贝莱德最新发声！低利率、高波动时代，黄金、股票、债券怎么配？

Core Insights - The global economic landscape is shifting, and investors are seeking "safe havens" for their capital, with BlackRock suggesting a resilient and adaptive asset allocation strategy across regional, strategic, and thematic dimensions to achieve true diversification [1][5] Group 1: Investment Strategies - BlackRock emphasizes the importance of constructing a resilient portfolio that avoids both putting all eggs in one basket and the pitfalls of pseudo-diversification [1][5] - Gold is highlighted as a long-term investment with solid allocation logic, supported by factors such as de-globalization, a weakening dollar, and ongoing central bank purchases [1][4] - The A-share market is expected to focus on technology as a core theme, with potential structural opportunities arising from new policies in consumption [1][4] Group 2: Fixed Income Insights - U.S. Treasuries are considered attractive from an absolute return perspective, but investors should be cautious of currency and volatility risks [2] - Short-term foreign bonds are viewed as relatively stable, while long-term U.S. Treasuries may present trading opportunities in the near term [2] Group 3: Asset Allocation Principles - The core principle of multi-asset allocation remains unchanged, focusing on selecting assets or strategies with genuine diversification effects and ensuring long-term value retention [3] - Strategic Asset Allocation (SAA) serves as a long-term anchor for portfolios, with adjustments made through Tactical Asset Allocation (TAA) based on market conditions [3] Group 4: Global Asset Allocation - Global asset allocation is deemed timely, especially in a high-volatility, low-interest-rate environment, as it helps diversify risks and enhance portfolio returns [5] - The long-term capital market assumptions suggest that some overseas assets still offer relative advantages in expected returns [5] Group 5: Thematic Investment Focus - The upcoming technological revolution led by AI is expected to reshape long-term growth patterns, driving productivity and corporate profit growth [6] - Sectors such as non-ferrous metals, energy, and biomedicine are identified as having significant growth potential, encouraging investors to align with these thematic trends [6]