文 | 银行螺丝钉 （转载请注明出处） 有朋友留言，希望螺丝钉把一些有数据、有知识、有指导方法的精华文章汇总出来，方便学习。 如下，整理出了9月份的精华文章，点击对应的文章链接即可查看。 同时，螺丝钉也将相关文章的完整内容，汇总成了一个PDF文档，方便大家保存。 长按识别下面二维码，添加 @课程小助手 微信，回复「 202509 」即可领取PDF文档。 （提示：回复后可以耐心等待 几秒哦～） 大家有好的建议，也欢迎留言～ 投顾组合介绍 （1 ）《 自动止盈功能来啦，一键开启，不错过止盈机会 》 导读： 在 主动优选 、 指数增强投顾组合 （点击蓝字查看）这两个组合上，当市场走出低估阶段以后，例如3星级-1星级，组合会给出「发车止盈」的信 号，分批转换成 365天 等稳健类投顾组合，实现组合的止盈。具体操作时，会分批止盈转换。市场估值越高、转换比例越大。目前，自动止盈新功能 已上线，可以提前开启。功能提前开启后，未来3点几星，收到「发车止盈」信号时，自动执行跟车，完成主动优选、指数增强的组合止盈并转换至 365天等稳健类投顾组合，不再需要我们手动操作。 投资实战 （2 ）《 国债逆回购如何操作，假期也能打理收益 ...

Core Viewpoint - The article discusses the current state of the bond market, the characteristics of various bond funds, and investment strategies for different types of bond funds, particularly focusing on "fixed income plus" products. Group 1: Bond Fund Characteristics - Bond funds are a common asset class with unique return and risk characteristics compared to other assets [5] - The performance of bond funds since 2012 shows that their returns and volatility are between those of money market funds and stock funds [7] - Bond funds generally have more stable returns and lower volatility compared to stock funds [8] Group 2: Risks in Bond Funds - Investors need to be aware of the "踩雷" risk, where some bond funds may drop over 10% or even 30% in a short period [10] - To mitigate this risk, investors should choose high-quality bonds like government bonds and diversify their bond holdings [10] Group 3: Types of Bond Funds - Common types of bond funds include: - Short-term pure bond funds, which have very low volatility and returns slightly higher than money market funds [12] - Long-term pure bond funds, which have higher volatility [14] - "Fixed income plus" funds, which include a mix of bonds and a small portion of stocks or convertible bonds [15][41] Group 4: Investment Strategies - The article outlines the differences between short-term and long-term bond funds, emphasizing that short-term funds are currently more suitable for investment due to lower volatility [26] - The "fixed income plus" strategy is highlighted as a way to enhance returns while managing risk through a mix of fixed income and equity [39] Group 5: Factors Influencing Bond Fund Performance - Bond fund prices are inversely related to interest rates; when rates decline, bond prices typically rise [30] - The 10-year government bond yield was around 1.89% as of September 24, 2025, indicating a low-interest environment [32] Group 6: "Fixed Income Plus" Characteristics - "Fixed income plus" products typically have three main characteristics: - They leverage the negative correlation between stocks and bonds to reduce volatility [46] - Their returns and risks are influenced by the proportion of stocks included [48] - They benefit from declining deposit rates, making them attractive in a low-rate environment [55] Group 7: Sources of Returns in "Fixed Income Plus" - Returns from "fixed income plus" products come from: - Stock performance, including earnings growth and valuation increases [59] - Bond interest income and capital gains from trading [62] - Rebalancing strategies that capitalize on market fluctuations [64] Group 8: Selection Criteria for "Fixed Income Plus" - When selecting "fixed income plus" products, investors should consider: - The ratio of stocks to bonds [67] - The type of bonds held, favoring government bonds for lower risk [69] - The style of stocks, with a preference for value stocks over growth stocks [73] - The presence of a rebalancing strategy to manage risk effectively [75] Group 9: Current Investment Climate - As of late September 2025, the stock market is rated around 4.2 stars, indicating it is not overly expensive, making "fixed income plus" products a viable investment option [77] - The article suggests that with low interest rates, "fixed income plus" products are still in a favorable investment phase [78]

Core Viewpoint - The article discusses various methods for profit-taking in investments, highlighting their advantages and disadvantages, and provides examples of investment strategies based on market valuation [1][75]. Summary by Sections Profit-Taking Methods - Three common methods for profit-taking in single index funds are: - Taking profits based on a set return rate - Taking profits based on overvaluation - Long-term holding without selling, relying on dividends for profit [4][26]. Method 1: Profit-Taking Based on Return Rate - This method involves taking profits when the return reaches a predetermined level, typically around 30% [7]. - It is noted that opportunities for this method arise approximately every 3-5 years [10]. - The simplicity of execution is an advantage, but it may lead to missing out on significant bull market gains [10][11]. Method 2: Profit-Taking Based on Overvaluation - The strategy suggests: - Investing during low valuation periods - Holding during normal valuation periods - Taking profits during high valuation periods [11]. - Valuation can be assessed using daily updates from the company’s star rating and valuation table [12]. - Historical examples illustrate the effectiveness of this method, showing significant gains from low to high valuation transitions [15][17]. Method 3: Long-Term Holding with Dividends - This approach is advocated by investment experts, emphasizing the benefits of sticking with high-dividend stocks for steady income [27]. - It is noted that this method requires careful selection of high-dividend yielding investments [28]. Investment Strategies for Advisory Portfolios - The company has developed a "Monthly Salary" advisory portfolio to provide regular cash flow for specific needs [32]. - Investors can choose to receive cash flow weekly or monthly, with a total annual payout approximating 6% of the total assets [34]. - The portfolio has shown stability and outperformance compared to benchmarks, with a maximum drawdown of only -9.13% since inception [43]. Automatic Profit-Taking Features - The advisory portfolios include automatic rebalancing features to facilitate profit-taking from overvalued assets while reinvesting in undervalued ones [46]. - The "Automatic Profit-Taking" function allows for seamless execution of profit-taking strategies without manual intervention [56][60]. Conclusion - The article emphasizes the importance of selecting appropriate profit-taking strategies based on individual circumstances and market conditions, while also highlighting the benefits of automated advisory services for ease of management [75][78].

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]

Core Viewpoint - The article discusses the recent performance of the A-share and Hong Kong stock markets, highlighting the growth in technology stocks and the overall market trends, while also addressing the bond market's fluctuations and the significance of various indices in reflecting market conditions. Group 1: Market Performance - The A-share market saw a slight increase, closing at a rating of 4.3 stars [1] - Both large, medium, and small-cap stocks experienced minor gains with low volatility [2] - Growth style stocks slightly declined while value style stocks saw a minor increase [3] - Hong Kong stocks have continued to rise, particularly in the technology sector, with significant year-on-year profit growth in Q2 [4][5] Group 2: Bond Market Insights - The stock market remains robust, but the pure bond market has shown volatility [7] - Long-term pure bonds have continued to decline, with the 10-year government bond down 3% and the 30-year bond down 5% from their highs this year [9] - The current yield for the 10-year government bond is around 1.8%, which is not considered attractive at this time [11] Group 3: Historical Context of A-share Market - The Shanghai Composite Index reached a 10-year high in August, peaking at 3888 points, but has not surpassed the 2015 high of 5178 points or the 2007 high of 6124 points [14][15][17] - The bull market from 2005 to 2007 saw the index rise from under 1000 points to 6124 points, a sixfold increase, which has impacted long-term returns [18][20][22] - The index has shown long-term growth, particularly at the bottom points of bear markets, which are influenced by the fundamentals of listed companies [26][34] Group 4: Index Fund Dynamics - The number of index funds linked to the Shanghai Composite Index is significantly lower compared to those linked to the CSI 300 and CSI 500, with only 16 funds totaling 8.9 billion compared to 285 funds for CSI 300 totaling 1.3 trillion [38][39] - The underrepresentation of the Shanghai Composite Index in the fund market is attributed to its limited scope, only including stocks from the Shanghai Stock Exchange [42][44] - The majority of recent investments by state-owned entities have been in CSI 300 and CSI 500 index funds rather than the Shanghai Composite Index [45] Group 5: Future Outlook and Features - The article mentions the launch of new features for investment strategies, including an "automatic profit-taking" function for actively managed and enhanced index portfolios [53][54] - A new feature in the "Today Star" mini-program allows users to access core data and real-time valuations of mainstream ETFs, helping investors identify undervalued ETFs [57][60]

Core Viewpoint - The article discusses the current investment landscape in the A-share market, emphasizing that while the market has recently dropped to a 4.3-star rating, there are still investment opportunities available, particularly in undervalued stocks and through strategic asset allocation [4][11][55]. Group 1: Market Performance - The A-share market has seen a significant rise since 2022, with the longest bear market occurring from 2022 to 2024, during which several 5-star investment opportunities were available [6][54]. - As of August 2025, the market is at a 4.3-star level, indicating a relatively cheap investment phase [37]. Group 2: Investment Strategy - Investors are advised to assess whether their funds are long-term and not needed for at least 3-5 years before investing in stocks [12]. - The recommended stock-bond allocation for long-term funds at a 4-star level is to follow the formula "100 - age," ensuring a balanced risk profile [15]. - There are still undervalued stock assets available, particularly in certain value-style index funds [16]. Group 3: Investment Products - The article highlights several investment products suitable for the current market phase, including the "Active Preferred Investment Advisory Portfolio" and "Monthly Treasure Portfolio," which maintain a balanced stock-bond ratio [21][30]. - The "Monthly Treasure Portfolio" has undergone rebalancing to maintain a 40:60 stock-bond ratio, adapting to market conditions [31][34]. Group 4: Future Outlook - If the market continues to rise to a 3-star level, traditional stock funds may become less suitable for investment, prompting a reevaluation of investment strategies [41]. - The article notes that long-term bonds currently do not offer attractive yields, with 10-year government bond yields around 1.7%-1.8% [42].

Group 1 - The article emphasizes the importance of asset allocation, particularly for investors with a risk rating of around 4 stars, suggesting that there are still undervalued stock assets available for investment [2][5]. - It recommends a stock-to-bond allocation ratio based on the formula "100 - age," indicating that a 40-year-old should allocate approximately 60% to stocks and 40% to bonds [3][5]. - The article notes that if the market rises, the stock portion can yield good returns, while if the market falls, there is still an opportunity to increase positions when the rating reaches 5 stars [4][5]. Group 2 - After determining the stock-bond ratio, the next step is to select assets, highlighting that there are generally undervalued stocks available for investment, such as actively selected stocks and certain value-style indices within index funds [6]. - It discusses three main types of bond funds: short-term bonds, long-term pure bonds, and fixed income plus, with a note that long-term pure bonds are currently not undervalued, while short-term bonds are expected to have low volatility and overall growth by 2025 [8]. - The article suggests a simple investment option like "monthly salary treasure," which has already diversified stock and bond assets, making it suitable for investors at the 4-star rating stage [8].

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]

5星级，是投资 股票基金 的最佳阶段。 那到了4点几星，如果有一笔资金，还有啥品种可以投资？ 当前阶段，如何做好家庭资产配置？ 文 | 银行螺丝钉 （转载请注明出处） 一、【第403期直播回放】 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「 0827 」即可观看直播回放。 （提示：回复后可以耐心等待几秒哦～） 二、【部分直播课内容如下】 1. 今年以来A股整体上涨，回到4点几星级 2025年以来，A股整体上涨不少。 最近市场表现也比较强势，从6月底的5星级附近，反弹到了8月底的4.3星上下。 其实从投资价值的角度，之前5点几星的时候，是投资股票基金最好的阶段。 2. 2022-2024年：近10年A股最长一轮熊市 2022-2024年，是最近10年A股最长的一轮熊市。 中间断断续续的出现了几轮5点几星，给投资者很充足的投资时间。 （1）2022年4月前后和10月前后。 2022年开始出现5点几星，但持续时间不长。 （2）2023年初，因为疫情解封，带来了一波市场上涨。 到了2023年4季度，市场再次回调，带来了这轮熊市，最长的一轮5星。 从2023年4季度 ...

Core Viewpoint - The article discusses the current state of long-term pure bond funds, highlighting their underperformance in 2025 due to low interest rates and the shift towards "fixed income plus" products that combine bonds with equities for better returns [10][12][35]. Summary by Sections Types of Bond Funds - Common types of bond funds include short-term pure bond funds, long-term pure bond funds, and "fixed income plus" funds [1][4][6]. - Short-term pure bond funds have minimal volatility, typically with a drawdown of less than 1% [1]. - Long-term pure bond funds, such as 7-10 year government bonds, exhibit greater volatility, potentially comparable to low-volatility stock funds [2][3]. - "Fixed income plus" funds combine bonds with a small portion of equities or convertible bonds, aiming for higher returns [4][5]. Performance Trends - In 2021, long-term pure bond funds had interest yields of over 3%-4%, but entered a declining interest rate cycle thereafter [7][8]. - A bull market for long-term pure bond funds lasted from 2021 to 2024, but by 2025, these funds faced significant declines due to low yields [9][10][12]. - As of late 2024, the yield on 10-year government bonds was around 1.6%-1.7%, making long-term pure bonds less attractive [12]. Factors Influencing Bond Fund Performance - Interest rate fluctuations are a primary factor affecting bond fund performance, with declining rates typically leading to rising bond prices [15][16]. - The long-term trajectory of interest rates is influenced by economic growth rates and inflation [20][21]. - In 2025, the performance of long-term pure bond funds was negatively impacted by rising interest rates and a strong stock market [13][20]. Shift to "Fixed Income Plus" Products - Due to low yields on traditional bond funds, investors are increasingly turning to "fixed income plus" products, which offer a mix of stable bond returns and higher-risk equities [35][36]. - "Fixed income plus" funds typically consist of a defensive bond component and a more aggressive equity component, aiming to enhance overall returns [36][37]. - The performance of "fixed income plus" products has been strong, with indices for these funds reaching new highs in 2025, contrasting with the decline in pure bond fund indices [38][39]. Characteristics of "Fixed Income Plus" Products - These products leverage the negative correlation between stocks and bonds, allowing for reduced volatility and improved long-term returns [39][40]. - The risk profile of "fixed income plus" products is significantly influenced by the proportion of equities they hold [43][44]. - They benefit from declining deposit rates, as traditional savings accounts offer lower returns, prompting investors to seek better alternatives [46][48]. Investment Considerations - Investors should assess the equity proportion in "fixed income plus" products based on their risk tolerance [51]. - The bond component should focus on mid to short-term bonds, which currently offer more stability [51]. - Selecting funds with automatic rebalancing strategies can help mitigate risks associated with market volatility [51][60]. Examples of "Fixed Income Plus" Products - The 365-day and monthly salary investment combinations are highlighted as effective "fixed income plus" options, with varying equity and bond ratios [52][55]. - These products have shown resilience and recovery in performance, with the 365-day combination achieving historical highs since its inception [55][58].