欧洲利率在1%左右期间欧元区债券市场整体表现强劲，欧洲机构投资者配置特征为拉长久期并使用衍生 工具对冲。 负利率及量化宽松政策（QE）对欧元区债券市场的影响极为显著。ECB的大规模资产购买计 划（APP和PEPP）直接推高了债券价格，压低了各期限国债收益率。在负利率和QE期间，欧洲债券市场 表现强劲，年回报率较高。Bloomberg Euro Aggregate Index等主要债券指数在2014-2020年间整体年 化回报在3.5%-4.5%左右。低利率环境下，欧洲保险机构推行负债久期匹配策略，通过发行长期限保单 或存款产品，降低负债端利率敏感度。在资产负债管理中，海外资管机构还通过衍生工具进行久期匹配与 利率风险对冲。 报告导读： 偏好动态久期、成本管控及多元配置。 欧元区政策利率演变：经济增长与通胀间寻求平衡。 自1999年欧元区成立以来，欧洲央行（ECB）作为 单一货币政策的执行者，其政策利率的演变深刻反映了欧元区经济周期的起伏及全球金融环境的变化。 2014年6月，ECB首次将存款便利利率降至负值（-0.10%），标志着欧元区正式进入负利率时代。2022 年下半年，受俄乌冲突引发的能源危机和通胀飙升 ...

2025 年 06 月 29 日 美财长提议移除 899 条款，全球市 场风险偏好继续修复 ——全球资产配置每周聚焦 (20250620-20250627) 证券分析师 金倩婧 A0230513070004 jinqj@swsresearch.com 冯晓宇 A0230521080005 fengxy2@swsresearch.com 林遵东 A0230524100005 linzd@swsresearch.com 王胜 A0230511060001 wangsheng@swsresearch.com 相关研究 - 大 类 资 产 配 置 ⚫ 本周（20250620–20250627）。本周美国财长贝森特表示，请求国会山从"大而美"税收草案中删除 899 条款，即备受争议的"资本税"条款。在美方同意取消特朗普税案中的第 899 条"报复性税收"提案 后，美国公司将被豁免于部分由其他国家征收的税项。全球地缘政治持续缓和，本周权益市场涨幅靠前， 而商品普遍收跌。1）利率方面，到 2025 年 6 月 27 日，10Y 美债收益率下降 9BPs 来到 4.29%，美元指 数仍在 100 以下，目前为 97.3。2） ...

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。 ◆◆◆ ▼点击阅读原 文，免费学习大额家庭资产配置课程 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？ ...

▼点击阅读原 文，免费学习大额家庭资产配置课程 文 | 银行螺丝钉 （转载请注明出处） ...

Core Insights - Family offices are experiencing explosive growth in Australia, with at least 2,000 currently operating, representing over 150% growth in the last decade [1] - The entry threshold for establishing a family office is at least 10 million AUD in liquid assets, often significantly more [1] - Ordinary investors can mimic the investment strategies of wealthy individuals through a combination of ETFs and a target annual return of 8% [1][3] Investment Strategy - The primary appeal of family offices lies in their customized asset allocation tailored to each family's unique financial situation, risk tolerance, and spending needs [3] - The long-term goal for family offices is to achieve stable annual returns of 6% to 8% over decades [3] - An 8% annual return is considered the "golden standard" for wealth preservation and transfer, offering more flexibility than merely tracking indices [3] ETF Comparisons - Two ETF providers, Betashares and VanEck, were invited to design asset portfolios targeting an 8% annual return over 30 years, compared to Australia's Future Fund [4] - The asset allocation for VanEck and Betashares includes various categories such as Australian equities, global equities, private equity, and alternatives, with VanEck focusing on a diversified risk premium strategy [4] Risk and Liquidity - Achieving an 8% annual return corresponds to a volatility range of 12%-18%, indicating the necessity for investors to withstand asset fluctuations [5] - Betashares has excluded private assets from its portfolio to mitigate liquidity mismatch risks, opting for more liquid equity products [7] - Both ETF providers suggest allocating 1%-2% of the portfolio to Bitcoin as an alternative asset to enhance diversification and return potential [7] Cost Considerations - Family offices typically charge a management fee of 1%, which translates to 100,000 AUD annually for assets of 10 million AUD, while ETFs have significantly lower annual fees [8] - Family offices provide comprehensive services beyond investment, including legacy planning and family governance, which adds value to their offerings [8] Conclusion - While ETFs may not fully replicate the services of a family office, they can effectively simulate a family office's asset allocation strategy for investors who are clear about their goals, can tolerate volatility, and prioritize long-term returns [9]

这里有一门限时免费的福利课程，介绍了债券指数基金的投资方法。 文 | 银行螺丝钉 （转载请注明出处） 大部分投资者对股票指数基金都耳熟能详，但是对债券指数基金知之甚少。债券指数基金该如 何投资？ 想要获取这个课程，可以添加下方「课程小助手」，回复「 债券 」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。 ◆◆◆ ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

▼点击阅读原 文，免费学习大额家庭资产配置课程 文 | 银行螺丝钉 （转载请注明出处） ...

Core Insights - The annual index conference held by Huaxia Fund emphasized the importance of understanding the distinction between alpha (excess returns) and beta (market returns) in investment strategies [1][3] - Dr. Chen Peng highlighted that for most investors, achieving alpha is a costly and low-probability endeavor, while beta represents a more reliable source of returns [3][4] Group 1: Investment Returns - Alpha is often mythologized as a coveted achievement, but it is fundamentally a zero-sum game where gains come at the expense of others, leading most investors to experience negative alpha after accounting for transaction costs [4] - Beta, on the other hand, is the basic return provided by the market, accessible to anyone who participates; historical data shows significant long-term growth for investments in stocks compared to bonds and cash [5] - Costs associated with fund management, trading, and investor behavior are often overlooked but can significantly erode returns, particularly in the Chinese market where investor behavior losses are pronounced [6] Group 2: Asset Allocation Strategies - The core principle of achieving a "free lunch" in investing lies in effective asset allocation, which can enhance returns without increasing risk or reduce risk without sacrificing returns [7] - Historical data from the U.S. suggests that a well-balanced portfolio of stocks, bonds, and cash can yield returns similar to stocks while reducing volatility [8] - Broad-based index funds, such as the CSI 300 and CSI 500, provide a low-cost means to capture beta returns in the Chinese market, diversifying individual stock risk and offering lower fees compared to actively managed funds [9] Group 3: Investment Strategies for Individuals - Individuals are encouraged to focus on beta by utilizing index funds to capture market returns, with examples like the Huaxia CSI 300 ETF being highlighted as a strong choice for accessing large-cap stock risk premiums [10] - Proper asset allocation should be tailored to individual risk tolerance, with younger investors leaning towards stocks and older investors favoring bonds, alongside regular rebalancing to maintain target allocations [11] - The role of investment advisors is crucial in helping investors avoid emotional decision-making, with evidence suggesting that skilled advisors can generate significant additional returns for their clients [12] Conclusion - The essence of investing is to recognize the attainable versus the unattainable; the insights from Buffett's wager suggest that understanding one's capabilities is vital, and focusing on beta through disciplined asset allocation can lead to sustainable investment success [13]

Core Insights - The annual index conference held by Huaxia Fund in Beijing featured a roundtable discussion among three investors, focusing on the evolution of index investment and strategies to enhance investment satisfaction [1][3]. Group 1: Investment Evolution - Ding Ying, a long-time investor, shared her journey from a novice in 2006 to a more strategic investor by 2023, highlighting her shift from equity to a 90% allocation in bond funds and later increasing her equity exposure to 20%-40% [4]. - Xiong Siyuan, a finance professional, discussed his transition from overconfidence in beating the market to understanding the importance of beta, leading to a diversified portfolio that includes U.S. stocks, A-shares, gold, bonds, and currency [5]. - Ren Shuai, representing younger investors, described his path from bank savings to stock market experiences, utilizing tools like Huaxia Fund's "Red Rocket" to build his investment framework [5]. Group 2: Practical Strategies - Ding Ying emphasized the importance of identifying "cold" investment opportunities, such as underperforming ETFs, rather than following popular trends [6]. - Xiong Siyuan suggested using quantitative methods to assess index valuations and to invest during market lows, particularly when the market sentiment is negative [6]. - Both investors highlighted the need to sell during market exuberance, with Ding Ying advocating for a balanced portfolio and Xiong Siyuan warning against crowded trades [7]. Group 3: Tools and Resources - Xiong Siyuan recommended a combination of professional roadshows, financial bloggers, and self-built data tracking systems to monitor investment products [8]. - Ding Ying suggested leveraging financial news for investment insights and following professional bloggers for guidance [8]. - Ren Shuai mentioned using industry news, professional content, and community discussions to enhance his investment knowledge [8]. Group 4: Asset Allocation Principles - Ding Ying stressed the importance of understanding risk tolerance and maintaining a stable base of 60%-80% in bond funds, primarily in government bonds [9][11]. - She also advised limiting high-risk investments to no more than 5% of the total portfolio to ensure flexibility during downturns [10]. - The remaining portfolio should be diversified globally through ETFs to mitigate risks associated with any single market [12]. Group 5: Final Recommendations - The discussion concluded with key investment philosophies emphasizing awareness in managing greed and fear, the importance of disciplined investment practices, and the need for a balanced asset allocation strategy [13].

Core Insights - The core theme of the conference is to enhance the sense of gain for index fund investors, emphasizing a people-centered approach in capital market reforms and development [2][3]. Group 1: Investment Strategy and Services - The company proposes a "co-constructed scenario-based sense of gain ecosystem" to tailor investment solutions based on specific family needs and reasonable annualized expectations of certain indices [1][11]. - The focus is on multi-asset allocation to effectively control risks while meeting long-term wealth planning goals for families [1][11]. - Index funds are positioned not just as trading tools but as essential vehicles for asset allocation and wealth management [1][11]. Group 2: Research and Insights - The company has conducted extensive research, including surveys of over 70,000 clients and more than 30 in-depth interviews, to understand factors influencing investor satisfaction [4][5]. - A quantitative evaluation system has been developed to measure and track investor satisfaction, utilizing machine learning to identify key factors affecting this sense of gain [5][6]. - Findings indicate that index investors generally experience higher satisfaction levels compared to non-index investors, particularly those engaging in multi-asset allocations [6][10]. Group 3: Client Engagement and Education - The company emphasizes the importance of guiding investors to avoid irrational behaviors during market fluctuations, providing real-time market analysis and investment advice [1][3]. - A variety of investment strategies are recommended, including multi-asset allocation and core-satellite index investing, to match clients' risk preferences and investment goals [9][10]. - The development of the "Red Rocket" service aims to enhance client engagement and facilitate better access to investment solutions [11]. Group 4: Future Directions - The company aims to create a closed-loop ecosystem that connects insights and empowerment to enhance the tangible sense of gain for investors [11]. - Continuous efforts will be made to refine the evaluation model and improve the overall investment experience for clients [8][11].