文 | 银行螺丝钉 （转载请注明出处） 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 ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

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？ arml #螺丝钉小知识 银行螺丝钉 市盈率的秘密: 静态、动态、TTM全解析 有朋友问，市盈率有静态、动态、TTM， 分别是什么? 市盈率=市值/盈利。 市盈率的计算有两个维度: (1) 是否计算弓损的公司 某些市盈率计算方法会剔除亏损公司，如 中证系列指数默认不考虑亏损股，每次调 仓会把亏损的公司剔除。 (2) 盈利的时间范围 市盈率等于市值除以一年期的盈利。可选 择使用最近一年、过去一年或未来一年的 盈利数据。 静态市盈率:使用去年的盈利计算,反映 过去的盈利能力。 动态市盈率:使用未来一年的盈利计算, 反映未来的盈利预期。 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。 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。 滚动市盈率（TTM）： 使用最近四个季度 的盈利计算，反映最新的盈利情况。 螺丝钉在计算时最常用的是滚动市盈率, ...

文 | 银行螺丝钉 （转载请注明出处） 而如果遇到下跌的时候感到恐慌，往往 说明这个时候你投的钱可能超出自己的 心理承受能力了。 投的钱越多，心理压力越大。这时候可 能就容易头脑一昏,做出错误的决策。 因此,最好用长期不用的闲钱投资,这笔 钱是遇到下跌你也不慌的金额。 说一个极端的例子，就是这笔钱哪怕打 水漂了，你也不会觉得心疼的那种。 这种程度的资金,做长期投资更容易坚 持下来。 有偏离自己制定的投资计划。 第二是我们在定投的时候，要综合考虑自 己的心理承受能力和投入的资金量。 定投开始时投入的钱不多，所以心理压 力会小一点。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

北京商报讯（记者 胡永新）12月11日，由中外企业文化、北京商报社主办的2025年度北京商业品牌大会金融消费专题论坛在北京召开。在以居民财富迁徙 与牛市下财富"钱景"为主题的圆桌论坛环节，北京人寿保险股份有限公司总精算师邵宁表示，人寿保险具有独特价值。人寿保险相较于股票、债券等金融工 具，其独特价值在于兼具风险保障与资产增值的双重功能，在提供意外、医疗、重疾等基础风险覆盖的同时，通过保险资金运用实现保单现金价值的长期复 利增长，提供跨周期的稳健财富积累功能，在家庭综合资产规划中扮演不可替代的角色：一方面，它的保障功能在风险事件发生时能发挥经济补偿作用，当 您为家庭构筑了充足的防火墙后，就可以降低储蓄比例，拿出更多资金进行投资而无后顾之忧；另一方面，其长期稳健财富积累功能有效弱化了市场波动影 响，成为家庭资产配置中的"压舱石"，更适合为教育、养老等人生刚需进行提前储备。 "偏重理财型的人寿保险的价值不止于资金保值增值，更在于深度融入家庭生命周期管理，为教育、养老、财富传承与风险隔离等核心需求提供一体化解决 方案。"邵宁表示，理财险基于长期稳健的资产配置逻辑，尤其适合四类人群：一是风险偏好较低者，可以购买理财险降 ...

文 | 银行螺丝钉 （转载请注明出处） 大部分投资者对股票指数基金都耳熟能详，但是对债券指数基金知之甚少。债券指数基金该如何投资？ 这里有一门限时免费的福利课程，介绍了债券指数基金的投资方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 债券 」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 股和港股,自从2024年9月以来，上涨 40%-50%。不过中间主要的上涨，出现 在2024年9月最后两周，以及2025年8-9 月的少数交易日。 ◆◆◆ 市场还会有上涨的阶段吗，我们 应该怎样做? 2025年11月市场出现了一些波动回调。 主要是对12月美联储降息不确定性的担 心，市场短期的流动性收紧导致的。 市场还会有上涨的阶段吗? 会的。不过A股港股的牛市特点,我们要 先了解下: (1) A 股港股的牛市，很少是慢牛，多 为闪电牛。 最近这轮牛市也是如此。 2024年9月最后两周，A股创下了最近10 年,最快上涨速度的纪录。2025年三季 度,创业板单季度上涨50%,创下了最 近10年，最大单季度上涨幅度。 A股的牛市不会是温吞吞的慢牛,通常是 闪电般大幅上涨来体现。 如果像20 ...

Group 1 - The article discusses the suitability of gold as an asset class for family asset allocation, comparing its long-term returns and volatility risks with other asset types [6][11]. - Gold's long-term annualized return from 1802 to 2021 is approximately 0.6% after adjusting for inflation, indicating it has outperformed inflation over the long term [6]. - Since the abandonment of the gold standard in 1971, gold has experienced significant price increases, with a long-term annualized return of 8.89% projected from 1971 to October 31, 2025 [9]. Group 2 - The volatility risk of gold is measured by its volatility rate and maximum drawdown, with a volatility rate around 35% and a maximum drawdown of approximately 44% since 2008 [11]. - Compared to stock assets, gold's risk level is slightly lower, but it is still significantly higher than that of bond assets [12]. - For family asset allocation, a suitable proportion of gold assets is recommended to be between 5% and 10% [12].

Group 1 - Sohu is transitioning from a traditional internet media platform to a social platform, focusing on "attention flow" where users can share, follow, and consume content, enhancing social interactions through video [1] - The dairy industry in China is shifting from quantity to quality, with a growing demand for precise, professional, and functional nutritional products, leading to a focus on deep processing as a key for industry upgrade [1] Group 2 - In the face of a downward cycle in the liquor industry, companies must innovate by creating competitive "super products" supported by "super channels, super communication, and super experiences" to achieve growth [2] - The long-term bullish trend for gold remains intact, but a short-term adjustment is expected due to rapid price increases, with recommendations for asset allocation in gold ranging from 5% to 30% [2] - The core logic for gold's price increase in 2025 remains unchanged, with expectations for further increases in gold allocation by global central banks and investors in 2026, despite current high valuations potentially leading to increased price volatility [2]

近日，在北京举行的2025搜狐财经年度论坛上，多位来自学术界、企业界和投资领域的权威嘉宾齐聚一 堂，围绕房地产、黄金等多个热点议题展开深度对话。 针对黄金市场，山东招金精炼副总经理梁永慧针对黄金价格飙升指出，"长期看黄金牛市格局未变，但 因2025年价格上涨过快，中期需经历1至3个月调整，预计黄金年底前将呈震荡行情。"他建议，"从家庭 资产配置角度，可考虑将5%至30%的比例配置于黄金现货或ETF，并对黄金长期趋势保持乐观。" 中金公司（601995）研究部大类资产配置研究负责人李昭表示，"2025年黄金上涨的核心逻辑未变，对 黄金的后市仍保持乐观。面对不确定的宏观环境与地缘环境，2026年全球央行与全球投资者可能还会进 一步增加黄金配置。"他还提醒，现在黄金价格已经明显高于估值中枢，虽然估值高并不意味着牛市终 结，但是高估值确实有可能导致资产价格波动增大。 对于投资领域的未来发展与挑战，梅花创投创始合伙人、搜狐视频关注流播主吴世春表示，"当前募资 艰难、退出周期漫长，从天使轮到IPO可能需约12年，但他依然坚信早期投资在中国是'好生意'，不过 前提是必须具备对国运的信仰和极致的耐心。" 对于房地产市场，58 ...

Core Viewpoint - The article discusses the characteristics of "Fixed Income +" products, which combine low-risk bond assets for defense and higher-risk assets like stocks for potential returns, making them suitable for various types of investors [1][3]. Summary by Sections Characteristics of "Fixed Income +" - "Fixed Income +" consists of two parts: a defensive low-risk bond component and an offensive higher-risk component to enhance returns [1]. - The long-term returns of "Fixed Income +" products are significantly higher than those of pure bond funds, with a 20-year annualized return of approximately 7.77% compared to 4.33% for pure bond funds [3][5]. - The maximum drawdown for "Fixed Income +" products is about -12.02%, which is lower than that of equity funds, indicating a moderate risk profile [3][5]. Suitable Investor Types - **First Type: Steady Growth Seekers** Investors with moderate risk tolerance seeking steady asset growth find "Fixed Income +" appealing as it balances risk and return [7][9]. - **Second Type: Asset Allocators** Investors looking to balance stock and bond allocations can use the "100-age" rule for distribution, with "Fixed Income +" suitable for the bond portion [10]. - **Third Type: Alternatives to Savings and Wealth Management** With declining deposit rates and the end of guaranteed returns in bank wealth management, "Fixed Income +" serves as an ideal alternative for those willing to accept some volatility for higher returns [11][12][13]. - **Fourth Type: Transitional Investors** Investors optimistic about the stock market but wary of short-term corrections can use "Fixed Income +" to maintain exposure to equities with reduced volatility [17][18]. - **Fifth Type: Short to Medium-Term Fund Managers** Investors needing access to funds within one to three years can consider "Fixed Income +" as it offers better returns than traditional savings or money market funds [19][20][21]. Conclusion - "Fixed Income +" products are suitable for various investor needs, providing a balanced approach to risk and return [22][23].

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]