·中金：相关资源股行情并未结束 ·分析师：近期科技股抛售并不意味着AI投资热潮结束 ·调查显示英国就业市场初现暖意 ·一项受到英国央行货币政策委员会密切关注的调查显示，尽管雇主在1月继续缩减长期岗位的招聘，但 缩减速度已放缓至18个月以来的最低水平。这份由英国招聘与就业联合会（REC）开展的调查还显示， 企业自去年10月以来首次增加了临时工的派遣量。REC的这份报告进一步证明了英国经济在2026年正迎 来转机。 ·凯投宏观亚太区主管Marcel Thieliant指出，日本拟暂停对食品征收销售税，预计将导致通胀率下降约两 个百分点，甚至可能令整体通胀率进入负值区域。即便今年和明年赤字有所扩大，凭借强劲的名义GDP 增长，公共债务占GDP比率仍将进一步快速下降。 ·法国巴黎银行经济学家表示，鉴于日本首相高市早苗的扩张性财政政策可能进一步推升通胀，预计日 本央行将以略快于此前的节奏加息。分析师预计，日本央行将在4月加息，随后每隔四到五个月将继续 收紧政策，直到政策利率达到2%。 ·据马来亚银行（Maybank）外汇研究与策略报告，因区域股市普遍上涨带动风险偏好，新加坡元走 强。报告指出："当前环境下，美元偏向下行 ...

Fabiana Fedeli, CIO of multi-asset at M&G Investments, discusses equity market diversification, the outlook for long-dated bonds and gold. "There is an understanding that possibly portfolios were a little bit too skewed to the US dollar," Fedeli tells Bloomberg Television. "There is a need of differentiation." ...

Core Viewpoint - The significant changes in the list of delegated investment institutions by European pension funds, particularly the PFZW, are primarily driven by a shift towards sustainability and ESG considerations [3][4][12]. Group 1: Changes in Delegated Investment Institutions - On September 3, PFZW announced the termination of partnerships with Blackrock, L&G, and AQR Capital, which collectively managed 50.9% of its assets [9][12]. - The shift in PFZW's investment strategy emphasizes sustainability, with a focus on climate goals and reducing carbon emissions [3][12]. - PFZW's absolute carbon emissions decreased by 45% from 2019 to 2024, but it still falls short of its 50% reduction target by 2030 [15][17]. Group 2: Trends in European Pension Funds - European pension funds are experiencing a slowdown in divestment from high-carbon industries, with a rebound in investments in fossil fuels observed in 2023, rising to approximately 11.5% of total assets [28]. - A significant increase in the number of pension funds setting climate-related goals has been noted, with many establishing targets for fossil fuel divestment and carbon reduction [31][33]. - Climate voting has emerged as a preferred method for pension funds to influence corporate behavior and achieve climate objectives, driven by both internal strategies and external regulatory pressures [5][35]. Group 3: Impact of Climate Voting - Analysis indicates that climate voting positively correlates with reduced carbon footprints and does not negatively impact portfolio returns, suggesting a "cost-effective" approach for investors [39][40]. - The study found that increasing the proportion of supportive climate votes is associated with lower future carbon emissions and higher total returns [39][40]. - Climate voting is seen as a critical tool for managing climate risks within investment portfolios, with recommendations for asset owners to consider climate responsibility in their selection of asset managers [44][45]. Group 4: Recommendations for Chinese Investors - The climate action logic observed in European pension funds can provide valuable insights for the Chinese market, advocating for supporting the transition of high-carbon industries rather than outright divestment [44][45]. - Chinese asset owners and managers are encouraged to prioritize climate voting as a means to influence corporate low-carbon transition decisions, aligning with national strategies [44][45]. - Suggested focus areas for climate voting policies include setting clear climate goals, encouraging carbon emissions disclosure, and integrating climate risk into overall risk management frameworks [46].

Group 1: Private Equity Performance - The top private equity firms as of mid-2025 include Nengjing Investment, Tongben Investment, Luyuan Private Equity, Chenyao Private Equity, and Youbo Capital, with Nengjing Investment achieving an average return of 114.65% across its products [1] - The average return for the top 100 private equity products reached 24.08% in the first half of 2025, with a total of 593 products under management [1] - Among the top-performing products, "Nengjing Value Selection No. 2" achieved a remarkable return of 281.59% [1] Group 2: Fund Manager Performance - A total of 513 private equity fund managers reported performance, with an average return of 10.56%, significantly outperforming the Shanghai and Shenzhen indices [2] - 73 fund managers achieved returns exceeding 20%, with the top 10 fund managers having a performance threshold of approximately 18.5% [2] - The leading fund managers include Lu Hang from Fusheng Asset, Yin Tao from Wobo Investment, and Wang Yiping from Evolutionary Asset [2] Group 3: Market Trends and Foreign Investment - As of the end of Q2 2025, foreign capital in A-shares reached a market value of 2.28 trillion yuan, an increase of approximately 54.8 billion yuan from the previous quarter [7] - Notable foreign investments include significant increases in holdings of Ningde Times and Heng Rui Pharmaceutical, while Jinpu Titanium Industry has become a new favorite among foreign investors [7] - Some stocks, such as Degute, have seen foreign investors and social security funds exit, indicating selective interest in the market [7] Group 4: Strategic Partnerships - M&G Investments has partnered with Guotai Junan Securities to enhance access for Chinese investors to global markets, focusing on information sharing and asset management [9] - The collaboration aims to develop joint brand fixed-income investment solutions targeting the Asian market, with plans to launch within months [9] - M&G anticipates that the Chinese asset management industry will reach a scale of 40.4 trillion USD by 2030, highlighting the growth potential in this sector [9] Group 5: Regulatory Issues - Two financial apps, "Cai Da Cai Ri Sheng" and "Yin Tai Zhang Yi Bao," were reported for violating personal information collection regulations [19] - The violations included failing to obtain user consent for sharing personal information and not providing clear privacy policy notifications [19] - The regulatory scrutiny reflects ongoing efforts to enforce personal information protection in the financial sector [19]

Group 1 - M&G Investments and Guotai Junan Securities have signed a strategic cooperation memorandum to enhance access for Chinese investors to global markets [1][2] - The collaboration focuses on four areas: information sharing, asset management, client services, and investment market promotion, combining M&G's global investment expertise with Guotai Junan's local market experience [2][3] - M&G anticipates that by 2030, the scale of China's asset management industry will reach $40.4 trillion, highlighting the significant growth potential in the sector [2] Group 2 - M&G recognizes Guotai Junan's position in the Chinese market and aims to leverage this partnership to reach a large base of investors [3] - Both companies are jointly developing a brand-focused fixed income investment solution targeting the Asian market, with plans to launch in the coming months [3] - The partnership will also explore additional projects, including QDII-compliant products and investment consulting mechanisms, to enhance their global investment management and local market knowledge [3]

Core Viewpoint - M&G Investments has partnered with Guotai Junan Securities to enhance access for Chinese investors to global markets, focusing on the significant growth potential of China's asset management industry [1][3]. Group 1: Areas of Focus - The collaboration targets four key areas: information sharing, asset management, client services, and investment market promotion, combining M&G's global investment expertise with Guotai Junan's local market experience [2][3]. - M&G anticipates that by 2030, the scale of China's asset management industry will reach $40.4 trillion, highlighting the strategic timing of this partnership amid ongoing regulatory reforms [3]. Group 2: Strategic Goals - M&G aims to strengthen its investment portfolio management and distribution capabilities in Hong Kong as part of its regional growth strategy, facilitating cross-border investment solutions [3]. - The partnership allows M&G to leverage Guotai Junan's established position in the Chinese market to access a vast investor base, addressing the growing demand for international diversification [5]. Group 3: Future Initiatives - Both companies are currently developing a joint brand fixed-income investment solution focused on the Asian market, set to launch in the coming months [5]. - They are also exploring additional collaborative projects, including QDII-eligible products and investment consulting mechanisms, to maximize their strengths in global investment management and local market knowledge [5][6].

花旗：欧元区主权债期限结构短期化趋势显现 澳新银行：贸易不确定性持续，亚洲资本流入面临压力 荷兰国际：挪威克朗受通胀支撑有限，欧元兑NOK仍有下行空间 City Index："关税疲劳"加剧，市场亟需新催化剂推动波动性回升 花旗集团分析师认为，如果相关国家的关税不降低，市场可能会预期这些国家的央行将采取更多宽松货 币政策来应对。由于美国威胁加征关税，多数亚洲货币的多头仓位回落。韩元、马来西亚林吉特和泰铢 等货币的多头押注均有所下降。 荷兰国际集团分析师指出，尽管挪威通胀加速，挪威克朗的涨幅有限。市场认为挪威央行在8月再次降 息的可能性极小甚至不存在，尤其是在该央行于6月已经意外降息之后。分析师认为，欧元兑挪威克朗 有进一步下跌至11.50的空间，并表示欧元目前被高估。 【机构分析】 花旗分析师指出，欧元区规模最大的11个主权债券发行主体的总债务期限结构预计在2025年趋于短期 化。这主要是因为长期债券（特别是30年期债券）供应减少，且由于今年上半年表现不佳，这类债券的 吸引力有所下降。尽管德国债务整体趋势是短期化，但德国的债务发行期限结构预计将保持稳定。荷兰 和爱尔兰这两个国家可能会延长其发债期限。意大利的情 ...

Group 1: Rising Bond Yields - The yield on the 30-year U.S. Treasury bond rose to nearly 5.1%, the highest level in a year and a half, with a significant increase of over 0.4% since May [2][3] - Long-term bond yields are rising across Japan, the UK, and Germany, indicating a broader trend of increasing rates in the bond market [5] - The rise in yields is attributed to concerns over fiscal instability and the impact of U.S. trade policies on global supply chains and inflation [2][9] Group 2: Economic Indicators and Monetary Policy - Recent economic indicators, including April's employment data, have led to a decrease in expectations for interest rate cuts by the Federal Reserve, with some officials suggesting only one cut may occur this year [6] - In the UK, the consumer price index rose by 3.5% year-on-year, prompting discussions about the pace of future interest rate cuts by the Bank of England [8] Group 3: Fiscal Concerns and Market Reactions - The U.S. Congress is working on fiscal legislation that could lead to a significant increase in public debt, estimated at $3 trillion to $5 trillion over the next decade [10] - Concerns about fiscal deterioration are prevalent in Japan and Europe, with rising defense spending discussions contributing to increased interest rates [10] - The perception of U.S. Treasuries as a safe asset is being challenged, leading to potential shifts in investment strategies among global investors [10] Group 4: Impact on Housing and Corporate Investments - The rise in long-term interest rates is creating headwinds for investments reliant on long-term borrowing, such as housing [11] - The 30-year mortgage rate reached 6.92%, contributing to a 5% decline in mortgage application indices [11] - High interest rates may increase the risk of corporate bankruptcies, particularly for companies with heavy debt burdens [11]

Core Viewpoint - The rise in long-term bond yields across major economies, including the US, Japan, and Europe, is driven by concerns over fiscal instability and inflation, leading to potential economic slowdown and market volatility [1][3][6]. Group 1: Bond Market Trends - On May 21, the yield on the US 30-year Treasury bond rose to nearly 5.1%, the highest level in 1.5 years, with an increase of over 0.4% since the beginning of May [3]. - The rise in yields is not limited to the US; the UK 30-year bond yield reached 5.5%, and Germany's rose to approximately 3.1% [3]. - Japan's newly issued 30-year and 40-year bonds also hit historical highs, reflecting a broader trend of increasing long-term interest rates [3][6]. Group 2: Economic Indicators and Inflation - Concerns over inflation have intensified, with the US April employment data exceeding market expectations, leading to a belief that the Federal Reserve may only lower interest rates once this year [4]. - In the UK, the Consumer Price Index rose by 3.5% year-on-year in April, the highest in 15 months, prompting discussions about the pace of future interest rate cuts by the Bank of England [5]. Group 3: Fiscal Instability - The US Congress is coordinating fiscal legislation that could lead to a significant deterioration in fiscal health, with estimates suggesting a potential increase in public debt by $3 trillion to $5 trillion over the next decade [6]. - Japan is also experiencing fiscal expansion discussions ahead of the summer elections, with proposals for tax cuts [6]. - The perception of fiscal instability is contributing to rising interest rates, as investors express concerns over the sustainability of government debt [6][7]. Group 4: Impact on Investment and Financial Markets - The increase in long-term interest rates poses challenges for investments reliant on long-term borrowing, such as housing, with the 30-year mortgage rate rising to 6.92% [8]. - High interest rates may lead to increased bankruptcies among heavily indebted companies and could impact financial institutions holding significant amounts of US Treasuries [8].

中美官员在结束为期两天的日内瓦贸易谈判后都释放了积极信号，商务部在北京时间周一15点公布的声 明更是点燃了市场热情，港股闻讯大涨，截至收盘，恒指收涨2.98%，科指收涨5.16%。 商务部新闻发言人就中美日内瓦经贸会谈联合声明发表谈话，称本次中美经贸高层会谈取得实质性进 展，大幅降低双边关税水平，美方取消了共计91%的加征关税，中方相应取消了91%的反制关税；美方 暂停实施24%的"对等关税"，中方也相应暂停实施24%的反制关税。这一举措符合两国生产者和消费者 的期待，也符合两国利益和世界共同利益。希望美方以这次会谈为基础，与中方继续相向而行，彻底纠 正单边加税的错误做法，不断加强互利合作，维护中美经贸关系健康、稳定、可持续发展，共同为世界 经济注入更多确定性和稳定性。 摩根士丹利表示，上周，对冲基金，尤其是总部位于美国的对冲基金，增加了对中国股票的看涨押注， 原因是他们寄望于中美贸易谈判取得进展。 在上周末于瑞士日内瓦举行的中美贸易谈判之前，MSCI中国指数和中国蓝筹股沪深300指数分别上涨 2.4%和1.9%。 摩根士丹利上周五发布的一份报告称，在看到贸易协议可能达成的令人鼓舞的迹象后，总部位于美国的 对 ...