最后一天了，简单聊下，今天会有抽奖，但先说标题的事儿。 先说我自己吧。 今年个人最大的收获，一共是三件事。 第一件事，今年是跟投表韭投顾组合的第一个完整年份 ，最值得欣喜的一点在于，下图，根据雪球提供的最新数据，截至目前，一起跟投几个 组合的伙伴们，绝大多数都是盈利的状态（在天天基金上，组合的盈利比例数据，亦为公开信息）。 作为一同参与组合跟投的投资者中的一员，我自己的两个体会在于： 其一，跟投表韭这样，坚持地区分散、均衡配置、多元资产的投顾组合，很难亏大钱，当然，也很难赚大钱，它适合那些希望能够相对平稳地， 穿越周期，拉长来看，能学会理性的投资理念，并获得一定财富效应的人群； 其二，表韭投顾组合，可能是你能看到的，包括基金投顾在内的所有金融产品中，过程化的内容陪伴，最贴身最用心的之一，因为，投资的本质 之一，是对抗人性，而穿越周期的前提，在于你能够用合理的姿势、平稳的心态，保持在场。 在投资这条路上，希望我们能肩并肩走下去，一起学习，共同进步。 ...... 第二件事，今年同样是我们创设的知识星球，表舅和表舅的朋友们，度过的第一个完整年份 ，我们很高兴地看到，截至目前，已经有8500多位 的伙伴，加入了这一 ...

大家好，我是银行螺丝钉，欢迎来到这期的螺丝钉带你读书。 「螺丝钉带你读书」也陪伴大家度过了三百多期，为大家讲解了很多有趣、经典的书籍和故事，比如《三十几岁，财务自由》、《如何读 一本书》、《战胜拖延症》等等。 还为大家详细介绍了几位投资大师：股神巴菲特、他的好搭档查理芒格和指数基金之父约翰博格。分享了他们的人生经历、投资生涯和投 资的理念。 大家可以点击下面链接查看部分螺丝钉带你读书合集： 《 世界读书日，螺丝钉送你121本私藏经典好书 》 一份关于基金投顾的报告 这一期螺丝钉带你读书，比较特殊，并不是读一本书，而是解读一份投资报告。 是新华财经，西南财经大学，和晨星、易方达财富，合作的《中国基金投顾业务洞察报告（2025）》。 这也是比较少有的，关于基金投顾的研究报告。 报告中的投顾客户数据 资者的数据。 这个报告，是调研了18家投顾机构，以及5家基金销售机构，从2022-2025年9月的投顾投 里面有一些数据也挺有意思的。 （1）投顾客户，累计盈利占比76.9%。 同期投资者自己投资基金，盈利占比63.4%。 盈利比例，是投顾最关注的一个指标。 通过投顾投资基金，盈利的投资者比例有所提高。这也是基金投顾存 ...

新华财经北京12月16日电 近日，由新华财经（国家金融信息平台）发起、西南财经大学提供学术指导、易方达财富与晨星（中国）提供专业支持的《中国 基金投顾业务洞察报告（2025）》（下称"报告"）正式发布。报告依托针对代表性投顾机构与基金销售机构的调研数据，以及近万份投资者调研问卷，从客 群画像、投资行为、收益表现、服务满意度等多维度，系统呈现了六年来基金投顾业务的发展成效与核心价值，为行业高质量发展提供关键参考。 报告指出，自2019年试点启动以来，在资管新规净值化转型与居民财富管理需求升级的双重驱动下，基金投顾业务实现从"0到1"的质变，试点机构"投+顾 +规划"的买方投顾模式逐步成为提升投资者获得感的关键路径。 报告核心结论揭晓投顾服务实现体验与行为双重优化 报告梳理出八大核心发现，从三个方面印证了买方投顾模式对改善投资者体验的关键作用。 其一，投顾客户投资体验显著更优 数据显示，投顾客户累计盈利占比高达76.9%，超四分之三的客户通过投顾服务实现投资盈利，较单基金自主投资客户的63.4%高出13.5个百分点。在风险管 控层面，投顾服务的优势尤为突出，投顾客户亏损20%以上的比例不足1%，亏损30%以上的比 ...

12月11日，《试点六周年基金投顾业务发展白皮书2025》（以下简称"白皮书"）在上海发布，这已经是首批基金投顾试点机构中欧财富连续第六年发布白 皮书。在每年的白皮书中，中欧财富都会公布最新的用户调研数据以及自有平台上用户的交易行为分析结论，以展示用户的投资需求变化，并在行业内进 行分享和交流，以此共同探索能够满足用户真实需求的投顾服务解决方案。 白皮书显示，在经历过本轮周期后，越来越多的投资者意识到投资过程中的投资体验和最终的收益结果同等重要，控波动成为用户看重的投资诉求。而多 元资产配置，因为其可以控波动的属性，成为逾九成客户在未来首选的投资策略。 基金投顾试点至今已有六年，通过完整分析用户的投资行为，白皮书发现，相比较单品用户，基金投顾用户整体呈现配置更分散、交易更逆向、持有周期 更长等更为健康的投资行为。而且，从投资结果看，整体而言，基金投顾也帮助用户在中长期取得更优的投资体验。 管住手 基金投顾用户整体呈现更健康的投资行为 通过回溯近六年来中欧财富平台上投资者的交易行为，白皮书发现，基金投顾用户整体呈现多资产配置、逆势更能积极布局、持有周期拉长、更注重长期 业绩等相较于单品用户更具有纪律性的投资行为 ...

管住手 基金投顾用户整体呈现更健康的投资行为 通过回溯近六年来中欧财富平台上投资者的交易行为，白皮书发现，基金投顾用户整体呈现了多资产配置、逆势更能积极布局、持有周期拉长、更注重长 期业绩等相较于单品用户更具有纪律性的投资行为。 12月11日，《试点六周年 基金投顾业务发展白皮书2025》（以下简称"白皮书"）在上海正式发布，这已经是首批基金投顾试点机构中欧财富连续第六年 发布白皮书。在每年的白皮书中，中欧财富都会公布最新的用户调研数据以及自有平台上用户的交易行为分析结论，以展示用户的投资需求变化，并在行 业内进行分享和交流，以此共同探索能够满足用户真实需求的投顾服务解决方案。 本年度的白皮书显示，在经历过本轮周期后，越来越多的投资者意识到投资过程中的投资体验和最终的收益结果是同等重要的，控波动成为用户看重的投 资诉求。而多元资产配置，因为其可以控波动的属性，成为逾9成客户在未来首选的投资策略。 基金投顾试点至今已有六年时间，通过完整分析此期间用户的投资行为，白皮书发现，相比较单品用户，基金投顾用户整体呈现出配置更分散、交易更逆 向、持有周期更长等更为健康的投资行为。而且，从投资结果来看，整体而言，基金投顾也 ...

Core Viewpoint - The "2025 White Paper on the Development of Fund Advisory Business" highlights the increasing importance of investment experience and return results for investors, with a focus on volatility control and diversified asset allocation as preferred strategies for over 90% of clients [2][20]. Group 1: User Behavior Analysis - Fund advisory users exhibit healthier investment behaviors compared to single fund users, characterized by diversified asset allocation, contrarian trading, and longer holding periods [5][28]. - Fund advisory users tend to increase equity strategy allocations during market lows and shift to fixed income strategies during market highs, avoiding irrational investment behaviors [5][28]. - The white paper indicates that fund advisory users have a more disciplined approach, leading to better long-term investment experiences [9][28]. Group 2: Investment Experience and Performance - Fund advisory users have shown a higher average return experience, with 75% of them reporting better one-year holding experiences compared to single fund users, achieving an average gain of approximately 2.2% [9][15]. - Data from the past three years shows that fund advisory users have a higher percentage of profitable clients and better returns than single fund clients, with an average return rate exceeding single fund clients by 1.33 percentage points [15][28]. - The white paper reveals that most fund advisory users feel they have a better holding experience compared to direct investments in single funds [12][28]. Group 3: Market Trends and Future Outlook - As the A-share market recovers, investors are optimistic about future returns, with over 50% expecting returns above 10% in 2026, while still emphasizing the need for diversified asset allocation [20][28]. - The demand for low-volatility and low-drawdown products is increasing, as these strategies provide better holding experiences and longer retention periods for investors [27][28]. - The fund advisory industry is entering a new development phase, with ongoing policy support expected to enhance the accessibility of fund advisory services to a broader audience [28].

从政策角度看，该人士表示，随着12月召开政治局会议和中央经济工作会议，确定下一年财政和货币政 策的基调、细化政策工具箱，市场风险偏好可能被提振。此外，货币环境方面，岁末年初，保险等机构 也有布局"开门红"的需求，或为市场提供增量资金。 ◎记者 朱妍 尽管11月A股市场波动加剧，基金投顾却在逆势加仓A股资产。数据显示，11月基金投顾增配幅度最大 的是A股资产。业内人士认为，市场已提前布局跨年行情，机构投资者大概率会"抢跑"布局高景气赛 道。 基金投顾提升A股资产配置 开源证券数据显示，11月共有131只基金投顾组合进行了调仓。其中，A股资产被基金投顾组合增配的 力度最大，远超其他品种，许多基金"专业买手"已开始布局跨年行情。 "所谓A股跨年行情，通常是指在每年11月至次年3月期间，市场基于对第二年的政策、经济和盈利的积 极预期，而出现的一轮阶段性上涨行情。从历史经验来看，跨年行情并非每年都会出现，但出现的概率 较高。通常而言，跨年这个时段，确实对A股比较'友好'。"中欧财富投顾相关人士说。 盈米基金且慢团队在12月策略中直言，市场已开始为2026年春季行情做准备。当下国内股票的短期配置 价值为中性，但中长期具有 ...

当珠江岸线的金融脉搏与投顾行业的变革浪潮同频共振，一场承载行业未来走向的盛会——2025广州投 资顾问大会暨财富管理转型发展会议在广州南沙举办。恰逢此时，易方达财富管理基金销售（广州）有 限公司（下称"易方达财富"）宣告启航，为自身业务进阶与行业实践铺展更具想象空间的路径。 在本次会议现场，易方达财富董事长陈彤对外公布三项突破性变革举措：全面升级策略构建"千人多 面"服务体系、基金投顾和销售不作重复收费让利客户、"低门槛"开放TAMP平台赋能全行业发展，勾 勒出易方达财富从服务内核到生态共建的发展蓝图，助力基金投顾行业高质量发展。 从"千人几面"到"千人多面" 130个精细策略匹配多元需求 "客户需求的多样化与精准匹配能力不足，是制约基金投顾业务发展的首要瓶颈。"陈彤在大会上直言。 回溯行业发展初期，受限于投研能力与平台开发能力，易方达财富最初仅能提供5-10个投顾策略，行业 普遍处于"千人几面"的产品化阶段，客户个性化财富管理需求难以得到满足。而海外成熟市场如美国头 部机构，虽历经40年发展形成300个策略体系，但与国内基金投顾的业务边界存在差异。 经过六年投研积累与系统打磨，易方达财富正式推出130个精细 ...

Group 1 - The core viewpoint of the news is that Yingmi Fund has been recognized for its excellence in investment advisory services, winning multiple awards for its innovative practices and contributions to the industry [1][2][3] - Yingmi Fund has won the 2025 Xinhua Finance Fund Advisory "Golden Advisory Institution" award and the "Advisory Star" award for outstanding contributions to the construction of the advisory ecosystem in Guangzhou, marking its fourth consecutive year of recognition [1] - The company has established itself as a leader in the buy-side advisory sector, demonstrating significant achievements in the innovation of advisory service models and the development of the TAMP platform [1][2] Group 2 - Yingmi Fund launched the first fund combination platform in China in 2016, initiating the buy-side advisory 1.0 era, and has since evolved to introduce the advisory service 2.0 model, which integrates various solutions centered around account management [2] - As of September 2025, the average holding period for clients on the Qieman platform is 772 days, with a profit ratio of 96%, indicating strong client trust and satisfaction compared to self-trading clients [2] - The new "Fellow Traveler Rights System" introduced by Qieman is the first in the industry to use "investment duration" as a core dimension for client rights classification, aiming to encourage long-term holding through positive value incentives [2] Group 3 - Yingmi Fund's TAMP platform has served over 200 institutions, providing essential capabilities for teams and institutions to conduct fund advisory business [3][4] - The TAMP platform is designed to support advisory teams and financial institutions with backend services, including strategy management, portfolio trading, and operational support, thereby enhancing efficiency and professionalism in serving investors [3][4] - Strategic partnerships have been established with institutions such as Yuekai Securities and AVIC Securities to provide comprehensive support in advisory strategy output, product research, and client management [4] Group 4 - Yingmi Fund has launched the "Investment Advisor TAMP Platform Anhui Empowerment Base" project, aiming to set a benchmark for wealth management transformation and buy-side advisory practices in East China and nationwide [5] - The company is actively exploring institutional advisory solutions across six dimensions, including advisory strategy, asset allocation, and technology support, to address the transformation needs of financial institutions [7] - The introduction of AI technology in the advisory service system aims to enhance operational efficiency and compliance management, with the launch of the Yingmi Fund Compliance Review System [8]

Core Insights - The fund advisory industry is entering a rapid development phase, with significant changes in customer demand and behavior, particularly emphasizing "diversified asset allocation" as a key trend in 2025 [1][2] Group 1: Industry Trends - A survey by China Europe Wealth indicates that 71% of clients prefer "diversified asset allocation" strategies in 2025, reflecting a mature investment philosophy focused on risk diversification and stable long-term returns [2] - There is an increasing trend among investors to allocate more to overseas and commodity assets within public funds, indicating a shift towards a more balanced investment approach [2] Group 2: Company Performance - China Europe Wealth's total assets under management for fund advisory services exceeded 10 billion yuan, marking a 135% year-on-year growth [1] - Nearly 90% of clients expressed satisfaction with advisory services, highlighting the importance of trust and reputation in wealth management [1] Group 3: Product Development - The company has launched the "Target Profit" product line in collaboration with brokerage firms, focusing on absolute returns, which has received positive acceptance from users [2] - Customized asset allocation and position optimization services are being offered to high-net-worth clients, showcasing a trend towards personalized financial services [2]