申万宏源策略 【申万宏源策略】美国政府关门解析：资产价格影响与四季度展望——全球资产配置热点聚焦系列之三 十二 原创 阅读全文 ...

近期私募大佬但斌又在圈内引发关注，但这次不是因为股票，而是他有了"新身份"。 天眼查数据显示，今年8月26日，东方港湾进行了"投资人变更"。其中但斌的身份信息由"中国"变为"中国香港"，同一天他还卸任了公司总经理，只留下 了经理的头衔。 中基协信息则显示，东方港湾在2025年9月30日提出了出资人变更，目前正在办理中。 这些变化引发了市场猜测，结合但斌对美股的投资偏爱，其新身份或许能更好地进行海外资产投资，另外也更能募集资金。至于其卸任东方港湾公司总经 理的职务，或与公司的整体战略规划有关。 卸任东方港湾总经理，但斌迎来身份转变 天眼查数据显示，2025年8月26日，东方港湾发生工商信息变更。其中公司出现"投资人变更"事项。但斌身份发生了变化，从中国内地居民身份变为中国 香港居民。 同一天，但斌还卸任了东方港湾公司的总经理，只留下了经理的头衔；目前仍旧是实控人、董事长。另据基金业协会信息，东方港湾目前正在进行出资人 变更，提交时间是9月30日，目前正在办理中。 实际上，早在2011年，但斌就成立了东方港湾（香港）投资管理有限公司。今年6月13日，但斌参加东方港湾香港办公室搬迁仪式的时候就表示，从扎根 中国，到 ...

新加坡仅凭"弹丸之地"，凭什么能够赢得全球资本的认可？它在全球资产配置里面，能够提供哪些独到 的价值？针对这些大家普遍关心的问题，华尔街见闻邀请您参加见面全球调研行——新加坡之旅，在今 年10月28日至11月1日，跟我们一起出发深度调研8家新加坡知名金融机构！ 本次调研行程中，我们将探访东南亚第二大金融服务集团华侨银行、某国际一线大行私行、拔萃资本以 了解新加坡在全球资产配置中的优势，走进Moomoo SG等知名机构了解金融科技与数字资产前沿动 向，访谈Yincubator（云图海外）、新启程以掌握"落地"新加坡的攻略。 详细的调研行程，请见下方海报，感兴趣的朋友可点击海报直接报名，或者微信扫码添加Alpha小助 手，咨询本次活动详情。 风险提示及免责条款 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 越来越多的企业与个人，选择新加坡这个亚洲金融中心，作为出海之路上的关键一站。 2024年新加坡外来直接投资（FDI）达1434亿美元创历史新高。一大批中国知名企业，选择以新加坡作 ...

申万宏源策略 【申万宏源策略】美股科技板块资金出现大幅流出——全球资产配置每周聚焦 (20250919-20250926) 原 创 阅读全文 ...

Core Viewpoint - The article emphasizes the significant outflow of funds from the US technology sector and highlights the resilience of the US economy as indicated by the revised GDP growth rate, which has implications for global interest rate expectations [2][9]. Economic Data - The US Q2 GDP annualized growth rate was revised up to 3.8%, surpassing the previous 3.3% estimate, marking the strongest performance since Q3 2023 [2][9]. - Strong consumer spending and a decline in imports contributed to this upward revision, indicating economic resilience and cooling global rate cut expectations [2][9]. - The 10-year US Treasury yield rose by 6 basis points to 4.20%, while the US dollar index increased by 0.55% to 98.2, remaining below 100 [2][9]. Market Movements - The article notes that the Asia-Pacific stock markets, including the Hang Seng Index, KOSPI, and Sensex, experienced significant declines, while commodities saw gains, with Brent crude oil rising by 4.60% and COMEX gold increasing by 2.83% [2][9]. - In the past week, there was a notable inflow of both domestic and foreign capital into the Chinese stock market, with domestic inflows of $29.83 million and foreign inflows of $24.80 million [3][11]. Fund Flows - The article reports that US equity funds saw inflows into real estate, industrials, and healthcare, while experiencing outflows from financials, communications, and technology sectors. Conversely, Chinese equity markets saw inflows into technology, finance, and consumer sectors, with outflows from infrastructure, energy, and real estate [3][11]. - Specifically, the US technology sector experienced an outflow of $43.3 million, while the Chinese technology sector saw an inflow of $35.5 million [3][11]. Valuation Metrics - As of September 26, 2025, the PE ratio percentiles for the S&P 500 and DAX were at 93.0% and 89.5%, respectively, indicating high valuations compared to historical levels. In contrast, the Shanghai Composite Index and Hang Seng Index have recovered to above 50% but still have room for growth compared to US valuations [4][18]. - The article highlights that the equity risk premium (ERP) for the Shanghai Composite and other indices remains relatively high, suggesting better value in the Chinese stock market compared to global markets [4][18]. Risk Indicators - The S&P 500 index closed at 6643.70, above the 20-day moving average, with an increase in the put-call ratio indicating a more cautious market sentiment [5][9]. - The implied volatility for the Shanghai Composite options decreased significantly compared to the previous week, reflecting a stable outlook for the market [5][9]. Upcoming Economic Indicators - Key upcoming economic indicators include China's September manufacturing PMI and the US September non-farm payrolls and ISM services PMI [6][17].

Economic Indicators - The final annualized quarterly GDP growth rate for the US in Q2 2025 was significantly revised up to 3.8%, from a previous estimate of 3.3%, marking the strongest performance since Q3 2023[6] - The strong GDP growth has cooled global interest rate cut expectations, with the probability of a 25 basis point cut in October now at 89.8%, down from 91.9%[3] Market Performance - The S&P 500 index closed at 6643.70, showing a decline of 0.31% over the week, while the Hang Seng Index and KOSPI led declines in the Asia-Pacific region[8] - The technology sector in the US saw a significant outflow of $4.33 billion, while China's technology sector experienced an inflow of $3.55 billion[3] Fund Flows - In the past week, US equity markets saw inflows of $8.26 billion, while Chinese markets attracted $5.48 billion[15] - Developed markets experienced notable inflows, with US fixed income funds seeing an inflow of $18.85 billion[15] Commodity Prices - Brent crude oil prices increased by 4.60%, and COMEX gold rose by 2.83% during the week, indicating a stronger inflation outlook[3] - The US dollar index rose by 0.55%, currently standing at 98.2, remaining below the 100 mark[9] Valuation Metrics - The risk-adjusted return percentiles for the S&P 500 and NASDAQ decreased to 49% and 45%, respectively, indicating a decline in perceived investment quality[3] - The PE percentile for the S&P 500 and DAX is at 93.0% and 89.5%, respectively, suggesting high valuations compared to historical averages[3]

在全球资产配置和跨境金融需求日益增长的背景下，香港作为国际金融中心，其银行体系以其多元化、高效率和灵活性强等特点，受到越来越多投资者的关 注。无论是出于外币储蓄、投资港股美股，还是进行海外资产配置，拥有一张香港银行卡并选择一款高收益的定期存款产品，已成为许多人的优先选择。 本文将以最新数据为基础，全面分析香港六家主流银行的美元及港元定存利率、开户门槛和特色服务，助你找到最适合自己的那一款。 香港东亚银行是本年度定存市场中的一匹黑马。作为香港本土老牌家族银行，此次在美元定存利率方面给出了极具竞争力的方案。 东亚银行的美元定存利率显著高于市场平均水平，尤其适合希望获取较高美元利息收益的用户。不过需注意，不同期限利率有所不同，中长期存款的收益更 具优势。 对于内地投资者，东亚银行支持线上预约与线下见证开户，所需材料包括身份证、港澳通行证及地址证明等。其综合理财账户支持多币种存储，并可便捷进 行跨境汇款。 美元定存：3个月4.0%，6个月4.3%，12个月4.7% 港元定存：3个月1.9%，6个月2.1%，12个月1.5% 香港花旗银行作为全球金融巨头，其在香港提供的定存产品也颇具吸引力，尤其面向高资产客户。 香港渣 ...

公募基金"出海"至今已进入第十七个年头。近年来，放眼全球已是中国公募基金高质量发展的关键一 环。长城基金国际业务部副总经理曲少杰日前在接受媒体采访时表示，公募基金从"本土"到"出海"的演 进，本质上是国内资本市场开放深化、行业生态成熟与投资者需求升级共同驱动的结果。随着居民财富 积累与资产配置理念成熟，对跨市场、多品类资产的多元化配置需求或将持续攀升。那么，国内公募基 金在国际市场中究竟具备哪些独特优势？海外投资须克服哪些问题？一起来看曲少杰的解读。 1、国际化发展席卷各行各业，公募行业高质量发展中，出海成为关键一环，如何看待公募基金业务从 早期以国内为主，逐步开启国际化？ 曲少杰：我认为公募基金从"本土"到"出海"的演进，本质上是国内资本市场开放深化、行业生态成熟与 投资者需求升级共同驱动的结果，这与国内多数行业的发展逻辑类似。 我国始终坚持对外开放的基本国策，出口一直是拉动经济增长的重要引擎，境外投资也日益受到重视。 随着居民财富积累与资产配置理念成熟，对跨市场、多品类资产的多元化配置需求或将持续攀升。而从 全球视角来看，更丰富的投资工具、更庞大的市场体量，也能够更好地满足国内投资者多样化的投资需 求。 ...

Group 1 - The core viewpoint is that China's capital market is expanding its "circle of friends," indicating a growing willingness among global investors to allocate assets in China, which reflects the high-level opening of China's financial market and its contribution to global economic certainty [1][2]. - During the "14th Five-Year Plan" period, 13 foreign-controlled securities and fund futures institutions have been approved to operate in China, with foreign ownership of A-shares reaching 3.4 trillion yuan, and 269 companies listed overseas [1]. - The reforms and opening-up measures in China's capital market are aimed at solidifying the institutional foundation, enhancing both internal stability and external competitiveness, thereby attracting international capital [2]. Group 2 - China's capital market is gathering globally scarce high-quality core assets, providing global investors with stable and growth-oriented investment options, particularly during the ongoing industrial transformation [2]. - The capital market has nurtured a number of companies with core competitiveness in the global industrial chain, spanning traditional sectors like finance and energy, as well as emerging industries such as artificial intelligence and new energy [2]. - The variety and scope of cross-border products have expanded, catering to the diverse allocation needs of global investors, with mechanisms like Shanghai-Hong Kong Stock Connect and Bond Connect enhancing cross-border investment opportunities [3]. Group 3 - The ongoing reforms in China's capital market are expected to further broaden its "circle of friends," leading to more efficient resource allocation, diverse financing channels, and stronger risk resilience [3]. - A larger "circle of friends" will significantly enhance the effectiveness of China's capital market in serving the real economy and improve its international competitiveness and influence [3].

来源：环球市场播报 在全球资产配置浪潮席卷而来的今天，美股市场以其高流动性、丰富标的和长期增长潜力，成为越来越 多中国投资者的"必修课"。然而，美股交易跨越时区、信息瞬息万变、T+0与无涨跌幅限制的机制，对 投资者的信息获取速度、决策效率和工具支持提出了前所未有的挑战。 面对琳琅满目的投资工具，我们深入评测了国内主流的五大财经App——新浪财经、雪球、同花顺、东 方财富、富途牛牛，从行情速度、资讯深度、智能工具、用户体验等维度进行全面比拼。最终结论清晰 而明确：看美股行情，上新浪财经App，已成为信息时代投资者的明智之选。 四、独家整合微博财经大V生态，构建"资讯-分析-交易"闭环 当某支热门股票突发利空，你还在翻找解读？在新浪财经App，60秒内即可完成"接收快讯→阅读顶流 分析师观点→执行交易"的全流程。平台深度融合微博财经大V资源，构建"资讯→分析→决策→交 易"的动态闭环，让投资快人一步。 五大平台对比：各有所长，唯综合领先者胜出 一、毫秒级实时行情，免费开放Level-1报价 对于美股投资者而言，15分钟的行情延迟，足以让一次绝佳的投资机会化为泡影。而新浪财经App直击 行业痛点，提供毫秒级全球行情 ...