation and User Experience - Financial content creators emphasize the importance of simplifying complex market concepts for users, making investment knowledge more accessible [4] - Tencent Wealth Management has innovated content delivery by targeting core user groups, resulting in increased engagement and cost efficiency [4] - The platform continues to innovate with features like "hot opportunities" and "index rankings," providing users with practical tools for investment decision-making [4]

Core Insights - Tencent's WeChat Wealth Management reported that 98% of users achieved profitability in 2025, with users holding equity funds such as indices, stocks, and mixed funds achieving an annualized return of 24.8% [2][4][3] - Cumulative profits for users since inception exceeded 100 billion yuan, highlighting the significance of equity investments in user profitability for 2025 [4] - The introduction of a "long-term investment" section focused on fixed income and funds resulted in 100% profitability for users holding investments for over a year [4] Investment Trends - Regular investment (DCA) has become a preferred method for users to manage high-volatility equity assets, with 14% of all users opting for this strategy, and 26% among equity fund investors [4] - Users who engaged in regular investments saw a 60% higher return compared to those who made one-time purchases, demonstrating the effectiveness of this strategy [4] User Benefits and Services - Tencent Wealth Management enhanced its membership services in 2025, offering exclusive benefits such as special financial packages, investment welfare cards, and fee reductions for nearly 3 million users [4][10] - The platform aims to create a service loop that combines earning and saving for users, effectively reducing various investment costs [4] Institutional Collaboration and Content Services - The partnership with Huatai PineBridge Fund focuses on enhancing user investment decisions through professional asset matching, market analysis, and educational content [6] - The integration of various WeChat tools, such as video accounts and mini-programs, has improved the dissemination of financial knowledge and investment services [8] Functionality and Innovation - Tencent Wealth Management continues to innovate by upgrading its membership system and launching practical investment tools like "Hot Opportunities" and "Index Hot Rankings" to assist users in decision-making [10] - Features such as family accounts and AI-driven investment insights are designed to enrich user experience and provide comprehensive financial services [10]

Core Insights - Tencent's WeChat Wealth Management revealed that 98% of users achieved profitability in 2025, with users holding equity funds such as index, stock, and mixed funds achieving an annualized return of 24.8% [1][2] - Since its inception, Tencent Wealth Management users have cumulatively earned over 100 billion [2] - The introduction of a "long-term investment" section in 2025, focusing on fixed income and funds, resulted in 100% profitability for users holding investments for over a year [2] User Investment Behavior - Dollar-cost averaging has become a popular strategy among users for high-volatility equity assets, with 800 million investment orders placed in 2025; 14% of users opted for this method, rising to 26% among equity fund investors [4] - Users employing dollar-cost averaging saw a 60% higher return compared to those making one-time purchases, highlighting the effectiveness of this investment strategy [4] Membership and Cost Savings - Tencent Wealth Management upgraded its membership system in 2025, offering benefits such as exclusive financial packages, investment cards, and fee waivers for credit card repayments [5] - Nearly 3 million users received financial incentives, including discounts on subscription fees and various savings coupons, enhancing the service's value proposition [5] Institutional Collaboration and Content Services - The collaboration with Huatai-PineBridge Fund has strengthened user investment decisions, with a focus on high-yield investment markets and the growth of public fund scales [6][8] - The platform utilizes WeChat's ecosystem to enhance financial literacy and investment decision-making through various content formats, including live broadcasts and articles from finance influencers [8][10] Service Innovation and User Experience - Tencent Wealth Management continues to innovate its services, launching features like "hot opportunities," "index hot lists," and "index gain lists" to assist users in making informed investment decisions [10] - The introduction of unique features such as family accounts and AI-driven investment tools aims to enrich the user experience and provide comprehensive financial services [10]