Core Viewpoint - The company has successfully implemented a systematic investment strategy through regular fund contributions, demonstrating the potential for profitability in fund investments despite market fluctuations [4][6][13]. Group 1: Investment Strategy - The company began its systematic investment in funds on June 15, 2023, during a market downturn, initially investing in two funds: a pharmaceutical industry fund and a CSI 300 index fund [4]. - Despite facing losses initially, the company maintained its investment strategy, increasing contributions during market dips, which ultimately led to positive returns [4][6]. - By May 23, 2024, the CSI 300 index fund achieved an 8% holding return, translating to an annualized return of over 10% [4]. Group 2: Performance and Adjustments - The company executed multiple rounds of profit-taking, with the first occurring after achieving an 8% return on the CSI 300 index fund [4][6]. - Subsequent investments included the S&P 500 index fund and a gold index fund, with profit-taking occurring after achieving approximately 10% returns on these investments [8][9]. - As of June 5, 2025, the company had executed five rounds of profit-taking across various funds, indicating a proactive approach to managing investment positions [9][11][13]. Group 3: Overall Results - The overall performance of the funds has been positive, with all funds sold at a profit after multiple rounds of profit-taking [13]. - The company also implemented a savings plan, investing in a bond fund that yielded a 3.61% return, showcasing diversification in investment strategies [13][16]. - The conclusion drawn from the company's experience is that fund investments can be profitable when approached with a disciplined strategy, countering the notion that fund investments do not yield returns [16].

Core Viewpoint - The article emphasizes the effectiveness of a diversified asset allocation strategy, referred to as the "three-part method," which has yielded a cumulative return of 8.88% as of July 25, 2022, despite market volatility [1][4][9]. Group 1: Performance Analysis - The "three-part method" has consistently achieved stable returns through gradual increases, with daily returns often reflecting a slow but steady growth pattern [4][6]. - Monthly performance data indicates that only January and April experienced slight declines, with January down by -0.03% and April down by -0.1%, while the broader market faced more significant downturns [6][9]. - The strategy has demonstrated resilience during market fluctuations, maintaining positive returns even when major indices like the NASDAQ experienced declines exceeding 8% [9][10]. Group 2: Asset Allocation Strategy - The proposed asset allocation consists of 60% equity funds, 30% bond funds, and 10% commodity funds, designed to balance risk and return [14][15]. - Specific fund allocations include a mix of domestic and international assets, such as the E Fund Zhongdai New Composite Index and the Guotai Junan CSI 1000 Index Enhanced Fund, each contributing to the overall strategy [11][15]. - The strategy aims to capture diverse market trends and reduce correlation among asset classes, enhancing the long-term success rate of the portfolio [15][16]. Group 3: Investment Philosophy - The article advocates for a high win-rate investment approach rather than chasing high-risk, high-reward opportunities, which often lead to losses [17][22]. - It highlights the importance of patience and a long-term perspective in investing, contrasting with the allure of quick wealth through speculative strategies [21][22]. - The "three-part method" is positioned as a sustainable investment strategy that allows for gradual wealth accumulation through diversified and balanced asset allocation [22].

直接上图，大类资产配置分别是偏债基金30%，偏股基金50%，商品基金20%，整体比较均衡，年化收益目标大约8-10%，最大回撤尽量控制在 15%以内，比较符合我的需求，稳中求进。 偏股基金 50% 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：阿帅 最近学习了雪球三分法做资产配置，也看了小雪的方案，我属于极简主义，包括房子装修都是极简风，不太喜欢基金数量太多。 于是就想怎么用最少的基金做好方案，但同时又要满足三分法中"资产分散，市场分散"理念。 我尝试了很多基金的搭配，也回测了很多次，发现这4只基金做方案效果还是不错的，既符合我的极简要求，也符合三分法的逻辑。 偏股资产主要分享全球经济、优秀企业增长的红利,具备高 风险高收益特征。投资类型多元丰富,包含不同地区、策略 的偏股基金。 基金列表(2) 配置比例 中金中证优选300指数A 25.00% 501060 股票型 选股逻辑为"好公司、好价格",选取近5年平均股息... v 博时纳斯达克100指数发起（QDII）A 25.00% 016055 QDII 纳斯达克100是由具有高科技、高成长和非金融的特 ... × ...

Group 1 - The People's Bank of China reported that as of the end of May, the country's gold reserves reached 73.83 million ounces (approximately 2,296.37 tons), marking an increase of 60,000 ounces (about 1.86 tons) month-over-month, representing the seventh consecutive month of gold accumulation [1] - Recent market movements indicate a significant downward adjustment in gold prices, with the largest decline observed in the past month, following the release of non-farm payroll data [3] - Technical analysis suggests that the 60-day moving average is gradually rising, indicating that buying costs are converging, which could lead to a significant price movement in either direction [3] Group 2 - The continuous increase in gold reserves by the central bank is seen as a strong signal for long-term bullish sentiment in the gold market, suggesting that institutional investors are still quietly entering the market [3] - Short-term traders are advised to watch for potential reversal signals, such as long lower shadows on candlestick charts, which could indicate a buying opportunity [3] - The performance of various gold ETFs shows a decline, with several funds experiencing negative returns over the past week, reflecting the broader market trend [4]

以下文章来源于量化投资 ，作者十拳剑 量化投资 . 百万滚到千万的实盘分享与思考，不定期分享资产配置研究： 1.广度上通过爬虫定期对全市场所有公募 基金进行自动数据获取、存储； 2.深度上计算时间序列特征、协方差矩阵；3.分别锚定2%和10%波动 率，求解最大回报率下的配置方案。 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： 十拳剑灵 来源：雪球 本文将展示一个魔法： 基本数据 首先，历史数据分析表明，黄金和微盘股策略之间几乎是0相关性的，为大类资产配置提供了很好 的素材。 这两种资产也一直是 $十拳剑灵活配置$ 这个组合的重要组成部分。 再看两类典型基金的波动率数据， 国泰黄金ETF联接A 的近三年波动率为12.21。 1+2<1 将黄金与高波动的微盘基金组合，波动率更低、收益率几乎不变。 也就是说，可以利用相关性实现收益不变的同时降低波动率。 回测基于雪球的三分法工具，对比了100%纯黄金组合与黄金+微盘： 微盘股基金 中信保诚多策略混合(LOF)A 的近三年波动率24.85%，约为黄金的2倍。 最优配置比例 理论上可以证明，将两个基金按照4:1的比例配置， ...

Core Viewpoint - The article discusses the performance and outlook of gold-related funds, emphasizing the potential for gold as a long-term investment due to macroeconomic uncertainties and central bank purchasing trends [1][4]. Fund Overview - There are 36 gold-related funds in the market, with 19 remaining after filtering for RMB A-class shares [1][2]. - The funds are ranked by their combined scale, management fees, and custody fees, with some funds having lower fees, such as those from Huaxia and ICBC, which have a management fee of 0.15% and a custody fee of 0.05% [2][3]. Fund Manager Insights - **Huaan Fund (Xu Zhiyan)**: Optimistic about gold's long-term value due to ongoing monetary easing and central bank purchases, with gold prices rising significantly in early 2025 [6][9][13]. - **Bosera Fund (Zhao Yunyang)**: Highlights the continued purchasing power of central banks and the potential for market adjustments due to U.S. debt ceiling issues, maintaining a positive outlook on gold [19][21][22]. - **E Fund (Bao Jie)**: Notes that gold prices are influenced by U.S. monetary policy and geopolitical uncertainties, with a focus on the changing pricing framework for gold [32][34][35]. - **Guotai Fund (Ai Xiaojun)**: Emphasizes the importance of central bank purchases and geopolitical risks in supporting gold prices, while acknowledging potential risks from U.S. dollar fluctuations [39][40][41]. - **Hua Xia Fund (Rong Ying)**: Continues to see gold as a valuable asset, driven by central bank demand and geopolitical tensions, with a strong performance in early 2025 [49][51]. - **ICBC Credit Suisse Fund (Zhao Xu)**: Points out the influence of U.S. monetary policy and global uncertainties on gold prices, with a focus on the ongoing central bank purchases [53]. - **Jianxin Fund (Zhu Jinyu)**: Believes that U.S. inflation trends and geopolitical uncertainties will support gold prices, with a positive outlook for 2025 [55]. - **Noan Fund (Song Qing)**: Maintains a positive view on gold prices, driven by central bank purchases and geopolitical tensions, with a significant increase in gold prices in early 2025 [57][59]. - **Qianhai Kaiyuan Fund (Liang Pusen)**: Discusses the impact of U.S. monetary policy and geopolitical risks on gold prices, emphasizing the importance of gold in asset allocation [63][64]. Market Trends - Gold prices have shown strong performance, with a significant increase in early 2025, driven by macroeconomic factors and central bank purchases [13][14][22][78]. - The article highlights the ongoing trend of central banks purchasing gold, with 2024 seeing over 1000 tons of net purchases, maintaining high demand for gold as a long-term value storage tool [15][60]. - Geopolitical tensions and economic uncertainties are expected to continue supporting gold as a safe-haven asset, with potential for further price increases [27][39][70].

长按即可参与 2025年初，市场迎来一场史无前例的风暴。当特朗普再度登上政治舞台，他毫不客气地宣布对中国、墨西哥、欧盟等主要贸易伙伴实施新一轮高额 关税，加征关税最高甚至达到60%。 这一消息一出，全球市场瞬间陷入恐慌：美国股市从4月2日至3日连续暴跌，标普500指数单日跌幅曾突破3%，抹去近1.7万亿美元的市值，蒸发 几乎一个韩国的GDP，纳指两日更是跌超10%，MSCI越南指数跌超7%。 而随后中国宣布予以对等加征关税后，特朗普威胁对中国进一步加征50%关税。4月7日，亚太地区股市更是遭遇了多国股指创下近十年最低纪录的 惨状，日经单日下跌近8%触发熔断，A股港股也有剧烈震荡。 面对这场关税战引发的市场巨震，投资者们仿佛置身于狂风暴雨中，投资组合一时间出现剧烈波动。各类资产纷纷受到冲击：股票市场出现恐慌性 抛售，美债市场受到资金抽离的压力，甚至黄金这一传统避险资产也一度受到美元走强的挤压。种种迹象表明，2025年的市场不仅面临贸易摩擦升 级的直接冲击，更受到多重国际政治经济因素叠加的考验。 在这样的背景下，单一资产或传统股债策略显得捉襟见肘，问题来了： 有没有一种投资组合，能穿越牛熊，不管市场怎么翻腾，都能 ...

Core Viewpoint - The article discusses the challenges faced by investors in uncertain market conditions, particularly highlighting the historical context of inflation and market downturns, and introduces the concept of a "Permanent Portfolio" as a strategy for risk management and steady returns [2][3][4]. Group 1: Historical Context and Market Analysis - In 2025, the U.S. stock market experienced significant declines due to uncertain tariff policies, with economic growth forecasts being downgraded and rising unemployment and inflation expectations, raising concerns about stagflation risks [2]. - Historical parallels are drawn to 1981, where high inflation and declining asset values led to a challenging investment environment, with the S&P 500 index falling by 5% and long-term government bonds dropping by 9% [2]. - The article notes that in 2022, aggressive interest rate hikes by the Federal Reserve led to severe market volatility, with the Nasdaq index plummeting by 33% and bond markets experiencing rare declines [2]. Group 2: Investment Strategy - The "Permanent Portfolio" strategy proposed by Harry Browne involves dividing investments equally among stocks, long-term government bonds, cash, and gold, aiming to balance risk and returns [3][4]. - The core logic of the Permanent Portfolio is to diversify risk, balance assets, and maintain long-term holdings, acknowledging the limitations of market predictions [4]. - Historical data indicates that the Permanent Portfolio strategy has achieved an annualized return of approximately 7% over the past 30 years, with volatility controlled below 9% and maximum drawdowns typically under 15% [5]. Group 3: Practical Implementation - The "Snowball Three-Part Method" is introduced as a practical tool to replicate the Permanent Portfolio, helping investors diversify risk across three dimensions [6]. - The investment allocation includes stocks to capture economic growth, bonds for stability during downturns, gold for inflation hedging, and cash for flexibility [9]. - The article emphasizes the importance of asset diversification beyond just stocks, bonds, gold, and cash, suggesting the use of funds and international markets to enhance portfolio resilience [10]. Group 4: Performance Comparison - The article presents a performance comparison of the Permanent Portfolio against traditional 60/40 portfolios and single market investments, highlighting its lower volatility and drawdown during market downturns [22][24]. - Over the past five years, the Permanent Portfolio achieved an annualized return of 7.8% with a volatility of 7.3%, significantly lower than that of the A-share and U.S. stock markets [25][26]. - The Permanent Portfolio's maximum drawdown was limited to -9.2% during the market crash of 2022, showcasing its strong risk management capabilities [26].