Core Viewpoint - The article discusses strategies for investors to exit the market during a bull run while preserving profits and managing risks effectively [2][5]. Group 1: Exit Strategies - Gradual profit-taking method: Investors should set a safety line for their principal (e.g., recover principal when total assets reach 130% of the principal) and have profit targets (e.g., sell in batches when profits reach 50% or 100%) [3]. - Technical signal assistance: Investors should monitor key moving averages and chart patterns (e.g., M-top, head and shoulders) to identify potential market tops [3]. - Emotional indicators: Increased public discussion about the stock market and extreme optimism in broker reports can signal a market top [3]. Group 2: Options Hedging Strategies - Options can provide a form of insurance against market downturns, allowing investors to maintain exposure while limiting losses [4][14]. - The use of synthetic long positions (buying calls and selling puts) can help mitigate risks associated with ETF options trading [4]. - The debate exists regarding the effectiveness of options in slow-moving markets, where premium decay can significantly impact returns [4]. Group 3: Market Top Characteristics - Policy signals such as regulatory crackdowns and changes in monetary policy can indicate a market top [4]. - Large-scale selling by institutional investors and rising government bond yields are also warning signs [4]. - Structural performance issues, such as stagnation in brokerage stocks and a lack of broad market participation, can signal caution [4]. Group 4: Investor Sentiment Management - Common pitfalls include attempting to perfectly time the market top and the dangers of premature exits [5]. - Discipline is crucial; investors should wait for the right moment to re-enter the market after exiting [5]. - Acknowledging that profits can be made without trying to catch every market movement is essential for long-term success [5]. Group 5: Additional Strategies - Transitioning to defensive stocks and short-term bond funds can help lock in profits during uncertain market conditions [5]. - Preparing for extreme scenarios and maintaining a cautious approach can safeguard against potential downturns [5]. - The importance of having a clear trading plan and executing it rigorously is emphasized [5].

Core Viewpoint - The article highlights the strong performance of the GF Quantitative Multi-Factor Mixed Fund (005225), which has achieved a cumulative return of 109.93% since its inception on March 21, 2018, significantly outperforming its benchmark across various time frames [1]. Group 1: Fund Performance - The GF Quantitative Multi-Factor Fund has a high equity position of 91.75%, with a diversified portfolio that includes six stocks with a total market capitalization below 10 billion, accounting for 8.35% of the fund's net asset value [2]. - Over the past year, the GF Quantitative Multi-Factor Fund has outperformed the National Securities 2000 Index by 30 percentage points, achieving a return of 54.33% compared to the index's performance [2]. - The fund's monthly win rate against the National Securities 2000 Index is 81%, with an average monthly excess return of 1.20% since the current fund managers took over [3]. Group 2: Investment Strategy - The fund employs a dual-engine model combining traditional quantitative multi-factor models with advanced machine learning techniques to enhance factor discovery and integration [4][5]. - The fund managers utilize AI tools to identify hidden pricing patterns and improve the efficiency of alpha factor extraction, addressing the limitations of traditional models [5]. Group 3: Other Quantitative Funds - The article also discusses other quantitative funds under GF, such as the GF Multi-Factor Mixed Fund (002943), which has consistently outperformed major indices over the past seven years [6][7]. - GF has a diverse range of quantitative products, including Smart Beta strategies, which focus on small-cap style enhancement [7]. Group 4: Dividend and Value Strategies - The GF Stable Strategy Fund (006780) employs a combination of subjective and quantitative approaches to capture dividend opportunities, achieving a return of 25.93% in 2024, outperforming the benchmark by 7.17% [10]. - The GF High Dividend Preferred Fund (008704) focuses on high-dividend, low-valuation stocks, achieving a year-to-date return of 12.10%, significantly surpassing the performance of the benchmark indices [14][15].

凤凰网财经正在寻觅一位有着丰富行业经验和深厚专业知识的金融编辑（基金方向），与我们一同深耕 基金领域，共创优质财经内容。 在这里，你将负责这些重要工作 ·具备 2 年以上 财经媒体或金融（基金）行业从业经验，熟悉基金行业运作模式和相关知识。 ·拥有较强的抗压能力，能从容应对高强度的工作节奏，并且有意愿、有决心在基金行业深耕细作，不 断提升自我。 ·如果你有10W + 的代表作，那将是你的加分项，我们热切期待看到你用文字创造的影响力。 加入我们，你将与一群热爱财经、专业严谨的伙伴共事，在凤凰网财经这个广阔的平台上，接触最前沿 的行业资讯，积累丰富的人脉资源，不断提升自己的专业素养和业务能力。这里有完善的福利体系、具 有竞争力的薪酬待遇，更有无限的发展空间等着你去探索。 如果你对这个岗位感兴趣，且符合我们的要求，我们希望收到你的简历，让我们看到你的才华与潜力。 凤凰网财经期待你的加入！ ☞简历请发送：zenggj@ifeng.com ·独立解读基金财报、上市公司财报，从繁杂的数据中提炼关键信息，撰写专业、易懂的稿件，让有价 值的内容触达更多用户。 ·时刻紧盯行业动态，快速跟进行业热点事件，以独特的视角和敏锐的洞察 ...

Core Viewpoint - The article emphasizes the importance of asset allocation as a solution to the challenges faced by investors, advocating for a structured approach to investment through the "Snowball Three-Point Method" which focuses on diversification and long-term strategies [3][6]. Group 1: Investment Challenges - Many investors fall into common traps such as believing they can time the market perfectly, leading to poor decision-making and losses [5]. - Data indicates that most investors fail to outperform the funds themselves, not due to poor fund selection, but because they struggle to hold onto their investments [5]. Group 2: Snowball Three-Point Method - The core principle of the Snowball Three-Point Method is summarized in twelve words: "Do not predict, only respond, diversify investments, and win passively" [8]. - The method includes three types of diversification: asset diversification, market diversification, and time diversification [9]. Group 3: Asset Diversification - Different asset classes (stocks, bonds, commodities) have distinct return characteristics and low correlation, which helps in risk hedging [10]. - Historical correlation analysis from 2003 to 2023 shows that stocks, bonds, and commodities have low correlations, indicating the benefits of diversified asset allocation [11]. Group 4: Market Diversification - Global economic conditions lead to varying asset performance across different markets, which can further smooth out portfolio volatility [12]. - Correlation analysis from 2021 to 2024 shows that different global indices exhibit low to negative correlations, reinforcing the need for market diversification [13]. Group 5: Time Diversification - Regular investment through methods like dollar-cost averaging can mitigate the risks associated with market timing [14]. - Time diversification allows investors to achieve an average market cost over time, reducing the impact of volatility [15]. Group 6: Dynamic Adjustment and Rebalancing - Initial asset allocation should not be static; adjustments should be made based on changing asset performance and market conditions [16]. - Dynamic rebalancing helps maintain the original asset allocation ratios, facilitating a buy-low, sell-high strategy [17][18]. Group 7: Practical Implementation of the Three-Point Method - The implementation involves three steps: risk assessment to customize investment plans, selecting funds from a curated pool, and ongoing dynamic rebalancing [20][22][26]. - The article provides examples of asset allocation strategies for different risk profiles, illustrating how to construct a personalized investment portfolio [21]. Group 8: Half-Position Strategy - The half-position strategy balances market exposure and risk, allowing for flexibility in responding to market fluctuations [29]. - This strategy involves maintaining a balanced allocation between equities and fixed income, which helps manage both risk and opportunity [30]. Group 9: Specific Asset Allocation Recommendations - The recommended allocation includes 50% in fixed income (with a focus on domestic bonds), 45% in equities (with a mix of domestic and international), and 5% in commodities, primarily gold [32][34][35]. - The rationale for these allocations is based on current market conditions, expected returns, and risk considerations [33][36].

在笔者看来，公募基金作为普惠金融的重要载体，理应坚守"以投资者为本"的初心。《推动公募基金高 质量发展行动方案》明确强调，要强化业绩比较基准的约束作用，加强透明度建设，引导基金管理人专 注长期投资、价值投资。然而，在这起事件中，基金公司不仅没有向投资者充分揭示净值暴涨的真实原 因，反而将异常收益纳入长期业绩曲线，利用信息不对称制造投资幻觉，本质上是把短期技术性波动包 装成了投资业绩。这不禁让人质疑：这种做法是否符合基金管理人最基本的诚信原则？又是否对广大基 民负责？ 投资者选择公募基金，看重的是专业机构的投资能力和风险管控水平。浑水摸鱼式的营销虽然短期内可 能吸引资金流入，但从长期来看，却是在透支基金公司自身的声誉和行业公信力。 笔者认为，要规范此类行为，需要多方形成合力。监管部门应进一步完善基金净值异动披露规则，要求 基金公司对单日净值的大幅波动进行及时详细说明，并明确禁止利用技术性波动进行不当营销；基金公 司更需回归本源，将精力放在提升投研能力和开展投资者教育上，而非钻研"保壳"技巧；销售机构与平 台方则应坚守信息中介的职责，对夸大收益、隐匿风险的内容实施算法降权与人工下架。当然，投资者 也扮演着不可或缺 ...

文 | 银行螺丝钉 （转载请注明出处） 远一批伍倡肽的股票纳入，把上涨任值局 的股票剔除。 相当于自带低买高卖的策略。 那一年后,这些指数的估值,就会比一年 前低一截。 这也是为何价值风格指数比较少到高估的 原因。 不过比较少到高估，不是说历史上没有到 过高估。 例如2007年、2009年、2015年这几次1-2 星级别牛市高位的时候,很多价值风格指 数也是达到高估泡沫的。 只是平时一些小的牛市行情，价值风格指 数到高估相对较少。 如果没到高估，也并不妨碍价值风格指数 上涨。 例如在2018年5星，当时咱们也定投过中 证红利、红利机会等基金。 假设红利、价值等指数，在某个点数，维 持横盘震荡一整年。 (2) 红利指数每年4%-5%的股息率。 (3) 剩下的收益,来自指数背后公司盈利 增长。 不过这种自带低买高卖，主要在价值风格 当时定投的一些红利类、低波动类基金, 持有到现在，也有60%-70%的收益率。 指数基金净值=估值*盈利+分红。 (1) 期间红利指数没有到过高估。 2018年到2025年8月，中证红利大约从8倍 上下，提升到10倍上下的市盈率。 「估值提升」 贡献了25%上下的回报。 ▼点击阅读原 ...

8月13日，ETF两市成交额4100.49亿元。截至收盘，ETF两市成交额报4100.49亿元，分类型来看，股票 型ETF成交额1655.01亿元，债券型ETF成交额1581.40亿元，货币型ETF成交额333.91亿元，商品型ETF 成交额38.37亿元，QDII型ETF成交额491.81亿元。 万只基金时代，选择一款合适的投资工具，已成为影响收益的关键因素。 公募基金数量突破万只，投资者面临前所未有的信息过载问题。在这个背景下，各大财经平台纷纷升级 基金服务，从单纯的行情展示向投顾服务、智能组合及社区互动等多元领域拓展。 面对支付宝、天天基金、京东金融、腾讯理财通等众多选择，专业投资者许文臣经过深度体验后，最终 将新浪财经APP作为基金投资的主要阵地。 02 平台横向对比 2025年的基金市场呈现出前所未有的繁荣与复杂。公募基金数量已突破万只大关，投资者在享受丰富选 择的同时，也深陷选择焦虑。 京东金融最新数据显示，平台年轻投资者占比持续攀升，25岁至35岁群体占40%，18岁至25岁的"Z世 代"占20%。这些数字型原住民在基金投资时，既追求便捷体验，又渴望专业深度。 各大平台费率竞争日趋白热化。招商银 ...

Market Performance - A-shares' three major indices collectively rose, with the Shanghai Composite Index achieving an eight-day winning streak, reaching its highest level since December 2021, closing up 0.48% [1] - The Shenzhen Component Index increased by 1.76%, while the ChiNext Index rose by 3.62% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 21,509 billion [1] ETF Performance - The top-performing ETF was the ChiNext 50 ETF (159367), which surged by 6.89% [2] - Other notable ETFs included the Communication ETF (215880) and Communication Equipment ETF (159583), both rising by 6.45% [2][3] - Several AI-related ETFs also saw significant gains, with the ChiNext AI ETF (Dacheng) increasing by 6.25% [3] AI Industry Developments - Kimi K2's new model ranked first in daily downloads on Hugging Face, while Baidu AI Search led in monthly active users domestically [4] - OpenAI launched its new flagship AI model, GPT-5, which integrates capabilities from various models to enhance performance [5] Banking Sector Insights - Bank-related ETFs experienced collective declines, but there is potential for growth driven by increased insurance capital allocation to bank stocks [6] Trading Activity - The Hong Kong Securities ETF (513090) had the highest trading volume, reaching 24.636 billion [8] - The turnover rate for the Shenzhen 100 ETF (Rongtong) was the highest at 392% [9] Upcoming ETF Launch - A new product, the Hong Kong Stock Connect Dividend ETF (159277), is set to launch, tracking the CSI Hong Kong Stock Connect High Dividend Investment Index [10]

Core Viewpoint - The resignation of Zhai Xiangdong from the position of fund manager at China Merchants Fund has been confirmed, with speculation that he may join a private equity fund, possibly Hillhouse Capital [1][2][3] Fund Manager Resignation - Zhai Xiangdong's departure is part of a broader trend, with 242 public fund managers leaving their positions in 2025, a 14.15% increase compared to the previous year [1][16][18] - Other notable fund managers who have left this year include those from various well-known funds, indicating a significant turnover in the industry [1][16] Performance and Management - Zhai Xiangdong managed the China Merchants Advantage Enterprise Fund, which achieved a return of 124.59% during his tenure, significantly outperforming the benchmark indices [5][6] - The fund's performance in 2023 and 2024 was strong, with returns of 27.25% and 30.16% respectively, but faced challenges in the second quarter of 2025, resulting in a net value decline of 3.63% [6][10] Transition and Successor - Lu Wenkai has been appointed as the co-manager of the China Merchants Advantage Enterprise Fund, bringing nearly seven years of fund management experience [12][13] - Lu's investment style is more balanced compared to Zhai's focus on high-risk, high-reward strategies, indicating a potential shift in the fund's management approach [13] Industry Trends - The trend of fund managers moving from public to private equity is attributed to better compensation structures and greater investment freedom in private firms [19] - The public fund industry has seen a shift from expansion to a more competitive environment, leading to increased turnover among fund managers [18][19]

Core Viewpoint - The newly launched fund managed by star fund manager Jia Chengdong has experienced a significant decline of 8.2%, ranking second to last among similar products, despite the overall A-share market rising nearly 10% [3][4]. Fund Performance - The fund "Shenwan Lingxin Industry Selected Mixed A" has a year-to-date return of -8.23% and an annualized return of -37.81% since its inception [4]. - In comparison, the benchmark index "CSI 300" has shown a year-to-date return of 5.28% and an annualized return of 40.51% over five years [4]. Fundraising and Management - The fund raised a total of 1.219 billion yuan, with 10,477 effective subscriptions, making it the fourth actively managed equity fund this year to exceed 1 billion yuan in initial fundraising [6][8]. - Jia Chengdong, previously managing assets of up to 18 billion yuan, was appointed as the deputy general manager of Shenwan Lingxin Fund in March 2025 [8][12]. Employee Complaints - Employees of Shenwan Hongyuan Securities have reported being pressured to purchase their own products, leading to dissatisfaction among investors [4][19]. - The fund's management has denied allegations of forcing employees to invest, stating that such rumors are untrue [21]. Market Context and Challenges - The fund's poor performance comes amid a favorable market environment, raising concerns about the fund manager's market timing abilities [20][22]. - The situation highlights ongoing issues within the public fund industry, such as prioritizing sales over management and the potential risks associated with aggressive investment strategies [22].