文 | 银行螺丝钉 （转载请注明出处） 今天大盘盘中上涨，最高的时候摸到4.2星。 到收盘有所回落，还在4.3星，距离4.2星不远。 大盘股下跌，小盘股波动不大。 最近市场还是风格轮动的，不同风格品种都有表现的阶段。 遇到市场波动的时候，价值风格往往更稳定。 自由现金流指数，前段时间比较低迷，最近开始发力，成为最近领涨的品种。 目前自由现金流指数还在低估，不过距离正常估值也不远了。 含有价值风格比较多的月薪宝，今天也上涨。 消费最近也开始发力。 港股今天也整体下跌。 港股科技股等成长风格下跌略多，港股红利等跌幅比较小。 历史上牛市上涨过程中，也不会是一帆风顺的。 即便是2007、2015年牛市，中间也有过数次回调。 也要做好面对波动的心理准备～ 1. [大吉大利，今天吃基] 第379期的螺丝钉定投实盘来啦。 时间：2025年8月26日 方案：定投买入 品种： 指数增强投顾组合： 回到正常估值，暂停定投，继续持有。后面回到低估后继续。 主动优选投顾组合：9668元 月薪宝投顾组合：10000元 最近市场上涨，本周发车金额有所降低。 本周： · 指数增强组合回到正常估值，暂停定投，继续持有。后面回到低估后继续。 ...

红利+黄金：最大回撤的有效控制 持有"中证红利+黄金"的投资组合可以有效地提示组合的风险收益比，同时降低最大回撤。虽然在近年黄金处于牛市，但若配置一定红利后，可以提高配置 的风险收益比，尤其在控制最大回撤方面效果较好。 在 2021年8月至2021年12月期间，全球经济从疫情冲击中逐步复苏，市场对风险资产的偏好有所回升，黄金回撤但股票市场的表现较好，红利的上涨有效对 冲黄金的下跌，降低组合净值波动，从而提升投资者的投资体验。 在资产配置的迷宫中，投资者总在寻找那颗能够平衡风险与收益的"全能拼图"。它最好既能分享经济周期的红利，又能抵御市场下行的波动；既具备股票的 成长潜力，又拥有债券般的稳定收益。这样的资产，真的存在吗？答案或许就藏在红利类资产之中。它如同一位拥有双重身份的实力派：一方面，其成分股 扎根于煤炭、石化、金融等与经济周期紧密相连的领域，与商品波动同频，展现出强烈的"股性"；另一方面，高股息特性赋予它定期分红的"类债"属性，尤 其在利率下行的当下，成为资金追逐的"避风港"。 正是这种独特的跨资产属性，让红利资产成为了投资组合中高效的"平衡器"。无论是与债券、黄金、商品搭档，还是与成长型权益资产为伍， ...

Group 1 - The classic dividend indices, such as the Shanghai Dividend Index and the CSI Dividend Index, rely on dividend yield for stock selection [2] - In recent years, dividend indices have been evolving continuously [3] - Dividend yield is calculated as dividends divided by market capitalization, indicating that the evolution focuses on either dividends or market value (stock price) [4] Group 2 - There are currently three main categories of dividend indices: 1. Dividend + Leader: Companies that are industry leaders with strong competitive advantages and stable dividends [5] 2. Dividend + Quality: Companies with high Return on Equity (ROE) and high dividends, indicating strong profitability and stable dividends [5] 3. Dividend + Growth: Companies with sustained profit growth and increasing dividends [5] - In overseas markets, there are dividend aristocrat indices that select companies with a history of increasing dividends for 10-20 consecutive years, which are not yet present in the domestic market [6] Group 3 - There are stock selection criteria based on industry or company type: 1. Dividend + Industry: For example, consumer dividends, as the consumer sector generally has stronger profitability and stable dividends compared to other sectors [7] 2. Dividend + State-Owned Enterprises: Central and state-owned enterprises have strong competitive advantages in society and stable dividends [7] - The underlying goal of these criteria is to select companies with stable profitability, which in turn leads to more stable dividends [7] Group 4 - There are also criteria based on market value volatility: - Dividend + Low Volatility: In cases of equal returns, lower volatility enhances the investor experience [8]

Core Viewpoint - The article emphasizes the importance of managing investment risks and optimizing potential returns in the current market environment, suggesting strategies for both risk reduction and return enhancement [1][10]. Risk Reduction Strategies - Utilize short-term funds for investment in funds to avoid the "recency effect" and prevent hasty decisions driven by market trends [2]. - Prioritize investing with funds that are not needed for at least one year, and avoid going all-in [3]. - Implement the "lifecycle method" to determine the appropriate allocation to equity assets based on age, suggesting a formula of (80 - age) / 80 * 100% for equity allocation [6][7]. - Diversify investments across low-correlation funds to smooth out volatility, focusing on both the number of funds and the sectors/styles of investment [8][9]. Return Enhancement Strategies - Choose better trading times, emphasizing the principle of "buy low, sell high" and the importance of patience in holding investments [11][13][15]. - Extend the investment horizon to capture higher returns, as many successful investments require time to realize gains [14][16]. - Select superior investment targets, recommending passive indices during certain market phases and suggesting a diversified approach to index investments [17][18]. Conclusion - The article concludes that successful investing is fundamentally about "buying low and selling high," yet many investors struggle with emotional biases that lead to poor decision-making [19][20][21].

| 深证红利 | 16.42 | 0.78 | 4.19 | | --- | --- | --- | --- | | 央企股东回报 | 14.32 | 0.7 | 4.38 | | 中证国企红利 | 11.69 | 0.63 | 4.37 | | 中证红利 | 8.83 | 0.5 | 4.44 | 标普红和目日562060 联接A 501029 联接C 005125 · 同为红利·谁更给力? =近一年标普红利指数涨超20%超越主流红利 __ 指数简称 近一年收益率% 夏普比率 股息率% 20.74 1.02 5.27 标普A股红利 16.79 0.91 4.12 中证央企红利 MACD金叉信号形成，这些股涨势不错！ 责任编辑：杨赐 ...

Market Overview - The recent market performance has been strong, with the Shanghai Composite Index and CSI 1000 reaching two-year highs, while the CSI 300 and ChiNext ETF have seen four consecutive months of gains, marking year-to-date highs [1] - Despite poor macroeconomic data such as CPI and PPI, unexpected positive results in imports and exports have contributed to market optimism [1] - The margin trading balance has consistently remained above 2 trillion, indicating a robust market sentiment [1] Investment Trends - The insurance asset growth rate was 20% last year and is expected to remain strong at 16% this year, providing a steady inflow of capital into the market [1] - Global fund managers have shown increased confidence in the Chinese economy, with a recent survey indicating the highest confidence level in five months [3] - There is a notable interest from institutions in Chinese stocks, with a focus on which stocks peers are heavily investing in [3] Company Insights - JD's 7Fresh is planning to open 10,000 stores in three years and invest 10 billion, aiming to innovate in the fresh food sector through AI and automation [3] - The company’s heavy asset model aligns with its logistics and self-operated strengths, potentially disrupting the prepared food market [3] IPO and Market Opportunities - The upcoming IPO of Tianyue Advanced, a leading semiconductor materials manufacturer, is noteworthy, with a fundraising target of 1.938 billion and a significant discount compared to A-shares [6] - The probability of the stock breaking below its issue price is low, making it an attractive investment opportunity [6]

Core Viewpoint - The article emphasizes the importance of dividend low-volatility strategies for investors seeking stable returns without the need for market timing, highlighting the growing demand for investment products that provide a sense of certainty and lower risk exposure [4][6]. Group 1: Investment Strategies - Investors are increasingly looking for dividend funds that offer a high sense of gain, which can outperform cash management tools while minimizing the volatility associated with equity assets [4]. - Among various dividend investment strategies, the dividend low-volatility index has shown to have lower drawdowns and better meet the needs of clients seeking certainty [5][6]. Group 2: Performance Metrics - The article presents a comparison of different dividend indices, showing that the dividend low-volatility index has an annualized return of 18.4% since its inception, with a maximum drawdown of -13.5% and a dividend yield of 4.9% [5]. - The analysis of rolling returns from 2019 onwards indicates that the percentage of positive returns increases with the holding period, reaching 100% for periods of 2 years or more [13][14]. Group 3: Long-term Investment Value - The average return also improves with longer holding periods, with a mean return of 24.65% for 2 years and 38.40% for 3 years, indicating that longer investments yield better outcomes [13]. - The distribution of returns becomes more concentrated in the positive range as the holding period extends, suggesting a more stable long-term investment experience [14]. Group 4: Investor Considerations - Investors are encouraged to set personal "gain thresholds" to determine acceptable levels of positive returns over specific holding periods, which can help in selecting suitable products aligned with their investment goals [17]. - The article suggests that the importance of holding the dividend low-volatility index outweighs the need for market timing, advocating for a long-term investment approach [16].

Core Viewpoint - The article emphasizes the increasing interest of investors in dividend strategies as a response to market volatility and low interest rates, highlighting the importance of companies that generate consistent cash flow and share it with shareholders [2][26]. Group 1: Dividend Strategy - Dividend is a method for companies to return earnings to shareholders, typically in cash or stock, with a focus on high dividend yield as a core selection strategy [4][6]. - The appeal of dividend strategies lies in their dual nature: providing stable cash flow akin to bonds and potential capital appreciation through market undervaluation [6][30]. - The high dividend strategy, represented by the CSI Dividend Low Volatility Index, has outperformed the Wind All A Index 77% of the time from 2013 to the present [6][7]. Group 2: Mainstream Dividend Indices - There are three main types of dividend indices: traditional dividend strategies focusing on high dividend yield, enhanced dividend strategies incorporating additional factors, and Hong Kong dividend strategies benefiting from unique market conditions [8][10][12]. - Traditional dividend strategies emphasize high dividend yield from mature industries, while enhanced strategies aim for richer return characteristics by adding factors like low volatility and high ROE [10][11]. - Hong Kong dividend strategies leverage lower valuations and higher yields, presenting unique investment opportunities despite potential currency risks and dividend taxes [12][15]. Group 3: Configuration Logic - Dividend assets are increasingly seen as advantageous in the current market environment, providing a stable investment option amid economic transitions [20][26]. - The article discusses the "barbell strategy," where dividend funds can complement small-cap growth investments, balancing high-risk and low-volatility assets [22][23]. - As the risk-free interest rate declines, traditional fixed-income assets lose appeal, making high-dividend blue-chip stocks more attractive for long-term investors [29][30].

Market Overview - The market experienced a V-shaped movement today, with an overall decline in the morning followed by a rebound in the afternoon, maintaining a rating of 4.8 stars [1] - The CSI 300 index saw a slight increase, while small and medium-sized stocks experienced a minor decline [2] - Both value and growth styles faced declines [3] Banking Sector - The banking index has shown significant volatility in recent days [4] - Last Friday, the banking index reached a high valuation before undergoing a correction [5] Growth Sectors - The ChiNext and other growth styles saw an increase [6] - Hong Kong stocks remained relatively strong, with a significant rise occurring after the close of A-shares, particularly in technology stocks, which led to a more than 2.5% increase in the Hong Kong technology index [6] Industry Recovery - In this bear market, the technology and pharmaceutical sectors were the first to show signs of earnings recovery [7] - In the first quarter of this year, the technology and pharmaceutical sectors experienced year-on-year profit growth, contributing to the rise in Hong Kong's technology and pharmaceutical stocks [8]

Core Viewpoint - The overall market showed a positive trend with major indices rising, indicating a strong performance in both growth and value styles, particularly in the small and mid-cap sectors [1][2][3][4][5][6]. Market Performance - The CSI All Share Index surpassed 5000 points, nearing the closing levels seen after the last National Day holiday [2]. - All market caps, including large, mid, and small caps, experienced gains, with small-cap indices showing slightly higher increases [3]. - The growth style exhibited strong momentum, while the value style saw modest gains, typically being more resilient during downturns but less aggressive in upward trends [4][6][7]. - The Hong Kong stock market also experienced an overall increase, with technology stocks leading the gains, as evidenced by the Hang Seng Technology Index rising by 1.8% [8][9]. Investment Advisory Promotions - The company is offering a limited-time 50% discount on advisory fees for its investment portfolios, aimed at reducing costs for investors [10][12][13]. - The promotional period for the advisory fee discount is from July 1, 2025, to December 31, 2025, applicable to all shares held during this time [13]. - The fee structure is designed to be investor-friendly, utilizing a "percentage + annual fee cap" model, which automatically selects the most cost-effective option for investors based on their investment amounts [15]. Investment Strategies - The company emphasizes a systematic investment approach, encouraging investors to adopt a "periodic but variable" strategy, investing more when valuations are low [22][33]. - The importance of adhering to a pre-defined investment plan to avoid emotional decision-making during market fluctuations is highlighted [32][33].