【#中国奢侈品市场现回暖迹象#，#年轻人称买顶奢珠宝不如买黄金#】奢侈品正成为新一代消费者资产 配置的重要组成部分。随着国际金价大涨，年轻人也在奢侈品与黄金等资产投资中寻找平衡。 贝恩最新发布的一份《2025年中国个人奢侈品报告》揭示了中国奢侈品市场的一个深刻变化：奢侈品消 费正从"情绪消费"转向"理性资产配置"，消费者更注重奢侈品的投资价值和性价比。 报告还显示，2025年中国内地个人奢侈品市场较2024年的大幅下降有明显缓和趋势，并且自去年第三季 度开始显现初步复苏迹象。 随着国际金价连续创下新高，多位年轻消费者对第一财经记者表示，以钻石为代表的珠宝体现更多的 是"情绪价值"，要真正当作资产配置来投资，还得买黄金。 "很多顶奢珠宝的品牌溢价太高，不如直接买黄金实在。"杰瑞对第一财经记者表示。他还表示，黄金可 以锻造成自己喜欢的款式戴在身上，比如最近他用三枚金戒指换了一枚黄金吊坠。 ...

Core Insights - Luxury goods are becoming an important part of asset allocation for the new generation of consumers, with young people seeking balance between luxury items and traditional investments like gold [1] - The shift from "emotional consumption" to "rational investment" in the luxury goods market is highlighted, with consumers focusing more on the investment value and cost-effectiveness of luxury products [3] Group 1: Market Trends - The 2025 China Personal Luxury Goods Report indicates a significant change in the luxury market, with a noticeable easing of the decline in the personal luxury goods market in mainland China compared to 2024, showing early signs of recovery since Q3 of the previous year [3] - The report suggests that 2025 will be a year of adjustment for the Chinese luxury market, with consumers seeking a balance between quality, uniqueness, and practicality in high-cost performance products [3] - The high-value customer (VIC) group remains a core driver of the luxury market, but younger potential consumers are cautiously entering the luxury market [3] Group 2: Consumer Behavior - The new generation of young consumers is increasingly valuing the investment potential and sustainability of luxury goods, driving a recovery in the jewelry category and rapid growth in the second-hand luxury market [3] - There is a growing acceptance of second-hand luxury goods among consumers, particularly among younger and price-sensitive demographics, indicating a shift in consumer perception [4] - The second-hand luxury market in China is projected to grow by 15% to 20% in 2025, driven by increased supply, higher consumer acceptance, and the popularity of live-streaming platforms [4] Group 3: Jewelry Market Dynamics - The jewelry market in China is showing signs of improvement due to the rising gold prices, although it has not fully reversed the previous decline, with the drop in jewelry sales narrowing to less than 5% [6] - Young consumers express that while jewelry holds emotional value, they prefer gold as a more practical investment, reflecting a shift in asset allocation preferences [6] Group 4: Purchasing Trends - The proportion of Chinese consumers purchasing luxury goods overseas has significantly decreased, with an estimated 65% of luxury consumption occurring in mainland China and 35% abroad, indicating a trend of consumption returning to the domestic market [7] - The combination of China's visa-free policies and flexible tax refund systems is attracting some foreign consumers to purchase luxury goods in mainland China, although their contribution remains relatively small compared to the overall market [7] - Looking ahead to 2026, China is expected to remain a cornerstone for global luxury growth, with strong market recovery trends anticipated starting in the second half of 2025 [7]

Group 1: Core Concepts of Compound Interest - The essence of compound interest lies in the combination of time and return rate, where a longer time frame significantly amplifies wealth accumulation [2][4] - Understanding the exponential growth of wealth through compound interest can help individuals shift from a linear mindset to a more effective wealth-building strategy [3][10] - A focus on stable, predictable returns (6%-8%) through diversified investments is recommended over chasing high-risk, high-reward opportunities [4][17] Group 2: Behavioral Challenges in Practicing Compound Interest - The temptation for immediate gratification can hinder long-term investment goals, necessitating a shift in prioritizing future financial freedom over current pleasures [6][8] - Fear of market volatility often leads to panic selling, but recognizing that short-term fluctuations are noise in the context of long-term growth is crucial for compound interest advocates [7][18] - Establishing a concrete savings and investment plan is essential to overcome inertia and ensure consistent action towards wealth accumulation [8][11] Group 3: Practical Strategies for Wealth Accumulation - Building a "triple income" strategy is advised, where 50% of income covers necessary expenses, 30% is saved, and 20% is allocated for investments or learning [11] - Asset allocation should follow the "80-age rule," gradually reducing risk as one ages while maintaining a focus on quality assets and long-term holding [12] - Continuous learning and skill enhancement can significantly improve investment returns, emphasizing the importance of knowledge in achieving financial growth [12][13] Group 4: Long-term Perspectives on Wealth and Relationships - The concept of health and relationship compounding highlights that consistent small improvements in health and nurturing relationships can yield significant long-term benefits [14][15] - Avoiding the allure of short-term gains is essential, as true wealth growth comes from embracing a slow and steady approach to investing [17] - Teaching future generations about compound interest and instilling saving habits can create a legacy of financial wisdom and growth [19]

Core Viewpoint - In a low-interest-rate environment and industry transformation, China Merchants Jinhe Life Insurance, backed by China Merchants Group and China Mobile, has achieved significant growth, entering the "trillion club" with total assets reaching 108.1 billion yuan by the end of 2025, marking an 18.4% increase year-on-year [1]. Financial Performance - The company reported a cumulative net profit of 672 million yuan in 2025, a staggering increase of 411% year-on-year, with the return on equity (ROE) rising from 2.24% to 8.69% [1][3]. - The company appears to have exited its initial loss-making phase and is now on a path of profit generation [3]. Capital Adequacy - By the end of 2025, the core solvency adequacy ratio dropped to 96.18%, down from 128.47% at the end of 2024, primarily due to rapid accumulation of business liabilities, which increased from 7.65 billion yuan to 9.53 billion yuan [3]. - The future surplus of policies included in core Tier 1 capital decreased from 1.17 billion yuan to 520 million yuan, indicating some erosion of the capital base [3]. Financial Strategy - In response to capital pressure, the company issued 1.3 billion yuan in capital supplement bonds at a low interest rate of 2.40% and redeemed 800 million yuan of old debt with a higher interest rate of 4.95%, resulting in a net increase of 500 million yuan in supplementary capital and annual interest savings of approximately 20 million yuan [3]. - The investment yield for 2025 was 5.22%, slightly lower than the previous year's 5.47%, with a clear asset allocation strategy favoring government bonds, which increased to 31.05 billion yuan [3][4]. Shareholder Changes - Beijing Zaichuan Technology Co., Ltd. plans to transfer its 3.79% stake to Chongqing Yufu Holdings Group and Chongqing Linkong Development Investment Group, introducing strong state-owned enterprise backing from Chongqing into the shareholder structure [4]. Future Challenges - Despite achieving over 100 billion yuan in assets, the company anticipates a further decline in the core solvency adequacy ratio to 83.55% in the next quarter, raising concerns about future capital pressures and the potential need for shareholder capital increases [5]. - The company is attempting to find a sustainable balance between expansion ambitions and capital constraints [5].

回顾过去20年黄金走势，一个规律清晰可见：每次大幅回调后，往往伴随着更强劲的反弹。 2013年"黄金大屠杀"后，金价在随后几年上涨超过40%；2020年3月疫情恐慌导致黄金短期暴跌，之后创下历史新高。 黄金的波动周期与全球经济周期、货币周期高度相关。当市场过度悲观时，往往埋藏着未来的机会。 （1）全球央行政策转向：主要经济体开始收紧货币政策，黄金的零息劣势凸显 （2）市场风险偏好变化：股市反弹分流资金，加密货币等替代资产吸引力增强 （3）技术性抛压：金价跌破关键支撑位后，触发程序化交易和止损单 "上周才买了黄金，这周直接跳水！" "不是说避险资产吗？怎么跌得比股票还狠？" 国际金价连续下跌，让许多"刚上车"的投资者措手不及。这波黄金暴跌背后到底发生了什么？曾经被誉为"硬通货"的黄金，现在还能入手吗？ 1 暴跌真相：不只是美联储那么简单 表面上看，这轮黄金下跌与美联储加息预期增强、美元走强密切相关。但深层原因更为复杂： 2 历史规律：暴跌后往往是机会 黄金股/基金：杠杆效应强，波动更大 4 给投资者的建议 调整心态：接受黄金也有周期，短期波动正常 明确目的：你是想短期投机还是长期保值？ 量力而行：只用闲钱投资， ...

编辑丨曾芳 视频丨许婷婷 1月30日，21世纪经济报道记者登录多家银行App发现，工商银行、农业银行旗下多款投资类 实物黄金产品已显示"暂时无货"， 部分产品甚至全线断货。 在工商银行App贵金属的"投资专区"，其全线产品已显示断货。其中，核心产品"如意金"已全 线售罄。该产品为工商银行发行的实物黄金，成色为Au999.9，涵盖5克、10克、20克、50 克、100克、200克、500克、1000克共八种规格。系统显示，该产品累计已销售超过181万 套。 记者丨张欣 工行如意金购买页面，来源：工商银行App 此外，工商银行"大师十二生肖传世金纪念版"（规格一般为5克、10克、20克）与"筑梦中华金 条"（规格为20克至1000克）也全部显示 "该商品暂时无货" 。 农业银行App贵金属商城中，黄金投资类主打产品——5克"传世之宝"系列（含兔年、蛇年、 龙年等主题）以及"福禄寿喜金钱"等产品也全部标注"已售完"。该系列产品为农业银行监制发 行，山东招金银精炼有限公司制造。 农行部分生肖金币购买页面，来源：农业银行App 实物黄金产品的热销，呼应了全球黄金需求的整体走势。 世界黄金协会1月29日发布的《2025 ...

Group 1 - The A-share market has shown a strong performance with a "17 consecutive days of gains," pushing the Shanghai Composite Index close to 4200 points, continuing the "long bull" market since September 24, 2025, and leading to a surge in new account openings [1][16] - Young investors, particularly those under 35, accounted for over 45% of new accounts in 2025, becoming a significant force in the investment market [1][16] - The rise of the internet-native generation, represented by those born in the 2000s, has led to a shift in investment behavior, with these young investors actively sharing their investment experiences on social media platforms [1][16] Group 2 - The 00s generation, as "digital natives," has grown up in an environment where information is instant, trading is online, and social interactions are networked, shaping their approach to investment [3][18] - The accessibility of online brokerage apps and low thresholds for investment, such as 1 yuan for ETF investments, have allowed young individuals to enter the capital market with small amounts of money [3][18] - Compared to previous generations, the 00s have a more integrated view of investment as part of life, influenced by social media and online content rather than traditional financial news [3][18] Group 3 - A case study of a university student, Li Yang, illustrates the typical investment journey of the 00s, starting with small investments and gradually learning to manage risks and establish rules for trading [4][20] - Li Yang's experience reflects a broader trend among young investors who are learning to balance emotional responses with disciplined investment strategies [4][20] - The shift from chasing emotions to establishing rules is a common lesson learned by young investors in the current market environment [4][20] Group 4 - As young investors deepen their understanding of the capital market, they are transitioning from single-category investments to diversified portfolios, exploring various asset classes including index funds, foreign currency investments, and commodities [6][22] - The use of online resources and platforms for learning investment strategies is prevalent among the 00s, indicating a strong adaptability and willingness to learn [6][22] - Kendra, a young investor, exemplifies this trend by developing a systematic investment methodology and adapting her strategies based on market experiences [7][23] Group 5 - Kendra's investment approach emphasizes technical analysis and a focus on market dynamics rather than relying solely on fundamental news, showcasing a shift in investment philosophy among young investors [9][25] - The importance of risk management and disciplined investment practices is highlighted, with Kendra implementing strict stop-loss measures to mitigate potential losses [11][27] - The tendency for young investors to engage in high-risk investments without adequate strategy underscores the need for a balanced approach to asset allocation [13][29] Group 6 - The emotional aspect of investing is significant for the 00s, with many using social media and cultural references to process their experiences in the market [11][27] - Despite understanding the concept of stop-loss, executing it remains a challenge for many young investors, often leading to larger losses due to emotional decision-making [12][28] - The journey of investing for the 00s is characterized by early trial and error, allowing them to learn valuable lessons in a less pressured environment [15][31]

Core Viewpoint - Multiple banks are targeting the year-end bonuses of workers by launching exclusive financial products and promotional activities to attract customers [2][5][10]. Group 1: Year-End Bonus Financial Products - Several banks, including Postal Savings Bank, Bank of Communications, and China Merchants Bank, have introduced dedicated sections in their mobile banking apps for year-end bonus financial products [5][6][7]. - For example, Postal Savings Bank offers products like "Daily Earnings" with a maximum annualized rate of 1.52% and a low-risk product with an annualized rate of 4.28% [6]. - China Merchants Bank has a "Year-End Bonus" section that includes tasks for customers to unlock rewards, specifically targeting customers with salary accounts [7]. Group 2: Asset Allocation Strategies - Some banks are providing asset allocation strategies for year-end bonuses, suggesting a breakdown of funds into categories such as daily expenses, safety nets, stable investments, and growth investments [8]. - For instance, the Guangdong branch of China Construction Bank recommends allocating 10%-20% for daily expenses, 5%-10% for safety, 40%-60% for stable investments, and 10%-20% for growth [8]. Group 3: Market Trends and Data - As of the end of 2025, the total scale of the bank wealth management market reached 33.29 trillion yuan, an increase of 11.15% from the beginning of the year, with the number of investors growing by 14.37% [12][13]. - The report indicates that low-risk and medium-low-risk products dominate the market, with 95.73% of the total wealth management products falling into these categories [14]. - In 2025, wealth management products generated a total return of 730.3 billion yuan for investors, with an average yield of 1.98% [14].

21世纪经济报道记者 唐婧 1月29日，现货黄金价格首次突破5500美元/盎司，短短四天内接连突破六道整百关口，刷新历史纪录。然而，面对屡创新高的金 价，投资者心态却出现分化。 在北京从事文化创意工作的李先生告诉记者："4000美元的时候就觉得高，当时觉得不要再追了，结果现在涨了这么多，还是纠结 要不要入场。"还有投资黄金多年的王女士向记者直言："黄金是信用货币的锚，中长期肯定是上涨的，但最近确实涨的快了些。" 不仅普通投资者陷入纠结，专业机构投资者之间也出现明显观点分歧。1月27日，话题"李蓓清仓黄金"登上微博热搜，知名私募基 金经理李蓓近期在接受媒体采访时透露，她已于上月清空了所持有的全部黄金仓位，原因是持有黄金的"机会成本极高"。 李蓓解释，这并非直接看空黄金，黄金未必会跌，可能在高位震荡，但机会成本极高，未来两年中国顺周期蓝筹或迎来大牛市， 持有黄金将错失更大机会。更重要的是，人民币升值背景下，人民币计价的黄金可能下跌，进一步降低投资价值。对普通投资者 而言，跟风追涨不可取，需警惕高位震荡与汇率波动的双重风险。 此前，美国银行将其短期黄金目标价上调至6000美元/盎司。美银分析师迈克尔·哈特内特在给客 ...

■ 万亿资管巨擘探寻记 寻找增长"新引擎" 国寿资产"拓"舞台 "以投资体系建设、三方业务拓展和布局结构突破为抓手，努力打造具有较强国际竞争力、中国特色世 界一流的综合资产管理平台。"国寿资产总裁于泳近日在接受中国证券报记者专访时，勾勒了该公司对 未来的期许和努力的方向。 随着中国资管行业在国际舞台影响力不断增强，国寿资产作为国内资管行业头雁，更将肩负使命与担 当，进一步发掘与开拓全新的增长动力引擎，积极探索低利率时代的资产配置新方案，在我国金融市场 双向开放过程中发挥主力军作用。 ● 本报记者 程竹 薛瑾 "在投资体系建设方面，公司将以投资管理模式升级为核心，在助力经济新旧动能转换中持续提升投资 能力。"于泳说，面向服务中国式现代化的总体布局，聚焦金融"五篇大文章"和新质生产力主线，创新 优化投资布局、完善"长钱长投"机制，充分发挥长期耐心资本优势；针对久期与利率风险上升的行业趋 势，稳步推进资产配置转型升级，深化资负双向联动，提升多元市场条件下的统筹配置能力。 据于泳介绍，为支撑上述转型，国寿资产将强化"平台型、团队制、一体化、多策略"的投研体系建设， 动态优化组织架构与资源配置，不断提升投资体系的协同效 ...