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 in nearly six years since 2020; Shenzhen Component Index and ChiNext Index increased by 29.87% and 49.57%, respectively) contributed to this record high profit. Compared to last year, I deployed event arbitrage (such as Zhongzhuang Transfer 2 and Hangzhou Steam Turbine, which yielded gains before the Spring Festival) and experimented with small micro-quantitative strategies.

Strategy Adjustments:
Currently, the 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 context of overall market sentiment improving, I am testing micro-quantitative strategies mainly to attempt to profit from sentiment volatility.

Industry Holdings:
Main Market (Shanghai and Shenzhen 300 related stocks): Medicine 16%, Technology 12%, Dividends 13%
Small Cap (CSI 1000 Index Futures): Holding 3 IM contracts, Micro-coin market 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:
Index futures and the broader market both yielded significant profits as they rose. Disappointingly, the arbitrage on Shanying Convertible Bonds did not generate much profit; 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 coexisting. The overall market prices are relatively high, so I plan to avoid aggressive buying. Instead, I will test small-scale micro-quant 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 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 portfolio allocation 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.
Based on the review of the 930 market, I started learning and using stock index options tools.

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

Small Cap (CSI 1000 Index Futures): Holding 3 IM contracts, 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 on Shanying Convertible Bonds was particularly profitable, with significant gains from conversion.
In August, I correctly predicted the market bottomed out, increasing positions around the 4500 point level of 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 gains in the broader market came from healthcare and technology sectors, which rose about 10% after October—actually underperforming 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 downturns are also opportunities to pick up cheap assets. I plan to hold cash as much as possible 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 Index declined 5.65%, Shenzhen Index 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 beginning of the year, I divested 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 Tarp Group, reducing losses from subsequent market declines.
• Switched China Everbright Bank to Industrial Bank, which initially incurred losses but unexpectedly gained in the last two days of market trading.
• Held IM2406 in real trading, currently profitable, planning to transfer positions at maturity for further gains.

Profit Analysis:
The money earned this year mainly came from recovery in the healthcare sector and gains from new stocks, which provided 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 Fengji’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 a 4.4% yield, I will re-evaluate and consider re-participating.