来源：环球市场播报 达利欧指出，许多投资者容易陷入误区，盯着短期涨跌反复纠结买卖时机，这种以短期波动为核心的决 策方式偏离了资产配置的本质。在他看来，更重要的问题是在整体资产中黄金应占多大比例。 他建议，无论是个人投资者，还是央行和主权基金，都应从更长周期的角度出发，重新审视资产配置结 构。合理做法是先确定适合自身的配置比例，并根据行情进行再平衡，涨得过多时适当减持，跌得过多 时适度增持，从而将配置比例维持在相对稳定区间。达利欧强调，黄金是非常有效的分散化工具，在困 难时期往往表现相对更好，而在经济繁荣、风险偏好上升阶段表现通常不如风险资产突出，其与其他资 产不同步的特性使其成为投资组合中的重要资产。 2月4日，黄金、白银市场风云突变，开盘后短线跳水，现货黄金由涨转跌，此前一度触及4972美元的高 位，最新报价为4922美元/盎司；现货白银日内跌幅更是扩大至2%，报83.5美元/盎司。这一剧烈波动引 发市场广泛关注，其背后是地缘政治局势变化与市场多重因素共同作用的结果。 美股频道更多独家策划、专家专栏，免费查阅>> 消息面上，据央视新闻报道，美国和伊朗近日将就"可能的核协议"展开会谈，然而3日谈判安排出现重 ...

Core Viewpoint - The A-share market has entered a phase of high volatility and structural differentiation after an initial rapid rise at the beginning of the year, prompting investors to seek stable returns through diversified asset allocation strategies, such as the newly launched Fuguo Hengxin 3-Month Holding Period Mixed (ETF-FOF) fund [1] Group 1: Market Environment - Since 2025, FOF funds have gained popularity among investors due to their asset allocation and risk diversification advantages, with a total of 545 public FOF funds and a combined scale of 244 billion yuan by the end of 2025, marking a historical high [2] - The ETF-FOF product combines the advantages of both ETFs and FOFs, allowing off-market investors to flexibly capture trading opportunities in on-market funds, with at least 80% of its non-cash fund assets invested in ETFs [2] Group 2: Fund Strategy - Fuguo Hengxin 3-Month Holding Period Mixed (ETF-FOF) aims for low volatility and low drawdown, primarily using bond ETFs as the underlying assets while integrating A-share sector rotation and Hong Kong Smart Beta strategies to enhance returns [3] - The fund employs a momentum risk budgeting model for dynamic adjustment of asset contributions to achieve stable volatility and controlled drawdown levels, with different strategies for various asset classes, including sector rotation for A-shares and duration timing for bonds [3] Group 3: Management Team - The fund will be managed by Zhang Ziyan, the Director of Multi-Asset Investment at Fuguo Fund, who has 15 years of experience in the securities industry and a strong background in mathematics and finance [4] - Under Zhang's management, the Fuguo Xinwang Steady Pension Target One-Year Holding (FOF) A fund achieved a net value growth rate of 27.60% since inception, significantly outperforming its benchmark return of 18.63% [4] - Fuguo Fund's multi-asset investment department, established in May 2017, focuses on strategy investment and research, aiming to provide clients with long-term stable returns through multi-strategy and multi-asset allocation [4]

记者丨施诗 胡光旗 金珊 编辑丨江佩霞 2月4日，黄金、白银开盘短线跳水，现货黄金由涨转跌，此前一度触及4972美元，最新报4922美元/盎 司，现货白银日内跌幅扩大至2%，报83.5美元/盎司。 消息面上，据央视新闻报道，美国和伊朗近日将就"可能的核协议"展开会谈。3日，谈判安排出现变 数。此前有消息称，谈判将在土耳其伊斯坦布尔进行，除美伊外，中东多国也将参与会谈。然而，知情 人士3日透露，伊朗希望在海湾国家阿曼、以双边形式举行会谈。而伊朗外交部称与美国谈判的地点仍 在磋商中。白宫则称，会谈仍将按计划进行。 桥水基金创始人瑞·达利欧认为，与其他资产相比，黄金仍是安全的资产。与股票或其他风险资产不 同，黄金并不会随着市场情绪每天发生本质性的变化。从数据来看，黄金价格相比一年前上涨了约 65%，但同时也从历史高点回落了约16%。这正是市场波动的典型体现。 达利欧指出，许多投资者容易陷入一个常见误区：盯着短期涨跌反复纠结，是不是该买、是不是该卖。 然而，这种以短期波动为核心的决策方式，往往偏离了资产配置的本质。 在达利欧看来，更重要的问题并不是"现在该不该买黄金"，而是"在整体资产中，黄金应该占多大比 例"。 他 ...

记者丨施诗 胡光旗 金珊 编辑丨江佩霞 2月4日，黄金、白银开盘短线跳水，现货黄金由涨转跌，此前一度触及4972美元，最新报 4922美元/盎司，现货白银日内跌幅扩大至2%，报83.5美元/盎司。 消息面上，据央视新闻报道，美国和伊朗近日将就"可能的核协议"展开会谈。 3日，谈判安排 出现变数。 此前有消息称，谈判将在土耳其伊斯坦布尔进行，除美伊外，中东多国也将参与 会谈。然而，知情人士3日透露，伊朗希望在海湾国家阿曼、以双边形式举行会谈。而 伊朗外 交部称与美国谈判的地点仍在磋商中。白宫则称，会谈仍将按计划进行。 会谈安排生变之际，美国和伊朗在阿拉伯海和霍尔木兹海峡分别发生两起军事摩擦。3日，美 军称在阿拉伯海击落伊朗一架无人机；数小时后，伊方船只在霍尔木兹海峡逼近一艘美国油 轮。 近期，国际金价在高位震荡。 是什么原因引发此前的暴跌？ 此次黄金"跳水"并不是无缘无故 的，背后有几股力量在推波助澜。 一是前期涨得太猛，情绪过热。 在美联储政策还不明朗的时候，市场疯狂押注未来会宽松， 于是金价一路冲到历史高位。结果呢？多头仓位挤得满满当当，就像一辆超载的火车，只要 有一点风吹草动，就可能急刹车。果不其然，当市 ...

所谓"基金超市"，就是投资者买入数十只乃至更多只基金产品，手里持仓产品像超市货架上的商品般琳 琅满目。在他们看来，持有基金的数量越多，风险就越能被摊薄，还能不错过各类市场机会。然而在实 际操作中，这种看似稳妥的策略，往往是对"分散投资"的误读。 今年以来，在A股结构性行情延续的背景下，不少投资者开始尝试一种新的买基金方式——开"基金超 市"。 一些投资者热衷于开"基金超市"，主要源于三种心态。一是怕错失盈利机会，面对AI、新能源、有色金 属等板块轮番上涨，生怕漏掉某一赛道的红利，于是每个热门领域都配置相关基金；二是对分散投资理 解片面，将"不把鸡蛋放在一个篮子里"简单等同于"篮子越多越好"，却忽略不同篮子可能同属一个"货 架"；三是选择困难症作祟，面对基金历史业绩、夏普比率、回撤数据等指标难以抉择，干脆全部拿 下，手里的基金数量越来越多。 这种操作看似精明，殊不知不少投资者已陷入"分散投资"的认知陷阱。当前市面上不少基金产品同质化 严重，看似名称各异、主题不同，实则重仓股高度重合。以新能源主题基金为例，多数产品前十大持仓 都是行业龙头企业。投资者买入数只这类基金，表面上持仓分散，实际是将资金集中投向少数几只股 ...

随着黄金价格波动加剧、市场不确定性增强，黄金是否仍是投资的"避风港"？ 南方财经21世纪经济报道记者施诗迪拜报道 近期，国际金价在高位震荡。在1月下旬创下历史新高后，国际金价持续下跌，一度跌超12%，最低触 及4682美元/盎司。不过，2月3日，国际金价又重回4800美元/盎司上方。 桥水基金创始人瑞·达利欧认为，与其他资产相比，黄金仍是安全的资产。与股票或其他风险资产不 同，黄金并不会随着市场情绪每天发生本质性的变化。从数据来看，黄金价格相比一年前上涨了约 65%，但同时也从历史高点回落了约16%。这正是市场波动的典型体现。 达利欧指出，许多投资者容易陷入一个常见误区：盯着短期涨跌反复纠结，是不是该买、是不是该卖。 然而，这种以短期波动为核心的决策方式，往往偏离了资产配置的本质。 达利欧强调，黄金是一种非常有效的分散化工具。当困难时期到来时，黄金往往表现相对更好；而在经 济繁荣、风险偏好上升的阶段，它的表现则通常不如风险资产突出。正是这种与其他资产不同步的特 性，使黄金成为投资组合中的重要资产。 （文章来源：21世纪经济报道） 在达利欧看来，更重要的问题并不是"现在该不该买黄金"，而是"在整体资产中，黄金应 ...

2月3日，贵金属市场在周二上演了惊人的大反转，黄金单日涨幅超过 5%，创下 2008 年以来的最大单 日增长表现。RadexMarkets瑞德克斯认为，这一轮反弹不仅是对前几日极端超卖行情的技术性修正，更 是避险情绪在非理性抛售后的强势回归。现货金价目前已重新站稳 4935.56 美元上方，对比此前一度跌 至 4403.24 美元的低位，市场的多头信心正随着价格的快速回升而逐渐凝聚。 2月3日，贵金属市场在周二上演了惊人的大反转，黄金单日涨幅超过 5%，创下 2008 年以来的最大单 日增长表现。RadexMarkets瑞德克斯认为，这一轮反弹不仅是对前几日极端超卖行情的技术性修正，更 是避险情绪在非理性抛售后的强势回归。现货金价目前已重新站稳 4935.56 美元上方，对比此前一度跌 至 4403.24 美元的低位，市场的多头信心正随着价格的快速回升而逐渐凝聚。 在市场逻辑的演变过程中，前期过度的杠杆清理和政策预期变动起到了关键作用。RadexMarkets瑞德克 斯表示，虽然美国政府提名 Kevin Warsh 担任美联储主席的消息一度推升美元并成为金银暴跌的导火 索，但黄金在 1 月份录得近 13% 的 ...

Core Viewpoint - The article discusses the recent extreme volatility in precious metals, particularly gold and silver, which experienced significant price drops followed by a sharp rebound, highlighting the challenges faced by investors during such market fluctuations [3][5]. Group 1: Market Volatility - Precious metals saw a historic decline, with silver dropping over 35% in a single day, marking the largest daily drop in 40 years, while gold fell 13% [3][5]. - The global stock markets were also affected, with the KOSPI index in South Korea dropping over 5% and the domestic index, CSI 1000, falling over 3% [5]. - Following the initial crash, there was a significant rebound in precious metals, with COMEX gold rising over 6.5% [6]. Group 2: Investor Behavior - Investors who heavily invested in precious metals at the end of December or early January faced substantial losses, erasing a month's worth of gains in just two days [7]. - Those who increased their investment during the price surge experienced even larger losses, with some needing silver to rise approximately 45% to break even after heavy losses [8]. - The article highlights the psychological impact on retail investors, who often react irrationally during extreme market conditions, leading to panic selling [10][11]. Group 3: Asset Allocation Strategy - The article emphasizes the importance of asset allocation, with a suggested strategy of a 55% stock, 35% bond, and 10% commodity mix, which proved to be resilient during the recent market turmoil, resulting in only a -2.7% decline [12][14]. - The presence of bonds in the portfolio helped stabilize returns and provided liquidity for potential buying opportunities during market dips [14]. - Adjustments to asset allocation were made in response to market conditions, demonstrating the need for dynamic rebalancing to mitigate risks [15][19].

睿知睿见 . 一个好的投资者，其能量一定的积极的，向上的，乐观的！ 别人看着他，就像看着太阳！ 他还能用朴实易懂的语言，传递正确的投资理念！ 以下文章来源于睿知睿见 ，作者睿知睿见 ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 睿知睿见 来源：雪球 在牛市里，大家都不愿意保留现金仓位，都希望把钱的效率放到最大。 但实际上结果比较有意思。 那些总是忍不住满仓的人，最终的收益率都不高，甚至亏损的比例更高。 有很多事，欲速则不达， 你越想赚钱，反而越赚不到钱。 那些欲望比较低的人，却往往能赚到更多的钱。股市就是这么奇怪。 熊市才需要减少现金仓位，而在牛市里反而需要保留适当的现金仓位。 千万不要把事情做反了。 如果遇到点不幸的意外，就不仅仅是焦虑了。 同样的道理， 总是满仓的人，情绪往往都很差。 只要被情绪奴役，基本上就跟赚钱无缘了。 所以别小看现金的力量，尤其在不顺的时候。 这市场处于高波动时，现金就是心态的压舱石！ 一、没有现金，就没有安全感 前些年，楼市走牛时，很多人把身上的现金都花光了，还加上杠杆买房。 每个月的按揭也会消耗 ...

Group 1 - The core viewpoint of the articles highlights the increasing activity of insurance capital in equity markets, particularly in Hong Kong stocks, driven by a low interest rate environment and asset scarcity [1][4] - Insurance capital has participated in cornerstone investments for seven Hong Kong IPOs in 2026, with a total subscription amount nearing 1 billion yuan, covering sectors from technology to consumer goods [1][2] - The cornerstone investment mechanism in Hong Kong serves as a market value indicator, with insurance capital becoming a key player in this space, particularly in new consumption and hard technology sectors [2][3] Group 2 - Notable examples of cornerstone investments include the IPO of Hunan Mingming Henmang Commercial Chain Co., which raised 3.336 billion HKD, attracting major institutions like Tencent and Temasek [2][3] - Insurance companies like Taikang Life have led the charge in Hong Kong IPOs, participating in multiple cornerstone investments across various sectors, including AI and biomedicine [3][4] - The trend of insurance capital's involvement in Hong Kong IPOs has significantly increased since 2025, with a total of 20 IPOs and a subscription amount of 4.679 billion HKD, reflecting the value of quality assets in the Hong Kong market [4] Group 3 - In addition to Hong Kong, insurance capital is actively researching A-share companies, having surveyed 310 firms in early 2026, focusing on sectors like technology and consumer goods [5][6] - The insurance sector's investment strategy includes a notable stake in Shanghai Airport, marking the first major acquisition of 2026, indicating a proactive approach in the A-share market [6] - The pre-made food sector, particularly companies like Qianwei Yangchu, has attracted attention from insurance capital, with significant revenue growth reported [6][7] Group 4 - The insurance capital's strategy is influenced by the need for asset allocation optimization and value recovery, as the Hong Kong market is currently at a historical valuation low, providing a safety margin [3][4] - Analysts suggest that the low interest rate environment necessitates increased investment in equity assets, particularly high-dividend and stable cash flow companies, to enhance investment returns [7][8] - The ongoing trend of insurance capital entering equity markets is expected to continue, driven by improved global liquidity and policy guidance encouraging long-term investments [4][7]