文 | 银行螺丝钉 （转载请注明出处） 一、【第427期直播回放】 有朋友问， 不同星级下，适合投资的品种有啥不同呢？ 当前3点几星，哪些组合可以投资？ 该如何做好存量资金、增量资金的配置？ 在今晚的直播课里，螺丝钉详细介绍了这些问题。 长按识别下面二维码，添加 @课程小助手 微信，回复「 0109 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） PS：直播内容仅为市场知识分享，不构成投资建议。 二、【部分直播课内容如下】 1. 螺丝钉星级&指数估值表：判断市场整体&单个指数的估值 如下，是咱们公众号每交易日 晚上更新的估值表。 「 螺丝钉星级 」 ，可以用来判断市场整体的估值情况。 每个交易日晚上，在公众号上更新的估值表的最上方，会有一行红色的星星，就是螺丝钉星级。 不同星级代表的含义，如下所示。 | 螺丝钉星级 | 含义 | | --- | --- | | 5星级-5.9星级 | 股票基金投资最好的阶段 | | 4星级-4.9星级 | 熊市通常都会达到，会有一部分低估品种 | | 3星级-3.9星级 | 低估品种很少，大部分品种在正常和高估 | | 2星级-2.9星级 | 牛市中后期，大部分品 ...

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） ·「+」的部分:通常会增加股票、可转 债等风险和收益更高的品种，用来提升 收益，这部分做进攻。 这种股债配置策略，好处体现在收益、 风险两方面： 如果仅是按照某个固定比例，配置了股 票和债券资产，那么后续随着市场的涨 跌，股债的比例又会有变动。 比如,一开始,40%的资金投入股票基 金,60%的资金投入债券基金,股票和 债券的涨跌并不同步，假设在一段时间 后,股票基金上涨比较多，那比例就超 过40%了。 所以需要按一定的方式，进行再平衡, 恢复股债的比例。 例如，一种常见的方式是，基于市场估 值的再平衡策略,这种策略,原理来自 于巴菲特的老师格雷厄姆。 •股票的长期收益更高，使得「固收+」 的长期收益相比固收品种显著提高; •股债负相关性,减少了整体波动风险。 (2) 再平衡 ▼点击阅读原 文，免费学习大额家庭资产配置课程 简单来说,就是: ·当股票上涨比例较高时,通过再平衡, 止盈一些股票，加仓到债券里。 ·当股票市场下跌,股票比例降低时,就 卖掉一部分债券，加到股票里。 这样不仅可以减少波动风险,还可以自 动实现「低买高卖」，在股市低估时加 仓，在股市高估时落袋为安 ...

文 | 银行螺丝钉 （转载请注明出处） 这些 股债恒定比例指数，更具体的信息如下图所示。 | 指数名称 | 推出时间 | 股/债比 | 指数代码 | 底层股票指数 | 底层债券指数 | 调仓频率 | | --- | --- | --- | --- | --- | --- | --- | | | | 例设置 | | | | | | 上证红利股债恒定比例 | | 10/90 | 950347.SH | | 上证0-5年高等级信用 | | | | 2024/11/21 | 20/80 | 950348.SH | 上证红利全收益指数 | | 季度再平衡机制 | | 指数 | | 30/70 | 950349.SH | | 债票息策略指数 | | | 中证红利股债恒定比例 | | 10/90 | 932411 CSI | | 中证0-5年中高等级信 | | | | 2024/11/21 | 20/80 | 932412.CSI | 中证红利全收益指数 | | 季度再平衡机制 | | 指数 | | | | | 用债票息策略指数 | | | | | 30/70 | 932413.CSI | | | | | 中证红利低波股债 ...

Group 1 - The article discusses the introduction of a series of stock-bond constant proportion indices by the China Securities Index Company since 2024, highlighting their characteristics and investment value [3][4][6] - The stock-bond constant proportion indices are designed to maintain a fixed allocation between stocks and bonds, with periodic rebalancing to uphold this ratio [6][7] - The indices include various configurations such as 10/90, 20/80, and 30/70 stock-bond ratios, similar to "fixed income +" indices [8][12] Group 2 - The characteristics of the stock-bond constant proportion indices include simultaneous investment in stocks and bonds, application of target risk strategies, a bond-heavy allocation, and regular rebalancing [7][8] - The China Securities A500 stock-bond constant proportion index series is highlighted as a representative example, reflecting the performance of 500 large-cap stocks across various industries [9][10] - Historical performance data indicates that the returns and risks of these indices depend on the stock-bond ratio, with higher stock allocations leading to greater potential returns but also increased volatility [15][16] Group 3 - The article explains that the stock-bond constant proportion strategy is a form of target risk strategy, where the asset allocation remains fixed, triggering rebalancing when deviations occur [17][19] - The "Monthly Treasure" and "365-day Combination" investment products are mentioned as practical applications of this strategy, with specific stock-bond ratios and rebalancing mechanisms [21][27] - Recent rebalancing actions for both investment products are detailed, showcasing how they adjust their allocations in response to market movements [24][30] Group 4 - The article addresses common questions regarding the investment value of stock-bond constant proportion indices, emphasizing the importance of aligning stock-bond ratios with individual risk tolerance and evaluating underlying asset valuations [34][35] - It notes the significant growth in "fixed income +" fund sizes since 2024, attributed to declining deposit rates and low yields on 10-year government bonds [37] - The article concludes with suggestions on how to combine different indices for a diversified investment approach [39]

Group 1 - The article emphasizes the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [2] - It introduces a free course that systematically covers investment knowledge related to US dollar bond funds, indicating a growing interest in this area among investors [2] - The article highlights the rapid growth of "fixed income +" products in recent years, driven by declining deposit rates and increasing investor attention [7] Group 2 - "Fixed income +" funds typically add a small amount of stocks or convertible bonds to a pure bond base, leveraging the negative correlation between stocks and bonds to achieve stable returns while reducing volatility risk [5] - Traditional "fixed income +" products include primary bond funds, secondary bond funds, and mixed bond funds, with secondary bond funds and mixed bond funds being the most classic types [5] - The broader category of "fixed income +" also encompasses hedge funds and all-weather strategy funds, which may not hold a high proportion of bonds but use strategies to control volatility risk [5][7]

Group 1 - The core advantage of "Fixed Income +" products lies in the strategy of equity and bond allocation combined with rebalancing [1][2] - "Fixed Income +" consists of two parts: a defensive portion primarily made up of low-risk bond assets and an offensive portion that includes stocks and convertible bonds to enhance returns [2][4] - The long-term returns of stocks are higher than those of bonds, which significantly improves the overall returns of "Fixed Income +" products compared to pure bond products [4][5][9] Group 2 - The negative correlation between stocks and bonds reduces overall volatility risk, as when stocks rise significantly, bonds tend to perform poorly, and vice versa [15][16] - Historical data shows that during periods of stock market downturns, bond funds often experience rapid increases, demonstrating this negative correlation [20][24] - "Fixed Income +" products can provide a more stable investment option for those who cannot bear high volatility risks associated with pure equity funds [25] Group 3 - Rebalancing is essential as the initial allocation of stocks and bonds can shift due to market fluctuations, necessitating adjustments to maintain the desired ratio [26][27] - A common rebalancing strategy involves selling stocks when their proportion increases and buying bonds, and vice versa when stocks decline, effectively implementing a "buy low, sell high" approach [33][35] - Examples of successful rebalancing strategies, such as those executed by the "Monthly Salary Treasure" investment portfolio, have contributed to notable returns [36][42]

Core Viewpoint - The article discusses the characteristics of "Fixed Income +" products, which combine low-risk bond assets for defense and higher-risk assets like stocks for potential returns, making them suitable for various types of investors [1][3]. Summary by Sections Characteristics of "Fixed Income +" - "Fixed Income +" consists of two parts: a defensive low-risk bond component and an offensive higher-risk component to enhance returns [1]. - The long-term returns of "Fixed Income +" products are significantly higher than those of pure bond funds, with a 20-year annualized return of approximately 7.77% compared to 4.33% for pure bond funds [3][5]. - The maximum drawdown for "Fixed Income +" products is about -12.02%, which is lower than that of equity funds, indicating a moderate risk profile [3][5]. Suitable Investor Types - **First Type: Steady Growth Seekers** Investors with moderate risk tolerance seeking steady asset growth find "Fixed Income +" appealing as it balances risk and return [7][9]. - **Second Type: Asset Allocators** Investors looking to balance stock and bond allocations can use the "100-age" rule for distribution, with "Fixed Income +" suitable for the bond portion [10]. - **Third Type: Alternatives to Savings and Wealth Management** With declining deposit rates and the end of guaranteed returns in bank wealth management, "Fixed Income +" serves as an ideal alternative for those willing to accept some volatility for higher returns [11][12][13]. - **Fourth Type: Transitional Investors** Investors optimistic about the stock market but wary of short-term corrections can use "Fixed Income +" to maintain exposure to equities with reduced volatility [17][18]. - **Fifth Type: Short to Medium-Term Fund Managers** Investors needing access to funds within one to three years can consider "Fixed Income +" as it offers better returns than traditional savings or money market funds [19][20][21]. Conclusion - "Fixed Income +" products are suitable for various investor needs, providing a balanced approach to risk and return [22][23].

Core Viewpoint - The article discusses the declining interest rates on bank deposits and wealth management products, indicating that keeping money in banks is becoming less profitable [1][3]. Summary by Sections Interest Rate Decline - Recent years have seen a gradual decrease in the yield of both bank deposits and wealth management products, making it less attractive to keep money in banks [1]. - As of May 2025, major state-owned banks in China have lowered the interest rates on RMB deposits [1]. Current Interest Rates - The current interest rates for various deposit types are as follows: - Demand deposits: 0.05% - 1-year fixed deposit: 0.95% - 3-year fixed deposit: 1.25% - 5-year fixed deposit: 1.30% [3][7]. Reasons for Interest Rate Decline - The long-term trend of declining interest rates is attributed to a slowdown in overall economic growth, with GDP growth rates decreasing from over 10% in 2006-2007 to around 5% in 2024 [5][8]. - As the economy matures, the speed at which companies earn profits slows down, leading to lower borrowing willingness and interest rates [8]. Rise of "Fixed Income +" - In response to declining interest rates, the "Fixed Income +" investment strategy has gained popularity among investors seeking better returns without increasing risk [9]. - "Fixed Income +" typically consists of a low-risk bond component for stability and a higher-risk equity component to enhance returns [9]. Global Perspective on "Fixed Income +" - The "Fixed Income +" concept is well-established in overseas markets, particularly in the U.S. and Japan, where traditional fixed income yields have declined significantly [10]. - In the U.S., as of February 2021, there were 3,936 bond funds, with 1,983 classified as "Fixed Income +," representing nearly 50% of all bond funds and about 70% of total assets [10]. Future Demand for "Fixed Income +" - The decline in traditional fixed income yields is expected to drive domestic investors towards "Fixed Income +" products, which are designed to provide stable returns [11].

Group 1 - The core concept of "Fixed Income +" is to combine fixed income assets with a small portion of higher-risk assets like stocks and convertible bonds to enhance returns while maintaining stability [2][10][15] - "Fixed Income +" typically consists of two parts: the fixed income portion, which includes low-risk bond assets for defensive purposes, and the "+" portion, which includes stocks and convertible bonds for offensive growth [2][15] - The performance of "Fixed Income +" products is influenced by the negative correlation between stocks and bonds, which helps to reduce volatility risk [3][15] Group 2 - Different stock-bond ratios significantly impact the returns and risks of "Fixed Income +" products, with higher stock allocations leading to greater long-term returns but also increased volatility risk [5][6] - Classic "Fixed Income +" products include primary bond funds, secondary bond funds, and mixed bond funds, with secondary bond funds and mixed bond funds being the most representative [10][15] - Broader definitions of "Fixed Income +" also encompass hedge funds and all-weather strategy funds, which may not have a high proportion of bonds but use strategies to control volatility risk [12][15] Group 3 - The increasing attention on "Fixed Income +" products is attributed to the decline in deposit interest rates, leading to rapid growth in this investment category [15] - For investors seeking a more convenient way to invest in "Fixed Income +", products like "Monthly Salary Treasure" are recommended, with a low initial investment threshold of 200 yuan [15]