在关税政策等不确定性下，美国股债汇"三杀"频现，美元信用遭遇动摇。"去美元化"和"多元化配置"成 为近期多场国际投资峰会上，投资机构及其客户热议的关键词。 5月29日，瑞银资产管理公司全球主权市场策略与咨询主管马西米利亚诺·卡斯泰利（Massimiliano Castelli）对第一财经表示，以前几乎没有机构会质疑美元信用，但今年开始这成为诸多客户会上被提 及的问题。目前主流机构还没有出现明显的"去美元化"趋势，美元作为全球储备货币的地位仍将长期保 持，但多元化配置、加大对美元资产持仓的对冲比例是切实在发生的事。 据记者了解，作为多元化配置趋势的体现，近年来除了黄金被多数机构增持，欧洲股票、日元、澳大利 亚元等资产近期亦受到追捧，国际投资者对于港股的兴趣同样在回升。 大规模去美元化未启 4月，美国实施"对等关税"政策，一度引发全球金融市场恐慌，美元指数跌破100大关，随后更跌入98区 间，创下阶段新低。日元、欧元今年以来对美元升值5%~10%。 多元化配置、加大对美元资产持仓的对冲比例是切实在发生的事 在华尔街看来，美元此前被高估了10%~20%。这种高估缘于美国"例外主义"——过去十多年里，美国 优异的资产 ...

Group 1 - The rapid development of private MOM products is highlighted, with 29 products registered by May 20 this year, surpassing the total of 23 for the entire year of 2024 and setting a new record since 2019 [2] - MOM (Manager of Managers) is defined as a unique investment management model that involves delegating investment advice to multiple qualified third-party asset management institutions, allowing for diversified asset allocation [2] - Compared to FOF (Fund of Funds), MOM offers advantages in investment concentration limits, rebalancing flexibility, and the authority of the parent fund [3] Group 2 - The implementation of the "MOM Product Guidelines" by the CSRC at the end of 2019 has led to a more regulated environment for MOM products, allowing securities and futures asset management to engage in private MOM business [3] - Many of the newly registered MOM products are structured with cooperative institutions (such as securities and futures asset management) as trustees, and multiple private fund managers as investment advisors [3] - There is a growing demand for diversified allocation from bank wealth management and insurance asset management, especially as interest rates decline and volatility increases [3] Group 3 - Despite the advantages, there are risks associated with outsourced investments, which require strong research and investment capabilities [4] - The performance of MOM products heavily relies on the management capabilities of private funds as investment advisors and the selection and risk control measures of the funding parties [4] - Recent incidents, such as the collapse of a major FOF private institution, have led some bank wealth management firms to suspend similar channel businesses due to associated risks [4] Group 4 - The use of FOF and MOM tools is not merely a simple investment choice; it requires robust quantitative algorithms and detailed due diligence to select suitable products and managers [5] - Wealth management subsidiaries are adopting outsourcing as a long-term investment strategy, but there is still a need for improvement in the research and investment capabilities related to FOF and MOM [5]

尽管美元近期趋稳并小幅回升，但经济学家对这一全球储备货币的前景仍持悲观态度。周五截至发稿， 美元指数维持在100上方，但年内仍累计下跌7%。 阿波罗（Apollo）首席经济学家托尔斯滕・斯洛科（Torsten Slok）在报告中指出，美元相对欧元的利差本 应推动欧元重新接近平价水平。然而，欧元兑美元目前徘徊在1.12左右。 斯洛科计算发现，美元汇率较利差暗示的水平低10%。显然，其他力量正在发挥作用。 此外，DeepSeek等企业突然崛起挑战了美国在人工智能领域的主导地位，加之"美国例外论已达顶峰"的 观点，以及高估值引发的美国资产抛售潮，均凸显美元弱势。这也引发经济学家激烈辩论：当前局面是 暂时性调整，还是范式转变？ 特纳指出，市场还反复猜测，与美国主要出口国的贸易协定可能纳入某种货币协议，这将使近期升值的 新台币、韩元等货币的强势地位更加稳固。 随着特朗普指控多国央行人为贬值货币以获取不公平贸易优势，日本、新加坡等被怀疑存在相关行为的 国家，可能成为美国的"攻击目标"。 自贸易战开始以来，欧元兑美元受到利差以外的因素驱动 荷兰国际集团（ING）全球市场主管克里斯・特纳（Chris Turner）的最新研究 ...

或受关税降温影响，印度股市昨日盘中直线拉涨，印度Sensex指数收涨1.48%，刷新去年10月来新高。 新兴亚洲ETF（520580）早盘高开，截至发稿上涨1.38%，实时价格1.032元，开盘10分钟成交近1.7亿元。 资金面上，新兴亚洲ETF昨日获资金净流入4117万元；融资净买入789万元创纳入两融以来新高。 东南亚多国降息以促进国内经济发展 过去一段时间，东南亚股市呈现持续上扬态势。截至上周五，泰国、印尼股市均录得连续4周上涨，印度股市更是连续刷新年内高位。 或处于经济增长考虑，今年来印度、印尼、泰国央行均采取降息措施。 巴克莱在一份报告中表示，印度央行可能在6月份降息，此前预计为8月份。印度央行今年已进行两次降息，为住房贷款、汽车贷款和 企业贷款借款人提供宽松的利率环境。 印尼央行4月上旬通过直接买卖印尼盾现汇稳定汇率。央行行长表示："持续干预直至市场恢复稳定"，并强调印尼盾被低估（实际有效 汇率指数较长期均值低8%）。 业内人士分析认为，美联储降息预期升温和美元指数回落，为亚太国家降息打开了空间，降息对汇率和跨境资本流动的负面效应减 弱，可以更好地发挥服务国内经济发展的目的。 新兴亚洲ETF：与印 ...

Core Viewpoint - The recent interest rate cuts by the central bank are expected to lead to a decrease in the Loan Prime Rate (LPR) by 0.1 percentage points, prompting commercial banks to lower deposit rates accordingly [1] Group 1: Deposit Strategies - Investors are advised to lock in high-yield deposits by choosing long-term deposits, such as 3-5 year large certificates of deposit (CDs) or fixed-term savings products, to secure current interest rates [2] - Some small banks are offering deposit products with interest rates exceeding 2%, such as Guangdong Huaxing Bank's 5-year CD at 2.35% and Guangzhou Bank's 3-year deposit at 2.15% [2] - Investors should also consider foreign currency deposits, with some banks offering annualized rates above 3.7% for USD deposits, but must be cautious of exchange rate fluctuations and annual purchase limits [2][4] Group 2: Structured Deposits - For investors with a certain risk tolerance, structured deposit products can be considered, with guaranteed returns ranging from 0% to 2.7% and potential maximum returns of 3.5% to 6% for guaranteed products, while non-guaranteed products can yield up to 8% [3] - It is important to monitor the performance of the underlying assets linked to structured deposits, as poor performance may lead to lower-than-expected returns [3] Group 3: Investment Portfolio Strategies - Analysts recommend diversifying investment portfolios, suggesting that risk-averse investors consider government bonds, which may benefit from the current monetary easing and global trade tensions [5][7] - For investors with higher risk tolerance, a balanced stock-bond portfolio strategy is advised to capture stable returns from fixed-income assets while participating in equity markets to benefit from policy support [7] - Focus areas for equity investments include emerging technologies such as AI, robotics, and biomedicine, as well as sectors related to consumer spending [7]

Core Insights - Investors are actively seeking alternatives to gold as a safe-haven asset due to increasing volatility and rising costs associated with gold investments [2][4] Group 1: Alternatives to Gold - Digital currencies, rare metals, and alternative investments are gaining traction among mainstream investors, offering both safe-haven characteristics and liquidity advantages [4] - Bitcoin is being recognized as "digital gold," with its scarcity increasing post the 2024 halving event, and institutional acceptance growing, as evidenced by Bitcoin ETF assets surpassing $50 billion [5] - Stablecoins like USDT and USDC provide a compromise by maintaining a 1:1 peg to the dollar, offering the convenience of blockchain while mitigating price volatility risks [7] Group 2: Rare Metals - Silver, platinum, and palladium are also considered undervalued safe-haven options, with silver demand projected to rise by 23% in the photovoltaic industry by 2025, while supply only increases by 5% [8] - Platinum is expected to see exponential demand growth due to its role in hydrogen energy, with countries like Japan and South Korea incorporating it into national strategic reserves [8] - Rare earth elements are becoming increasingly strategic, with China controlling over 80% of global supply, while the U.S. and EU are working to establish alternative supply chains [8] Group 3: Alternative Safe-Haven Assets - Agricultural commodities are emerging as a new hedge against inflation, with a 320% year-on-year increase in inflows into agricultural ETFs in Q1 2025 [9] - Infrastructure REITs provide protection through physical assets, with annual returns projected between 6-9% due to stable cash flows linked to inflation indices [11] - The art and collectibles market is becoming more institutionalized, with blockchain technology lowering entry barriers for high-end collectibles, evidenced by a 450% increase in trading volume [11] Group 4: Investment Strategy for 2025 - A diversified investment strategy is recommended, allocating 40% to traditional safe-haven assets (gold, silver), 30% to innovative safe-haven assets (Bitcoin, stablecoins), and 30% to growth-oriented safe-haven assets (rare earths, agricultural commodities) [12] - Implementing a dynamic adjustment mechanism with quarterly rebalancing and options strategies to hedge tail risks is crucial [12] - Geographic diversification is important, as different regions have varying preferences for safe-haven assets, which can mitigate the impact of market volatility [12]

Group 1 - The recent collective reduction of deposit rates by six major state-owned banks has caused significant concern among ordinary households, with three-year fixed deposit rates falling below 1.5% and large-denomination certificates of deposit yielding only 1.9% [1] - Over the past decade, there has been a clear downward trend in bank deposit rates, with three-year fixed deposit rates dropping from around 5% in 2015 to 1.5% today, leading to a substantial decrease in interest income for depositors [1] - The phenomenon of "negative interest rates" is pressuring many conservative investors and retirees who rely on deposit interest for income, as real returns may be negative when considering inflation [1] Group 2 - Investors are increasingly turning to the stock market as a response to shrinking savings, although the stock market carries its own risks and is not a guaranteed safe haven [1] - The annualized return of the Shanghai Composite Index over the past decade has been 5.8%, significantly higher than the current deposit rates, but this figure is accompanied by many investors' losses [1] Group 3 - Stock market investment requires caution, and investors should adhere to principles such as only using idle funds that are not needed for three years, limiting individual stock investments to no more than 20% of total assets, and focusing on essential sectors like consumer goods and healthcare [3] - Diversification is recommended for investors with lower risk tolerance, with options including high-quality bonds, money market funds, gold, and bank wealth management products [5] Group 4 - Ordinary households should enhance their financial literacy to rationally cope with the pressure of declining deposits, focusing on understanding different investment products and avoiding blind speculation [7] - It is essential to adopt a long-term investment perspective and optimize household financial structures to improve risk resilience, including reducing unnecessary expenses and increasing income sources [7]

Core Viewpoint - The bond market has stabilized after a period of adjustment, with diversified investment products gaining popularity among banks' mobile applications [2] Group 1: Product Overview - The featured product is "Happiness 99 Enhanced Income 1-Year Cycle Type 2202 Period Financial A", which actively seeks to enhance fixed income while limiting equity investments to under 10% [5] - Equity investments are primarily made through public funds, including some equity ETFs, mixed debt funds, and preferred stocks [5] - The product's main focus is on fixed income assets, using a small portion of equity assets to hedge against price fluctuations in fixed income [5] Group 2: Performance Metrics - The product's annualized returns over the last 3 months, 1 year, and since inception are 3.61%, 3.73%, and 3.07% respectively, with a more notable 6-month annualized return of 4.96% [7] - As of the end of last year, the product's scale was 1.051 billion [7] - The product scored 62 in yield performance, 77 in risk control, 25 in risk-adjusted returns, and 86 in comprehensive fees, ranking 115th, 471st, 317th, and 268th respectively among 507 similar products [7] Group 3: Evaluation Methodology - The evaluation considers four dimensions: yield performance (40% weight), risk control (30% weight), risk-adjusted returns (20% weight), and comprehensive fees (10% weight) [7] - The scoring reflects the product's performance relative to similar products, with a total score of 58, outperforming 47.34% of its peers [8]