最近A股行情真的太好了，几乎每周都有一个网格需要止盈清仓。即将止盈清仓的是芯片龙头ETF（516640）网格，这个网格是在2022年4月15日建立的， 成立至今网格收益率是53.68%，绝对收益率是70.85%，同期ETF基金的收益率是31.94%，做网格可以大幅跑赢长期拿着不动的。 当时成立芯片龙头ETF网格的原因很简单，一方面是芯片行业从高位下来已经回调超过30%，已经有足够的安全边际开网格了。另一方面我们坚定看好芯片 行业能够突破美国技术的封锁，自古以来就没有我们人齐心协力办不到的事情。如果有，那只是给的时间还不够。 但我们还是低估了这轮熊市的凶猛，芯片龙头ETF网格在2024年跌到满格满仓，当年我没少挨骂。但所幸，大家都熬了过来，这轮网格也能够完美谢幕了。 考虑到有一些芯片股还没有把手上的订单完全转化为利润，看PE估值不准确，那我们看看PB估值。目前，芯片指数的PB估值是13.88倍，估值百分位 97.96%，同样处于指数成立以来的最高水平，几乎接近2021年时的水平了。所以，无论是看PE还是看PB，芯片指数的估值都来到了历史天花板附近。 目前，芯片指数的PE估值涨到了126倍，估值百分位98.78% ...

Group 1 - The core viewpoint of the report emphasizes the grid trading strategy as a method to profit from price fluctuations without predicting market trends, making it suitable for volatile markets [3][11] - The report identifies key characteristics for suitable grid trading targets, including low trading costs, good liquidity, and significant volatility, suggesting that equity ETFs are appropriate for this strategy [3][11] Group 2 - The report highlights three specific ETFs for grid trading: - The S&P Consumer ETF (159529.SZ) benefits from expectations of interest rate cuts in the US and improved US-China trade relations, making it a tool for regional diversification [3][12] - The Xinchuang ETF (562570.SH) is driven by policy support and domestic substitution, with significant government investment aimed at supporting projects in electronic information and industrial sectors [4][15] - The New Economy ETF (159822.SZ) captures new economic growth drivers in China, supported by government policies promoting technological and industrial innovation [5][16]

Group 1: Consumer Sector Performance - The consumer sector has been declining for several years, with a notable lack of interest from investors [1] - The Hong Kong consumer ETF has increased by 21% since the beginning of the year, indicating some recovery in the sector [1] - Investors are seeking stocks that are low in price but have not yet started to rise, rather than those that are simply undervalued [1] Group 2: Specific Industry Analysis - The liquor industry has seen a decline of 11% since the beginning of the year, with a total loss of 23.5% since March 2022 [2][4] - Issues in the liquor sector include inventory buildup, weak demand, and declining profits, particularly for high-end brands like Moutai [4] - The photovoltaic industry has experienced a 4% decline this year, with a total loss of 43.4% since March 2022, indicating severe fundamental issues [4][5] - The tourism sector has also faced a 3% decline this year, with a total loss of around 20% since October 2021, reflecting inconsistent visitor rates and financial instability among many companies [7][10] Group 3: Challenges in Specific Segments - The duty-free segment is struggling with declining consumer purchasing power, leading to reduced profit margins for companies like China Duty Free Group [10] - Tourist attractions face unpredictable visitor rates, with some locations experiencing temporary popularity while others suffer from financial instability [10] - The airline industry is impacted by reduced business travel and declining consumer spending, leading to fewer passengers [10] - The hotel sector is facing intense competition, resulting in challenges similar to those in the restaurant industry [10] Group 4: Broader Industry Concerns - Other sectors such as real estate, coal, building materials, medical devices, food, and batteries are also experiencing difficulties, primarily due to weak demand or overcapacity [10]

Core Viewpoint - The recent performance of the A-share market has been positive, with a notable grid profit of 30.29% from the China Securities 2000 ETF grid strategy initiated on November 30, 2023, despite initial challenges due to liquidity issues in micro-cap stocks [2][4]. Group 1: Market Performance and Valuation - The PE valuation of the China Securities 2000 Index has reached 144 times, the highest level in the past decade, making the decision to take profits reasonable at this point [4]. - The Hong Kong Consumer ETF grid strategy, which was initially launched on March 30, 2023, faced challenges due to its small size but successfully captured the subsequent market uptrend [6][7]. Group 2: Investment Strategy and Focus - The grid profit-taking does not imply a bearish outlook; rather, it reflects that the market has met initial expectations, and the strategy aims to capture reasonable profits [6]. - The Hong Kong Consumer Index is characterized by relatively low valuations, with a PE ratio around 21, compared to 19 for the A-share consumer index and 18 for the liquor index, indicating potential for further growth [7][8]. - The top ten weighted stocks in the Hong Kong Consumer Index include major players like Xiaomi, Tencent, and Alibaba, aligning well with the consumption trends of younger generations [10]. Group 3: Consumer Trends and Future Outlook - The absence of liquor stocks in the portfolio is intentional, as the focus is on sectors that are more likely to benefit from consumer spending stimulus, such as platforms for consumption, gaming, and new energy vehicles [12][13]. - The potential for consumer spending to increase due to social security fee reductions or birth subsidies is highlighted, but it is noted that this may not directly benefit the liquor sector [12][13].

Group 1 - The current market is dominated by bank stocks and micro-cap stocks, with increases of 0.46% and 1.39% respectively, and the latter has reached a new high [1] - Insurance capital is expected to diversify into low PB valuation sectors under the anti-involution expectations, beyond just banks [2][6] - The preference for bank stocks is attributed to their attractive dividend yields and high certainty, which is not solely based on performance predictability [4][6] Group 2 - Bank performance is relatively stable, with manageable declines, as they can utilize provisioning rates to smooth out fluctuations [5] - In comparison, sectors like coal and steel have lower dividend yields and significant performance declines, with major players like China Shenhua expected to see a net profit drop of 8.6%-15.7% year-on-year [5] - The dynamic nature of dividend yields and fundamentals means that as bank stock prices rise, their attractiveness to insurance capital may decrease, while other sectors could become more appealing if they stabilize and offer good yields [6][7] Group 3 - The brokerage index has shown a slowdown, failing to maintain its upward momentum [8] - The recent breakthrough of 3500 points lacks the usual fervor, indicating a subdued market sentiment [9] - Most brokerages reported significant profit growth, with some like Guotai Junan and Haitong seeing increases of 205%-218% and 1183% respectively, driven by a favorable stock market environment [11][13] Group 4 - The second wave of the brokerage market is believed to be ongoing, supported by solid fundamentals [14] - Historical data suggests that significant upward movements in the brokerage sector are infrequent, with only seven instances of over 20% increases since 2010, excluding 2015 [15] Group 5 - Two REITs are available for subscription, with minimum investments of 1000 yuan each, expected to yield annualized returns surpassing reverse repos [17] - The current stock-bond yield spread stands at 5.93%, indicating a higher relative attractiveness of stocks compared to bonds [23]

（1）什么是网格交易 网格交易本质上运用的是低吸高抛的原理，是一种在预定的价格区间内，通过设置多个买入和卖出点来 进行交易的策略。首先先选好标的，买入一定的底仓，然后设定一个价格波动区间（最低价—最高 价），并且把价格波动区间分为N等份（网格），价格每跌一个网格就买入一定数量份额或金额，价格 每上涨一个网格就卖出一定数量份额或金额，越跌越买，越涨越卖，反复低吸高抛，赚取波段差价。 一般来说，网格交易策略在震荡行情中比较有效，震荡越多，获利越多。过往数据表明，A股大部分时 间都处于震荡结构性行情，运用ETF进行网格交易具有很强的普适性。值得注意的是，网格交易并不适 合趋势行情，如果市场发生单边大幅度的上涨或下跌，可能导致策略失效。 （2）网格交易策略的优点 ①可以自动交易 网格交易可以通过券商软件配置好参数，实现自动交易，由于市场行情是较难预判的，网格交易通过对 随机的行情走势用固定网格合理划分，通过自动买入、卖出操作，既可以避免投资者被情绪或其他信息 所干扰，也不会错过交易机会。 ②适合普通投资者 网格交易策略不需要深入研究标的资产的基本面、财务状况、盈利情况、现金流等指标，只要设定好合 适的买入、卖出价格即 ...

Core Viewpoint - Grid trading is a strategy that utilizes the principle of buying low and selling high within a predetermined price range, making it particularly effective in volatile market conditions [1]. Group 1: What is Grid Trading - Grid trading involves setting multiple buy and sell points within a defined price fluctuation range, allowing for repeated buying on dips and selling on rises to capture price differences [1]. - The strategy is most effective in oscillating market conditions, as historical data indicates that a significant portion of the A-share market operates within such structural oscillations [1]. - It is important to note that grid trading is not suitable for trending markets, as significant unilateral price movements can lead to strategy failure [1]. Group 2: Advantages of Grid Trading Strategy - Grid trading can be automated through brokerage software, allowing for parameter configuration that facilitates automatic buying and selling, thus minimizing emotional interference and ensuring trading opportunities are not missed [2]. - The strategy is user-friendly for ordinary investors, as it does not require in-depth analysis of the underlying asset's fundamentals, financial status, or cash flow; only appropriate buy and sell prices need to be set [3]. - Grid trading is particularly advantageous in volatile markets, as it typically involves increasing positions at lower prices and reducing them at higher prices, significantly lowering investment drawdowns and enhancing the probability of achieving positive returns [4].

物感见 S090061505 "符手"股票进出 关税事件的冲击最高峰已经过去,近期A股市场在波 折中继续修复。在存量资金博弈的格局中,如何把握 好风格和热点轮动的节奏?对于想要入门的新手和想 要提升专业选股能力的客户该如何快速进阶?如何选 择适合自己的投资风格和投资理念?面对这些问题, 本期投顾访谈栏目特地邀请了"猎手"股票池投顾服务 产品及提升课投顾服务产品主创,来自浙江分公司金 华八一北街营业部投资顾问杨燕如老师,与我们一道 解码市场,以下是本次访谈的精华要点。 主创简介 证券投资顾问执业编号: S0900615050113 现任浙江分公司金华八一北街营业部证券 投资顾问,证券从业17年。 获2022年新浪财经-金麒麟最佳投资收益奖,获 2023年新财富最佳公募基金配置奖。 曾任今日头条专栏老师,叶檀财经节目嘉宾。 投资理念 Q: 您觉得何种风格的投资者会比较契合您的投资理念? A: 我认为在股市中,有明确投资目标的投资者,契合我的 投资理念。作为投资者在这个市场上想赚钱,需要先明 确自己的目标,或是叫初心吧。如果目标是长期增值, 可以选择成长型投资,关注具有高增长潜力的公司。如 果目标是保值增值,那么可 ...

Market Overview - The consensus is that A-shares are not overvalued, and there is limited downside for major indices in the short term [1] - The Shanghai Composite Index is approaching a gap fill at 3316 points [1] Hong Kong Market Performance - The Hong Kong stock market has outperformed A-shares with a net inflow of nearly 12 billion from southbound funds [3] - Several new consumer stocks, including Mixue, Pop Mart, and Maogeping, have reached new highs [3] Valuation Metrics - Valuations for key consumer stocks are notably high, with Old Puhuang at 90x PE, Mixue at 46x, Pop Mart at 93x, and Maogeping at 58x [5] - These stocks are becoming keywords for new consumer assets, reminiscent of core assets in 2021 [6] Market Trends - There is a trend of A-shares listing in Hong Kong, with companies like CATL and Heng Rui leading the way [6] - The overall market volatility is expected to remain consistent, with a possibility of A-shares and Hong Kong stocks moving in tandem [6] Investment Strategies - The Heng Seng Consumer ETF (159699) and Hong Kong High Dividend ETF (159302) have grid yields around 10% [6] - The grid trading strategy has shown positive returns, with the Heng Seng Consumer ETF yielding +9.15% and the High Dividend ETF yielding +10.99% [7] Defense Spending Insights - The U.S. defense budget is projected to reach $1 trillion by 2026, marking a 12% increase from the previous year [11] - Global defense spending is on the rise, with countries like Germany and Japan significantly increasing their budgets [9] Market Sentiment - Concerns regarding military spending reductions are unfounded, as the trend is towards increased military budgets [10] - The current stock-bond yield spread is at 6.33%, indicating a higher relative value for stocks compared to historical averages [18]

深圳证券交易所 SHENZHEN SHENZHEN STOCK EXCHANGE 深交所ETF投资问答(437 us to the F r fre n a miss 97 000 FRII C 编者按 - 近年来我国指数型基金迅速发展,交易型开 放式指数基金(ETF) 备受关注。为帮助广 大投资者系统全面认识ETF，了解相关投资 方法,特摘编由深圳证券交易所基金管理部 编著的《深交所ETF投资问答》（中国财政 经济出版社2024年版）形成图文解读。本 篇是第43期，一起来看看如何运用ETF进行 网格交易。 什么是网格交易 网格交易本质上运用的是低吸高抛的 原理，是一种在预定的价格区间内， 通过设置多个买入和卖出点来进行交 易的策略。 7 刷 型号 2 ar3 ST / ET 7 3 SL7 ST 4 4 5 首先先选好标的,买入一定的底仓 1 然后设定一个价格波动区间 (最低价一最高价) 把价格波动区间分为N等分 3 (网格) 价格每跌一个网格就买入一定数量 V 份额或金额 价格每上涨一个网格就卖出一定数 5 量份额或金额 越跌越买,越涨越卖, 6 反复低吸高抛,赚取 波段差价 般来说,网格交易策略在震荡行情 ...