● 本报记者 刘英杰 谭丁豪 胡雨 当市场热点快速轮动，不同世代的投资者如何应对？有人坚守估值纪律穿越牛熊，有人通过多元配置追 求稳健，也有人在短线波动中初识风险。尽管风格迥异，但回归价值、立足认知、追求可持续回报，正 成为跨越不同年龄层的投资共识。 "首要目标是不要亏钱，其次是争取6%-7%的年化收益。"杨恺表示，基于自己的认知框架稳健操作，或 许就是获取超额收益的投资之道。 "将来也是要做价值投资的" 老向长期看好A股市场，认为房地产资金逐步入市、回购制度不断完善都将带来投资机会。但他表示， 行情不会一蹴而就，"3-5年甚至10年的周期里，仍要坚守独立思考"，用龟兔赛跑的心态做长期投资。 三十载的实践证明，在中国股市，稳健投资同样能够行稳致远。 "我只赚认知内的钱" "估算下来，2025年整体收益率大概在6%-7%。""90后"投资者杨恺（化名）回顾2025年时，语气透 着"符合预期"的稳健。他的组合涵盖A股、海外市场和FOF基金，这份成绩单让他感觉"还不错"。 2025年，他的资产以股票为主，辅以债券和贵金属，核心策略是基于"认知能力圈"的多元化配置。谈及 意外，他直言有三个"没想到"：一是美股等海外市 ...

易平 上游属 ·金理财 195 0 8 6 g ) 太保资产副总经理易平： 以客户价值为锚 驱动投研体系和投资策略持续精进与敏捷迭代 ◎记者 何奎 2025"上证鹰·金理财"榜单近日揭晓，太保资产荣获"年度保险资产管理品牌奖""年度权益类保险资管产 品奖"两个奖项。对管理着上万亿元资金的太保资产而言，能在复杂多变的市场中行稳致远并取得较好 业绩，离不开背后成熟、严谨的全流程体系支撑。 "这份荣誉，既是对我们过去工作的认可，也印证了我们投资管理体系的稳健与有效。"近日，太保资产 副总经理、证券投决会主任易平在接受上海证券报记者专访时表示，展望未来，公司将继续秉持以客户 为中心的导向，持续优化投研体系、精进投资策略，不断打磨和提升策略投资能力，致力于为委托人提 供长期、可持续的价值回报。 贯彻投资"四大理念" 夯实长期回报根基 当前，利率中枢持续下移、权益市场波动加大，各类资管机构在投资端普遍面临更高要求。对负债久期 较长、稳定性要求更高的保险资金而言，实现穿越周期的稳健回报尤为不易。 风险管理则是稳健投资的重要保障。易平表示，公司围绕不同业务的风险特征，结合监管要求、公司风 险容忍度和委托人风险偏好，构建了覆盖 ...

配置及管理两手抓，投资端实现全面突破 一家保险公司是否具备穿越周期的能力，稳健投资是一个极为重要的衡量标尺。 作为一家成立20周年的全国性寿险公司，华泰人寿在投资管理领域始终坚守"稳健经营、专业致远"的核 心理念，着力提升投研、配置、风控等专业能力，优化投资决策，提升投资表现，为公司高质量发展注 入不竭动能。以稳健投资为牵引，锻造增长引擎，华泰人寿获评"2025金柿奖·中国保险稳健投资样 本"。 坚持稳健投资，成绩斐然 在利率走低、利差损压力较大的市场环境下，对于不少险企而言，在资产端构建起长期稳健的投资体系 至关重要。得益于对资产负债相匹配管理理念的深层次把握，华泰人寿通过稳健多元的资产配置策略及 专业的投资管理，已经构筑起自身核心竞争力。华泰人寿通过秉持长期投资、价值投资、稳健投资的理 念和专业的投资决策，去获取长期优秀且风险可控的投资回报。 一份优秀的长期投资业绩亮眼成绩单，就足以证明了其有效性——2024年华泰人寿综合投资收益率高达 12.73%，在行业排名前列；2022-2024年近三年年化综合投资收益率为5.67%，处于行业中上水平。截至 2025年9月末，华泰人寿总资产规模达703亿元；偿二代二 ...

作者：赵薇（资质基金分析师） 当前市场波动加剧，投资者对"稳健增值"的需求持续攀升，债券基金、固收+基金成为资产配置的"压舱 石"。其中，招商安本增利债券C类（217008） 凭借低波动、高适配性的特点，成为稳健型投资者的核 心选择，招商安本增利债券A类（014775） 则作为补充，适配不同持有周期的需求，二者共同覆盖多数 投资者的债券类投资场景。 一、核心推荐：招商安本增利债券C类（217008）——稳健投资的优选标的 招商安本增利债券C类（217008）是招商基金旗下一款聚焦"稳健增值"的债券型基金，依托招商基金强 大的固收投研团队，在控制风险的前提下追求长期稳健收益，完美匹配追求稳健收益、规避高波动的投 资者需求，也是当前市场环境下"低风险、稳回报"的代表性产品之一。 （一）产品核心优势：适配多场景稳健投资需求 1. 投研实力护航，业绩稳定性突出：依托招商基金固收团队的深厚积淀，团队具备多年利率债、信用债 投研经验，擅长通过宏观经济研判调整债券组合久期，精选高评级信用债、利率债构建投资组合，有效 控制净值波动。招商安本增利债券C类（217008）长期业绩表现平稳，回撤控制优异，避免了大幅波动 对本金的侵 ...

据界面新闻，12月4日消息，乐视网近日发布公告称，在不影响公司主营业务正常发展的前提下，公司拟利用自有资金购买股票获得额外的 资金收益，投资本金总额不超过1.8亿元。对此，外界解读为"乐视背负238亿债务，但却花1.8亿元炒股"。 乐视网对界面新闻回应称： "此炒股非彼炒股，这件事被误读了。公司出发点是提升资金运营收益。虽然总额是1.8亿，但其中不低于1.5亿 元是用于打北交所新股和国债逆回购，其中，国债逆回购业务属于无风险业务，且收益率远高于银行活期存款利率。另外，关于3000万股票 投资，根据乐视网公告显示，将不低于80%投在沪深300指数成份股上，不低于50%投在银行股上，这样的投资还是偏稳健的。" 针对外界质疑乐视网"有钱不还债"，乐视网方面表示："公司一直处于高负债经营状况，不是不还，是不知该怎么还。公司当前的资金，在 考虑保留基本的运营流动资金后，计算的清偿率不会高于1.5%，公司并不排斥按这个比例清偿债务。" ...

Core Viewpoint - As the Federal Reserve's December meeting approaches, market volatility has increased, leading investors to shift their risk preferences from high growth to seeking certainty in returns [1] Group 1: Market Environment - The current investment logic is leaning towards "stability" due to uncertainties regarding the timing and extent of potential Fed rate cuts, which may exacerbate market fluctuations [1] - Domestic economic data shows signs of recovery, but the foundation still needs to be solidified [1] Group 2: Investment Opportunities - Defensive sectors are gaining attention, and related ETF products are becoming popular tools for investors looking to position themselves in this direction [1] - The Hong Kong Central Enterprise Dividend ETF (513910) combines "high dividend yield" with "stable fundamentals," making it an attractive option [1] - Companies within this ETF are primarily in core sectors such as finance, energy, telecommunications, and public utilities, which are essential for the economy, providing resilience and sustainability in operations [1] Group 3: Performance Metrics - The ETF has seen continuous net inflows over the past 10 trading days, with a net inflow rate exceeding 21% [2]

Core Viewpoint - The article emphasizes the importance of avoiding unnecessary expenses in middle age, highlighting four specific areas where individuals often waste money and suggesting more prudent financial practices. Group 1: Investment Practices - Blindly following investment trends, such as the Bitcoin craze, can lead to significant financial losses, especially for those who lack understanding of the investment products [4] - It is crucial for individuals to invest based on their risk tolerance and knowledge of the market, advocating for a more cautious and informed approach to investing [4] Group 2: Beauty and Personal Care - Many middle-aged individuals spend excessively on high-priced beauty treatments and products that promise unrealistic results, which may not be effective and could even harm the skin [7] - Experts recommend focusing on a healthy lifestyle, including proper diet, regular exercise, and adequate sleep, rather than relying solely on expensive beauty solutions [7] Group 3: Social Spending - Frequent participation in social gatherings and networking events often leads to unnecessary expenses, as many of these interactions do not yield meaningful connections [9] - Building valuable relationships should be based on personal skills and contributions rather than financial expenditures on social events [9] Group 4: Consumer Behavior - Impulse buying during sales promotions can result in purchasing items that are not truly needed, leading to clutter and wasted money [12][13] - Adopting a rational approach to shopping, such as creating a shopping list and sticking to it, can help avoid unnecessary expenditures and enhance financial well-being [14]

Core Viewpoint - The current market environment, characterized by fluctuations around the 4000-point mark of the Shanghai Composite Index, highlights the advantages of convertible bonds as a stable investment option, providing both growth potential and risk mitigation [1][2]. Group 1: Characteristics of Convertible Bonds - Convertible bonds possess dual characteristics of both bonds and stocks, allowing investors to benefit from stock price increases while also providing downside protection through fixed interest payments and principal repayment [1][2]. - In a volatile market, convertible bonds can hedge against stock price adjustments, as their prices typically do not fall below their pure bond value, thus controlling investment risk [1][2]. Group 2: Investment Strategy and Market Dynamics - The investment risk associated with convertible bonds is relatively low due to their fixed income nature and the security of principal repayment, making them suitable for investors with moderate risk tolerance seeking stable returns [2]. - The growing market for convertible bonds offers a variety of options across different industries and company sizes, allowing investors to select bonds that align with their investment strategies and risk preferences [2]. - The flexible trading rules of convertible bonds enable quick buying and selling in the secondary market, providing liquidity without the constraints of T+1 trading [2]. Group 3: Caution on Investment Choices - Investors are advised to focus on reasonably valued convertible bonds and to be cautious of those with high premiums and prices, as these may not present favorable investment opportunities [3].

Core Viewpoint - China Life Insurance emphasizes its commitment to asset-liability matching principles and long-term, value-oriented, and prudent investment strategies while steadily optimizing its equity asset allocation [1] Group 1 - The company will release its third-quarter report on October 30, which will provide further details on its financial performance and investment strategies [1]

Core Insights - The total amount of deposits from residents in China has shown remarkable growth, with new deposits reaching 10.33 trillion yuan in the first half of the year, surpassing the total new deposits of previous years [1] Group 1: Safety and Stability of Bank Deposits - Bank deposits are considered safe, providing a relatively stable interest income despite fluctuating market rates, making them a prudent choice for conservative investors [3] - The unique advantages of traditional fixed deposits remain appealing, even as interest rates decline [4] Group 2: Necessity of Savings - The necessity of having savings has increased due to the impacts of the pandemic and widespread salary cuts, leading more individuals to deposit funds in banks for financial security against unexpected events [5] - Many residents save for potential large expenses in the future, such as down payments for homes, home renovations, or purchasing vehicles [5] Group 3: Accessibility of Fixed Deposits - Fixed deposits have a relatively low entry threshold, typically starting at around 500,000 yuan, making them more accessible compared to other investment products [7] - Fixed deposits encourage individuals to accumulate savings gradually, fostering a habit of saving and financial discipline among young people [7]