Core Viewpoint - The article discusses different types of investors during a bear market, emphasizing the importance of long-term investment strategies and the psychological aspects of investing during market downturns [1]. Group 1: Types of Investors - There are various types of investors observed in the current market: those who panic sell, those who are just starting, those who invest conservatively, and those who fear missing out on buying opportunities [1]. - Panic sellers have significantly reduced their investments, with some funds experiencing a decline of 50%-60% since March 2021 [6][9]. - New investors entering the market during a bear phase are in a favorable position, as they can buy at lower prices and develop a healthy respect for market volatility [12][13]. Group 2: Investment Strategies - For new investors, starting during a bear market can be advantageous, as it allows them to buy at lower prices and understand market fluctuations [12][17]. - Investors are encouraged to maintain a stock allocation based on the formula "100 - age," which is a common guideline for long-term asset allocation [20][21]. - In a bear market, it is suggested to increase stock allocations when the market is undervalued, particularly when it reaches around 5-star ratings [22][23]. Group 3: Market Behavior and Psychology - Many investors prefer to buy during market dips, as evidenced by increased subscription rates during low market points [33]. - The ideal scenario for dollar-cost averaging is to have a prolonged bear market followed by a significant bull market, allowing for accumulation of assets at lower prices [35]. - Patience is emphasized as a crucial trait for investors, as markets will eventually recover and present new opportunities [39][41].

Core Viewpoint - The article discusses the performance of the "Active Selection" strategy compared to the CSI 300 index and other equity fund indices, highlighting its ability to generate excess returns in most years since its inception, particularly noting a recovery in 2025 after underperforming in 2024 [1][2][36]. Performance Summary - As of June 30, 2025, the Active Selection strategy achieved a 5.46% excess return compared to the CSI 300 index [1]. - The performance of the Active Selection strategy since its inception shows that it outperformed the CSI 300 and the equity fund index in most years, particularly excelling during the bull market from 2020 to 2021 [4][8]. - Yearly performance data indicates that in 2020, the Active Selection strategy rose by 65.78%, outperforming the CSI 300 by 24.49% and the equity fund index by 5.61% [7][4]. 2024 Underperformance Analysis - In 2024, the Active Selection strategy increased by 6.56%, but underperformed the CSI 300, which rose by 14.68%, resulting in an 8.12% shortfall [11][12]. - The underperformance in 2024 is attributed to market style shifts, particularly a surge in small-cap and loss-making stocks, which the Active Selection strategy does not engage with [14][23]. Investment Strategy Insights - The article emphasizes the importance of investing in companies with strong profitability, as measured by Return on Equity (ROE), and categorizes companies into three groups based on their ROE [15][18]. - The strategy focuses on high-quality stocks, avoiding speculative investments in loss-making companies, which led to its relative underperformance during periods of "speculative trading" in 2024 [23][34]. - Long-term investment in high-performing stocks is advocated, aligning with the principle that stock prices ultimately reflect the underlying company's value over time [37][38].

Core Viewpoint - The article discusses the current market trends, emphasizing the performance of different investment strategies and the importance of selecting fundamentally strong companies for long-term investment success [8][28]. Market Overview - The market experienced slight declines today, with minimal volatility, maintaining a rating of 4.9 stars [1]. - Large-cap stocks like the CSI 300 showed little fluctuation, while small-cap stocks faced more significant declines [2]. - Value style investments overall saw an increase, with dividend and value indices performing strongly [3][4]. Investment Strategy Performance - In the first half of the year, both active selection and index enhancement strategies outperformed the broader market indices, with active selection rising by 5% while the CSI 300 remained flat [8]. - Active selection strategies have shown a historical tendency to outperform the market approximately 60% of the time, indicating a cyclical nature of performance [9]. Stock Selection Criteria - The active selection strategy focuses on choosing stocks with strong profitability, measured by Return on Equity (ROE) [12][15]. - Companies are categorized based on their ROE into three indices: loss-making stocks (negative ROE), marginally profitable stocks (positive but below market average), and quality stocks (positive and above market average) [18]. - Historical data indicates that strong profitability leads to better long-term returns, despite occasional surges in loss-making stocks during specific market conditions [19][25]. Market Dynamics - There have been instances of speculative trading in loss-making stocks, notably in 2014-2015 and projected for late 2024, which can lead to short-term underperformance for quality-focused strategies [19][21]. - Such speculative trends are typically short-lived, reinforcing the notion that long-term stock performance is driven by underlying company profitability [22][24]. Long-term Investment Philosophy - The company advocates for a long-term investment approach, prioritizing companies with solid earnings over engaging in short-term speculative trading [28]. - A quote from Graham highlights the distinction between short-term market fluctuations and long-term value realization, emphasizing the importance of company fundamentals [30][31]. New Features and Tools - A new feature in the "Today Stars" app allows users to access core data and real-time valuations of mainstream ETFs, aiding in identifying undervalued investment opportunities [32][34].

Core Viewpoint - The article emphasizes the importance of continuous learning and investment awareness, particularly for young adults transitioning from high school to university, and highlights various investment opportunities and strategies in the current market environment [4][6][12]. Group 1: Investment Strategies and Market Insights - The article discusses the recognition of Dongfang Securities as a leading investment advisory institution, receiving the "Golden Bull Award" for three consecutive years, indicating strong performance in the investment sector [4]. - It highlights the current market conditions, suggesting that the market remains undervalued, making it a suitable time for active selection and index-enhanced investment strategies [9]. - The article introduces the "Screw Nail Gold Star Rating" and "Screw Nail Gold Bull and Bear Signal Board," which provide insights into gold pricing, historical ratings, and the relationship between gold and real interest rates [10]. Group 2: Personal Finance and Investment Education - The article provides advice for university students, emphasizing the importance of developing investment awareness and good financial habits during their college years [6][8]. - It outlines four essential habits for financial management: limiting the amount of living expenses given at once, maintaining a budget, keeping track of expenses, and trying out investment opportunities [8]. - The article discusses the significance of financial education for children, suggesting a structured approach to teaching financial literacy based on developmental stages [22]. Group 3: Economic Trends and Financial Products - The article notes that the decline in bank deposit rates may lead to a shift in investment towards bonds, high-dividend index funds, and REITs, as investors seek better returns [15]. - It mentions the performance of Hong Kong-listed companies, with a reported year-on-year profit growth of 16.32% in Q1 2025, indicating a positive trend in corporate earnings [14]. - The article explains the concept of "stablecoins," their advantages for retail giants in reducing supply chain costs, and the current regulatory landscape regarding their issuance in mainland China [31].