Core Insights - The report by DBS Bank highlights the need for a defensive asset allocation strategy in 2026 due to rising "fiscal dominance" risks and persistent inflation, recommending an overweight in bonds and gold while focusing on valuation recovery opportunities in Asian equities excluding Japan [1][3]. AI Bubble Debate - The report analyzes the current "AI bubble" concerns, noting that while the U.S. stock market exhibits bubble-like characteristics, the macroeconomic conditions are more favorable compared to the 2000 internet bubble, with the Federal Reserve in a rate-cutting cycle and major tech firms maintaining strong cash flows [2]. - The capital expenditure for generative AI is currently about 1.2% of U.S. GDP, significantly lower than the 5.0% during the 19th-century railroad bubble and the 5.1% during the 2000 tech bubble, indicating that current investment levels are manageable relative to the economy [2]. - Investors are advised to shift focus from AI infrastructure to "Adapters," large non-tech companies that can leverage AI to enhance operational efficiency and profitability [2]. Macro Challenges - The report warns of an "extreme era" shaped by geopolitical changes and U.S. debt issues, with U.S. debt-to-GDP ratio reaching 100% and high interest payments posing "fiscal dominance" risks, potentially leading to a long-term rise in inflation [3]. - Investors are encouraged to allocate to physical assets to hedge against inflation, with a maintained overweight rating on gold due to concerns over U.S. fiscal sustainability and geopolitical uncertainties [3]. Asset Allocation - DBS Bank's model indicates that bonds are currently more attractive than stocks, recommending an overweight in fixed income assets and focusing on high-quality investment-grade bonds while avoiding high-yield bonds with poor risk-reward ratios [4]. - In the equity market, a more nuanced allocation strategy is suggested, with a strong overweight rating on Asian equities (excluding Japan) due to a 32.4% discount compared to developed markets and a projected earnings growth of 18.9% for 2026, surpassing the 11.8% expected for developed markets [4]. - The report highlights potential for further gains in the Chinese market driven by policy stimulus, a rebound in AI-related capital expenditures, and improved corporate earnings outlook [4]. - For the European market, while maintaining a lower allocation stance, the report suggests focusing on the defense sector, which is expected to see a 24% earnings growth in 2026 as NATO members commit to increasing defense spending to 5% of GDP [4]. - Additionally, the report recommends allocating some funds to alternative assets, including private equity and hedge funds, to diversify risks amid increasing market volatility [4].

智通财经APP获悉，香港联交所最新资料显示，12月16日，广联科技控股(02531)股东将股票由国泰君安 (香港)转入星展银行，转仓市值3.73亿港元，占比7.08%。 广联科技控股公告2025年7月所载谅解备忘录及战略合作的最新进展。鉴于双方无法就相关事项的条款 达成协议并签署最终协议，公司已向High West发出终止通知，以终止谅解备忘录，终止自 2025年12月 15日起生效。终止谅解备忘录将不会对公司的财务状况及营运造成任何重大不利影响。 ...

香港联交所最新资料显示，12月16日，广联科技控股(02531)股东将股票由国泰君安(香港)转入星展银 行，转仓市值3.73亿港元，占比7.08%。 广联科技控股公告2025年7月所载谅解备忘录及战略合作的最新进展。鉴于双方无法就相关事项的条款 达成协议并签署最终协议，公司已向High West发出终止通知，以终止谅解备忘录，终止自2025年12月 15日起生效。终止谅解备忘录将不会对公司的财务状况及营运造成任何重大不利影响。 ...

Core Viewpoint - The People's Bank of China has authorized DBS Bank to act as the Renminbi clearing bank in Singapore, marking a significant milestone for the bank and enhancing its capabilities in cross-border Renminbi transactions [1][5]. Group 1: Authorization and Significance - DBS Bank is the first local bank in Singapore to be designated as a Renminbi clearing bank, allowing it direct access to China's onshore Renminbi clearing system (CIPS) [5]. - This authorization enables DBS Bank to provide more efficient cross-border Renminbi settlement and remittance services, facilitating investments in Renminbi-denominated financial instruments [5][6]. - The move is expected to enhance connectivity between onshore and offshore Renminbi markets, promoting investment interconnectivity and financial innovation in the Asia region [5][6]. Group 2: Impact on Services and Market Position - The authorization strengthens DBS Group's service capabilities in cross-border Renminbi financing, having been a direct participant in CIPS since 2015 [6]. - DBS Bank's participation in the China interbank bond market's counter business allows it to assist clients in conducting onshore bond transactions and providing offshore custody services, improving efficiency for foreign investors [6]. - The bank aims to offer comprehensive and competitive Renminbi solutions to meet the growing demand for diversified currency allocation among its clients [5][6].

Core Viewpoint - Domestic and foreign investment institutions predict that the A-share market will transition from a structural bull market to a more comprehensive bull market in 2026, with expectations of a gradual recovery in earnings [1][20]. Group 1: Market Outlook - According to China Securities, A-shares are expected to move from the "Bull Market II Phase" to the "Bull Market III Phase," driven by profit improvements, with a projected earnings growth rate of 5%-10% for non-financial A-shares in 2026 [2][25]. - The overall net profit growth for A-shares is anticipated to reach 16.5% in 2026, supported by a recovery in gross margins and a more balanced market across various sectors [4][27]. - Morgan Stanley forecasts a 6% earnings growth for the MSCI China Index in 2026, accelerating to 10% in 2027, with a target price for the index set at 90 points [38]. Group 2: Investment Themes - Key investment themes identified include technology, "anti-involution," and sectors benefiting from domestic demand recovery, with a focus on AI, new energy, and military technology [11][13][20]. - Goldman Sachs emphasizes a shift from valuation-driven to earnings-driven growth, highlighting the importance of AI and "anti-involution" policies as major growth drivers [34]. - UBS suggests focusing on self-sufficiency, "anti-involution," and overseas expansion, with an expected earnings growth rate for A-shares rising from 6% to 8% in 2026 [36][37]. Group 3: Asset Allocation - Recommended asset allocation includes sectors such as non-ferrous metals, machinery, power equipment, electronics, media, and social services [3][26]. - Investment strategies should focus on high-growth sectors like AI, new energy, and innovative pharmaceuticals, as well as traditional cyclical sectors benefiting from price recovery and demand stimulation [4][27]. - Specific stocks with strong growth in the "anti-involution" theme have shown significant revenue and profit increases, indicating potential investment opportunities [24][45].

12月15日，星展银行宣布已获得中国人民银行授权，担任新加坡人民币清算行，成为首家获批该资格的 新加坡银行，这标志着其人民币业务建设的重要里程碑。同时，星展银行还获批参与境外中国银行间债 券市场柜台业务。 星展银行环球交易服务部主管林顺忠表示："星展银行很荣幸获得中国人民银行的授权，在推动新加坡 与中国金融合作方面发挥更大作用。随着客户日益寻求增强业务韧性并分散货币风险，此次授权使我们 能够为包括企业客户、投资者及代理行在内的多元客户提供更深层次的流动性支持和更强大的结算能 力。" 星展银行环球金融市场部主管伍维洪表示："获批人民币清算行显著提升了我们支持客户参与中国深度 金融市场的实力。我们现已具备更优越的资质，在离岸与在岸人民币市场之间架起一座更加顺畅的桥 梁。这将进一步促进亚洲区域经济活动，丰富客户的选择，并为发行人和投资者提供更广阔的市场准 入，使其能够以更强的信心和更高的灵活性把握人民币业务机遇。" 据悉，星展银行凭借这一重大进展，将能提供更加全面、更具竞争力的人民币解决方案，切实回应市场 实需。客户将能够获得更高效的人民币结算及跨境使用渠道，从而推动亚洲区域内的投资互联互通与金 融创新。 同时，凭 ...

转自：新华财经 新华财经上海12月15日电（记者 王淑娟）星展银行15日宣布，已获得中国人民银行授权，担任新加坡 人民币清算行，成为首家获批该资格的新加坡银行，这是其人民币业务建设的重要里程碑。此外，星展 银行还获批参与境外中国银行间债券市场柜台业务。 这一突破也将进一步全面强化星展集团在跨境人民币投融资领域的服务能力。星展中国自2015年起即成 为跨境银行间支付系统（CIPS）的首批直接参与者之一。2025年9月，新加坡星展银行也获批成为CIPS 海外直接参与者。 星展银行还是中国熊猫债市场的领先外资承销商，积极协助国际发行人进入人民币融资渠道。获批参与 中国银行间债券市场柜台业务后，星展银行可以协助客户开展中国在岸债券交易并提供境外托管服务。 此举优化了境外投资者进入中国债券市场的效率，显著提升交易便利性，为其投资中国境内债券提供了 更多元、更高效的渠道。 星展银行相关负责人表示，随着客户对多元化货币配置使用的需求不断上升，星展银行凭借这一重大进 展，将能提供更加全面、更具竞争力的人民币解决方案。星展银行的客户将能够获得更高效的人民币结 算及跨境使用渠道，从而推动亚洲区域内的投资互联互通与金融创新。同时， ...

记者了解到，星展银行是首家担任人民币清算行的新加坡本土银行。 中国人民银行12月15日发布消息称，根据《中国人民银行与新加坡金融管理局合作备忘录》，中国人民 银行决定授权星展银行有限公司担任新加坡人民币清算行。 【纠错】 【责任编辑:王頔】 星展银行有关负责人表示，获批人民币清算行资格，将深化星展跨境人民币服务能力，帮助客户更便捷 地投资各类人民币计价金融工具，并无缝衔接在岸与离岸市场的人民币业务需求，支持客户参与中国金 融市场，把握人民币业务机遇。（记者任军、吴雨） ...

12月9日，由中关村科金主办的"超级连接・智见未来"EVOLVE 2025大模型与智能体产业创新峰会在北京圆满落 幕。本次峰会聚焦大模型与智能体的技术融合与产业落地，汇聚华为云、阿里云、百度智能云、火山引擎、亚马 逊云科技、超聚变、软通动力等众多产业领军企业，共同启动"超级连接"全球生态伙伴计划，凝聚行业力量，推 动人工智能技术深入千行万业。 作为亚洲银行业的数字化标杆，星展银行（中国）首席信息官兼科技及运营主管宫霄峻受邀出席，发表了题为 《人工智能重构银行运营新模式》的主题演讲，分享了星展银行在AI应用领域的实践成果与未来规划，系统阐 释了AI Agent对银行业运营模式带来的深刻影响。 AI应用实践：规模化落地成效显著 星展银行早已布局人工智能技术的规模化应用，目前已在超过370个业务场景中部署了1500多个AI模型，覆盖客 户服务、信贷审批、IT开发测试等多个领域，预计这些AI应用在2025年将为银行创造超过10亿新元的经济效益， 充分印证了人工智能在金融领域的商业价值。 宫霄峻表示，星展银行是新加坡乃至东南亚最大的商业银行，在过去几年很早就开始探索人工智能和机器学习， 并且实际应用一些Agent。例如 ...

Core Viewpoint - DBS Bank's report indicates that with the Federal Reserve entering a rate-cutting cycle, bonds have reestablished their role as a risk-hedging tool against equities, suggesting investors shift cash into credit bonds, particularly focusing on A-rated or BBB-rated investment-grade credit bonds, while maintaining a portfolio duration of 5 to 7 years [1][2]. Group 1: Market Performance and Trends - Despite geopolitical tensions and macro uncertainties in 2025, global markets exhibited an overall upward trend, with investment-grade credit bonds showing lower absolute returns compared to equities but significantly lower volatility [1]. - During market risk events, while global equities experienced pullbacks, the bond market remained resilient, effectively protecting investment portfolios and demonstrating defensive resilience in asset allocation [1]. Group 2: Investment Strategy and Recommendations - The report refutes the notion that bonds have lost their hedging function in investment portfolios, highlighting a shift in correlation between bonds and stocks, making bonds a quality safe-haven asset [2]. - Investors are advised to adopt a quality enhancement strategy, favoring A-rated and BBB-rated investment-grade credit bonds, as healthy corporate balance sheets and a lack of risk-free assets support their valuation despite current credit spreads being at historical lows [2]. - Caution is advised regarding high-yield bonds, which are perceived to be overpriced with spreads lower than average levels during non-recession periods, presenting asymmetric downside risks amid slowing economic growth [2]. - For investors seeking excess returns, the report recommends a combination of government bonds with Treasury Inflation-Protected Securities (TIPS) and mortgage-backed securities (MBS) to enhance yield [2]. Group 3: Future Outlook - The report concludes that under the macro conditions of stable global growth and policy easing, credit products are expected to perform well, but investors should remain cautious about credit quality to navigate future market volatility [3].