Group 1 - The core concept of the article emphasizes the importance of asset allocation planning in the context of an aging population and the challenges posed by declining pension replacement rates [3][4] - The initiative "UP向上，投资有温度" by 中信保诚基金 aims to provide comprehensive wealth management support throughout the investor's life cycle, focusing on investor education and professional investment decision-making [1][8] - The event in Hainan specifically addressed the new opportunities for asset allocation in the "longevity era," highlighting the need for proactive financial planning to ensure adequate retirement resources [3][4] Group 2 - The article discusses the demographic changes in China, including a significant drop in birth rates and an increase in life expectancy, which are leading to a declining pension dependency ratio, projected to fall to 2.3:1 in the future [3][4] - It emphasizes that diversified asset allocation is essential for achieving stable retirement outcomes, as relying solely on social security is insufficient for maintaining a quality lifestyle [4][6] - Public funds are positioned as a crucial component in addressing the pension funding gap and enhancing the pension security system, with a diverse product matrix that caters to various retirement needs [6][7] Group 3 - As of September 30, 2025, the number of personal pension funds has reached 302, with over 98% of these funds generating positive returns since their inception, providing investors with a wider range of retirement investment options [7] - The article highlights that public funds not only serve as financial products but also play a vital role in building a multi-tiered and sustainable pension security framework, complementing basic pension insurance and corporate annuities [7][8] - The company plans to continue its initiatives to support investors in their asset allocation journey, ensuring that retirement expectations are met with solid financial backing [8]

回顾今年以来的市场，科技成长风格表现突出，而此前颇受青睐的红利价值赛道则表现平淡，一度落后大盘，因此也有观点认为今年是红利资产的"小年"。 那么，当前是否还有必要配置红利资产？ 回顾今年以来的市场，科技成长风格表现突出，而此前颇受青睐的红利价值赛道则表现平淡，一度落后大盘，因此也有观点认为今年是红利资产的"小年"。 那么，当前是否还有必要配置红利资产？ 广发基金认为，当前投资者依然可以对红利类基金给予关注，可考虑将其作为投资组合中的"压舱石"进行配置。 红利资产为何再度回归视野？ 进入四季度，市场的波动显著加剧，前期积累了较多涨幅的科技成长类板块压力显现，进入震荡调整阶段。截至11月17日，创业板指、科创50四季度以来分 别下跌了4.11%和9.45%。相比之下，红利资产短期内展现出了较强的韧性，中证红利全收益指数同期上涨5.37%，越来越多的资金开始重新把目光聚焦到红 利资产身上。 近期红利资产能再度回归投资者视野，主要基于两方面原因。 拉长观察周期来看，红利资产在中长期的表现同样可圈可点。下表列举了几个红利类指数在过去10年的历史表现，可以看到，红利类指数的年化波动率普遍 低于沪深300全收益指数，但年化 ...

Market Overview - The market experienced a decline of 1% during the day but rebounded significantly before closing, with the CSI All Share Index rising by 1.5% [1] - Both large, medium, and small-cap stocks saw an increase, although small-cap stocks rose less [2][3] - Recently, the ChiNext and STAR Market have been strong, attracting funds, which led to a decline in small-cap stocks [5] Growth vs. Value Styles - Growth styles have been strong, while value styles have been relatively weak [6] - Dividend and value indices saw slight increases, indicating some resilience in value stocks [7] - The A-share market has shown a pattern of style rotation, with growth styles outperforming value styles in certain years [21][32] Hong Kong Market Dynamics - The Hong Kong stock market continued to decline, particularly in technology stocks, while dividend and value styles remained stable [8][10] - Since the Chinese New Year, the Hong Kong market has experienced a stronger rally compared to A-shares, with technology stocks in Hong Kong outperforming A-share technology stocks by 20-30% at one point [11] - A-shares have recently shown a catch-up rally, while the Hong Kong market remains relatively subdued [12] Bond Market Insights - The bond market has been weak, with long-term pure bonds experiencing significant declines [15][16] - The yield on 10-year government bonds is currently around 1.7-1.8%, which is not considered attractive compared to historical averages [17][18] - Fixed income plus products, which include some equity exposure, have remained stable this year [19] Historical Performance of Growth and Value Styles - Historical data shows that from 2020 to 2025, the performance of dividend low-volatility and ChiNext indices has varied significantly, with growth styles outperforming in some years and value styles in others [24][28][30] - The average return of dividend low-volatility stocks since early 2020 is approximately 68%, while the ChiNext has returned around 62% [30][31] - The rotation of styles typically occurs every 3-5 years, with recent years favoring value styles [34][37] Investment Strategies - The company suggests a balanced approach to investing in both growth and value styles, adjusting the allocation based on valuation levels [65][66] - Growth styles are likened to offensive strategies, while value styles are seen as defensive, requiring different management approaches [66][67] - The company emphasizes the importance of patience and understanding market cycles for long-term investment success [56][76]

Core Viewpoint - The article emphasizes that the greatest dividend for ordinary people is not external opportunities but rather the development of an internal system, categorized into "chaotic systems" and "compound systems" [3][4]. Group 1: Chaotic System - A chaotic system is characterized by frequent decision-making changes and high uncertainty, leading to a lack of accumulation in any particular field [7][8]. - Individuals in a chaotic system often rely on external influences and emotions for decision-making, which can result in missed opportunities [5][9]. Group 2: Compound System - A compound system focuses on long-term goals and experience accumulation, leading to clearer decision-making paths and reduced external interference [10]. - The advantages of a compound system include strong certainty, reduced anxiety, and a stable mindset despite market fluctuations [11]. - The article discusses various investment strategies within a compound system, such as technical analysis, value investing, and a "permanent portfolio" approach that emphasizes asset diversification and dynamic balance [11][12]. Group 3: Investment Performance - The author's "permanent portfolio" consists of dividend funds in the A-share market, index funds in the US (Nasdaq and S&P 500), and investments in India and Southeast Asia [13]. - The performance of the author's fund account shows a year-to-date increase of 6.33%, outperforming the CSI 300 index, which has decreased by 1.7% [16]. - The article notes that the stock market has shown positive trends, particularly after the worst impacts of tariff storms have passed [17][19].

文 | 银行螺丝钉 （转载请注明出处） 从历史数据看，指数增强基金的平均收益，多数年份是可以跑赢对应指数的。 但其中也有一部分跑输了指数，如果不谨慎挑选的话，也有可能买到的基金，实际上跑不赢指数。 那应该如何挑选优秀的指数增强基金呢？ 这里有一门限时免费的福利课程，介绍了指数增强基金的投资方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 指数增强 」领取哦 ～ ◆◆◆ 不过，红利也有低迷的阶段。比如到了2019 -2020年，成长风格强势。 当时成长风格指数两年翻倍，但红利指数只 是微涨，大幅跑输市场，红利类基金也被投 资者嫌弃。 那么，什么情况下，比较适合考虑红利类品 种呢? 对普通投资者,红利投资有两种定位。 (1) 把红利品种，作为投资组合中的价值 风格部分。 因为红利是典型的价值风格品种，熊市比较 抗跌，牛市的时候进攻性会弱一些。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 可以跟成长风格品种搭配。 (2) 看中红利指数的分红现金流。 低估的时候买入，此时股息率也比较高，长 期持有获得现金流。 此时就不在乎红利导不是跑赢古场，口更和 ...