1. Report Industry Investment Rating The provided content does not include the industry investment rating. 2. Core View of the Report The report focuses on the localization dilemma of the traditional risk parity model with "low volatility and low returns" in a low - interest - rate environment. By introducing the "Relaxed Risk Parity (RRP)" framework and a dynamic return anchoring mechanism, it constructs an all - weather enhanced strategy that does not rely on macro - timing and balances "risk diversification" and "return elasticity", achieving a logical advancement from localization adaptation to global allocation [1]. 3. Summary According to Relevant Catalogs 3.1 Introduction - In the low - interest - rate era, the traditional single - asset investment framework faces challenges. Asset allocation has become a core source of returns. The mainstream asset - allocation models include the mathematical optimization system and the macro - cycle system, but they face "acclimatization" in the Chinese market. The RRP framework is introduced to solve the problems [15][16][18]. 3.2 Global - scale Main Asset - Allocation Model Introduction - **Logic Divergence and Evolution Path of Mainstream Models**: The mainstream models are divided into the mathematical optimization system starting from the Markowitz mean - variance model and the macro - cycle system represented by the Merrill Lynch Clock. The former evolves from capital allocation to risk allocation, and the latter deepens from state segmentation to timing rotation [20][21][22]. - **China - adaptation Process of Asset - Allocation Models**: The traditional Merrill Lynch Clock has "acclimatization" in the Chinese market. A currency - credit model is proposed as a local alternative. The risk - parity strategy also has a localization dilemma due to the lack of leverage tools and hedging products, and the RRP framework is a solution [26][30]. 3.3 What is Risk Parity? - **Allocation and Hedging, Risk Parity and Factor Parity**: Risk parity is an asset - allocation philosophy based on "risk budgeting". It has evolved into the asset/macro parity mode represented by Bridgewater and the factor parity mode represented by AQR and academia [32]. - **Logical Architecture and Core Calculation Rules**: Based on Euler's theorem, the risk - parity strategy decomposes the total portfolio risk into the risk contributions of each asset and makes them equal through optimization algorithms [33]. 3.4 Relaxed Improvement of Risk Parity - **Logical Reasoning and Core Modeling of RRP**: The traditional risk - parity model has defects such as over - reliance on low - volatility assets and loss of mean - variance efficiency. The RRP framework relaxes the hard constraint of equal risk contributions to a soft - penalty term and constructs a comprehensive optimization model [43][44]. - **Back - test Results**: - **From "Defensive Trap" to "Efficiency Leap"**: Compared with the standard risk - parity portfolio (V1), the relaxed risk - parity portfolio (V2) has significantly improved in terms of annualized return, Sharpe ratio, winning rate, and has more flexible bond - leverage use and dynamic portfolio structure [70]. - **From "Local Trial - and - Error" to "Global Allocation"**: The globalized relaxed risk - parity portfolio (V3) has a diversified structure and lower trading friction. It can use the dislocation of Sino - US economic cycles to achieve better performance [76][79]. - **Generalization Ability of the Model under Different Parameter Windows**: When the parameter - estimation window is extended from 1 year to 2 years, the RRP model still shows better risk - return characteristics, proving its long - term effectiveness [85]. 3.5 Subsequent Strategy Optimization - **AI - enabled**: Introduce a deep - reinforcement learning framework to construct an intelligent agent that can dynamically adjust core parameters according to the macro - environment [86]. - **Response to Extreme Environments**: Use the idea of volatility parity and graph - theory algorithms to improve the robustness of the strategy in extreme environments [88]. - **Paradigm Reconstruction**: Shift from asset - based to factor - based risk control, and construct a three - dimensional allocation system [89].

Core Viewpoint - The article discusses the challenges faced by individual investors in allocating their year-end bonuses amidst rising stock and gold prices, while banks are actively launching specialized financial products to attract these funds [1] Group 1: Market Trends - Since 2026, gold prices have significantly increased, with the Shanghai Composite Index rising by 4.82% and the Hang Seng Index by 8.17% within the year [6] - The total scale of the national wealth management market reached 33.29 trillion yuan by the end of 2025, growing by over 3 trillion yuan from the beginning of the year [6] Group 2: Bank Initiatives - Major state-owned banks and various commercial banks have launched year-end bonus exclusive financial products, focusing on low-risk, flexible-term options to cater to investors' needs [2][3] - The products include short-term and medium-term options, with some banks offering annualized returns exceeding 4% for short-term investments [2][3] Group 3: Product Features - Banks are emphasizing low initial investment amounts and a variety of strategies, with many products starting at 1 yuan and offering annualized returns around 3% to 4% [3][5] - The marketing strategies have shifted from product-centric to configuration-oriented, integrating various financial tools to better meet customer needs [5] Group 4: Customer Engagement - Some banks are implementing incentive mechanisms to enhance the retention of year-end bonus funds, such as cash rewards for increasing average monthly assets [4] - The focus is on providing a one-stop management solution for year-end bonuses, combining wealth management, insurance, and investment products [5]

1月28日，近期贵金属市场的剧烈波动引发了投资者的广泛关注，尤其是白银在一年内录得超过 200% 的惊人涨幅，这一表现已将金银比拉低至多年来的极端水平。Mhmarkets迈汇认为，随着金银比从去年 的异常高位跌至今年的低点，白银市场的热度已接近临界点，投资者目前应审慎考虑获利回吐的必要 性。汇丰银行分析师也表达了类似看法，认为白银目前的强势更多源于零售资金的涌入与工业需求的复 苏，而非其避险属性的根本改变。 在黄金市场方面，虽然地缘政治溢价与债务扩张担忧可能在 2026 年上半年将金价推向 5050 美元的新 高，但市场随后可能面临更大幅度的回撤风险。根据相关数据显示，2026 年全年的价格波动区间预计 将宽幅维持在 3950 美元至 5050 美元之间。Mhmarkets迈汇表示，这种波动性主要源于宏观环境的不确 定性，如果美联储调整利率政策路径，或者全球地缘局势出现超预期的缓和，目前处于高位的金价可能 会经历显著的技术性调整。 尽管短期内存在回调压力，但从长远来看，Mhmarkets迈汇认为黄金作为资产配置"压舱石"的地位依然 稳固。策略师 Rodolphe Bohn 提到，对美元贬值的长期担忧及各国央行 ...

Core Insights - The gold market in early 2026 is experiencing a significant surge, with international gold prices surpassing $5,200 per ounce and domestic gold recovery prices exceeding 1,000 yuan per gram, reflecting a strong demand for asset preservation among ordinary investors [1][8] - The case of a woman in Zhengzhou selling 300 grams of gold for 300,000 yuan highlights the importance of timing and rational investment choices in capitalizing on market trends [3][13] Market Dynamics - The recent spike in gold prices is attributed to multiple factors, including a weakening US dollar, geopolitical tensions, and strategic purchases by global central banks, which have collectively reinforced gold's value as a safe-haven asset [8][9] - In 2025, global central bank gold purchases reached a record high, with countries like Poland and China continuing to increase their gold reserves, indicating a trend towards "de-dollarization" and a robust demand for gold [8][9] Investment Behavior - Successful investors in the gold market have demonstrated a long-term strategy, avoiding short-term market fluctuations and focusing on securing profits at high price points, contrasting with less informed investors who may follow market trends without adequate knowledge [6][12] - Ordinary investors are advised to understand the market fundamentals, including the importance of gold purity and the need to verify weights and prices during transactions to avoid being misled by unscrupulous dealers [11][12] Industry Challenges - The gold recovery market is facing significant issues, including deceptive practices by some merchants who exploit information asymmetry, leading to reduced payouts for sellers [9][10] - The lack of regulation and standardization in the gold recovery process, particularly among small merchants, poses risks for consumers, making it essential to choose reputable channels for transactions [10][11] Regulatory Developments - The introduction of the "Gold Old-for-New Business Service Standards" by the China Gold Association aims to establish a framework for the industry, although its implementation among smaller merchants may take time [10] Investor Education - Ordinary investors need to break two common misconceptions: that gold is a guaranteed store of value and that gold jewelry is equivalent to investment-grade gold, as the latter often incurs high craftsmanship costs that diminish resale value [12][13] - A balanced approach to gold investment is recommended, with a suggested allocation of 5% to 10% of total assets in gold to mitigate risks associated with market volatility [12][13]

Core Insights - The article features an interview with Qiu Hua, a seasoned investor with over 30 years of market experience, who has successfully navigated multiple market cycles and currently manages an investment portfolio of nearly 20 million [1] - Qiu Hua emphasizes a shift in investment strategy from short-term trading to asset allocation, achieving a stable annualized return of over 6% in the past five years, with minimal drawdowns [1] - Despite a positive outlook on the equity market, Qiu Hua acknowledges the increasing difficulty of market timing and expresses contentment with a 5% annualized return, indicating a more cautious approach to investing [1] Investment Strategy - Qiu Hua's investment style has evolved from short-term speculation to a focus on asset allocation, reflecting a broader trend among investors seeking stability [1] - The article highlights the importance of adapting to changing market conditions, as Qiu Hua notes the accelerated rotation in the market and the challenges it presents for investors [1] Market Outlook - Qiu Hua maintains a bullish perspective on the equity market, suggesting that there are still opportunities for growth despite the complexities of current market dynamics [1] - The article suggests that investors should be aware of the changing landscape and adjust their strategies accordingly to navigate potential risks and opportunities [1]

Core Insights - The discussion around the maturity of deposits is intensifying, with various institutions providing differing estimates on the scale of maturing deposits by 2026, projected to reach a level of one trillion yuan, with one-year and longer-term deposits estimated to mature between 50 trillion to 70 trillion yuan [1] Group 1: Deposit Maturity Estimates - Different banking types show varying maturity scales, with state-owned banks expected to have the largest maturity volume of approximately 30 trillion to 40 trillion yuan, followed by joint-stock banks at around 10 trillion to 13 trillion yuan, and city and rural commercial banks combined at about 5 trillion to 7 trillion yuan [1] - The maturity of deposits is anticipated to exhibit a "front high and back low" trend, influenced by banks' annual "New Year" demands, leading to a larger volume of maturing deposits in the first quarter [1] Group 2: Post-Maturity Fund Allocation - After maturity, deposits are expected to flow into four main areas: repaying existing mortgages or consumption, purchasing bank wealth management products, investing in the stock market, and continuing to buy fixed-term deposits [2] - Historical data suggests that most maturing deposits will either be renewed or shifted to products within the banking system, with retention rates exceeding market expectations [2][3] Group 3: Investment Preferences and Trends - The portion of deposits that will be redirected is expected to follow a tiered migration based on risk tolerance, primarily used for debt repayment and essential consumption, with the majority moving towards bank wealth management, insurance, and money market funds [3] - A small fraction of higher-risk capital may enter the market through funds or ETFs, largely dependent on future capital market performance [3] Group 4: Wealth Management Product Trends - Banks are actively guiding maturing deposit customers towards purchasing wealth management products, with many wealth management subsidiaries launching mid to low-risk "fixed income+" products that aim to enhance returns while maintaining low volatility [4] - The "fixed income+" products are designed to meet investor needs by building a stable base with bond assets while flexibly allocating to stocks, gold, and other assets to seek yield enhancement opportunities [5] Group 5: Investment Strategy Recommendations - The end of the era of risk-free high interest rates signals a need for diversified asset allocation, with investors encouraged to adopt a threefold rational approach: cognitive rationality, allocation rationality, and tool rationality [5] - Investors should recognize the prevailing interest rate environment, diversify their asset combinations based on risk tolerance, and leverage professional institutional support for disciplined long-term investments [5]

责任编辑：秦艺 宁波银行提示，由于近期贵金属价格波动加剧，请提高贵金属业务的风险防范意识，基于自身财务状 况、风险承受能力理性投资，从资产配置角度合理配置贵金属资产。请及时关注持仓情况，合理控制仓 位，注意分散配置，避免单一重仓贵金属。 1月28日金融一线消息，宁波银行近日发布公告称，自2026年1月28日（周三）起调整定存金产品定存利 率。调整后的定存金产品定存利率分别为：活期0%，1个月0.3%，3个月0.3%，6个月0.4%，12个月 0.5%。 1月28日金融一线消息，宁波银行近日发布公告称，自2026年1月28日（周三）起调整定存金产品定存利 率。调整后的定存金产品定存利率分别为：活期0%，1个月0.3%，3个月0.3%，6个月0.4%，12个月 0.5%。 宁波银行提示，由于近期贵金属价格波动加剧，请提高贵金属业务的风险防范意识，基于自身财务状 况、风险承受能力理性投资，从资产配置角度合理配置贵金属资产。请及时关注持仓情况，合理控制仓 位，注意分散配置，避免单一重仓贵金属。 责任编辑：秦艺 ...

午后，餐厅，资深的主厨正在设计一场定制家宴的菜单。 他并未着急决断，而是先仔细研究了宾客的饮食习惯——这次的宾客偏好清淡本味，喜爱新鲜的食材。 放下手中的宾客资料，宴席的架构开始浮现。 清蒸海鱼是李师傅的拿手菜，他对火候与时间的掌控已臻化境； 菊花豆腐汤全靠陈师傅的经验，一手出神入化的刀工，豆腐在水中绽放如丝缕菊瓣； 杏仁酪温润妥帖，心思缜密的周师姐能把握得恰到好处…… 主厨不需要自己去种菜或捕鱼，亦不需要亲手制作每道美食。 涨跌刺激如烈酒的权益产品、温和滋补如老火汤的固收产品、散发着土地清香的资源品、清冽可饮用的 活水现金…… 这有点像FOF基金经理遴选投资标的的动作。 首先明确投资者的风险偏好，确定产品的投资目标。 其次根据投资目标，精心构建组合的框架和策略。 再根据资产配置方案，从浩如烟海的基金中，选择最合适的投资品种。 而这个组合并不是静态不变的，需要根据市场的变化，动态调整。 FOF基金经理在投资时，也会面对琳琅满目的"投资菜系"—— 资产轮动，就像春季尝鲜、秋冬进补。聪明的主厨不会死守一个菜谱，而是根据市场季节的变化，适度 增配当下更具潜力的资产，减配可能面临风险的资产，旨在捕捉不同阶段的收益机会 ...

左秀海的职业生涯深耕于量化交易领域，他曾在海通证券分管量化业务并牵头构建对冲基金服务体系； 后担任海通资管副总经理。2025年12月，其职业履历迎来新发展阶段，出任国泰海通资管副总裁。 在波动的市场环境中，FOF（基金中的基金）凭借其"均衡配置、稳健收益"的核心特质，正成为承接居 民理财需求的重要载体。 国泰海通资管副总经理左秀海日前接受中国证券报记者专访时表示，从中长期来看，FOF行业发展空间 广阔，财富管理在市场中扮演重要角色，投资者群体日益丰富，预计未来三年中国FOF产品规模有望突 破1.5万亿元。 面对FOF这一具有广阔前景的业务，左秀海表示，随着绝对收益型产品需求增长与高净值客群配置意识 觉醒，近年来，国泰海通资管通过构建系统化投研体系、深化管理人认知，持续提升FOF解决方案的竞 争力。未来公司将致力于FOF业务规模与质效的双重提升，助推财富管理服务向更精细化、定制化和专 业化方向发展。 均衡稳健 打造资产配置最佳解决方案 国内市场对FOF产品的布局已经持续了多年，但近三四年呈现出规模快速增长的态势。Wind数据显 示，在持续的净申购和新产品发行推动下，公募FOF的总规模在2025年年底突破2500 ...

据了解，有色矿业ETF招商(场内：159690；场外：026477)前三大权重品种铜（31%）、金（14%）、 铝（12%）合计占比近6成，龙头集中度高。还自带"杠杆属性"，被称为"周期放大器"：由于集中投资 上游资源龙头，在矿业公司成本相对固定时，有色金属价格上涨导致涨价部分几乎全是利润。因此形成 利润+估值双提升的"戴维斯双击"行情，净值涨幅数倍于商品本身。 风险提示：基金有风险，投资需谨慎。 消息面，据 Bitget 行情信息，现货黄金站上 5190 美元/盎司，日内涨 0.24%。现货白银向上触及 114 美 元/盎司，日内涨 1.54%。国金证券首席策略分析师牟一凌认为，对于商品而言，资产配置属性驱动了 本轮的上涨且当前定价并不极致，对冲美元风险下黄金储备有望继续上升，且商品计价的黄金股相对其 他资源股较为低估，有修复需求。 1月28日，金银继续上攻！数据显示，截至10时15分，有色矿业ETF招商(159690)放量涨超3%，成分股 白银有色、湖南黄金涨停、西部黄金、山东黄金涨幅居前。 | 官 - | 代码 | 有色型(ETF招商159690成分喜观 | | 估算权重 | | --- | --- | ...