Group 1 - The core concept of fund advisory is to address the issue where "funds make money, but investors do not" [4] - Fund advisory serves as a professional consultant in the investment industry, similar to how doctors and lawyers provide specialized advice in their fields [6][7] - A free course is available to help individuals understand the various aspects of fund advisory, including course notes and mind maps for efficient learning [5] Group 2 - The article discusses the advantages of Hong Kong Stock Connect funds, which allow investors without overseas accounts to invest in international markets [8] - Before the establishment of Hong Kong Stock Connect, mainland investors typically used QDII funds to invest in Hong Kong stocks [9] - Currently, many index funds related to Hong Kong stocks, such as technology and dividend funds, utilize the Hong Kong Stock Connect channel for investment [9][10] Group 3 - There are drawbacks to Hong Kong Stock Connect funds, including a narrower investment range limited to eligible stocks and higher dividend taxes [11] - For instance, dividend tax rates can reach 20% or 28%, significantly impacting the effective yield of high-dividend funds [11] - In contrast, A-shares do not incur dividend taxes after long-term holding, necessitating a comparison of yields between Hong Kong and A-share dividend funds with adjustments for tax implications [12]

Core Viewpoint - The article discusses the recent performance of A-shares and Hong Kong stocks, highlighting the recovery in earnings and the potential for further growth in the market. Group 1: Market Performance - The overall market has seen an increase, reaching close to 4.9 stars, with a slight pullback at the close but still maintaining a 5-star rating [1][2] - Both large-cap and small-cap stocks have experienced gains, with the Shanghai and Shenzhen 300 index showing a slight increase while small-cap stocks have risen more significantly [3][4] - The pharmaceutical and technology sectors have led the gains in both A-shares and Hong Kong stocks [5][6] Group 2: Earnings Growth - In the first quarter of this year, there has been a notable improvement in earnings data for both A-shares and Hong Kong stocks, with the Shanghai and Shenzhen 300 index showing a year-on-year earnings growth of approximately 4-5% and the Hang Seng index showing around 16% [11] - The gap in performance between A-shares and Hong Kong stocks widened after the Spring Festival, with Hong Kong stocks rising about 20% more than A-shares [14] - The recovery in earnings is primarily driven by large-cap companies in Hong Kong, while smaller stocks have seen a decline in earnings [24][25] Group 3: Valuation and Market Dynamics - The article notes that both A-shares and Hong Kong stocks were at historically low valuation levels around 5.9 stars last year, and the current valuations are still relatively low [12][29] - The market has been in a sideways trend for about six months, with A-shares fluctuating around the 5-star mark due to low valuations and lack of earnings growth [22][21] - The potential for upward movement in A-shares is contingent on a recovery in earnings growth, which has shown early signs in the first quarter [32][30] Group 4: Future Outlook - The article suggests that A-shares may follow a similar upward trend as Hong Kong stocks, as historically, similar types of stocks tend to have comparable long-term returns [26] - The current low valuation of A-shares indicates limited downside risk, and patience is advised while waiting for earnings growth to materialize [29][30] - If the earnings growth accelerates in the second and third quarters, it could positively impact the A-share index [33]

50等大盘股微跌，小盘股上涨。 文 | 银行螺丝钉 （转载请注明出处） 今天大盘微涨微跌，波动不大，还在5.1星。 昨天比较坚挺的价值风格，今天微跌，成长风格微涨。 最近市场风格轮动比较明显。 遇到下跌的时候，大盘、价值股相对抗跌； 遇到上涨的时候，小盘股、成长股弹性更大。 盈亏同源。 两者搭配会让组合更稳定一些。 1. 昨天有朋友问，像红利等指数基金，有一些成立以来，年化达到10%以上甚至更高。 看起来红利指数的波动也不大，那投资者岂不是很容易就拿到这个收益？ 那投指数基金还有啥难的？ 确实，是有一些红利指数基金，成立多年，年化达到10%以上（加上分红）。 例如最基础的中证红利。这个多年甚至达到10年以上。 投资者在低估的时候买入红利基金，并长期坚持下来，也会获得这个收益。 当时有价值风格的基金，被投资者赎回超过90%。 2022年-2024年，红利等指数，在熊市中比较有优势，跑赢了大盘。 这两年红利又受欢迎。 从全市场角度， 但难就难在坚持上。 基金投资者，平均持有股票基金的时间长度是几个月。 但是A股是存在风格轮动的。 红利属于价值风格，遇到成长风格牛市的时候，就会跑输市场。 例如在2019-2020年 ...