Group 1 - The core viewpoint of the articles highlights the increasing interest in gold as a safe-haven asset, driven by geopolitical and financial risks, with significant purchases by central banks and rising gold prices expected to continue [3] - As of November 18, 2025, the gold ETF fund has seen a 0.50% increase over the past two weeks, with a current price of 8.87 yuan and a trading volume of 6397.36 million yuan [2] - Gold prices have risen 55% year-to-date, influenced by economic concerns, geopolitical tensions, and increased inflows into exchange-traded funds (ETFs) [3] Group 2 - Goldman Sachs estimates that central banks purchased 64 tons of gold in September, a significant increase from 21 tons in August, indicating a trend towards diversifying reserves [3] - The recent hawkish statements from Federal Reserve officials have corrected previous overly optimistic rate cut expectations, contributing to a price pullback in gold, although strong support is seen around the $4000 per ounce level [3] - The latest net inflow into the gold ETF fund is 3.65 billion yuan, with a total of 10 billion yuan in net inflows over the past five trading days, indicating strong investor interest [3]

18 November 2025 | 2:22PM EST Economics Research Global Market Views: Trading 2025, Thinking 2026 1. Peering through data fog into 2026. The US government shutdown has amplified risks around the upcoming data releases, particularly around the labour market. That is still the main risk to an otherwise benign global cyclical picture. If the outturns there are only modestly weak rather than tripping into recessionary fears, the outlook beyond that into 2026 looks more reassuring. Government re-opening, recedin ...

In terms of its largest AUM growers, however, other ETFs take prominence. The Access Treasury 0-1 Year ETF (GBIL) has added the greatest amount of flows in the issuer's suite. GBIL has picked up more than $3.5 billion in AUM over the last five years, according to ETF Database data. GBIL tracks an index of U.S. Treasury securities expiring within the next 12 months. Charging just 12 bps, the fund's fixed income approach tracks the FTSE US Treasury 0-1 Year Composite Select Index. That has helped the ETF re ...

Goldman Sachs flags five stocks set for major productivity gains from AI adoption. Companies with high labor costs and AI automation exposure may see the biggest profit boosts. H&R Block, Robert Half, and Cognizant are among the big potential winners. As hyperscalers invest hundreds of billions of dollars in AI infrastructure, investors are starting to wonder when they will finally see the technology boost the earnings of small- and mid-cap stocks. Goldman Sachs says the stock market winners are g ...

今年迄今金价已上涨55%，主要受经济与地缘政治担忧、黄金ETF资金流入增加以及对美国进一步降息 的预期推动。（国际财闻汇） 高盛周一表示，各国央行在11月可能继续大量购金，这延续了近年来为分散外汇储备、对冲地缘政治与 金融风险的长期趋势。 高盛预计，9月份央行购金量为64吨，高于8月份的21吨。到2026年底，金价将升至4900美元；如果私人 投资者继续分散投资组合，金价可能会进一步上涨。 ...

Core Viewpoint - Oil prices are expected to decline further into next year due to a significant market surplus, with WTI Crude projected to average $53 per barrel in 2026 [1][3]. Group 1: Current Market Conditions - As of early Tuesday, WTI Crude was trading at $60.09 per barrel, reflecting a 0.22% increase on the day [1]. - There has been a notable increase in global oil inventories, with stocks rising by 2 million barrels per day (bpd) over the last 90 days [2]. Group 2: Future Projections - Goldman Sachs anticipates an average surplus of 2 million bpd in the oil market next year, with 2026 marking the end of the current significant supply wave [3]. - Low WTI prices in the low $50s per barrel are expected to slow U.S. shale capital expenditures and production growth, leading to a market rebalancing by 2027 [3]. Group 3: Long-term Supply and Demand Outlook - Future supply growth is expected to primarily come from OPEC, which has spare capacity and is investing in expansion [4]. - U.S. shale production may see modest growth, contingent on Brent Crude prices reaching around $80 per barrel by the end of the decade [4]. - By 2040, global oil demand could rise to 113 million bpd, up from 103.5 million bpd in 2024, indicating a shift from previous predictions of peak demand in 2034 [5].

新投资秩序下黄金的作用 澳大利亚未来基金管理的资产规模约为2610亿澳元（约合1.2万亿元人民币）。该基金的投资目标为实 现高于消费者物价指数（CPI）每年4%至5%的长期回报，同时将风险控制在"可接受但不过度"的水 平。 前述报告称，当前世界投资格局正在发生根本性转变，传统规则逐渐失效，不确定性显著加剧，全球经 济、社会与环境系统预计将面临更频繁也更剧烈的冲击。新投资秩序的特征包括冲突频发、政策干预增 多、通胀压力上升、经济分化加深、市场波动性增强，以及资产类别之间相关性，即传统对冲效果的不 确定性上升。 该基金以对抗通胀为例解释了其策略，包括削减名义政府债券敞口，增加通胀挂钩债券配置；增持基础 设施等实物资产，因为这一类别资产的现金流与通胀挂钩；扩大黄金等大宗商品资产配置，以提供针对 供应驱动型通胀和滞胀的不对称保护；并拓展另类投资，以实现真正的多元化。 当地时间18日，澳大利亚主权财富基金未来基金（The Future Fund）发布最新报告，称全球经济正面 临"更频繁、更强烈的新型冲击"的风险日益加剧。作为应对，该基金已提升黄金、主动管理的股票以及 对冲基金的配置比例。 不仅澳大利亚如此，阿塞拜疆的主 ...

Core Insights - The report emphasizes the importance of S funds and continuation funds as key liquidity sources for GPs and LPs in the private equity market [7] Public Market Insights - Stock markets are driven by AI, geopolitical factors, and monetary policy, with a focus on combining fundamental and quantitative strategies [4] - The "Seven Giants" in the U.S. continue to expand market share due to strong core businesses and strategic reinvestment, with AI capital expenditures expected to persist through 2026 [4] - Small-cap stocks are anticipated to grow, particularly in defense, technology, consumer, and healthcare sectors, although higher volatility and liquidity risks necessitate superior active management [4] - In Europe, sectors like defense, energy, and finance show potential for outperformance, with a focus on navigating market fragmentation through quantitative strategies [4] - Japan's market is supported by mild inflation, stable monetary policy, and potential fiscal support from the new government, despite high valuations [4] - Emerging markets may outperform the overall market in 2026 due to favorable macro conditions, with current forward P/E ratios approximately 40% lower than U.S. stocks [5] Private Market Insights - The private equity market is experiencing increased transaction activity due to strong capital market performance and low financing costs, with a focus on value creation and operational stability [7] - LPs are expected to maintain interest in secondary markets, with S funds and continuation funds being crucial liquidity sources amid slow exit speeds [7] - There is a growing demand for growth equity financing as companies prefer to remain private for strategic flexibility, indicating a shift towards larger funding rounds [7][8] - The private credit market is expected to see increased demand for credit financing due to a favorable M&A environment, with private credit offering higher yields than public markets [8] - Infrastructure investments are anticipated to benefit from trends in AI, digitalization, and energy production, with opportunities in areas like the circular economy [9]

Core Insights - Cresset, a nearly $200 billion multifamily office and wealth manager, is expanding its presence in Atlanta and establishing a new office in Jackson Hole, Wyoming, by adding a wealth advisory team from Goldman Sachs [1][2] - The new team managed over $1.8 billion in assets at Goldman Sachs and will focus on ultra-high-net-worth families, entrepreneurs, and C-suite executives [2] - Cresset has recently completed a merger with Monticello Associates, which manages over $124 billion in assets, and the integration has been described as a successful cultural and strategic fit [3] Company Developments - The new team includes Jamie Gilbert, Jean Wright, and Max Ripans, with Gilbert taking on the role of managing director and wealth advisor at Cresset [4][5] - Wright will also serve as a managing director in private wealth client services, while Ripans will be an associate investment analyst [5] - The team specializes in tax and estate planning, as well as wealth management, and will split their time between the Atlanta office and the new Jackson Hole location [5] Industry Context - Cresset's expansion strategy mirrors that of other large Registered Investment Advisors (RIAs) like Creative Planning, Mariner, and Captrust, which have made significant acquisitions to enhance their institutional and 401(k) practices [4]

Core Points - The company will host a live audio webcast on December 3, 2025, from 12:10 p.m. to 12:45 p.m. [1]