【环球网财经综合报道】近日，伴随着市场对"AI泡沫"的担忧加剧，美国科技股正持续遭到猛烈抛售，投资者信 心受到严峻考验。然而，在此背景下，华尔街的目光正悄然转向东方。一位管理着6.6万亿美元资产的瑞银全球财 富管理高管最新发声，高呼是时候将目光投向中国的人工智能股票了。 瑞银全球财富管理美洲区资产配置主管Jason Draho日前明确表示，中国科技板块提供了一种颇有吸引力的方式来 平衡美国科技股持仓，尤其是在当前美国科技股估值过高、市场疑虑逐渐升温的背景下。他强调了一个关键洞 察："虽然看起来中美科技板块可能会走势同步，但实际上二者相关性较低。"Draho解释说，这种低相关性源于双 方存在的竞争关系以及背后驱动因素的差异。他举例称，今年早些时候中国深度求索（DeepSeek）聊天机器人的 发布，就曾导致美国科技股的显著下跌。"如果中国科技或人工智能模型最终表现出色，就能起到多元化配置的作 用，"Draho在接受采访时表示，"它们背后的驱动因素既有国内政策，也有技术本身的差异，因此不仅可能跑赢各 自市场，走势也可能在一定程度上相互独立。" 在过去几天内，摩根士丹利和摩根大通等顶级投行也纷纷发表看涨观点。摩根士丹 ...

【导读】安联投资：亚洲市场（尤其是中国股市）是关键的多元化配置选择 11月17日，安联投资在香港举行2026年市场展望媒体会。安联投资固定收益首席投资总监曾铮预计，美 联储将进一步降息，到2026年年中，美国终端利率将在3.5%左右。安联投资亚太区股票首席投资总监 薛永辉表示，当前多数投资者过度重仓美股，亚洲市场（尤其是中国股市）是关键的多元化配置选择。 安联投资是全球最大的资产管理公司之一，截至6月30日，安联投资全球管理资产达5620亿欧元，约合 4.63万亿元人民币。 美联储将进一步降息 曾铮表示："近期美国的政策信号，包括有选择性地取消部分关税，表明在不久的将来我们可能会看到 相对稳定的通胀数据。但就业数据可能走弱。" 曾铮称，从概率角度来看，美联储选择降息的可能性大于"按兵不动"。但降息的具体时间是在2025年12 月还是2026年1月，仍难确定。安联投资的内部观点是，到2026年年中，美国终端利率将在3.5%左右， 高于当前市场共识。 曾铮认为，固定收益仍然是资本保值的核心工具，尤其是在宏观波动加剧和政策分化的情况下。投资者 应通过审慎的久期管理，专注于保持投资组合的韧性。 她指出，投资回报驱动因 ...

中国基金报记者 郭玟君 11月17日， 安联投资 在香港举行2026年市场展望媒体会。安联投资固定收益首席投资总监曾铮预计，美联储将进一步降息，到2026年 年中，美国终端利率将在3.5%左右。安联投资亚太区股票首席投资总监薛永辉表示，当前多数投资者过度重仓美股， 亚洲市场（尤其是中 国股市）是关键的多元化配置选择 。 安联投资是全球最大的资产管理公司之一，截至6月30日，安联投资全球管理资产达5620亿欧元，约合4.63万亿元 人民币 。 【导读】安联投资：亚洲市场（尤其是中国股市）是关键的多元化配置选择 美联储将进一步降息 曾铮 表示："近期美国的政策信号，包括有选择性地取消部分关税，表明在不久的将来我们可能会看到相对稳定的通胀数据。但就业数据可 能走弱。" 曾铮称，从概率角度来看，美联储选择降息的可能性大于 " 按兵不动 " 。但降息的具体时间是在 2025年 12月还是2026年1月，仍难确 定。安联投资的内部观点是， 到2026年年中，美国终端利率将在3.5%左右， 高于当前市场共识。 曾铮认为，固定收益仍然是资本保值的核心工具，尤其是在宏观波动加剧和政策分化的情况下。投资者应通过审慎的久期管理，专 ...

钛媒体App 11月18日消息，高盛资产管理发布了2026年投资展望报告。其中就公开市场主题，该报告认 为，各股票市场差异或将扩大，倾向全球股票多元化配置、基本面与量化策略结合。固定收益强调久期 和战略性曲线仓位的多元配置，以应对复杂的宏观信号。证券化、高收益及新兴市场信用产品可能出现 良机。私募市场维度，高盛资产管理判断，新交易和退出活动整体环境利好，私募股权基金管理人业绩 表现的分散性扩大。私募信贷违约率历史上低于银团贷款，收益仍将高于公开市场收益。严谨的承销发 挥关键作用，并且在人工智能和能源转型驱动下，基础设施领域正在出现新的机会。（广角观察） ...

Core Viewpoint - The insurance sector has shown impressive investment performance in the first three quarters of 2025, driven by a favorable stock market and increased bond yield volatility, leading to higher investment returns for insurance companies [1][2]. Investment Performance - Five listed insurance companies reported significant investment returns, with New China Life achieving an annualized return of 8.6%, while China Pacific Insurance and China Life reported non-annualized returns of 5.2% and 6.42%, respectively [1][2]. - China Life's total investment income reached RMB 368.55 billion, marking a 41.0% year-on-year increase [3]. - China Reinsurance's total investment income was RMB 862.50 billion, reflecting a 35.3% year-on-year growth [3]. Investment Strategies - Insurance companies are actively responding to the demand for long-term capital entry into the market, leveraging their patient capital advantage to steadily increase equity holdings [1][2]. - China Reinsurance has increased its long-duration bond allocation and focused on long-term growth potential in equity investments [3]. - China Pacific Insurance has maintained a disciplined asset allocation strategy, actively managing equity investments with a focus on undervalued and high-dividend stocks [3]. Alternative Investments - Alternative investments are becoming a key focus for insurance companies as part of their diversification strategies and business transformation efforts [4]. - China Reinsurance is actively promoting business transformation by investing in asset-backed plans and public/private REITs [5]. - China Ping An is also increasing its allocation to quality alternative assets to diversify and enhance its revenue sources [6]. Product Performance - A total of 1,483 insurance asset management products achieved positive returns this year, with a 93.8% success rate, and four products exceeded 100% returns [8].

Core Insights - The A-share market has shown significant recovery in the second half of the year, with the Shanghai Composite Index breaking through important psychological levels, and foreign capital expressing optimism towards Chinese assets, particularly in technology stocks [1][2] Investment Opportunities - Barings has identified two main investment opportunities in the Chinese market: gold and technology stocks, with a particular focus on the latter due to their growing popularity globally [1][2] - The Chinese technology sector is characterized by strong manufacturing capabilities and technological research and development, supported by government policies, making it a unique growth model [2][4] - Consumer demand in China is being driven by policy support, leading to a sustainable internal consumption cycle that is crucial for economic development [4][5] Market Dynamics - External factors, such as tariff policies, have previously caused market volatility, but Barings believes that China has effectively mitigated the impact through trade structure adjustments [6][7] - The firm anticipates that the influence of tariff issues on global markets will gradually diminish by 2026, as new pragmatic agreements are likely to emerge between China and the U.S. [6][7] Sector Focus - Barings is particularly focused on leading companies in the AI sector, as these firms are expected to drive market development and generate significant market effects and returns [3][4] - The renewable energy market in China is also seen as a promising investment opportunity, given China's leading position in this sector and the increasing demand driven by AI and climate change initiatives [4][5]

Core Insights - The article discusses the dilemma of whether to invest in real estate or keep savings in the bank, emphasizing that asset allocation is a personal choice based on individual circumstances and future plans [1][6][12] Group 1: Bank Savings - In the first half of 2025, new household savings deposits in China increased by 5.3 trillion yuan, a year-on-year growth of 9.2%, indicating a trend towards safer investment options [3] - Current three-year fixed deposit rates range from 2.6% to 3.1%, while five-year rates are between 2.8% and 3.3%. For an investment of 1 million yuan, the total amount after three years would be approximately 1.08 to 1.095 million yuan, and after five years, around 1.15 to 1.177 million yuan [3] - The advantages of bank savings include high safety and liquidity, making it suitable for individuals with low risk tolerance or short-term funding needs. However, the disadvantages are low returns that may not keep pace with inflation, leading to a potential decrease in purchasing power over time [3][4] Group 2: Real Estate Investment - In the first half of 2025, the real estate market showed a mixed trend, with 35 out of 70 major cities experiencing a month-on-month increase in new residential prices [4] - For a 1 million yuan investment in a small apartment in a second-tier city, the annual rental yield is approximately 2%, with actual returns potentially between 1.5% and 1.5% after expenses [4] - The benefits of real estate investment include inflation resistance, potential asset appreciation, and rental income. However, it has drawbacks such as low liquidity, high management costs, and concentrated risk in a single asset [4][6] Group 3: Diversified Investment Strategies - A survey by the China Investor Education Foundation in 2025 indicates that households are increasingly diversifying their asset allocation beyond traditional real estate and bank savings to include funds, stocks, and insurance products [6] - A diversified investment strategy can mitigate risks associated with market fluctuations, as demonstrated by an individual who allocated funds across various assets, ensuring both safety and reasonable returns [6][10] - The article suggests that individuals should evaluate their personal situations and financial goals, consider time horizons for investments, and analyze local real estate markets before making decisions [7][10] Group 4: Recommendations - Individuals are advised to assess their personal circumstances and financial objectives, as different life stages and goals necessitate different asset allocation strategies [7] - It is recommended to maintain emergency funds equivalent to 3-6 months of living expenses, regardless of the chosen investment strategy [10] - The "core-satellite" investment strategy, which allocates a majority of funds to low-risk assets while a smaller portion is invested in higher-risk assets, is increasingly popular among households [10][11]

Core Viewpoint - The article emphasizes the importance of understanding the companies in which one invests, as highlighted by legendary fund manager Peter Lynch, especially during market volatility [2][3]. Group 1: Peter Lynch's Insights - Peter Lynch participated in a dialogue at Fidelity Investments, where he shared his views on investment strategies and market behavior [1]. - Lynch believes that individual investors possess significant advantages, provided they have a thorough understanding of their investments, stating that "investing is not an IQ game, but relies on diligence, common sense, and field observation" [3]. - He warns that if investors do not understand the companies they are buying, they will panic during market downturns, suggesting that they should refrain from investing in such cases [2][3]. Group 2: Market Context - The article discusses recent market volatility, triggered by comments from former President Trump, which resulted in a $2 trillion drop in U.S. stocks, causing anxiety among Chinese investors [2]. - It highlights the normalcy of market fluctuations and the necessity for investors to be prepared for such events [2]. Group 3: Additional Recommendations - The article mentions other notable discussions, including NVIDIA's CEO addressing controversies in the tech sector and Ray Dalio's advice on diversification for Chinese investors [4]. - It also suggests exploring ETFs related to the gaming industry and those with high exposure to the "fruit chain" [4].

Core Viewpoint - The essence of investing lies in overcoming human emotions of greed and fear, emphasizing the importance of patience and common sense in wealth accumulation [4][11][19]. Group 1: The Power of Compounding - Compounding is often misunderstood but is a powerful tool for wealth growth, with the "72 Rule" allowing investors to estimate how long it will take for their money to double based on annual returns [6][7]. - For example, an annual return of 5% takes approximately 14.4 years to double, while 8% only takes about 9 years [7]. - A historical case illustrates the power of compounding: Benjamin Franklin's $5,000 gift grew to $2 million after 200 years due to compounding [10]. Group 2: Investment Strategies - The best investment approach is often the simplest, with a focus on index funds and dollar-cost averaging to mitigate emotional decision-making [19][32]. - Investors should diversify their portfolios to include various asset classes, such as stocks, bonds, and cash reserves, to manage risk effectively [23][25]. - Regular rebalancing of the portfolio helps maintain desired asset allocation and counteracts emotional biases during market fluctuations [27][30]. Group 3: Personal Development as Investment - Investing in oneself yields the highest returns, with activities such as reading, skill acquisition, and maintaining health contributing to long-term wealth and opportunity [33][41]. - The journey to wealth is straightforward: save money, start investing in index funds, maintain discipline, and continuously improve personal knowledge and skills [39].

Core Viewpoint - The article emphasizes the importance of diversification in personal asset allocation to achieve wealth preservation and growth, rather than engaging in speculation [2][32]. Group 1: Investment Strategies - Ray Dalio suggests that a 10%-15% allocation to gold is an effective balance and risk hedge for an individual's asset portfolio [39]. - Dalio advocates for a diversified investment strategy, highlighting that individuals should not solely rely on savings or real estate, as many people do [2][29]. - The concept of "All Weather Strategy" introduced by Dalio focuses on diversification, risk balance, and rebalancing as key components of asset allocation [3][4]. Group 2: Economic Insights - Dalio discusses the significance of debt cycles, stating that excessive debt can lead to economic distress for both individuals and nations [6][13]. - He points out that the current U.S. debt situation is unsustainable, with government spending significantly exceeding revenue, leading to increased borrowing [19][20]. - The article mentions that many countries, including the U.S., Japan, and China, face varying degrees of debt issues, with similar underlying mechanisms [17][18]. Group 3: Market Dynamics - The dialogue highlights the changing global economic landscape, where investors need to adapt their strategies to manage their portfolios effectively [38]. - Dalio notes that understanding the underlying mechanisms of market movements is crucial for managing investment portfolios [39][42]. - The article suggests that a balanced approach to asset allocation can help investors navigate market fluctuations and economic cycles [30][39].