人们其实只想要一句"没事" 有一句医生自我剖析的话"偶尔治愈，常常帮助，总是安慰"，其实更适合用于投资类自媒体。 每一次遇到大跌，大部分投资类自媒体的留言都会大量出现"大盘为什么跌""大盘还有救吗""要不要先卖"？ 根据我的经验，表面上是疑问句，提问者实际想说的是——告诉我大盘没事，告诉我一切都是暂时的，告诉我接下去就会涨回来。 所以直接一点的留言就是"严重受伤，求按摩"，他们已经默认，心理按摩也是投资博主的重要功能，就好像"XX号技师"一样，知道你解决不了问题，但 求一个眼前的舒服。 所以我觉得，当医学发达到大部分病都能治的今天，"偶尔治愈，常常帮助，总是安慰"这句话应该转让给投资类博主才对。 不过，这个"心理按摩"真的纯粹是心理作用，没有什么实际用处吗？本文就来聊一聊这个话题。 原版的话既然是医生说的，就不能不提到医学上的"安慰剂效应"——还有一个"反安慰剂效应"，后者直指大部分投资者的"心理雷区"。 安慰剂的作用真实存在吗？ 1772年，英国医生威廉·库伦首次在医学讲座中明确使用了"安慰剂"这个词。他给一名无法治愈的病人开了药，但他坦言："我并不指望这药有效，我给它 只是因为必须给点药，这就是我所说的 ...

商品期货领域，得特别提提我的"明星品种"——豆粕期货！最开始是在集思录看到一位老师 推荐豆粕ETF，我改进了一下，直接瞄准了豆粕ETF的标的期货。在我觉得不算高的位置先建 了底仓，然后就开启网格交易模式：涨10元卖10手，跌10元买10手，操作起来超顺手。豆粕 期货特别给力，上下都有明确的高低位，波动又大、交易还活跃，每天至少能成交一笔网格 交易，平均下来一天能做3-4笔，妥妥的"现金流小能手"，涨到高位时择机平掉底仓，等待下 次价格合适再开仓。至于玉米、猪肉这些其他商品品种，试下来都不怎么赚钱，还是豆粕最 适合我操作。 2025年的剩余交易日已经不多了，年底降低持仓、减少操作，收益基本定型，干脆提前来波 年度总结，复盘这一年的投资旅程。 年初我本来定了"少投点钱"的大方向，所以开局投入比较克制，核心布局了两大块：转债的 高价低溢价策略，再加上商品期货。没想到年初行情直接开了挂！高价债策略上手就猛涨， 没花多少时间就斩获了50%+的收益（小账户实盘）。我这人的投资风格就是"顺势而为、越 涨越敢追"，跟着行情节奏不断加仓，最高时候期指占了30%、转债70%、商品期货30%， 只不过后期加仓的转债都换成了有限低溢 ...

Group 1 - The article discusses the phenomenon of certain funds, particularly small-cap Hong Kong funds, being sold at high premiums intermittently, suggesting a potential trading strategy to buy during low premium periods and sell during high premium periods [5][6][10] - Specific funds that have shown high premiums include "Hong Kong Small Cap LOF" with a premium of 9.69% and "Guotou China Value LOF" with a premium of 8.63% as of September 24 [7][6] - The underlying reason for these high premiums is attributed to the small scale of the funds, making them susceptible to speculative trading [6][10] Group 2 - QDII commodity funds, particularly those related to gold, frequently experience high premiums due to factors such as purchase limits and rising underlying asset prices [10][12] - The "Gold Theme LOF" is highlighted as a fund that often sees significant premiums, with a recent premium of 18.43% [12] - The article also notes that the "National Investment Silver LOF" had a high premium but historically has not maintained such levels consistently [10][12] Group 3 - QDII stock funds, especially those linked to the Nasdaq and S&P 500, are also mentioned as having premiums due to quota restrictions and the strong performance of U.S. stocks [17][18] - The Nasdaq Technology ETF has been noted for maintaining a long-term premium of around 20% [17] - The article suggests that if premiums disappear, investors holding related funds might consider converting their holdings from off-market to on-market [17]

12月20-21日，2025雪球嘉年华在上海举办。数十位重磅嘉宾围绕宏观环境展望、行业板块投资机 遇及资产配置策略等核心议题展开了深度对话与思想碰撞。 "长期主义"与"资产配置"成为贯穿全场的高频热词，在复杂市场中凝聚起对结构性机遇的清晰共 识，为投资者布局2026年提供了多元而前瞻的思维地图。而"AI"则以不同的视角深入到了几乎每 一场演讲和讨论中。 宏观趋势研判 在全球格局中，中国资产的定位与潜力被反复论及。工银国际首席经济学家程实强调，中国经济 的比较优势呈现系统性、全方位特征，成为全球经济的"快变量"与"稳定器"，并指出中国资产正 进入价值重估上升通道。程实总结两大核心观点：其一，以长期视角审视全球大类资产配置，"东 升西降"趋势仍在推进；其二，"格物致知，成事在人"，投资于物与投资于人的紧密结合，是理解 中国式现代化、把握未来投资机遇的核心战略。 工银 国际首席经济学家程实 中金公司研究部董事总经理、首席海外与港股策略分析师刘刚从市场微观结构出发，认为中国市 场过剩流动性追逐"稀缺回报资产"的格局不变。 刘刚指出2025年全球市场呈现诸多反直觉、反常识的特征。其一，多类资产逻辑各异却实现同 涨；其二 ...

12月20-21日，2025雪球嘉年华在上海举办。数十位重磅嘉宾围绕宏观环境展望、行业板块投资机遇及资产配置策略等核心议题展开了深度对话与 思想碰撞。 "长期主义"与"资产配置"成为贯穿全场的高频热词，在复杂市场中凝聚起对结构性机遇的清晰共识，为投资者布局2026年提供了多元而前瞻的思维 地图。而"AI"则以不同的视角深入到了几乎每一场演讲和讨论中。 宏观趋势研判 在全球格局中，中国资产的定位与潜力被反复论及。工银国际首席经济学家程实强调，中国经济的比较优势呈现系统性、全方位特征，成为全球经 济的"快变量"与"稳定器"，并指出中国资产正进入价值重估上升通道。程实总结两大核心观点：其一，以长期视角审视全球大类资产配置，"东升 西降"趋势仍在推进；其二，"格物致知，成事在人"，投资于物与投资于人的紧密结合，是理解中国式现代化、把握未来投资机遇的核心战略。 工银国际首席经济学家程实 中金公司研究部董事总经理、首席海外与港股策略分析师刘刚从市场微观结构出发，认为中国市场过剩流动性追逐"稀缺回报资产"的格局不变。 刘刚指出2025年全球市场呈现诸多反直觉、反常识的特征。其一，多类资产逻辑各异却实现同涨；其二，资产轮动剧 ...

外资买入中国资产，国内投资者也在全球不同市场投资。 A股投资海外市场、港股、中概股等T+0 ETF大合集来了！ 近几年以来，关于"全球投资"的话题越来越火热。 | 类型 | 44693 | 名称 | 规模(亿元) | 年初至今涨幅 | 溢折率 | 管理公司 | | --- | --- | --- | --- | --- | --- | --- | | | 605661 | 纳指科技ETF | 126.85 | 45.71% | 20.48% | 盖顺长城景等 | | | 159941 | 纳指ETF | 304.19 | 16.25% | 5.02% | 广发基金 | | | 513100 | 纳指ETF | 171.81 | 17.93% | 5.83% | 国泰基金 | | | 513300 | 纳斯达克ETF | 115.4 | 12.94% | 4.49% | 花直雷等 | | | 159501 | 纳指ETF嘉实 | 102.02 | 18.56% | 5.46% | 嘉实基金 | | | 159632 | 纳斯达克ETF | 99.87 | 12.08% | 4.06% | 华安基金 | | | ...

| 6 | 上证指数ETF | -0.7 | 3.95 | -0.30% | | --- | --- | --- | --- | --- | | | （合并4只ETF） | | | | | 7 | 中证人工智能ETF | -0.7 | 14.99 | 0.08% | | | （合并4只ETF） | | | | | 8 | 港股通高股息ETF | -0.67 | 4.21 | -1.45% | | | （合并6只ETF） | | | | | 9 | 中证红利ETF | -0.67 | 3.08 | 0.04% | | | （合并6只ETF） | | | | | 10 | 中证银行ETF | -0.63 | 17.3 | -1.56% | | | （合并8只ETF） | | | | 主力资金净流入： | 序 | 名称 | 主力资金净 | 合计成交额 | 平均涨跌幅 | | --- | --- | --- | --- | --- | | | | 流入（亿 | （亿元） | | | | | 元） | | | | | 黄金ETF | | | | | 1 | （合并7只ETF） | 1.62 | 49.36 | 0.49 ...

New Stock Offerings - 荃银高科 (300087) has a tender offer period from December 4, 2025, to January 5, 2026[1] - 天普股份 (605255) has a tender offer period from November 20, 2025, to December 19, 2025[1] Delisting Notices - *ST广道 (920680) will enter the delisting preparation period starting December 11, 2025[1] - *ST苏吴 (600200) will enter the delisting preparation period starting December 9, 2025[1] Stock Performance Alerts - 赛微电子 (300456) reported severe abnormal fluctuations[1] - 江龙船艇 (300589) reported severe abnormal fluctuations[1] Other Announcements - 梦天家居 (603216) has an announcement dated December 3, 2025[1] - 高乐股份 (002348) has an announcement dated December 4, 2025[1]

Market Overview - On the last trading day of November, A-shares ended with a slight rebound, with the Shanghai Composite Index rising by 0.34%, the Shenzhen Component Index increasing by 0.85%, and the ChiNext Index up by 0.7% [1] - The total market turnover was 1.59 trillion yuan, a decrease of 125.4 billion yuan from the previous day, marking the lowest turnover since August 4, with three consecutive days of declining turnover [1] Index Performance - In November, the A-share market continued to experience fluctuations and corrections, with the growth style indices suffering the most. The STAR 50, ChiNext Index, and CSI 500 fell by 6.24%, 4.23%, and 4.08% respectively [1][2] - The CSI A500 and CSI 300 indices decreased by 2.55% and 2.46% respectively [1] Sector Performance - In terms of sector performance for November, the top-performing industries included comprehensive, banking, textile and apparel, and petroleum and petrochemicals, while the worst-performing sectors were computer, automotive, electronics, and non-bank financials [4][5] - The comprehensive sector saw a rise of 4.07%, banking increased by 2.99%, textile and apparel rose by 2.95%, and petroleum and petrochemicals grew by 2.90% [5] ETF Trends - The "Global Vision, Betting on China" top ten core ETFs experienced a decline of 2.98% in November, but recorded a year-to-date increase of 29.53%, significantly outperforming the CSI 300 index by 14 percentage points [8] - The A500 ETF (512050) saw a weekly increase of 2.15% and a monthly decline of 2.73%, with continuous net inflows, totaling 5.84 billion yuan on the previous day and 23.53 billion yuan over the past 20 days [8][10] - The securities-themed ETFs collectively saw a net inflow of 67.79 billion yuan in November, with a year-to-date net inflow of 902 billion yuan [19] Policy and Economic Outlook - The implementation plan issued by six departments aims to enhance the adaptability of supply and demand for consumer goods, with a target to optimize the supply structure by 2027 and establish a high-quality development pattern by 2030 [15][16] - The focus on boosting consumption has been highlighted as a primary task for economic work in 2025, with various policies being developed to support this goal [16] Securities Industry Insights - The securities industry is expected to see accelerated mergers and acquisitions, enhancing overall competitiveness and moving towards the goal of building a first-class investment bank [20] - The performance of listed securities firms showed significant improvement in the first three quarters of 2025, with total operating income reaching 419.56 billion yuan, a year-on-year increase of 42.55% [20][21]

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - The number of newly issued US ETF products increased significantly last week, with Calamos issuing a Nasdaq Snowball ETF. The US ETF market shows a decrease in investors' risk preference, and pharmaceutical products have performed well. The US general public - offering funds have seen large - scale outflows from domestic stock funds and small - scale inflows into bond products [1] 3. Summary According to the Directory 3.1 US ETF Innovation Products: Calamos Issues Nasdaq Snowball ETF - Last week, 43 new US ETF products were issued, including 13 individual - stock related products and 7 digital - currency related products. YieldMax's new Performance & Distribution Target 25 series aims for a 25% annual dividend, and GraniteShares' YieldBOOST series issued 2 industry - themed leveraged ETF products [6][8] - Vanguard issued 3 active equity ETFs in cooperation with Wellington, First Trust issued a stock - bond - commodity hybrid ETF, and T. Rowe Price issued 4 bond ETFs. Calamos issued a Nasdaq 100 - linked snowball ETF, which aims for a 35% volatility target and reduces knock - in risk through diversified investment [9] 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Decrease in Risk Preference - In the past week, the inflow of US ETFs exceeded $30 billion. Despite the poor performance of many assets, stock products still had large inflows, while Bitcoin ETFs continued to see outflows. Vanguard's S&P 500 ETF ranked first in inflows, and Nasdaq ETFs and small - cap ETFs had large outflows, indicating a decrease in risk preference [10][13] 3.2.2 US ETF Performance: Pharmaceutical Products Perform Well - Recently, the pharmaceutical sector has been the second - highest - rising sector in the US (after raw materials). Biotech products have increased by over 20% this year, and broad - based pharmaceutical products generally have returns of over 10% [16] 3.3 Recent Capital Flows of US General Public - Offering Funds - In September 2025, the total amount of non - money public - offering funds in the US was $23.47 trillion, an increase of $0.49 trillion from August. The S&P 500 rose 3.53% in September, and the scale of domestic stock products increased by 2.13%, but the redemption pressure increased. Last week, domestic stock funds continued to see outflows of around $20 billion, with nearly $600 billion in outflows this year, while bond products had small - scale inflows [1][20]