11月，10年期国债收益率上行4.6个基点至1.84%，期限利差进一步走阔。信用债发行回暖，发行规模显著增长。A股市场投资者避险情绪升温，主要指数 均有不同程度下跌，其中上证综合指数月度下跌1.67%。 截至2025年11月底，全市场银行理财产品总数量为45358只，较10月末增加了900只，月新发产品2767只。从产品类型来看，固收类产品最多，共有39723 只，环比增加829只。从发行机构来看，月末银行理财子公司理财产品共有29850只，环比增加1140只，占理财产品数量的71.52%，与10月末相比占比上 升了3.64个百分点；新发2127只理财产品，占全市场理财产品发行量的76.87%。 在震荡市场环境中，哪些产品于长期维度下仍能表现亮眼？请看由中国证券报与深圳数据经济研究院共建的金牛资产管理研究中心制作的银行理财产品11 月榜单。 银行理财产品11月榜单 【风险提示】 五、最短持有期"固收+"类产品榜单 | 理财登记编码 | 产品简称 | 发行机构 | 产品规 | 近3个月年 | 风险等级 | | --- | --- | --- | --- | --- | --- | | | | | 模 | 化收益 ...

银行理财产品11月榜单 【风险提示】 本榜单所有分析均基于公开信息，不构成任何投资建议；若市场环境或政策因素发生变化，将可能导致产品表现不及预期。榜单可能存在样本不足以代表 整体市场的情况。 一、定期开放6个月以内"固收+"类产品榜单 | 理财登记编码 产品简称 | | 发行机构 | 产品规 | 近3个月年 | 风险等级 | | --- | --- | --- | --- | --- | --- | | | | | 模 | 化收益率 | | | | 产品规模:3-18亿元 | | | | | | | | (银行理财子公司) | | | | | Z7002621000289 | 同盈象固收稳健半年定开14号 | 信银理财 | | | R- II | | Z7007122000262 | "净享利"系列开放式(6个 月)WPJK18M0602期 | 上银理财 | | | R-II | | Z7002023001386 号固收类 | 稳利恒盈增利六个月定期开放2 | 兴银理财 | | | R- II | | Z7001120000292 | "农银安心·双月开放"(惠农 | 农银理财 | | | R- II | | ...

DWS发布2025年12月市场展望，DWS全球首席投资总监Vincenzo Vedda提到，1996年时任美联储主席格 林斯潘曾以"非理性繁荣"形容当时科技热潮引发的股市泡沫，最终该泡沫于2000年3月破裂。如今部分 科技股估值再次达到极高水平，但情况已大不相同，更倾向称之为由人工智能驱动的"理性繁荣"。不 过，当首轮AI热潮过后，市场将更关注如此庞大的AI资本开支最终能否真正提升企业效率。 这亦意味着，投资者挑选企业时需要更加审慎。Vedda强调，并非所有AI企业都会成为最终赢家。以往 多数牛市都在经济衰退中告终，但在当前情况下出现衰退的机会不高，尤其是企业盈利增长依然稳健， 而后续减息预期亦有望带来正面支持。正因如此，Vedda对2026年投资市场前景持乐观看法。然而， Vedda亦提醒，这并不代表市场不会出现调整。毕竟，目前美国科技股估值已攀至相当高的水平，而部 分领域（例如数据中心）甚至可能已出现产能过剩。 另一项不容忽视的风险，是部分企业为了加大投资而承受较高的负债比率。有鉴于此，Vedda认为投资 者在来年必须保持跨区域、跨行业、跨投资风格及跨货币的多元化配置。在股票配置方面，投资者可考 虑欧洲中 ...

Core Insights - The article highlights the paradox of China's trade surplus, which reached a historic high of $1.08 trillion in the first eleven months of 2025, indicating a strong export performance but underlying issues in domestic consumption [1][5] - It emphasizes that a large trade surplus does not necessarily equate to a strong economy, as it may reflect an inability to consume domestically, leading to over-reliance on exports [1][5] Trade Surplus Analysis - China's trade surplus is calculated as the difference between exports and imports, with exports growing by approximately 5.9% in 2025 while imports remained stagnant or even declined in some months [1][5] - The significant surplus is attributed to low domestic consumption, as consumers are hesitant to spend on housing and vehicles, causing companies to focus on exporting excess production [1][5] Export Dynamics - The export of photovoltaic components has surged in quantity, but the total export value growth has not kept pace, with some months showing a decline in monetary value due to drastic price reductions [3][4] - Companies are resorting to "price for volume" strategies to maintain cash flow and market share, resulting in thin profit margins that hinder wage increases for workers [4] Domestic Consumption Challenges - The decline in the real estate sector has severely impacted consumer confidence and spending, as many individuals have their wealth tied up in property, leading to a defensive saving mentality [5] - Despite nominal growth in disposable income of about 5.3% in 2025, the faster growth in savings indicates a reluctance to spend, driven by fears of economic instability [5] Policy Recommendations - The article suggests several policy measures to stimulate domestic demand, including capacity reduction, urbanization initiatives, and targeted fiscal policies to alleviate the financial burden on citizens [5] - It advocates for a shift in investment focus from real estate to diversified asset allocation, emphasizing the importance of investing in cities with net population inflows [5] Future Economic Outlook - The article predicts a prolonged low-interest-rate environment globally, influenced by economic downturns and rising debt levels, which will create volatility in capital markets [5] - Investors are advised to maintain a diversified portfolio that includes high-dividend stocks and growth sectors, while also preparing for potential market uncertainties [5]

文 | 银行螺丝钉 （转载请注明出处） 很多投资者都希望多元化配置自己的资金，想要覆盖人民币资产和外币资产，也想要覆盖股票资产和债券类资产。 美元债就是其中的重要一环，那么美元债券基金该如何投资？ 这里有一门限时免费的福利课程，系统性地介绍了美元债券基金的投资知识。 想要获取这个课程，可以添加下方「课程小助手」，回复「 美元债 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 ◆◆◆ 日元加息，对全球市场会有什么 影响? 有朋友问,最近日元加息预期提升,会 对全球市场产生什么影响? i 降息周期，也伴随着汇率贬值；同时底 部的时候利率接近0，借钱成本也低。 这种策略,可以赚到汇率、利率的双重 收益。 甚至巴菲特也做过类似的投资。 日元资产,在上世纪80年代末出现了泡 沫,当时的日股接近百倍市盈率,日本 房地产也是处于巅峰水平,东京一个城 市的房地产，可以买下整个美国。 随后日股出现了长达19年的下跌，从 1989年最高点，跌到2008年，下跌超过 80%。 在市场下跌过程中，日本央行通过降低 利率的方式，来刺激经济。 日元10年期国债收益率，从80年代最高 的8.5%上下，一路下降到20 ...

近日，工行3年期大额存单起售门槛提至100万的消息引发市场广泛关注。第一财经记者实地走访深圳多 家银行发现，工行正在发售的2025年第四期3年期个人大额存单起存金额确为100万元，年利率为 1.55%，但是这针对部分高端和私行客户，为其提供充裕的购置需求，20万元起购的产品依然在售。专 家建议储户未来考虑多元化配置。更现场、更财经，一探究竟！ 近日，工行3年期大额存单起售门槛提至100万的消息引发市场广泛关注。第一财经记者实地走访深圳多 家银行发现，工行正在发售的2025年第四期3年期个人大额存单起存金额确为100万元，年利率为 1.55%，但是这针对部分高端和私行客户，为其提供充裕的购置需求，20万元起购的产品依然在售。专 家建议储户未来考虑多元化配置。更现场、更财经，一探究竟！ ...

市场周度评论 本周（2025年11月24日至11月28日），全球主要股指普遍上扬，风险偏好持续改善。美股表现强劲，纳 斯达克指数以4.91%的涨幅领跑，标普500与道琼斯工业指数分别上涨3.73%和3.18%，科技板块情绪显 著回暖。亚太市场同步反弹，日经225指数上涨3.35%。 A股市场整体反弹，成长风格占优。创业板指大涨4.54%，深证成指与科创50分别上涨3.56%和3.21%， 上证指数与沪深300涨幅相对温和，分别为1.40%和1.64%。市场呈现普涨格局，超84%个股上涨，但日 均成交额略有萎缩，显示部分资金观望情绪仍存。 行业方面，科技主线突出。通信、电子、传媒板块领涨，涨幅均超4%，而银行、石油石化等传统板块 承压。港股市场同步走强，恒生科技指数上涨3.77%，卖空金额大幅下降，显示空头情绪明显缓解。 然而，分散本身并非目的。若没有谨慎选股作为根基，多元化可能沦为平庸化的分散，甚至因持有质地 不佳的标的而拖累整体收益。真正的风险控制，需要在市场喧嚣中保持冷静，敢于在过热时卖出高估标 的，在低估时买入优质资产。 谨慎选股要求投资者深入理解企业的商业模式、竞争优势与财务状况。它关注的是企业的内在 ...

Group 1 - The article emphasizes the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [2] - It introduces a free course that systematically covers investment knowledge related to US dollar bond funds, indicating a growing interest in this area among investors [2] - The article highlights the rapid growth of "fixed income +" products in recent years, driven by declining deposit rates and increasing investor attention [7] Group 2 - "Fixed income +" funds typically add a small amount of stocks or convertible bonds to a pure bond base, leveraging the negative correlation between stocks and bonds to achieve stable returns while reducing volatility risk [5] - Traditional "fixed income +" products include primary bond funds, secondary bond funds, and mixed bond funds, with secondary bond funds and mixed bond funds being the most classic types [5] - The broader category of "fixed income +" also encompasses hedge funds and all-weather strategy funds, which may not hold a high proportion of bonds but use strategies to control volatility risk [5][7]

【环球网财经综合报道】近日，伴随着市场对"AI泡沫"的担忧加剧，美国科技股正持续遭到猛烈抛售，投资者信 心受到严峻考验。然而，在此背景下，华尔街的目光正悄然转向东方。一位管理着6.6万亿美元资产的瑞银全球财 富管理高管最新发声，高呼是时候将目光投向中国的人工智能股票了。 瑞银全球财富管理美洲区资产配置主管Jason Draho日前明确表示，中国科技板块提供了一种颇有吸引力的方式来 平衡美国科技股持仓，尤其是在当前美国科技股估值过高、市场疑虑逐渐升温的背景下。他强调了一个关键洞 察："虽然看起来中美科技板块可能会走势同步，但实际上二者相关性较低。"Draho解释说，这种低相关性源于双 方存在的竞争关系以及背后驱动因素的差异。他举例称，今年早些时候中国深度求索（DeepSeek）聊天机器人的 发布，就曾导致美国科技股的显著下跌。"如果中国科技或人工智能模型最终表现出色，就能起到多元化配置的作 用，"Draho在接受采访时表示，"它们背后的驱动因素既有国内政策，也有技术本身的差异，因此不仅可能跑赢各 自市场，走势也可能在一定程度上相互独立。" 在过去几天内，摩根士丹利和摩根大通等顶级投行也纷纷发表看涨观点。摩根士丹 ...

Core Insights - Allianz Investment emphasizes that the Asian market, particularly the Chinese stock market, is a key diversification choice for investors who are currently overexposed to U.S. equities [1][5]. Group 1: U.S. Monetary Policy and Fixed Income - Allianz's Chief Investment Officer for Fixed Income, Zeng Zheng, predicts further interest rate cuts by the Federal Reserve, with a terminal rate of around 3.5% by mid-2026 [1][3]. - Zeng highlights that fixed income remains a core tool for capital preservation amid macroeconomic volatility and policy divergence, urging investors to focus on maintaining portfolio resilience through prudent duration management [3][4]. - The investment return drivers are shifting, with 2025 returns driven by credit spread narrowing, while 2026 is expected to be primarily driven by spreads [3]. Group 2: Asian Market Opportunities - Zeng notes that many investors are heavily weighted in U.S. stocks, particularly in large tech sectors, and there is a trend of capital returning to Asia from global markets [6]. - The current low allocation of global investors to Asian stocks presents a significant opportunity, especially as Asian stocks have a low correlation with U.S. equities, making them a critical diversification choice [6]. Group 3: Key Investment Themes in Asia - Four major themes driving investment opportunities in Asian stocks include: 1. Innovation in technology manufacturing, particularly in semiconductors, AI, and biotechnology, especially in China and South Korea [7]. 2. Corporate reforms in China, South Korea, Japan, and Singapore aimed at enhancing shareholder value through buybacks and improved governance [7]. 3. Supply chain diversification benefiting markets like India as companies reduce geopolitical and operational concentration [7]. 4. Emerging consumer trends driven by growing domestic consumption and digital infrastructure, particularly in China and India [7]. Group 4: China's Economic Strategy - Allianz's Senior Economist for Asia, Tang Jicheng, identifies two key focuses of China's economic strategy: continued investment in advanced manufacturing and efforts to boost domestic consumption [9]. - The "14th Five-Year Plan" outlines five strategic areas for attention, including modern industrial systems, technological breakthroughs, a unified domestic market, human-centered urbanization, and international cooperation [10]. Group 5: Asset Allocation and Gold - Allianz's Head of Multi-Asset Growth, Hartwig Kos, indicates that risk assets remain attractive, with a shift towards more diversified global allocations beyond U.S. equities [13]. - Gold is reaffirmed as a strategic asset, increasingly driven by geopolitical uncertainty and de-dollarization, making it a vital component of a low-correlation, robust multi-asset investment portfolio [13]. Group 6: Sustainable Investment Trends - Allianz's Head of Sustainable and Impact Investing, Matt Christensen, notes that sustainable investment regulation is entering a new phase, with a shift from mere disclosure to clearer product classifications in the EU [15]. - Impact investing is maturing, with growing recognition of achieving market-level returns, particularly in private markets, supported by clearer outcome and reporting standards [16].