文 | 银行螺丝钉 （转载请注明出处） 有朋友留言，希望螺丝钉把一些有数据、有知识、有指导方法的精华文章汇总出来，方便学习。 如下，整理出了9月份的精华文章，点击对应的文章链接即可查看。 同时，螺丝钉也将相关文章的完整内容，汇总成了一个PDF文档，方便大家保存。 长按识别下面二维码，添加 @课程小助手 微信，回复「 202509 」即可领取PDF文档。 （提示：回复后可以耐心等待 几秒哦～） 大家有好的建议，也欢迎留言～ 投顾组合介绍 （1 ）《 自动止盈功能来啦，一键开启，不错过止盈机会 》 导读： 在 主动优选 、 指数增强投顾组合 （点击蓝字查看）这两个组合上，当市场走出低估阶段以后，例如3星级-1星级，组合会给出「发车止盈」的信 号，分批转换成 365天 等稳健类投顾组合，实现组合的止盈。具体操作时，会分批止盈转换。市场估值越高、转换比例越大。目前，自动止盈新功能 已上线，可以提前开启。功能提前开启后，未来3点几星，收到「发车止盈」信号时，自动执行跟车，完成主动优选、指数增强的组合止盈并转换至 365天等稳健类投顾组合，不再需要我们手动操作。 投资实战 （2 ）《 国债逆回购如何操作，假期也能打理收益 ...

文 | 银行螺丝钉 （转载请注明出处） 今天是9月最后一个交易日。 今天大盘整体上涨，截止到收盘，回到4.1星。 大中小盘股都上涨。中小盘股上涨多一些。 创业板开盘比较强势，一口气冲到高估。 不过收盘涨幅回落。目前在正常偏高，距离高估很接近。 医药、科技等上涨较多。 假期里A股暂停交易，估值表也暂停更新。 不过假期里，像港股还会有交易日。 都大幅超过全球股票市场平均涨幅（约7%）。 今天15点之前投资基金，是按照假期之前的价格成交。 15点之后就进入假期了。 港股也整体上涨。 港股科技、港股医药大幅上涨超2%。 假期里申购基金，也是等假期回来后第一天成交。 整个三季度A股港股大幅上涨。 假期里就不用交易基金了，咱们节后再战～ A股整体上涨18%，港股恒生指数上涨11%。 另外，在美股、新加坡等市场，也有挂钩A股的指数基金、股指期货等品种，这些品种假期里老外会交易，也会有涨跌。 最近全球市场波动大，在假期最后一天，也就是8日晚上，会把假期里港股、海外市场的涨跌波动更新下。 也祝大家，国庆、中秋双节快乐～ 1. [大吉大利，今天吃基] 第384期的螺丝钉定投实盘来啦。 时间：2025年9月30日 方案：定投买入 ...

今天大盘低开高走，整体上涨。 截止到收盘，还在4.2星。 文 | 银行螺丝钉 （转载请注明出处） 大中小盘股都上涨。 创业板指数大幅上涨，收盘点数创下今年新高，距离高估也很接近。 证券指数也大幅上涨，目前到了正常偏高的估值。 港股比较强势，港股科技股上涨较多。 马上就是国庆+中秋假期了。 1. 也有朋友问，几类基金，最晚啥时候买，算是假期之前买入的？ （1）货币基金 9月29日周一下午15点之前，算假期前买入。 （2）债券基金 9月30日周二下午15点之前，算假期前买入。 债券基金，假期里也可以收获到债券的利息等收益。 只不过假期里，债基不会每天更新净值，会在假期回来后的第一个交易日，统一更新。 其实我们不会因为假期，就卖出手里的基金的。 这点在短债基金上比较明显。例如90天组合，一般在春节、国庆假期回来后第一个交易日晚上，会把假期的收益也一并更新。 不过90天投顾组合，本身对投资周期也有要求。最好是持有一段时间，例如1-3个月以上，毕竟债券基金短期里还是会有少量波动。 如果9月29日错过了货币基金，那可以考虑在9月30日下午3点之前，用短债基金来获得国庆假期的收益。 （3）股票基金 9月30日周二下午15点 ...

Core Viewpoint - The market is experiencing a structural rotation, with growth styles recently underperforming while value styles are gaining traction. This indicates a potential shift in investment strategies and opportunities in different sectors [5][7][22]. Market Performance - The market index showed a decline during the day, reaching a low of 4.3 stars but rebounded to 4.2 stars by the end of the trading session [1][2]. - Large-cap stocks experienced a smaller decline compared to mid and small-cap stocks, which saw more significant drops [3]. - Growth styles faced a more considerable downturn, while value styles overall increased [4][7]. Sector Analysis - The banking index saw an overall increase, although it had previously reached a high valuation before correcting to a normal valuation [8][9][10]. - The recent market structure favors active selection strategies, as evidenced by the slight increase in active selection portfolios [12][13]. Market Trends - The market is characterized by structural bull markets where certain sectors lead while others lag, with each bull market cycle featuring different leading sectors [14]. - Bull markets are not continuous; they often exhibit patterns of rapid increases followed by corrections, indicating the need for patience from investors [15][16]. - The A-share and Hong Kong markets have shown 2-3 cycles of significant short-term increases followed by consolidation or corrections [17][18]. Investment Strategy - For investment strategies, the index-enhanced advisory portfolio has returned to normal valuation, suggesting a pause in new investments while maintaining existing holdings until a low valuation is reached again [21]. - The active selection portfolio continues normal investments, while the monthly salary treasure portfolio, which consists of 40% stocks and 60% bonds, is recommended for stable market participation [44][45]. Personal Pension Investment - The pension index funds, specifically the CSI A500 and CSI Dividend, have returned to normal valuations, leading to a pause in new investments until they reach undervalued levels again [31][32]. - The performance of these pension index funds has shown profitability, with the CSI A500 up by approximately 20% and the CSI Dividend up by about 4% over the recent months [37].

Core Viewpoint - The article discusses the current state of the A-share market, highlighting the phenomenon of style rotation and the emergence of terms like "old Deng stocks" to describe underperforming stocks in a market characterized by structural bull runs [1][32]. Market Overview - The overall market showed slight gains, maintaining a rating of 4.2 stars [2]. - Both large-cap and small-cap stocks experienced minor increases, with similar growth rates [3]. - There is a noticeable divergence in market performance, with growth styles like the ChiNext showing more significant gains compared to value styles, which are generally declining [5][6]. Style Rotation - The article introduces the term "old Deng stocks," referring to stocks that have seen minimal price increases over the past two years [8][27]. - Examples of "old Deng stocks" include sectors like liquor, home appliances, and coal, which have not performed as well as the recent strong growth sectors such as technology and chips [29][30]. - The discussion of "old Deng stocks" reflects a broader trend of style rotation within the A-share market, where certain categories of stocks outperform while others lag behind [32][34]. Historical Context - The article references past market trends, such as the "big rotten stinky" label for large-cap stocks during the small-cap bull market of 2015, and the "three fools" term for underperforming bank and insurance stocks during the growth bull market of 2020-2021 [10][16][22]. - It notes that the definitions of these terms have evolved over time, with new categories emerging as market dynamics shift [25][26]. Investment Implications - The article suggests that when certain assets are ridiculed, it may present buying opportunities due to potential undervaluation [41][42]. - Conversely, when assets are highly favored, it may indicate a selling opportunity due to potential overvaluation [43][44]. - The cyclical nature of the market is emphasized, indicating that strong-performing stocks may eventually face valuation corrections, while currently underperforming stocks may rise in prominence [38][39].

Core Viewpoint - The article discusses various methods for profit-taking in investments, highlighting their advantages and disadvantages, and provides examples of investment strategies based on market valuation [1][75]. Summary by Sections Profit-Taking Methods - Three common methods for profit-taking in single index funds are: - Taking profits based on a set return rate - Taking profits based on overvaluation - Long-term holding without selling, relying on dividends for profit [4][26]. Method 1: Profit-Taking Based on Return Rate - This method involves taking profits when the return reaches a predetermined level, typically around 30% [7]. - It is noted that opportunities for this method arise approximately every 3-5 years [10]. - The simplicity of execution is an advantage, but it may lead to missing out on significant bull market gains [10][11]. Method 2: Profit-Taking Based on Overvaluation - The strategy suggests: - Investing during low valuation periods - Holding during normal valuation periods - Taking profits during high valuation periods [11]. - Valuation can be assessed using daily updates from the company’s star rating and valuation table [12]. - Historical examples illustrate the effectiveness of this method, showing significant gains from low to high valuation transitions [15][17]. Method 3: Long-Term Holding with Dividends - This approach is advocated by investment experts, emphasizing the benefits of sticking with high-dividend stocks for steady income [27]. - It is noted that this method requires careful selection of high-dividend yielding investments [28]. Investment Strategies for Advisory Portfolios - The company has developed a "Monthly Salary" advisory portfolio to provide regular cash flow for specific needs [32]. - Investors can choose to receive cash flow weekly or monthly, with a total annual payout approximating 6% of the total assets [34]. - The portfolio has shown stability and outperformance compared to benchmarks, with a maximum drawdown of only -9.13% since inception [43]. Automatic Profit-Taking Features - The advisory portfolios include automatic rebalancing features to facilitate profit-taking from overvalued assets while reinvesting in undervalued ones [46]. - The "Automatic Profit-Taking" function allows for seamless execution of profit-taking strategies without manual intervention [56][60]. Conclusion - The article emphasizes the importance of selecting appropriate profit-taking strategies based on individual circumstances and market conditions, while also highlighting the benefits of automated advisory services for ease of management [75][78].

Market Overview - The stock market showed resilience recently, with large-cap stocks declining while small-cap stocks experienced slight gains [2][5] - The value style saw a slight decline, while the growth style has been strong this year, showing significant increases [3][4] - The Hong Kong stock market also opened lower but rebounded slightly by the close, with technology stocks leading the gains [5][6] Bond Market Insights - The pure bond market has faced a bear market, with long-term pure bonds retreating by 3% and 30-year government bonds down by 5.6% [7][8] - The current yield for 10-year government bonds has rebounded to approximately 1.86%, which is still not very attractive but close to a reasonable level [11] - The impact on fixed income products, such as monthly salary treasure, remains minimal, and these products have seen new highs this year [12][13] Investment Strategies - The investment strategy for the index-enhanced advisory portfolio has returned to normal valuation, leading to a pause in regular investments while holding onto existing positions [14] - The active selection advisory portfolio continues normal investments, and there is an increase in investment for the monthly salary treasure, which consists of 40% stocks and 60% bonds [14] - The monthly salary treasure features a "low buy high sell" strategy, providing a stable way to participate in the market with lower volatility [14] Pension Fund Insights - The pension index fund investment has been ongoing, with the current focus on the CSI A500 and CSI Dividend indices, both of which have returned to normal valuation [21][24] - The performance of these indices has been mixed, with the CSI A500 showing a 20% profit and the CSI Dividend around 5% [35] - The strategy emphasizes patience in waiting for undervalued opportunities, with a long-term investment perspective [39][40] Valuation Metrics - A detailed valuation table for various indices and funds has been provided, highlighting metrics such as price-to-earnings ratios, price-to-book ratios, and dividend yields [43] - The valuation metrics indicate that certain indices are currently undervalued, while others are at normal or high valuations, guiding investment decisions [49]

Core Viewpoint - The article discusses the current market trends, emphasizing the performance of growth versus value styles in investment, and highlights the importance of timing and strategy in achieving investment returns. Group 1: Market Performance - The overall market opened with a slight increase but closed with minimal fluctuations, maintaining a rating of 4.2 stars [1] - Large-cap stocks showed slight gains while small-cap stocks declined [2] - Growth styles, such as those represented by the ChiNext board, experienced an increase, whereas value styles remained relatively weak [3] Group 2: Investment Strategy - As growth styles have risen this year, valuations have gradually increased, prompting some fund managers to reduce their growth allocations and increase value style allocations [4] - The current trend of strong growth and weak value styles may be influenced by various factors [5] - Long-term investment strategies will continue to favor lower valuation styles for portfolio allocation [6] - Historical trends indicate that during last year's growth style decline, portfolios increased their growth style allocations, which is beneficial for long-term returns [7] Group 3: Investor Behavior - There is a notable disparity in returns among investors in the same asset class, influenced by their entry timing and purchase costs [10] - Investors entering during bull markets tend to have higher initial costs compared to those entering at market lows [15] - A significant portion of A-share accounts were opened during the major bull markets of 2007 and 2015, indicating a tendency for investors to enter the market during rising phases [18] - Strategies such as dollar-cost averaging during market downturns can help lower investment costs and lead to profitability without needing the market to return to previous highs [20][21] Group 4: Learning and Experience - The first round of investing through bear and bull markets is primarily about gaining experience, and investors should not overly focus on initial returns [28] - Historical market cycles provide valuable lessons, and understanding these cycles can help investors make informed decisions in future investments [30][33] - The article suggests that over the next 30 years, investors will likely experience multiple cycles of bull and bear markets, providing ample opportunities for undervalued purchases and overvalued sell-offs [38] Group 5: Product Features - The company has introduced an "automatic profit-taking" feature for its actively selected and index-enhanced portfolios, which will trigger profit-taking signals as the market moves out of undervaluation [40] - A live session is scheduled to discuss the financial performance of listed companies in A-shares and Hong Kong stocks, focusing on profit recovery in the first two quarters of the year [42]

Group 1 - The article emphasizes the importance of diversification in investment portfolios to mitigate risk, suggesting that different types of stock assets have varying levels of volatility risk, with individual stocks being the most volatile, followed by sectors, broad indices, and fund combinations [2] - It is recommended to invest in a basket of undervalued fund combinations for further risk reduction, and for convenience, investors can follow the "Screw Nut" advisory combinations which offer diversified styles and sectors [2] - The article mentions that there are five advisory combinations available, including index enhancement and active selection, which can help investors manage their investments more easily [5] Group 2 - The article discusses the relationship between stock and bond ratios, indicating that a higher proportion of stocks generally leads to higher long-term annualized returns, but also increases volatility risk [3] - It suggests that for household funds that are not needed for the long term, the allocation to stock funds should not exceed "100 minus age" for individuals in the 4 to 4.9-star rating range, with a recommendation to reduce investment amounts compared to a 5-star rating [4] - For those who find stock fund volatility challenging, it is advised to consider lower stock allocation options such as fixed income plus products, like the 365-day and monthly salary advisory combinations [4]

Core Viewpoint - The article discusses the current investment landscape in the A-share market, emphasizing that while the market has recently dropped to a 4.3-star rating, there are still investment opportunities available, particularly in undervalued stocks and through strategic asset allocation [4][11][55]. Group 1: Market Performance - The A-share market has seen a significant rise since 2022, with the longest bear market occurring from 2022 to 2024, during which several 5-star investment opportunities were available [6][54]. - As of August 2025, the market is at a 4.3-star level, indicating a relatively cheap investment phase [37]. Group 2: Investment Strategy - Investors are advised to assess whether their funds are long-term and not needed for at least 3-5 years before investing in stocks [12]. - The recommended stock-bond allocation for long-term funds at a 4-star level is to follow the formula "100 - age," ensuring a balanced risk profile [15]. - There are still undervalued stock assets available, particularly in certain value-style index funds [16]. Group 3: Investment Products - The article highlights several investment products suitable for the current market phase, including the "Active Preferred Investment Advisory Portfolio" and "Monthly Treasure Portfolio," which maintain a balanced stock-bond ratio [21][30]. - The "Monthly Treasure Portfolio" has undergone rebalancing to maintain a 40:60 stock-bond ratio, adapting to market conditions [31][34]. Group 4: Future Outlook - If the market continues to rise to a 3-star level, traditional stock funds may become less suitable for investment, prompting a reevaluation of investment strategies [41]. - The article notes that long-term bonds currently do not offer attractive yields, with 10-year government bond yields around 1.7%-1.8% [42].