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作为美国国债最大的海外持有国，日本的持仓增加了89亿美元，至1.19万亿美元，为2022年8月以来的 最高水平。 "最让我关注的是日本的动向，"道富银行（State Street）策略师李·费里奇（Lee Ferridge）表示，"增持 美国国债可能是日元持续走弱的一个因素，也可能表明尽管日本国内收益率上升，日本投资者仍对日本 国债持谨慎态度。" 近几个月来，日元兑美元汇率持续走弱，周二跌至2月以来的最低水平，同时也是今年十国集团 （G10）货币中表现最差的币种。 英国是美国国债第二大海外持有国，其持仓减少了393亿美元，至8650亿美元。 中国作为美国国债第三大海外持有国，9月持仓较前一月微降5亿美元，至7005亿美元。市场分析师表 示，比利时的持仓中包含中国的托管账户，该国9月持仓增加了125亿美元，至4668亿美元。 海外投资者持有的美国国债在8月创下历史新高后，9月仅出现小幅回落，其中英国减持，而日本的持仓 攀升至三年多来的最高水平。 9月，外国投资者持有的美国国债总额为9.25万亿美元，8月为9.26万亿美元。持仓变化受净买卖以及估 值变动影响，彭博美国国债指数在8月和9月均有所上涨。 美国财政部周 ...

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. A person who hacked the X accounts of famous people, including former President Barack Obama and Amazon founder Jeff Bezos, has been ordered to pay back the Bitcoin (CRYPTO: BTC) gained from the crime, prosecutors said Monday. Stolen Bitcoin To Be Recovered The England and Wales’ Crown Prosecution Service said it has obtained a Civil Recovery Order to recover 42 Bitcoin and other cryptocurrencies that Jos ...

新投资秩序下黄金的作用 澳大利亚未来基金管理的资产规模约为2610亿澳元（约合1.2万亿元人民币）。该基金的投资目标为实 现高于消费者物价指数（CPI）每年4%至5%的长期回报，同时将风险控制在"可接受但不过度"的水 平。 前述报告称，当前世界投资格局正在发生根本性转变，传统规则逐渐失效，不确定性显著加剧，全球经 济、社会与环境系统预计将面临更频繁也更剧烈的冲击。新投资秩序的特征包括冲突频发、政策干预增 多、通胀压力上升、经济分化加深、市场波动性增强，以及资产类别之间相关性，即传统对冲效果的不 确定性上升。 该基金以对抗通胀为例解释了其策略，包括削减名义政府债券敞口，增加通胀挂钩债券配置；增持基础 设施等实物资产，因为这一类别资产的现金流与通胀挂钩；扩大黄金等大宗商品资产配置，以提供针对 供应驱动型通胀和滞胀的不对称保护；并拓展另类投资，以实现真正的多元化。 当地时间18日，澳大利亚主权财富基金未来基金（The Future Fund）发布最新报告，称全球经济正面 临"更频繁、更强烈的新型冲击"的风险日益加剧。作为应对，该基金已提升黄金、主动管理的股票以及 对冲基金的配置比例。 不仅澳大利亚如此，阿塞拜疆的主 ...

报告称，当前世界投资格局正在发生根本性转变，传统规则逐渐失效，不确定性显著加剧。 当地时间18日，澳大利亚主权财富基金未来基金（The Future Fund）发布最新报告，称全球经济正面 临"更频繁、更强烈的新型冲击"的风险日益加剧。作为应对，该基金已提升黄金、主动管理的股票以及 对冲基金的配置比例。 不仅澳大利亚如此，阿塞拜疆的主权财富基金国家石油基金（SOFAZ）在今年上半年净购买黄金总量 达35吨，已达到其投资政策中贵金属配置的上限。在养老基金方面，印度养老金监管机构已在考虑放宽 对黄金投资的限制，拟允许养老金配置黄金交易所交易基金（ETFs）。 世界黄金协会近期发布的数据显示，今年前10个月，全球黄金需求同比增长1%，达到3717吨，以价值 计算则增长41%，达到3840亿美元。前三个季度，投资者创造了222吨的黄金ETF买入量，金条和金币 需求连续第四个季度超过300吨，共同拉动了整体需求的攀升。 展望2026年，高盛在17日的一份报告中表示，预计到2026年底黄金价格将升至每盎司4900美元，如果私 人投资者继续通过黄金分散投资组合，价格可能会进一步上涨。截至记者发稿时，现货黄金价格约为每 盎司 ...

Core Viewpoint - China's recent reduction of U.S. Treasury holdings reflects deeper economic strategies and considerations, with significant implications for both domestic and global financial markets [1][3]. Group 1: China's Reduction of U.S. Treasury Holdings - In August 2025, China reduced its U.S. Treasury holdings by $270 billion, bringing its total to $780 billion, the lowest level since 2009 [1]. - Since the peak of $1.32 trillion in 2013, China has cumulatively reduced its U.S. Treasury holdings by approximately $2.7 trillion, a decline of over 60% [1][3]. - Japan, the largest holder of U.S. Treasuries, also reduced its holdings by about $185 billion in 2025, raising speculation about a coordinated reduction between China and Japan [3]. Group 2: Reasons Behind the Reduction - Concerns over asset safety are paramount, as the U.S. federal debt surpassed $37 trillion in 2025, with a debt-to-GDP ratio exceeding 130%, raising doubts about long-term repayment capabilities [3]. - The risk of U.S. dollar depreciation is significant, with the Federal Reserve having cut interest rates by 250 basis points since 2024, leading to a more than 10% decline in the dollar index over the past 18 months [3]. - There is an increasing demand for asset diversification, as China aims to optimize its foreign exchange reserve structure by increasing allocations to gold, euros, and yen [4]. - Yield considerations are also important, as the 10-year U.S. Treasury yield was around 3.2% in October 2025, while yields on bonds from emerging markets could reach 6% [4]. Group 3: Impacts on China - Reducing reliance on U.S. Treasuries and increasing allocations to gold and other assets can enhance the overall return on foreign exchange reserves and mitigate risks associated with asset concentration [5]. - Funds from the reduction of U.S. Treasuries can be redirected to invest in other sovereign bonds, equity investments, or support domestic infrastructure and key industry development [5]. - There may be short-term adjustment costs, as large-scale reductions could lead to a decline in U.S. Treasury prices, affecting the market value of remaining holdings [7]. Group 4: Impacts on the U.S. - A decrease in Chinese purchases of U.S. Treasuries could lead to higher financing costs for the U.S. government due to reduced demand [7]. - The reduction may indirectly affect trade relations between China and the U.S., although the high degree of economic complementarity suggests limited impact [7]. - The market may interpret China's actions as a signal of concerns regarding the U.S. economy or debt sustainability, potentially affecting investor confidence [7]. Group 5: Global Financial Market Implications - Large-scale reductions by China could lead to volatility in U.S. Treasury prices, influencing global asset prices and potentially triggering a "run" effect if market expectations shift [8]. - The reduction reflects a trend towards diversification of global reserve currencies, potentially accelerating changes in the international monetary system [8]. - If other major holders follow China's lead, it could result in larger market fluctuations, which is why countries typically adjust their holdings gradually [8]. Group 6: Insights for Investors - The reduction indicates a shift in the global investment environment, suggesting that investors should consider diversifying their asset allocations to mitigate systemic risks [9]. - Strategic adjustments at the national level often precede market recognition, providing insights for investors, such as China's increased gold holdings as a recognition of its value as a safe asset [9]. - The complexity of financial market changes necessitates a comprehensive analysis of various factors rather than overemphasizing a single event [10]. Group 7: Future Trends - In the short term, a moderate reduction in U.S. Treasury holdings is likely to continue, as they remain a significant part of China's foreign exchange reserves [12]. - In the medium term, China may further diversify its foreign exchange reserve structure by increasing allocations to gold and bonds from developed countries [12]. - Long-term trends may see a decreased reliance on U.S. Treasuries as the international use of the renminbi expands, with its share in global payments rising to 3.2% in the first half of 2025 [14].

Core Insights - The source of uncertainty in asset returns is influenced by the trend of "de-globalization," which continues to affect economic fundamentals and is gradually incorporated into valuation assumptions [3][10] - Asset diversification is considered a "free lunch" in asset allocation, with its value derived from the correlation between different assets [4][17] - In the current uncertain environment, investment strategies should focus on anchoring growth through income-generating assets, leveraging to enhance returns, and recognizing the ongoing macro narrative surrounding gold [5][21][38] Source of Uncertainty in Asset Returns - The "de-globalization" trend has emerged and will continue to impact economic fundamentals, with the potential for structural risks and profit expectations in certain sectors [10] - The internal macro environment is facing risks of slowing economic growth and a transition in economic drivers, moving from a high-growth phase to a medium-low growth phase [12] - The changes in Sharpe ratios across different asset classes indicate varying performance and risk profiles, with a notable downward trend in bond yield spreads since 2011 [14][15] Asset Diversification - The essence of asset diversification lies in investing in different asset classes to reduce overall portfolio risk while balancing returns, with the underlying value stemming from asset correlations [18] - Historical performance data shows significant fluctuations in quarterly returns across different years, highlighting the importance of diversification in managing risk [18] Income-Generating Assets - Income-generating assets, such as bonds and high-dividend stocks, provide predictable cash flows, enhance liquidity, and can hedge against inflation, making them essential in a diversified portfolio [23][21] - High-dividend strategies focus on stable cash flows and valuation recovery, with companies in mature industries typically exhibiting a higher propensity for dividends [26][28] Leveraging for Growth - The core value of introducing leverage in a portfolio is to enhance expected returns while maintaining overall risk balance, particularly in a risk parity framework [34] - Leveraging can amplify returns from low-risk assets without disrupting the risk contribution structure of the overall portfolio [34] High-Quality Growth - High-quality growth is identified as a key driver for the new phase of economic growth, emphasizing the importance of technological innovation and productivity improvements [35][37] - The focus on new quality production capabilities aims to enhance total factor productivity, with specific attention to sectors such as digital economy, high-end manufacturing, and renewable energy [36] Gold as a Strategic Asset - The ongoing geopolitical tensions and the questioning of the dollar's safety have led to increased global demand for gold as a risk diversification strategy [38][39] - Historical data indicates a significant rise in gold reserves among global economies since 2008, reflecting a shift away from dollar dependency [40]

Financial Performance - Tether International reported net profits exceeding $10 billion for the year, with expectations to reach $15 billion by the end of 2025 [1] - The company closed Q3 2025 with excess reserves of $6.8 billion, indicating a strong financial buffer above outstanding liabilities [6] US Treasury Holdings - Tether's total exposure to US Treasuries reached approximately $135 billion, making it the 17th-largest holder of US government debt globally [2] - The company issued over $17 billion in new USDT during Q3, increasing the circulating supply to over $174 billion [3] Market Position and User Base - By October 2025, the number of USDT tokens in circulation surpassed $183 billion, contributing to a stablecoin market cap exceeding $300 billion [4] - Tether's user base has expanded to over 500 million, driven by global demand for reliable stablecoins amid macroeconomic volatility [4] Reserve Strategy - Tether's reserves included $12.9 billion in gold and $9.9 billion in Bitcoin, accounting for around 13% of total reserves [5] - The company maintains a separation between proprietary investments in AI, energy, and communications and the reserves backing USDT [5] CEO Insights - Tether's CEO, Paolo Ardoino, emphasized the results as a sign of continued trust and growth, with increasing investor interest in USDT for stability and liquidity [7]

Core Viewpoint - The recent sharp decline in gold prices has created tension among both consumers and investors, raising questions about the future of gold investments and purchasing decisions [1] Group 1: Market Trends - Gold jewelry prices have dropped below 1190 yuan per gram, with a decline of over 7% in domestic gold spot prices [1] - In just seven trading days, gold jewelry prices fell by more than 70 yuan per gram, from a peak of 1262 yuan per gram on October 20 to the current levels [2] - The current market is characterized by two main types of gold jewelry products: "weight gold + processing fee" and "fixed price" products, with the former being more sensitive to gold price fluctuations [2] Group 2: Investment Behavior - The gold spot price reached a peak of 1002.99 yuan per gram on October 17, then fell to 925.00 yuan per gram by October 28 [3] - There has been an increase in the number of investors purchasing physical gold, paper gold, and accumulating gold through banks, as well as interest in gold ETFs and new investment channels [3] - Young investors, including students as young as 20, are increasingly interested in gold investments due to lower entry barriers and perceived lower risks compared to stock and real estate markets [3] Group 3: Future Outlook - The international gold price is projected to be between 3970 and 3930 USD per ounce, with gold seen as a defensive asset amid ongoing trade tensions [5] - Financial institutions are advising investors, particularly inexperienced young ones, to view gold as a long-term hedging tool rather than a short-term speculative asset [5] - The current market environment allows for more diverse investment options, which helps mitigate risks associated with gold price volatility [4]

Core Viewpoint - Recent international gold prices have retreated from historical highs, with COMEX gold futures declining for three consecutive trading days, closing at $3968.10 per ounce, approximately 9% lower than the record high set in October. Despite this pullback, gold prices have maintained a 3% increase for the month and over 50% year-to-date, indicating both volatility and resilience in the gold market [1] Group 1: Market Analysis - Analysts note that the current price adjustment coincides with a monetary policy window from the Federal Reserve, suggesting that short-term fluctuations in gold prices should not overshadow its long-term support logic [1] - Sprott's senior partner Ryan McIntyre highlights that the restructuring of the global trust system and rising sovereign risks are creating structural support for gold, particularly due to the ongoing U.S. high deficit and federal debt issues, which may continue to drive demand for asset diversification [3] - Aakash Doshi, head of metal strategy at State Street Bank, identifies a potential technical support range for gold prices between $3600 and $3650, emphasizing that structural factors such as global fiscal debt burdens and central bank gold purchases remain intact [3] Group 2: Price Projections - Doshi's probability analysis suggests that the likelihood of gold prices surpassing $5000 is significantly higher than the chance of falling to $3000, providing a new perspective for market observation [3] - Historical data indicates that after the Federal Reserve's first rate cut since 2020 in September, gold experienced a brief fluctuation but subsequently rose by approximately 13% within a month, reaching a new historical high, demonstrating a multi-stage response of gold prices to monetary policy [3] Group 3: Asset Allocation - Professional institutions generally regard gold as a crucial component of investment portfolios, with risk management models indicating that the allocation of physical gold and gold ETFs typically ranges from 5% to 20% [4] - Market practices show that maintaining a stable allocation ratio through regular adjustments is a common method for institutional investors to manage risk exposure [4]