招银理财洪晓峰：银行理财宜充分发挥多资产配置优势提升产品布局

Core Insights - The long-term allocation value of gold is considered "relatively certain" due to multiple positive factors in the current gold cycle [1] - The "gold+" asset combination of simple bonds and gold may face pressure in a moderately recovering economy with gradually rising interest rates, suggesting the need for diversified asset allocation [1] Market Performance - The overall performance of the gold market in 2025 has been characterized by unexpected price increases, drawing global investor attention [2] - The price movements in 2025 show similarities to 2024, with both years exhibiting clear phase characteristics and significant price increases [2] - The first wave of price increases typically starts at the beginning of the year and lasts until mid-April, followed by a correction phase, while the second wave often begins around September, driven by macro policies or unexpected international relations [2] Product Innovation - 招银理财 has proactively integrated gold into its multi-asset allocation system and launched innovative "gold+" product categories [2] - The "稳金" and "衡金" series of products highlight the strategic role of gold in asset allocation, moving beyond a simple bond and gold combination [3] - The "稳金" series includes alternative assets like commodity CTA and quantitative neutral strategies to enhance stability and diversity of returns, while the "衡金" series incorporates an "all-weather" allocation concept with stocks for comprehensive long-term market risk exposure [3] Future Considerations - The potential impact of AI-driven industrial revolutions on gold assets should be monitored, as it may challenge the pricing logic of gold [4] - A balanced allocation strategy focusing on both gold and equity assets is recommended for the current stage [4] - Historical data indicates that the annualized return rate of gold driven by monetary cycles since the 21st century ranges from 15% to 25% [4] Overall Outlook - The 2025 gold market not only exceeded expectations in terms of price increases but also provided richer allocation tools and participation methods for investors [5]