昨天收盘后，很多人的情绪不是失望，而是愤怒。 这种愤怒来自于一种强烈的被割裂感。 从指数上看，好像没那么糟糕，创业板甚至翻红了1.27%。 但当你打开自己的股票账户，那一片环保色，和动不动七八个点的跌幅，瞬间就把那点指数的"体面"击得粉碎。 2026年1月30日，A股又给广大股民上了一堂生动的"风险教育课"，这堂课的名字叫"指数骗局"。 整个市场，超过4200只股票是下跌的。 跌停的股票，数一数，有60家。 这意味着什么？ 意味着只要你手里拿的不是那寥寥几百只上涨的股票，你的资产大概率就在缩水。 市场的亏钱效应，像寒冬里的冷风，无孔不入。 上证指数最后跌了0.96%，收在4123点，深成指跌了0.66%。 唯独创业板，在宁德时代等少数权重股的拉扯下，顽强地红盘报收。 但这种红盘，对大多数持有中小盘股的散户来说，不仅没有温暖，反而更像是一种讽刺。 更让人心惊的数据是成交量。 沪深两市全天的成交额，从上一个交易日的3.2万多亿，骤降到2.83万亿。 一下子缩量了接近4000亿。 这缩掉的4000亿，不是凭空消失的钱，而是市场上最活跃、最敏锐的那部分资金，选择了按下暂停键，把手从键盘上拿开了。 他们不买了，甚至也不 ...

"我的3年期大额存单要到期了，银行利率到'1字头'了。除了续存，钱还能往哪放？" 这不只是一个人的烦恼。据多家机构预测，2026年将有超过50万亿元居民中长期定期存款集中到期。存 款应该放在哪里才能实现稳健收益？ 有一些介于存款和股票之间的基金产品，正成为越来越多稳健型投资者的新选择。这样的产品有哪些？ 该怎么挑选？记者采访多位行业专家进行解答。 A 低波动公募基金有望成为"存款搬家"资金的青睐对象。 一是货币基金和短期债基，流动性好且预期收益优于活期存款。 二是"固收+"基金，包括二级债基、偏债混合型基金等，在债券类资产打底的基础上适度参与权益或可 转债等，以寻求超额收益。 三是低波动多资产类产品亦可能符合投资需求，例如公募FOF中的以低波动为目标风险的产品，追求偏 绝对收益，较符合稳健资金"稳中求进"的诉求。 Q Q 哪类公募基金产品可能会成为"存款搬家"的主要承接方？ 基金的业绩比较基准和银行理财的业绩比较基准有什么不同？如何使用业绩比较基准选基金？ A 基金的业绩比较基准是一个多资产、多指数的加权计算公式，如：中债-新综合财富（总值）指数收益 率×85%+中证800指数收益率×10%+1年期定期存款利 ...

Group 1 - The article discusses the potential bullish trend in the A-share market by 2026, supported by factors such as low interest rates and the attractiveness of stock dividends compared to government bonds [5][6][10] - It highlights the concept of "asset scarcity," where capital is expected to flow into higher-yielding investments as traditional options like real estate and bank deposits lose their appeal [7][8] - The article emphasizes the importance of strategic focus on stimulating consumption and internal demand through asset appreciation rather than direct cash distribution [9][10] Group 2 - The article outlines four key investment strategies for navigating a bull market, applicable to both institutional and retail investors [11] - The first strategy is to embrace index ETFs, particularly the CSI 500, which represents a diversified selection of leading companies [12][13] - The second strategy stresses the importance of balanced asset allocation to mitigate risks associated with heavy concentration in specific stocks or sectors [14] - The third strategy advises investors to adopt a long-term perspective and avoid short-term trading, as retail investors typically lack advantages in quick market movements [15][16] - The fourth strategy suggests waiting for price corrections to find good entry points for investments, emphasizing the need for a positive mindset [17][19] Group 3 - The article identifies three key criteria for selecting high-quality companies in the high-end manufacturing sector: price increases, overseas expansion, and innovation [22][23] - It discusses the importance of evaluating both relative and absolute price metrics, including PE/PB ratios and historical performance, to determine good pricing [25][26] - The article categorizes leading manufacturing companies into five groups based on their fundamentals and valuation metrics, providing a framework for investment decisions [28]

风格上今天还是趋势大票走强的日子，而且早盘微盘股和趋势大票之间差距很大，要不是尾盘被券商带 回来，今天又是3000多家下跌，主要原因就是昨晚四家高标全被延长监管，平潭终于没能挺住尾盘跌 停，那么情绪今天就明显承压了，明天要观察平潭和龙洲的表现，毕竟龙洲的大单两连跌停也很打击市 场人气，明天他俩能否企稳将决定中高位是否补跌的问题。 中金公司明日复牌，今天大盘的上涨就与此有关，很多人都会认为，上次国泰复盘后连拉三个涨停，这 次中金复牌会不会复刻这个强势特征？我觉得明天确实存在涨停的可能，但是能否出现三个就很难说 了，毕竟去年10月10日正值行情低位启动，市场情绪高涨，现在券商处于阶段性震荡回落途中，这个利 好顶多能带动券商走波反抽，想要直接改变行业弱势格局的难度相当大。 当然今天大盘上涨除了券商引导之外，消息面有日本前央行副行长表示避免过早加息的，还有说汇金大 规模买指数ETF的，不过一个前任还是个副职说话确实不太可信，汇金的消息更是小作文的概率较大， 这样看来行情要想持续走强要么等日本加息落地，要么指数重新站上3930点中枢位置，在此之前还不能 说底部已经确认。 个人观点仅供参考，文章中任何内容均不对您构成任何 ...

Core Insights - The article discusses a resurgence of traditional diversified investment strategies centered around index ETFs amidst an unprecedented AI investment boom in 2025, highlighting the strong performance of diversified asset allocation compared to concentrated bets on major tech stocks [1][3]. Group 1: Market Trends - In 2025, there is a noticeable rotation in global stock markets from tech stocks to value and cyclical sectors, indicating a shift towards diversified investment strategies that have generated significant excess alpha returns [1][3]. - Major Wall Street institutions, including Goldman Sachs and Morgan Stanley, predict a continued rotation in 2026 towards traditional value stocks, small caps, and cyclical sectors, suggesting that non-tech stocks may yield better returns than popular AI tech stocks [2][3]. Group 2: Performance of Investment Strategies - A simple stock-bond portfolio achieved double-digit gains in 2025, marking the best year since 2019, while multi-asset quantitative strategies significantly outperformed the S&P 500 index [4]. - Cambria Investments' ETF, which covers a broad range of global stocks, recorded its best annual performance, benefiting from strong gains in international markets outside the U.S. [4][11]. Group 3: Investor Behavior - Despite the strong performance of diversified strategies, there is a continued trend of investors moving away from these strategies, with diversified asset funds experiencing net outflows for 13 consecutive quarters [5][9]. - The article notes that while funds are flowing into pure equity and bond funds, the traditional diversified strategies remain out of favor among retail investors [9][21]. Group 4: Future Outlook - Analysts expect a broader bull market in 2026, with a focus on cyclical stocks benefiting from a "rolling recovery" phase in the U.S. economy, driven by improved corporate earnings and a favorable macroeconomic environment [15][18]. - The anticipated economic policies under the Trump administration are expected to favor commodity investments, suggesting a shift in investment paradigms towards fiscal expansion and de-globalization [20].

Core Viewpoint - The recent decline in Chinese stock indices is attributed to external factors and market sentiment, despite positive economic indicators showing steady growth in the economy [3][4][9]. Economic Indicators - From January to November, the retail sales of consumer goods increased by 4% year-on-year, fixed asset investment (excluding rural households) grew by 0.8%, industrial added value above designated size rose by 6.0%, high-tech manufacturing added value increased by 9.2%, and smart consumer equipment manufacturing added value grew by 7.6% [3][4]. Market Sentiment and Policy Support - Regulatory bodies have introduced measures to encourage long-term investment, with financial institutions like insurance companies entering the stock market through index ETFs. Monetary policy tools such as increased repurchase agreements and securities swaps have also played a role in stabilizing market sentiment [4][9]. - Despite these supportive measures, the market has experienced significant daily declines, with instances of drops exceeding 1%, and even 6% to 7% in some cases. Experts attribute this to large shareholder sell-offs and quantitative trading, but the core issue is identified as insufficient long-term capital in the market [4][9]. Market Dynamics and Communication - The communication environment in the Chinese stock market is considered poor, with major investment institutions failing to provide positive guidance on market information. This has led to the spread of negative narratives that exacerbate market volatility [4][5]. - The dominance of foreign market influences over local decision-making is criticized, suggesting that the Chinese stock market should be driven by domestic capital and institutional decisions rather than external risk preferences [5][9]. Call to Action for Institutions - There is a call for large institutional investors to actively support the Chinese stock market and address issues such as large shareholder sell-offs and quantitative trading that create public anxiety [10][11].

Core Viewpoint - The article discusses the evolution of ETFs in China, highlighting the largest 100 index ETFs and their significance in the investment landscape [1] Group 1: ETF Market Overview - The total market capitalization of the top 100 index ETFs in China has reached approximately 1 trillion yuan, indicating a robust growth in the ETF sector [1] - The article emphasizes the increasing popularity of ETFs among retail investors, driven by their low cost and diversification benefits [1] Group 2: Performance Analysis - The article provides insights into the performance of various ETFs, noting that some have outperformed traditional mutual funds over the past year [1] - Specific ETFs are highlighted for their impressive returns, with some achieving over 30% growth in the last fiscal year [1] Group 3: Future Trends - The article predicts continued growth in the ETF market, driven by regulatory support and increasing investor awareness [1] - It also mentions the potential for innovation in ETF products, including thematic and sector-specific ETFs, to attract a broader range of investors [1]

Core Insights - The A-share market has reached a significant milestone with the Shanghai Composite Index breaking through 3900 points for the first time in 10 years since 2015, indicating a major shift in market sentiment [1][2] Market Sentiment and Investor Behavior - The breakthrough has not only technical significance but also a profound psychological impact, reflecting a complete transformation in market sentiment [2] - Investors are experiencing a divided mindset, with those already invested worried about potential pullbacks, while those with lighter positions face anxiety over missing out [2] - Common mistakes made by investors during a bull market include premature selling after recovering losses, chasing hot stocks, over-leveraging, and having overly diversified portfolios [2] Market Phases and Trends - Historically, A-share bull markets follow a four-phase evolution: initiation, main rise, diffusion, and conclusion. The current market is transitioning from the main rise to the diffusion phase, characterized by heightened market enthusiasm and a rotation of funds towards cyclical and undervalued stocks [2][3] Sector Performance and Valuation - The A-share market has shifted from a "technology-led" narrative to a "cyclical and technology rotation" framework, with significant performance in the non-ferrous metals sector driven by rising prices and policy support [3] - Various indices have shown strong performance this year, with the ChiNext Index up 52.3% and the STAR 50 Index up 55.6%, indicating robust market activity [4] Valuation Comparisons - The Hang Seng Technology Index has risen 44% this year but remains undervalued compared to historical averages, with a current PE ratio of 24.6, significantly lower than the NASDAQ 100's 37 [5][8] - If the Hang Seng Technology Index returns to its 10-year median PE of 30, it could theoretically reach 7800 points, representing a potential upside of over 20% [8] Capital Flows and Market Dynamics - The expectation of a Federal Reserve rate cut is seen as a key driver for capital flows into the Hong Kong market, with significant net inflows recorded in the Hong Kong Stock Connect [8] - The domestic policy environment is shifting towards supporting technology industries, which is expected to enhance market dynamics and investor confidence [8] Investment Strategies - Effective risk management strategies include maintaining a diversified investment portfolio, using index ETFs, and setting stop-loss points during market speculation [11][12] - Investors are advised to keep sufficient liquidity for personal needs and to control their investment pace, ensuring they maintain a balance between risk and opportunity [12]

Group 1 - The core argument of the article is that while index ETF dollar-cost averaging (DCA) is a popular method for novice investors, it has limitations that can lead to significant losses if not managed properly [3][5][7] - DCA primarily serves to smooth out buying costs and reduce timing risks rather than to enhance expected returns [9][12] - The article emphasizes that many investors tend to enter the market at high points, which can lead to losses despite the overall market rising [10][11] Group 2 - DCA helps mitigate the risks associated with market volatility by allowing investors to buy in increments, thus avoiding the pitfalls of investing a large sum at a market peak [12][13] - Research indicates that DCA investors have a lower rate of loss or redemption compared to those who invest a lump sum, leading to returns that are closer to the index itself [14] - The article suggests that DCA can be improved by adjusting investment amounts based on market conditions, such as increasing contributions when prices are below the annual average [16][18] Group 3 - The article discusses the diminishing effectiveness of DCA over time, as the ratio of incremental investments to existing investments changes, making the cost-averaging effect less significant [25][26] - To maintain the benefits of DCA, investors are encouraged to either increase their investment amounts or integrate DCA funds into a broader asset management strategy [27][28] - The concept of asset allocation is introduced, highlighting the importance of diversification to manage risk effectively [30][35] Group 4 - The article concludes that DCA is suitable for incremental funds, while asset allocation strategies should be prioritized for existing wealth, especially for high-net-worth individuals [36]

Core Viewpoint - The adjustment of index samples, such as the Sci-Tech Innovation 50 Index, is a crucial mechanism in index investment operations, ensuring systematic and periodic updates to include high-quality companies [1][2] Group 1: Index Adjustment Mechanism - The Sci-Tech Innovation 50 Index undergoes quarterly adjustments based on objective data, with a maximum adjustment limit of 10% for the number of constituent stocks [1] - Individual stock weight limits are set to prevent excessive reliance on a few stocks, with a cap of 10% for individual stocks in the Sci-Tech Innovation 50 Index [1] - The transparent rules for index sample adjustments allow for the continuous inclusion of quality enterprises that meet the standards [1] Group 2: Impact on Stocks and Funds - During index adjustments, funds are rebalanced among constituent stocks, leading to inflows for stocks that are added or have increased weight, while those that are removed or have decreased weight face outflows [2] - Historical data shows that the inclusion of Cambrian in major A-share indices did not significantly impact its stock price due to the passive nature of index funds [2] - Recent fluctuations in Cambrian's stock price have not been linked to active trading by related index ETFs, indicating that the price volatility is not driven by these funds [2]