来源：资管网 基金行业里，能穿越牛熊周期、跨越不同类型平台，在每一段职业生涯中带来改变的管理者并不多。 刘翔，正是其中之一。 这位在金融业深耕近三十年的老将，近日将出任诺德基金总经理。消息一出，就引起业内关注的目光。 这并非简单的"履新"，更像是一次"双向奔赴"——一家亟待突破的基金公司，与一位善于在关键时 期"开新局"的资深管理者，在行业发展的又一节点相遇。 我始终认为，评价一位基金经理，关键看其净值曲线；而评价一位基金公司的掌舵人，则要看他在不同 阶段留下的"发展曲线"。从这条曲线来看，刘翔的每一步，都踩在了行业演进的关键节奏上。 01 从银行到基金：被验证的变革能力 刘翔的职业生涯始于1990年代，大学毕业后即加入银行业。在深圳发展银行境内外分支机构以及招商银 行总部的工作履历，为他打下了扎实的金融根基。那个年代，深发展曾是代码000001的唯一上市银行， 深市龙头，资产利润率银行业第一；而招行作为银行业的标杆，锐意进取，奋发有为，资本回报率银行 业第一。这两家股份制银行的工作经历非常重要，能让刘翔深刻理解金融的逻辑，这或许是后来他能在 市场端和管理端厚积薄发的深层原因。 真正的蜕变发生在他进入基金行业 ...

文 | 银行螺丝钉 （转载请注明出处） 大部分投资者对股票指数基金都耳熟能详，但是对债券指数基金知之甚少。债券指数基金该如何投资？ 这里有一门限时免费的福利课程，介绍了债券指数基金的投资方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 债券 」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。 ◆◆◆ 为什么说波动是把双刃剑? 对于一个有投资经验、能扛得住波动的投 资者来说，波动大是更有利的。 因为波动越大,越能够买在更极端的低 估,同时到了牛市可以在更极端的高估卖 出去。 以茅台为例，十年前的时候，最低估值能 够低到不到十倍市盈率； 而到牛市的时 候,涨的也会非常极端,可能一年时间里 就上涨三四倍。 所以波动越大，对有经验的投资者而言， 能够赚得更多。 但是对于没有经验的投资者来说，波动越 大，反而会亏得更多。 因为这些对投资不太了解的散户，通常都 是在牛市高位的时候，追涨买进去，看到 下跌就容易恐慌卖出。 如果波动大，牛市冲涨到特别高的位置， 那这时散户就会亏得更多。 所以说波动是一把双刃剑。 这也是为什么螺丝钉坚持日更文章、介绍 投资理念的原因。 ▼点击阅读原 文，免费学习 ...

Group 1 - The article highlights that most investors are familiar with stock index funds but have limited knowledge about bond index funds and their investment strategies [2] - A free course is offered to educate investors on how to invest in bond index funds, including course notes and mind maps for efficient learning [2] Group 2 - Long-term investment is defined as an investment period of more than five years, which is often more challenging than most investors realize [5] - The article outlines two main benefits of long-term investment: it allows investors to ride out market cycles and achieve average returns over time [6] - For stock funds, investing for only one or two years may lead to unstable returns due to market fluctuations, while a longer investment horizon can provide more stable outcomes [6]

文 | 银行螺丝钉 （转载请注明出处） 大部分投资者对股票指数基金都耳熟能详，但是对债券指数基金知之甚少。债券指数基金该如何投资？ 这里有一门限时免费的福利课程，介绍了债券指数基金的投资方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 债券 」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。 ◆◆◆ 还有一种情况，最近场内一些美股ETF， 因为被炒作，溢价率一度达到50%。 买基金，会不会遇到卖不出去的情 况呢? 基金分为场外基金和场内基金。 场内基金是在证券账户里买卖交易。例如 ETF 就是场内基金。可以跟买卖股票一样 交易。 ETF有几种情况会导致无法卖出: (1) 遇到大涨大跌， ETF交易价格涨停 或者跌停。 ETF通常为指数基金。 大多数指数,很少达到像个股那样涨停跌 停的波动幅度。 只有在极端行情下可能遇到。 (2) 极端高溢价风险。 投资者如果这时候溢价买入，就会多付出 了50%的成本。 持续高溢价的 ETF,也会被暂停交易,导 致一段时间里可能无法卖出。 场外基金,是按照基金净值申购赎回。只 要场外基金是开放式基金,那投资者提交 赎回申请，就会按照基金净值成交。 ...

Core Viewpoint - The article emphasizes the importance of two key abilities in investment: the ability to earn money and the ability to save money, highlighting that these are distinct skills that impact financial success [5][7]. Group 1: Investment Strategies - Dollar-cost averaging (定投) does not require timing the market; instead, it focuses on regular investments regardless of market conditions [3]. - Investors can choose to buy undervalued assets during market dips, which is a strategic approach to dollar-cost averaging [3]. - The essence of dollar-cost averaging is converting human capital into financial assets through consistent investment [3][4]. Group 2: Saving and Spending Habits - The ability to save money is crucial, as demonstrated by examples of individuals who earned significant wealth but failed to manage it effectively post-retirement [6][7]. - Spending habits are influenced by the source of wealth; unexpected gains often lead to less cautious spending compared to earned income [11][12]. - It is recommended to control lifestyle inflation, ideally keeping increases in living expenses within 150% of previous spending levels after financial gains [14]. Group 3: Savings Rate Insights - A household savings rate of 20% is considered a benchmark for financial health, with higher savings rates correlating with wealth and income levels [18][19]. - The article provides statistics showing that the top 1% of earners save 51% of their income, while the lowest 20% save only 1% [19]. - A practical tip for increasing savings is to match spending with investment, such as buying an asset equivalent to the amount spent on a luxury item [20][21]. Group 4: Summary of Investment Tasks - The two main tasks in investment and financial management are to work diligently to increase savings rates and to consistently invest in undervalued quality assets [22].

Group 1 - The article highlights that most investors are familiar with stock index funds but have limited knowledge about bond index funds and their investment strategies [2] - A free course is offered to educate investors on how to invest in bond index funds, along with supplementary materials like course notes and mind maps for efficient learning [2] Group 2 - The source of dividends for stock index funds primarily comes from the dividends paid by listed companies, which typically distribute 30%-40% of their profits as cash dividends to shareholders [6] - Index funds that hold stocks can accumulate these dividends and distribute them to investors in the form of fund dividends, with a growing number of dividend-focused index funds emerging in the domestic market [6][7] - Examples of dividend index funds include the Shanghai Dividend Index and the CSI Dividend Index, which have started to offer regular annual dividends [6]

Core Viewpoint - The article introduces the book "Continuous Investment," emphasizing the importance of consistent investment without timing the market to achieve financial freedom through cash flow accumulation [2][4]. Group 1: Investment Strategies - The book discusses two common behaviors associated with market timing: investing based on valuation and predicting future market trends [6][9]. - It highlights that systematic investment (定投) is inherently non-timing based, focusing on regular investment intervals regardless of market conditions [12][22]. - The article suggests maintaining discipline in systematic investment, recommending a comfortable frequency such as weekly or monthly [13]. Group 2: Market Conditions and Investor Behavior - The article notes that from 2022 to 2024, a prolonged bear market occurred, with over 94% of investors using active selection strategies remaining profitable by 2025 Q3 [14][15]. - It emphasizes the importance of sticking to a systematic investment plan during market downturns to mitigate panic and emotional decision-making [15]. - The article illustrates that during high market valuations, investors can adjust their systematic investment to include other asset classes, such as bonds, instead of equities [16][22]. Group 3: Real-World Examples - The article references Warren Buffett's investment strategy, which involves using cash flow from his numerous private companies to fund systematic investments, adjusting asset allocation based on market conditions [16]. - It compares investment strategies to grocery shopping, where purchasing decisions are based on current prices rather than fixed choices, advocating for flexibility in investment selections [20]. - The article concludes that long-term investment success is more about having capital available than about timing the market [21].

Group 1 - The article highlights that most investors are familiar with stock index funds but have limited knowledge about bond index funds and their investment strategies [2] - A free course is offered to educate investors on how to invest in bond index funds, along with supplementary materials like course notes and mind maps for efficient learning [2] Group 2 - The article discusses the market cycles of different asset classes, categorizing them into four main types based on their bull and bear market cycles [5] - Bond assets typically have a bull-bear market cycle of 3-5 years, aligning with interest rate cycles [5] - Stock assets experience longer bull-bear cycles, with shorter cycles lasting 3-5 years and longer cycles extending to 7-10 years [5] - Gold also has a bull-bear market cycle comparable to stocks, with a notable 5-year bear market from 2011 to 2016 [5] - Real estate has the longest bull-bear market cycle, averaging 15-20 years, with the last bear market bottoming in 2008 and a bull market starting around 2018 [5]

Core Viewpoint - The public fund industry in China is entering a critical phase of deepening reforms and enhancing quality and efficiency, aiming for high-quality development to meet national strategies and public expectations [1] Group 1: Industry Developments - The Beijing Securities Regulatory Bureau, in collaboration with the Beijing Securities Association and over 40 public fund management firms, launched a series of activities focused on high-quality development in the public fund sector, themed "New Era, New Fund, New Value" [1] - The initiative aims to enhance investor education and protection, promote the transformation and upgrading of the public fund industry, and improve its ability to serve the real economy [1] Group 2: Company Innovations and Strategies - Pengyang Fund has established itself as a rising force in the domestic public fund market, achieving a total management scale exceeding 200 billion yuan by the end of September 2025, driven by innovation embedded in its business development [1][2] - The company has launched the first short-term bond fund in the market in 2017 and has expanded into "fixed income plus" products to cater to shifting investor risk preferences [2] - In the equity business, Pengyang Fund has aligned its product offerings with national strategies and market demands, introducing investment tools focused on digital economy, advanced manufacturing, pharmaceuticals, and consumption [3] - The company has developed various index products, including the first quality factor smart index fund and the first digital economy theme index ETF, responding to the passive investment trend [3] - The "Action Plan for Promoting High-Quality Development of Public Funds" released in May 2025 serves as a guiding document for future product innovation and strategic direction [4] - Pengyang Fund plans to enhance its active investment management capabilities and develop more actively managed equity funds with clear investment styles and stable long-term returns [4]

Core Insights - The A-share market has stabilized and rebounded since 2025, leading to a reshuffling in the public fund sales landscape, with significant growth in non-monetary fund holdings surpassing 10 trillion yuan [1][2] - The top fund distribution institutions, such as Ant Fund and China Merchants Bank, dominate the market, holding over 25% of the total non-monetary fund scale [1][2] - A structural change in investor preferences is evident, with a shift towards more transparent and lower-fee products, particularly passive and fixed-income funds [2][3] Growth Structure - In the first half of 2025, the non-monetary fund holdings of the top 100 distribution institutions reached 10.2 trillion yuan, a 6.95% increase, while equity fund holdings grew by 5.89% to 5.14 trillion yuan [1][2] - Stock index funds saw a remarkable growth of 14.57%, nearing 2 trillion yuan, indicating a recovery in investor confidence driven by rising core indices [1][2] - Smaller institutions are struggling to balance scale and profitability, with a continuing trend of market concentration favoring larger players [2][3] Channel Dynamics - The distribution landscape is increasingly characterized by a three-way competition among banks, brokerages, and independent sales institutions, with a clear restructuring of their market shares [3][4] - Banks still hold over 40% of equity fund holdings, but their market share is declining, as younger investors prefer digital platforms [3][4] - Brokerages and third-party platforms are gaining ground due to their product flexibility and online capabilities, with brokerages increasing their market share in equity funds to 27.41% [4][5] Index Fund Surge - Stock index funds are the hottest category in the current fund growth, with brokerages maintaining a dominant position due to their trading advantages [5][6] - Banks are rapidly increasing their index fund sales, with a year-on-year growth of 99.2% in the first half of 2025, indicating a strategic response to market trends [5][6] - Major banks like Agricultural Bank and Industrial and Commercial Bank have significantly increased their index fund sales, showcasing their adaptability [5][6] Future Outlook - Despite positive growth data, the fund distribution industry remains cautious due to impending fee reforms that will impact revenue structures and product strategies [7][8] - The upcoming fee reductions are expected to challenge traditional sales models, pushing institutions to enhance their advisory services [7][8] - Regulatory changes are likely to encourage brokerages to invest more in equity product sales, further accelerating industry transformation [7][8]