📋 Investment Policy Statement (IPS) / 投资政策声明

Generated / 生成时间: 2025-12-31 23:51 · Data / 数据: 2026-01-01

📊 Key Metrics Summary / 关键指标摘要

14.2%

FIRE Progress / FIRE进度

¥248万

Net Investable / 流动性净资产

22.8%

Savings Rate / 储蓄率

6.3mo

Emergency Fund / 紧急储备

77.6%

Passive Income / 被动收入覆盖

42.3%

Debt-to-Asset / 债资比

▶ Full IPS Report / 完整IPS报告 (Click to expand / 点击展开)

Investment Policy Statement (IPS) / 投资政策声明

Document Generated / 文档生成时间: 2025-12-31 UTC+8 Data Source / 数据来源: forchart-Investment.MZ.xlsx (2026-01-01), forchart-Spending_Plan.MZ.xlsx (2025) Review Frequency / 审查频率: Quarterly / 每季度 (March, June, September, December / 3月、6月、9月、12月) Next Scheduled Review / 下次计划审查: 2026-03-31

Table of Contents / 目录

Investor Profile / 投资者概况
Investment Objectives / 投资目标
Risk Tolerance & Capacity / 风险承受能力
Asset Allocation Policy / 资产配置政策
Rebalancing Strategy / 再平衡策略
Leverage & Borrowing Policy / 杠杆与借贷政策
Emergency Fund Policy / 紧急储备金政策
Passive Income Strategy / 被动收入策略
Tax Optimization Strategy / 税务优化策略
Risk Management Framework / 风险管理框架
Prohibited Activities / 禁止行为
Monitoring & Review / 监控与审查
Appendix: Key Metrics Summary / 附录：关键指标摘要

1. Investor Profile / 投资者概况

1.1 Personal Information / 个人信息

Attribute / 属性	Details / 详情
Location / 所在地	China (Beijing-based) / 中国（北京）
Investment Horizon / 投资期限	10+ years (FIRE target: 2035) / 10年以上（FIRE目标：2035年）
Primary Goal / 主要目标	Financial Independence, Retire Early (FIRE) / 财务独立，提前退休
Secondary Goals / 次要目标	Generational wealth building, Geographic flexibility / 代际财富积累，地理灵活性
Risk Profile / 风险特征	Aggressive (high risk tolerance for long-term goals) / 激进型（长期目标下高风险承受力）

1.2 Current Financial Position / 当前财务状况 (as of / 截至 2026-01-01)

Metric / 指标	Value / 数值	Notes / 备注
Gross Assets / 总资产	¥6,500,047 (~$890,417 USD)	Total assets before debt / 扣除债务前总资产
Net Asset / 净资产	¥3,749,804 (~$513,672 USD)	After all debt (including mortgage) / 扣除所有债务后（含房贷）
Net Investable Assets / 流动性净资产	¥2,475,526 (~$339,113 USD)	Excluding real estate equity / 不含房产权益
Annual Income / 年收入	¥790,296	2025 actual (incl. trading income) / 2025年实际（含交易收入）
Annual Expenses / 年支出	¥610,481	2025 actual spending / 2025年实际支出
Monthly Expenses / 月支出	¥50,873	Used for FIRE calculations / 用于FIRE计算
Current Savings Rate / 当前储蓄率	22.8%	Target: 45%+ / 目标：45%以上
Debt-to-Asset Ratio / 债资比	42.3%	Above 40% threshold / 超过40%警戒线

Data Source / 数据来源: CAP Summary tab row 113 (2026-01-01), Balance2025 sheet

1.3 Investment Experience / 投资经验

Cryptocurrency / 加密货币: 7+ years (since 2018) / 7年以上（自2018年起）
A-Share Market / A股市场: Active quantitative trading / 量化交易策略
Passive Income Strategies / 被动收入策略: Binance sub-accounts, stablecoin yield farming / 币安子账户、稳定币挖矿
Leverage Experience / 杠杆经验: Familiar with margin trading and collateralized lending / 熟悉保证金交易和抵押借贷

2. Investment Objectives / 投资目标

2.1 Primary Objective: 10-Year FIRE / 主要目标：10年FIRE

Goal / 目标: Achieve Financial Independence within 10 years (by 2035) / 在10年内实现财务独立（到2035年）

FIRE Type / FIRE类型	Target Amount / 目标金额	Annual Withdrawal / 年提取额	Lifestyle / 生活方式
Lean FIRE / 精益FIRE	¥12,209,626	¥427,337 (70% expenses / 70%支出)	Minimalist / 极简主义
Regular FIRE / 常规FIRE	¥17,442,323	¥610,481 (100% expenses / 100%支出)	Current standard / 当前水平
Fat FIRE / 富裕FIRE	¥26,163,485	¥915,722 (150% expenses / 150%支出)	Comfortable upgrade / 舒适升级

Selected Target / 选定目标: Regular FIRE at ¥17,442,323 / 常规FIRE ¥17,442,323 Current Progress / 当前进度: ¥2,475,526 / ¥17,442,323 = 14.2%

2.2 Secondary Objectives / 次要目标

BaristaFIRE Milestone / BaristaFIRE里程碑: Achieve 100% passive income coverage of monthly expenses / 实现被动收入100%覆盖月支出 (¥50,873/month / 每月)
Current / 当前: 77.6% coverage / 覆盖率 (¥39,501/month / 每月)
Gap / 缺口: ¥11,372/month / 每月
Geographic Arbitrage Option / 地理套利选项: Maintain flexibility for relocation to lower cost-of-living areas / 保持迁移至低生活成本地区的灵活性
Potential destinations / 潜在目的地: Chengdu (-30% costs) / 成都（-30%成本）, Da Nang (-60% costs) / 岘港（-60%成本）
Generational Wealth / 代际财富: Build assets that can be inherited (Buy-Borrow-Die strategy) / 建立可传承资产（买入-借贷-传承策略）

2.3 Key Performance Indicators (KPIs) / 关键绩效指标

KPI / 指标	Current / 当前	Year 1 Target / 第1年目标	Year 3 Target / 第3年目标	FIRE Target / FIRE目标
FIRE Progress / FIRE进度	14.2%	20%	35%	100%
Net Worth / 净资产	¥2,475,526	¥3,500,000	¥6,000,000	¥17,442,323
Savings Rate / 储蓄率	22.8%	35%	45%	Maintain 45%+ / 保持45%+
Passive Income Coverage / 被动收入覆盖率	77.6%	85%	100%	100%+
Emergency Fund / 紧急储备金	ok 6.29 months / 个月	ok Maintain 6+ / 保持6+	12 months / 12个月	12 months / 12个月

3. Risk Tolerance & Capacity / 风险承受能力

3.1 Risk Tolerance Assessment / 风险承受力评估

Factor / 因素	Assessment / 评估	Score (1-10) / 评分
Time Horizon / 投资期限	Long (10+ years) / 长期（10年以上）	9
Income Stability / 收入稳定性	Employed, moderate stability / 在职，中等稳定	6
Investment Knowledge / 投资知识	Advanced (crypto, quant trading) / 高级（加密货币、量化交易）	8
Emotional Resilience / 情绪韧性	High (experienced 80% drawdowns) / 高（经历过80%回撤）	8
Recovery Capacity / 恢复能力	High (long horizon, earning ability) / 高（长期限、盈利能力）	8
Overall Risk Score / 总体风险评分	Aggressive / 激进型	7.8/10

3.2 Risk Capacity / 风险承受能力

Factor / 因素	Status / 状态	Implication / 含义
Emergency Fund / 紧急储备金	ok 6.29 months / 个月 (104.8% of 6mo target / 达成6个月目标)	Strong cushion / 有力缓冲
Debt Obligations / 债务负担	42.3% debt-to-asset ratio / 债资比	Above 40% threshold / 超过40%警戒线
Income Sources / 收入来源	Employment + Passive / 工资+被动收入 (77.6%)	Diversified / 多元化
Dependents / 受抚养人	None indicated / 无	Lower obligations / 负担较轻

3.3 Maximum Acceptable Drawdown / 最大可接受回撤

Asset Class / 资产类别	Max Drawdown Tolerance / 最大回撤容忍度	Historical Max / 历史最大值
Overall Portfolio / 整体投资组合	-50%	-47% (2022)
Cryptocurrency / 加密货币	-80%	-77% (Nov 2022 / 2022年11月)
A-Shares / A股	-40%	-35%
Leveraged Positions / 杠杆仓位	-30% (with protection / 含保护)	N/A

4. Asset Allocation Policy / 资产配置政策

4.1 Strategic Asset Allocation (Target) / 战略资产配置（目标）

Asset Class / 资产类别	Target % / 目标%	Min % / 最低%	Max % / 最高%	Purpose / 用途
BTC Core (HODL) / BTC核心仓位	35%	30%	40%	Long-term appreciation, BBD collateral / 长期增值、BBD抵押品
BTC Trading / BTC交易	15%	10%	20%	Tactical positions, rebalancing / 战术仓位、再平衡
A-Shares (Quant) / A股量化	25%	20%	30%	Diversification, passive income / 分散化、被动收入
Stablecoins/Cash / 稳定币/现金	15%	10%	20%	Emergency fund, opportunities / 紧急储备、机会资金
Real Estate / 房产	10%	5%	15%	Inflation hedge (existing property) / 通胀对冲（现有房产）
Altcoins / 山寨币	5%	0%	10%	Speculative/asymmetric upside / 投机/非对称收益

4.2 Rebalancing Triggers / 再平衡触发条件

Primary Trigger / 主要触发: Any asset class drifts >5% from target / 任何资产类别偏离目标>5%
Secondary Trigger / 次要触发: Quarterly review regardless of drift / 不论偏离与否的季度审查
Emergency Trigger / 紧急触发: Major market event (>20% move in BTC) / 重大市场事件（BTC波动>20%）

5. Rebalancing Strategy / 再平衡策略

5.1 Rebalancing Rules / 再平衡规则

Rule / 规则	Description / 描述
Frequency / 频率	Quarterly (March, June, September, December) / 每季度（3月、6月、9月、12月）
Trigger / 触发条件	Any asset >5% from target allocation / 任何资产偏离目标配置>5%
Method / 方法	Sell overweight assets, buy underweight assets / 卖出超配资产，买入低配资产
Priority / 优先级	Use new contributions first to minimize taxable events / 优先使用新增资金以减少税务事件
Execution / 执行	Limit orders preferred, avoid market orders >$10K / 优先限价单，避免>$10K的市价单

5.2 Rebalancing Procedure / 再平衡流程

Calculate Current Allocation / 计算当前配置: Use latest portfolio data from Excel / 使用Excel中最新的投资组合数据
Identify Drift / 识别偏离: Compare to IPS targets (Section 4.1) / 与IPS目标比较（第4.1节）
Determine Trades / 确定交易: Calculate amounts to restore target / 计算恢复目标所需金额
Tax Optimization / 税务优化: Prefer selling assets held >1 year if applicable / 优先卖出持有超过1年的资产（如适用）
Execute Trades / 执行交易: Complete within 5 business days of review / 在审查后5个工作日内完成
Document / 记录: Update Excel and commit to git / 更新Excel并提交到git

6. Leverage & Borrowing Policy / 杠杆与借贷政策

6.1 Buy-Borrow-Die (BBD) Strategy Framework / 买入-借贷-传承策略框架

Philosophy / 理念: Never sell appreciating assets; borrow against them instead / 永不出售增值资产，而是以其为抵押借款

Phase / 阶段	BTC Price / BTC价格	Action / 行动	LTV
Accumulation (Current) / 积累期（当前）	<$150K	HODL, no borrowing / 持有，不借贷	0%
Test Phase / 测试阶段	$150K-$200K	Small test loan / 小额测试贷款	10% max / 最高10%
Deployment Phase / 部署阶段	$200K-$500K	Conservative borrowing / 保守借贷	15% max / 最高15%
Mature Phase / 成熟阶段	>$500K	Sustained borrowing / 持续借贷	15-20%

6.2 Leverage Limits / 杠杆限制

Metric / 指标	Conservative / 保守值	Maximum / 最大值	Current Status / 当前状态
LTV Ratio / LTV比率	10-15%	25%	0% (not started / 未启动)
Debt-Asset Ratio / 债资比	<35%	40%	42.3%
Leverage Multiplier / 杠杆倍数	1.0-1.5x	2.0x	TBD / 待定
Monthly Interest Cost / 月利息成本	<2% of income / 收入的<2%	5% of income / 收入的5%	N/A

6.3 LTV Warning Levels / LTV警告级别

Level / 级别	LTV Range / LTV范围	Status / 状态	Action / 行动
Safe / 安全	5-15%	Comfort Zone / 舒适区	Normal operations / 正常操作
Caution / 注意	15-25%	Relative Safe / 相对安全	Stop new borrowing / 停止新借贷
Warning / 警告	25-35%	Watch Closely / 密切关注	Prepare to add collateral / 准备追加抵押品
Danger / 危险	35-50%	High Risk / 高风险	Add collateral immediately / 立即追加抵押品
Critical / 危急	>50%	Margin Call Risk / 强平风险	Emergency action required / 需要紧急行动

6.4 Protection Strategies / 保护策略

Options Collar / 领口策略:
Buy put option at -10% (floor protection) / 买入-10%的看跌期权（底部保护）
Sell call option at +40% (fund premium cost) / 卖出+40%的看涨期权（补贴权利金成本）
Net cost / 净成本: ~0.5%/month / 每月
Deployed when BTC >$120K / 当BTC>$120K时部署
Short Hedge / 做空对冲:
Short top-volume weak altcoins / 做空高交易量弱势山寨币
Offset BTC downside during crashes / 在暴跌时对冲BTC下跌
Allocation / 配置: 20-30% of BTC position value / BTC仓位价值的20-30%
Emergency Cash Reserve / 紧急现金储备:
Maintain ¥305,241-¥610,481 in liquid assets / 保持流动资产
Can add as collateral if LTV spikes / 如LTV飙升可追加为抵押品

7. Emergency Fund Policy / 紧急储备金政策

7.1 Emergency Fund Targets / 紧急储备金目标

Scenario / 场景	Months / 月数	Amount / 金额	Purpose / 用途
Minimum / 最低	3 months / 3个月	¥152,620	Stable job baseline / 稳定工作基准
Standard / 标准	6 months / 6个月	¥305,241	Recommended target / 推荐目标
Conservative / 保守	12 months / 12个月	¥610,481	High crypto exposure protection / 高加密货币敞口保护

Selected Target / 选定目标: 6 months / 6个月 (¥305,241) - Upgrade to 12 months after BBD deployment / BBD部署后升级至12个月 Monthly Expenses / 月支出: ¥50,873 (from 2025 actual spending / 来自2025年实际支出)

7.2 Current Status / 当前状态

Currency/Source / 币种/来源	Amount / 金额	Yield / 收益	Status / 状态
CNY Cash	¥125,351	~0%	Low yield / 低收益
USD Cash	¥74,404	~0%	FX hedge / 外汇对冲
HKD Cash	¥10,002	~0%	FX hedge / 外汇对冲
EUR Cash	¥7,822	~0%	FX hedge / 外汇对冲
AUD Cash	¥2,288	~0%	FX hedge / 外汇对冲
Reserved Cash (G22)	¥100,000	~0%	Strategic reserve / 战略储备
Total / 合计	¥319,867	~0%	ok 6.29 months / 个月 (104.8% of 6mo target / 达成6个月目标)

Data Source / 数据来源: forchart-Investment.MZ.xlsx - Multi-currency holdings / 多币种持有: CAP Summary tab (various cells) - Reserved Cash / 储备现金: Overall tab, Cell G22 - Monthly expenses / 月支出: ¥50,873 (from Balance2025)

7.3 Action Required / 所需行动

ok 6-Month Target ACHIEVED / 6个月目标已达成 (104.8% at 6.29 months coverage / 个月覆盖)

Optimize Yield / 优化收益 (Optional / 可选): Reallocate CNY cash to yield-bearing accounts / 将人民币现金重新配置到有收益的账户
Expected additional annual yield / 预期额外年收益: ~¥2,500-3,000
Progress to 12-Month Target / 向12个月目标推进: Add ¥290,614 to reach ¥610,481 / 添加以达到目标 (currently at / 当前 52.4%)
Timeline / 时间线: Before BBD leverage deployment / BBD杠杆部署之前
Monitor / 监控: Maintain 6+ months coverage at all times / 始终保持6个月以上覆盖

8. Passive Income Strategy / 被动收入策略

8.1 Income Sources & Targets / 收入来源与目标

Source / 来源	Current Monthly / 当前月收入	Target Monthly / 目标月收入	Capital Deployed / 投入资本	Strategy / 策略
Binance Trading / 币安交易	¥31,958	¥40,000	¥532,436	5 quantitative sub-accounts / 5个量化子账户
BBD Lending / BBD借贷	¥0	¥4,500	¥270,000 (15% LTV)	BTC-collateralized loans / BTC抵押贷款
A-Share Quant / A股量化	¥3,437	¥5,000	¥275,000	Algorithmic trading / 算法交易
Stablecoin Yield / 稳定币收益	¥136	¥1,500	¥300,000	Aave/Compound lending / Aave/Compound借贷
Total / 合计	¥39,501	¥51,000	¥1,377,436
Coverage Rate / 覆盖率	77.6%	100%+		Target: 100% / 目标：100%

8.2 Path to 100% Coverage / 达到100%覆盖的路径

Target / 目标: ¥50,873/month / 每月 (100% of monthly expenses / 月支出的100%, 2025 basis / 基准) Current / 当前: ¥39,501/month / 每月 (77.6% coverage / 覆盖率) Gap / 缺口: ¥11,372/month / 每月

Scaling Plan / 扩展计划: 1. Scale Binance capital by ¥200K / 增加币安资本¥200K - +¥8,000/month / 每月 (target ¥40,000 / 目标) 2. Deploy BBD lending at 15% LTV / 以15% LTV部署BBD借贷 - +¥4,500/month / 每月 (after test phase / 测试阶段后) 3. Optimize A-Share returns to 22% / 优化A股回报至22% - +¥1,563/month / 每月 (target ¥5,000 / 目标) 4. Scale stablecoin allocation to ¥300K / 扩展稳定币配置至¥300K - +¥1,364/month / 每月 (target ¥1,500 / 目标)

Timeline / 时间线: Achieve 100% coverage by Month 6-9 of implementation / 在实施的第6-9个月达到100%覆盖

8.3 BaristaFIRE Decision Framework / BaristaFIRE决策框架

Coverage / 覆盖率	Status / 状态	Action / 行动
<50%	Building / 建设中	Continue accumulation phase / 继续积累阶段
50-75%	Approaching / 接近中	Evaluate part-time options / 评估兼职选择
75-100%	Near BaristaFIRE / 接近BaristaFIRE	Prepare for reduced work / 准备减少工作
100%+	BaristaFIRE Ready / BaristaFIRE就绪	Option to reduce/quit employment / 可选择减少/辞去工作

9. Tax Optimization Strategy / 税务优化策略

9.1 Tax-Advantaged Accounts (China) / 税收优惠账户（中国）

Account Type / 账户类型	Annual Limit / 年度限额	Current Status / 当前状态	Tax Benefit / 税收优惠
Housing Provident Fund / 住房公积金	¥91,824 (12% rate / 12%比例)	Max contribution / 最高缴存	Pre-tax deduction / 税前扣除
Commercial Pension / 商业养老保险	¥12,000/year / 每年	To be purchased / 待购买	Tax-deferred growth / 递延纳税增长
Social Security / 社会保险	Mandatory / 强制性	Optimized / 已优化	Standard benefits / 标准福利

9.2 Cryptocurrency Tax Strategy / 加密货币税务策略

Principle / 原则	Implementation / 实施
HODL Position / 长期持有	Never sell BTC core (35%), avoid triggering taxable events / 永不出售BTC核心仓位（35%），避免触发应税事件
Borrow Instead / 改为借贷	Use BBD strategy to access value without selling / 使用BBD策略获取价值而不出售
Gray Area / 灰色地带	China crypto tax currently unenforced; maintain records / 中国加密货币税目前未执行；保持记录
Offshore Structure / 离岸结构	Consider HK/SG entity if regulations tighten / 如果监管收紧，考虑香港/新加坡实体

9.3 Withdrawal Pathway Optimization / 提款路径优化

Path / 路径	Route / 路线	Tax Implication / 税务影响	Best For / 最适合
Path 1 / 路径1	Binance - Xapo - Alipay / 币安-Xapo-支付宝	Low (gray area) / 低（灰色地带）	Regular expenses / 日常开支
Path 2 / 路径2	Revolut Crypto - Fiat - Alipay / Revolut加密-法币-支付宝	Low / 低	International flexibility / 国际灵活性
Path 3 / 路径3	Binance - Ready Card - Alipay / 币安-Ready卡-支付宝	Low / 低	Direct crypto spending / 直接加密货币消费
Path 4 / 路径4	Direct BTC via Xapo card / 通过Xapo卡直接使用BTC	None (spending not selling) / 无（消费非出售）	Overseas spending / 海外消费

10. Risk Management Framework / 风险管理框架

10.1 Top 5 Risks & Mitigations / 五大风险与缓解措施

Risk / 风险	Probability / 概率	Impact / 影响	Mitigation / 缓解措施
BTC 80% Crash / BTC暴跌80%	Low-Medium / 中低	Severe / 严重	Options collar, max 25% LTV, emergency fund / 领口策略、最高25% LTV、紧急储备金
Job Loss / 失业	Low / 低	High / 高	6-12 month emergency fund, 85%+ passive income / 6-12个月紧急储备金、85%+被动收入
Expense Inflation / 支出通胀	Medium / 中	Medium / 中	Monthly savings rate tracking, 40% alert threshold / 月度储蓄率跟踪、40%警戒线
Regulatory Change / 监管变化	Medium / 中	High / 高	Offshore diversification, multiple withdrawal paths / 离岸多元化、多条提款路径
Geo Arbitrage Failure / 地理套利失败	Medium / 中	Low / 低	Test before commit, domestic fallback (Chengdu) / 承诺前测试、国内备选（成都）

10.2 Stop-Loss Rules / 止损规则

Scenario / 场景	Trigger / 触发条件	Action / 行动
BTC Price / BTC价格	<$50K	Reduce any leverage to 10% LTV / 将任何杠杆降至10% LTV
Portfolio Drawdown / 组合回撤	>40%	Halt new investments, preserve capital / 停止新投资，保全资本
Savings Rate / 储蓄率	<30% for 3 months / 连续3个月<30%	Emergency expense review / 紧急支出审查
Passive Income / 被动收入	<70% coverage / <70%覆盖	Investigate strategy underperformance / 调查策略表现不佳原因
LTV	>30%	Add collateral or reduce loan / 追加抵押品或减少贷款

10.3 Emergency Protocols / 紧急协议

LTV Level / LTV水平	Action / 行动
15-20%	Normal operations / 正常操作
20-25%	Stop new borrowing, monitor daily / 停止新借贷，每日监控
25-30%	Prepare collateral, set limit sell orders / 准备抵押品，设置限价卖单
30-40%	Add collateral immediately / 立即追加抵押品
>40%	Sell non-core assets to reduce debt / 出售非核心资产以减少债务

11. Prohibited Activities / 禁止行为

11.1 Absolute Prohibitions / 绝对禁止

Activity / 活动	Reason / 原因
Selling BTC Core Position / 出售BTC核心仓位	Violates BBD strategy; triggers taxes / 违反BBD策略；触发税款
LTV >25%	Unacceptable margin call risk / 不可接受的强平风险
Altcoins >10% / 山寨币>10%	Excessive speculation / 过度投机
Single Stock >5% / 单一股票>5%	Concentration risk / 集中风险
Leverage During Bear Markets / 熊市使用杠杆	Poor risk-reward / 风险回报差
Borrowing Without Hedging (after deployment) / 无对冲借贷（部署后）	Unprotected downside / 无保护的下行风险
Ignoring Rebalancing Triggers / 忽视再平衡触发	Drift erodes strategy / 偏离侵蚀策略

11.2 Requires Explicit Review / 需要明确审查

Activity / 活动	Condition / 条件
Increasing Altcoin Allocation / 增加山寨币配置	Only after detailed research, max 10% / 仅在详细研究后，最高10%
Real Estate Purchase / 房产购买	Only if doesn't reduce investment capital / 仅在不减少投资资本的情况下
Major Lifestyle Expense / 重大生活开支	Only if savings rate remains >40% / 仅在储蓄率保持>40%的情况下
Geographic Relocation / 地理迁移	Only after 3-month trial / 仅在3个月试用后
Changing BBD Platforms / 更换BBD平台	Only with 30-day research period / 仅在30天研究期后

12. Monitoring & Review / 监控与审查

12.1 Monthly Monitoring Checklist / 月度监控清单

Task / 任务	Tool / 工具	Alert Threshold / 警报阈值
Update investment data / 更新投资数据	Excel - Dashboard / Excel - 仪表板	N/A
Check savings rate / 检查储蓄率	China FIRE Tracker / 中国FIRE追踪器	<40% = Critical / 危急
Review passive income / 审查被动收入	Binance/Trading logs / 币安/交易日志	<80% coverage = Warning / <80%覆盖=警告
Check asset allocation / 检查资产配置	Dashboard / 仪表板	>5% drift = Rebalance / >5%偏离=再平衡
Monitor emergency fund / 监控紧急储备金	Bank accounts (incl. G22) / 银行账户（含G22）	<6 months = Add funds / <6个月=添加资金 (current / 当前: 6.29 months / 个月)
Verify LTV (if leveraged) / 验证LTV（如有杠杆）	Lending platform / 借贷平台	>25% = Reduce / >25%=减少

12.2 Quarterly Deep Dive / 季度深度审查

IPS Compliance Review / IPS合规审查: Compare actual vs target allocation / 比较实际与目标配置
Strategy Performance / 策略绩效: Which income streams outperformed/underperformed / 哪些收入来源表现优异/不佳
Expense Audit / 支出审计: Identify spending increases, opportunities for cuts / 识别支出增加、削减机会
Tax Planning / 税务规划: YTD tax implications, harvesting opportunities / 年初至今税务影响、税收收割机会
Risk Assessment / 风险评估: Update probability/impact of top 5 risks / 更新五大风险的概率/影响

12.3 Annual Review / 年度审查

FIRE Progress Report / FIRE进度报告: Year-over-year comparison / 年度对比
Strategy Pivot Decision / 策略转向决策: Evaluate major changes (BBD, geo arbitrage) / 评估重大变化（BBD、地理套利）
10-Year Goal Check / 10年目标检查: On track for 2035 FIRE? / 是否走在2035年FIRE的轨道上？
IPS Update / IPS更新: Revise targets if circumstances changed / 如情况变化则修订目标
Portfolio Rebalancing / 投资组合再平衡: Major rebalance to target allocation / 大规模再平衡至目标配置

12.4 Review Schedule / 审查时间表

Review Type / 审查类型	Frequency / 频率	Next Due / 下次到期	Duration / 时长
Monthly Check / 月度检查	Monthly / 每月	End of month / 月末	30 min / 30分钟
Quarterly Review / 季度审查	Quarterly / 每季度	Next quarter end / 下季度末	2 hours / 2小时
Annual Review / 年度审查	Yearly / 每年	Year end / 年末	4 hours / 4小时
IPS Update / IPS更新	As needed / 按需	After major changes / 重大变化后	1 hour / 1小时

Appendix: Key Metrics Summary / 附录：关键指标摘要

A.1 Current Snapshot / 当前快照 (2025-12-31)

Category / 类别	Metric / 指标	Value / 数值	Status / 状态
Portfolio / 投资组合	Net Investable Assets / 流动性净资产	¥2,475,526	Tracking / 跟踪中
	FIRE Progress / FIRE进度	14.2%	Building / 建设中
	FIRE Target / FIRE目标	¥17,442,323	Regular FIRE / 常规FIRE
Cash Flow / 现金流	Savings Rate / 储蓄率	22.8%	Improved but <45% / 改善但<45%
	Passive Income Coverage / 被动收入覆盖率	77.6%	Building / 建设中
	Emergency Fund / 紧急储备金	ok 6.29 months / 个月 (¥319,867)	Target achieved / 目标达成
Risk / 风险	Debt-to-Asset Ratio / 债资比	42.3%	Above 40% threshold / 超过40%警戒线
	LTV (BBD)	0%	Not started / 未启动
	Max Drawdown (2022) / 最大回撤（2022）	-47%	Survived / 经历过

A.2 Target Summary / 目标摘要

Goal / 目标	Current / 当前	1-Year / 1年	3-Year / 3年	FIRE
Net Worth / 净资产	¥2.48M	¥3.5M	¥6M	¥17.4M
Savings Rate / 储蓄率	22.8%	35%	45%	45%+
Passive Income / 被动收入	77.6%	85%	100%	100%+
FIRE Progress / FIRE进度	14.2%	20%	35%	100%

A.3 China FIRE Flowchart Progress / 中国FIRE流程进度

Section / 章节	Status / 状态	Progress / 进度	Priority / 优先级
0: Budget & Essentials / 预算与基础	ok Complete / 完成	100%	-
1: Emergency Fund / 紧急储备金	ok Complete / 完成	104.8% (¥319,867 / ¥305,241 target / 目标)	-
2: Debt Reduction / 债务减免	Pending Audit / 待审计	0%	High / 高
3: Housing Fund / 公积金	ok Complete / 完成	100%	-
4: Crypto Core / 加密核心仓位	ok Complete / 完成	195%	-
5: Passive Income / 被动收入	In Progress / 进行中	77.6%	High / 高
6: Geographic Arbitrage / 地理套利	Not Started / 未启动	0%	Year 2 / 第2年

Note / 注: Emergency Fund includes Reserved Cash / 紧急储备金包含储备现金 (Overall G22: ¥100,000), totaling / 总计 ¥319,867 (6.29 months / 个月 coverage based on / 覆盖基于 2025 expenses / 年支出 of ¥50,873/month / 每月).

Document Control / 文档控制

Version / 版本	Date / 日期	Author / 作者	Changes / 变更
Auto / 自动	2025-12-31	IPS Generator Script / IPS生成脚本	Auto-generated from Excel data sources / 从Excel数据源自动生成

Signatures / 签署

Investor Acknowledgment / 投资者确认:

By following this Investment Policy Statement, I commit to / 遵循此投资政策声明，我承诺: - Adhering to the asset allocation targets and rebalancing rules / 遵守资产配置目标和再平衡规则 - Respecting the risk management limits, especially LTV constraints / 尊重风险管理限制，特别是LTV约束 - Conducting regular reviews as specified / 按规定进行定期审查 - Not engaging in prohibited activities without explicit IPS amendment / 未经明确IPS修订不从事禁止活动

Date / 日期: 2025-12-31

End of Investment Policy Statement / 投资政策声明结束

This IPS was auto-generated by generate_ips.py and should be reviewed quarterly. 本IPS由generate_ips.py自动生成，应每季度审查。

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