文 | 银行螺丝钉 （转载请注明出处） 今天全球市场出现较大波动。 日股德股下跌超3%，韩股下跌超7%。 A股港股也出现波动。 A股全指下跌2.9%，截止到收盘，回到3.9星。 大中小盘股都出现下跌。 中小盘波动大一些。 中证500、中证1000下跌4%。 价值风格微涨。红利等指数上涨。 成长风格下跌比较多，科创50下跌5%。 在年初的时候，成长风格强势上涨。 红利等价值风格上涨较少，被戏称为「老登股」，成为年初时为数不多的低估品种。 最近红利等品种也开始上涨。成长风格出现回调。 市场还是风格轮动。 港股今天也下跌，波动比A股小一些。 最近全球市场波动，主要是地区冲突，影响了投资者，带来短期恐慌情绪。后面恐慌情绪缓解，市场也会好转。 1. [大吉大利，今天吃基] 第404期的螺丝钉 定投 实盘来啦。 时间： 2026年3月3日 方案： 定投买入 品种： ▶指数增强、主动优选投顾组合： 回到正常估值，暂停定投，继续持有。后面回到低估后继续。 ▶月薪宝投顾组合： 10000元， 点这里跟车买入 2. 如何进行组合跟车？ 如下图所示，进入跟车页面后，点击最下方的按钮「跟车本期」或「自动跟车」。 接着选择跟车比例，点 ...

Market Overview - The market showed slight fluctuations with large-cap stocks slightly up and small-cap stocks slightly down, indicating low volatility [2][3] - The A-share trading volume has decreased compared to previous days, suggesting a market entering a holiday mode ahead of the Spring Festival [5][4] Holiday Arrangements - The last week before the Spring Festival includes specific arrangements for fund transactions, with the last opportunity to invest in stocks and bond funds being before Friday at 3 PM [10][11] - Fund transactions will pause during the holiday, resuming on February 24 [9][10] Investment Strategies - The investment strategy for the week includes a pause in regular investments for the index-enhanced and actively selected advisory combinations, with a focus on holding positions until they return to undervalued status [20] - The monthly investment strategy includes a focus on dividend-style stocks, with some currently undervalued [20] Performance and Valuation - Certain indices, particularly small-cap indices, have reached high valuation levels, presenting opportunities for profit-taking [25] - Specific profit-taking actions have been executed on holdings in the 中证1000 index, with returns ranging from approximately 71% to 79% on different dates [27][30] Fund Performance Metrics - The 中证红利低波动 fund has a yield of 12.03% with a price-to-earnings ratio of 8.31, indicating a favorable investment environment [35] - The 中证500 low volatility fund has shown a yield of 30.36% with a price-to-earnings ratio of 1.89, suggesting it is a viable investment option [35]

Group 1 - The core viewpoint of the article emphasizes the importance of planning year-end bonuses based on the time frame of fund usage, suggesting different investment strategies for short-term and long-term funds [3][32] - For short-term funds, it is recommended to consider investing in short-term bond funds, while for long-term funds, a stock-bond allocation based on the formula "100 - age" is advised [3][32] - The article highlights that bond funds have a more stable return and lower volatility compared to stock funds, making them a relatively safer investment option [4][27] Group 2 - Bond assets can be classified based on duration and type, with short-term bonds being less risky and long-term bonds offering higher returns but with increased risk [7][9][14] - The article discusses the impact of interest rates on bond prices, noting that bond prices are inversely related to interest rate movements, particularly focusing on the 10-year government bond yield [15][23] - As of early February 2026, the 10-year government bond yield is projected to be between 1.8% and 1.9%, indicating that long-term bond funds may not offer attractive value at this yield level [23] Group 3 - The article suggests that current market conditions, characterized by a 3-star rating, may warrant a transition to bond assets until the market improves to a 4-5 star rating [37][40] - It introduces the concept of "Fixed Income Plus" (固收+), which combines low-risk bond assets with a small proportion of stocks or convertible bonds to enhance returns while managing risk [42][44] - The characteristics of "Fixed Income Plus" products include reduced volatility due to the negative correlation between stocks and bonds, and the potential for higher returns with increased stock exposure [46][49]

文 | 银行螺丝钉 （转载请注明出处） 基金是非常适合普通人的投资品种。 什么类型的基金更适合新手？ 基金投资该怎么投？ 长期投资前要做哪些心理建设？ 这里有一门限时免费的福利课程，能帮助新手投资者从零开始了解基金投资。 想要获取这门课程，可以扫下方二维码添加 @课程小助手 ，回复 「 基金入门 」 领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 #螺丝钉小知识 und 银行螺丝钉 月薪宝、365天投顾组合，是怎 么止盈的? 月薪宝、365天投顾组合,自带低买高卖 的策略。 (1) 月薪宝投顾组合 月薪宝投顾组合，股债比例长期保持在 40:60左右。 · 熊市的时候,会把债券基金赎回，加仓 股票基金。 · 牛市的时候,会止盈股票基金,加仓债 券基金。 这个操作,是投顾组合自动完成的，不 需要投资者操作，比较省心省力。 在2024年2月，以及2025年7月，月薪宝 就分别做了两次再平衡调仓，为组合贡 献了不错的收益。 组合于是进行了调仓: ·止盈部分股票，加仓债券，恢复比例; ·卖出部分规模不足2亿的基金,避免遇 到清盘。 调仓后,组合中的股票与可转债类资产 比例,从17%降至14%;债券 ...

Core Viewpoint - The market showed a rebound today, with the overall index rising after a previous decline, indicating a potential recovery phase in the market [1][4]. Market Performance - The market opened lower but closed higher, returning to a 3.9 star rating [2]. - The small and medium-cap indices, which had previously dropped significantly, saw a notable increase today [4]. - The value style had a strong performance in the past two weeks but has recently corrected, with a slight uptick today [6]. - Growth styles, such as the ChiNext, experienced gains today [7]. - The Hong Kong stock market also saw a slight increase, contrasting with the A-share market [8][9]. Investment Strategies - The active and index combination remains at normal valuation, leading to a pause in subscription [3]. - Some indices have reached high valuation levels, presenting potential profit-taking opportunities [19]. - The company has initiated a phased profit-taking strategy for certain funds, selling 10% of holdings weekly to gradually realize gains [20][22][24]. - Specific funds, such as the CSI 1000 and CSI 500 Low Volatility, have shown significant returns, with profit-taking executed at approximately 71% to 90% gains [22][24]. Fund Management - The company has introduced a new fee structure for advisory services, capping annual fees at 360 yuan regardless of the number of advisory combinations held [19]. - The company continues to promote personal pension fund investments, highlighting the importance of regular contributions for retirement planning [19][16]. Valuation Insights - A valuation table was provided, indicating various indices' price-to-earnings ratios, dividend yields, and return on equity, which can guide investment decisions [17][30]. - The valuation table categorizes indices into different investment stages, with green indicating undervalued, yellow for normal, and red for overvalued [34].

Core Viewpoint - The market is experiencing rapid style changes, with large-cap stocks and small-cap stocks alternating in performance, indicating a limited pool of market funds [3][4][5][6]. Market Performance - The overall market remains stable, rated at 3.8 stars, with large-cap stocks rising in the morning and small-cap stocks declining, reversing in the afternoon [2][4]. - Dividend and value styles have seen a decline today, while growth styles have shown an overall increase [7][8]. - Hong Kong stocks have performed relatively well, with significant gains, particularly in dividend and technology sectors [9][10]. Investment Strategies - The company is implementing a systematic investment approach, focusing on regular contributions to selected funds, including the China A50 and 300 Dividend Low Volatility funds [11][14]. - A new benefit for investors has been introduced, capping the annual advisory fee for multiple investment combinations at 360 yuan, promoting cost efficiency for those holding multiple portfolios [17]. Valuation Insights - Recent evaluations indicate that the CSI 1000 and CSI 500 Low Volatility indices have reached overvaluation, prompting a phased profit-taking strategy [18][20]. - Specific profit-taking actions have been executed, with the first sales yielding returns of approximately 71% to 90% [20][22]. Fund Performance Metrics - Various indices have been analyzed for their performance metrics, including price-to-earnings ratios, dividend yields, and return on equity, providing a comprehensive view of investment opportunities [16][31].

Core Viewpoint - The article discusses various methods for profit-taking in investments, highlighting their advantages and disadvantages, and provides examples of past investment strategies based on market valuation levels [1][22][81]. Summary by Sections Profit-Taking Methods - Three common methods for profit-taking in single index funds are outlined: 1. Profit-taking based on yield. 2. Profit-taking based on overvaluation. 3. Long-term holding without selling, relying on dividends for profit [5][34]. Method 1: Profit-Taking Based on Yield - This method involves taking profits when the yield reaches a predetermined level, typically around 30%. It is noted that opportunities for this type of profit-taking occur approximately every 3-5 years [7][10]. Method 2: Profit-Taking Based on Overvaluation - The article explains that: - Low valuation is suitable for regular investments. - Normal valuation suggests holding. - High valuation indicates a potential for profit-taking [11][12]. - The valuation can be assessed using the "Screw Nut Star Rating" and valuation tables updated daily [14][18]. Method 3: Long-Term Holding - This strategy emphasizes holding investments for the long term and relying on dividends. It is particularly suitable for high-dividend stocks and index funds [34][35]. Case Studies of Investment Strategies - The article provides examples of successful investment strategies: 1. From 2018 (5-star rating) to 2021 (3-star rating), investments were made in undervalued assets, which were later sold at high valuations [22]. 2. Investments made in 2018 that remain at normal valuation levels, with plans to sell when they reach overvaluation [24]. 3. A strategy initiated in 2024 with investments in the CSI 1000 index, which will be sold when it reaches overvaluation [26]. Automatic Profit-Taking Features - The company offers automatic profit-taking features in its investment advisory products, allowing for seamless transitions from high to low-risk investments when market conditions change [49][56]. Monthly Cash Flow Investment Strategy - The "Monthly Salary" investment advisory product allows for flexible cash flow options, with a projected annual payout of approximately 6% of the total assets [43][44]. Conclusion - The article emphasizes the importance of selecting appropriate profit-taking strategies based on individual circumstances and market conditions, while also highlighting the automated features of the company's investment products that facilitate these strategies [81][83].

Core Viewpoint - The market is experiencing fluctuations, with large-cap stocks showing slight declines while small-cap stocks are facing more significant drops. Recent weeks have seen a shift towards value and dividend styles, which are gaining strength after a period of underperformance [2][3][4][5]. Market Performance - The overall market has seen a decline, with the Shanghai and Shenzhen 300 index slightly down, while small-cap stocks have dropped more significantly [2][3]. - Value and dividend indices have recently increased, indicating a potential shift in investor sentiment towards these styles [4][5]. - Growth styles, particularly in the ChiNext board, have seen a pullback after reaching high valuations in previous weeks [6]. Investment Strategy - The company has adjusted its active selection strategy, taking profits from overvalued growth styles and increasing positions in undervalued value styles, aligning with the recent style shift [7][8]. - Active selection and monthly investment portfolios have achieved new highs recently, reflecting successful strategy implementation [9]. Fund Management - The Hong Kong stock market has shown slight declines, with less volatility compared to A-shares [10]. - The company has introduced a new fee structure for investment advisory services, capping annual fees at 360 yuan regardless of the number of portfolios held, which is a first in the industry [16][19]. - The company has paused subscriptions for certain investment portfolios to prevent investors from chasing high prices, indicating a focus on maintaining investment discipline [20]. Index Valuation - The CSI 1000 index has reached high valuation levels, prompting the company to initiate a phased profit-taking strategy for holdings in this index [22]. - The company has successfully executed profit-taking on its holdings in the CSI 1000 index, achieving returns of approximately 71% to 72% on recent sales [22]. New Publications - A new book titled "Dividend Index Fund Investment Guide" has been released, quickly becoming a bestseller, aimed at educating investors about dividend index funds [24][25].

Core Viewpoint - The article discusses the investment opportunities and strategies based on different star ratings of the market, specifically focusing on the current 3.x star rating and the appropriate investment combinations for both existing and new funds [1][11][67]. Group 1: Star Rating and Investment Strategies - The "螺丝钉星级" (Screw Star Rating) is used to assess the overall market valuation, with a scale from 1 to 5 stars indicating different investment phases [6][9]. - A 5-5.9 star rating represents the best phase for investing in stock funds, characterized by a high number of undervalued options and limited downside risk [26][28]. - In the 4-4.9 star range, there are still some undervalued options, but the number decreases, and investment amounts should be reduced compared to the 5-star phase [31][32]. - The 3-3.9 star range indicates that most options are either fairly valued or overvalued, making it less favorable for new investments in stock funds [35][39]. Group 2: Current Market Valuation - As of early January 2026, the market is around 3.9 stars, with most options returning to normal valuations and few remaining undervalued [11][67]. - The article notes that during the extreme valuation of 5.9 stars in September 2024, a significant portion of the market was undervalued [12]. - Historical data shows that at 3.7 stars in early 2021, there were no undervalued options available, highlighting the cyclical nature of market valuations [13][36]. Group 3: Investment Combinations - The article outlines various investment combinations suitable for different star ratings, including "主动优选" (Active Selection), "指数增强" (Index Enhancement), and "月薪宝" (Monthly Salary Treasure) [19][30][55]. - The "月薪宝" combination, which includes a higher proportion of stock assets, is currently undervalued, while "主动优选" and "指数增强" have returned to normal valuations [20][21]. - For 4-star phases, a more conservative approach with lower stock exposure, such as the "月薪宝" combination, is recommended to mitigate volatility [33][34]. Group 4: Asset Allocation Strategies - The article suggests using a "100-age" rule for allocating existing funds, where the percentage of stock assets should be based on the investor's age [49][46]. - For new funds, a systematic investment approach (定投) is recommended, particularly during favorable market conditions [51][29]. - The article emphasizes the importance of diversifying investments across different asset types to manage risk effectively [34][57].

Core Viewpoint - The article discusses various methods for profit-taking in investment strategies, particularly focusing on index funds and the importance of evaluating market conditions to determine when to sell [1][3]. Group 1: Profit-Taking Methods - Method 1: Profit-taking based on return rate, typically considering selling when returns reach 30%. This method is simple but may lead to missing out on significant bull market gains [4][6]. - Method 2: Profit-taking based on high valuation, using a star rating system to assess market conditions. A higher star rating indicates a higher valuation, suggesting it may be time to sell [7][10]. - Method 3: Long-term holding without selling, relying on dividends for income. This strategy is less stressful but requires investment in high-dividend stocks [32][33]. Group 2: Case Studies - Case Study 1: From 2018 to 2021, investments made during a low valuation phase yielded significant returns as the market transitioned to a high valuation phase [20]. - Case Study 2: Investments made in 2018 that remained at normal valuation levels until 2026, indicating a strategy of holding through market fluctuations [22]. - Case Study 3: Investments in the 中证1000 index from a low valuation in 2024 to a high valuation in 2026, demonstrating the effectiveness of a buy-low, sell-high strategy [25]. Group 3: Market Insights - The market's star rating fluctuates, with a noted drop to 5.9 stars in September 2024, indicating a significant number of undervalued stocks at that time [16][17]. - The article emphasizes that each bull market varies in duration and magnitude, suggesting that a flexible approach to profit-taking is essential [28][30].