- The Hang Seng Stock Connect China Technology Index (HSSCITI) reflects the overall performance of mainland Chinese technology leaders listed in Hong Kong. It uses free-float market capitalization weighting, with a 10% cap on individual constituent weights, and adjusts semi-annually in June and December[37][38][39] - The index strictly selects 13 technology-related fields from 105 subcategories, excluding "pseudo-tech" companies, such as semiconductor (703010) and gaming software (702040), which represent high-tech hardware and digital content sectors. This enhances the index's technological purity and representativeness[37][38] - A fast-track inclusion mechanism was introduced in 2024, allowing companies newly listed in Hong Kong and ranked in the top 10 by market capitalization to be quickly added to the index. For example, Kuaishou (1024.HK) benefited from this mechanism. Additionally, a "buffer zone" for ranks 24-36 ensures that quality growth stocks are not excluded due to short-term market fluctuations[38][39] - The index's liquidity requirement mandates a turnover rate of 0.1% or higher for investment-type indices, ensuring active trading of constituent stocks and maintaining index vitality[38] - The HSSCITI index is distinct from other international technology indices, such as the Nasdaq 100 Technology Index (NDXTMC) and the STAR 50 Index, in terms of selection criteria, weighting methods, and risk management strategies. For instance, HSSCITI uses a simple 10% cap on individual stock weights, while NDXTMC employs a two-stage mechanism to limit individual weights to 15% and the top five issuers to 60%[39][40][43]

Group 1 - The global precious metals market has shown a divergence in trends this year, with silver and platinum prices significantly outperforming gold, attracting investor attention [1] - As of July 5, 2023, the spot silver price stabilized above $36, nearing a 13-year high, and has risen for six consecutive trading days. Platinum prices have surged by 36% this year, surpassing 300 yuan per gram [1][2] - The price of silver jewelry has generally increased by 15%-20%, with a silver bracelet that previously cost 400 yuan now priced close to 500 yuan [1] Group 2 - The rise in silver prices is supported by both industrial and financial demand. The industrial demand for silver has increased significantly due to its use in sectors like electric vehicles, AI, semiconductors, and 5G, leading to a continuous supply shortage in the silver market [2] - Investment in silver products, such as silver bars and coins, has seen a year-on-year increase of over 40% in sales, indicating strong consumer interest in silver as a hedge and investment asset [2] - As of July 5, 2023, the spot silver price rose by 0.27% to $36.91 per ounce, with analysts noting that silver is approaching a critical resistance level of $37 [2] Group 3 - Platinum prices have increased by over 36% this year, with a notable rise in demand for platinum jewelry, which has seen a 50% increase in sales compared to the previous year [3] - The increase in platinum prices is attributed to improved supply-demand dynamics and a shift in market sentiment, particularly due to rising demand from the automotive industry and the jewelry sector [3] - The global demand for platinum jewelry is expected to grow, with a projected 9% year-on-year increase in demand across various regions, totaling 17 tons by the first quarter of 2025 [3] Group 4 - The concentration of platinum mining in regions like South Africa limits supply, while the automotive industry's recovery and stricter environmental regulations are driving up demand for platinum in catalytic converters [3] - There is a growing interest among investors in platinum as part of a diversified asset allocation strategy, with an increase in inquiries and purchases of platinum investment products [3] - The counterfeit rate for platinum products has reached 17.3%, resulting in consumer losses exceeding 2 billion yuan annually, highlighting the need for caution when purchasing [3][4]

Core Insights - The report emphasizes the integration of AI in asset allocation, enhancing the predictive capabilities of stock and bond performance through a dynamic weighting system [2][3] - The AI-driven model has successfully predicted market trends, including the recent performance of value stocks outperforming growth stocks in March and April [3] - Predictions for 2025 indicate that bond assets will maintain relative advantages, while stock market performance is expected to stabilize at the bottom in Q3 and slightly recover in Q4 [3] Asset Allocation Framework - The AI-enabled research system combines five major cycles to predict stock and bond performance, with a current high weighting of 55% on the monetary credit framework [2][3] - The allocation for domestic assets in July shows: 12.64% in equities, 3.58% in dividends, 76.45% in bonds, and 7.33% in gold, with adjustments compared to traditional risk parity models [4] - For overseas markets, the allocation includes: France 15.62%, Germany 14.85%, the US 20.24%, Japan 16.44%, Hong Kong 11.50%, and India 22.35%, with slight adjustments in France, Germany, and Hong Kong [4] Industry Rotation Strategy - The AI-driven industry rotation strategy has significantly improved performance metrics, achieving a 420% increase in the Sharpe ratio and a 41% reduction in maximum drawdown compared to traditional strategies [5] - The latest industry outlook for Q3 suggests overweight positions in machinery, comprehensive sectors, and electronics, while maintaining standard positions in automotive, communication, and construction, and underweighting banking and retail [5]

Group 1 - The global financial market experienced significant volatility in the first half of 2025 due to the interplay of U.S. foreign policy, geopolitical conflicts, and the AI technology revolution, leading to increased fluctuations in A-shares and U.S. stocks, while safe-haven assets like gold strengthened [1] - In the context of the U.S.-China competition and China's economic structural transformation, financial resources and policies are shifting from traditional sectors (real estate, infrastructure) to new economies (technology manufacturing), resulting in a gradual decline in the interest rate center [1] - The bond market is expected to face challenges in the short term, with asset allocation needing to consider more asset pricing perspectives, especially following potential global capital inflows after the Federal Reserve resumes interest rate cuts [1] Group 2 - The central bank is anticipated to maintain a loose monetary policy, which will support Chinese asset prices, although the difficulty in enhancing yields is increasing [2] - The public REITs market has rapidly developed since its establishment in 2021, surpassing a market size of 200 billion yuan by June 2025, attracting significant inflows from insurance and brokerage firms [2] - In the current low-interest-rate environment, public REITs with special asset attributes, such as policy-driven rental housing and core consumer infrastructure in first- and second-tier cities, are viewed favorably [2]

Core Viewpoint - The article discusses the significant reduction in household wealth in China, primarily attributed to the decline in real estate prices, and emphasizes the need for a shift in asset allocation strategies in response to the current economic environment characterized by deflation [2][3][4][15]. Group 1: Wealth Reduction - Household wealth in China has decreased from 400 trillion RMB to 300 trillion RMB, resulting in a loss of approximately 100 trillion RMB [2]. - The primary source of this wealth loss is the decline in real estate prices [3][4]. Group 2: Economic Indicators - Key economic indicators show a downward trend: the Producer Price Index (PPI) has dropped by 3.3%, and the Consumer Price Index (CPI) has decreased by 3.6% [5]. - The simultaneous decline in both indices indicates a broader trend of economic tightening [6]. Group 3: Asset Allocation Misconceptions - Many individuals are making incorrect asset allocation decisions due to a lack of experience with deflationary periods [7][8]. - The current economic environment is characterized by negative real interest rates, where holding cash is less beneficial compared to leveraging debt to acquire assets [12][13]. Group 4: Historical Context and Lessons - The article draws parallels with historical deflationary periods in other countries, such as Japan in the 1990s and the U.S. during the Great Depression, highlighting the importance of adapting to changing economic conditions [17][18]. - It suggests that understanding the significance of saving and adjusting asset allocation strategies is crucial for navigating the current economic cycle [17]. Group 5: Structural Economic Issues - There is a structural contradiction in the economy where older generations hold wealth but have declining consumption capacity, while younger generations lack wealth and purchasing power [21][22]. - This disparity complicates the resolution of the current economic challenges, which may persist for an extended period [24]. Group 6: Recommended Strategies - To navigate the deflationary environment, it is advised to shift towards low-risk, stable income-generating assets, with a recommendation to hold 60% to 80% of household wealth in cash or similar assets [30][33]. - The focus should be on preserving capital rather than chasing high-risk returns during this period [34].

Group 1 - The core viewpoint of the articles highlights the rising trend of gold investment among young people, particularly the post-90s and Gen Z demographics, who are increasingly viewing gold as a viable investment option rather than a traditional commodity [2][5]. - In the past year, gold prices have surged significantly, doubling from around 400 RMB/g to nearly 1000 RMB/g at peak times, indicating a strong market performance [2]. - The concentration of gold trading activity occurs during evening hours (8 PM to 11 PM), aligning with the leisure time of young investors, showcasing a trend towards "fragmented financial management" [2]. Group 2 - The global economic uncertainty has reinforced gold's status as a safe-haven asset, with spot gold prices rising by 25% in the first half of the year, driven by central bank purchases, geopolitical risks, and inflation pressures [3]. - Industry experts believe that the foundation for a long-term bull market in gold remains solid, with strategic allocation value highlighted by the China Gold Association [3]. - The long-term annualized return of gold is approximately 8%, comparable to global nominal GDP growth, with expectations for an upward shift in return rates due to accelerated central bank purchases [4]. Group 3 - JD Finance has positioned gold investment as a core competitive advantage, offering a comprehensive platform that includes physical gold, accumulation gold, gold ETFs, and gold recycling services [5]. - The platform aims to enhance investor education, improve product offerings, and refine professional service systems to support gold investment, particularly targeting the younger demographic [6]. - The growing interest in gold among young investors reflects a broader trend of seeking asset preservation strategies in uncertain economic times, with digital natives redefining the meaning of investment stability [6].

Core Insights - The global economy is facing multiple challenges, revealing its vulnerabilities under the uncertainty of US policies. Issues such as regionalism, inflation, debt pressure, and structured risks in asset valuations are still unfolding. The continuous depreciation of the US dollar has made European and emerging markets more attractive to capital, while precious metals like gold have seen significant price increases, indicating a reshaping of the global market. In response to the current market environment, it is advised to focus on certainty and make asset allocations based on a high safety margin [1][16][21]. Market Overview - As of June 29, 2025, global equity assets performed well, with MSCI global returns at 4.01% and emerging markets at 6.15%, slightly outperforming developed markets. The domestic market also showed strong performance, with the CSI All Share Index yielding 3.13%, particularly driven by growth stocks which rose by 4.87% [7][13]. - The global economic pressure remains significant, with manufacturing PMI in some regions still below the expansion threshold, indicating risks of a peak in the global economic growth cycle. Concurrently, US stocks have seen valuations driven up by AI and buybacks, which has weakened corporate resilience [19][20]. Asset Allocation Strategy - **Equity Funds**: The strategy should focus on a "core + opportunities" approach, balancing safety and returns. Core allocations should prioritize high earnings certainty, high profits, and high dividends, while opportunity allocations should leverage policy implementation, confidence-driven investments, and technology empowerment [3][30]. - **Fixed Income Funds**: It is recommended to lower expectations while seeking stable returns. Mid to short-duration funds are seen as more cost-effective, as the market's excessive pursuit of long-duration bonds has diminished their risk-return profile [3][4]. - **QDII Funds**: Attention should be paid to marginal changes affecting expectations. For equity QDII, caution is advised regarding structured valuation risks, while for oil QDII, geopolitical factors are becoming increasingly significant. Gold QDII is expected to perform well in the medium to long term due to ongoing demand for safe-haven assets [4][37][40]. Domestic Economic Insights - The domestic economy has shown resilience, with a GDP growth of 5.4% in Q1 2025, driven by consumption and exports. Industrial value-added growth was steady at 5.8%, with significant contributions from sectors like new energy vehicles and robotics [21][28]. - Consumer spending has been robust, with retail sales in May growing by 6.4% year-on-year, supported by government subsidies and promotional activities. However, structural income disparities remain a challenge for sustained consumption growth [26][28]. Commodity Market Dynamics - Geopolitical issues and inflation have been influencing global commodity prices. The escalation of conflicts has pushed oil prices higher, while the depreciation of the dollar has led to fluctuations in gold prices. Future trading logic for oil and gold will likely continue to be driven by geopolitical and risk-averse sentiments [37][49]. - The long-term stability of oil prices will depend on global economic growth and demand, with current PMI data indicating potential declines in demand. The supply side, particularly OPEC+ production decisions, will also play a crucial role in short-term price movements [45][49].

Core Viewpoint - The article discusses the changing landscape of investment strategies in response to the declining interest rates and the impact of geopolitical events, particularly the US-China trade tensions, on various asset classes. Group 1: Economic Environment and Investment Strategy - The current economic environment is characterized by a significant decline in inflation, with CPI showing negative growth for four consecutive months starting February 2025, making it easier for individuals to maintain purchasing power without active investment [1][2] - The interest rates for one-year deposits at major banks have dropped to 0.9%, leading to a diminishing return on traditional savings, which poses challenges for individuals seeking to grow their wealth through savings alone [2][3] - The article emphasizes the importance of diversified asset allocation in a highly uncertain global environment, advocating for a strategy of not putting all eggs in one basket [2][3] Group 2: Asset Classes Overview - A-shares, gold, government bonds, and US Treasuries are identified as the core asset classes for domestic investors, each with distinct risk-return profiles [3] - A-shares are seen as having optimistic potential, contingent on effective domestic policy support for the economy, while the bond market is expected to have limited upside and increased volatility compared to 2024 [3][4] - Gold is recommended for accumulation rather than speculation, as its price may face short-term pressures despite having long-term upward potential due to factors like a weakening dollar and potential tariff increases [3][10] Group 3: A-shares Market Analysis - The US-China trade conflict is identified as the primary "black swan" event affecting the A-share market, with significant market reactions observed following escalations in trade tensions [4][8] - Despite initial pessimism regarding economic performance post-trade conflict, recent data indicates a stabilization in manufacturing and external trade, contributing to a recovery in A-share prices [6][8] - The article notes that the market's future performance will depend heavily on the resilience of financial stocks and the overall economic outlook [6][8] Group 4: Gold Market Dynamics - The perception of gold as an investment has become more complex, with recent price fluctuations reflecting heightened sensitivity to market conditions and geopolitical developments [10][11] - The article highlights that while gold prices surged earlier in the year, the current market sentiment is cautious, with predictions of potential declines in gold prices due to stronger US economic indicators [10][14] - Long-term prospects for gold remain positive, particularly as a hedge against the declining credibility of the dollar, but short-term volatility is expected [14][16] Group 5: Bond Market Insights - The bond market has shifted from a bullish to a more cautious stance, with lower returns expected in 2025 compared to the previous year, making it more suitable for tactical trading rather than buy-and-hold strategies [17][19] - The article suggests that investors should focus on yield movements in the 10-year government bond market to inform their trading decisions, as the relationship between bond prices and yields is inversely correlated [21][23] - The US Treasury market is under scrutiny due to rising yields, which are increasingly viewed as risk assets rather than safe havens, indicating a need for careful investment strategies [23][25]

Core Viewpoint - The article highlights the increasing interest of younger investors, particularly those born in the 1990s, in gold investments, with over 50% of gold investors now belonging to this demographic. The ongoing "golden bull market" is supported by various factors, including central bank purchases, geopolitical risks, and inflation pressures, which are expected to drive gold prices potentially above $4,000 per ounce in the next twelve months [1][2][3]. Group 1: Market Trends - Gold has seen a 25% increase in spot prices in 2025, making it a leading asset globally. Central banks are actively purchasing gold, and the trend is mirrored by younger investors entering the market [1][2]. - The recent fluctuations in gold prices, including a 1% drop following a positive U.S. non-farm payroll report, indicate market volatility, but the underlying support for gold remains strong [2][3]. - The World Gold Council reports that gold has surpassed the euro to become the second-largest reserve asset globally, following the U.S. dollar [1]. Group 2: Investment Characteristics - The 90s generation prefers "light entry and flexible operation" in their investment approach, with over 60% engaging in products like accumulated gold. Their trading activity peaks during evening hours, reflecting a trend towards "fragmented finance" [5]. - Regional consumption patterns show Guangdong, Jiangsu, and Zhejiang as the top three provinces for gold purchases, influenced by cultural practices and investment behaviors [5]. Group 3: Company Initiatives - JD Finance is enhancing its one-stop gold trading platform to provide diverse investment options, aiming to meet varying investor needs and improve the overall investment experience [4][5]. - The company plans to upgrade its services by strengthening investor education, expanding its product offerings, and improving professional service systems to facilitate smoother transactions and better investment analysis [7].

Core Viewpoint - The article highlights the increasing interest of younger investors, particularly those born in the 1990s, in gold investment, with their participation exceeding 50%. This trend is supported by a robust long-term bullish outlook for gold, driven by various economic factors and geopolitical risks [1][7]. Group 1: Market Trends and Data - Gold has seen a significant price increase, with a year-to-date rise of 25%, making it a leading asset class globally since 2025 [1]. - As of July 3, the spot gold price was trading around $3347.5 per ounce, despite a recent drop following positive U.S. non-farm payroll data [2]. - Analysts predict that the foundation for gold prices to exceed $4000 per ounce within the next twelve months is already in place [2][5]. Group 2: Investor Demographics and Behavior - The younger generation, particularly those in their 20s and 30s, is becoming a dominant force in gold investment, with over 60% of transactions involving products like accumulated gold [8]. - This demographic prefers flexible and lightweight investment options, often trading during evening hours, reflecting a trend towards fragmented financial management [8]. Group 3: Institutional Insights and Strategies - Experts emphasize the importance of a well-structured market and innovative financial products to capitalize on the growing wealth of residents and the challenges posed by global economic fluctuations [2][5]. - The World Gold Council's representative noted that the long-term annualized return on gold is approximately 8%, aligning with global nominal GDP growth, suggesting a potential upward shift in gold's return profile due to accelerated central bank purchases [5]. Group 4: Technological Integration and Service Enhancement - JD Finance is enhancing its gold trading platform by integrating technology to provide a comprehensive suite of services, including physical gold, accumulated gold, gold ETFs, and recycling options [9][11]. - The platform aims to improve investor education, expand product offerings, and refine professional service systems to facilitate smoother transactions and better investment experiences [11].