Core Viewpoint - The article emphasizes the importance of independent judgment for investors and highlights the need for thorough research before making investment decisions [1][2][3] Group 1 - The material is intended for educational purposes and does not constitute investment advice [1][2] - The accuracy, completeness, and timeliness of the information provided are not guaranteed by the company [1][3] - Investors are encouraged to seek additional knowledge and resources for informed decision-making [1][3]

Core Viewpoint - The article emphasizes the importance of diversified asset allocation as a strategy to navigate economic cycles and mitigate risks associated with market volatility [2][3]. Group 1: Theoretical Foundation of Diversified Asset Allocation - The theoretical basis for diversified asset allocation is rooted in Modern Portfolio Theory (MPT), which suggests that diversification can reduce portfolio risk while optimizing long-term returns [2]. - The value of diversified allocation is primarily reflected in its ability to hedge market risks through low correlations among different asset classes [3][4]. Group 2: Benefits of Diversified Asset Allocation - Low correlation among assets can provide protection against market downturns; for instance, the correlation coefficient between the stock market (Wande All A Index) and bonds (China Bond - Total Wealth Index) is -0.10 [2]. - Cross-regional diversification can help mitigate systemic risks associated with a single market; historical data shows a low correlation of 0.12 between the S&P 500 and A-shares [6]. - Diversified asset allocation allows for a more measured response to declining interest rates and asset scarcity, making it a necessary choice for enhancing returns [8]. - The strategy aims to adapt to different economic cycles, with asset performance varying across recovery, expansion, stagflation, and recession phases [9][12]. Group 3: Limitations of Diversified Asset Allocation - Over-diversification may reduce the portfolio's performance during bull markets; for example, a pure equity portfolio had an annualized return of 35.53% during the A-share bull market from 2019 to 2020, compared to 25% for a balanced portfolio [13][14]. - Extreme market conditions can lead to a sudden increase in asset correlations, causing diversification to fail; during the initial outbreak of COVID-19, gold also experienced a temporary decline [13][14]. - Traditional asset allocation models heavily rely on historical data, which may become ineffective due to changing market structures; for instance, the aggressive rate hikes by the Federal Reserve in 2022 led to a rare double hit for the traditional 60/40 portfolio [15].

摘要 1、今天，A股再迎调整，亚太市场集体下跌，发生了什么？端午节后A股会怎么走？ 2、 2025 陆家嘴 论坛将于2025年6月18日至19日召开， 央行、金监总局、证监会、外管局等部门表示若干重大政策发布在即。6月，还 有这些大事要来。 3、 上天天基金APP搜索【777】注册即可 领98元券包 ， 优选基金10元起投！限量发放！先到先得！ 真话白话说财经，理财不说违心话 --这是第1358 篇白话财经- - 今天，A股再迎调整，亚太股市集体下跌，好消息是，有三天不用亏钱了！ （图片来源：东方财富APP，统计截至2025/5/30，不作投资推荐） 两市成交额1.14万亿元，盘面上，银行、航天航空、中药等板块逆势上涨，汽车、半导体等板块回调。 分析人士认为， 当前短期扰动因素增加主要是美国不确定性重新增加，美欧关税风波再起、美国经济仍存不确定性等，都将压制风险偏好。预计6月 A股市场将大概率震荡上行，未来市场主线有望逐步聚焦于核心资产。 A股回调，重大金融政策即将发布 今天，亚太市场集体下跌，港股恒生指数跌超1%，恒生科技指数跌超2%。 （图片来源：东方财富APP，统计截至2025/5/30，不作投资推荐） ...

Core Viewpoint - The Shanghai government is preparing to announce significant financial policies during the 2025 Lujiazui Forum, indicating a strong commitment to enhancing Shanghai's status as an international financial center [1][3]. Group 1: Financial Policies and Initiatives - The People's Bank of China (PBOC) is accelerating the development of policies to support the construction of Shanghai as an international financial center, with several initiatives already launched this year [3]. - Recent policies include the "Action Plan for Further Enhancing Cross-Border Financial Services in Shanghai" and the support for the establishment of a "Technology Board" in the bond market [3]. - The PBOC is also facilitating pilot programs for multinational companies' cross-border cash pool operations and has introduced regulations to promote the development of free trade account businesses in the Shanghai Free Trade Zone [3]. Group 2: Key Participants in the Forum - PBOC Governor Pan Gongsheng will attend the forum's opening ceremony to deliver a keynote speech, highlighting the importance of the event [3]. - Additionally, PBOC Vice Governor and State Administration of Foreign Exchange Director Zhu Hexin will also participate and give a keynote address [3].

6月，一批新规将施行，哪些新规将影响你我生活？ 机关、事业单位和大型企业不得拖欠中小企业的服务款项 修订后的《保障中小企业款项支付条例》（下称《条例》）将自2025年6月1日起施行。《条 例》明确，机关、事业单位和大型企业不得要求中小企业接受不合理的付款期限、方式、条件 和违约责任等交易条件，不得拖欠中小企业的货物、工程、服务款项。《条例》要求，机关、 事业单位从中小企业采购货物、工程、服务，应当自货物、工程、服务交付之日起30日内支付 款项；合同另有约定的，从其约定，但付款期限最长不得超过60日。 上市公司募集资金应当专款专用 原则上应当用于主营业务 中国证监会发布修订后的《上市公司募集资金监管规则》（下称《监管规则》），将自2025年6 月15日起施行。《监管规则》明确，上市公司募集资金应当专款专用。上市公司使用募集资金 应当符合国家产业政策和相关法律法规，原则上应当用于主营业务。除金融类企业外，募集资 金不得用于持有财务性投资，不得直接或者间接投资于以买卖有价证券为主要业务的公司。科 创板上市公司募集资金应当投资于科技创新领域，促进新质生产力发展。《监管规则》要求， 上市公司的控股股东、实际控制人及其他 ...

Core Viewpoint - The approval of nine credit bond ETFs as general collateral for repurchase agreements marks a significant development in the market, enhancing liquidity and investment opportunities for investors [1][3]. Summary by Sections Approval of Credit Bond ETFs - On May 29, nine credit bond ETFs received approval from China Securities Depository and Clearing Corporation to be used as general collateral for repurchase agreements, allowing them to officially start this business by June 6 [1][3]. Benefits for Investors - The introduction of general collateral repurchase agreements for credit bond ETFs is expected to improve capital efficiency for investors, broaden financing channels, and enrich investment strategies [4][5]. - Investors can leverage credit bond ETFs for financing, enhancing their capital usage efficiency and meeting diverse investment needs [4][5]. Market Growth and Performance - The total scale of credit bond ETFs has surged to nearly 137 billion yuan, increasing over 150% compared to the end of last year, indicating a strong market presence [7]. - As of May 28, the total scale of eight benchmark credit bond ETFs reached 611.83 billion yuan, reflecting a growth of 181.82% since their launch [7]. - The active trading of these ETFs, such as the E Fund's Shanghai Stock Exchange benchmark credit bond ETF, has led to significant inflows and rapid growth in scale [7][8]. Investor Demographics and Future Potential - The investor base for benchmark credit bond ETFs is diverse, including pension funds, bank wealth management, insurance asset management, and trust products, indicating strong institutional interest [8]. - The inclusion of credit bond ETFs in the repurchase collateral pool is expected to better meet investors' financing needs, suggesting substantial growth potential in the future [8].

Core Viewpoint - The article highlights the influx of incremental funds into the market through the recent launch of multiple ETFs and the accelerated issuance of equity funds, indicating a positive outlook for the market. Group 1: New ETF Launches - Since May, 23 ETFs have been launched, with 9 more set to debut soon, injecting new capital into the market [1][3] - Notable ETFs include those focused on digital economy, aerospace, and semiconductor equipment, which have quickly established their investment portfolios [3] Group 2: Acceleration of Equity Fund Issuance - As of May 29, there are 64 equity funds currently being issued, with an additional 29 on the horizon, including various index and thematic funds [5] - The new floating management fee funds have attracted over 1 billion yuan in subscription funds, indicating strong market interest [5][6] Group 3: Fund Managers' Self-Purchases - Several fund managers have begun purchasing their own equity funds, reflecting confidence in the market's future [8][9] - Total self-purchases by fund managers have reached 2.138 billion yuan this year, significantly higher than the same period last year, which is seen as a positive signal for market confidence [9]

Core Viewpoint - The article discusses the recent market movements in A-shares and Hong Kong stocks, highlighting the impact of central bank actions and sector performances, particularly in digital currency and agricultural sectors. Market Overview - On May 30, the central bank conducted a 7-day reverse repurchase operation of 291.1 billion yuan at an interest rate of 1.40%, with 142.5 billion yuan of reverse repos maturing on the same day [1] - A-shares opened lower, with major indices showing declines, including the Shanghai Composite Index down 0.47% and the Shenzhen Component down 0.75% [2] Sector Performance - The agricultural sector, including chicken and pig industries, showed slight gains, while nuclear power concepts experienced significant pullbacks [2][3] - Digital currency and cross-border payment concepts were strong, with several stocks hitting the daily limit up, including Xiongdi Technology and Yuyin Co., which saw increases of 14.58% and 10.07% respectively [5][6] Notable Stocks - Stocks such as Rui Zhi Pharmaceutical and Jin Shi Ya Pharmaceutical saw significant gains, with increases of 18.46% and 13.70% respectively, driven by the recent approval of new drugs [8][9] - Agricultural stocks like Juxing Agricultural and Shen Nong Group also performed well, with Juxing Agricultural hitting the daily limit up [9] High Valuation Stocks - High valuation stocks experienced sharp declines, with stocks like Wangzi New Materials and Rongfa Nuclear Power hitting the daily limit down, reflecting market corrections [12][14]

Core Viewpoint - The recent decline in gold prices is attributed to improved global market risk sentiment, driven by legal rulings on U.S. tariffs and easing geopolitical tensions, despite the long-term investment value of gold remaining significant [2][3][4]. Group 1: Market Dynamics - The U.S. International Trade Court ruled on May 28 that the Trump administration's tariff policies were illegal, which boosted market risk appetite and led to a sell-off in gold, causing spot gold prices to drop below $3,300 per ounce [2][3]. - Gold prices have shown increased volatility this year, initially rising to historical highs before entering a phase of adjustment, leading to investor uncertainty [3][4]. - Key factors contributing to the recent adjustment in gold prices include breakthroughs in global tariff negotiations, easing geopolitical conflicts, and profit-taking by investors who had previously accumulated significant gains [4][5]. Group 2: Long-term Outlook - Despite the recent price adjustments, gold is expected to maintain long-term support due to ongoing demand for safe-haven assets amid uncertainties in trade negotiations and inflationary pressures in the U.S. economy [6][7]. - The Federal Reserve's ongoing interest rate cuts are anticipated to benefit gold, with expectations of three rate cuts within the year, which could further enhance gold's appeal as an investment [7]. - Strong demand from central banks and global investors is likely to drive gold prices higher, with predictions suggesting that gold could reach $5,000 per ounce by 2030, reflecting a bullish long-term outlook [8].

美股强势反弹之际，知名投资大鳄却宣布清仓美国股票。截至5月28日，纳斯达克指数4月以来 反弹逾10%，然而，世界著名投资大师、与索罗斯共同创立量子基金的吉姆·罗杰斯却于近日表 示，他已卖出所有美国股票，持有大量现金，并对美股后市表示担忧。无独有偶，日前披露的 13F文件显示，电影《大空头》的原型迈克尔·伯里（Michael Burry）在今年一季度几乎清仓， 其投资组合仅保留了雅诗兰黛一只股票的持仓。 今年一季度，美股整体表现疲弱，纳斯达克指数下跌10.41%，在全球重要指数中排名倒数第二 位。不过，从二季度开始，美股逐步收复失地，截至5月28日，纳斯达克指数4月以来涨幅超过 10%，在全球重要指数中排名首位。 来源：上海证券报 免责声明 文章封面图来源于AI，以上观点来自相关机构，不代表天天基金的观点，不对观点的准确性 和完整性做任何保证。收益率数据仅供参考，过往业绩和走势风格不预示未来表现，不构成 ↓ 点击"阅读原文" 尽管美股反弹势头良好，部分投资人却对后市仍表示担忧。 82岁的吉姆·罗杰斯（Jim Rogers）近日在一档播客对话中抛出严重警告，"我卖掉了所有美国股 票，因为这场派对我见过太多次。"他 ...