（来源：经济参考报） 在星展银行近期举办的"2026年一季度投资策略展望"专题活动中，星展银行（中国）高级投资策略师邓 志坚表示，展望2026年，市场对多元化资产配置的需求持续上升，亚洲市场成为全球投资者的核心关注 区域。 回顾2025年，邓志坚表示，星展银行此前对亚洲市场的重视得到验证，上证综指、深证成指、恒生指数 及恒深综合指数均实现良好表现。在亚洲主要经济体中，韩国市场涨幅尤为突出，部分东南亚国家市场 亦有亮眼表现。 谈及2026年，邓志坚说，全球"去美元化""去美债化"趋势日益显著，叠加美股科技板块高集中度，市场 对多元化资产配置的需求持续上升，亚洲市场成为全球投资者的核心关注区域。"历史数据显示，美元 走弱周期往往是亚太地区市场的战略配置窗口期——美元指数下行时，亚洲市场通常同步走强。"邓志 坚说。 星展判断，2026年美元仍将维持偏弱态势，这将提升亚洲地区货币的吸引力。同时，亚洲市场在汇率稳 定性、国家安全性及行业发展潜力等方面具备综合优势。"星展自2025年起便上调亚洲市场评级，2026 年仍维持看多观点。"邓志坚说。邓志坚也认为，亚洲市场中，中国优质企业具备较强吸引力，A股与H 股均为核心配置 ...

Core Viewpoint - The recent surge in gold prices has led to increased interest in structured deposits linked to gold, with various banks offering competitive products that appeal to conservative investors seeking stable returns [1][4]. Group 1: Structured Deposits Overview - Structured deposits are floating-rate deposits that are protected by deposit insurance, where the interest earned is invested in financial derivatives like gold, indices, or stocks to pursue higher returns [2]. - For example, China Merchants Bank has launched gold-linked structured deposits with investment terms ranging from 7 to 181 days, offering annualized rates up to 1.78% [2]. - Historical performance indicates that most structured deposits yield mid-range returns, with an 80% probability of achieving such outcomes [2]. Group 2: Market Dynamics - Banks are increasingly offering gold-linked structured deposits to attract risk-averse investors amid market volatility and declining interest rates [4]. - These products help banks capture attention during periods of high gold price fluctuations, enhancing retail asset management and mitigating net interest margin pressures [4]. - The demand for stable investment options has surged, particularly as traditional fixed-term deposit rates have fallen to around 1.30% for longer terms and even lower for shorter durations [4]. Group 3: Investor Considerations - Despite the promise of capital protection, structured deposits are still investment products with inherent risks, including uncertain returns and liquidity constraints [5]. - Investors are advised to undergo risk assessments before purchasing these products and to be cautious of the advertised maximum returns [5]. - It is essential for investors to understand the complex terms and conditions associated with these products, including the potential for locked funds during the investment period [5].

Group 1 - International gold prices have been rising, prompting both domestic and foreign banks to launch gold-linked structured deposit products, which appeal to conservative investors due to their "capital protection" and yield flexibility [2] - Several banks have introduced related products since the beginning of 2026, with potential maximum annual yields reaching 4.5% [2] - Foreign banks' products have high entry thresholds and longer terms, such as DBS Bank requiring a minimum investment of $10,000 for a 12-month term, while HSBC China requires $20,000 for a 3-year term, and Standard Chartered Bank has a minimum subscription of $75,000 for an 18-month term [2] Group 2 - In contrast, domestic banks offer more accessible products with shorter terms and lower risks, with institutions like Jiangsu Bank, Shanghai Rural Commercial Bank, and China Merchants Bank having minimum investment amounts generally around $1,000 and terms ranging from 7 to 90 days [2] - Experts from the Beijing Wealth Management Industry Association indicate that the current trend of de-dollarization and geopolitical fluctuations are driving demand for gold, which remains strong in the market [2] - Companies are actively participating in the allocation of such products, although investors are advised to choose wisely, as structured deposits, while promising capital protection, have returns linked to market performance [2]

除了个人投资者，不少上市公司也将黄金挂钩结构性存款纳入了资金配置范围。从近期披露的理财公告 来看，多家企业选择通过此类产品布局黄金，押注金价上行。 外资银行产品风险等级更高 在黄金市场波动，交易风险攀升的环境下，承诺保本的结构性存款仍具有相当的"吸金"优势。开年以 来，已有多家中资、外资银行推出了挂钩黄金的结构性存款。 1月1日，星展银行"星展丰盛理财"推出看涨黄金主题结构性存款，强调"持有到期100%保本"，并可"捕 捉挂钩标的市场收益实现收益增厚"。该产品挂钩黄金美元即期价格，期限12个月，潜在最高年化收益 4%，起投金额1万美元，风险等级为1级。 1月5日，汇丰中国推出的结构性存款则另辟蹊径，并非直接挂钩金价，而是跟踪紫金矿业、纽蒙黄金、 巴里克黄金等金矿企业表现。产品期限3年，票息年化4.5%，触发水平103%，最低年化回报0.1%，起投 金额2万美元，风险等级2级。 渣打银行推出的结构性存款产品，挂钩标的则为SPDR黄金信托。1月7日，该行发布的产品介绍显示， 该产品收益率范围为0%—5.0%（非年化收益），最低认购金额5万元，投资期限18个月。从产品特点 看，该产品是涨跌双赢结构，风险评级3级。 ...

Core Viewpoint - The global market landscape is shifting, and investors are advised to focus on key industries and quality core assets for long-term strategies [1] Group 1: Investment Opportunities - In 2026, technology and healthcare sectors are expected to remain critical anchors for asset allocation due to their core driving positions in global AI applications and public demand [1] - The value of investment-grade bonds and traditional safe-haven assets like gold should not be overlooked, as they enhance the overall risk resilience of investment portfolios in volatile environments [1][3] Group 2: Technology Sector Analysis - The current price-to-earnings ratio of the S&P 500 technology sector is 40 times, similar to the internet bubble period, but with significant differences in cash flow and profitability [2] - Current technology stocks have a much higher free cash flow compared to the internet bubble era, with solid revenue growth and sustainable business models [2] - The average return on equity for current tech companies is significantly higher than in the past, indicating strong support for profitability despite high stock prices [2] Group 3: Market Dynamics - The compound annual growth rate of M2 money supply from 2021 to 2025 is 4%, while the technology stock index's growth rate is only 20%, reflecting a more rational investor behavior compared to the past [2] - The concentration of the top five technology stocks in the U.S. market is 28%, higher than the 21% during the internet bubble, yet the current average return on equity is much stronger [2]

Group 1: Global Market Outlook - The global market is expected to show significant differentiation in 2025, with US stocks continuing to strengthen and reach new highs in the second half of the year, while Hong Kong and A-shares stabilize [1] - DBS Bank maintains a balanced stock-bond allocation principle for 2026, suggesting a 50:50 or 60:40 stock-bond structure, with a focus on US, Hong Kong, and A-share markets [1] - The bank holds a relatively optimistic view on the development prospects of domestic enterprises [1] Group 2: Economic and Policy Insights - DBS Bank predicts a soft landing for the US economy, despite slowing GDP growth and a weak job market, supported by steady profit growth in core industries [1] - A potential interest rate cut by the Federal Reserve is anticipated in the first half of 2026, with short-term balance sheet expansion already initiated in January [1] - The overall policy direction will focus on inflation control, with a target range of 2.5%-3% for stable inflation, which may lead to continued accommodative monetary policy [1] Group 3: Sector Focus - The technology sector is highlighted as a focal point for investment, with solid earnings and sustainable business models, unlike the 2000 internet bubble [2] - The medical sector is also favored, particularly in pharmaceuticals and biotechnology, leveraging AI to reduce R&D costs and improve efficiency, as well as in medical devices due to a significant supply gap [2] - Asian markets are seen as a core destination for diversified investment, with a weakening dollar enhancing the attractiveness of Asian currencies [2] Group 4: Chinese Market and Industry Selection - High-quality Chinese enterprises are viewed as highly attractive, with A-shares and Hong Kong stocks becoming core investment targets [3] - The "14th Five-Year Plan" emphasizes new productivity, green technology, and innovation, with tech and new economy stocks nearing 50% weight in the MSCI China Index [3] - Investment opportunities are categorized into two tiers: the first tier focuses on technology and new economy sectors with high growth and ROE, while the second tier includes industrial, energy, and financial sectors with solid development foundations [3]

Group 1 - Foreign banks are optimistic about China's economic outlook for 2026, particularly favoring the technology and healthcare sectors [1][2] - HSBC forecasts stable global economic growth in 2026, with strong investment in artificial intelligence supporting investment and trade growth [1] - Deutsche Bank highlights 2025 as a pivotal year for reshaping China's long-term economic prospects and showcasing its technological strength [1] Group 2 - DBS Bank emphasizes the importance of investing in key industries and quality core assets amidst global challenges, with technology and healthcare as critical sectors for asset allocation in 2026 [2] - HSBC's chief economist for Greater China notes that innovation-driven growth in China is accelerating, with advancements in AI and innovative pharmaceuticals expected to attract foreign investment [2] - Standard Chartered Bank maintains an overweight position on Chinese stocks, focusing on technology, healthcare, and telecommunications sectors [3]

Group 1 - Major foreign banks have released their 2026 economic outlook reports, showing an optimistic view on China's economic prospects, particularly in the technology and healthcare sectors [1] - HSBC forecasts stable global economic growth in 2026, with a potential slowdown in trade export growth, but strong investment in artificial intelligence will support investment and trade growth in the next two years [1] - Deutsche Bank expresses confidence in China's economic outlook, highlighting 2025 as a crucial year for reshaping long-term economic prospects and showcasing technological strength [1] Group 2 - DBS Bank emphasizes the importance of investing in key industries and quality core assets, with technology and healthcare remaining focal points for asset allocation in 2026 [2] - HSBC highlights that innovation-driven growth in China will accelerate in 2025, particularly in AI breakthroughs and innovative drug developments, making innovation a core advantage for attracting foreign investment [2] - Standard Chartered Bank plans to overweight Chinese stocks, focusing on technology, healthcare, and telecommunications sectors in their asset allocation strategy [2]

本报记者 彭 妍 外资银行则聚焦长期限、高收益赛道，瞄准高净值客户群体。例如，1月1日，星展银行推出保本类结构 性存款产品系列，挂钩黄金美元即期价格，年化收益范围1.5%至4.0%，期限12个月，最低认购金额1万 美元；1月7日，渣打银行推出挂钩SPDR黄金信托的结构性存款产品，非年化收益范围0%至5.0%，最低 认购金额5万元，投资期限18个月，该产品为涨跌双赢结构，到期100%本金保障，风险评级3级。 中国邮政储蓄银行研究员娄飞鹏对《证券日报》记者表示，银行密集推出挂钩黄金的结构性存款产品， 主要在于把握黄金避险情绪升温的市场窗口，更好服务客户投资理财需求，同时也提升自身零售AUM （资产管理规模）与中间业务收入，优化收入结构缓解净息差压力。 伴随投资热度攀升，相关风险提示同步升级，理性配置成为关键。娄飞鹏表示，对普通投资者而言，黄 金结构性存款兼具本金保障与潜在收益弹性，相较实物金、ETF或期货，门槛低、操作简便、风险可 控，是当前布局黄金的较优选择之一，但收益表现与金价走势紧密相关。若金价大幅上涨，可获得浮动 收益上限；若金价回调或滞涨，则可能仅获保底收益甚至接近零收益，具体取决于产品结构设计。 在产 ...

本报记者 杨 洁 近期，多家外资银行发布2026年经济展望报告及观点。综合来看，2026年，外资银行普遍对中国经济前 景保持乐观，与此同时，多家外资银行特别看好科技和医疗健康等行业。 汇丰银行发布的新年经济展望提到，预计全球经济增速将在2026年保持平稳，贸易出口增速或将放缓， 人工智能领域的强劲投资将为未来两年内的投资和贸易增长提供一定支撑。亚洲地区的出口表现仍将优 于全球整体水平。 德意志银行研究部也在近期发布了2026年中国宏观经济展望报告，德意志银行中国区首席经济学家熊奕 在报告中提到，2025年是重塑中国长期经济前景的关键之年，也是充分展现中国科技实力的一年。 "站在2026年的新起点，全球市场正面临关键的转折。我们预见美元的结构性支撑将逐步减弱，而亚洲 经济的韧性与改革红利正日益凸显。我们预期风险资产在2026年将表现领先，在市场上升的同时分化将 更为明显，建议在更广泛的资产类别中进行分散投资。"渣打银行（中国）有限公司财富方案部总经理 梁大伟表示。 星展银行高级投资策略师邓志坚对《证券日报》记者表示："回顾2025年，我们一直在强调世界格局正 在转变。当面对挑战的时候，我们必须要坚持投资于全球发 ...