全球配置主题理财扎堆上新，美元资产还能买吗？

Core Viewpoint - The trend of global allocation wealth management products is accelerating, with a notable increase in issuance and diversification of asset preferences among financial institutions in a low-interest-rate environment [2][3][16]. Group 1: Product Issuance and Structure - In early 2026, multiple wealth management companies, including Ningyin Wealth Management and Bank of China Wealth Management, launched new global allocation themed products, primarily focusing on pure debt and "fixed income+" products rated R1 and R2 [2][15]. - From December 2025 to January 8, 2026, over 10 banks and wealth management companies issued nearly 50 global allocation themed products, with assets linked to currencies such as USD, JPY, EUR, and HKD, indicating a more diversified allocation preference [2][15]. - The number of newly issued global allocation wealth management products reached 624 in 2025, with 87 launched between November 1, 2025, and January 6, 2026 [3][17]. Group 2: Performance and Yield - The performance benchmarks for newly issued global allocation wealth management products in the second half of 2025 generally ranged from 3% to 4%, with many products launched since December 2025 having benchmarks between 3.2% and 3.65% [3][17]. - The average annualized yield of global allocation wealth management products is reported to be 3.357%, with recent products showing yields concentrated between 2.5% and 4.5% [21][22]. Group 3: Asset Allocation Preferences - Dollar-denominated assets remain the primary focus of global allocation wealth management products, with a significant emphasis on U.S. Treasury bonds and leading technology stocks [4][18]. - There is an increasing interest in emerging market equity assets and gold, aimed at capturing diverse economic growth opportunities and hedging against geopolitical risks and currency depreciation [7][20]. - The trend towards diversified asset allocation is driven by the need to enhance returns and mitigate risks in a low-interest-rate environment, with institutions responding to the tightening supply of quality fixed-income assets [11][24]. Group 4: Market Dynamics and Investor Behavior - The current low-interest-rate environment has led to a narrowing of returns from traditional fixed-income assets, prompting investors to seek overseas assets as a means to enhance yields [21][24]. - The expectation of continued interest rate cuts by the Federal Reserve has made dollar-denominated products attractive, with average yields for these products ranging from 3% to 3.5% compared to 2% to 2.5% for RMB-denominated products [19][20]. - The demand for diversified asset allocation is increasing among high-net-worth individuals, reflecting a shift in investment preferences from solely domestic assets to a more global and diversified approach [12][24].