全球资产配置

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瑞士万亿金融巨头,最新发声!
Zhong Guo Ji Jin Bao· 2025-06-15 10:52
Group 1 - The core viewpoint is that Switzerland's Pictet Asset Management sees China as a long-term strategic market and is committed to sustainable development in its Chinese operations [1][12] - Pictet Asset Management has increased its allocation to Chinese stocks, citing favorable policy support for market valuation recovery [1][6] - The firm is planning to launch a third mutual recognition fund and is optimistic about the expansion of the Wealth Management Connect in the Guangdong-Hong Kong-Macao Greater Bay Area [7][12] Group 2 - The U.S. tariff policy has shaken global investor confidence, leading some investors from South Korea and Taiwan to diversify away from U.S. assets into European and emerging market investments [3][4] - As of June 2023, non-U.S. investors held $26 trillion in U.S. assets, indicating that even a 5% shift to other markets could have a significant impact [4] - Asian investors are increasingly favoring low-volatility multi-asset strategies, reflecting a long-term trend towards income and fixed dividend preferences [5] Group 3 - The perception of the Chinese market has improved among Pictet's executives following increased visits to China, leading to a deeper understanding of the country's economic vitality [11][12] - The firm emphasizes a long-term investment approach, focusing on sustainable growth rather than short-term gains, which has historically led to stable returns [12][13] - Pictet Asset Management is cautious about rapid expansion, prioritizing employee sustainability and brand integrity over short-term growth [13]
本周精华总结:印度兑现利好先止盈,越南估值低可布局,德国联动美市,日本黄金各有对策
老徐抓AI趋势· 2025-06-15 03:45
本文重点 观点来自: 6 月 11 日本周三直播 欢迎大家 点击【预约】 按钮 预约 我 下一场直播 日本市场则仍处于加息周期,整体处于流动性收缩状态。日本经历了30年通缩和异常宽松的货币政策, 目前正尝试回归正常化,包括提高利率和缩减国债规模。短期内这种政策调整导致市场表现乏力,表现 较弱。日本市场适合机会主义操作,若出现暴跌则是介入机会,否则维持观望。作为发达国家,日本治 理和基本面仍较稳健,但目前吸引力有限。 德国市场暂时未重点跟踪,主要因为其与美国市场高度相关,关注美国市场即可代表对德国的关注。 黄金方面,目前处于高位整理阶段。央行持续买入黄金,形成支撑,避免价格大幅下跌。美国美元走势 偏弱,短期难见显著反弹,因此黄金仍具备相对吸引力,适合作为配置资产。 总结来看,印度由于政策利好兑现且估值偏高,短期建议止盈谨慎;越南经济健康、估值合理,值得继 续关注;日本加息周期内表现乏力,适合等待机会;黄金保持稳定,美元弱势下仍可配置。朋友们如有 兴趣,可以关注我们全球配置的思路和服务,结合宏观与资产配置,实现收益稳健的目标。 以上内容仅为案例展示,不构成投资建议,投资有风险,交易需谨慎。 注:基金投顾服务由盈米 ...
看好中国!十万亿资管巨头最新发声
Zhong Guo Ji Jin Bao· 2025-06-14 05:32
Group 1: Investment Sentiment in China - Investors remain optimistic about Chinese technology and consumer stocks, with heightened interest from both domestic and foreign investors [1][2] - The launch of the DeepSeek-R1 model showcases China's strong innovation capabilities, making Chinese tech stocks more attractive compared to U.S. tech stocks [2] - Anticipated stimulus measures are expected to positively impact the consumer sector, leading to strong performance in this industry [5] Group 2: Market Performance and Valuation - The Hong Kong stock market is benefiting from improved sentiment towards Chinese stocks, with the Hang Seng Index being one of the best-performing major global indices this year, currently trading at a price-to-earnings ratio of approximately 11 times [5] - Non-U.S. assets are becoming increasingly attractive, with expectations for better investment opportunities in Asia and Europe as U.S. stock valuations reach high levels [11] Group 3: Currency and Economic Outlook - The U.S. dollar has depreciated by 9% year-to-date and is expected to weaken further by an additional 5% in the second half of the year due to lowered economic growth expectations and the impact of tariffs [6][7] - The Federal Reserve is anticipated to cut interest rates once or twice this year, depending on the effects of tariffs on the U.S. economy [8] - Preference for Asian currencies, the British pound, and the euro is noted, as both China and Europe are expected to stimulate their economies through increased fiscal spending and lower interest rates [9]
全球资产配置的另一面:必须了解的税务信息交换机制 | 一键预约直播
私募排排网· 2025-06-13 10:32
Core Viewpoint - The article emphasizes the importance of understanding international tax regulations for investors considering or already engaging in overseas asset allocation, particularly in light of the implementation of the Common Reporting Standard (CRS) which enhances tax information transparency among countries [2]. Group 1: Overview of CRS and Its Implications - The article discusses the CRS information exchange mechanism and its impact on personal overseas asset income declaration and tax compliance [3][4]. - It highlights the necessity for investors to be well-prepared and informed about tax compliance to navigate the complexities of global investment [2]. Group 2: Expert Insights - The article features insights from Mr. Luo Dawei, a tax partner at RSM China, who has over 20 years of experience in tax services and has worked with numerous multinational and high-growth domestic companies [8][10]. - Mr. Luo's expertise includes tax services related to mergers and acquisitions, IPOs, cross-border investment structuring, and private equity fund consulting [9].
今年以来,这类ETF爆发
申万宏源证券上海北京西路营业部· 2025-06-12 02:25
Core Viewpoint - The article highlights the significant performance of Hong Kong ETFs in 2025, driven by strong market sentiment and capital inflows, particularly in technology sectors like robotics and artificial intelligence [2][7]. Group 1: Hong Kong Market Performance - The Hang Seng Index and Hang Seng Tech Index have shown remarkable growth, with increases of 16.1008% and 15.7185% respectively as of May 30, 2025, indicating a positive outlook for the Hong Kong stock market [2]. - The overall optimism in the Hong Kong market is reflected in the substantial inflow of funds and the performance of technology-related ETFs [7]. Group 2: Characteristics of Hong Kong ETFs - Hong Kong ETFs allow investors to access a basket of Hong Kong stocks without the need for a separate Hong Kong stock account, making it a convenient investment tool for those looking to diversify globally [3][4]. - The trading efficiency of Hong Kong ETFs is enhanced by a "T+0" trading mechanism, allowing same-day buying and selling, which is advantageous for short-term trading strategies [5]. - The cost of trading Hong Kong ETFs is lower compared to direct investments in the Hong Kong market, as they are exempt from certain fees like stamp duty, making them more cost-effective for long-term investors [6]. Group 3: Advantages of Hong Kong Market - The Hong Kong market is expected to benefit from a globally accommodative policy environment, allowing it to better absorb liquidity from global monetary easing [8]. - China's substantial policy reserves provide a relative advantage in economic stability and resilience, positioning the Hong Kong market as more competitive compared to the A-share market [8]. Group 4: Current ETF Offerings - A list of current Hong Kong ETFs available for margin trading includes various funds such as Huaan Hang Seng Internet Technology ETF, GF Hang Seng Consumer ETF, and others, indicating a diverse range of investment options for investors [9].
聘请境外投资顾问 公募出海拓展“朋友圈”
Shang Hai Zheng Quan Bao· 2025-06-04 19:18
Core Viewpoint - Public funds are actively hiring foreign investment advisors to enhance investment management for QDII funds, driven by the growing demand for diversified asset allocation as residents' wealth continues to increase [1] Group 1: Hiring Foreign Advisors - Penghua Fund announced the hiring of Italy's Eurizon Capital Asset Management as a foreign investment advisor for its global high-yield bond fund and US real estate fund, with Eurizon managing €390.5 billion as of last September [2] - Other public funds are also bringing in foreign advisors, with many having over 15 years of experience in the securities industry, aligning well with the investment directions of the respective QDII funds [2][3] - Notable foreign advisors include Steven Angeli from Wellington Management with over 30 years of experience, and Cai Defeng and Yang Bo from Amundi Asset Management, both with over 16 years of experience [3] Group 2: Expanding Investment Directions - The hiring of foreign advisors reflects support from foreign shareholders and the sharing of investment expertise, which is crucial for navigating complex overseas markets [4] - Public funds are increasingly focusing on global asset allocation capabilities, with a rich lineup of QDII funds covering various international markets, including the US, France, Japan, and more [4] - The popularity of certain QDII funds is evident, as seen with the招商利安新兴亚洲精选ETF reaching its fundraising cap of 1 billion yuan in just one day [4] Group 3: New Fund Offerings - The mutual recognition fund shelf has seen new additions this year, with Morgan Asset Management reporting three new mutual recognition fund products [5] - Multi-asset allocation capabilities are gaining importance, with FOF (Fund of Funds) becoming a key vehicle for diversification, emphasizing the need for familiarity with different asset classes [6]
华侨银行刘洋:美元跌8%背后的贸易战与全球资产配置
Sou Hu Cai Jing· 2025-06-04 09:19
在美国关税2.0、地缘政治博弈加剧与全球经济格局重构的多重背景下,全球资本市场正经历一场前所 未有的资产价格重估。 会议上,刘洋近一步剖析黄金、美债与新兴市场机遇。"黄金的上涨既反映了对财政货币化(MMT)的 担忧,也体现其作为货币替代品的属性。"他指出,长期看,全球债务扩张与地缘政治风险将继续支撑 金价。短期的关税利好驱动的风险偏好回升,可能导致黄金价格的回调,每次回调便是更好的建仓时 机。 对于10年期美债收益率反弹突破4.5%的现象,刘洋分析,这源于通胀预期上调与供需矛盾的双重驱 动。他同时提到,日本央行结束收益率曲线控制(YCC)政策后,日债收益率上升削弱了美债的比较 优势,部分资金回流日本市场。 欧元与欧洲股市方面,刘洋观察到,欧元年内上涨6%,欧洲斯托克50指数涨幅超10%,这一表现与德 国通过重大财政变革以及欧元区经济软着陆预期相关。他建议,投资者可关注欧元计价资产的对冲价 值。 近日,华侨银行中国于上海举办"联动东盟,解锁新机遇"行业观点媒体沟通会,副行长兼环球金融市场 部总经理刘洋深度剖析美元指数年内8%跌幅背后的逻辑,并就美债收益率异动、黄金配置价值、比特 币资本流动效应等市场焦点问题展开 ...
逆全球化重构与“对等关税”冲击下的全球资产配置新范式|财富与资管
清华金融评论· 2025-05-31 10:13
文/中央财经大学绿色金融国际研究院首席经济学家 刘锋 本 文 聚 焦 2 0 2 5 年 全 球 贸 易 格 局大变 革 背景 下, 逆 全球 化 与 " 对 等 关 税"政策对全球资产配置的深远影响。通过剖析传统资产配置理论面 临的挑战,基于"三重框架+五维穿透"理论体系,深入探讨资产配置 新逻辑,从多维度阐述全球资产配置范式重构、投资者应对策略及 未来资产价格驱动逻辑变革,为投资者在复杂多变的市场环境中提 供理论指引与实践参考。 在全球化进程中,全球资产配置曾是投资者获取稳定收益、分散风险的重要手段。然而近年来, 逆全球化趋势加剧,美国的"对等关税"举措给全球经济和金融市场带来巨大冲击,对华加征关税 的"对等报复"措施成为全球产业链、价值链重构的关键催化剂。这一举措不仅是贸易政策的重大 单边转向,更使得全球经济环境变得错综复杂。 在此背景下,传统资产配置理论遭遇前所未有的挑战,原有的风险评估、收益预期和资产定价逻 辑亟待更新。深入研究逆全球化重构与"对等关税"冲击下的全球资产配置新范式,对于投资者规 避风险、实现资产保值增值,以及金融市场的稳定发展具有重要的理论与现实意义。本文基 于"三重框架+五维穿透" ...
美元弱势周期下的全球资产配置新逻辑|财富与资管
清华金融评论· 2025-05-31 10:13
Core Viewpoint - The article discusses the ongoing weakening of the US dollar, which has fallen below the critical level of 100, and its implications for global asset allocation, particularly in Asia [3]. Group 1: Dollar Weakness and Global Impact - The US dollar is in a weak cycle due to the Federal Reserve's policy shifts, increasing fiscal deficits, and a global trend towards de-dollarization [3]. - There have been five instances of simultaneous declines in stocks, bonds, and the dollar this year, indicating deepening economic contradictions in the US [3]. - Asian currencies are experiencing collective appreciation, with the Japanese yen rising by 10%, the New Taiwan dollar by 9%, and other major Asian currencies increasing by 3%-7% [3]. Group 2: Hong Kong Market Dynamics - The Hong Kong dollar has seen significant liquidity injections from the Monetary Authority, with interbank borrowing rates dropping from 4% to 0.6%, encouraging leveraged investments in stocks and real estate [5]. - The influx of talent is evident as local universities expand enrollment, with the University of Hong Kong's business school increasing its master's program from 300 to 5,000 students annually [5]. - The IPO market in Hong Kong is recovering, with 70 new listings in Q1 2023, and expectations for the total IPO scale to exceed HKD 400 billion for the year [7]. Group 3: Global Asset Allocation Strategy - The S&P 500's forward P/E ratio remains high at 29, with tech giants at historical valuation premiums, suggesting a need to reduce exposure to US equities [9]. - The 10-year US Treasury yield has rebounded to 4.5%, with significant rollover pressures from maturing debt, leading to a recommendation to avoid short-term volatility risks in US Treasuries [9]. - Japanese assets are being revalued, with a 60% increase in core Tokyo property prices over three years, and a high employment rate among graduates attracting middle-class families [9]. Group 4: Investment Strategy Recommendations - In the current transition period, the recommended asset allocation includes 15% in insurance products, 5.2% yield Asian dollar bonds, and a focus on equities with 40% in Hong Kong stocks, 25% in Japanese stocks, and 20% in high-dividend A-shares [11]. - Alternative assets should include 10% in gold and 5% in Bitcoin, with a strategy to increase holdings in the Chinese yuan and yen while reducing US dollar exposure to below 30% [11].
美元霸权松动黄金需求创新高,全球资产配置格局迎来重大转变
Sou Hu Cai Jing· 2025-05-30 14:29
Group 1 - The traditional trust in the US dollar is gradually eroding, leading to a significant shift in global asset allocation towards gold as a safe-haven asset [1][3] - As of the end of 2024, the US dollar's share in global foreign exchange reserves is projected to drop to 57.8%, a decrease of 0.6 percentage points from the end of 2023, marking the lowest level since 1995 [3] - Major credit rating agencies have downgraded the US credit rating, with Moody's lowering it from Aaa to Aa1, citing deteriorating long-term fiscal conditions as a key factor [3] Group 2 - Gold is re-establishing its core position in the global financial system, with global gold demand expected to reach 4,974 tons in 2024, a 1.5% increase from 4,899 tons in 2023, driven by strong central bank purchases and rising investment demand [4] - Goldman Sachs predicts that central bank demand for gold will continue for at least two more years, potentially pushing gold prices to $4,000 per ounce [4] - A survey by Kitco indicates that 58% of retail investors expect gold prices to exceed $3,000 per ounce by 2025, reflecting strong market confidence in gold's long-term value [4] Group 3 - Global capital is increasingly flowing into safe-haven assets like gold, with a notable reduction in investment in US assets, which have decreased from over 90% to approximately 79% in recent years [5] - The allocation towards currencies such as the renminbi, euro, and yen has increased as investors seek opportunities outside the US [5]