文 | 银行螺丝钉 （转载请注明出处） 螺丝钉带你读书 每周一期，持续更新中 2025 《简单致富-实现财务自由与富足人生的路线图》 《财富方程式：实现财富自由的简单算法》 《苏世民：我的经验与教训》 《战胜华尔街》 《芒格之道》 《科学预测》 2024 | 《指数基金投资指南》 | 《股市长线法宗》 | | --- | --- | | 《有钱,能买到快乐么》 | 《金钱心理学》 | | 《中产家庭理财清单》 | 《美股70年》 | | 《如何配置全球资产》 | 《万亿指数》 | | 《养老金投资组合》 | 《学会花钱》 | | 《聪明的投资者》 | 《四千周》 | | 主题阅读:A股历史牛熊市 | 主题阅读:日本指数基金 | | 主题阅读:城镇化 | 主题阅读:黑神话 · 悟空 | | 主题阅读: 目股 | | 2023 | 《主动基金投资指南》 | 《行为投资者》 | | --- | --- | | 《迷失的盛宴:中国保险史》 | 《风险投资史》 | | 《爸妈,我们需要谈谈钱》 | 《创意的生成》 | | 《乔布斯、禅与投资》 | 《长寿时代》 | | 《邻家的百万富翁》 | 《拿铁因素》 | | 《极 ...

文 | 银行螺丝钉 （转载请注明出处） 从历史数据看，指数增强基金的平均收益，多数年份是可以跑赢对应指数的。 但其中也有一部分跑输了指数，如果不谨慎挑选的话，也有可能买到的基金，实际上跑不赢指 数。 那应该如何挑选优秀的指数增强基金呢？ 这里有一门限时免费的福利课程，介绍了指数增强基金的投资方法。 想要获取这个课程，可以添加下方「课程小助手」，回复「 指数增强 」领取哦 ～ ◆◆◆ 做好全球资产配置,有以下好处。 (1) 可以捕捉更多的投资机会。 例如有的时候，某些国家的股票估值比较 高，但是还存在其他估值较低的市场。 观察更多的地区、更多的资产类别，可以 捕捉到更多投资机会。 (2) 可以降低持仓过程中的波动风险。 如果家庭中资产,全部是某一类资产,例 如都是房地产。 那遇到房地产长熊市时，就会比较难受。 分散配置资产，不同地区、不同资产类别 不会同涨同跌，可以减少家庭资产整体的 波动风险。 比如说，以股票指数为例，如果是全球股 票指数,通常会比单个国家的股票指数波 ▼点击阅读原 文，免费学习大额家庭资产配置课程 ...

以下文章来源于申万宏源策略 ，作者全球资产配置团队 特朗普关税即将落地，全球权益回调，商品多数上涨 ——全球资产配置每周聚焦 (20250321-20250329) 金倩婧/冯晓宇/林遵东/涂锦文/王胜 本期投资提示： 申万宏源策略 . 我们强调体系性、实战性 全球资产估值方面：本周(20250321-20250328)，全球股市ERP方面，本周A股，A股的ERP分位 数有所回升。 全球股市ERP方面，A股资产ERP性价比较高，本周的中国资产的ERP历史分位数 上升，恒生指数和恒生国企的ERP历史分位数分别为14%和13%，处在较低的位置，标普500和 纳斯达克的ERP分位数保持基本稳定，当前ERP分位数最低的欧洲Stoxx600和道琼斯指数， 全 球资产风险调整后收益分位数上，近十年维度上 ，纳斯达克100、标普500和日经225的动态风 险调整后收益在50%分位以下继续下跌，恒生指数动态风险调整收益略微回调至89%，沪深300 风险调整收益分位数从76%回升至80%基本稳定；商品方面，贵金属的风险调整收益分位数维 持96%的高位。 全球资产风险指标：美股散户看多比例小幅上升但仍处低位，A股期权定价依然乐观 ...

Core Viewpoint - The launch of "Cross-Border Wealth Management Connect 2.0" is expected to enhance the demand segmentation among investors in the Greater Bay Area, driven by increased investment limits and a broader product pool [2][4]. Group 1: Overview of Cross-Border Wealth Management Connect 2.0 - "Cross-Border Wealth Management Connect" was officially launched in September 2021, allowing investors in the Greater Bay Area to invest in qualified financial products from each other's regions through a closed-loop funding channel [2]. - The new version, "Cross-Border Wealth Management Connect 2.0," was introduced on December 4, 2024, marking the official launch of brokerage services, which injects new momentum into the interconnectivity of the financial markets in the Greater Bay Area [2][4]. Group 2: Changes in Investor Preferences - Following the launch of "Cross-Border Wealth Management Connect 2.0," there has been a noticeable increase in investment activity, with over 60% of clients holding products for more than one year, indicating a shift towards long-term asset allocation [3][4]. - The new version has raised the individual investment limit to a maximum of 3 million RMB and expanded the product pool to include R4 risk-rated products, which has led to a diversification of investment options [4]. Group 3: Product Focus for Investors - Investors are advised to focus on three types of products: 1. Bond products linked to USD and HKD, which balance high-interest returns, flexibility, and currency risk hedging [6]. 2. Instruments linked to gold and commodities, as demand for gold as a safe-haven asset is expected to remain high amid economic uncertainty [7]. 3. ESG-themed and green finance products, supported by policies promoting low-carbon transitions, with opportunities in carbon-neutral bonds and renewable energy funds [7]. Group 4: Preferences of Investors in Northbound and Southbound Connect - Northbound investors show a preference for low-risk products, such as RMB fixed deposits and medium-low risk financial products, which align with their goals of asset preservation and appreciation [9]. - Southbound investors predominantly choose foreign currency fixed deposits, with over 90% initially opting for HKD or USD deposits due to attractive interest rates and currency preservation needs [12][13].

Core Viewpoint - The article emphasizes the integration of finance and philanthropy, highlighting how wealth can embody responsibility and hope through initiatives like the "Bai Nian Xiang Shan Alliance" and ESG (Environmental, Social, and Governance) investment strategies [2][3]. Group 1: Event Overview - The "Bai Nian Xiang Shan Alliance" establishment ceremony and ESG responsibility investment forum will take place on March 28 in Guangzhou, gathering over 300 representatives from various sectors [2][3]. - The event will feature discussions on key topics such as global asset allocation, ESG's impact on corporate value, and new models for charitable asset management [2][4]. Group 2: Collaborative Efforts - The event will mark the strategic cooperation signing between CITIC Securities and the Guangzhou Charity Association for the "Bai Nian Xiang Shan" project [3]. - A diverse range of stakeholders, including government departments, charity associations, financial institutions, and media, will participate in the event [3]. Group 3: CITIC Securities Entrepreneur Office - CITIC Securities established its Entrepreneur Office on August 18, 2023, aiming to provide comprehensive financial services through a "1+1+N" service model [6][7]. - The office focuses on collaboration across various financial institutions and internal departments to meet the diverse needs of clients [7]. Group 4: Future Initiatives - By 2025, CITIC Securities plans to launch the "Bai Nian Xiang Shan" brand in collaboration with its asset management department, aiming to leverage financial power to foster goodwill [8]. - The "Investment Think Tank" initiative by Securities Times aims to address high-quality development in the capital market, fostering collaboration among financial institutions and listed companies [9].

Core Viewpoint - The article emphasizes the importance of enhancing cross-border wealth management capabilities in response to the increasing integration of China's economy with the global market and the growing openness of China's capital markets. It highlights the launch of "Cross-Border Wealth Management Connect" 2.0 as a significant development in this context [1][5]. Group 1: Popular Cross-Border Wealth Management Products - Investors are showing a preference for various cross-border wealth management products, including dollar-denominated money market funds, bond funds, and index ETFs. These products are favored for their stability, liquidity, and potential for capital gains [2][3]. - The "Cross-Border Wealth Management Connect" 2.0 has introduced new investment options, allowing investors to avoid high premiums associated with QDII ETFs by providing access to cross-border ETFs [1][2]. Group 2: Global Asset Allocation Strategies - The increasing interconnectedness of global financial markets has made cross-border investment channels more diverse and accessible, leading to a more mature investment philosophy among investors [3][4]. - Investors are now more inclined to pursue global asset allocation strategies, diversifying across different asset classes and regions to achieve stable growth while managing risks effectively [3][4]. Group 3: Impact of "Cross-Border Wealth Management Connect" 2.0 - The launch of "Cross-Border Wealth Management Connect" 2.0 has seen high participation from investors, enhancing their investment experience and expanding their asset allocation options [5][6]. - The new regulations have lowered participation barriers for mainland investors and increased individual investment quotas, promoting greater engagement in the cross-border wealth management market [6][7]. Group 4: Challenges and Solutions in Cross-Border Wealth Management - The article discusses the regulatory and compliance challenges faced in cross-border wealth management, emphasizing the need for effective coordination between different regulatory systems [9][10]. - Financial institutions are encouraged to invest in resources for customer identity verification, risk assessment, and product information disclosure to ensure compliance and smooth operations [10][11]. Group 5: Marketing and Investor Education - Companies are focusing on enhancing investor education through various channels, including seminars and personalized consultations, to improve understanding of product risks [12]. - Emphasis is placed on utilizing digital tools to streamline processes and ensure that investors are well-informed about risks associated with their investments [12].

Global Asset Price Review - The recent comments from U.S. Commerce Secretary regarding tariffs have heightened concerns about a potential economic recession, leading to a decline in global equity markets while commodity prices generally increased [1][6]. - The U.S. 10-year Treasury yield decreased by 1 basis point to 4.31%, and the U.S. dollar index fell by 0.15% to 103.7 [1][6]. - The performance of global equity markets varied, with the Shanghai Composite Index rising by 1.59%, while the S&P 500 dropped by 2.27% [1][6]. Global Fund Flows - There was a notable shift in global fund flows, with money moving out of U.S. equities and into European stocks, alongside inflows into money market funds and government bonds [2][12]. - In the past week, domestic investors withdrew $18.2 million from the Chinese stock market, while foreign investors added $9.7 million [2][12][14]. Global Asset Valuation - The economic recession expectations in the U.S. have led to significant adjustments in U.S. equity valuations, with the equity risk premium (ERP) for the S&P 500 and Nasdaq increasing, while China's asset ERP has decreased [3][9]. - The historical ERP for the Hang Seng Index and Hang Seng China Enterprises Index stands at 12%, indicating relatively low valuations compared to the rising ERP of U.S. indices [3][9]. Global Asset Risk Indicators - The proportion of retail investors bullish on U.S. stocks has reached a historical low, while bullish sentiment among A-share investors remains strong [4][11]. - The CBOE volatility index has increased, reflecting heightened market uncertainty, while the Shanghai Composite Index's options market shows a strong bullish sentiment [4][11]. Global Macro Economic Observations - The U.S. manufacturing PMI fell to 50.3 in February, indicating a weakening manufacturing sector, while inflation rates are showing signs of decline [5][10]. - In contrast, China's manufacturing PMI and new orders PMI have shown marginal improvement, remaining above the expansion threshold [5][10].

最近，不少投资者都有这样的疑问： "QDII又双叒限购了，想买点海外基金这么难吗？" 在波动成为常态的全球市场中，如何突破工具限制，构建真正具备韧性的资产配置框架，成为 越来越多投资者关心的问题。 往期推荐 免责条款：©【2025】 Morningstar 保留所有权。此处提供的信息、数据、分析和观点不构成投资建议；截至撰写日期， 仅供参考；可随时更改，恕不另行通知。本内容并非买卖任何特定证券的要约，也不保证其正确性、完整性或准确性。 过往表现不保证未来结果。Morningstar 名称和标识是 Morningstar, Inc.的注册商标。这里的内容包含 Morningstar 的专 有资料；未经Morningstar 事先书面同意，不得以任何方式复制、转载或以其他方式使用本文章的全部或部分内容，在社 全球资产配置的核心价值，在于通过地域与资产类别的双重分散，优化投资组合的长期 风险收益比。 当境内市场经历阶段性调整时，海外成熟市场的权益资产可能正处于估值 修复周期；当本币汇率波动时，持有其他币种计价的资产可以有助于对冲风险。在QDII 额度受限的情况下，投资者需要将视野投向更广阔的跨境投资工具箱。 目前， ...

想进一步了解如何借助晨星的数据与工具优化跨境投资策略？ 欢迎扫码或点击文末 " 阅读原 文 " 获取更多信息： 往期推荐 免责条款：©【2025】 Morningstar 保留所有权。此处提供的信息、数据、分析和观点不构成投资建议；截至撰写日期， 仅供参考；可随时更改，恕不另行通知。本内容并非买卖任何特定证券的要约，也不保证其正确性、完整性或准确性。 过往表现不保证未来结果。Morningstar 名称和标识是 Morningstar, Inc.的注册商标。这里的内容包含 Morningstar 的专 有资料；未经Morningstar 事先书面同意，不得以任何方式复制、转载或以其他方式使用本文章的全部或部分内容，在社 目前，两类机制为境内投资者提供了可行路径：一是，运作近十年的 内地与香港互认基金 机 制，通过严格筛选的40余只香港注册基金，为投资者提供直达亚太市场的配置工具；二是，依 托粤港澳大湾区政策创新的 跨境理财通 ，不仅将个人投资额度提升至300万元，更涵盖超过 2000只（不同份额合并计算）涵盖股债的多品类产品，显著拓宽了资产选择半径。 对于具备大湾区户籍或社保条件的投资者来说，跨境理财通"南向 ...