图片来源：DaniloAndjus / Getty Images 从摩根大通（J.P. Morgan）到美国资管公司阿波罗（Apollo）的经济学家均发出预警：美国或将出现经 济衰退。鉴于此，美国民众正将资金托付给更加稳健的政府——瑞士，并在那里大规模开设投资账户、 抢购黄金。 瑞士咨询公司Alpen Partners International首席执行官皮埃尔·加布里斯在接受美国全国广播公司（NBC） 新闻采访时表示："可谓是接踵而至"。 自特朗普对国际贸易挥舞关税大棒以来，美国经济陷入混乱。在4月2日这个其自称的"解放日"，特朗普 宣布对所有美国进口商品征收10%的基准关税。受惊的投资者迅速抛售股票和美债，导致全球股市市值 蒸发10万亿美元。随后在4月9日，特朗普宣布"暂缓"征收部分关税。 不同于在低谷抛售或试图进行波段操作的策略，美国富豪们正在多元化其投资组合，并押注全球最安全 稳定的经济体：瑞士。 瑞士缘何吸引美国富豪 瑞士百达银行（Pictet）向美国全国广播公司透露，其在美国证券交易委员会（SEC）注册的瑞士实体 机构迎来了客户咨询量的"显著增长"。 受益于客户"去美国化"的投资策略，Alpen ...

Group 1 - The core viewpoint is that investors are selling off U.S. stocks due to concerns over the economic outlook influenced by Trump's tariff policies, leading to a significant inflow into Asian equity funds [1][2] - Data from LSEG Lipper indicates that net inflows into Asian exchange-traded funds (ETFs) reached $8.45 billion over three weeks, marking the highest level in about seven months [1] - U.S. stock funds experienced outflows for the fourth consecutive week, totaling $43.5 billion as of May 7 [1] Group 2 - Asian markets have outperformed U.S. markets, with the MSCI Asia-Pacific ex-Japan index rising over 4% this year, while the S&P 500 and Nasdaq indices have declined nearly 4% and 7%, respectively [2] - The valuation advantage of Asian markets is highlighted, with Malaysia's benchmark index having a one-year expected price-to-earnings (PE) ratio of 17.56 compared to the S&P 500's 20.62 [2] - The demand for portfolio diversification and concerns over concentration in "Magnificent 7" stocks are driving funds towards non-U.S. markets, including Asia [2]

引爆全球金融市场。 隔夜的"川"剧变脸引爆全球金融市场。 "尽管市场情绪暂时得到缓解，但若关税战迟迟无法彻底降温，对全球经济造成的影响将是不可逆的。 国际货币基金组织最新报告预测美国2025年经济增速将放缓至1.8%，较1月预测值下调了0.9个百分点， 同时还将全球经济增速预测从3.3%下调至2.8%。"嘉盛集团资深分析师陈杰瑞（Jerry Chen）对记者表 示，对于黄金来说，依然是全球央行和投资者在"去美元化"和投资组合多元化的过程中必不可少的资 产。 美国总统特朗普最新言论表示，他并不打算解雇美联储主席鲍威尔并会大幅降低对中国的关税，财长贝 森特隔夜也在一场闭门会中提及，对中国的高关税不可持续。 尽管只是口头表示且特朗普的言行并没有什么确定性，但市场悬着的心暂时还是放下了，"抛售美国资 产"的情绪有所缓解，美元指数一度站上99，此前跌破98大关，年内跌幅高达近10%，美国三大股指涨 幅亦接近3%，美债收益率明显回落。 受此影响，亚洲股市昨日大涨，截至当日收盘，恒生指数和恒生科技指数分别上涨2.37%和3.07%，人 民币对美元更是来到了7.3下方，出现人民币和美元指数齐飞的罕见态势。截至北京时间4月23 ...

2025.04. 23 本文字数：2232，阅读时长大约4分钟 导读 ： 美国总统特朗普与美联储主席鲍威尔的紧张关系影响了黄金市场。 作者 | 第一财经 高雅 近期，美国总统特朗普与美联储主席鲍威尔之间的紧张关系持续发酵后又出现"降温"迹象，一连串动 作引发黄金市场剧烈波动。 4月以来，特朗普频频批评并威胁解雇鲍威尔，金价一度突破每盎司3400美元大关，但随着特朗普突 然改口，价格又迅速回落。尽管如此，在特朗普第二任期即将满百天之际，当前黄金价格的涨幅对比 1969年以来的历届美国总统都相当显著，仅次于尼克松第二任期和福特总统任期初期的表现。 截至第一财经记者发稿，根据英国皇家铸币局的数据，黄金价格回落至3333美元/盎司。 全球经济分析公司BCA Research全球首席策略师贝莱钦（Peter Berezin）在近期一场研讨会上对第 一财经记者表示，黄金目前是一种良好的对冲资产。"按历史标准来看，目前的黄金价格看似不低， 但与上世纪80年代的峰值相比，其实并未贵出太多。过去45年，全球财富显著增长，像黄金这样的 稀缺贵金属通常会随着全球财富的实际增长而升值。"他认为，当前的贸易摩擦、地缘政治紧张局势 以及 ...

Core Viewpoint - Malaysia's Employees Provident Fund (EPF) is actively seeking to increase investments in other regions to ensure portfolio diversification and risk resilience [1] Group 1 - The EPF aims to enhance its investment strategy by exploring opportunities beyond its current geographical focus [1] - The initiative reflects a proactive approach to managing investment risks and adapting to changing market conditions [1] - Diversification is seen as a key strategy to safeguard the fund's assets and improve overall performance [1]

金价28年狂涨近7倍：投资新视角与策略调整 引言 近日，郑州市民杨先生在整理母亲遗物时，意外发现了一批1997年前后购买的金饰，当时的金价在118- 135元/克之间，而今金价已上涨近7倍。这一事件不仅引发了公众对于黄金投资价值的重新评估，也促 使我们思考在当前经济环境下，普通人应如何调整投资策略，以适应市场变化。 一、金价上涨的背后逻辑 1. 经济不确定性下的避险需求 黄金历来被视为避险资产，在经济不确定性增加时，投资者倾向于增持黄金以对冲风险。过去28年间， 全球经济经历了多次危机，如亚洲金融危机、互联网泡沫破裂、全球金融危机等，每次危机都推动了金 价的上涨。 2. 货币政策的影响 央行的货币政策，特别是利率水平和量化宽松政策，对金价有着直接的影响。低利率环境降低了持有黄 金的机会成本，而量化宽松则增加了货币供应量，可能引发通胀担忧，进而推高金价。 3. 地缘政治风险 地缘政治的不稳定也是推动金价上涨的重要因素。地区冲突、恐怖主义活动以及国际贸易摩擦等，都会 增强市场的避险情绪，从而支撑金价。 二、黄金投资的新视角 1. 多元化投资组合中的角色 在构建投资组合时，黄金可以作为分散风险的工具。与其他资产类别 ...

Investment Rating - The investment rating for the company is 5.4, based on operational performance, industry outlook, valuation, and market sentiment [8][11]. Core Insights - The company, Chifeng Jilong Gold Mining Co., Ltd., is a rapidly growing international gold producer with a significant increase in gold production from 2021 to 2023, achieving a compound annual growth rate (CAGR) of 33.1% [1]. - The company ranks fifth among Chinese gold producers in terms of gold resources and production, and it has a strong presence in overseas markets, with 76.9% of its gold production and 71.9% of its revenue coming from international operations in 2023 [1]. - The company's revenue for 2023 was 72.2 billion yuan, with a gross margin of 32.6% and a net profit of 8.0 billion yuan [2]. Company Overview - Chifeng Jilong Gold operates six gold and multi-metal mines across China, Laos, and Ghana, and is recognized as the fastest-growing major gold producer in China [1]. - The company has maintained operational efficiency above the global average, with all-in sustaining costs in the first quartile domestically and the second quartile internationally [1]. Financial Performance - The company's revenue has shown a year-on-year growth of 17.8% for the nine months ending September 30, 2024, driven by an increase in average selling price from 421.3 yuan/gram to 495.7 yuan/gram [2]. - The net profit for the same period is projected to increase by 143.7% due to higher sales volumes and rising gold prices [2]. Industry Outlook - Global gold demand is expected to grow at a CAGR of 0.8% from 2024 to 2028, with central bank demand growing the fastest at 6.9% [3]. - In China, gold demand is projected to increase from 35.7 million ounces in 2024 to 37.4 million ounces by 2028, with a CAGR of 1.1% [3]. - The global gold supply is anticipated to grow at a CAGR of 1.1% during the same period, while China's supply is expected to grow at 3.0% [3]. Advantages and Opportunities - The company is the largest private gold producer in China, with a strong growth trajectory in production and revenue [5]. - It has a proven track record in identifying and executing mergers and acquisitions, enhancing its global presence [5]. - The management team possesses extensive experience in the gold industry, contributing to operational excellence [5]. IPO Details - The IPO price range is set between 13.72 and 15.83 HKD, with a total market capitalization estimated at 256.50 to 295.95 billion HKD post-IPO [11]. - The net proceeds from the IPO will be allocated primarily for upgrading existing mines and acquiring quality mining assets [10].