Group 1 - The article discusses the disparity between GDP growth and stock market performance in China and Japan, highlighting that Buffett's investment choices are based on company fundamentals rather than macroeconomic indicators [4][6][10] - It emphasizes that nominal GDP growth, which includes price increases, is a more relevant metric for assessing economic health compared to real GDP growth [6][8] - The article points out that while China's nominal GDP growth is 4.23%, the profits of A-share companies are declining, with a projected drop of -2.3% for all A-shares and -12.9% for non-financial companies [6][7] Group 2 - The article explains that Japanese companies benefit from a significant portion of their revenue coming from overseas, which contributes to their profit growth, while Chinese companies have a lower overseas revenue share [8][9] - It discusses the concept of beta and alpha in investment, noting that A-shares have low beta returns but relatively easier alpha opportunities due to the presence of many retail investors [10][11] - The article highlights that the high volatility of the A-share market makes it challenging for investors to achieve consistent returns, contrasting it with the more stable performance of the Japanese market [20][21] Group 3 - The article identifies several reasons for the challenges in the A-share market, including high new stock issuance prices, low dividends, and the impact of small enterprises on overall market performance [14][16][17] - It suggests that changes in these factors could improve the investment landscape for A-shares, particularly as the government encourages higher dividend payouts [18] - The article concludes that while A-shares present significant alpha opportunities for certain investors, the overall market remains difficult for average retail investors due to its speculative nature [27][28]

Core Viewpoint - The resurgence of cross-border ETFs has led to significant price increases across various funds, driven by positive market sentiment following favorable inflation data and a temporary trade truce between the US and China [1][5][10]. Group 1: ETF Performance - The Southern Fund's Saudi ETF, Invesco's Nasdaq Tech ETF, and Invesco's S&P Consumer ETF saw increases of 5.57%, 3.64%, and 3.4% respectively, with latest premium/discount rates at 8.99%, 3.72%, and 29.09% [1][3]. - The S&P Oil & Gas ETFs from Franklin Templeton and Harvest Fund increased by 3.19% and 2.99% respectively, reflecting a broader rise in oil prices [1][3]. - The Nasdaq index rose for the second consecutive day, with Franklin Templeton's Nasdaq ETF and Cathay Fund's Nasdaq ETF increasing by 2.7% and 2.63% respectively [1][3]. Group 2: Market Context - Global stock markets continued to rise, with the S&P 500 and Nasdaq indices gaining 0.72% and 1.61% respectively, attributed to lower-than-expected inflation data and improved investor sentiment following the US-China trade truce [5][6]. - The S&P 500 index has recovered its losses for the year, now up 0.1%, after a significant drop earlier due to escalating trade tensions [5][6]. - The recent signing of a $142 billion arms deal between the US and Saudi Arabia, along with Nvidia's commitment to supply advanced AI chips, has further bolstered market optimism [6][10]. Group 3: Economic Indicators - The US Consumer Price Index rose by 2.3% year-on-year in April, below the expected 2.4%, marking the lowest level since February 2021 [10]. - Despite the favorable inflation data, the 10-year US Treasury yield increased by 2.4 basis points to 4.481%, indicating a complex market reaction [10]. - Market analysts suggest that the upcoming month may see fluctuations in the S&P 500 index between 5500 and 5800 points, supported by corporate buybacks and trade agreements [10].

全球视野下的多元破局：家族资本的下一站？ 记者 黄敏 5月13日，在全球经济格局重塑、资产流动加速的大背景下，由亚洲家族办公室基金会（AFOF）主办 的"全球家族办公室2.0时代高峰论坛"在广州举行。南财记者现场关注到，论坛围绕新时代家族企业"走 出去"与全球资产配置的新挑战与新解法展开，吸引了粤港澳大湾区众多高净值家族、家族办公室从业 者、跨境投融资机构及政策研究者参与，共同探讨"家办2.0"时代的布局逻辑与路径演化。 政策驱动 + 制度红利：香港家办生态圈进入加速期 亚洲家族办公室基金会联席会长黄敏硕表示，中国香港正在凭借"一国两制"的制度优势、国际化的金融 体系以及面向全球资本的税务政策，快速跃升为亚太地区家族办公室最具吸引力的落脚地之一。他重点 解读了"新资本投资者入境计划"与税务宽减政策的实施进展，认为香港正在形成以跨代传承、跨界服务 与合规监管为核心的新型家办生态圈，为高净值家族提供"可迁移、可管理、可传承"的资产战略支撑。 "南沙金融30条"：积极引入主权财富基金、家族办公室等多元化投资机构 值得注意的是，南财记者还关注到，近期中国人民银行、金融监管总局、中国证监会、国家外汇局、广 东省人民政府 ...

2025 年 05 月 11 日 中美瑞士谈判提升全球风险偏好， 美国散户看涨比例大幅提升 ——全球资产配置每周聚焦 (20250502-20250509) 证 相关研究 - 证券分析师 金倩婧 A0230513070004 jinqj@swsresearch.com 冯晓宇 A0230521080005 fengxy2@swsresearch.com 林遵东 A0230524100005 linzd@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 研究支持 涂锦文 A0230123070009 tujw@swsresearch.com 联系人 涂锦文 (8621)23297818× tujw@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 策 略 研 究 大 类 资 产 配 置 券 研 究 报 告 ⚫ 全球资产价格回顾：本周（20250502–20250509）市场聚焦美中新一轮经贸会谈，特朗普政府暗示可 能下调部分中国进口商品关税，阶段性提振乐观预期。1）利率 ...

Core Viewpoint - The recent fluctuations in exchange rates and the U.S. government's tariff policies have raised questions about the attractiveness of Hong Kong insurance products, particularly those denominated in U.S. dollars, for mainland Chinese customers [1][2][3]. Exchange Rate Impact - The depreciation of the U.S. dollar has led to a significant appreciation of Asian currencies, including the Hong Kong dollar and offshore renminbi, which may influence the appeal of Hong Kong insurance policies [1][3]. - Despite concerns, industry insiders believe that exchange rates are not the primary factor for customers purchasing Hong Kong insurance, as many are focused on long-term investment and asset diversification [1][4]. Insurance Premiums and Sales - The Hong Kong Insurance Authority reported that new insurance premiums from mainland visitors reached HKD 628 billion, a 6.5% increase year-on-year, with a dramatic 27-fold increase in individual life insurance premiums in 2023 compared to the previous year [2][4]. - The recent appreciation of the renminbi against the U.S. dollar effectively reduces the cost of purchasing insurance for mainland residents, potentially boosting sales [4]. Yield and Investment Considerations - The yield on Hong Kong insurance policies consists of guaranteed and expected returns, with guaranteed returns being low (around 0.5%) and expected returns potentially reaching 6.5% to 7% over the long term [6][8]. - Recent increases in U.S. Treasury yields may pressure the nominal returns of dollar-denominated insurance policies, leading to concerns about investment stability and customer willingness to purchase [6][7]. Regulatory Changes - The Hong Kong Insurance Authority plans to implement new guidelines for dividend insurance products, setting a maximum illustrative rate of 6.0% for HKD products and 6.5% for non-HKD products, effective July 2025 [7][8]. - This regulatory change may lead to a decrease in expected yields, prompting customers to consider prepaying premiums to take advantage of current rates before the changes take effect [8]. Market Dynamics - The insurance market is experiencing a surge in sales due to promotional activities and the appeal of multi-currency asset allocation for customers seeking to diversify their investments [4][8]. - The long-term nature of insurance products (10 years or more) means that short-term fluctuations in exchange rates may not significantly impact customer decisions [7].

全球资产配置：高波动下的范式变更 文/ 国新国际投资有限公司原 首席投资官 黄国波 高度不确定性是当今世界经济金融形势的主题。近年来，中美博弈、新冠疫情、俄乌冲突等事件不 断加深这一不确定性。进入2025年，特朗普2.0时代关税政策的重启与反复、地缘政治风险的恶化叠 加各国宏观经济波动性的加剧，同时影响着全球各大类资产的收益及风险特征。 在过去数十年里，全球化和"美国例外论"给美元、美股、美债创造了奇迹。而本轮由美国特朗普政 府重启的关税政策，不仅导致美国信用尽失，也可能带来全球化的逆转和"美国例外论"的崩溃。受 此影响，美国股市的全球吸金能力，正遭遇美国去全球化的逆风。与此同时，全球经济和货币体系 遭受美国无理关税的冲击后，正在以区域化和去美元化反噬美国。而美国的潜在危机正在被美国政 府自身的霸凌行径和无理高关税激发。在这种大趋势下，全球过去几十年来形成的在资产配置中高 配美国的格局，未来必然会形成逐步去美国化、美元化的趋势。作为全球资产配置的一个重要金融 产品——美债，其自身所面临的风险正逐步加大。 数据显示，截至2025年4月，美国联邦债务总额约为36万亿美元，占全球GDP的约35%，美国人均 负债超1 ...

2025年5月3日，投资界的"朝圣盛宴"—— 第60届巴菲特股东大会将在美国奥马哈拉开帷幕。 这场跨越半个世纪的盛会，不仅是价值投资的"精神图 腾"，更在全球经济变局中成为资本市场的风向标。 天天基金 将全程直播这场思想盛宴 ，带您零距离聆听"股神"巴菲特的投资哲学，捕捉伯克希尔·哈撒韦的未来战略动向。 长按下方二维码即可一键预约，5月3日21:00，天天基金和您一同见证！ 一、历史性时刻： 60年 传奇与时代交接 2025年恰逢巴菲特执掌伯克希尔60周年，94岁高龄的巴菲特确认出席，但 这场大会或成为其最后一次完整参与的"谢幕演出" 。 随着接班人格雷格·阿贝尔（Greg Abel）逐步接管日常运营，大会将首次呈现"新旧交替"的独特画面： 二、 全球瞩目的 3大看点 1. 手握 3300亿美元现金 ，巴菲特在等待什么？ 伯克希尔的现金储备已飙升至3300亿美元，创历史新高。市场普遍关注： 三、 天天基金 与您共赴思想盛宴 从"寒冬埋橡果"到"静待春馈赠"，巴菲特的长期主义在数字经济时代被赋予新内涵—— 60年5.5万倍 的收益，不仅是持有优质资产的耐心，更是与国家战 略同频、与产业升级共生的定力。 2025 ...

近年来，随着我国资本市场双向开放的持续推进，内地与香港市场的互联互通机制逐步深化，基金互认作为其中一项重要的制度创新，已经成为资本市场 跨境合作的重要组成部分。通过这一渠道，境内投资者可以投资香港地区发行的部分基金产品，更全面地进行全球资产配置。自2025年起，《香港互认基 金管理规定》正式实施，为境内资金投资香港互认基金提供增量额度支持，这一政策落地不仅为投资者提供了更多投资机会，也加速了资本的双向流动。 在当前QDII额度审批放缓的背景下，香港互认基金的额度优势受到市场的高度关注，并掀起一轮抢购热潮。 香港互认基金市场定位 目前，我国跨境投资渠道主要包括五大类：QDII、QDLP、TRS、跨境理财通和香港互认基金。具体而言，QDII是指合格境内机构投资者，为境内金融机 构经批准后投资境外市场的主要投资渠道，投资者可直接采用人民币参与QDII投资，为最常见的跨境投资渠道；QDLP是指合格境内有限合伙人，是境外 管理人经批准后在境内试点范围内向合格投资者募集资金，经过换汇后投资境外市场，投资场景包括境外股票市场、非上市公司股权债权、房地产REITs 等；TRS是收益互换，为一类场外衍生品交易工具，可挂钩股票、 ...

0:00 前期的视频我们认识了香港市场的跨境ETF，本期视频，我们放眼全球，再来了解下其他市场的跨境 ETF吧。 首先，我们来看下全球知名的美国纳斯达克100指数（简称纳指100）。 （数据来源：Wind；截止日期：2025/3/10） 除了纳指100，美股中反映传统经济的道琼斯指数、聚焦美股大盘的标普500指数也均有跨境ETF跟踪， 只是ETF规模和数量相较于纳指100相对较少，感兴趣的小伙伴可以关注下。 成分股看-聚集科技巨头，前十大权重股包括苹果、英伟达、微软、亚马逊、博通、特斯拉、脸 书、谷歌等大家耳熟能详的顶尖的科技公司，他们在各自的科技赛道也是赫赫有名的全球引领 者； 行业看-分布集中，成长风格突出。前3大权重行业为信息技术（49.2%）、通讯服务（24.6%）、 可选消费（14%），其中信息技术占比近50%。 凸显大市值-纳指100更聚焦大市值公司，目前成分股中总市值超过5000亿美元的有9家，平均市值 超2600亿美元。 说完了美股、港股主要的跨境ETF，我们再来看两只投资于港交所、纳斯达克、纽交所三个交易所上市 的互联网企业的指数-中国互联网50、中国互联网30。 两只指数成分股均是30只， ...

E 3 25 大分 FES 点击蓝字"戴康的策略世界"关注我们《！ 右上角假范围冠冠,更新内容第一时间推送~《 者司机"戴" 你上车 投资新范式 把脉全球资产配置 戴康 CFA | 广发证券发展研究中心董事总经理 首席资产研究官 新浪财经金麒麟白金分析师 策略投资 次为想起扶贫困系 包揽：2014-2023年新财富最佳分析师、金牛奖、 戴康的策略世界 水晶球等所有重要奖项 著书《策略投资：从方法论到进化论》 荣获京东图书2023百大好书 ly 17 175 THIFF "发证券发展研究中心 国泰君安国际 首席经济学家 资产配置高级分析师 冯晓宇 申万宏源全球资产配置 奶衫子 高级分析师 王持人 巴菲特 04.21–04.25 直播课 04.28–04.30 时期 19-00 日 码 臺 直 指 t and C Production Comment ...