Core Insights - The report from DBS highlights that the Longevity Economy is at a critical turning point, driven by breakthroughs in key technologies, accelerated capital flows, and demographic changes [1] Group 1: Drivers of Longevity Economy - The rise of the Longevity Economy is primarily driven by three factors: significant advancements in medical technology, substantial capital inflow, and the inevitable trend of population aging [1] - Medical technology advancements include the clinical application of gene editing tools like CRISPR [1] - According to Pitchbook, venture capital investment in the longevity sector has increased over 20 times from 2013 to 2024 [1] - Global life expectancy has risen from approximately 40 years in 1900 to over 74 years currently [1] Group 2: Investment Strategy - DBS's Chief Investment Officer team recommends a "Barbell Strategy" for investing in the Longevity Economy, focusing on both mature therapies and innovative technologies [1] - On the conservative end, the report favors GLP-1 drugs and the eldercare industry, noting the rising demand for housing and services for the elderly, particularly in the U.S. [2] - GLP-1 drugs have transitioned from diabetes treatment to a significant therapy for obesity and show potential for treating neurodegenerative diseases [2] Group 3: Performance Metrics - The Longevity Economy theme has shown strong investment performance, with the related index outperforming the global stock index by approximately 135 percentage points since the end of 2019 [2] - Companies within this theme have a mixed return on equity (ROE) of 28.7%, significantly higher than the market average of 14.5% [2]

Group 1: Gold Market Outlook - The long-term bullish trend for gold remains intact despite recent price corrections, with a target price of $5,100 per ounce expected in the second half of 2026 due to currency devaluation risks, geopolitical uncertainties, and central bank gold purchases [1][2] - The report highlights a significant rebound in gold prices, which rose by 32.4% from August to October 2025, followed by a nearly 10% correction, viewed as a healthy profit-taking phase rather than a shift in the long-term upward trend [2] - Central banks are projected to purchase between 750 to 900 tons of gold in 2025, continuing a trend of over 1,000 tons annually from 2022 to 2024, with the total value of gold reserves held by central banks surpassing that of U.S. Treasury bonds [2] Group 2: Alternative Assets and Private Equity - The report emphasizes the end of the "Easy Alpha" era, suggesting that investors should focus on alternative assets, particularly private equity, which currently shows a valuation gap of 4.1 times compared to public markets, the most attractive level in a decade [3] - The anticipated decline in financing costs due to the Federal Reserve's interest rate cuts is expected to boost IPO and merger activities, with a revival in exit activities projected for 2026 [3] Group 3: Investment Strategies - To address the liquidity challenges associated with alternative assets, the report recommends using "Evergreen Funds" as a tool for allocation, which can provide early returns and redemption flexibility while achieving comparable long-term returns to traditional closed-end funds [4] - A mixed investment portfolio that includes both public and alternative assets is advised, utilizing private assets to smooth market volatility and employing statistical techniques for more accurate risk assessment to enhance risk-adjusted returns [4]

Core Insights - The article emphasizes the potential of Real World Assets (RWA) in transforming traditional industries through blockchain technology, moving beyond the perception of blockchain as merely a speculative tool for cryptocurrencies [1][3]. Group 1: Understanding RWA - RWA refers to the process of digitizing real-world assets such as government bonds, real estate, and receivables, making transactions more efficient and accessible [3]. - The global RWA market is projected to exceed $5 billion by the end of 2024, with major players like BlackRock, JPMorgan, and DBS Bank entering the space [3]. Group 2: RWA's Underlying Logic - The evolution of wealth is tied to the transformation of production relationships, with Web3 enabling individuals to truly "own" digital production assets [6]. - RWA democratizes investment opportunities by allowing fractional ownership of high-value assets, thus enhancing resource allocation efficiency [6]. Group 3: Opportunities for Entrepreneurs - There are three key areas for entrepreneurs to explore within RWA: 1. Digital tools for traditional asset digitization 2. Compliance and structural design services for RWA 3. Cross-scenario intelligent collaboration solutions [8][9][10]. - Startups are successfully creating user-friendly SaaS solutions that simplify blockchain technology for traditional businesses, as evidenced by a Shenzhen company serving over 20 small factories [8]. Group 4: Compliance and Regulatory Framework - Compliance is critical for RWA, with regions like Hong Kong, Singapore, and the UAE serving as testing grounds for regulatory frameworks [9]. - There is a demand for professionals who understand both policy and industry to assist companies in navigating the compliance landscape [9]. Group 5: Practical Steps for Engagement - Companies are advised to build foundational knowledge of RWA, focusing on practical applications rather than speculative investments [12]. - Engaging in small-scale, compliant RWA projects can provide valuable insights into market challenges and opportunities [12]. - Identifying specific roles within the RWA ecosystem, such as industry-specific solutions or compliance services, can lead to successful ventures [12].

Core Viewpoint - DBS Bank's investment outlook report for Q1 2026 indicates that Asian markets, excluding Japan, are expected to perform strongly in 2025, achieving their best performance since 2017, with over 30% growth driven by AI and technology advancements, alongside strategic reallocation by global investors in a weakening dollar environment [1] Group 1: Corporate Earnings and Sector Performance - The report forecasts a 19% growth in earnings per share (EPS) for Asian companies, excluding Japan, in 2026, significantly higher than the global average of 12% [2] - East Asia, particularly China and South Korea, is identified as the growth leader, with China making progress in technology self-sufficiency and South Korea benefiting from increased market confidence due to improvements in memory chip density [2] Group 2: China Market Outlook - The report expresses optimism for the recovery of the Chinese stock market, maintaining an "overweight" rating, as recent improvements in US-China trade relations have reduced previous investor sentiment barriers [3] - China's export structure is diversifying, effectively mitigating risks from reliance on single markets, with growth in exports to ASEAN, the EU, and emerging markets [3] Group 3: Economic Transition and Investment Recommendations - The acceleration of China's economic transition towards services is highlighted, with strong recovery in cross-border tourism serving as an example [4] - The report suggests focusing on internet platforms, digital retail, new energy ecosystems, and high-dividend financial stocks due to attractive current valuations [4] Group 4: Southeast Asia Market Insights - The report is optimistic about the Indonesian and Singaporean markets, citing Indonesia's stable macroeconomic environment and fiscal stimulus as supportive factors for stock performance [5] - Singapore is characterized as a "regional steady compounder," with real estate investment trusts (S-REITs) and financial sectors offering defensive investment value due to stable dividend yields exceeding 5% [5] - DBS Bank recommends an "overweight" position in China, India, Singapore, and Indonesia, with sector allocations favoring technology, discretionary consumer goods, and financials [5] Group 5: Market Valuation and Projections - The report sets a target of 1103 points for the Asian index, excluding Japan, by the end of 2026, indicating a potential upside of approximately 20% from current levels [5] - The forward price-to-earnings ratio for the region's stock markets is about 25% lower than that of global peers, with expectations that this valuation gap will narrow as earnings growth materializes [5]

2025年全球主要央行继续实施货币宽松政策，但不少发达经济体货币宽松已至尾声，普遍"踩刹 车"的趋势日益清晰。未来，在全球经济"韧性修复"与"风险犹存"的博弈中，主要经济体货币政策或呈 现出差异化的审慎调整态势。面对"弱增长+缓通胀"格局，各国央行在政策工具箱中艰难寻求平衡。 部分央行降息步伐趋于放缓 2025年12月10日，美联储宣布将联邦基金利率目标区间下调25个基点至3.5%至3.75%之间，这是美 联储自2025年9月以来连续第三次降息，也是自2024年9月启动本轮降息周期以来第六次降息。2025年美 联储已累计降息75个基点。 美联储在最近一次降息后对其未来政策路径给出了"模糊的前景"。分析人士指出，随着其他发达经 济体暂停或结束宽松周期，而某些国家央行甚至准备加息，美联储未来若继续降息，则可能陷入"独自 行动"的境地，这将重塑全球资本流动和资产定价的逻辑。 目前，美国滞胀风险与股市泡沫风险并存，若美联储因政治压力激进降息，可能加剧科技股过热或 通胀压力；同时，美联储独立性受损可能动摇美元信誉，加速货币体系多元化进程。此外，全球风险管 理体系需要适应资本流动波动和政策不确定性，防范热钱快进快出对新兴 ...

Core Insights - The 21st China-Singapore Bilateral Cooperation Joint Committee (JCBC) meeting was held in Chongqing on December 15, 2025, focusing on enhancing cooperation in the financial and capital markets between the two countries [1][2]. Group 1: Initiatives Launched - The meeting resulted in several initiatives aimed at strengthening financial cooperation, including the designation of DBS Bank as Singapore's second Renminbi clearing bank, following the Industrial and Commercial Bank of China Singapore branch [3]. - Support for A-share companies to conduct secondary listings on the Singapore Exchange (SGX) was announced, with the Monetary Authority of Singapore (MAS) and the China Securities Regulatory Commission (CSRC) facilitating this process [3]. - A new interbank counter bond market arrangement supported by Bank of China and DBS Bank was initiated, providing institutional investors access to specific fixed-income products from the Chinese interbank bond market [3]. - A pilot program for digital Renminbi (e-CNY) was launched for Singapore travelers, allowing them to open and top up digital wallets for merchant payments in China [4]. Group 2: Progress in Financial Cooperation - The MAS welcomed progress in cross-border green finance cooperation through the Singapore-China Green Finance Working Group, aiming to enhance interoperability of green classification standards [5]. - Collaboration on index and exchange-traded fund (ETF) products was deepened, with the launch of the China Securities Index and SGX Asian Emerging Markets Technology Index and plans for more ETF products under the Singapore-China ETF mutual recognition framework [5]. - A new financial cooperation memorandum was signed between the MAS and the Chongqing Municipal Government, promoting cross-border financing, fintech innovation, and green finance [5]. Group 3: Statements from Officials - The MAS Managing Director expressed that the deepening financial connectivity between China and Singapore has supported growth in cross-border trade and investment, and emphasized the importance of continued collaboration in banking and capital markets [6].

Core Viewpoint - The article discusses the impact of the Federal Reserve's interest rate cuts on the USD deposit rates in China, highlighting the increasing risk of currency fluctuations as the RMB appreciates against the USD, which could erode the returns on USD deposits [1][5]. Group 1: Federal Reserve's Monetary Policy - The Federal Reserve continued its accommodative monetary policy in 2025, implementing three interest rate cuts, with the final rate set between 3.50% and 3.75% [2][5]. - The voting results for the rate cuts showed significant division, with a 9-3 vote, marking the first dissenting votes since 2019 [2]. Group 2: Domestic USD Deposit Rates - Most domestic banks have seen USD deposit rates fall below 3%, with some banks offering rates in the low 2% range, while a few still provide rates above 3% [1][2]. - High-yield products are becoming scarce, and the current high rates may be temporary, reflecting a lag in pricing adjustments relative to the Fed's rate cuts [3][5]. Group 3: Currency Exchange Rate Impact - The appreciation of the RMB against the USD has exceeded 3.4% since 2025, with the onshore RMB reaching a peak of 7.0455, which could significantly impact the returns on USD assets [5][6]. - The article emphasizes that as the Fed continues to lower rates, the influence of exchange rate fluctuations on investment returns will increase [5][6]. Group 4: Investment Strategies - Investors are advised to shift their focus from chasing interest rate differentials to managing currency exchange risks, especially for those without genuine USD needs [6][7]. - Different strategies are recommended for various types of investors, with a focus on maintaining a balanced asset allocation and considering short-term products to mitigate risks [6][7].

力高健康生活发布截至2025年6月30日止六个月的未经审核中期业绩，收益2.09亿元(人民币，下同)，同 比减少1.47%；股东应占亏损574.2万元，上年同期股东应占溢利107.3万元，同比盈转亏；每股基本亏 损2.87分。 香港联交所最新资料显示，12月18日，力高健康生活(02370)股东将股票由渣打银行(香港)转入星展银 行，转仓市值6375万港元，占比75%。 ...

力高健康生活发布截至2025年6月30日止六个月的未经审核中期业绩，收益2.09亿元(人民币，下同)，同 比减少1.47%；股东应占亏损574.2万元，上年同期股东应占溢利107.3万元，同比盈转亏；每股基本亏 损2.87分。 智通财经APP获悉，香港联交所最新资料显示，12月18日，力高健康生活(02370)股东将股票由渣打银行 (香港)转入星展银行，转仓市值6375万港元，占比75%。 ...

21世纪经济报道 记者郭聪聪，实习生董凌含 北京时间12月11日凌晨，美联储宣布实施2025年内的第三次降息，将联邦基金利率目标区间下调25个基点至3.50%–3.75%。至此，美联储在本年度已累计降 息75个基点，业内人士表示，符合市场普遍预期。 值得关注的是，在此政策窗口期，国内一批年化收益率仍保持在"3%"以上的美元理财产品，正吸引不少投资者的目光。然而，另一关键因素也在悄然影响 美元理财的投资回报：人民币对美元汇率持续走强，汇率多日破"7"关口，年内累计升值已超3.4%。 面对看似可观的高息机会，投资者面临着现实的抉择：是抓住利率"高位"窗口配置美元资产，还是谨慎看待未来汇率与收益的双重波动？ 三度降息，政策抉择的十字路口 2025年，美联储延续了2024 年以来的宽松货币政策基调，三次降息逐步落地。 9月18日，美联储首次启动降息，将联邦基金利率区间下调25个基点至4.00%-4.25%；10月30日进行第二次降息，利率区间进一步调降至 3.75%-4.00%；12月 11日的第三次降息后，利率最终落在了3.50%-3.75%区间，业内人士表示，全年宽松力度与市场此前预判一致。 | | 2025年美 ...