谢治宇：全球开始处在一个前所未有的全新周期中 以人民币为代表的资产仍有上升空间

Core Insights - The event "Investment for Good" focused on ESG and charitable asset management, highlighting the evolving landscape of investment strategies in response to global economic changes [1] Group 1: Economic Cycles and Asset Classes - The current economic environment is characterized by a shift from a US-centric globalization cycle to a more diversified approach, influenced by de-globalization and varying monetary policies across developed nations [3] - The long-term risk-return profile for investments has declined due to prolonged monetary easing in the US and increased demand for long-term government bonds in China, complicating the achievement of return targets [4] - There is a notable correlation between stock and bond market volatility, driven by excessive liquidity, prompting a strategy shift towards alternative assets like gold [4] Group 2: Asset Class Outlook - Short-term prospects for US dollar assets appear positive due to potential economic soft landing, but long-term attractiveness may diminish due to rising credit risks and increasing dollar monetization [5] - The Chinese yuan is expected to face short-term appreciation pressure, supported by improving growth dynamics and foreign capital inflows, while long-term trends suggest a gradual upward trajectory [5] - Commodity outlook indicates that oil prices are likely to remain within a certain range, while gold is viewed as a strong hedge against portfolio risk due to its low correlation with the dollar [6]