文 | 银行螺丝钉 （转载请注明出处） 今天大盘整体微涨，截止到收盘，还在4.1星。 沪深300等大盘股微涨，中小盘股上涨多一些。 假期后恢复正常交易。 今天几个组合也都是上涨的。 主动优选显示为下跌，是因为组合里有基金分红了。 基金分红到账需要时间，到账之前会显示为下跌，到账后就显示正常了。 今天主动优选底层的基金也整体是上涨的。 1. 前两天有朋友问螺丝钉，今年红利指数上涨少一些，要不要换品种呢？ 今年年初以来， 红利等价值风格微涨。 螺丝钉也汇总了红利指数估值，供参考，见文章下方图片。 港股周四周五圣诞放假。部分港股基金也暂停申购赎回。 这也是红利类指数基金，连续第五年上涨。 2. 红利类指数基金的走势特点： （1）波动相对较小 红利指数基金的波动，通常是大盘的60-70%上下。 ·代表A股的中证红利指数基金，大约上涨2%上下。 ·代表港股的恒生红利低波动指数基金，大约上涨20%上下。今年港股红利还是挺强的。 ·如果是沪港深三个市场的，沪港深红利低波动指数基金，处于两个市场之间，大约上涨12%。 （2）牛市弹性不大，上涨相对均匀 成长风格有可能出现一年里翻倍的涨幅，例如科创板创业板，从2024年9月到2 ...

文 | 银行螺丝钉 （转载请注明出处） \ / 十九 班 功 次 六 级-5星级便宜阶段来投入，到了3星级及 以上阶段，则是可以定投债券资产。 那么,上班族每个月要拿出多少钱来定 投呢?有调研报告显示,对一般投资者 来说,新增收入的20%用来定投,是比 较正常的比例。 如果想更加省心省力地做好资产配置, 可以考虑螺丝钉的投顾组合。 螺丝钉投顾组合， •有以股票资产为主的，如主动优选投顾 组合、指数增强投顾组合、月薪宝投顾 组员; 如果是一笔3-5年以上长期不用的闲钱, 就可以趁市场便宜的阶段，来做好分散 配置。 通常来说，在做资产配置的时候，可以 根据「100-年龄」，来分配资产。 ·配置「100-年龄」%的比例，到股票资 产里; ·配置「年龄」%的比例，到债券资产。 其中,股票资产部分，可以在市场4星 级-5星级阶段，配置好。5星级的时候， 投入资金最多;随着市场反弹,投资金 额可以适当减少一些。 (2) 增量资金:用定投的方式积攒资产 如果是每月工资、年终奖等新增收入, 可以将其中长期不用的部分，用「定 投」的方式来打理。 不同的投顾组合相互搭配，可以比较好 地满足我们家庭资产配置的需求。 ▼点击阅读原 ...

文 | 银行螺丝钉 （转载请注明出处） 今天大盘略微下跌，中证全指下跌0.39%，波动不大，还在4.2星。 沪深300下跌多一些，中小盘股微跌。 最近市场风格轮动比较厉害。 今天创业板等成长风格下跌超2%。 前几天低迷的价值风格，今天普遍上涨。 红利、价值等指数表现比较坚挺。 月薪宝 （点击查看）等含红利类品种多的组合，今天也普遍上涨。 港股波动不大。 港股科技股下跌略多。 昨晚美股下跌，带动今天全球市场也波动，不过人民币资产受影响相对较小。 1. 有朋友问，A股现在是分红市还是融资市呢？ 这两天看到一个新闻。 A股2025年到12月中旬，分红总额，超过2024年，达到2.56万亿。 创下历史新高，也是连续第5年分红金额提升。 这几年A股有个比较显著的变化，就是鼓励上市公司提高分红比例。 分红比例是说上市公司把多少比例的盈利，拿出来分红。 如果简单计算，用股息率*市盈率，可以大致推算出分红比例。 以前A股很多公司，把盈利的30-40%拿出来分红。 这两年能提升到40-50%。 2. 分红、回购，都是上市公司回馈投资者的方式。 IPO、增发等，是上市公司从市场募资的方式。 一般牛市的时候，募资金额会大幅提升。 ...

文 | 银行螺丝钉 （转载请注明出处） 今天大盘整体上涨，截止到收盘，还在4.2星。 大中小盘股都上涨，小盘股上涨略多。 现金流等价值风格上涨。 成长风格也整体上涨。 今天收盘后，也是12月份指数调仓的时间。 等下周一看到的估值，也就是指数调仓后的了。 港股今天上涨比A股多一些。 港股科技股领涨。 螺丝钉也汇总了港股指数的估值，供参考。 这也跟A股的风格轮动有关。 1. 最近价值风格出现了一些波动。 A股经常出现成长、价值风格的轮动。 （1）今年三季度是成长风格比较强势。 创业板指，在今年3季度，创下最近10年，最大单季度涨幅。 价值风格三季度也上涨，但涨幅就没有成长风格这么多。 （2）到了10-11月，成长风格短期出现大幅回调。 创业板指从3331点，短期下跌到11月24日的2892点，回调13.2%。 科创50波动更大一些，回调了20%。 同期价值风格没有太大波动。 价值、红利等指数略微下跌；自由现金流指数，在10月初到11月24日，甚至还略微上涨了一些。 （3）到了12月，成长风格短期大幅下跌后，出现了反弹。 只是阶段性，成长和价值风格的表现会有强弱。 这也是A股的特点。 成长风格比较吸引市场眼球，短期 ...

Core Viewpoint - The article discusses the concept of "present bias" in behavioral economics, which leads individuals to prioritize immediate gratification over long-term financial planning, resulting in irrational spending habits [2][3]. Group 1: Understanding Present Bias - Present bias significantly impacts household finances, as individuals often spend their income shortly after receiving it, leaving little for savings or investments [5][14]. - A method to assess present bias is to track spending patterns; if most money is spent within the first two weeks of receiving a paycheck, it indicates a strong present bias [7][8]. Group 2: Implications of Present Bias - Surveys show that low-income individuals tend to spend food vouchers quickly rather than spreading the benefits over time, highlighting the tendency to indulge in immediate consumption [10][11]. - Rational financial planning involves balancing income and expenses throughout life stages, ensuring savings and investments are made for future needs [12][13]. Group 3: Strategies to Mitigate Present Bias - Self-imposed restrictions can help manage present bias, with passive restrictions, such as pension contributions, being particularly effective in ensuring long-term financial stability [17][21]. - Dollar-cost averaging (DCA) is suggested as a self-restriction method that encourages consistent investment over time, helping to build assets rather than spending immediately [24][28]. Group 4: Additional Tips - Other strategies to combat present bias include weekly allowances for children, cautious use of credit cards, maintaining a budget, and setting aside a portion of any expenditure for investment [35].

Group 1 - The article emphasizes the importance of diversification in investment portfolios to mitigate risk, suggesting that different types of stock assets have varying levels of volatility risk, with individual stocks being the most volatile, followed by sectors, broad indices, and fund combinations [2] - It is recommended to invest in a basket of undervalued fund combinations for further risk reduction, and for convenience, investors can follow the "Screw Nut" advisory combinations which offer diversified styles and sectors [2] - The article mentions that there are five advisory combinations available, including index enhancement and active selection, which can help investors manage their investments more easily [5] Group 2 - The article discusses the relationship between stock and bond ratios, indicating that a higher proportion of stocks generally leads to higher long-term annualized returns, but also increases volatility risk [3] - It suggests that for household funds that are not needed for the long term, the allocation to stock funds should not exceed "100 minus age" for individuals in the 4 to 4.9-star rating range, with a recommendation to reduce investment amounts compared to a 5-star rating [4] - For those who find stock fund volatility challenging, it is advised to consider lower stock allocation options such as fixed income plus products, like the 365-day and monthly salary advisory combinations [4]

Group 1 - The article discusses investment strategies for index funds, emphasizing the importance of understanding investment techniques to achieve good returns [2] - A free course is offered to help investors learn about index fund investment strategies, including course notes and mind maps for efficient learning [2] Group 2 - Three methods to control market volatility risk are outlined: 1. Dollar-cost averaging (定投) to lower the average cost of holdings during downturns, allowing for profitability without needing to return to previous price levels [8] 2. Diversification by investing in a basket of undervalued funds to reduce risk, with a recommendation to follow managed portfolios for ease [10] 3. Position control, suggesting that the stock allocation in a portfolio should not exceed "100 minus age" for long-term unused funds [12] Group 3 - The article mentions five managed investment portfolios available, including index enhancement and active selection, designed to simplify investment for users [13]

Core Viewpoint - The articles compiled by the company in May provide valuable insights and methodologies for investment, emphasizing the importance of data-driven decision-making in the current market environment [1]. Group 1: Market Signals and Investment Strategies - The "May Bull-Bear Signal Board" indicates that the market is still undervalued, suggesting that investors should continue to focus on active selection and index-enhanced investment strategies [4]. - The "Golden Star Rating" and "Golden Bull-Bear Signal Board" have been introduced to evaluate gold as an asset, detailing its price history, relationship with real interest rates, and volatility risks [5]. - An "Index Map" has been created to categorize commonly used indices, including their codes, selection rules, industry distribution, and average market capitalization, facilitating easier access for investors [6]. Group 2: Fund Manager Insights - The analysis of the 2025 Q1 reports from active fund managers highlights their investment perspectives and data, categorized into four styles: deep value, growth value, balanced, and growth [7]. - A comprehensive summary of the active fund manager pool has been provided, detailing fund styles, stock ratios, industry preferences, and other key metrics for easy reference [9]. Group 3: Sector-Specific Investment Guides - The "Hong Kong Index Fund Investment Guide" outlines the characteristics and valuation levels of various indices, emphasizing the impact of interest and exchange rate fluctuations on market performance [11]. - The "Healthcare Index Fund Investment Guide" focuses on the three main sub-sectors: healthcare, biotechnology, and innovative drugs, noting their historical returns and current valuation levels [13]. - The "Consumer Index Fund Investment Guide" categorizes the consumer sector into essential and discretionary consumption, highlighting corresponding index funds in both A-shares and Hong Kong stocks [15]. Group 4: Economic Indicators and Company Performance - The report on company earnings indicates a 4.46% year-on-year growth in Q1 2025, suggesting a potential recovery in profitability after a period of stagnation [14]. - The "Value Series Index Investment Guide" discusses the principles of value investing, emphasizing the importance of low P/E and P/B ratios in stock selection [16][17]. Group 5: Investment Philosophy and Market Efficiency - The discussion on index funds suggests that while widespread adoption could lead to average market returns, the concept of index funds will not become obsolete due to inherent investor behavior and market dynamics [19]. - Insights from Charlie Munger highlight that markets are not always efficient, presenting opportunities for experienced investors to capitalize on mispriced assets during periods of market irrationality [20].

Core Viewpoint - The article discusses the current market conditions, emphasizing the importance of understanding index valuation percentiles and the associated risks when making investment decisions. Market Overview - The major indices, such as the Shanghai and Shenzhen 300, have shown little fluctuation, while small-cap stocks have slightly declined [2][4]. - Value and dividend styles have seen minor increases, whereas growth styles have experienced slight declines [3][4]. - After a significant drop in early April, global markets have rebounded over the following weeks, but have recently entered a period of sideways movement [5][6]. Index Valuation Percentiles - The article highlights that percentile rankings can be a useful reference for current valuations in historical contexts [7][8]. - A 30% percentile indicates that 30% of historical valuations were lower than the current one [9]. Risks Associated with Percentile Valuation 1. **Short Historical Data**: Relying on a short time frame for index data can lead to misleading conclusions. Historical data should ideally encompass multiple market cycles [12][13]. - Solution: Use longer historical indices of similar styles for reference [14][15][16]. 2. **Changes in Index Rules**: Modifications in index selection criteria can alter valuation metrics, making historical comparisons less relevant [18][19][20]. - Solution: Recalculate historical valuations based on new rules [21]. 3. **Different Valuation Weighting Methods**: Variations in how indices calculate valuations can lead to discrepancies in percentiles. For example, the dividend index's valuation can differ significantly based on whether it is market-cap weighted or dividend-yield weighted [22][23][24][28]. - Solution: Calculate valuations based on the actual stocks held in the index [29]. 4. **Economic Downturns**: During economic slowdowns, declining earnings can artificially inflate price-to-earnings ratios, skewing percentile rankings [5][30]. - Solution: Use stable financial metrics for valuation when earnings are volatile [30][31]. New Features and Tools - A new feature in the "Today Stars" mini-program has been launched, allowing users to access ETF valuation tables and identify undervalued ETFs [32][35]. - The program provides real-time data on ETF valuations, including premium/discount rates and historical valuation data [35]. Investor Engagement - The article encourages investors to share their experiences and thoughts, particularly regarding the three-year anniversary of the investment strategy, highlighting the importance of perseverance during market downturns [40][41].

Core Viewpoint - The article celebrates the 3rd anniversary of the Screw Nut Investment Advisory Portfolio, highlighting the importance of perseverance during prolonged bear markets and recognizing loyal investors who have held their investments for three years [1][2][3]. Group 1 - The current bear market has been lengthy, making the quality of "persistence" increasingly valuable [2]. - Many investors tend to sell during market fluctuations, but those holding the Screw Nut portfolio have chosen to remain steadfast, positioning themselves among the best fund investors in the market [3]. - To commemorate this loyalty, the company has created exclusive medals for investors who have held any Screw Nut series portfolio for three consecutive years [5]. Group 2 - The medals are available to those who meet the criteria of continuous three-year holding, with plans for more medals in the future to celebrate excellent investment behavior [5]. - The first batch of medals is limited in quantity and will be distributed on a first-come, first-served basis [6].