智通财经APP获悉，对于多元化基金经理而言，最不愿面对的困境，莫过于管理的投资组合被七家科技公司高度主导——它们清一色是美国企业，均为巨型 市值，且全部聚焦于经济领域的同一板块。然而，就在本周标普500指数再度刷新历史高点之时，投资者不得不直面一个残酷现实：若想跟上市场步伐，很 大程度上意味着只能被迫重仓持有这些股票。 2025年，一小群紧密关联的科技超级巨头再次贡献了不成比例的回报——而这一模式已延续近十年。真正值得关注的是，并非那些耳熟能详的赢家名单依旧 如故，而是这种收益差距正以空前的强度，严重考验着投资者的耐心底线。 挫败感决定了资金的流向。据美国投资公司协会(ICI)数据估算，全年约有1万亿美元从主动型股票共同基金中流出，标志着连续第11年净流出，且按某些指 标衡量，是本轮周期中流出最严重的一年。相比之下，被动型股票交易所交易基金(ETF)则获得了超过6000亿美元的资金流入。 图1 随着这一年推进，投资者开始逐步撤离——他们重新审视是否值得为偏离指数显著的投资组合支付额外成本。然而经过复盘验证，却发现这种差异化布局非 但未带来预期回报，反而让他们不得不直面"付了溢价却未获收益"的尴尬处境，最终只能 ...

Core Viewpoint - The article highlights the significant appreciation of precious metals and global stock markets in 2025, driven by factors such as yen depreciation and geopolitical uncertainties, suggesting a shift in investment strategies towards diversification and precious metals [2][4][10]. Group 1: Precious Metals Performance - As of December 24, gold prices increased by 70% compared to the end of 2024, marking the largest rise since 1979. Silver and platinum also saw their prices more than double [2]. - The Japanese Precious Metals Market Association noted that both silver and platinum, being smaller markets than gold, experienced substantial price increases in the second half of the year [5]. Group 2: Stock Market Trends - The MSCI All Country World Index, tracked by the popular global equity investment trust "eMAXIS Slim All World Equity," rose by 20% as of December 24 compared to the end of 2024. European stocks, represented by the Stoxx 600, increased by 31%, while the Nikkei index rose by 26% and the MSCI Emerging Markets Index by 28% [7]. - There is a growing sentiment that emerging market stocks have become attractive for diversification due to declining trust in the US and concerns over dollar depreciation [7]. Group 3: Currency and Economic Factors - The depreciation of the yen has led to an increase in the value of overseas assets when priced in yen. The current exchange rate is approximately 156 yen to 1 USD, with the euro appreciating to around 184 yen, marking a 13% increase compared to the end of 2024 [9]. - Expectations of economic stimulus from the European Central Bank and the EU's plans have contributed to the euro's strength against the yen [9]. Group 4: Future Investment Strategies - For 2026, diversification in investment strategies is emphasized, particularly in adjusting allocations away from a heavy focus on US stocks and technology sectors. Investments in precious metals like gold are also recommended as a hedge against currency depreciation and geopolitical risks [10]. - Market analysts suggest that precious metals possess intrinsic value and can serve as effective asset preservation tools, although the volatility of silver and platinum compared to gold should be noted [10].

Group 1 - The core viewpoint emphasizes that expanding domestic demand is a strategic move rather than a temporary measure, crucial for China's long-term development and stability [2] - Domestic demand has become the main driving force for China's economic growth, contributing over 90% to economic growth during the 13th and 14th Five-Year Plans, with final consumption and capital formation contributing 55% and 38% respectively [2] - The projected scale of final consumption and capital formation for 2024 is 76.3 trillion yuan and 54.8 trillion yuan, which are 2.7 times and 2.2 times that of 2012 [2] Group 2 - The futures market can support the strategy of expanding domestic demand by promoting effective investment and consumption [3] - The futures market helps enterprises conduct effective investments and improve supply quality by providing forward-looking price signals and diverse hedging methods [3] - Price volatility in commodities, such as new energy materials, has made it difficult for companies to lock in raw material costs, impacting capacity planning [3] Group 3 - The futures market enhances the stability of residents' wealth, contributing to the realization of the wealth effect by serving as an effective tool for diversified investment [4] - The financial futures market in China has been expanding, providing effective tools for various financial institutions to manage market risks [4] - The "insurance + futures" model has been successfully implemented for 10 years, helping to stabilize and increase farmers' income, thus releasing rural consumption potential [4] Group 4 - The futures market needs to enrich the supply of futures varieties and improve the market system to connect enterprises and end consumers effectively [5] - There is a lack of corresponding futures varieties for emerging industries and regional specialty agricultural products, which hinders hedging needs [5] - Innovative service models are required to address the challenges faced by small and micro enterprises in participating in the futures market [5] Group 5 - The design and promotion of wealth management products that focus on diversified investment and risk hedging should be innovated by futures operating institutions [6] - Investor education should be advanced to cultivate a risk management culture, as many market participants have a limited understanding of futures tools [6] - The futures market's development history is relatively short, and there is a need for more effective and diverse investor education methods [6]

我的一个朋友最近特别纠结。他前段时间在看新闻的时候，突然发现黄金价格在大幅上升。他说，他十年前曾经买过一些黄金饰品和金条，那时候没花多少 钱。现在看新闻说黄金价格涨到了历史新高，他开始后悔怎么当初没多买一些。同时，他也开始担忧起来。他现在的存款有30多万，他在思考，在黄金暴涨 的这样一个时代背景下，他这些存款应该怎么样去打理。是存在银行里保险，还是去买黄金投资，还是做其他的投资？这个问题让他很困扰。 有人会说，你可以去买其他的投资产品，比如说基金、股票等等。这些产品的收益可能会比银行利息更高。但问题是，这些投资产品的风险也更高。如果市 场不好，你的投资可能就会出现亏损。这对于很多普通家庭来说，是不能承受的。 这个困扰，我觉得不只是他一个人的问题。很多存款在30万以上的家庭，现在可能都在经历同样的纠结。黄金价格的上升，让很多人开始思考资产配置的问 题。他们开始想，是不是应该把手里的钱去投资黄金，或者说投资其他更能保值和增值的资产。在这样的思考过程中，他们会遇到各种各样的困难和困境。 让我说一下黄金暴涨这个现象的背景。为什么会出现黄金价格大幅上升的情况呢？这有很多原因。全球经济形势的不确定性，各种地缘政治的风险， ...

贝莱德智库发文称，此前提出的关于"分散投资的幻象"的观点正在上演。在当前环境下，投资者需要采 取动态的策略，并制定备选方案。对AI主题保持偏好风险的立场，并偏好以独特的配置作为投资组合 的"压舱石"。 贝莱德智库表示，近期长期债券收益率上涨的部分原因是市场对于宽松财政政策及不断恶化的财政前景 担忧加剧。本月早些时候，日本30年期国债收益率创下历史新高，今年以来累计上涨逾100个基点;最近 的上行是由日本政府财政支出计划，以及日本央行暗示本周可能加息所引发的。澳大利亚和加拿大等国 央行也已调整了利率政策基调，要么暗示降息周期结束，要么释放可能加息的信号。 贝莱德智库认为，本周延迟公布的美国10月就业数据可能显示就业岗位萎缩，反映出政府推迟裁员的情 况。正如美联储主席鲍威尔上周指出的，由于政府停摆期间数据收集困难，这些数据可能存在较大波 动。 当前环境下，分散投资面临更大的挑战，因此更适宜采取动态的策略。在这一环境下，投资者需要发掘 真正独特的回报来源，例如私募市场和对冲基金可以作为获取超额收益的独特配置。 贝莱德智库认为，美国与其他国家央行的货币政策分化是明年的潜在风险点。美国经济增长和通胀均较 为强劲，却采取 ...

【导读】走进工银瑞信基金 | 第7期：银行渠道经理的故事 在公募基金行业，渠道经理是不同于传统销售的关键角色，他们深耕银行基层网点、传递专业投资理 念，成为连接基金公司、银行与投资者的"价值纽带"。 那么，公募渠道经理是如何通过银行把专业的产品和投资理念，清晰有效地传递给每一位投资者的呢？ 本期走进工银瑞信基金系列栏目，将带领大家走进渠道经理的日常。 不止于销售：三方联动的"服务枢纽" 很多人会将基金公司渠道经理的工作等同于"卖基金"，但此次工银瑞信的渠道经理给出了更精准的定 位：不直接面对投资者、不单纯销售基金，而是聚焦银行合作渠道的全流程服务。 在公募基金的销售体系中，银行是投资者接触基金产品的主要入口，而渠道经理的核心任务，就是为不 同的银行网点匹配契合的产品与资产配置方案。 从售前的产品培训、投资理念宣导，到售中的需求对接、疑问解答，再到售后的市场解读、投资者陪 伴，渠道经理贯穿了基金服务的每一个环节。他们既要发挥基金公司的专业投研优势，让银行理财经理 吃透产品的风格特点与投资逻辑；又要借助银行的综合金融服务能力，共同为投资者搭建起从"了解产 品"到"科学配置"的完整链路，最终实现基金公司、银行、投资 ...

【导读】走进工银瑞信基金 | 第 7 期： 银行渠道经理的故事 文：陈梦 在 公募基金行业，渠道经理是 不同于传统销售 的关键 角色，他们深耕银行 基层 网点 、 传递专业 投资理念，成为连接基金公司、银行与投资者的 " 价值纽带"。 那么，公募渠道经理是如何通过银行把专业的产品和投资理念，清晰有效地传递给每一位投资者的 呢？本期走进工银瑞信基金系列栏目， 将带领大家走进渠道经理的 日常。 不止于销售：三方联动的"服务枢纽" 很多人会将 基金公司 渠道经理的工作等同于"卖基金"，但 此次工银瑞信的渠道经理 给出了更精准 的定位：不直接面对投资者 、 不单纯销售基金， 而是聚焦银行合作渠道的全流程服务。 在公募基金的销售体系中，银行是投资者接触基金产品的主要入口，而渠道经理的核心任务，就是为 不同的银行网点匹配契合的产品与资产配置方案。 清晨的银行网点晨会，是渠道经理工作的重要阵地。 渠道经理们 的一天往往从一场紧凑的网点培训 开始。面对银行理财经理抛出的各类问题，从产品业绩波动到市场行情解读，从投资者风险偏好匹配 到资产配置建议， 渠道经理 都需要给出专业、易懂的解答。 尤其是在市场震荡期，投资者的焦虑情绪会 ...

2025年12月 施罗德投资首席投资总监Johanna Kyrklund（中文译名：约翰娜∙基尔克伦） 在即将到来的2026年，尽管市场对股票估值保持关注，但投资者仍充满期待。由于超大规模云端服务供 应商（hyperscalers）对数据中心和云端基础建设进行大量投资，市场普遍将当前情况 与1999-2000年的 互联网泡沫相提并论。与此同时，许多人工智能(AI) 初创公司仍处于亏损，其估值则由供应商融资 （vendor financing）所推高。在此背景下，市场上也出现了关于"煤矿中的金丝雀"(canaries in coal mine)、"蟑螂理论"（当一只出现时，通常还有更多将会出现）以及"在派对上跳最后一支舞"(staying at the party for one last dance) 的说法。 以上如有提及证券仅供参考，不构成任何投资或撤资之建议。 本文件仅供参考之用，并不打算作任何方面的宣传材料。本文件不应视为提供投资意见或建议。有意投 资者应寻求独立的意见。本文所载的内容为撰文者的意见和见解，不一定代表施罗德投资的看法，或在 其他施罗德通讯、策略或基金反映出来。本资料所载资料只在资料刊发 ...

Core Viewpoint - The article emphasizes the importance of reading and continuous learning as a pathway to personal growth and wealth accumulation, highlighting the principles outlined in Scott Galloway's book "The Wealth Equation" [2][8][29]. Group 1: Wealth Equation Principles - The wealth equation is defined as Wealth = Focus + (Discipline × Time × Diversification), suggesting that achieving financial freedom requires a combination of these elements [10][29]. - Discipline is described as the ability to control one's actions and decisions, which is essential for reducing debt and fostering wealth-creating behaviors [11][29]. - Focus is crucial for making informed decisions and avoiding distractions, as it shapes the outcomes of one's life and career [13][14]. Group 2: Time Management - Time is portrayed as a valuable resource, especially for young individuals, who often underestimate its significance in wealth accumulation [19][20]. - The concept of compounding is discussed, emphasizing that even small financial gains can accumulate significantly over time, but poor management can lead to losses [20][21]. - The article stresses the importance of sacrificing immediate pleasures for future benefits, highlighting the need for a long-term perspective in financial planning [21][29]. Group 3: Diversification Strategy - Diversification is presented as a defensive strategy to mitigate risks associated with investments, as it limits potential losses from high-risk assets [22][23]. - The article argues that the goal of investing should not be to maximize returns but to create a well-managed portfolio that supports financial freedom [24][29]. - It emphasizes the importance of holding a variety of assets with different risk profiles to balance potential risks and returns [25][26].

优质的 ⾼盛指出，2026年你需要把握的五⼤趋势如下。 泰勒·德登 2025年12⽉13⽇，星期六，晚上11:20 随着主要股指基本回到⾼位，FOMC会议和甲⻣⽂公司财报发布也已尘埃落定，市场已经做了很多⼯作来消除11⽉前三周市 场消化的⻛险： " 投资者⼀直在消化对美国劳动⼒市场和消费者、⼈⼯智能资本⽀出和再杠杆化以及美联储明年放松政策决⼼减 弱等⼀系列担忧 " （⾼盛研究团队于 11 ⽉ 24 ⽇写道）。 近期的强势表现是对之前⾛势的直接回落——尤其是在市场对劳动⼒市场、⼈⼯智能债务以及美联储政策⾛向的担忧有所缓 解之后。 2025/12/14 20:55 高盛 | ZeroHedge：2026年你需要把握的五大趋势 正如之前所述，如果您认同这⼀论点，那么那些投⼊巨资试图"赢得"这场竞赛的⼈，其投资回报率在⼀段时间内可能极不稳 定，这确实是⼀个现实的⻛险。另⼀⽅⾯，那些推动基础设施建设（包括计算硬件、数据中⼼、电⼒以及相关基础设施的建 设者）以及那些成功部署和利⽤⼈⼯智能并切实证明其⽣产⼒提升的企业，则可能仍然具有吸引⼒。 即使事后看来，我们仍会对这⼀时间线争论不休，但我认为， 我们现在正处于⼈⼯智能在市 ...