今年以来，A股市场赚钱效凸显，投资者也面临新的困惑："当前是该进场还是观望？""如何避免再次 陷入'追涨杀跌'的循环？""热门板块波动加剧，是该坚持还是退出？" 为深入践行"以投资者为本"的理念，持续做好投资者陪伴与引导工作，中信保诚基金"UP向上，投资有 温度"全年投资者服务系列活动持续推进。该系列旨在通过体系化的理财知识普及、专业化的投资决策 支持，以及贴近市场的互动交流，助力投资者建立长期、理性的资产配置观念。 近日，活动走进深圳，围绕"经济周期下的大类资产配置"这一主题，与投资者展开面对面交流。在市场 预期逐步修复的背景下，活动致力于解析当前市场逻辑、回应投资者关切，共同探索在波动中实现财富 稳健增长的可能路径。 活动中，分享嘉宾首先回应了许多投资者的共同困惑：为什么投入市场却难以获得理想的回报？其关键 在于，能否理解经济周期与市场趋势之间的联动，并以此指导投资行为。 回顾2025年以来，在宏观政策持续支持、流动性保持合理充裕的背景下，A股市场整体呈现"下有支 撑、上有压力"的震荡上行格局，市场在预期与现实的磨合中逐步寻找方向。全年走势可大致划分为三 个阶段： 嘉宾强调，对投资者而言，重要的并非追求精 ...

严控个人杠杆炒金，源于监管要求。2021年底，多部门联合发文，明确要求金融机构审慎开展与个人客 户的衍生品交易。此前，类似"原油宝"的事件已敲响警钟，监管要求银行严格落实投资者适当性管理， 既是合规要求，也是对投资者权益的主动保护。 一方面，杠杆交易的高波动性可能通过银行渠道传导至金融体系；另一方面，普通投资者对衍生品风险 的认知不足，导致非理性投资行为频发。 曾几何时，杠杆炒金是个人投资者眼中的"财富捷径"，以小博大的规则、金价波动的红利，编织出一个 个快速增值的幻梦。 银行作为"中间商"简化入场流程，让用户通过现货实盘和延期交易参与市场。现货实盘要求100%保证 金，风险相对可控；但延期交易引入杠杆，支持多空双向操作，风险如影随形。 银行渠道的便捷性，更是让这场杠杆狂欢触手可及，不少人沉浸在"低本金撬动高收益"的想象里，却忽 略了杠杆背后的风险深渊。 【#银行杠杆炒金告别个人时代# 】#严控个人杠杆炒金# 随着银行近期密集发布公告，#个人贵金属业务 #再度成为热议话题。 近日，工商银行发布调整代理上海黄金交易所（以下简称"上金所"）个人贵金属交易业务公告，清理长 期不活跃的"三无"客户，并将保证金账户余额 ...

Core Viewpoint - The market has shifted from a "buy and hold broad-based ETFs" strategy to a more targeted approach focusing on specific sectors and themes, leading to a decline in the share of broad-based ETFs despite their overall growth in value [1][2][4]. Group 1: Market Performance - In the first three quarters of the year, major broad-based indices in A-shares experienced significant gains, with the CSI 300 index rising by 17.94%, the SSE 50 index by 11.33%, and the ChiNext index soaring by 51.2% [2][4]. - The total scale of broad-based ETFs increased from 2.19 trillion yuan to 2.51 trillion yuan, a growth of over 320 billion yuan, while the number of shares decreased by 224.15 billion to 924.77 billion [4][8]. - The number of broad-based ETFs reached 360 by September 30, an increase of 98 from the beginning of the year [4]. Group 2: Investor Behavior - Investors are increasingly opting for industry and thematic ETFs, as well as bond ETFs, which are perceived to be more aligned with current market trends and offer higher elasticity [1][4]. - There is a notable divergence within broad-based ETFs, with some maintaining stable growth while others, despite significant gains, faced substantial redemptions [2][4][12]. - Approximately 29 broad-based ETFs have a scale exceeding 100 billion yuan, with over half experiencing net redemptions, indicating a trend of investors cashing in on profits [8][10]. Group 3: Performance of Specific ETFs - As of September 30, 24 broad-based ETFs recorded gains exceeding 60% year-to-date, with the Guotai CSI 50 ETF leading at a 74.44% increase [4][6]. - The top-performing broad-based ETFs are primarily linked to the ChiNext and Sci-Tech Innovation Board indices, reflecting a strong performance in high-growth sectors [5][7]. - Among the top 20 performing broad-based ETFs, many are smaller in scale, with 9 products having a scale below 500 million yuan, highlighting a trend towards smaller, high-growth funds [6][9]. Group 4: Future Outlook - The success of growth-style ETFs is attributed to a combination of high-growth sectors, favorable index design, and market conditions, suggesting that this trend may continue if core growth themes remain stable [7][12]. - Fund companies are encouraged to enhance investor education, optimize product offerings, and improve services to align with varying risk preferences and reduce impulsive trading behaviors [13].