以下文章来源于大马哈投资 ，作者我叫大马哈 大马哈投资 . 雪球2021年度基金影响力账号，做专业靠谱有深度的基金研究 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 大马哈投资 来源：雪球 过去几年 " 红利为王 " 的市场背景使得红利资产从几年前的 小众策略 进入到 " 无人不知无人不晓 " 的阶段 。 尽管去年9.24以来投资者风险偏好提升 ， 市场风格转为成长 ， 但投资者对红利资产的配置热情依旧不减 ， 红利类基金规模维持着快速的增长 。 尤其是最近一段时间 ， 随着市场波动的加大 ， 投资者们对红利资产的配置价值的讨论明显增多 。 不过 ， 在配置红利类资产的过程中 ， 很多投资者也会出现各种疑问 ， 比如该什么时候配置红利 ？ 市面上红利类指数这么多 ， 该如何选 ？ 哪 只红利类指数长期会表现最好 ？ 等类似林林总总的问题 ， 关于大家的这些疑问 ， 今天咱们就来聊聊这些大家关注度颇高的问题 。 一 、 红利投资并非坦途 尽管红利投资很受欢迎 ， 但客观来说红利投资并非坦途 。 先说红利指数的投资时点 ， 尽管 ...

Core Viewpoint - The article emphasizes the importance of constructing a balanced investment portfolio that combines equity and bond assets to manage risk and achieve expected returns. It discusses strategies to reduce portfolio volatility without significantly reducing equity exposure [4][8]. Group 1: Portfolio Construction - The framework for building a portfolio involves a mix of equity and bond assets, where bonds act as a shield and equities as a spear to balance volatility [8]. - The article suggests using a "risk parity" strategy to lower equity weight, thus reducing overall drawdown risk, but notes that this may compromise expected returns [4]. - To mitigate volatility without drastically cutting equity allocation, diversifying across different markets and styles is recommended [5]. Group 2: Index Styles and Characteristics - A detailed document categorizes common indices by style, aiding investors in constructing their portfolios based on style preferences [6]. - The article outlines various index styles, including broad-based indices like the CSI 300 and sector-specific indices that focus on growth, such as the ChiNext and STAR Market indices [16][18]. - It highlights the importance of understanding the characteristics of different indices, such as market capitalization and style orientation, to achieve a balanced portfolio [8][24]. Group 3: Examples of Balanced Portfolios - The article provides examples of balanced portfolios, such as combining the CSI 300 with growth-oriented indices like the ChiNext, illustrating the "barbell strategy" [18]. - It emphasizes the use of core broad-based indices as starting points for portfolio construction due to their diversified nature and balanced style [15]. - The article also discusses the role of strategy indices, which can enhance portfolio diversity and richness by incorporating various investment styles [19][23].

Group 1 - The core viewpoint of the article emphasizes the importance of understanding fund selection rules and market timing to avoid significant investment losses [1][3][4] - The China Securities Regulatory Commission (CSRC) is promoting reforms in public funds, encouraging the development of "low-volatility" products and faster registration for index funds, such as ETFs [1][6] - Historical performance data shows a stark contrast in annualized returns between different indices, highlighting the potential impact of fund selection on long-term investment outcomes [1] Group 2 - The first pitfall in fund selection is not understanding the fund's rules, which can lead to poor investment decisions, such as buying high and selling low [3][4] - The second pitfall involves purchasing funds at high prices during market peaks, which can result in significant losses, especially if the investor follows market trends without considering valuations [4][6] - Recommendations for fund selection include focusing on funds with rules favoring low valuations and high dividends, buying during low market valuations, and cautiously testing new funds with reliable rules [6]