Core Viewpoint - The article emphasizes that the most dangerous state for investors is not the loss itself, but rather a lack of planning, judgment, and contingency measures, leading to a reliance on luck and wishful thinking [5][6]. Group 1: Investment Mindset - Many new investors enter the market with a strong desire to make quick and substantial profits, but this desire often remains untransformed into actionable plans [8]. - Investors frequently rely on vague feelings or beliefs about market movements, rather than analyzing economic fundamentals or industry trends [9][10]. Group 2: Lack of Preparedness - The absence of a contingency plan accelerates poor investment outcomes, as inexperienced investors often focus on potential gains without considering what to do if things go wrong [11][12]. - Investors who do not prepare for worst-case scenarios may find themselves in chaotic situations during market downturns, lacking strategies for loss mitigation [11][12]. Group 3: Seeking Help in Crisis - When faced with significant losses, investors often scramble for help, seeking advice from various sources, but this reactive approach is ineffective for real risk management [14]. - The article compares this behavior to waiting until a crisis occurs to seek solutions, highlighting the importance of proactive risk management [14]. Group 4: Path to Maturity - Few investors start with a mature investment system; instead, they learn through painful experiences of loss, which helps them understand the true nature of risk [16][17]. - Those who successfully navigate through these challenges begin to transform their wishes into structured goals and develop a deeper understanding of market dynamics [17].

以下文章来源于懒汉养基 ，作者懒人养基 懒汉养基 . 懒人养基小号【懒汉养基】。主号【懒人养基】专注于基金投资，小号【懒汉养基】则记录并小范围分享自己个人成长、投资理财、旅行旅居、读书休 闲、健身养生等方面的一些思考、感悟和经历。感兴趣的朋友欢迎关注。 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 懒人养基 来源：雪球 投资市场从来不缺热闹 ， 每天都有涨跌交替的狂欢与落寞 ， 也从不缺怀揣期待的入局者 。 但多数人未曾想过 ， 投资路上最可怕的不是亏损本身 ， 而是一种 " 无规划 、 无判断 、 无预案 " 的三无状态 —— 把未来交给运气 ， 把许愿当 成决策 ， 直到身陷绝境才慌不择路地四处求救 。 扎心的是 ， 这几乎是所有投资入门者的必由之路 ， 也是筛选出成熟投资者的第一道门槛 。 01 把许愿当决策 很多人踏入市场的第一天 ， 就带着一个强烈的 " 愿望 " ： 想赚钱 ， 想赚快钱 ， 想赚大钱 。 但这个愿望永远停留在 " 想 " 的层面 ， 从未变成 可执行的计划 。 他们既不看经济基本面 ， 也不分析 ...

Core Viewpoint - The article discusses the current market environment characterized by volatility and the significance of the number "4000" in relation to the Shanghai Composite Index and gold prices, highlighting the challenges faced by investors in maintaining stability in their portfolios [2][3]. Group 1: Fund Manager Insights - Zhang Ronghe, a fund manager at Guotai Fund, emphasizes the importance of understanding investor needs and constructing portfolios that provide a stable experience for holders [3][9]. - He believes that portfolio management is a structural optimization problem under multiple constraints, focusing on creating a "usable combination" within defined boundaries [5][6]. - Zhang's investment philosophy includes a strong emphasis on communication with investors, particularly through quarterly reports, to align expectations and experiences [9][62]. Group 2: Market Analysis - The article notes a significant divergence between traditional industries and technology stocks, with the latter showing strong performance while the former remains under pressure [20][26]. - Zhang observes that the market's current low volatility and high concentration in certain sectors may lead to a reversal of trends, suggesting opportunities in domestic demand as economic conditions evolve [9][28]. - He highlights the cyclical nature of investments, particularly in core assets that have been overlooked, indicating that such periods may present opportunities for finding discrepancies in expectations [27][28]. Group 3: Investment Strategies - Zhang advocates for a balanced approach to asset allocation, adjusting portfolios based on market conditions and asset performance, rather than maintaining a static strategy [21][22]. - He advises investors to diversify their portfolios to mitigate systemic risks, suggesting that combining assets with negative correlations can enhance overall stability [41]. - The importance of adjusting expectations regarding returns is emphasized, encouraging investors to accept a gradual wealth-building process rather than seeking immediate high returns [40][41]. Group 4: Macro Economic Considerations - The article discusses the current macroeconomic environment, with many investors recognizing a stagflation period rather than a high-growth, low-inflation scenario [34][35]. - Zhang points out the challenges faced by the Federal Reserve in balancing inflation control and unemployment rates, which could significantly impact asset prices [37]. - He notes that the current market dynamics, including the performance of AI stocks, do not align with traditional economic indicators, suggesting a complex relationship between asset performance and macroeconomic conditions [36][38].

Core Viewpoint - The article emphasizes the importance of asset allocation in investment planning, focusing on three types of funds: liquid funds for immediate needs, stable return funds for medium-term investments, and flexible return funds for long-term growth [3][4]. Group 1: Investment Strategies - The first type of money is "liquid money," which prioritizes liquidity for immediate use, suggesting investments in cash or money market funds [5]. - The second type is "short money," aimed at stable returns, recommending investments in bonds and low-risk funds for medium to long-term idle funds [5]. - The third type is "long money," which seeks return flexibility, advocating for investments in equity funds and other higher-risk products to achieve better returns over the long term [5]. Group 2: Market Conditions - The article notes that market interest rates have been declining, making "fixed income plus" strategies, which include bonds and stocks, more attractive due to their risk-return profile being between pure bond and stock funds [6][8]. - It highlights that the "fixed income plus" strategy has shown significantly better returns than pure bond funds over the past year, with a yield of 58.92% compared to 9.67% for pure bond funds, while also having a lower maximum drawdown than stock funds [6][7]. Group 3: Fund Performance - The "Jianxin Botai Bond" fund is classified under the "fixed income plus" category, with an asset allocation of 80% in bonds and 20% in equities, aiming to capture various market opportunities through flexible investment strategies [10][11]. - The fund has actively captured market opportunities in sectors like AI computing, smart driving, and innovative pharmaceuticals, while also adjusting its positions in convertible bonds based on market conditions [14][15].

Core Viewpoint - The article discusses the cyclical nature of market fluctuations and emphasizes that despite the unique triggers for each crisis, the underlying principles of investing remain consistent. It highlights the importance of maintaining a long-term perspective and sticking to a well-defined investment plan rather than reacting to market noise [5][10]. Group 1: Market Behavior and Investor Psychology - Historical market crises, such as the 1973-1974 stock market crash and the 2020 pandemic, illustrate that investors often perceive each crisis as unprecedented, leading to panic and irrational behavior [5][10]. - The author, Nick Murray, argues that the most significant factor affecting investor returns is not economic conditions or market trends, but rather the behavior of the investors themselves [8][9]. - A key insight is that human nature often leads investors to act against their best interests, particularly in the context of price movements and perceived value [9][10]. Group 2: Investment Planning and Strategy - Establishing a clear financial plan is crucial for investors, which includes understanding core financial goals and creating a pathway to achieve them [8][12]. - The article stresses the importance of constructing an investment portfolio aimed at long-term returns, ensuring that it aligns with the established financial plan [8][12]. - Investors should focus on executing their plans consistently, rather than being swayed by market fluctuations or current events [11][12]. Group 3: Role of Investment Advisors - Investment advisors should guide clients to resist the urge to react to market volatility and instead concentrate on long-term goals and strategies [11][12]. - The article suggests that a significant portion of an advisor's role is to help clients overcome behavioral biases that can hinder their investment success [9][13]. - Advisors are encouraged to minimize discussions about current market events, as these can distract from the core investment strategy and lead to unnecessary anxiety [11][12].

Group 1: Company Overview - Hangzhou Xingshuai Electric Co., Ltd. was listed on the Shenzhen Stock Exchange in April 2017 as a high-tech enterprise with strong innovation and independent R&D capabilities [2] - The company's main business includes the R&D, production, and sales of various types of thermal protectors, starters, sealed terminal blocks, temperature controllers for small appliances, and photovoltaic components [2] Group 2: Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 1.132 billion, a year-on-year increase of 8.59% [3] - The net profit attributable to shareholders in the same period was CNY 122 million, reflecting a year-on-year growth of 31.79% [3] - The growth in net profit was primarily driven by the home appliance and photovoltaic sectors, with a robust performance in the home appliance segment and a full order book in the photovoltaic business [3] Group 3: Future Strategy - The company plans to focus on the R&D of new motor products and projects, providing technical and financial support to its subsidiary Zhejiang Special Motor [3] - There is an emphasis on developing high-efficiency permanent magnet motors and servo motors to meet market demand and seek partnerships for collaboration [3] - The company is committed to exploring new business avenues while maintaining its core business development, including potential mergers and acquisitions to expand its growth [3]

Core Viewpoint - The article emphasizes the importance of risk assessment in investment, highlighting that understanding one's risk tolerance is crucial for selecting suitable fund products and making informed investment decisions [3][4][10]. Risk Assessment - Risk assessment is a process to determine an investor's risk tolerance, which helps in identifying appropriate fund investments [4][5]. - Fund products are categorized into five risk levels (R1 to R5), with R1 being low risk and R5 being high risk, while investors are classified into five categories (C1 to C5) based on their risk tolerance [5][6]. - The classification allows investors with lower risk tolerance (C1) to invest in low-risk products (R1), while those with higher risk tolerance (C5) can invest in a broader range of products, including high-risk options [5][7]. Changes in Risk Tolerance - An investor's risk tolerance is generally stable over short periods but can change over longer durations due to factors like age, family assets, and financial knowledge [8]. - For instance, a novice investor may start with a low-risk tolerance (C1) but may evolve to a higher risk tolerance (C2 or C3) as they gain experience and knowledge [8]. Investment Planning - Investors should avoid following market trends and instead focus on investments that align with their risk tolerance [10][11]. - A diversified investment portfolio should be constructed based on risk tolerance, with lower-risk investors (C1, C2) primarily investing in fixed-income funds while allowing for some exposure to mixed funds [11]. - It is crucial for investors to anchor their investment strategies to their risk tolerance rather than market fluctuations to avoid emotional decision-making during market volatility [11]. Long-term Investment - The article advocates for a long-term investment approach, emphasizing that investors should commit to holding suitable funds over time to achieve satisfactory returns [11].

Group 1 - The core viewpoint of the articles emphasizes the importance of risk assessment for investors to determine their suitable fund products based on their risk tolerance levels [1][2][6] - Risk assessment helps categorize fund products into five risk levels (R1 to R5), allowing investors to understand which products align with their risk profiles [2][3] - Investors are classified into five categories (C1 to C5) based on their risk tolerance, with C1 being the lowest and C5 the highest, influencing the types of funds they can invest in [3][5] Group 2 - The articles discuss that an investor's risk tolerance can remain stable over short periods but may change over longer periods due to factors like age, family assets, and investment knowledge [6][7] - It is suggested that investors should not follow market trends blindly but should adhere to their risk tolerance when making investment decisions [8][9] - The importance of long-term investment strategies is highlighted, encouraging investors to maintain their risk assessment as a guiding principle rather than reacting to market fluctuations [9]

Core Viewpoint - The article reflects on personal struggles and the importance of resilience and support from family during difficult times, emphasizing the need for a positive attitude and proactive approach to life and investments [1][2][3]. Group 1: Personal Reflections - The author expresses feelings of confusion and disappointment regarding career progression, highlighting the emotional toll of workplace dynamics and the importance of self-acceptance [1][2]. - There is a recognition that life is fragile, and maintaining a strong risk awareness is crucial, leading to a commitment to improve investment strategies and personal habits [3]. Group 2: Family Support - The author appreciates the support from family, particularly the encouragement from a spouse and the joy brought by children, which helps in coping with life's challenges [2]. - Family activities, such as hiking and camping, are mentioned as moments that bring happiness and perspective, despite underlying worries [2]. Group 3: Life Philosophy - The article discusses the idea that life should be cherished, with a focus on gratitude for everyday experiences that many take for granted [4][6]. - It challenges the notion of a "calm mindset," advocating instead for striving and hard work, suggesting that changing career paths can lead to better outcomes [5]. Group 4: Broader Perspective - The author encourages readers to consider the struggles of others, emphasizing that many people live in significantly more challenging circumstances, which can provide perspective on personal difficulties [7][10]. - The importance of appreciating the present and recognizing the value of what one has is highlighted, suggesting that a shift in perspective can lead to greater contentment [9][11].

Core Viewpoint - The Aluminum Association emphasizes the need for consistent and predictable trade and tariff policies to effectively plan investments [1] Group 1 - The Vice President of External Affairs at the Aluminum Association, Matt Meenan, highlights the importance of stable trade policies for the industry [1]