凌晨一点，手机屏幕的光映在脸上，账户收益率又绿了好几天。这场景太熟悉了——2015年千股跌停时我见过，2018年阴跌一年我见过， 2020年疫情暴跌我也见过。十六年基金投资，吃过肉，更挨过打。 今晚写下这5条面对下跌的血泪经验，每一个字都是真金白银换来的。 2015年6月，我的账户半个月回撤42%，那是我第一次体会失眠的滋味。恐慌中卖掉了一半基金，结果错过了一个月后37%的反弹。血淋 淋的教训告诉我： 牛市的调整往往急而短，就像高速列车中途停站，不是终点。 在牛市中，80%的收益来自20%的时间。错过最好的20天，年化收益直接砍半。 2018年，我持有的两只基金都下跌了30%。我卖出了年轻基金经理的产品，保留了老将的产品。三年后，老将管理的基金不仅收复失地还 创了新高，而那只被我卖出的基金至今净值还在水下。 真正的好基金，不是涨的时候多凶猛，是跌的时候能守住多少胜利果实。 现在打开你的持仓，看看：基金经理从业是否超过7年？管理这只 产品是否经历完整牛熊？最大回撤是否低于同类平均？如果答案都是yes，请关闭账户去睡觉。 2020年春节后开盘第一天，市场暴跌7%。所有人都在恐慌，我颤抖着手把准备买车的20万元，一 ...

【导读】帮大家找一下原因 零售、食品等消费股走高，国光连锁、安记食品等十余股涨停。 中国基金报记者泰勒 兄弟姐妹们啊，今天的A股，剧烈大调整，一起看看发生了什么事情。 A股大跌 9月4日，A股大跌，截至收盘，沪指跌1.25%，深成指跌2.83%，创业板指跌4.25%，科创50指数跌超 6%。 | 内地股票 | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 | 深证成指 | 北证50 | | 3765.88 | 12118.70 | 1538.98 | | -47.68 - -1.25% - -353.29 -2.83% - -12.46 - -0.80% | | | | 科创50 | 创业板指 | 万得全A | | 1226.98 | 2776.25 | 5938.15 | | -79.49 - 6.08% - - 123.12 - 4.25% - - 122.56 - - 2.02% | | | | 沪深300 | 中证500 | 中证A500 | | 4365.21 | 6698.45 | 5192.02 | | -94.62 -2.12% -1 ...

9月4日，A股大跌，截至收盘， 沪指跌1.25%，深成指跌2.83%，创业板指跌4.25%， 科创50指数跌超6% | 内地股票 它 | | | | --- | --- | --- | | 行情 | 资金净流入 | 涨跌分布 | | 上证指数 | 深证成指 | 北证50 | | 3765.88 -47.68 - - 1.25% - - 353.29 - - 2.83% - - 12.46 - - 0.80% | 12118.70 | 1538.98 | | 科创50 | 创业板指 | 万得全A | | 1226.98 -79.49 -6.08% -123.12 -122.56 -122.56 -2.02% | 2776.25 | 5938.15 | | 沪深300 | 中证500 | 中证A500 | | 4365.21 -94.62 -2.12% -170.01 -2.48% -131.47 -2.47% | 6698.45 | 5192.02 | | 中证1000 | 深证100 | 中证红利 | | 7041.15 | 5335.66 | 5493.08 | | -165.72 -2.30% -159. ...

Core Viewpoint - The article draws parallels between the current market conditions and the historical "5.19" rally in 1999, suggesting that the current market may also experience significant growth driven by structural economic transformations in China [5][10]. Historical Context - The A-share market experienced a dramatic rise of over 70% within a month and a half in 1999, reaching a ten-year high of over 1700 points before entering a correction phase [1][3]. - The 1999 market was characterized by a transition from traditional state-owned enterprises to more competitive emerging sectors, supported by government policies aimed at economic transformation [5][7]. Market Dynamics - The article emphasizes the importance of identifying sectors that are early movers in a market rally, with 1999's internet technology stocks serving as a prime example. For 2025, it suggests that technology stocks and innovative pharmaceutical stocks may play a similar role [4][10]. - Historical adjustments in the market have led to valuation compressions, making stocks more attractive for investment. For instance, the A-share index fell from a high of 3700 points in early 2021 to around 2680 points, a decline of nearly 30% [7][8]. Valuation Insights - As of August 27, 2025, the average price-to-earnings (P/E) ratio for stocks on the Shanghai Stock Exchange was 15.5 times, while for Hong Kong's main board, it was 14.3 times, both of which are considered historically low [8][9]. Sector Focus - The article highlights that the current economic transformation will favor specific industries, particularly technology and innovative pharmaceuticals, which are seen as key drivers for sustainable economic growth [10][12]. - The performance of Hong Kong technology stocks has shown significant resilience and independence, with notable excess returns compared to the broader market over the past 20 years [12][14]. Investment Tools - The emergence of various ETFs has provided investors with convenient tools for investment allocation. For example, the Southern ETF (code: 159269) focuses on leading technology stocks in Hong Kong, covering sectors such as communications, internet, and pharmaceuticals [15][16]. - The article also points out the strong performance of Hong Kong innovative pharmaceutical funds, which have shown substantial returns, making them attractive investment options during market adjustments [18][19].