智通财经获悉，东方汇理资产管理发布2026年全球投资展望指，2026年将是一个经济转型之年。全球经 济正逐步适应一个"变中有序"的新常态。科技革命正在重塑一个多极化的世界，但同时地缘政治紧张局 势及财政忧虑的持续交织。地缘政治、政策组合及高通胀已由短期扰动转为结构性因素，这些长期变化 并行发展，将深刻影响2026年经济与金融周期的演进。东方汇理资产管理集团首席投资总监Vincent Mortier表示，在股市高度集中、估值偏高的环境下，分散投资仍是最有效的防守策略。投资者需在风 格、行业、企业规模及地区之间重新平衡投资组合，以分散风险并捕捉潜在回报，特别是在新兴市场及 欧洲资产方面。 东方汇理资产管理投资研究院主管Monica Defend表示，全球经济正逐步适应当前"变中有序"的新格 局。科技主导的转型、财政刺激及产业政策为经济活动注入持续动力，造就了一批"新赢家"。与此同 时，通胀已成为结构性课题，投资者在资产配置时必须纳入考虑。 步入2026年，各主要央行预料维持偏鸽取态，加上全球在科技、国防及基建领域的投资持续增强，将为 原本可能放缓的经济周期注入动力。全球经济增长虽逐步放缓，整体表现仍具韧性，主要受 ...

近期，A股市场有所调整，相比单一满仓持股策略，定投多只股票的策略明显更有优势。既能分散投资 风险，又能通过定投的方式平均持股价格，面对市场调整更加游刃有余。 相比满仓持有单一股票，定投多只股票主要体现在两个层面，一是定投，二是多只，其优势在于分散投 资风险。单一股票受到行业周期、公司经营等诸多因素影响，价格波动往往较大，同时还有可能受到投 资者情绪的影响而出现预期之外的股价走势。 如果投资者将全部资金集中于一只股票，一旦该股票出现大幅调整，投资者可能面临较大损失。而定投 多只股票，相当于把资金分散到不同行业、不同风格的股票上。这些上市公司股价走势各异的概率远高 于走势一致的概率，这样投资者就能避免把所有鸡蛋都放在一个篮子里。 从定投这种看似简单的投资策略看，它能产生均匀成本的效果。股市行情难以精准预测，价格波动属于 常态。在市场调整阶段，投资者定投买入股票能够以相对满意的价格分批买入股票。在首次买入股票 后，如果股价持续走低，投资者的定投买入可以不断拉低平均持股成本。虽然定投买入股票不能降低投 资者的期望持股成本，但是却可以大幅降低方差，这是一个更加稳健的操作方案。 事实上，如果投资者看好的是高成长的科技公司 ...

正是由于分散买入多只股票和定投买入股票都有好处，所以定投多只股票的策略将更具优势。股价调整 是投资过程中不可避免的现象，对于采用单一满仓持股策略的投资者来说，股价调整往往带来巨大的心 理压力，容易在恐慌情绪下作出非理性的决策，例如盲目割肉离场。 定投多只股票的投资者，由于已经通过分散投资和定期投入分散了风险、平均了成本，面对市场调整时 将更能保持相对冷静，并作出最理性的投资策略。 近期，A股市场有所调整，相比单一满仓持股策略，定投多只股票的策略明显更有优势。既能分散投资 风险，又能通过定投的方式平均持股价格，面对市场调整更加游刃有余。 相比满仓持有单一股票，定投多只股票主要体现在两个层面，一是定投，二是多只，其优势在于分散投 资风险。单一股票受到行业周期、公司经营等诸多因素影响，价格波动往往较大，同时还有可能受到投 资者情绪的影响而出现预期之外的股价走势。 如果投资者将全部资金集中于一只股票，一旦该股票出现大幅调整，投资者可能面临较大损失。而定投 多只股票，相当于把资金分散到不同行业、不同风格的股票上。这些上市公司股价走势各异的概率远高 于走势一致的概率，这样投资者就能避免把所有鸡蛋都放在一个篮子里。 从定投 ...

Group 1 - Investing can be initiated with smaller amounts over time, leading to significant long-term returns [1][2] - Regular monthly investments, such as $440, can potentially grow to $1 million over 30 years due to compounding effects [2][8] - Diversified funds, particularly exchange-traded funds (ETFs), simplify the investment process and reduce the need for constant market monitoring [4][6] Group 2 - The Vanguard Total Stock Market Index ETF (VTI) is highlighted for its low expense ratio of 0.03% and broad diversification, making it suitable for risk-averse investors [5][6] - Over the past decade, VTI has generated total returns of 260%, slightly lower than the S&P 500's 279%, indicating a trade-off between safety and returns [6] - Historical data shows that the S&P 500 has averaged an annual return of around 10%, suggesting potential for strong compounded growth despite market fluctuations [9]

AI播客：换个方式听新闻 下载mp3 世界上最赚钱的对冲基金之一城堡证券（Citadel Securities）的股票策略主管Scott Rubner认为，标普500指数近期的"健康"回调已为强劲反弹奠 定基础，市场仓位和季节性趋势有望推动年末行情。Rubner是研究资金流的专家，曾是高盛集团的全球市场董事总经理兼战术专家。 Rubner在周四发给客户的报告中指出了多个利好因素：散户交易者持续的需求；机构投资者在感恩节假期前减少了对美国股票的敞口，这让他 们现在有更大的空间重新加仓；以及英伟达（NVDA）强劲的业绩，这可能会促使交易员在年底前迅速平仓对冲并重建头寸。 "年末派对并未取消，只是换了个地方举行，"Rubner在周四写道。他预计标普500指数将在年底前迈向7000点。 Rubner写道，季节性因素对股市有利，追溯到1928年的数据显示，标普500指数从现在到年底通常会上涨约4%。 Rubner还指出了他正在关注的一个关键群体：系统性投资者。这些基金根据价格趋势和波动性机械地调整敞口，它们"显然已进入去风险阶 段"，在最近的市场疲软中减少了股票持有量。对Rubner来说，这些机械性资金流出可能在未来几 ...

在持续波动的市况下，股债市场的相关性将维持高企，分散投资并运用主动型投资方式，以分辨哪些证 券与行业板块具回报潜力，很可能是关键所在。 一些长远市场趋势有望成为未来十年全球的主要增长动力。Remi表示，营业利润率高、自由现金流充 裕的环球高增长企业可带来良好的资本增值机会。企业质素、股东总回报、派息率、估值以及企业管治 方向亦是主要考虑因素。 行业板块方面，人工智能(AI)发展与应用热潮，带动相关科研支出增加，持续推动美国巨型科技企业盈 利增长。近年日本政府及监管机构积极促进企业改革，日企管治日益改善，有助提升当地企业盈利能力 及日股的潜在投资回报，估值且具吸引力。在聚焦大型企业之余，环球小型公司与大型股的关连性较 低，可有效同时提升增长并分散投资。此外，受惠于通胀走势的企业(如黄金相关行业)，亦值得投资者 关注。 美国增长和整体通胀前景仍不明朗，随着股票及其他资产强劲回升，最具消费能力的20%消费者，其消 费能力已因此有所提升。至于这些消费者能否继续推动美国经济增长，仍然是未知之数。不过，这一现 象凸显出美国经济正变得越来越金融化，而这亦带来风险。 Remi表示，尽管市场波动仍存在，整体上宏观环境仍然支持投 ...

Portfolio Overview - Bridgewater's total portfolio value increased from $24.8 billion in 2Q25 to $25.5 billion in 3Q25, a rise of 3%[1] - The number of positions expanded significantly to 1014, up from 585 in the previous quarter[1] - The share of the top 10 holdings decreased from 36.1% to 32.5%[1] Investment Strategy - Increased allocation to S&P 500 ETFs, with iShares S&P 500 ETF (IVV) becoming the largest holding at $2.71 billion, representing 10.6% of the portfolio[1] - Combined weight of S&P 500 ETFs reached approximately 17.3%, a notable increase from the previous quarter[1] - Emerging market ETF exposure was nearly eliminated, indicating a shift in strategy[1] Sector Adjustments - Significant reductions in holdings of major tech stocks, including Nvidia (down 65%), Alphabet (down 53%), and Microsoft (down 36%) to lock in profits[1] - Full exit from SPDR Gold Trust, reflecting a tactical profit-taking move after a strong price rally[1] - The portfolio remains biased towards information technology but has shifted to a more balanced allocation across sectors[1] Notable Transactions - Major increases in positions included Lam Research (+111%), Mastercard (+191%), and Workday (+132%) among others[1] - New positions initiated in Reddit and Robinhood, contributing to a more diversified portfolio with 493 new holdings[1] Risk Management - The strategy reflects a commitment to dynamic balance and risk-aware positioning in an uncertain economic environment[1] - The overall approach aims to enhance portfolio resilience by reducing concentration and broadening holdings[1]

Core Viewpoint - Recent data indicates that foreign capital is significantly reducing its holdings in Chinese bonds, with a notable decline attributed to rising U.S. Treasury yields and currency fluctuations, which may impact China's financial market [1][3][4]. Group 1: Foreign Capital Reduction - As of October 2025, foreign institutions held 29,765 billion yuan in Chinese bonds, a decrease of 2,843 billion yuan or 8.7% since the beginning of the year, marking the longest net outflow in five years [1]. - The yield on 10-year U.S. Treasury bonds reached 4.8%, compared to approximately 2.6% for Chinese bonds, creating a 2.2 percentage point yield advantage that attracts international capital [1][3]. - Approximately 62% of surveyed international investors indicated that currency fluctuations are a primary factor in their decision to adjust their holdings in Chinese bonds [3][4]. Group 2: Global Monetary Policy and Economic Factors - The divergence in monetary policy, with the U.S. maintaining a stringent stance while China has implemented three interest rate cuts in 2025, has widened the interest rate differential, further encouraging capital flow to the U.S. [4]. - China's GDP growth slowed to 4.6% year-on-year in Q3 2025, which, while still higher than many global economies, has led to cautious sentiment among foreign investors regarding Chinese bonds [4]. Group 3: Impact on Financial Markets - Foreign holdings of Chinese bonds accounted for approximately 2.1% of the total bond market as of October 2025, down from a peak of 3.5% in 2023, suggesting that while the outflow has some impact, it is unlikely to cause severe disruption [6]. - The outflow of capital may exert some pressure on the renminbi, but China's foreign exchange reserves stood at $3.24 trillion as of September 2025, providing a solid foundation to manage currency fluctuations [6]. Group 4: Long-term Outlook - The internationalization of China's bond market is increasing, with Chinese bonds included in major international indices, which may provide a more stable source of foreign investment in the long run [7]. - A survey of 50 major asset management firms revealed that about 67% believe the proportion of Chinese bonds in their global asset allocation will increase over the next five years [7].

文 | 银行螺丝钉 （转载请注明出处） 大部分投资者对股票指数基金都耳熟能详，但是对债券指数基金知之甚少。债券指数基金该如何投资？ 这里有一门限时免费的福利课程，介绍了债券指数基金的投资方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 债券 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 分散投资，为何能提高投资收益? 有朋友说，明白分散配置可以降低风 险,但不太明白为什么分散配置,可能 会获得比集中配置更高的收益？ 之前给大家说过一个很形象的例子,就 是一个大妈,她有俩闺女,大闺女卖 伞，二闺女卖布。 ◆◆◆ 那很明显，如果遇到晴天的时候没有人 买伞,卖伞的闺女的生意就不好,但是 卖布的生意就会好一点。 反之下雨天的时候卖布的生意不好,卖 伞的生意好。 假设大妈只有一个闺女,闺女要么卖 伞,要么卖布,那生意总是没那么稳 定。 但是大妈现在有俩闺女，两个闺女做的生 意又不一样，彼此是可以对冲的。 这种情况下,大妈就可以选择,如果说 卖伞生意好的时候，大妈过去帮忙卖卖 伞;然后卖布生意好的时候,大妈帮忙 过去卖布。 这样分散配置以后，大妈整体的生意,赚 钱的稳定性提高，而且赚 ...

Group 1 - The report highlights that since 2025, there has been a simultaneous rise in both risk assets and safe-haven assets, driven by expectations of Federal Reserve rate cuts and the AI technology revolution, while geopolitical tensions and U.S. debt sustainability concerns have pushed precious metal prices higher [1][16][19] - The report suggests that the current market environment is characterized by high macro uncertainty, recommending a diversified investment approach to mitigate risks and achieve stable long-term returns through an all-weather strategy [1][5][19] - The U.S. stock market has seen significant price increases, with the S&P 500 experiencing a cumulative rise of 90.77% since its low in September 2022, indicating that both earnings and valuations are at historical highs, which may pressure long-term investment value [22][23][31] Group 2 - The report indicates that the A-share market has shown a long-term upward potential supported by macroeconomic fundamentals, with a current expansion in domestic liquidity benefiting equity markets [3][43][46] - It notes a shift in market style since July 2025, with growth sectors performing strongly while value sectors lag, suggesting that investors should increase their focus on dividend stocks to adapt to market fluctuations [3][46][47] - The report emphasizes that the gold market has seen a year-to-date return of 54.5%, driven by U.S. tariff policies and expectations of Federal Reserve rate cuts, while cautioning that short-term volatility risks may rise due to high market sentiment and inventory pressures [4][12][23]