文 | 银行螺丝钉 （转载请注明出处） 有朋友问，「固收+」品种，收益和风险有啥特征，适 合哪些朋友投资呢？ • 「固收」的部分： 通常以低风险的债券类资产为 主，主要用来做防守。 • 「+」的部分： 通常会增加股票、可转债等风险和收益更高的品种，用来提升收益，这部分做进攻。 下面就来分析下，这类品种的收益和风险特征。 收益和风险居中 我们可以来看两个典型的「固收+」类品种——二级债基、偏债混合基金的收益表现，以及和纯债基金的对比。 从如下对比走势图，可以一目了然地看到， 「固收+」 类品种的长期收益，要明显高于纯债基金的收益。 相应的，「固收+」的波动风险也要比纯债基金要大一些。 以二级债基指数为例，在2004年- 2025年11月24日 ，二十年左右的时间里， 之前文章 （点击查看介绍） 中介绍过 ，「固收+」， 主要由两部分组成： • 年化收益率约为7.77%，远高于同期纯债基金指数的4.33%； • 最大回撤约为-12.02%，出现在2015年"股灾"期间，这个回撤幅度远低于股票型基金，并且之后很快就修复了。 可以看到，「固收+」品种的收益和风险水平都是居中的。 相比纯债基金、存款、理财等传统固收类品 ...

Group 1 - The article emphasizes the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [2] - It introduces a free course that systematically covers investment knowledge related to US dollar bond funds, highlighting its significance in a diversified portfolio [2] Group 2 - The article explains the concept of industry indices, which focus on stocks within specific sectors such as consumer, healthcare, and finance [5] - It outlines the need to manage investment proportions in individual industries due to their higher volatility, which can average between 30%-50% annually, compared to broader indices like the CSI 300, which typically sees volatility around 20%-25% [5] - It advises investors to limit exposure to any single industry to 15%-20% to mitigate risk [5] - The article also stresses the importance of selecting strong industries for investment and ensuring a diversified allocation across different sectors [6][7]

Core Insights - The article discusses the recent surge in the A-share market, with the Shanghai Composite Index surpassing 4000 points for the first time in ten years, leading to increased public interest in stocks and funds [3][4] - It emphasizes the importance of understanding personal financial situations and investment choices rather than simply following market trends [4][6] - The three core asset classes—stocks, bonds, and real estate—are highlighted as foundational to modern economic operations, with each serving distinct roles in wealth creation, preservation, and security [5][8] Investment Strategies - The article outlines the critical decision of how much money to allocate to stocks, which should be based on individual family financial structures rather than market conditions [10][11] - It provides guidelines for investment proportions based on risk tolerance and experience, suggesting that families with no prior investment experience should start with a lower percentage of stock investments [16][17][18] - Strategies for navigating market volatility include monitoring valuation metrics like historical PE ratios and observing market sentiment through social discussions and media coverage [21][22] Asset Allocation - A balanced investment approach is recommended, combining stocks, bonds, and real estate to create a robust portfolio that can withstand market fluctuations [24] - Bonds are suggested as a safe haven during high market valuations, providing stable income and acting as a hedge against stock market downturns [25] - Real estate investment is discussed in terms of identifying value opportunities and managing cash flow to optimize returns while minimizing financial burdens [26][28] Educational Initiatives - The article promotes a new investment strategy course focusing on the three core asset classes, aiming to provide practical knowledge tailored to the current Chinese investment landscape [29][30] - The course will cover essential topics such as stock investment strategies, bond advantages, and real estate value retention, led by experienced industry professionals [31][36]

Core Insights - The increasing uncertainty faced by individuals and families highlights the importance of building a robust economic risk defense, with platforms like Huize Insurance providing comprehensive service solutions [1][3] - Huize Insurance, established in 2006, is a leading online insurance service platform in China, having listed on NASDAQ in 2020 and partnering with over 100 insurance companies to offer more than 1,000 insurance products [2][3] - In 2024, Huize achieved a remarkable 31% growth in premium income, significantly outperforming the industry average growth rate of 5.1%, with a customer repurchase rate of 41% and a renewal rate exceeding 95% [2] Company Overview - Huize Insurance has accumulated over 11.4 million insured users by the second quarter of 2025, showcasing its strong market presence [2] - The platform's flagship product, "Xingxiang Shou Long-term Million Medical Insurance," demonstrates exceptional customization capabilities, including a 20-year guaranteed renewal period and a family shared deductible design that reduces the claims threshold by 40% [2] - Huize has received multiple industry accolades, including the "Best User Experience Platform" and "Most Trusted Insurance Intermediary" awards, reflecting its commitment to service innovation [3] Competitive Landscape - The insurance industry features various platforms catering to different user needs, such as Mingya Insurance, which focuses on high-income individuals with personalized planning [4] - Deep Blue Insurance emphasizes content-driven insurance product evaluations, making it suitable for novice users seeking information [5] - Weibo Insurance, launched by Tencent, offers a user-friendly experience for first-time insurance buyers, focusing on basic coverage [6] - Other notable platforms include Xiaoyusan Insurance, Ant Insurance, and JD Insurance, each targeting specific demographics and offering tailored solutions [7][9][13] Conclusion - In a world filled with uncertainties, leveraging professional platforms for appropriate insurance coverage is not merely a consumer choice but a proactive financial planning strategy [1][13] - The ability to manage risks effectively through modern insurance services is essential for safeguarding family assets and ensuring financial stability [1][13]

Core Insights - The article discusses the recent volatility in gold and Bitcoin prices, highlighting a significant increase in gold prices by over 60% and Bitcoin by approximately 20% this year, followed by a sharp decline [4][5] - It emphasizes the importance of focusing on long-term wealth management rather than short-term market trends, identifying stocks, bonds, and real estate as the three core assets for stable wealth accumulation [4][6] Stocks, Bonds, and Real Estate - Stocks are described as the engine of wealth growth, with a long-term annual return potential of 8%-12%, allowing for asset doubling approximately every seven years [12] - Bonds serve as a stabilizer in investment portfolios, providing a steady cash flow with long-term annual returns around 3%-5%, making them essential for risk management [13] - Real estate, particularly rental properties, is highlighted for its dual value of providing rental income and potential appreciation, making it a valuable asset during economic uncertainty [14][15] Investment Strategy and Education - The article promotes an upcoming investment strategy course focused on the three core assets, addressing common concerns such as balancing investments in stocks, bonds, and real estate amidst market fluctuations [18][21] - It features experienced instructors with practical knowledge in stock, bond, and real estate investments, ensuring the course content is relevant and actionable [19][26]

Core Viewpoint - Recent international gold prices have experienced a significant decline, yet the demand for gold investment remains strong as many investors view this price drop as an opportunity to "buy the dip" and enter the market [1] Group 1: Market Trends - The current drop in gold prices is seen as a favorable entry point for investors looking to purchase gold [1] - High-level gold investment analyst Li Yang expresses optimism about the medium to long-term outlook for gold prices, suggesting that after a price increase, a decline may occur, but a rebound is expected when prices reach certain psychological levels [1] Group 2: Investment Strategy - It is recommended that gold should constitute approximately 10%-15% of an individual's overall asset allocation for optimal diversification [1]

Group 1 - The underlying logic of family asset allocation is being restructured, moving away from reliance on single assets to a diversified global asset allocation approach [1] - The podcast discusses how families can leverage global technological trends for asset management [1] Group 2 - The Hong Kong stock market, particularly in the technology sector, is gaining attention due to improved fundamentals and positive expectations, making it a valuable long-term investment [4] - Many companies listed in Hong Kong are familiar to mainland investors, providing a sense of comfort and understanding [4] Group 3 - High volatility in technology assets requires investors to be aware of potential pitfalls and to adopt strategies that align with their risk tolerance [5] - A systematic investment approach, such as dollar-cost averaging, may yield better results in volatile markets [5] Group 4 - The innovative pharmaceutical sector is experiencing a reversal after two years of stagnation, driven by changes in payment policies and ongoing support from the government [6][7] - Chinese innovative drug companies are positioned as a "pharmaceutical supermarket" globally, benefiting from lower costs and a wide range of products, particularly in oncology [7] Group 5 - The lithium battery sector is witnessing a second growth curve due to explosive growth in energy storage demand, driven by technological advancements and new applications [9][10] - Recent policy changes, such as capacity pricing, are further boosting the demand for energy storage batteries [10] Group 6 - India is emerging as a new focus for global investment due to its stable currency, young population, and low labor costs, indicating a high potential for economic growth [11]

Core Insights - The article highlights a significant increase in the foreign exchange settlement surplus in September, reaching $51.1 billion, the highest since January 2021 [3][4]. - The total surplus for the first nine months of the year is $63.2 billion, indicating that September alone contributed a substantial portion to this figure [3][4]. Group 1: Foreign Exchange Settlement Data - The September foreign exchange settlement data shows a surplus, indicating that the inflow of foreign currency into banks exceeded the outflow [7]. - The increase in surplus can be attributed to two main factors: foreign capital flowing into the Chinese market and domestic entities converting foreign currency into RMB due to expectations of RMB appreciation [8][10]. Group 2: Market Sentiment and Investment Trends - The decline in the willingness to hold USD is linked to the Federal Reserve's interest rate cuts, which suggest a long-term weakening of the dollar [9]. - In contrast, the RMB is expected to appreciate over the next year, prompting investors to prefer holding RMB over USD [10]. - The strong performance of the A-share market has led investors to seek higher returns in domestic equities rather than keeping funds in USD-denominated accounts [10]. Group 3: Implications for Capital Markets - Historical patterns indicate that when domestic markets perform well or when there is an expectation of RMB appreciation, there is a tendency for increased holding of RMB, leading to favorable settlement data [12]. - The September surplus of $51.1 billion signals growing confidence in RMB assets from both domestic and foreign investors [12][14]. - The overall net inflow of cross-border capital for the first three quarters of the year reached $119.7 billion, further demonstrating the attractiveness of the Chinese market to international funds [13][14]. Group 4: Future Market Outlook - The influx of capital into the A-share market suggests a potential long-term bullish trend for the market [15][16]. - The article implies that the current liquidity situation in the A-share market has improved, making it more appealing to both domestic and foreign investors [15].

Group 1 - The underlying logic of family asset allocation is being restructured, moving away from reliance on single assets towards diversified global asset allocation as a necessity for households [1] - The podcast discusses how families can seize opportunities presented by the global technological wave [1] Group 2 - The Hong Kong technology sector is gaining attention due to improvements in fundamentals and positive expectations, making it a valuable long-term investment [4] - Many companies listed in Hong Kong are familiar to mainland investors, providing a sense of comfort and understanding [4] Group 3 - High volatility in technology assets requires investors to be aware of potential pitfalls and to adopt strategies that align with their risk tolerance [5] - A systematic investment approach, such as dollar-cost averaging, may yield better results in volatile markets [5] Group 4 - The reversal of the "dilemma" in innovative pharmaceuticals is attributed to changes in the payment side and ongoing policy support for innovative drugs [6] - The upcoming expiration of patents for many multinational corporations (MNCs) creates opportunities for Chinese innovative pharmaceutical companies, which are seen as a "pharmaceutical supermarket" globally [7] Group 5 - The lithium battery sector is experiencing a second growth curve driven by explosive growth in energy storage demand, supported by technological advancements and new applications [9][10] - The commercialization of energy storage has been accelerated by high electricity demand in certain provinces and supportive government policies [10] Group 6 - India is emerging as a new focus for global capital due to its stable currency, young population, and low labor costs, positioning it as a strong candidate for becoming a major economy [11]

Group 1 - The article emphasizes the importance of adhering to a self-established investment plan to avoid deviations that could lead to poor decision-making [2] - It suggests that when engaging in systematic investment, one should consider their psychological tolerance and the amount of capital invested, as higher investments can lead to increased psychological pressure [3] - The article recommends using long-term idle funds for investment, which should be an amount that one can afford to lose without feeling distressed, making it easier to maintain a long-term investment strategy [3]