liyiming's 2025 year-end summary, overall return of 38%

Profit Overview:
In 2025, the total investment return was 38%, which is considered average within Jisilu. The market gains (Shanghai Composite Index up 18.41%, marking the best annual performance since 2020 for nearly six years; Shenzhen Component Index and ChiNext Index increased by 29.87% and 49.57%, respectively) contributed to my highest personal profit record. Compared to last year, I allocated funds to event arbitrage (Zhongzhuang Transfer 2, Hangzhou Gas Turbine already yielded gains before the Spring Festival) and experimented with small micro-quantitative strategies.

Strategy Adjustments:
Currently, my convertible bond position is only being reduced, not increased. The average price of convertible bonds has entered a relatively high range, and I am struggling to find suitable targets to buy.
In the overall environment of rising market sentiment, I am testing micro-quantitative strategies mainly to attempt to profit from sentiment fluctuations.

Industry Holdings:
Main Market (CSI 300 related stocks): Medicine 16%, Technology 12%, Dividends 13%
Small Cap (CSI 1000 Index Futures): Holding 3 contracts of IM Micro-coin 59%

Operational Highlights:
Participated in a real trading competition organized by a futures company, with over 1,000 participants. My final ranking was 4th in the heavyweight group. A simple backwardation strategy, run for a year, eliminated 99.6% of competitors. This result surprised me and gave me new insights into the high profit and loss potential of futures trading.

Profit Analysis:
Both stock index futures and the broader market have generated significant profits as they rose. I am somewhat disappointed with the ShanYing convertible bond arbitrage, which didn’t earn much so far; I am still holding some underlying stock positions waiting for opportunities.

Future Outlook:
This year is the Year of the Fire Horse, a once-in-sixty-years event, with turbulence and opportunities coexist. The overall market prices are relatively high, so I plan to avoid aggressive buying. Instead, I will test small-scale micro-strategies, selling CSI 1000 futures to hedge risks when the market is overbought, aiming to profit from market sentiment. The remaining funds will earn interest while waiting for market opportunities.

$1 liyiming’s 2024 Year-End Summary, Overall Return 7.18% ===
Profit Overview:
In 2024, my annual investment return reached 25%, continuing to outperform major indices (Shanghai Composite Index up 12.67%, Shenzhen Component Index up 9.34%, ChiNext Index up 13.23%, CSI 300 up 14.68%). For two consecutive years, my returns have beaten the main indices. Compared to last year, I have significantly improved in strategies such as discount arbitrage, convertible bonds, and handling market transitions between bull and bear markets. I am satisfied with my overall performance in 2024.

Strategy Adjustments:
I adjusted my holdings to a 60:40 ratio between large-cap and small-cap stocks, maintaining dynamic balance throughout the year.
Following advice from an investment book, I incorporated convertible bond strategies into dividend strategies for rebalancing.
After reviewing the 930 market, I started learning and using stock index options tools.

Industry Holdings:
Main Market (CSI 300 related stocks): Medicine 27.18%, Technology 15.66%, Dividends 16.95%

Small Cap (CSI 1000 Index Futures): Holding 3 contracts of IM 39.18%

Operational Highlights:
From April to August, I gradually accumulated high-yield convertible bond positions, and in October, after achieving a 30% return, I cashed out. The game with ShanYing bonds, especially the conversion gains, was quite profitable.
In August, I correctly predicted the market bottomed out, increasing positions around 4,500 points on the IM index, using a backwardation strategy. I cashed out some profits in October, planning to hold the rest for further backwardation gains.

Profit Analysis:
90% of the gains came from the rise of the IM index, mostly floating profits, which I expect to give back by 2025. I am now calm and holding my positions, enjoying backwardation.
The main sectors are healthcare and technology, which rose about 10% after October; however, they underperformed the CSI 300. Fortunately, profits from dividend stocks and convertible bonds in banking stocks were realized.

Future Outlook:
Looking ahead to 2025, despite occasional news of layoffs from former colleagues and friends, and a seemingly fragile economy, I believe downturn periods are also opportunities to pick up cheap assets. I plan to hold cash throughout the year, participate in North Exchange IPOs, and patiently wait for mispriced market opportunities. If suitable opportunities arise in the second half of the year, I plan to try using options tools.

$1 liyiming’s 2023 Year-End Summary, Overall Return 7.18% ===
Profit Overview:
In 2023, my personal investment return was 7.18%, outperforming major indices (as of December 23, the Shanghai Composite down 5.65%, Shenzhen Component down 16.29%, ChiNext down 22.2%, CSI 300 down 13.8%). I am satisfied with this performance and see it as an improvement over last year.

Strategy Adjustments:
This year, I learned to adopt a defensive stance, adjusting my holdings by reducing high-risk stocks and increasing more stable dividend stocks.
At the start of the year, I eliminated leverage and did not invest my salary but kept it in a savings account, which gave me peace of mind and confidence.

Industry Holdings:
Medicine 41.72%, Technology 23.32%, Dividends 17.39%, Stock Index Futures 16.68%, Arbitrage 0.88%.

Operational Highlights:

• Timely sold holdings in Goodix Technology and Ta Pai Group, reducing losses from subsequent market declines.
• Switched China Everbright Bank to Industrial Bank, which initially incurred losses but unexpectedly performed well in the last two days, bringing surprises.
• Held IM2406 in real trading at a discount, currently profitable, planning to transfer positions at maturity and recalculate gains.

Profit Analysis:
The gains this year mainly came from the recovery of the healthcare sector and profits from new stocks, which added nearly 2 percentage points of risk-free return.

Future Outlook:
For 2024, I will remain cautious, prioritize defense, and wait for market signals. Following Teacher Feng Ji’s advice, “Follow the bull market, profit in the bear market.” I will reassess North Exchange IPOs. I participated in five IPOs at the start of the year, all resulting in overall losses, but considering the lowered thresholds and feedback indicating yields up to 4.4%, I will re-evaluate and consider re-participating.