If you’ve wondered what it takes to be a millionaire, you’re not alone. There’s something about having a net worth of at least $1 million that feels aspirational. Not only can it bring a sense of peace and financial security, but it can also give you the ability to pursue your financial goals. So, how do millionaires make their money? Unfortunately, there’s usually no shortcut. But the good news is you don’t need to win the lottery, inherit a fortune, or earn an enormous salary to grow your net worth to $ ...

0:00 南方财经记者 施诗、李依农 据新华社报道，美国联邦储备委员会17日结束为期两天的货币政策会议，宣布将联邦基金利率目标区间 下调25个基点至4.00%至4.25%。美联储最新点阵图显示，将年内降息次数预测由2次上调至3次，除本 次降息外，预计今年还将再降息两次。 在美联储宣布降息之后，亚太市场表现活跃。股市方面，日本、韩国股市再创新高；外汇方面，亚洲本 土货币冲高。事实上，今年以来，亚洲市场备受全球投资者青睐。2025年迄今，MSCI亚太指数已上涨 逾20%，而标普500指数涨约12%。 惠誉解决方案旗下CreditSights亚洲策略主管曾竹君在接受南方财经记者采访时表示，资金流入亚洲市场 与全球投资者在寻找美股之外的投资选择有关。尽管美国股市和债市在市场的广度和深度方面可能仍然 是全球最佳，但投资者正在寻求多元化配置，因为对美国制度安排的可信度以及美国资产收益的整体特 殊性有所担忧。 此外，由于美元走弱，亚洲货币也成为投资选择之一。EPFR数据显示，截至目前，流入亚洲本地货币 市场的资金规模已接近年初资产管理规模的30%，对此，曾竹君向记者解释称，去美元化、投资多元化 需求以及对亚洲货币升值的预期 ...

Wealth means more than just the figurative vault of gold coins; it’s a strategy of saving and investing that leads you to financial security. This might sound unreachable for many people, as for years we have been battling a rising cost of living, inflation and overall economic uncertainty. Up Next: Suze Orman’s Top Tip for Building Wealth Is a ‘Very Easy One’ For You: 5 Types of Cars Retirees Should Stay Away From Buying True wealth, often associated with celebrities, hedge fund managers or billionaires, ...

Core Viewpoint - The Chinese real estate market is undergoing significant changes in 2025, leading families to face critical decisions about whether to hold onto properties or liquidate assets for cash [1][6]. Macro Background - The real estate market has entered an adjustment phase, with over half of new residential prices in 70 major cities declining month-on-month in the first half of 2025. While first-tier cities saw a slight year-on-year increase of 1.2%, third and fourth-tier cities experienced a price drop of 5.8% [1]. - The national birth rate fell to 9.56 million in 2024, the lowest since 1949, indicating a diminishing population dividend that impacts housing demand. The national housing vacancy rate reached 21%, with some third and fourth-tier cities exceeding 30% [1]. Value of Holding Property - Real estate retains value as a physical asset that can hedge against inflation, with first-tier city core properties appreciating at an annual rate of 3.5%, outpacing the 2.1% CPI increase in Q1 2025 [2]. - The scarcity of quality assets remains, with a 15% year-on-year reduction in residential land supply in Shanghai for 2025, indicating potential long-term value in high-demand areas [2]. Cash Holding Value - The value of holding cash is increasing, with 10-year treasury yields at 3.1% and bank deposit rates between 2.8% and 2.5%, while wealth management products offer returns over 4% [3]. - The national household leverage ratio reached 70.5% in 2025, indicating high repayment pressure on indebted families. A cash reserve equivalent to 3-6 times annual income is recommended for financial stability [3]. Asset Allocation Insights - A survey of 5,000 households suggests that young families should limit their first home down payment to 70% of total assets, while middle-aged families should aim for a balanced asset allocation of 40% in real estate, 40% in financial assets, and 20% in cash [4]. - The choice of city is crucial, with first and strong second-tier cities experiencing a net inflow of 970,000 residents, while third and fourth-tier cities face a net outflow of 1.62 million [4]. Market Dynamics - The real estate market is shifting to a phase of stock competition, with expected sales of 1.23 billion square meters in 2025, a 34% decline from the peak in 2021. Factors such as location, quality, and functionality are becoming key to property value retention [5]. - The average mortgage rate in 2025 is 4.1%, higher than most investment product yields, prompting high-debt families to consider early repayment or reducing leverage [6]. Conclusion - The decision to "hold property" or "hold cash" is not binary. The real estate market is entering a rational development phase, emphasizing housing's residential nature over speculative investment [6][8].

Core Insights - There is a noticeable trend of increased withdrawal activity at banks, with a reported decrease of approximately 427 billion yuan in total bank savings deposits in the second quarter of 2025 compared to the first quarter [1] - The willingness of residents to save has significantly declined, with the savings willingness index dropping to 78.3, the lowest in nearly five years, reflecting a decrease of 12.6 percentage points year-on-year [1] Group 1: Reasons for Withdrawal - The resurgence of demand for home purchases is a primary driver for withdrawals, as many families are seizing the opportunity to buy homes at lower prices, with average declines exceeding 30% since 2022 [5] - The easing of housing purchase restrictions and reductions in mortgage rates to around 3%, along with lower down payment requirements, have made it an attractive time for first-time homebuyers [6] - There is a clear trend towards investment diversification, with many savers shifting their focus to higher-yield investment options such as stocks, gold, and foreign exchange, as bank deposit rates hit historical lows [9] Group 2: Concerns and Consumer Behavior - Increasing concerns about the credit risk associated with small and medium-sized banks have led many depositors to withdraw funds and transfer them to larger state-owned banks, despite the existence of deposit insurance for smaller banks [12] - Consumer demand has rebounded in 2025, particularly in the mid to low-end markets such as dining, tourism, and entertainment, with domestic tourism numbers reaching 3.08 billion, a year-on-year increase of 18.5% [14] - The current wave of withdrawals is attributed to multiple factors, including the need for home purchases, investment diversification, and a desire to enhance living standards through increased consumption [14]

Core Viewpoint - The upcoming executive order by President Trump aims to facilitate the entry of private equity funds into the U.S. 401(k) retirement plans, which has raised concerns among participants about the potential unequal access to investment products [1][5]. Group 1: Executive Order and Regulatory Changes - President Trump is expected to sign an executive order directing the Department of Labor and the SEC to provide guidance for private equity funds to enter 401(k) plans [1]. - The SEC has previously indicated a desire to increase the share of private investment products in retirement plans, marking it as a priority for the upcoming year [1]. - The private equity industry has been lobbying for decades to penetrate the 401(k) market, which holds $12.4 trillion in assets as of the end of 2024 [3]. Group 2: Support and Opposition - Proponents argue that including private equity products in retirement plans can enhance diversification and improve returns, especially as traditional investment options become saturated [4]. - Critics, including Senator Elizabeth Warren, express concerns about the lack of investor protection, transparency, and high management fees associated with private equity products [4]. - Many employers are hesitant to include private equity in their 401(k) plans due to valuation difficulties, longer lock-up periods, and higher fees [4]. Group 3: Legal and Regulatory Environment - The Defined Contribution Alternatives Association aims to reform regulations to make it harder for lawsuits against retirement plan providers that include private equity products [5]. - A recent court ruling favored Intel in a lawsuit regarding high-cost private equity products in its 401(k) plan, suggesting a potential shift in the legal landscape for private equity inclusion [5]. - Concerns remain about whether the executive order will create a fair competitive environment, with fears that large institutional investors will have access to better products than smaller investors [6]. Group 4: Industry Response and Future Outlook - Major firms like Vanguard, BlackRock, and Empower are already planning to offer private equity products to 401(k) investors, indicating proactive industry positioning [6]. - There are calls for clearer "safe harbor" provisions to protect companies that decide to include private equity in their retirement plans from legal liabilities [6]. - Industry leaders emphasize the need for litigation reform and clearer guidelines to ensure the successful integration of private equity products into retirement plans [7].

Group 1 - In June, private equity firms showed unprecedented activity in research, with 751 private securities managers participating in A-share listed company research, covering 387 stocks across 28 first-level industries, resulting in a total of 1,769 research instances [1] Group 2 - A total of 46 stocks received significant attention from private equity firms in June, with each stock having more than 10 research instances; 32 stocks received between 10 to 19 instances, while 14 stocks had over 20 instances [3] - Maiwei Biotech topped the list with 51 research instances, attracting interest from several major private equity firms [3] - Another notable stock in the pharmaceutical and biotechnology sector, Baili Tianheng, received 29 research instances, ranking among the top ten [3] Group 3 - Research activity was diverse across industries, with 21 first-level industries receiving at least 10 research instances from private equity firms; 11 industries had between 10 to 49 instances, 4 industries had between 50 to 99 instances, and 6 industries exceeded 100 instances [4] - The electronics industry was the most favored by private equity research, with 56 stocks collectively receiving 275 research instances [4] - The pharmaceutical and biotechnology sector followed closely, with 41 stocks receiving a total of 266 research instances [4] - The machinery equipment industry ranked third, with 52 stocks receiving a total of 234 research instances [4] - The computer industry had 36 stocks receiving 213 research instances, while both the automotive and basic chemical industries also surpassed 100 research instances, each with over 25 stocks [4]

Group 1 - The 2025 Summer Davos Forum (New Champions Annual Meeting) is held in Tianjin, highlighting the necessity of investment diversification, which presents new development opportunities for regions like the Middle East, East Asia, and China [2] - China is experiencing the largest initial public offering (IPO) globally this year, aiming to raise $5.3 billion, with investors from Europe, the Middle East, and the United States, indicating a strong influx of capital that boosts related industries [2] - The market outlook for technology development in East Asia and the Middle East is optimistic, with China and Hong Kong recognized for their investment value, leading in capital flow and fund-raising due to economic stimulus policies [2] Group 2 - Blindly following investment trends disrupts market pricing mechanisms, but China is actively guiding investment directions to avoid homogenized investments, particularly in competitive fields like technology and biotechnology [3] - China is focusing on attracting talent, which, combined with capital and development momentum, accelerates technological advancement; the "DeepSeek" model exemplifies a new opportunity for smaller countries to engage in technology innovation without massive funding [3] - China is redefining the path for technological innovation, which is crucial for future development, especially for Asia and the Middle East, where technology-driven growth may become the core engine of regional economic expansion [4]

Core Viewpoint - Investors are increasingly interested in Japanese stocks due to high valuations in the US stock market, prompting a search for diversification [1] Group 1: Investor Sentiment - There is a noticeable rise in investor interest in Japanese equities as a response to elevated US stock valuations [1] - The need for diversification beyond US markets is a significant driver for this shift towards Japanese stocks [1] Group 2: Economic Factors - Signs of accelerated corporate reform in Japan are attracting global investors [1] - Japan's transition towards an "inflationary economy" is also a factor drawing investor attention [1] Group 3: Trade Concerns - Despite the growing interest, concerns remain regarding the trade outlook between the US and Japan [1] - The expiration of the US's suspension of "reciprocal" tariffs on several countries, including Japan, is approaching, adding uncertainty [1] - Ongoing discussions about a new trade agreement between the US and Japan are characterized by high uncertainty [1]

Group 1 - The new South Korean President Lee Jae-myung emphasizes his commitment to boosting the stock market and fulfilling campaign promises by visiting the Korea Exchange shortly after taking office [1] - Lee plans to combat market manipulation and encourage higher corporate dividends through tax reforms to better support investors [2] - Following Lee's election victory, there has been a surge in foreign investment, with major financial institutions like Goldman Sachs and JPMorgan raising their outlooks for the South Korean market [2] Group 2 - Lee Jae-myung supports a bill that offers tax reductions for companies with dividend rates of 35% or higher, aiming to increase overall dividend payouts in South Korea [2] - The KOSPI index entered a technical bull market on Lee's first day in office, having risen over 20% year-to-date, with a notable 1.2% increase on a recent day, marking the highest level since January 2022 [2] - Lee's campaign promise includes pushing the KOSPI index to surpass 5000 points by improving corporate governance and amending business laws to enhance shareholder rights [4] Group 3 - The anticipated reforms in corporate governance are expected to attract aggressive investment funds and ESG-focused investors, potentially leading to a revaluation of South Korean assets [4] - Market expectations of expansionary fiscal policies and upcoming business law reforms are contributing to the recent rise in the KOSPI index [4]