2025年全球资产涨跌榜出炉：中国资产逆袭，2026年怎么投？

Core Viewpoint - The global stock market has experienced a rare uptrend this year, with Chinese assets performing exceptionally well, driven by liquidity easing and growth expectations [2][12]. Group 1: Global Market Performance - Major stock indices across the Americas and Asia have all achieved positive returns this year, with the ChiNext Index up over 51% and the Sci-Tech 50 Index up 37.5%, ranking second and third globally [2]. - The Hang Seng Index and Hang Seng Tech Index recorded gains of 28.89% and 24.85%, respectively [2]. - Goldman Sachs predicts a further 38% upside for the Chinese stock market by the end of 2027 [2]. Group 2: Precious Metals Surge - December saw gold prices surpass $4,500 per ounce, marking a historic high, with COMEX gold futures up over 65% for the year, making it the best-performing year since 1979 [2]. - Other precious metals also saw significant increases, with platinum up 141.57%, palladium futures up over 85%, and silver futures up more than 150%, the highest among major assets [2]. Group 3: Foreign Investment in Chinese Assets - Foreign investment in Chinese assets has surged, with a net increase of $10.1 billion in domestic stocks and funds in the first half of the year, and $18.8 billion in May and June alone [8]. - By December 20, 2025, global investment in Chinese asset ETFs had accumulated a net inflow of $83.1 billion, with the technology sector attracting $9.5 billion [8]. - Morgan Stanley reported that foreign long-term funds net bought approximately $10 billion in A-shares and H-shares by November, contrasting sharply with a $17 billion outflow in 2024 [12]. Group 4: Future Outlook for Chinese Market - Analysts expect a "slow bull" market to continue, with a projected 14% growth in corporate earnings in 2026 and a 6% growth in the MSCI China Index [14][15]. - The market is transitioning from a "hope phase" to a "growth phase," with structural opportunities emphasized [14]. - Goldman Sachs and UBS predict that corporate earnings will be the main driver of stock price increases, with a focus on improving profit margins and return on equity [15].