上半年表现低迷，泰国主权基金转向押注黄金、大宗商品及全球股市的反弹

Group 1 - The Thai Government Pension Fund (GPF), managing assets worth 450 billion USD, is shifting its focus towards gold, commodities, and global equities to enhance returns after a lackluster performance in the first half of the year [1][2] - The fund's return rate for January to June was only 1.19%, but it aims to achieve an annualized return rate of over 3% by 2025 [1] - GPF has significantly increased its gold holdings, which now account for 0.43% of total assets, reflecting a more than doubling in quantity since the beginning of the year [1] Group 2 - The fund has reduced its investment in local and overseas equities from 22.6% to 19% of its total portfolio due to market volatility caused by U.S. tariffs [3] - Approximately 57% of the fund's assets remain in domestic and international fixed income, unchanged from the end of 2024 [3] - The fund's projected return rate for 2024 is 3.5%, more than double the previous year's return of 1.46% [3]