Group 1 - The article highlights the strong growth potential of leading companies in sectors such as the internet, artificial intelligence, biotechnology, and new energy, emphasizing the importance of the Hong Kong Stock Connect as a channel for mainland investors to allocate overseas assets [1] - The Southern CSI Hong Kong Stock Connect Technology ETF (code: 159269) was officially listed on the Shenzhen Stock Exchange on July 10, providing a one-stop solution for investors to access leading Hong Kong technology stocks [1] - The CSI Hong Kong Stock Connect Technology Index, which the ETF closely tracks, showcases unique competitive advantages in asset allocation, covering key industries like the internet, new energy vehicles, and innovative pharmaceuticals while balancing traditional technology sectors [1][2] Group 2 - The index focuses on fundamental stock selection, encompassing leading technology companies in Hong Kong, with a strict investment scope in critical areas such as communications, internet, biotechnology, electronics, semiconductors, new energy, and aerospace [2] - Historical performance indicates that the Hong Kong technology sector has demonstrated significant advantages over a 20-year market period, with the CSI Hong Kong Stock Connect Technology Index achieving a cumulative return of 227% and an annualized return of approximately 12% as of April 30, 2025 [2] - Compared to the cyclical volatility of the A-share technology sector, the Hong Kong technology sector has shown more stable long-term excess return capabilities, making it an important direction for investors looking to allocate technology assets [2] Group 3 - Southern Fund, as a leading asset management institution in China, focuses on customer needs and continuously optimizes product layout and service capabilities, with an index investment team averaging over 10 years of experience in ETF management [3] - The team has established a comprehensive quantitative research and investment system, utilizing a self-developed intelligent management system for precise control of investment portfolios [3]

2025 年上半年，全球通胀率同比攀升至 3.5%，创三年新高，而黄金价格同期上涨 25%，两者的正向关联性再次引发市场关注。这种现象并非偶 然 —— 和讯网分析指出，当货币购买力因通胀缩水时，黄金的稀缺性与稳定性使其成为天然的 "货币锚"，历史数据显示，在高通胀周期中，黄 金年化回报率可达 18%，显著跑赢传统金融资产。然而，这一轮黄金行情已超越单纯的通胀对冲属性，正演变为全球财政、货币及地缘风险的综 合对冲工具。 一、通胀与黄金关系的底层逻辑重构 当前黄金市场呈现出三大新特征：一是定价逻辑的重塑，尽管美联储 6 月点阵图显示内部对降息分歧扩大，但 10 年期美债实际收益率仍维持在 1.2%，而黄金价格却突破 3200 美元关口，这表明地缘政治溢价和美元信用风险（美元指数较 2024 年峰值下跌 9.2%）正在重构定价模型。二是供 需结构的深层变化，2025 年一季度全球金矿产量仅增长 0.5%，但黄金 ETF 流入量达 226 吨，投资需求占比从 2024 年的 18% 跃升至 34%，推动 黄金从商品属性向金融属性加速转变。三是央行购金的常态化，全球央行连续 14 个季度增持黄金，2025 年上半年累计 ...

以下文章来源于阿尔法工场DeepFund ，作者基哥 阿尔法工场DeepFund . 近年来，A股市场波动加剧，银行理财打破刚兑，存款利率持续下行，传统低风险投资工具的吸引 力逐渐减弱。与此同时，权益市场的高波动性也让部分风险偏好较低的投资者望而却步。 专注基金行业事件、产品和人物故事，探究背后的深层逻辑。 作者 | 基哥 来源 | 阿尔法工场DeepFund 导语 ： "固收+"不是简单的"债打底、股增厚"，而是基于对资产间相关性及性价比的动态判 断，以实现风险与收益平衡的更优解。 种种迹象表明，"固收+"基金正受到越来越多投资者的喜爱。 来自华西证券的研报数据显示，截至今年一季度末，"固收+"基金总规模上升至13807.34亿元，规模 环比增加1560.29亿元，在广义债基中的占比环比上升2个百分点，这是"固收+"基金规模占比自 2022年一季度以来首次显著回升。 这一趋势，在互联网平台上体现得尤为明显。 据某平台统计数据显示，以债券为底仓、含少部分权益资产的"固收+"基金热度持续攀升，今年前4 个月该类基金的用户规模同比增幅达88%。 "固收+"基金受到热捧的背后，与投资者在震荡市中对稳健收益的强烈需求 ...

（截图来源：东方财富网） 如果说真是一场牛市，有几点要注意： 1.牛市一定要远离赚钱的朋友，因为他们会让你失心疯的，你是很容易追高的！ 以下文章来源于巴蜀养基场 ，作者九思基哥 巴蜀养基场 . 做好的理财经理教育，成为公募基金财富管理领域赋能的领先品牌，目前已服务280+金融机构和 100,000+理财经理。提供降费降佣背景下的行业各项解决方案（咨询、辅导、培训、基金产品测评、营 销策划等服务）基哥 18608036474（V信同号） "历史给我们最大的教训就是人类不会从历史中汲取任何教训。" ——萧伯纳 最近的确感觉到市场比较躁动。大盘盘中突破3500点了。 2.要记住"牛市是收获的季节，不是播种的时刻"！ 3.还有一点要记住：大部分散户都是在牛市亏钱的！ 好了，说了这么多，不是让大家不要投资，而是要抱着慎之又慎的态度去配置基金，千万不要让自 己迷失在狂躁的氛围之中，必须"三分醉七分醒"。 投资前一定要想清楚：你的投资目标 投资都是为了赚钱，但是赚钱这个目标太抽象，不好界定。 往往为了赚钱会让我们过度自信或者过度保守。 现在想想，我本来是因为有点闲钱，想通过买基金赚点小钱，是想通过钱生钱。 这里有个暗含潜台 ...

Group 1 - The core idea of the article emphasizes the importance of asset allocation as a means for ordinary investors to navigate the uncertainties of the financial market, likening it to Noah's Ark for survival and growth [2][3] - The article discusses the theoretical foundation of asset allocation, highlighting Harry Markowitz's mean-variance model and its significance in reducing risk through the scientific combination of low-correlated assets [4] - It presents empirical evidence showing that 91% of mutual fund performance differences from 1970 to 2020 were due to asset allocation strategies rather than stock selection or market timing [4] Group 2 - The practical value of asset allocation is illustrated through examples of risk diversification, such as the "see-saw effect" between stocks and bonds during market downturns, which can significantly reduce portfolio drawdowns [5] - Behavioral finance insights are shared, indicating that proper asset allocation can mitigate emotional responses during market volatility, reducing the psychological impact of asset fluctuations [5] - The article provides a performance comparison of a diversified asset allocation strategy from 2010 to 2020, showing an annualized return of 7.2% with a maximum drawdown of only 9.8% [5] Group 3 - The article outlines strategic tools for asset allocation, including the "Four Seasons" method that adjusts asset allocation based on economic cycles [6] - It discusses lifecycle-based asset allocation, recommending different asset mixes for various age groups to align risk exposure with life stages [7] - The use of various financial instruments, such as ETFs, convertible bonds, and REITs, is suggested to enhance portfolio diversification and returns [8] Group 4 - Historical lessons are drawn from past financial crises, demonstrating the effectiveness of diversified asset allocation strategies in mitigating losses compared to concentrated positions [9][10] - The article highlights the performance of Bridgewater's All Weather strategy during periods of economic stress, showcasing its ability to generate positive returns while traditional equities suffered losses [10] Group 5 - The future of asset allocation is discussed in the context of technological advancements, including big data, AI optimization, and blockchain, which are transforming the investment landscape [11] - The article concludes with a philosophy of viewing asset allocation as a means to achieve financial security and stability rather than speculative gains, emphasizing disciplined investment practices [12][13] Group 6 - The "Snowball Three-Part Method" is introduced as a risk management framework that balances stocks, bonds, and commodities to create a defensive investment strategy [26][27] - The method emphasizes dynamic rebalancing to maintain target asset allocations and enhance returns through systematic adjustments based on market conditions [28] - The article discusses the potential for generating excess returns through strategic asset allocation, including timing and sector rotation based on market conditions [30] Group 7 - A proposed asset allocation strategy is presented, incorporating global assets, bonds, A-shares, and alternative investments to create a robust defensive structure [34][36] - The strategy aims to mitigate geopolitical risks through diversified global exposure and balance between interest rate and credit risk [37] - The allocation includes a focus on high-dividend assets to provide stability during market downturns, reinforcing the importance of income-generating investments [38] Group 8 - The article emphasizes the importance of dynamic balancing and threshold management in maintaining optimal asset allocations, ensuring that portfolios remain aligned with market conditions [44] - It discusses the need for liquidity management to address unexpected redemption demands, highlighting the role of cash and cash-equivalent assets [53] - The overall philosophy of the proposed asset allocation strategy is to build a "anti-fragile" investment system capable of withstanding market volatility while capturing structural opportunities [54][55]

Core Viewpoint - The current gold price is experiencing significant fluctuations, prompting investors to consider purchasing gold bars as a stable asset amidst market volatility [1] Gold Price Trends - As of July 8, 2025, the investment gold bar prices from various banks range between 783.40 CNY/gram and 790.30 CNY/gram, reflecting an increase of nearly 23% since the beginning of the year [3] Factors Influencing Gold Prices - Gold bar prices are influenced by multiple factors beyond international gold prices, including exchange rate fluctuations, bank fee structures, brand premiums, and market supply-demand dynamics. The ongoing high international gold prices are driven by strong global market risk aversion, central banks increasing gold reserves, and a tight gold supply-demand structure [4] Bank Price Comparisons - Currently, Citic Bank offers the lowest investment gold bar price at 783.40 CNY/gram, while Agricultural Bank's price is at 790.30 CNY/gram. Purchasing 500 grams from Citic Bank could save up to 3,500 CNY compared to Agricultural Bank. Other banks like Bank of Communications and Minsheng Bank have prices above 789 CNY/gram, while Ping An Bank and China Construction Bank are around 787-788 CNY/gram [5] Investment Timing and Strategy - Short-term gold prices are expected to remain volatile with a low probability of significant declines. The demand for gold remains strong globally, and geopolitical tensions enhance gold's appeal as a safe-haven asset. However, the rate of price increase may slow down, suggesting that investors should consider gradual purchases rather than bulk buying. Long-term, gold remains a stable option for asset allocation and inflation hedging [6] Key Considerations Before Purchase - Investors should distinguish between investment gold bars and decorative gold bars, as the latter has higher premiums and lower repurchase value. Understanding the fee structure of banks, including whether fees are fixed or variable, is crucial. Additionally, it is important to clarify repurchase policies and ensure purchases are made through reputable bank channels to avoid issues with gold quality and repurchase difficulties [9][11]

Group 1 - The Hong Kong Jockey Club plans to sell a significant portion of its U.S. assets, valued at up to $1 billion, amid rising geopolitical risks and escalating trade tensions [1] - The assets for sale include investments in well-known private equity firms such as Blackstone, TA Associates Management LP, Warburg Pincus, and Clayton Dubilier & Rice, with one fund alone containing assets worth $700 million [1] - The sale process, led by Jefferies Financial Group, began in the first quarter of the year, with some buyers starting to review the assets in April [1] Group 2 - The Hong Kong Jockey Club, as the largest lottery and gaming institution in Hong Kong, manages a substantial investment portfolio, with annual customer betting amounts reaching HKD 305 billion and generating HKD 43 billion in revenue from gaming and lottery operations in 2023 [2] - The current trend of Asian investors reassessing their U.S. asset allocations is reflected in the actions of approximately 10 ultra-high-net-worth family offices and advisory firms that have reduced or paused investments in the U.S. market to mitigate systemic risks arising from political and policy uncertainties [1]

Core Viewpoints - The debt issue of a country is related to its economic development level, with developed countries having higher average debt ratios than developing countries due to the costs associated with development [1][18] - Despite the weakening of the dollar, it remains a strong currency, and the U.S. and Japan have significant debt issues but still possess resilience and coping mechanisms [1][31][34] - China faces noticeable debt pressure but has distinct advantages, and there is no need for excessive concern regarding government credit [1][42] Debt Research Perspective - Long-term perspectives are essential in debt research, as historical analysis can provide insights into future economic directions and asset allocation [6][7] - The growth of government debt is often linked to major international events, such as the 2008 financial crisis and the COVID-19 pandemic, which necessitated increased government borrowing to maintain stability [7][8][9] Global Debt Landscape - Countries are experiencing significant debt pressures, but they also have advantages and resilience, allowing for investment opportunities amidst crises [3][22] - The U.S. government debt is approximately $36 trillion, with annual interest payments reaching $1 trillion, raising concerns about liquidity and the ability to refinance [23][24] China's Debt Structure - China's debt structure is unique, with a strong central government and significant state-owned assets, leading to a relatively strong repayment capacity despite high overall leverage [37][40][42] - Local government debt is a concern, particularly due to hidden debts and the reliance on investment for economic growth, which needs to be addressed for sustainable development [44][45][48] Investment Opportunities - In a high-debt environment, investors should look for opportunities during market downturns, as government interventions often stabilize markets [58][60] - Gold is viewed as a long-term investment with upward trends expected due to ongoing global issues and uncertainties [62][61] Economic Outlook - The Chinese economy is expected to maintain a growth rate above 5%, supported by consumption and investment policies, despite potential downward pressures in the latter half of the year [63][70][72] - The Hong Kong stock market is anticipated to perform well, with narrowing valuation gaps between A-shares and H-shares, indicating a more mature investment environment [76][78][79]

Group 1: Market Trends - The "golden alternative" market is gaining traction, with silver and platinum becoming popular in the precious metals market [1] - Silver prices have surged, reaching over $37 per ounce in June, marking a nearly decade-high [1] - Platinum futures have also risen, hitting $1,447.9 per ounce, the highest since September 2014, with a year-to-date increase of over 50% [1] Group 2: Consumer Behavior - Consumers are shifting from gold to platinum jewelry, with some retailers reducing gold display space in favor of platinum [1] - Sales of silver investment products, such as silver bars and ingots, have seen a year-on-year increase of over 40% [1] Group 3: Investment Insights - Analysts suggest that the recent rise in platinum prices may stabilize, advising investors to focus on long-term asset allocation rather than short-term trading [3] - The demand for silver is driven by industrial needs in sectors like electric vehicles, AI, semiconductors, and 5G, alongside its appeal as a hedge against economic uncertainty [3][2] - A significant increase in new silver investment accounts and trading volume has been observed since May, indicating growing investor interest [3] Group 4: Investment Accessibility - The barriers to investing in silver are relatively low, with various channels available for domestic investors, including bank silver accounts and silver ETFs [4]

7月7日，中国人民银行公布数据显示，截至6月末，我国黄金储备报7390万盎司（约2298.55吨），环比 增加7万盎司（约2.18吨），连续8个月扩大黄金储备。 不止中国，全球央行也在"买黄金"这件事儿上默契十足。据世界黄金协会数据，近三年，全球央行购金 量达1000吨，明显高于2008-2022年年均500吨的购金量。虽然今年一季度，全球央行净购金244吨，较 之前有所放缓，但仍属于近三年同期购金量的常态水平。 那么，如何看待后续央行购金行为的持续性？是否还能支撑黄金价格继续上行？ 一份来自世界黄金协会的年度调查 6月17日，世界黄金协会发布《2025年全球央行黄金储备调查》（CBGR），调查数据显示，高达95% 的受访央行认为，未来12个月内全球央行将继续增持黄金。这一比例创下自2019年首次针对该问题进行 调查以来的最高纪录，同时也较2024年的调查结果上升了17个百分点。 尽管金价已屡创新高，且全球央行净购金趋势已持续15年，黄金对各央行的吸引力依然强劲。 全球央行持续增持黄金的原因可以归纳为以下几点： 首先，经济与地缘政治不确定性。黄金本质可以理解为对冲全球经济增长风险和信用风险的标的，其实 物属性 ...