来源：深交所互动易 编者按：为帮助中小投资者了解基金定投方法，更好开展指数化投资，深交所投教基地联合永赢基金共 同推出《小定投大乾坤》系列图文解读。今天是第3期，如果定投遭遇亏损，该怎么应对？ 恰清晰的问尖儿贝基立。 应对 ● 对新手而言,风险分散、简单省心的宽基指数 基金更友好。 若持有主动-行业主题基金 3 结论:若基金质地没问题,亏损可能源于行业周期性波动。 行业基金天然波动大,亏损时需审视行业长线逻辑。 ● 长期逻辑未变:下跌反而是捡便宜筹码的机会, 可坚持甚至适度加大定投。 应对 ● 逻辑生变或看不懂:建议果断止损,避免越套越深。 ● 若没有时间对行业进行深入研究及跟踪,更适合 省心省力的宽基指数基金。 场景 2 市场下跌 定投也在亏损 情形1:才定投就亏损,要不要赶紧赎回? 不必慌张,这或是定投的"黄金开局" 应对建议: 定投的魅力,在于利用市场波动 -- 在低位买入更多 份额,以此拉低平均成本,待市场回暖时获利,这一 过程构成了经典的"微笑曲线"。 若是市场走出最适合定投的"微笑曲线" 初期往往会出现一定的账户浮亏 此时所投入的每一笔资金 都是在为未来的反弹积累关键筹码 官投资利 开始定投 持续 ...

Market Overview - The overall market has risen, closing at a rating of 4.2 stars [1] - Large, mid, and small-cap stocks have all experienced increases, with small-cap stocks rising the most [2][3] - Value style stocks have seen slight increases, while growth style stocks have risen more significantly [4] Investment Perspective - Investors can approach investment from either a trading perspective, focusing on short-term price fluctuations, or a business perspective, which is more aligned with long-term value [7][12] - Short-term market movements are difficult to predict, and most investors struggle to achieve stable returns through short-term trading [11] Value Investing Principles - Benjamin Graham, a mentor to Warren Buffett, emphasized that buying stocks equates to buying companies [13][14] - Investing in index funds is akin to owning a basket of companies, which can provide steady returns through dividends and earnings growth [15][17] - For example, investing in a dividend index fund at a 10x price-to-earnings ratio can yield annual profits of approximately 1,000 yuan, with 400-500 yuan distributed as dividends [22] Earnings Growth and Valuation - The average annualized earnings growth for dividend indices has been around 6% in recent years [23] - Market valuations can fluctuate, leading to short-term price changes, but most of the time, valuations remain stable or undervalued [26][30] - In a bull market, valuations can soar, allowing investors to realize significant returns [28][29] Growth Stocks - Growth stocks typically have higher price-to-earnings ratios, such as 25x for the ChiNext index, but they also offer higher growth rates, with recent earnings growth exceeding 20% [34][35] - The volatility associated with growth stocks is generally greater compared to value stocks [35] Hong Kong Market Insights - The Hong Kong stock market has also seen an overall increase, with technology indices performing particularly well [5][38] - The valuation table for Hong Kong indices is updated regularly for investor reference [40]

Market Overview - The bull market has lasted for a year, with major indices showing significant gains: the North Exchange 50 Index increased by 158%, the Sci-Tech 50 Index rose by 118%, and the ChiNext Index gained 103.49% [1] - Over 1,400 stocks in the A-share market have doubled in price, representing more than 26% of the 5,324 stocks listed, with notable sectors including electronics, machinery, power equipment, computers, and automobiles [1] Fund Performance - A total of 1,276 fund products have doubled in value, with the top 10 performing funds all being actively managed, indicating the strength of fund managers [2] - The best-performing fund, Debon Xinxing Value, achieved a return of 279.93%, with themes including CPO (4 funds), North Exchange (3 funds), and robotics (3 funds) [2][3] Underperforming Funds - Among over 20,000 funds, only 216 reported negative returns, with the worst performer being Dongcai Value Qihang C, which declined by 10.78% [4] - Notably, seven of the worst-performing funds belong to GF Fund, all managed by the same manager, Wang Mingxu [5] Investment Insights - The analysis suggests that during a bull market, holding onto key investments without frequent trading is a wise strategy, as significant profits are made through holding rather than trading [8] - Investors are encouraged to focus on market conditions rather than personal returns when making decisions [8] - Common investment pitfalls include selling too early or buying into losing positions, emphasizing the need for a well-defined strategy [8] - Maintaining a consistent presence in the market allows investors to better navigate fluctuations and refine their trading systems [8]

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].