Core Insights - The article discusses investment strategies, emphasizing the balance between index funds and individual stocks for portfolio diversification and potential higher returns [1][7][12]. Index Funds - Index funds are passively managed and aim to replicate the performance of a specific market benchmark, such as the S&P 500 [4][3]. - Research indicates that approximately 88% of actively managed large-cap funds underperformed the S&P 500 over a 15-year period ending June 30, 2025 [2]. - Investing in index funds is generally recommended for long-term savings due to their lower fees and consistent performance compared to actively managed funds [2][4]. Individual Stocks - Cramer suggests allocating 45% to 50% of a portfolio to five individual stocks that demonstrate innovative products, competitive advantages, and consistent earnings growth [7][10]. - The article highlights the potential for individual stocks to outperform the market, citing Nvidia's 1,291% increase in value over five years compared to the S&P 500's 95% rise [9][10]. - Cramer advises that younger investors may consider including more speculative stocks in their portfolio for greater upside potential, acknowledging the associated risks [8][10]. Insurance Assets - Cramer recommends allocating 5% to 10% of an investment portfolio to "insurance" assets, such as gold and bitcoin, to hedge against market downturns [12][15]. - The price of gold has significantly increased from $1,112.50 per ounce in February 2010 to $4,032.70 in November 2025, demonstrating its value retention over time [13]. - Bitcoin's value has fluctuated dramatically, reaching over $126,000 in October 2025, but it is considered a high-risk investment due to its volatility and regulatory concerns [14][15]. Strategy Evaluation - Cramer's investment strategy is seen as valid but potentially risky, particularly regarding the lack of diversification in the individual stock portion [16]. - Investors are encouraged to conduct thorough research on individual stocks and understand the risks associated with assets like bitcoin and gold [16][17].

文 | 银行螺丝钉 （转载请注明出处） 基金投顾，顾名思义，就是基金的投资顾问。 很多行业都有顾问，特别是一些专业性很强的行业。 例如， 基金投资也是如此。 基金投顾的诞生，正是为了解决基金行业存在的"基金赚钱，基民不赚钱"的问题。 那么，基金投顾有哪些优势？ 是如何通过"投"和"顾"，帮助投资者获得好收益的呢？ 基金投顾是什么? 有什么伺用? 一长按添加@课程小助手,回复「基金投顾」 免费领取《螺丝钉基金投顾入门课》课程 更有课程笔记、思维导图,帮你快速了解基金投顾 基金有风险,投资需谨慎 urnel #螺丝钉小知识 银行螺丝钉 防守与进攻, 基金投资也要均衡搭配 有朋友问,怎么去选择进攻性特别强的 品种? 什么样的品种是进攻性强的? 越立冶 壮妆批程的宜会旦新 宜全级 这里有一门限时免费的福利课程，介绍了基金投顾的方方面面。 想要获取这个课程，可以添加下方「课程小助手」，回复「 基金投顾 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 • 看病吃药，需要医生，医生就是顾问； • 有法律问题，需要律师，律师也是顾问。 似不见, 匹状江出 □]至亚 □ ۳， 至亚红 理通常是成长风格， ...

2025年12月30日，据智通财经报道，鹏华基金原副总经理、知名基金经理王宗合于2025年12月29日因病逝世，其追悼会于2025年12月31日举行。这位曾管 理超500亿资金、并创下公募基金发行认购历史纪录的"顶流"基金经理的离世，引发了业界的广泛悼念与追忆。 12月31日，记者发现，鹏华基金官网变为黑白。 在投资理念上，王宗合以价值投资为核心，秉持"二八定律"聚焦头部行业龙头企业，留下"风雨十三年，茅台同行路"的行业名言。他曾公开表示，选股严 格遵循巴菲特和芒格标准，优先布局高壁垒、ROE可持续、具备复利效应的企业，同时规避高估值成长股投资风险。业绩表现上，其管理的鹏华消费优 选、鹏华养老产业任职回报分别达244.70%、211.40%，年化回报均超10%。 2021年1月，王宗合升任鹏华基金副总经理。2023年起，王宗合因身体原因逐步淡出，当年2月至4月陆续卸任全部在管基金产品，2024年2月6日正式离任 鹏华基金副总经理职务，不再转任其他岗位。 王宗合的职业生涯巅峰期堪称公募基金"造星时代"的缩影。2019年，他精准把握白酒行业行情，管理的鹏华消费优选、鹏华养老产业等产品业绩亮眼，双 双斩获金牛基金奖 ...

元旦假期前的最后一天——2025年12月31日，备受关注的公募基金销售费用新规终于"落地"。中国证监会于当日修订发布了《公开募集证券投资基金销售 费用管理规定》（简称《正式稿》），并明确自2026年1月1日起施行。 据业内人士测算，公募基金费率改革三阶段全部完成后，预计每年会为投资者节省510亿元成本，并让公募基金综合费率水平下降约20%。 一位公募基金债券基金经理告诉记者，债市生态本身较为多元，单一政策变化对基金机构购债积极性的提升效果"不好说"，但相比落地前的不确定 性，"如今有了明确的文件，大家悬着的心总归是放下来了"。 与2025年9月发布的征求意见稿相比，21世纪经济报道记者注意到，此次正式稿中一些细节有所放宽，被业内视为债市投资端的明显利好消息。 针对市场最为关注的赎回费问题，正式稿对债基产品的赎回费给予了部分条件性的豁免：对于个人投资者持有期满7日的指数型基金和债券型基金，以及 机构投资者持有期满30日的债券型基金，基金管理人可另行约定赎回费标准。 | | 贝芬里本亚娱巴贺用 | | | --- | --- | --- | | 持有期 | 正式稿 | 征求意见稿 | | | 2025年12月31 ...

Core Insights - The Sci-Tech Innovation Board (STAR Market) has become a central battleground for technological innovation in China, with the STAR Composite Index (Sci-Tech Composite Index) launched in early 2025, showcasing a significant annual increase of 46.3% and a cumulative rise of nearly 115% since the "9·24" market rally, outperforming major indices like the Shanghai Composite Index and CSI 300 [1][2]. Market Performance - The STAR Composite Index has demonstrated strong market performance, ranking among the top of major broad-based indices, with a 46.3% increase in 2025 and a cumulative increase of 114.97% since the "9·24" rally [2]. - The number of products linked to the STAR Composite Index has expanded from 12 to 58, with a total scale exceeding 26.6 billion yuan, reflecting increased investor interest and product diversity [2][3]. Product Performance - Most products linked to the STAR Composite Index have achieved positive returns, with over 60% of products yielding more than 20% cumulative returns. Notably, the Jiashi STAR Composite Enhanced Strategy ETF has a cumulative return of 43.19%, leading the pack [3][4]. Index Differentiation - The STAR Composite Index provides comprehensive coverage of both industry leaders and growth potential companies, filling a gap in the representation of the STAR Market's overall ecosystem, unlike the more focused Sci-Tech 50 and Sci-Tech 100 indices [4][5]. - The STAR Composite Index serves as a core allocation anchor for investors looking to gain exposure to the entire STAR Market, while the Sci-Tech 50 and Sci-Tech 100 indices cater to different investment strategies [5][6]. Institutional Interest - The STAR Composite Index is increasingly viewed as a long-term allocation option for institutional investors, such as insurance and pension funds, due to its strategic alignment, long-term return potential, and risk diversification capabilities [6][7]. - The average daily trading volume of leading STAR Composite Index ETFs has reached a significant scale, enhancing liquidity and reducing concerns for institutional investors [6][8]. Future Directions - The future of the STAR Composite Index may involve product innovation and the introduction of derivatives, which could activate the market and attract diverse investor preferences [7][8]. - Suggestions for future developments include creating cross-market ETFs, thematic ETFs based on technology sectors, and implementing systematic investment plans to lower barriers for ordinary investors [7][8].

一位公募基金债券基金经理告诉记者，债市生态本身较为多元，单一政策变化对基金机构购债积极性的 提升效果"不好说"，但相比落地前的不确定性，"如今有了明确的文件，大家悬着的心总归是放下来 了"。 与2025年9月发布的征求意见稿相比，21世纪经济报道记者注意到，此次正式稿中一些细节有所放宽， 被业内视为债市投资端的明显利好消息。 21世纪经济报道记者 余纪昕 元旦假期前的最后一天——2025年12月31日，备受关注的公募基金销售费用新规终于"落地"。中国证监 会于当日修订发布了《公开募集证券投资基金销售费用管理规定》（简称《正式稿》），并明确自2026 年1月1日起施行。 彼时曾有机构声音认为，在新规按照征求意见稿落地后，债基的机构投资者可能因收益被削薄、吸引力 下降而选择抛售，进而引发债市负反馈；并且，据银行理财登记中心数据，截至2025年三季度末，理财 持有公募基金规模已高达1.34万亿元，对市场影响体量值得关注。 相比于此前的征求意见稿，本次正式出台的新规被业内普遍视为边际利好，对各类市场参与者而言都带 来了更为明确的预期。 针对市场最为关注的赎回费问题，正式稿对债基产品的赎回费给予了部分条件性的豁免：对于 ...

2025年，公募基金行业迎来新一轮发展高峰，也正式从"规模导向"转向"投资者回报导向" 2025年，中国证监会发布《推动公募基金高质量发展行动方案》，为基金行业转型定调，要求行业机构牢固树立以 投资者最佳利益为核心的经营理念，建立健全基金公司收入报酬与投资者回报绑定机制，实现从重规模向重投资者 回报转型。 与此同时，随着A股市场回暖，公募基金行业迎来新一轮发展高峰。截至2025年11月底，公募基金规模首次突破37 万亿元大关，同比增长15.72%。截至2025年12月31日，全年新成立公募基金产品1553只，同比增长35.87%，创下 近四年发行数量新高。 与政策鼓励相应，权益类基金成为2025年新基金发行市场的绝对主力，当年新发权益类基金共1109只，占新发基金 总数的71.41%，且同比大增56.64%。 权益类基金中，被动型基金自2024年规模首超主动型后，2025年继续快速发展。2025年新发被动指数型股票基金 618只，占新发权益类基金的比例为55.73%。 在公募基金行业变革创新和快速发展的2025年，哪些基金公司紧抓机遇，乘势而上？ 为了探寻企业界、金融界破局引路的标杆力量，"见未来·2025第 ...

Group 1 - The total dividend distribution for public funds in 2025 is close to 250 billion yuan, maintaining a high level, with significant contributions from broad-based ETFs [1] - Bond funds remain the main contributors to public fund dividends, accounting for approximately 70% of the total dividend amount [1] - Major ETFs, particularly leading broad-based ETFs, have shown outstanding performance in single product and single dividend amounts, providing substantial returns to investors [1] Group 2 - A total of 14 funds have implemented single dividend distributions exceeding 1 billion yuan since 2025, with the Huatai-PB CSI 300 ETF exceeding 8 billion yuan in a single distribution [2] - The total dividend scale of ETFs has been steadily increasing, approaching 20%, making them an important force in the dividend market [2] - In terms of dividend frequency, medium to long-term pure bond funds dominate, being the most active in terms of dividend distributions [2] Group 3 - Some ordinary stock funds and mixed equity funds have distributed dividends more than 12 times within the year, indicating a proactive dividend strategy [4] - The rapid expansion of the ETF market has laid the foundation for the continuous increase in dividend scale, with broad-based ETFs becoming significant market tools [4] - Compared to actively managed products, broad-based ETFs offer wide coverage, transparent rules, and convenient trading, better meeting investors' long-term allocation and asset diversification needs [4] Group 4 - The changes in the 2025 fund dividend market reflect the optimization of product structure in the public fund industry and the maturation of investment concepts [5] - The frequent large dividends from broad-based ETFs signify the upgrade of passive investment products from mere "trading tools" to dual attributes of "allocation + income" [5] - The importance of dividends in fund operations has significantly increased, with fund companies placing greater emphasis on dividend arrangements to enhance investor experience and product attractiveness [5]

Group 1 - The CEF/ETF Income Laboratory manages closed-end fund (CEF) and exchange-traded fund (ETF) portfolios targeting safe and reliable yields of approximately 8% to facilitate income investing [2] - The service includes managed portfolios, actionable income and arbitrage recommendations, and in-depth analysis of CEFs and ETFs, catering to both active and passive investors [2] - The community consists of over a thousand members focused on finding the best income ideas, with a majority of holdings being monthly-payers, which aids in faster compounding and smoothing income streams [2]

Group 1 - The total dividend distribution of public funds in A-shares is expected to approach 250 billion yuan by 2025, with bond funds being the main contributors to this total [1] - Bond funds account for a significant proportion of both the total dividend amount and the number of distributions [1] Group 2 - ETFs, particularly leading broad-based ETFs, are increasingly prominent in terms of single product and single distribution amounts, highlighting a key trend in the dividend structure [2] - The total scale of ETFs listed on Chinese exchanges has surpassed 6 trillion yuan, marking consecutive annual increases through 4 trillion, 5 trillion, and now 6 trillion yuan [2] - Stock ETFs dominate the market with a scale of 3.85 trillion yuan, followed by cross-border ETFs (938.91 billion yuan), bond ETFs (804.56 billion yuan), commodity ETFs (256.85 billion yuan), and money market ETFs (179.07 billion yuan) [2] Group 3 - The first ETF in China was listed in December 2004, and it took until October 2020 for the total market to exceed 1 trillion yuan [3] - By 2025, there will be a total of 1,391 ETF products in the Chinese market, with 125 of them exceeding 10 billion yuan in scale and 7 surpassing 100 billion yuan [3]