当房地产退潮、黄金过热，中国家庭300万亿资产何处安放？

Group 1: Market Dynamics and Asset Allocation - The global asset pricing system is undergoing structural reconstruction due to uncertainties from Trump's policies, AI's disruptive impact on traditional industries, and Web3 technology's transformation of financial infrastructure [1][2] - The proportion of real estate investments among Chinese residents has significantly decreased from nearly 70%, while equity investments have steadily increased to around 15% [1][4] - Investors are facing a critical question: beyond gold, what other assets can be purchased? A diversified allocation is essential to withstand uncertainties [1][3] Group 2: Gold as an Investment - Gold's price has surged over 60% this year, reflecting a reconstruction of the global monetary trust system, but its volatility poses significant trading risks [1][2] - There is a divergence in market consensus regarding gold; some view it as a strategic allocation opportunity, while others warn of potential severe corrections due to crowded trades [2][3] - For ordinary investors, gold should not be viewed in a binary manner; its defensive value against currency credit and geopolitical risks remains significant, but tactical allocation must consider individual risk tolerance [3] Group 3: Structural Opportunities and Challenges - Chinese residents are increasingly diversifying their asset allocation beyond traditional real estate, moving towards stocks, bonds, mutual funds, private equity, insurance, and commodities [4][5] - The demand for cross-border asset allocation among residents is growing, but there is a mismatch with the supply of domestic financial products, particularly in innovative areas like green finance and cross-border ETFs [5] - The gradual improvement of China's capital market is providing more space for asset allocation, with a focus on long-term returns that match risk [6] Group 4: Economic Resilience and Investment Logic - Global economic growth resilience is under severe examination, with significant volatility in asset prices becoming a new norm [7] - The overall risk appetite of Chinese investors is undergoing a complex reshaping process, as evidenced by fluctuations in monthly deposit behaviors [7][8] - Long-term value anchoring should focus on understanding the interplay of institutional evolution, technological innovation, and social change rather than chasing single asset surges [8]