以下文章来源于懒人养基 ，作者懒人养基 懒人养基 . 雪球21年度十大新锐用户、22年度基金影响力用户，私企业主，经济学硕士，《基金投资全攻略》作者。早期靠创业获取主动收入，从17年开始，逐步将 经营产生的余钱、闲钱，几乎全部逢低买入权益基金，从赚取主动收入慢慢向赚取被动收入过渡。价值投资践行者 ↑点击上面图片 加雪球核心交流群 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： 懒人养基 来源：雪球 有朋友提出这样的疑问： 熊市就应该清仓离场 ， 还做什么配置 ？ 牛市就应该全力进攻 ， 还做什么配置 ？ 照这个逻辑 ，做 配置是否就是画蛇添足呢 ？ 今天就来聊聊这个话题 。 （ 数据来源 ： Choice数据 ） 02 01 最简单的配置，是大家都知道的股债配置。我们用最简单的股债配置来分析下这个问题。 股债配置的基本方法 是根据自己的风险偏好和投资目标设定一个合适的股债比例 ， 比如股债均配 、 股6债4 ， 并在相当长的一段时间里维持这 一比例不变 。 如果现在是股6债4 ， 几天后就变成全仓股票或者全仓债基 ， 随意改变预先设定的股债比例 ， 这不是股债配置 ...

以下文章来源于懒人养基 ，作者懒人养基 懒人养基 . 雪球21年度十大新锐用户、22年度基金影响力用户，私企业主，经济学硕士，《基金投资全攻略》作者。早期靠创业获取主动收入，从17年开始，逐步将 经营产生的余钱、闲钱，几乎全部逢低买入权益基金，从赚取主动收入慢慢向赚取被动收入过渡。价值投资践行者 ↑点击上面图片 加雪球核心交流群 ↑ 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： 懒人养基 来源：雪球 根据 " 25倍财富自由法则 " ， 如果你一个月开支1万 、 一年的开支是12万 ， 财富自由的基础门槛刚好是300万 。 因此 ， 存款300万是一个 被反复讨论却鲜有定论的数字 。 以年收入15万元的家庭为例 ， 若每年储蓄5万元 （ 已属节制型消费 ） ， 积累300万需要60年 ， 而且还要排除疾病 、 失业 、 教育等重大支 出 。 现实中 ， 多数家庭因房贷 、 育儿 、 赡养老人等压力 ， 存款上限通常在50万-100万元之间 。 300万存款 ， 往往可能是两代人共同积 累 、 无重大负债 、 且消费极度克制的结果 ， 堪称普通家庭的 " 财富天花 ...

Core Insights - The report emphasizes a positive global economic outlook with rising market risk appetite, but warns of persistent issues such as regionalism, inflation, and structured valuation risks [1][17] - It suggests a cautious yet optimistic approach to asset allocation, focusing on companies' core competencies and balancing risk and return [1][17] Market Overview - Global equity assets showed strong performance in September 2025, with MSCI Global returning 2.31% and emerging markets at 6.78%, outperforming developed markets [8][14] - Domestic markets continued to rise, with the CSI All Share Index yielding 1.87% and active equity funds performing well, particularly the China Equity Index which rose by 6.03% [8][14] International Market Analysis - Manufacturing expansion remains slow overseas, with potential valuation "disproof" risks due to expectation discrepancies [1][18] - The report highlights that while AI innovations are driving growth in the service sector, their impact on traditional manufacturing remains uncertain [20][18] Domestic Market Analysis - The domestic economy shows strong resilience, with industrial value-added growth of 5.2% year-on-year in August, and high-tech manufacturing increasing by 9.3% [22][24] - Service sector growth is robust, with a production index increase of 5.6% year-on-year, particularly in information technology and financial services [22][24] Asset Allocation Strategy - For equity funds, a core + opportunity "barbell" strategy is recommended, focusing on companies with high performance certainty and dividend yields [51][52] - Fixed income funds should prioritize medium to short duration products for better value, as long-duration bonds face increasing risks [54][55] Sector-Specific Insights - The technology sector is highlighted for its high growth potential, particularly in areas like chips, AI, and renewable energy, although volatility risks are noted [52][55] - The report indicates that while gold remains a long-term investment due to geopolitical tensions and inflation concerns, oil prices may face downward pressure due to seasonal demand fluctuations and OPEC+ production increases [38][44][43]

Group 1 - The core viewpoint of the articles highlights a significant increase in public fund dividends in 2023, with both the number of funds participating in dividends and the total dividend amount rising compared to the previous year [1][3]. - As of September 26, 2023, a total of 2,832 public fund products participated in dividends, with a total dividend amount reaching 1,740.48 billion yuan, marking a year-on-year increase of 406 funds (16.8%) and an increase in total dividends by 383.57 billion yuan (28.3%) [1][3]. Group 2 - In the bond fund category, the total dividend amount increased by 11.34% compared to the same period last year, with 2,304 bond funds participating and a total dividend of 1,333.52 billion yuan, accounting for 76.6% of the total public fund dividends [3]. - For equity funds, the total dividend amount increased by 234.08 billion yuan compared to the previous year, with a growth rate exceeding 1.5 times, and the contribution rate also increased by 13.04% [3]. - A total of 488 equity funds distributed dividends amounting to 386.79 billion yuan, with an overall contribution rate of 24.3%, compared to 233 equity funds that distributed 152.71 billion yuan last year [3]. Group 3 - The top four dividend amounts in the year were captured by the CSI 300 ETFs, with the highest being Huatai-PB CSI 300 ETF at 83.94 billion yuan, followed by E Fund, Huaxia, and Harvest CSI 300 ETFs [4]. - QDII funds, although having a smaller overall dividend amount, experienced the largest year-on-year growth, with a total dividend of 17.33 billion yuan, representing a nearly fourfold increase [4]. - Money market funds saw limited activity, with only one fund, the Jiashi Rongxiang Money Market Fund, completing two dividend distributions totaling 2.41 billion yuan [4].

一揽子金融支持经济高质量发展的改革举措出台以来，A股市场企稳回升，基金业绩回暖，赚钱效应显 著。 一位券商营业部负责人告诉记者："政策落地后，市场交易活跃度显著提升，我所在的营业部单月新增资金量 一度超过2023年全年，不仅新增开户数攀升，还有不少休眠账户被激活。近期，A股每日交易金额维持在2万 亿元以上，经纪业务好于往年。" 在市场经历大幅回升后，个人投资者的感受变得复杂。具备一定投资经验的投资者在解套后，有的选择止盈落 袋为安，有的根据市场变化重新调整投资策略买入一些热门股，也有一些曾遭受煎熬的投资者选择在专业基金 投顾指导下定投基金。 受益于行情回升，赚钱效应显著提升，其中权益基金业绩反弹最为直观，业绩翻倍的基金批量涌现。 截至9月 23日，近一年有783只基金业绩翻倍，亏损的A股基金数量不足10只。 沉寂多时的权益基金经理迎来一场久违的"翻身仗"。一位公募基金老将告诉券商中国记者："置身百年未有之 大变局中，以新经济为代表的领域已展现出显著的产业竞争优势，其长期投资价值不断凸显。"记者注意到， 他管理超10年的基金净值在上周创下历史新高。 主动权益基金成为业绩领头羊，重回投资者视野。对于在市场高点入场 ...

Core Viewpoint - The "9·24" policy has significantly reshaped the A-share market, enhancing investor confidence and leading to a substantial increase in market capitalization and stock prices over the past year [2][5][15]. Market Performance - A-share total market capitalization grew from approximately 70 trillion yuan to over 100 trillion yuan, an increase of over 30% [2][6]. - More than 1,400 stocks have doubled in price, with the ChiNext Index and the Sci-Tech Innovation 50 Index both rising over 100% [2][6]. Policy Impact - The "9·24" policy, introduced on September 24, 2024, included measures to boost medium- and long-term capital inflows, reform mergers and acquisitions, and support technological innovation [2][4]. - Following the policy announcement, the Shanghai Composite Index surged by 4.15% in a single day, while the ChiNext Index soared by 5.54% [4]. Structural Changes - The A-share market has seen a profound transformation, with a focus on sustainable growth and a "slow bull" market trajectory following initial rapid responses to policy changes [5][6]. - The volatility of the market has decreased, with the annualized volatility of the Shanghai Composite Index at 15.9%, down 2.8 percentage points from the previous five-year period [6]. Mergers and Acquisitions - Over 230 major asset restructurings have been disclosed since the implementation of the "9·24" policy, marking a recent high [9]. - Innovative merger tools such as targeted convertible bonds and acquisition loans have revitalized market activity, facilitating a clearer direction for industrial integration [9][10]. Investor Sentiment - The investor base has evolved, with a significant increase in new accounts, totaling 30.57 million, an 83.86% increase compared to the previous period [13]. - Long-term capital, including insurance and social security funds, has also increased its presence in the market, with insurance funds' stock investments reaching 3.06 trillion yuan, a net increase of about 1 trillion yuan [14]. Future Outlook - The ongoing reforms are expected to further enhance market quality and foster a culture of long-term investment, with a focus on improving the quality of listed companies and refining foundational systems [14][15].

一揽子金融支持经济高质量发展的改革举措出台以来，A股市场企稳回升，基金业绩回暖，赚钱效应显 著。 一位券商营业部负责人告诉记者："政策落地后，市场交易活跃度显著提升，我所在的营业部单月新增 资金量一度超过2023年全年，不仅新增开户数攀升，还有不少休眠账户被激活。近期，A股每日交易金 额维持在2万亿元以上，经纪业务好于往年。" A股开户持续升温。上交所披露的数据显示，8月沪市A股个人投资者新开户数达265.03万户，同比增长 165%，较7月环比增长34.97%。 一些年轻投资者开始跃跃欲试，加入"养基"大军，各类型权益基金规模出现增长。中国基金业协会数据 显示，截至7月末，公募基金资产净值合计35.08万亿元，较去年8月底增加4.17万亿元。 基金经理在这轮市场反弹行情中表现更加理性。一位成长风格基金经理表示，高成长板块难免会伴随较 大的市场波动，希望大家理性看待成长风格基金的投资机会。 上海一位基金经理表示，希望以穿越牛熊周期的视角为持有人带来相对稳健且超越市场的回报。 在市场经历大幅回升后，个人投资者的感受变得复杂。具备一定投资经验的投资者在解套后，有的选择 止盈落袋为安，有的根据市场变化重新调整投资策 ...

Core Viewpoint - The seminar "Investment for Good" focused on ESG and charitable asset management, highlighting the importance of understanding macroeconomic variables in equity investment [1][3]. Group 1: Asset Classification and Principles - Major asset classes include foreign exchange, government bonds, stocks, and commodities, with the principle that all returns are compensation for risk taken [4]. - Investment goals dictate the types and levels of risk exposure, with conservative goals favoring government bonds and aggressive goals allowing for more stocks and derivatives [4]. - The optimization of returns within specific risk-return requirements is essential, aiming to select the best-performing assets under given risk conditions [5]. Group 2: Stock Investment Insights - Two approaches were identified for how major asset classes can aid stock investment: understanding non-fundamental stock fluctuations through macro variables and analyzing investment cycles using the Merrill Lynch Clock [8][9]. - Economic cycles can be assessed through indicators like the gold-to-copper ratio, which helps define the current economic phase [8]. - The relationship between different asset classes, such as the inverse correlation between stocks and bonds, is crucial for understanding market dynamics [12]. Group 3: Current Challenges in Asset Management - The global economy is undergoing a new cycle characterized by de-globalization, leading to misaligned economic cycles across different regions [16]. - Long-term risk-return profiles are declining due to prolonged monetary easing in the U.S. and demographic shifts in China, complicating investment strategies [17]. - The correlation between stocks and bonds has shifted, necessitating a greater allocation to counter-cyclical assets like gold [18]. Group 4: Asset Outlook - Short-term prospects for U.S. dollar assets appear positive due to potential economic soft landing, but long-term risks remain due to increasing debt levels [19]. - Commodity prices, particularly oil and gold, are expected to fluctuate within certain ranges, with copper benefiting from demand driven by new energy technologies [20].

Group 1 - The A-share market is showing signs of recovery, leading to increased enthusiasm for fund subscriptions, with many products selling out on the first day [1][3] - The current trend in equity funds differs from previous years, as the focus has shifted from large-scale funds to smaller, more manageable targets [5][6] - In 2020, there were 91 equity "daylight funds," with 16 exceeding 10 billion and 3 nearing 30 billion, but now new funds typically set fundraising caps at 1 billion or 5 billion [5][6] Group 2 - The recent popularity of equity funds is attributed to two main factors: the positive performance of the A-share market and the gradual recovery of fund performance, restoring investor confidence [6][8] - Fund companies are prioritizing stable performance over large-scale fundraising, leading to early closure of subscriptions to maintain a balance between scale and performance [9][10] - The bond fund market is also experiencing growth, with new rules implemented to encourage the development of "fixed income plus" products that combine stable bond returns with potential equity gains [12][15] Group 3 - Regulatory adjustments aim to promote the development of funds with a minimum stock allocation, allowing for quicker registration processes for compliant products [14][15] - Institutions remain optimistic about future market trends, identifying artificial intelligence and overseas expansion as key investment themes [19] - Overall, the changes in the fund issuance market indicate a maturation process, focusing on sustainable investor returns rather than short-term gains [21]

经济观察网据证券时报消息，今年以来，随着市场逐步回暖，部分主题板块行情火热，权益基金涨势喜 人。多只基金年内涨幅超过了100%，成为名副其实的"翻倍基"。整体来看，"翻倍基"大多集中在科 创、医药等高景气赛道，不少基金经理在板块配置和重仓股选择上，捕捉到了阶段性主线行情。从基金 规模和资金流入情况来看，"翻倍基"在上半年也获得资金青睐，部分产品的管理规模实现了数倍增长。 沪上一位基金评价人士表示，"翻倍基"的批量出现是市场情绪、产业趋势和资金共振的结果。一方面， 权益市场回暖、流动性环境改善，为高波动主题基金提供了土壤；另一方面，基金经理在行业配置和个 股选择上的前瞻性判断放大了收益弹性。未来，"翻倍基"能否延续强势，仍取决于市场主线与产业趋势 的延续性。 ...