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When it comes to Return on Investment (ROI), many people's first reaction is a bunch of complicated mathematical formulas. But in reality, as long as you understand the core logic of calculating returns, anyone can quickly evaluate their investment performance and make more rational decisions.
What exactly is ROI? Why are investors talking about it?
Return on Investment (ROI) simply means: how much profit you get in exchange for how much money invested. Expressed as a percentage, it measures how much return can be generated from the invested capital.
This metric has a wide range of applications—individuals use ROI to judge whether an investment is worthwhile; corporate management evaluates project efficiency with ROI; e-commerce operators measure advertising effectiveness using ROI. It can be said that ROI is one of the most important reference indicators for investment decisions.
Return Calculation Formula: A Simple Mathematical Game
To master return calculations, first remember

Why Have Defense Stocks Become the New Hot Topic?
The current global situation is changing rapidly. The Ukraine war and frequent conflicts in the Middle East have led countries to reassess their national defense capabilities. Unlike the large-scale manpower-intensive wars of the past, modern military confrontations increasingly emphasize technological applications—drones, precision missiles, and information warfare have become key to victory.
There is a strong economic driving force behind this trend. According to the latest data, global military spending continues to rise. Key regions such as China, Taiwan, and the United States are increasing their defense budgets. Many companies are seizing this opportunity by providing cutting-edge defense technologies and securing substantial government contracts.
In an era of declining birthrates, countries prefer to spend money on high-tech weapon systems rather than significantly expanding their military personnel. This shift is a major positive for arms manufacturers—meaning that orders will be sustained over the long term, and revenue will grow steadily.
How to determine if defense stocks are worth investing in?
Not all stocks labeled

Entering the Hong Kong stock market, mastering trading hours is the first essential lesson. Whether you are a beginner or an experienced trader, understanding when the Hong Kong Stock Exchange opens and closes, and how to plan your trading strategies, directly impacts your profits. This article will provide a comprehensive analysis of each trading session, market holidays, and practical tips for 2025.
Basic Background of the Hong Kong Stock Exchange
As an Asian financial hub, HKEX (Hong Kong Exchanges and Clearing Limited, stock code: 0388.HK) is the only securities exchange in Hong Kong and ranks among the top ten globally and the top three in Asia. It not only offers stock trading but also covers options, futures, derivatives, and other financial services.
Since its establishment in 1989, HKEX has repeatedly ranked first globally in IPO fundraising over the past decade and is one of Asia’s most active capital markets. Its main subsidiaries include the Stock Exchange, Futures Exchange, and Central Clearing Company, each performing their respective roles to ensure the safe operation of the market.

Shipping stocks have recently experienced intense volatility, rapidly declining from peaks in 2022, with the market capitalization of major global shipping giants significantly shrinking. The main reasons include a slowdown in global trade activity, Federal Reserve interest rate hikes, geopolitical shocks, and increased environmental protection costs. Investors should pay attention to large enterprises and the age of their fleets, proceed with caution in their allocations, and seize future rebound opportunities.

When it comes to investing in the US stock market, many people have heard of one term—Quadruple Witching Day. As this date approaches, the market is often filled with warnings: prices may fluctuate significantly, beware of margin calls, and market makers may start to manipulate the market. But what is the root cause of all this? Why do the entire market experience such drastic changes just because of a few specific dates?
The Truth About Quadruple Witching Day: A Market Feast of Derivatives Expiration
The essence of Quadruple Witching Day is quite simple—it is the day when the four major types of American derivatives settle simultaneously. These four categories include single-stock futures, single-stock options, stock index futures, and stock index options. Every year, on the third Friday of March, June, September, and December, these contracts all expire at the same time.
Why is it called "Quadruple Witching"? Because an invisible force influences prices on this day—when futures contracts approach their expiration date, futures prices are forced to converge with the spot prices. This non-fundamental-driven convergence can lead to increased volatility and trading volume, creating a market spectacle.

It's only the third quarter of 2025, and international spot gold has already repeatedly broken historical records. From the beginning of the year at $2,690 per ounce, it surged to break through the $4,300 mark in October, an increase of over 56%. Behind this market trend reflects profound changes in the global economic landscape—central bank accumulation, geopolitical turmoil, and a weakening dollar—these factors are reshaping the investment value of gold.
But here’s the question: over the past 50 years, gold prices have increased 120 times, will such a miracle repeat in the next 50 years? If you want to invest in gold now, how should you judge?
Gold, is it really a good investment?
Let's look at the data. Starting from 1971, when the dollar was decoupled from gold, gold has increased by 120 times. During the same period, the Dow Jones Industrial Average rose from 900 points to 46,000 points, an increase of about 51 times. At first glance, gold has outperformed, but this calculation has a fatal flaw—gold price movements are not always a straight line.

The Correlation Logic Between Copper Prices and Copper Stocks
In this recent rally, both spot copper and copper stocks have performed remarkably well. Taking Freeport-McMoRan (FCX), the world's largest copper producer, as an example, its stock has surged over 30% in just 45 days, while international copper prices have increased by 17% during the same period. This reflects a simple yet effective investment logic: the movement of copper stocks is highly synchronized with copper price fluctuations.
Why is this the case? The reason is straightforward—core revenue for copper mining companies comes from the extraction and sale of copper. When copper prices rise, it directly boosts the company's gross profit margin, causing the stock price to rise accordingly. If you compare the trend chart of copper mining ETFs (COPX) with LME copper prices, you'll find that the two lines are basically overlapping, which is the best proof.
Breaking Down the Copper Industry Chain: Investment Opportunities Vary Significantly at Different Stages
To truly understand copper stock investment, you must first understand the industry structure of copper. From mines to end-user products, copper

Mastering the currency symbols of various countries is crucial for foreign exchange traders, as it can improve decision-making speed and seize market opportunities. The article provides a currency symbol reference table, shortcut keys, and special notes on symbol confusion, as well as an introduction to the concept and application of forex currency pairs, to help traders develop effective trading strategies.

When it comes to "Ponzi schemes," many people are itching with hatred—because they exploit human weaknesses, weave dreams of wealth, and sweep away victims' hard-earned money. Interestingly, most scams in the financial fraud field can be traced back to some variant of this pattern. Although we've all heard of the name, few truly understand its origins, operational logic, and prevention methods. Today, we will delve into the evolution of this century-old scam, analyze some iconic cases, and explore how to make your money safer.
From an Italian immigrant to the dark legend of the "Father of Finance"
The name "Ponzi scheme" originates from Charles Ponzi, an Italian-born individual. The operational logic of this type of scam seems simple: promise investors low-risk, high-return investment opportunities to attract their funds. But the "investment returns" here are not derived from real business or assets.

Want to improve your success rate in stock or crypto asset trading? Learning how to use the KDJ indicator is a must for many retail investors. This technical tool, known as one of the "Three Treasures of Retail Investors," how does it help traders identify turning points amid market volatility? This article will systematically explain the core principles of the KDJ indicator, practical applications, and common pitfalls.
The essence of the KDJ indicator: The secret of three lines
The stochastic indicator KDJ consists of three curves: K line (fast line), D line (slow line), and J line (direction line). They compare the relationship between the highest price, lowest price, and closing price over a period to determine whether the market is overbought or oversold.
Simply put:
- K and D values: reflect overbought/oversold levels (above 80 is overbought, below 20 is oversold)
- J value: measures the divergence between K and D, with higher sensitivity
The crossovers and divergences of these three lines are the most critical buy and sell signals in KDJ indicator usage.

Cryptocurrencies have evolved from niche investment assets to an important option for asset allocation, especially against the backdrop of increasing global economic uncertainty. However, with thousands of virtual currencies available, investors often face a dilemma in choosing. This article will start from the actual market situation to help you understand how to select, how to invest, and which virtual currencies are currently the most worth paying attention to.
Market Logic You Must Know Before Investing in Virtual Currencies
Regarding virtual currency investment, there is a classic saying circulating in the industry: "Buy altcoins in a bull market, buy mainstream coins in a bear market." The investment wisdom behind this phrase is worth a deep understanding.
Why are altcoins suitable in a bull market? Because altcoins often see more astonishing gains. When market sentiment is high, funds flow into these high-risk assets seeking maximum returns. But the price volatility is intense, and even a slight disturbance can lead to a crash.
Why do investors return to mainstream coins in a bear market? When the market enters a downward cycle, investors start seeking stability. Mainstream coins, due to their large market capitalization,

In recent years, the global gold market has continued to heat up. According to data from the World Gold Council, central banks have increased their gold holdings for three consecutive years, reaching a new high in half a century. For Taiwanese investors, spot gold is gradually becoming one of the options for asset allocation. However, many people are still unfamiliar with "spot gold." What exactly is it? How can one participate? This article will provide a detailed analysis.
What is Spot Gold? How Does It Differ from Physical Gold?
Spot gold (also known as "international gold" or "London gold") is a virtual trading product based on XAUUSD, tracking the current international gold price in real time. Unlike purchasing physical gold bars or coins, spot gold is a paper-based transaction. Investors only need to buy and sell through electronic platforms without involving physical delivery.
The main differences are as follows:
Physical Gold: Buying gold bars or coins for long-term preservation, with higher costs (including storage and appraisal fees). It offers strong hedging effects but is less liquid than spot products.

Geophysical Evidence Supports High-Grade Zinc-Lead-Silver Deposit Potential
PJX Resources Inc. has identified iron-rich sulphide minerals (pyrrhotite and pyrite) alongside copper and minor zinc and lead elements within an active venting geological system at its Dewdney Trail Property near

The Binance Coin (BNB) is experiencing steady growth, leading the platform token sector despite a slight recent decline. It remains a key player, reflecting market confidence in its ecosystem. BNB is the primary option for those seeking exposure in this space.

A delivery driver in Zhejiang entered the crypto market with just 500 USDT (approximately 3,000 yuan) and watched his investment fall and rise dramatically, eventually reaching 60,000 USDT (around 400,000 yuan) within half a year. This 120-fold return—equivalent to 10 years of delivery

In March 2021, a Wall Street investment manager lost $20 billion in just 48 hours, becoming the fastest person in history to lose money. Behind this shocking event in the financial world reflects a seemingly simple yet extremely dangerous trading concept—liquidation and margin calls.
Understanding from the big players' liquidations: Why did Bill Hwang lose so much?
Bill Hwang's investment strategy is straightforward: select promising company stocks and use大量杠杆 to amplify returns. With this approach, he turned $220 million into $20 billion over 10 years.
But high leverage is like a double-edged sword. When the stock market experienced huge fluctuations in 2021, his holdings began to come under pressure. Brokers, in order to protect their own funds, enforced forced liquidation on him.
The problem was—his shareholding was too large. When the broker sold such a large amount of stock all at once to

On December 16th, the U.S. Bureau of Labor Statistics will release key employment data, including October non-farm payrolls and the full November data, which the market is eagerly awaiting. According to current expectations, October non-farm employment is projected to decline by 10,000, but November data is expected to rebound strongly, adding approximately 130,000 jobs. This set of data will directly influence the subsequent performance of the US dollar, US stocks, and gold.
However, Citigroup economists have poured cold water on these expectations. They point out that the November rebound may mainly be due to seasonal adjustment factors rather than a substantial improvement in labor demand. Coupled with the complications in data collection caused by the government shutdown, the reference value of this week's report is somewhat diminished. Kevin Flanagan, Head of Fixed Income Strategy at WisdomTree, also believes that the truly significant NFP data will be released on January 9, 2026, when the full December employment report will surface.
Three market asset classes

Why Silver Is Becoming the New Favorite for Smart Investors
Many people are used to only watching gold, but they overlook the unique opportunities of silver. It's not that silver is less valuable because it's cheaper than gold; rather, due to its relatively low price and broader applications, silver shows a completely different growth potential in 2025.
Silver vs Gold: Three Core Differences
Industrial Use Determines the Future
Gold is mainly a safe-haven asset, but silver is different. Solar panels, electric vehicles, semiconductors, 5G, AI data centers—these industries all rely on silver. As the green energy transition accelerates in 2025 and AI computing demand explodes, silver's annual usage growth exceeds 20%. In other words, silver has shifted from a pure precious metal to a key industrial commodity, and demand-wise, it has the edge.
Low Price Base, Greater Upside
The current price of gold is about 60-120 times that of silver. With the same amount of capital, you can buy more silver. Imagine a sum of money used to buy gold, which can only purchase 1 unit, whereas with silver, you can acquire units.

Reduction as an important financial decision for publicly listed companies has a profound impact on shareholder equity and market performance. Many investors find this complex financial operation confusing, unsure of what reduction actually means, and even less clear about how it will change stock value. This guide will systematically break down the core concepts of reduction, implementation methods, stock price linkage mechanisms, and the strategies investors should adopt.
Understanding Reduction: Why Do Companies Make This Decision?
Core Definition of Reduction
Reduction refers to the proactive financial action taken by a listed company to decrease its total issued share capital. Specific methods include share buybacks from the secondary market, cancellation of unlisted shares, or directly reducing the scale of share capital. What appears to be a simple numerical adjustment conceals strategic considerations regarding the company's capital structure.
Multiple Motivations for Companies to Implement Reduction
Corporate decision-makers typically choose reduction based on the following considerations:
- Reshaping Financial Structure: By reducing the total share capital, the company can

The latest survey reveals a cloud of gloom over the US energy industry. The third-quarter regional survey warning issued recently by the Dallas Federal Reserve Bank sends a clear signal—major US energy hubs from northern Texas and Louisiana to southern New Mexico are experiencing widespread pessimism among oil and natural gas industry executives.
Shale Oil Dilemma Emerges, Cost Pressures Mount
This survey, which includes 139 corporate decision-makers, provides an in-depth scan of regions that play a crucial role in the global energy supply landscape. The interviewed executives openly acknowledge the current difficulties: the US shale oil industry is on the brink of collapse, and the once-globally renowned energy sector is now severely impacted by worsening policy environments and economic outlook disruptions.
An industry insider bluntly pointed out that the golden age of shale oil is over. Although US oil reserves remain abundant, the key issue lies in economic viability—if the price per barrel cannot stay above $60, the entire industry faces a survival crisis. This