Core Insights - The global capital markets are undergoing a dual transformation characterized by a "loose monetary cycle" and "structural changes" as of Q3 2025 [1] - The opening of the Federal Reserve's interest rate cut channel, geopolitical reshaping, and breakthroughs in carbon neutrality technology are creating differentiated investment opportunities in stocks, bonds, and gold [1] Equity Assets - The Hong Kong stock market, as an offshore RMB asset hub, is witnessing excess return opportunities driven by self-controllable technology iterations, particularly in the hard technology sector [1] - Semiconductor equipment companies reported a 47% year-on-year increase in R&D investment, while the biopharmaceutical sector has innovative drug pipelines entering Phase III clinical trials [1] - Value investors may focus on undervalued high-dividend stocks, with dynamic PE ratios falling below 8 times [1] Fixed Income Products - With the end of the inverted yield curve for U.S. Treasury bonds, investment-grade credit spreads have narrowed to 120 basis points [1] - Convertible bonds exhibit unique advantages in volatile markets due to their "equity-debt duality" characteristics [1] - High-yield bonds are experiencing increased credit risk premiums due to the restructuring in the real estate sector [1] Precious Metals - Physical gold and digital currencies show a significant negative correlation, with gold prices surpassing $2500 per ounce amid a central bank gold-buying spree [1] - Silver is benefiting from surging demand in the photovoltaic industry, creating a resonance between its industrial and financial attributes [1] - Mining ETFs provide investors with convenient tools for indirect participation in the precious metals market [1] Portfolio Construction Recommendations - An all-weather strategy could allocate 40% to stocks, 30% to bonds, 20% to gold, and 10% to cash [1] - Attention should be paid to policy volatility risks associated with cross-border assets and the opportunities for options hedging arising from increased implied volatility [1]
2025 年多元资产配置的新范式与实战案例
Sou Hu Cai Jing·2025-08-20 08:50