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Core Viewpoint - The article discusses the hidden opportunities for asset appreciation in a deflationary environment, highlighting five asset categories that may benefit from current economic conditions and government policies [1]. Group 1: Gold - In a deflationary environment, gold is considered a "hard currency" and has seen a continuous increase in reserves, with China's gold reserves reaching 74.09 million ounces as of October, marking a 12-month consecutive increase [2]. - Global central banks are increasing gold purchases, with gold surpassing the euro as the second-largest reserve asset, indicating further potential for accumulation [2]. - The World Gold Council reported a net inflow of $8.2 billion into global gold ETFs over five months, reaching a total scale of $503 billion, reflecting a strong demand for gold as a safe asset [2]. Group 2: Long-term Pension Investment - The expansion of pension investment products nationwide is seen as a stable choice in a deflationary context, with the Financial Regulatory Authority extending the pilot program and increasing fundraising limits for financial companies [3]. - The policy encourages the issuance of long-term products with favorable fee rates, allowing investors to lock in long-term returns while investing in quality assets like the pension and health industries [3]. - The flexibility in product design and the support for pension advisory services make this an attractive option for both middle-aged individuals preparing for retirement and ordinary investors seeking stable returns [3]. Group 3: Core Housing Demand - Contrary to expectations of falling prices, policies in 2025 are focused on "core quality assets" in the housing market, with relaxed credit policies and lower down payment ratios for first-time homebuyers [5]. - Recent data shows a significant increase in new home purchases in cities like Shenzhen and Shanghai, indicating a recovery in demand for core urban properties [5]. - The combination of limited supply and supportive policies suggests that essential housing in prime locations may not only resist price declines but could also appreciate once the market stabilizes [5]. Group 4: High-Quality Bonds - The easing monetary policy signals a favorable environment for high-quality bonds, with expectations of interest rate cuts that could lead to rising bond prices [6]. - Government bonds and AAA-rated bonds are gaining popularity due to their liquidity and low credit risk, providing stable interest income for investors [6]. - Ordinary investors can consider purchasing savings bonds or investing in bond funds to mitigate market volatility while achieving better returns than regular savings accounts [6]. Group 5: Essential Consumption and New Consumer Leaders - Despite a deflationary environment, essential consumption remains robust, with government initiatives aimed at boosting demand for essential goods and services [7]. - The National Development and Reform Commission has announced support for consumer goods, indicating a commitment to enhancing the market for essential products [7]. - Companies focusing on essential goods and those benefiting from policy support in new consumption sectors are likely to see stable performance and potential asset appreciation in the current economic climate [7].