格隆汇9月12日丨联环药业(600513.SH)公布，为保障公司长期稳定发展，通过合理配置土地及实物资产 显著提高公司资产的稳定性和抗风险能力，公司全资子公司联环(安庆)拟向普林斯(安庆)购买部分房屋 建(构)筑物及土地使用权，本次交易以天源资产评估有限公司的资产评估结果为定价依据，确认交易价 格为7,450.00万元人民币(不含税)。 ...

9月12日，建信基金"信任的力量"2025秋季投资策略会在北京首钢园服贸会现场顺利举行，来自权益、 固收、量化、多元等多个领域的基金经理带来最新市场研判，为投资者深入解读当下热点与后市行情。 建信基金固定收益投资部基金经理吴轶带来了债市投资最新观点。利率债方面，地产和出口板块存在一 定下行风险，消费领域则需要重点关注补贴力度的可持续性；信用债方面，普通信用债相比利率债品种 仍有票息优势，在货币政策持续宽松的预期下，或可配置中短久期信用债以获取票息与骑乘收益，同时 关注久期风险。 建信基金数量投资部总经理助理、投资顾问团队基金经理孙悦萌围绕低利率时代在资产配置和风险管理 方面的应对展开讨论。当前，债券票息收益下行、债市波动放大，投资者日益重视资产性价比，尤其是 建信基金权益投资部基金经理马牧青围绕中国创新药产业的后市机会进行了分享。马牧青认为，随着高 质量产品的不断增加和创新领域的持续扩展，中国创新药的中长期表现未来可期，主要看好三大领域的 增长空间，一是肿瘤治疗领域，大型跨国药企仍有需求，重磅BD有望继续落地；二是减肥药，今年以 来减肥药领域BD不断，有望引领下一波创新药BD热潮；三是自身免疫性疾病领域，国内 ...

Core Insights - The article discusses the integration of a volatility timing straddle option strategy into common stock-bond asset allocation portfolios, resulting in a reduction of maximum drawdown by approximately 5% and an increase in the Calmar ratio by over 0.1 [1][2] Group 1: Volatility Timing Strategy - The article highlights that the performance of long-term option buying strategies, such as directly purchasing put protection options, has been subpar in both domestic and international markets [1] - It emphasizes that while the A-share market lacks direct trading tools based on volatility indices, investors can still construct equivalent volatility strategies using existing ETF options [1][2] - The article notes that single-leg strategies involving 300ETF options exhibit high volatility and drawdown, making them unsuitable for risk-averse allocation funds [1] Group 2: Straddle Option Strategy - The straddle strategy is found to have lower volatility and drawdown compared to single-leg strategies, with annualized volatility generally below 0.1 [2] - Selling straddle options can provide relatively stable excess returns, while buying options does not yield long-term excess returns due to high premiums and infrequent large market movements [2] - The article suggests that extreme volatility often follows periods of historically low volatility, indicating a potential "coiling" effect before significant market movements [2] Group 3: Implementation and Results - The article proposes a timing mechanism where buying straddle options is preferred when volatility drops to historically low levels (thresholds of 5%, 10%, 15%) to mitigate the risk of sudden volatility spikes [2] - The implementation of the volatility timing straddle option strategy into a common stock-bond asset allocation portfolio, allocating 10% of stock weight to the option strategy, results in a reduction of maximum drawdown from 21.4% to 13.5% and an increase in annualized return from 3.5% to 5.8% [2]

Group 1 - The core observation is the growing wealth gap between ordinary people who prefer saving money in banks and the wealthy who diversify their assets into stocks, gold, overseas funds, and emerging assets [1][12] - Saving money has become a form of "chronic depreciation" due to continuously declining interest rates, making it less effective as a stable investment strategy [3][4] - The wealthy focus on making their money work for them, emphasizing asset liquidity and diversification, which allows them to thrive amid market fluctuations [5][6] Group 2 - The difference between the rich and the poor is not merely the amount of capital but rather their mindset and cognitive approach to wealth [8][9] - Ordinary individuals are encouraged to change their thinking to seize opportunities, such as not solely relying on savings and understanding the balance of risk and reward [10] - Practical steps for ordinary people include diversifying investments, maintaining liquidity, adopting a long-term perspective, and considering allocations in gold or overseas assets [10]

Core Insights - The Chinese asset management industry is undergoing significant transformation by 2025, with Fund of Funds (FOF) gaining strategic importance as a professional asset allocation tool due to declining interest rates and increased market volatility [1] - Minsheng Jianyin Fund is focusing on a strategy of "fixed income as the cornerstone, FOF with characteristics, and equity breakthroughs," aiming to provide long-term stable wealth solutions for investors [1] Company Strategy - The FOF team at Minsheng Jianyin Fund emphasizes a "customer demand-centered" allocation philosophy, offering absolute return strategies for risk-averse investors and flexible configurations for those seeking long-term growth [1][2] - The team has established a robust research framework that integrates macro judgment, asset allocation, and sub-fund selection, driven by a "composite talent team" [1][2] Performance Metrics - The Minsheng Jianyin Kangning Stable Pension One-Year Holding Period Mixed (FOF) A product has shown a net value growth rate of 4.61% over the past six months and 8.35% over the past year, outperforming its benchmark [2] - Historical performance data for the fund from 2020 to 2024 indicates varying annual returns, with a cumulative net value growth rate of 24.93% since inception [3]

Core Viewpoint - The recent surge in gold prices has led to increased investment interest, prompting multiple banks to promote gold accumulation services with various fee waivers and incentives for long-term holding [2][3][4]. Group 1: Gold Price Surge - Gold prices have reached historic highs, with COMEX gold futures exceeding $3,690 per ounce and Shanghai Gold Exchange AU9999 hitting 836 yuan per gram [2][3]. - The rise in gold prices is attributed to three main factors: expectations of Federal Reserve interest rate cuts, increased gold purchases by central banks, and heightened geopolitical risks [5]. Group 2: Bank Promotions - Several banks, including Industrial and Commercial Bank of China and Nanjing Bank, are offering promotional activities for gold accumulation, such as waiving fees for active accumulation and providing discounted buy/sell rates [3][4]. - Banks are emphasizing the benefits of long-term gold holding, with some offering rebates and fee waivers for clients who hold gold for over a year [2][3]. Group 3: Investor Behavior and Risks - While banks are promoting long-term holding through fee waivers, experts caution that these measures alone may not significantly encourage a long-term investment mindset [4]. - Banks have issued risk warnings regarding gold accumulation products, highlighting that gold prices can be volatile and investors should be aware of potential losses [6].

达利欧将美国不断增加的偿债支出比作堵塞血管的斑块，指出这会"挤出其他开支"，并可能导致"心脏 病发作"。他建议，在一个充分分散的投资组合中，应配置10%至15%的黄金。 桥水基金创始人达利欧发出警告，美国日益沉重的债务负担正将其市场推向风险边缘，他建议投资者 将黄金作为对冲工具，以抵御潜在的系统性危机。 近日，达利欧在一次活动上将美国不断增加的偿债支出比作堵塞血管的斑块，指出这会"挤出其他开 支"，并可能导致"心脏病发作"。 达利欧认为，在一个"债务充斥"且地缘政治紧张局势加剧的世界里，投资者在构建一个中立的投资组 合时，应该反思"你拥有的是谁的钱？"他给出了具体的资产配置建议， 即在一个充分多元化的投资组 合中，黄金应占有10%到15%的比重。 截至周三收盘，得益于低于预期的通胀数据以及市场对美联储下周降息的普遍预期，标普500指数和 纳斯达克综合指数今年以来分别上涨超过11%和13%，并双双创下历史新高。 "英国和法国处境类似，但市场已经对它们施加了比对美国更严厉的约束"。 债务"心脏病"警报下，黄金的避险价值 达利欧的警告核心在于美国不断膨胀的债务及其服务成本。他在为即将于12月举行的阿布扎比金融周 举 ...

在多重因素推动下，国际金价近期持续上涨。9月10日，伦敦现货黄金价格报3650.75美元/盎司，年内 累计涨幅超40%，突破历史高位。 【导读】国际金价持续上涨，多家理财子公司密集"上架"黄金理财 金价持续上涨也促使银行理财子公司加大对黄金理财产品的布局。自9月以来，招银理财、光大理财等 多家理财子公司相继趁势密集发行挂钩黄金的理财产品。据统计，截至目前，市场上存续黄金理财有48 只，其中14只为理财子公司于年内发行。 在业内人士看来，受市场投资与避险需求的双重推动，国际金价中长期仍处于震荡上行通道。当前，理 财子公司参与黄金业务的公司数量还较少，预计未来会有更多公司参与，并探索更多黄金配置策略，相 关"黄金+"理财产品的发行节奏也将明显加快。 黄金理财发行"热潮"再现 趁着国际金价持续上涨，黄金理财发行"热潮"再现。 9月3日，招银理财发布产品成立公告，招银理财招睿焦点联动黄金5号固收类理财计划于9月2日成立， 挂钩标的为SGE黄金9999。此前，8月中旬，招银理财已发行了一只挂钩黄金的理财产品。 9月4日，光大理财阳光青臻盈7期（黄金挂钩策略）固定收益类理财产品也进入募集期。 中国理财网信息显示，截至9月 ...

Core Insights - The natural diamond market demonstrates strong resilience amid global economic adjustments, with significant growth in imports and value reassessment due to supply constraints and recovering demand [1][6] - The scarcity of natural diamonds is a key factor supporting their value, with global production declining to the lowest level since 1995, highlighting the increasing rarity of these assets [1][6] - The long-term price stability of natural diamonds is evident, with a historical average annual growth rate of approximately 3% over the past 35 years, and future projections indicate a continued increase in value [1][6] Market Dynamics - In the first half of 2025, China's imports of finished diamonds surged by 93.8% year-on-year, reflecting a robust demand recovery [1] - The consumer market is diversifying, with younger consumers seeking personalized designs and high-net-worth individuals showing strong demand for investment-grade diamonds [3][6] - The investment appeal of natural diamonds is becoming more pronounced, especially during economic fluctuations, positioning them as a viable asset class [3][6] Competitive Landscape - The introduction of a grading system by GIA for lab-grown diamonds marks a significant shift, reinforcing the unique value of natural diamonds and promoting rational market development [6] - The production of lab-grown diamonds has rapidly expanded, leading to a significant price decline, which contrasts with the stable value of natural diamonds [4][6] - The long-term growth potential for natural diamonds remains high, driven by supply constraints and diversified demand, solidifying their status in the luxury goods market [6]

Core Viewpoint - The article emphasizes the importance of simplicity in investment strategies, suggesting that a straightforward approach can lead to more stable and successful outcomes [2][18]. Group 1: Personal Investment Journey - The protagonist, a 30-year-old programmer in Beijing, has accumulated approximately 3 million yuan in cash, free of loans, but feels anxiety about the "35-year career crisis" [2][14]. - Initially, the protagonist's investment strategy was basic, relying on low-risk products like Yu'ebao and fixed-income products, aiming only to cover daily expenses [3][14]. - The first experience with mutual funds was profitable initially, but subsequent market fluctuations led to significant losses, highlighting the unpredictability of even seemingly stable investments [4][5]. Group 2: Lessons Learned - The protagonist experienced multiple losses in the stock market, which led to a deeper understanding of human psychology and the nature of risk in investing [6][7]. - The realization that overthinking and excessive trading often result in losses, while a more patient approach could yield better results [5][7]. - Acknowledgment of the importance of risk management and the need for a diversified investment strategy to mitigate potential losses [17]. Group 3: Investment Philosophy - The article advocates for a balanced asset allocation strategy, suggesting a mix of 70% bond funds, 10% stock funds, and 20% gold to manage risk effectively [8][15]. - Emphasizes the significance of setting realistic expectations and understanding personal limitations in investment capabilities [15][16]. - The concept of "embracing asset allocation" is presented as a way to acknowledge one's limitations and manage expectations in the pursuit of wealth [15][16]. Group 4: Practical Investment Strategies - The article outlines a simple four-step approach for new investors: assess risk tolerance, select recommended funds, set investment amounts, and establish a flexible investment timeline [18]. - Encourages new investors to focus on consistent and disciplined investment practices rather than overcomplicating their strategies [18]. - The importance of using reliable tools and platforms for investment management is highlighted, with a recommendation for the Snowball platform for its user-friendly features [11][20].