香港积金局公布，根据最新官方临时数据，2025年全年的强积金整体净回报为16.5%，是连续三年取得 正回报，2024年为8.6%，而2023年为3.4%。各类强积金基金，包括股票基金、混合资产基金、债券基 金、保证基金、强积金保守基金及货币市场基金(不包括强积金保守基金)，过去一年全部录得正回报。 香港积金局指，受惠于理想投资表现，截至去年底，强积金总资产升至约15,500亿港元，再度突破历史 新高。 至于俗称"懒人基金"的"预设投资策略"(DIS)旗下的核心累积基金，自2017年推出以来的平均年率化净 回报为6.9%，同样跑赢期内的年率化通胀率1.8%;"懒人基金"旗下的65岁后基金，自2017年以来平均年 率化净回报为2.5%。 香港积金局提醒强积金计划成员，强积金是跨越超过40年的长线投资，不应以短线投资的角度看待强积 金，更不应尝试捕捉市场。 自强积金制度实施以来，占强积金总资产合共8成的股票基金和混合资产基金的平均年率化净回报分别 为5.0%和4.5%，跑赢同期1.8%的年率化通胀率;债券基金、保证基金、强积金保守基金及货币市场基 金，平均年率化净回报分别为1.9%、1.1%、1.0%和1.0%。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：鹏友来开会 12月16日，上证综指下跌1.11%，深证成指下跌1.51%，创业板指下跌2.1%，沪深300下跌1.2%，人们 的"牛市情绪"再次受到冲击。到底发生了什么？ 翻看各路分析人员的解释，大体包括：日本央行将于近日开会讨论加息，并且将于明年1月抛售ETF； 韩元兑美元汇率大跌，有关方面紧急维稳；泰国央行采取措施干预泰铢汇率；华尔街一大空头称人工智 能热潮将在2026年消退，科技公司将拖累美股下跌。还有机构说，四季度中国市场动能减弱，在明年初 重要会议开启之前，更多受全球风险偏好左右。 那么，这些信息能把中国股市打趴下吗？按说不能，因为中国经济基本面没有发生什么异变，恰恰相 反，1至11月，经济稳步向好趋势继续显现：社会消费品零售总额同比增长4%，固定资产投资（不含农 户）扣除房地产开发投资后的项目投资增长0.8%，规模以上工业增加值同比增长6.0%，规模以上高技 术制造业增加值同比增长9.2%，智能消费设备制造业增加值增长7.6%。当然，我们不讳言投资增长缓 慢、消费者物价指数增幅较低的情况，并且要进一步采取提振措施，但总 ...

在期货市场的浪潮中，总有一些独特的参与者以差异化的投资哲学脱颖而出。近日，期货日报记者采访 了一位来自浙江温州的交易者"水到渠成"——他既是实体餐饮企业的经营者，又是期货市场中深耕多年 的交易者。这位化繁为简、专注长线的选手，在第三届"期货寻星"赛中展现了高超的交易水平。 "我做餐饮生意之余进行交易，时间相对自由。""水到渠成"坦言，自己并非全职交易员，2010年之前便 涉足期货领域，早期专注商品期货交易。虽经历过间断性离场，但始终未完全脱离市场。2024年10月 起，他将主战场转向期指市场，形成了以长线持仓为主的稳定模式。 问及为何转向期指交易，他给出了明确判断："国家层面的政策导向催生了难得的牛市机遇，期指市场 的周期性机会更具确定性。"针对商品市场的取舍，他解释道："前些年商品市场的趋势性行情带来丰厚 利润，但近年波动加剧，适合短线博弈，我的交易体系更适合期指的长线特征。" 谈及核心策略，"水到渠成"将其概括为"估值锚定+均线跟随"组合拳。"主要依据长周期均线系统，特别 是60日均线作为方向指标，辅以MACD等常见指标验证进场时机。"他特别强调，当前策略聚焦期指多 头布局，通过不同阶段切换品种实现风险收 ...

Core Viewpoint - The recent 6% drop in gold prices has caught many investors off guard, especially those who entered the market at high prices, highlighting the risks of treating gold as a short-term speculative asset rather than a long-term investment [1][3]. Group 1: Market Dynamics - The volatility in gold prices has been increasing, with recent surges attracting speculative capital, which can lead to sharp corrections when profits are realized [3]. - The recent price drop is attributed to short-term profit-taking by speculators rather than a fundamental shift in the long-term outlook for gold, which remains supported by ongoing central bank purchases and geopolitical uncertainties [3][5]. Group 2: Investment Strategy - Investors are advised to maintain a long-term investment mindset, focusing on gold's core value as a hedge and store of value rather than seeking short-term gains [5][7]. - A recommended strategy is to limit gold holdings to 5%-10% of total assets, allowing for opportunistic buying during price corrections without overexposing oneself to risk [5][7]. - It is emphasized that no one can accurately predict gold price movements, and both bullish and bearish assumptions can lead to market misjudgments [5][7].

Core Insights - The report emphasizes the urgency of long-term investment in Hong Kong due to the ongoing trend of population aging [1][3] - It highlights that while Hong Kong residents possess a good foundation in financial literacy, there is a need for deeper understanding of specific financial products related to long-term investment and financial planning [1][3] Group 1: Market Analysis - The research indicates that there are already diverse and globally competitive wealth accumulation products available in the Hong Kong market [3] - However, 67% of surveyed institutions believe that the market requires more products with wealth extraction features to meet clients' long-term financial planning needs [3] Group 2: Industry Development - The report discusses how the industry can promote the healthy development of Hong Kong's long-term investment ecosystem [3] - It identifies the adoption of cutting-edge technology as a key driver for innovation in products and services, improving cost efficiency, and optimizing product distribution to enhance long-term investment and financial planning [3] Group 3: Strategic Recommendations - The findings of the research are intended to provide valuable references for market participants to address existing challenges and seize opportunities [3] - The goal is to advance Hong Kong's long-term investment ecosystem towards a more comprehensive and healthier direction [3]

Core Insights - The report titled "Long-term Investment in Hong Kong: Development and Opportunities under the Digital Economy" emphasizes the importance of adopting cutting-edge technologies to drive innovation in products and services, enhance cost efficiency, and optimize product distribution for long-term investment and financial planning [1][2] Group 1: Investment Landscape - The research indicates that while Hong Kong residents possess a solid foundation in financial literacy, there is a need for deeper understanding of specific financial products, particularly those related to long-term investment and financial planning [1] - Currently, the market offers a variety of diversified and globally competitive wealth accumulation products, yet 67% of surveyed institutions believe there is a need for more products with wealth extraction features to meet client demands for long-term financial planning [1] Group 2: Digital Adoption - The findings reflect a growing trend in digital adoption among respondents, with 72% of residents indicating they used digital financial services in the past year [1] - Approximately 70% of market participants reported that they are currently or planning to distribute long-term financial products through mobile and online platforms [1] Group 3: Industry Challenges and Opportunities - The report discusses how the industry can promote a healthy development of Hong Kong's long-term investment ecosystem, highlighting that the aging population trend makes long-term investment a pressing issue [2] - The research outcomes are intended to provide valuable references for market participants to address existing challenges and seize opportunities, thereby advancing the long-term investment ecosystem in Hong Kong towards a more comprehensive and healthier direction [2]

Group 1 - The core trading rule for A-shares is the T + 1 system, meaning stocks cannot be sold on the same day they are purchased, and the earliest they can be sold is the next trading day [3] - The actual holding period for stocks depends on the investor's strategy and market conditions, with common extremes being either selling too early or holding too long without a clear exit strategy [4][10] Group 2 - Short-term trading typically involves holding stocks for a few days to a couple of weeks, focusing on capturing short-term price fluctuations and news events [6] - Medium-term investing usually spans several weeks to months, relying on industry trends and company fundamentals, with the challenge being to accurately identify trend reversals [7] - Long-term investing emphasizes the company's long-term value, with holding periods often exceeding six months or even years, and selling decisions based on fundamental deterioration or changes in industry logic [9]

Core Viewpoint - The most important aspects of investing in the pharmaceutical industry are passion, focus, and honesty, which serve as foundational elements for building a robust investment framework [1][10]. Group 1: Importance of Passion - Passion provides an intrinsic motivation that sustains long-term engagement in investment, as opposed to external goals like profit [2][3]. - The transition from individual to institutional investor can enhance the sense of purpose and value recognition in pharmaceutical investments [2]. - A strong desire for a better future drives continuous learning and exploration, leading to meaningful changes in investment strategies [3]. Group 2: Focus and Comparative Advantage - The evolution of society towards greater specialization emphasizes the need for individuals to focus on their strengths to enhance efficiency and value [6]. - Accumulating comparative advantages requires a clear understanding of personal strengths and market dynamics [6]. - The optimal investment strategy involves identifying undervalued assets that the market currently overlooks but will recognize in the future [6][7]. Group 3: Industry Research and Trends - A reliable industry research framework is essential for predicting the future of companies within the pharmaceutical sector [7]. - The Chinese healthcare reform since 2015 mirrors the U.S. reforms of the 1980s, creating opportunities for innovative pharmaceutical products while pressuring traditional models [8]. - Understanding technological trends, such as advancements in antibody products and gene editing, is crucial for identifying investment opportunities [8]. Group 4: Valuation and Investment Strategy - A robust valuation framework is necessary to identify truly undervalued assets rather than simply reacting to price declines [9]. - The investment focus may shift from a heavy emphasis on research frameworks to developing a more efficient investment allocation strategy [9]. - The investment strategy will prioritize long-term, value-driven investments while remaining adaptable to market changes [9]. Group 5: Continuous Improvement through Honesty - Acknowledging personal limitations and errors is vital for maintaining a realistic perspective on market risks and opportunities [10][11]. - Building a solid foundational framework allows for the effective integration of external viewpoints and insights [10][11]. - The process of learning from past experiences, especially during market downturns, can lead to significant improvements in investment strategies [12]. Group 6: Market Dynamics and Cycles - Understanding macroeconomic trends is essential for navigating the cyclical nature of the pharmaceutical sector [13]. - Recognizing the impact of market sentiment and narrative shifts on stock prices can inform better investment decisions [14][15]. - The distinction between strategic and tactical holdings is crucial for managing investment portfolios effectively [14].