Core Insights - The company achieved a total profit of 1.843 million in 2025, with a return rate of 33.89% [1][14] - The company primarily operates three investment accounts: on-exchange ETF account, off-exchange fund account, and advisory portfolio account [1] On-Exchange ETF Account - The on-exchange ETF account reported a profit of 438,046.77, with a return rate of 39.01% for 2025 [4] - The account's core holdings include Hong Kong innovation drug ETF, Hong Kong technology ETF, and Hong Kong consumer ETF, focusing on the Hong Kong market [4][5] - The account has shown stability, with 9 out of 12 months being profitable, indicating a monthly win rate of 75% [4] Off-Exchange Fund Account - The off-exchange fund account has assets of 5.4 million, with a profit of 1.325 million and a return rate of 33.89% [3][8] - The account's main holdings are in resource and technology funds, with significant contributions from resource funds [9] - The account has also shown stability, with 8 out of 12 months being profitable, resulting in a monthly win rate of over 66% [9] Advisory Portfolio Account - The advisory portfolio account has assets exceeding 1.2 million, with a cumulative profit of around 80,000 [13] - The portfolio focuses on long-term investments, with holdings in various funds, including medical and consumer sectors [13] - The account's strategy includes maintaining a maximum position of 15% in any single sector to manage risk [12][13] Market Outlook for 2026 - The company plans to adopt a more defensive strategy in 2026 due to high valuations in the A-share market, while the Hong Kong market remains relatively reasonable [17][18] - The company aims to reduce its overall position to around 60% if the market continues to rise, focusing on undervalued sectors with potential [21] - Key sectors for 2026 include Hong Kong technology, defense industry, and innovative pharmaceuticals, which together represent 50% of the overall portfolio [26][27]

Core Viewpoint - The investment accounts managed by the company have shown a mixed performance this year, with a total profit of 1.9 million yuan, down from a peak of 2.3 million yuan earlier in the year, indicating a drawdown of 400,000 yuan [2][3]. Group 1: Account Performance - The total assets in the on-market ETF account amount to 2.6 million yuan, while the off-market fund account holds 5.4 million yuan, and the advisory portfolio has 1.2 million yuan [7]. - The on-market ETF account has a year-to-date profit of 460,000 yuan, with a current yield of 40.19% [5][6]. - The off-market fund account has a year-to-date profit of 1.338 million yuan, with a yield of 34.21% [15][16]. Group 2: Investment Strategy - The company has shifted its strategy by reducing its position in a value ETF by 100,000 yuan and reallocating that amount to the Hang Seng Consumer ETF, which has seen a decrease in floating profit from 11% to 8% [4]. - The rationale for this shift includes the belief that consumer valuations are at historical lows and that there will likely be consumption stimulus policies next year, which could improve industry sentiment [5]. - The core holdings in the on-market ETF account focus on Hong Kong stocks, with significant investments in sectors such as innovative pharmaceuticals, technology, and consumer goods [8][9]. Group 3: Market Trends - The recent downturn in the Hong Kong stock market has not changed the company's long-term investment logic, which emphasizes the valuation advantages of Hong Kong stocks compared to A-shares [10]. - The company has noted that the recent performance of aerospace and satellite ETFs has been strong, contributing significantly to this week's profits [11]. - The company adheres to a philosophy of avoiding high-risk investments and focusing on undervalued sectors for long-term gains [12]. Group 4: Precious Metals Market - The precious metals market has experienced significant price increases, with platinum prices rising over 172% year-to-date, driven by demand from the aerospace sector [24]. - The company had previously identified platinum as a valuable investment but missed the opportunity to invest heavily at lower prices [21][24]. - The company advises against chasing prices in the current market, emphasizing the importance of strategic investment rather than following trends [25].

（来源：望京博格投基） 转自：望京博格投基 场内ETF账户亏损2.0万（资产260万）； 场外基金账户盈利0.0万（资产550万）； 两个账户合计亏损2.0万。 今天大盘都是红的，博格账户却是亏损的，实在有点难过。 亏损主要源于巴西ETF与港股基金。 这两天，大盘又回到3920以上了，但是港股依旧低迷。 今天大户说，港股真是狗都不买，持有体验太差了。 于是，又到了开启内心拷问了的时候了： 投资到到底该买什么？ 答案很简单，买未来能涨的。 但是，未来谁能涨？这事没人能开天眼。 唯有选择自己坚定看好，且估值便宜的了。 博格觉得港股比A股便宜就持有很多港股。 最终是对是错，需要未来才知道。 这几个月持有港股体验非常不好： 恒生消费回调12%； 恒生科技回调15%； 港股创新药回调16%； （二）今年涨幅最大的ETF 随着头部科技企业陆续发布AI新版本，中金公司预测，在头部科技企业加速部署自研AI ASIC集群的背 景下，光模块需求有望在2026年继续维持高增长。 PS：今天私域发车了医药汉堡。 虽然性价比不如2024年市场底部，现在相比加仓A股还是有性价比的。 这个过程，的确很煎熬。 咋办呢？自己选择的，就继续坚守 ...

Group 1 - The company has three main accounts with total assets exceeding 10 million yuan, consisting of 2.6 million yuan in an ETF account, 5.5 million yuan in an off-market fund account, and 1.1 million yuan in an advisory portfolio [1] - The ETF account has shown strong performance with a cumulative profit of 435,000 yuan this year, despite a recent decline of 130,000 yuan over two months [1] - The off-market fund account has a diversified portfolio and has been profitable for seven out of the first nine months of the year, with a total profit of 1.238 million yuan and a return rate of 31.68% [2][3] Group 2 - The market experienced a significant net inflow of over 50 billion yuan during a recent downturn, followed by a net outflow of the same amount as the market stabilized [4][5] - Southbound capital has flowed into Hong Kong stocks, totaling nearly 14 billion Hong Kong dollars this year, indicating a complex dynamic where foreign capital may be selling while local investors are buying [5] - The current valuation of the CSI All Share Index is at a price-to-earnings ratio of 20.98, which is high compared to historical levels, suggesting limited market upside potential towards the end of the year [7][10] Group 3 - The company has made strategic adjustments in its portfolio, including reducing positions in value ETFs and increasing investments in Brazilian ETFs and technology ETFs focused on Hong Kong [10] - The outlook for the market towards the end of the year appears cautious, with expectations of limited significant movements based on both funding and valuation perspectives [10]

Core Insights - The chemical sector has outperformed the innovative pharmaceutical sector recently, with a notable increase of 3.7% in chemical stocks, leading to a total profit of over 20% from a rotation strategy between chemicals and green energy [3][20]. - The innovative pharmaceutical sector has also seen significant gains, with a current increase of 4.76% and a price-to-earnings (P/E) ratio of 31.83, which is relatively low compared to its historical average [5][6]. - The innovative pharmaceutical sector's growth this year has been driven by earnings rather than mere price increases, indicating a strong underlying performance [8]. Chemical Sector - The chemical sector has shown a profit of 15% after a recent bottom-fishing strategy, with the price now exceeding the previous selling price by 7% [2][3]. - The rotation strategy between chemicals and green energy has yielded a combined profit of over 20% [3][20]. Innovative Pharmaceutical Sector - The innovative pharmaceutical sector has experienced a significant rise, with a reported profit of 93.73% on a specific ETF holding, which is expected to exceed 100% with recent gains included [9]. - Despite the substantial price increase this year, the P/E ratio remains at a reasonable level, suggesting potential for further growth [6][8]. Market Trends - The market is witnessing a shift towards more stable investments, with investors inquiring about the potential for further investments in dividend and fixed-income funds [16][19]. - The overall sentiment indicates that while the market has recovered significantly, future profits will increasingly depend on identifying sectors with potential for substantial earnings growth [18].

Core Insights - The article discusses the journey of an individual who followed investment advice from a figure named 博格, leading to a significant turnaround in their investment performance after a series of losses [7][20][28]. Group 1: Investment Journey - The individual initially faced losses in their investment journey, particularly from 2015 to 2023, where they experienced significant financial setbacks and family pressures due to poor investment choices [10][12][15]. - After recognizing the need for professional guidance, the individual began following 博格's investment strategies, which provided a sense of security and improved decision-making [20][22][25]. Group 2: Learning and Adaptation - The individual engaged in extensive learning about investment strategies, attending seminars and online courses, but initially struggled to apply this knowledge effectively in real-world scenarios [17][19]. - Following 博格's guidance, the individual shifted their investment approach, focusing on practical application and emotional resilience, which led to a more disciplined investment strategy [26][27]. Group 3: Performance Metrics - Prior to joining 博格's investment community, the individual faced a loss of nearly 180,000 yuan, but after following 博格's strategies, they reported a profit of 193,000 yuan by September 28, 2025, indicating a successful turnaround [28][30]. - The individual expressed satisfaction with 博格's approach, emphasizing the importance of having a reliable mentor in navigating the complexities of investment [29][30].