Group 1 - The article emphasizes that both being trapped in investments and missing out on opportunities are risks that require attention and potential stop-loss actions [1] Group 2 - The central bank conducted a 125 billion yuan reverse repurchase operation, resulting in a net withdrawal of 111.7 billion yuan due to the maturity of 867 billion yuan in reverse repos and 1500 billion yuan in treasury cash deposits [3] - The money market is balanced, with the DR001 rate around 1.40% and DR007 at approximately 1.49% [3] Group 3 - The stock market experienced a slight increase, with the marginal MLF rate dropping to 1.5%, and bond market rates also slightly decreased [5] - The 10-year government bond yield opened at 1.83% but retreated to 1.8275% during the morning session [5] Group 4 - The article notes a unique situation in the bond market where the MLF rate is at 1.50%, with only a 10 basis point difference between the 1-year MLF and 7-day OMO rates, referred to as the "cutest interest rate spread" [6] - The stock market is characterized by active trading strategies, with participants engaging in arbitrage and tactical trading [6]

Core Viewpoint - The article discusses the phenomenon of fund net value rising while experiencing net redemptions, questioning whether this is a sound investment decision for investors [1][2]. Group 1: Fund Performance and Market Trends - Since September 24 of the previous year, the Chinese capital market has experienced a strong upward trend, leading to a positive cycle of profit-making effects and incremental capital [1]. - Despite the improved market sentiment, actively managed equity public funds have not seen significant growth in their shares and have instead experienced continuous net redemptions [1][3]. Group 2: Historical Context of Fund Redemptions - Historical data shows that the phenomenon of fund net value rising while experiencing redemptions is not uncommon, with similar occurrences noted during previous market rallies [3]. - Many investors tend to redeem their funds after experiencing a long recovery period, often leading to a pattern of redeeming after reaching breakeven [3][5]. Group 3: Recovery and Long-term Performance - An analysis of 2,418 public funds established since 2001 reveals that over half of the more than 3,300 instances of drawdowns exceeding 20% have fully recovered [6]. - Funds that have experienced significant drawdowns often continue to provide returns to patient investors, with a probability of over 75% for positive returns if held for an additional six months to two years post-recovery [6][8]. Group 4: Investment Decision-Making - Investors often base their redemption decisions on the cost price or net value during drawdowns, which can lead to impulsive actions driven by loss aversion [12]. - Redemption decisions should consider future risk and return comparisons, including current market conditions and personal investment goals [12][13]. Group 5: Risks of Timing and Reallocation - Timing the market is challenging, and missing out on the best trading days can significantly reduce overall returns, as evidenced by the performance of equity mixed funds since 2014 [13][14]. - Switching to other funds after a redemption may not yield better results, as historical data indicates that 61% of original funds outperformed the top 10% of funds from the previous year [16][17].

Core Viewpoint - The article emphasizes the differences in risk and reward between fund managers and ordinary investors, highlighting that while fund managers may benefit from aggressive strategies, ordinary investors should focus on absolute returns to avoid long-term losses that could impact their purchasing power [3][5]. Group 1 - Ordinary investors take on greater risks without guaranteed rewards, unlike fund managers who can see significant performance boosts and income increases from aggressive strategies [3]. - Fund managers prioritize relative returns, aiming to outperform other funds, while ordinary investors should focus on absolute returns to ensure profitability [4][5]. - The article advocates for investing during undervalued phases to minimize losses, suggesting that even in a rising market, investors should consider fixed-income products to balance their portfolios [6]. Group 2 - The article mentions various investment advisory combinations available, including index enhancement and active selection, designed to simplify investment for individuals [7].