Summary of Partners Group Conference Call (January 14, 2026) Company Overview - **Company**: Partners Group (OTCPK: PGPH.F) - **Date**: January 14, 2026 - **Context**: Announcement of Assets Under Management (AUM) as of December 31, 2025 Key Points Industry and Market Environment - The investment environment in 2025 was characterized by macroeconomic uncertainty and geopolitical instability, yet Partners Group managed to grow its AUM by 21% overall [2][4] - The industry remains below peak levels, with a bifurcation between successful firms and those struggling [4] Financial Performance - **AUM Growth**: Increased by 21%, adding $30.2 billion in total new assets, exceeding the guidance of $26-$31 billion [2][26] - **Fundraising**: Achieved $26 billion in fundraising, marking the highest year for new client demand in the company's history, a 22% increase from the previous year [2][15] - **Investment Deployment**: Deployed $27 billion in 2025, a 26% increase year-over-year [3][11] - **Realizations**: Realizations were up 47%, primarily from pre-2022 vintages, with an average premium at exit [3][5] Investment Strategy - Partners Group positions itself as a leading provider of portfolio solutions in private markets, with bespoke solutions contributing 72% of inflows [3][4] - The company has a strong thematic pipeline, particularly in infrastructure, digitization, and energy transition platforms [11][12] - Notable investments include: - **Infinity Fincorp Solutions**: Customized secured loans in India, benefiting from economic growth and digitization [12] - **Life Cycle Power**: Mobile power generation solutions in the US, capitalizing on increased data center power demand [13] - **Royalties Business**: Investment in a royalty spec note for The Weeknd, diversifying cash flows across sectors [13] Performance Fees and Guidance - Performance fees for 2025 are expected to exceed 30% of revenue, with a pull-forward effect from transactions like PCI Pharma Services [8][9] - For 2026, performance fee expectations are set between 25%-40% of revenues, with a cautious outlook due to the pull-forward effect [9][29] - The company anticipates $26 billion to $32 billion in new assets for 2026, reflecting strong fundraising momentum [29] Evergreen Platform and Private Wealth - The Evergreen platform saw inflows of $9.4 billion, a 12% year-on-year increase, with 59% of total inflows coming from new funds [18][19] - Redemption levels increased to 11% in 2025, consistent with a maturing market, but are expected to be offset by NAV growth [20][21] Strategic Partnerships - The company is focused on building strategic relationships with large institutions and expanding its mandate offerings, particularly in Asia and the Middle East [29] - A partnership with Deutsche Bank aims to create a flagship private markets offering for over 20 million clients [24][25] Future Outlook - The company is well-positioned to navigate a complex environment in 2026, with a focus on expanding its diversified Evergreen platform and capturing new client segments [29][30] - Anticipated tail-downs for 2026 are estimated at $10-$13 billion, driven by close-ended traditional funds [30] Additional Insights - The company emphasizes the importance of customization in its offerings, particularly in response to the evolving needs of private wealth clients [19][20] - The performance of Evergreen funds is influenced by vintage share exposure, with newer funds showing strong returns [22][23] This summary encapsulates the key points discussed during the Partners Group conference call, highlighting the company's performance, strategic initiatives, and outlook for the future.

Core Viewpoint - The deposit market is undergoing a significant adjustment in 2026, with a notable decline in interest rates for large time deposits, leading to a shift in asset allocation strategies among depositors [1][3]. Group 1: Market Trends - Medium and small banks are adjusting their large time deposit products, with short-term and low-interest rates becoming the market norm [2]. - New large time deposits are generally issued with interest rates below 2%, narrowing the gap with regular fixed-term deposits, and some rural commercial banks have rates entering the "0" range [2]. - Major state-owned banks have already reduced short-term large time deposit rates to 0.9% for terms of three months or less [2]. Group 2: Changes in Asset Allocation - The continuous decline in interest rates is prompting ordinary depositors to fundamentally change their investment strategies, moving from reliance on high-interest deposits to diversified asset allocation [4][5]. - Financial products and dividend insurance have become popular choices among depositors, with recommendations for structured deposits linked to gold for short-term needs and dividend insurance for long-term stability [4]. - Depositors are advised to manage funds based on their intended use and risk tolerance, including maintaining emergency funds in liquid assets and considering government bonds or low-risk bank products for medium-term investments [4]. Group 3: Future Outlook - There is an expectation of further room for interest rate cuts and reserve requirement ratio reductions in 2026, indicating that large time deposit rates may continue to decline [5]. - The competition among banks is likely to shift from interest rate comparisons to service optimization and product innovation, necessitating a faster transition away from reliance on interest rate spreads [5].

根据瑞银的预测，2026年上半年，黄金价格将稳步上升，市场情绪和投资需求是主要推动力。下半年， 随着市场条件或出现调整，金价增速或有所放缓，但整体走势依然乐观。不确定性依然是支撑金价的重 要因素，黄金的中期表现预计将保持稳定。 相比黄金，该行预测，白银在2026年的表现或更突出。瑞银认为，白银价格的主要驱动力来自于新能源 与高科技产业对工业银需求的快速增长。尽管白银市场可能面临一定的波动性，但供应短缺和需求增强 将为银价提供支撑。白银作为工业金属，其需求与新能源产业、电子产品和其他高科技应用紧密相关。 这一市场动力将使白银价格在未来几年内表现出色，甚至有望优于黄金。 对于央行对黄金的购买行为，Joni Teves预期，未来数年内需求可能放缓。一方面，金价处于较高水 平，尽管部分央行仍在持续增持黄金，但对总储备的提升作用有限。然而，瑞银认为，黄金对这些央行 来说仍然是一种重要的战略资产，未来的购买速度和规模将根据经济环境和政策需求而定。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 来源：观点地产网 观点网 香港报道：1月14日，瑞银贵金属策略师 Joni Teves 表示，随 ...

Group 1: Gold Market Prices - On January 13, 2026, international gold prices continued a strong trend, with spot prices reaching $4576.3 per ounce, influenced by exchange rates and supply-demand factors. The Shanghai Gold Exchange's spot benchmark price was 1021.8 yuan per gram, while the main futures contract closed at 1025 yuan per gram. Retail prices varied significantly, with major brands like Chow Tai Fook and Luk Fook quoting between 1404 to 1426 yuan per gram, while bank investment gold bars were priced between 1020 to 1037 yuan per gram, resulting in a price difference of up to 400 yuan per gram [2][3] Group 2: Core Drivers of Gold Price Fluctuations - The recent surge in gold prices, breaking historical highs, is driven by three main factors: ongoing geopolitical risks, such as the deteriorating situation in Venezuela, which has reignited risk-averse sentiment, highlighting gold's status as a "hard currency" [4] - The macro monetary environment is shifting, with market expectations that the Federal Reserve will begin a rate-cutting cycle in 2026, leading to a weaker dollar index that directly boosts gold prices. Global central bank gold purchases have become a long-term support, with global purchases exceeding 1000 tons in 2024, and the People's Bank of China continuously increasing its holdings, providing a solid foundation for gold prices. Despite a 65% increase in gold prices in 2025, inflation hedging and currency depreciation will continue to dominate trends in 2026 [5] Group 3: Investment Channel Comparisons - For investors, the choice of investment channel is crucial. While jewelry from gold stores has aesthetic and wearable value, high processing fees and brand premiums significantly diminish its investment attributes, as it can only be redeemed at the original gold price [5] - Bank gold bars (such as ICBC's "Ruyi Gold Bar" and CCB's "Long Ding Gold") and standard gold ingots from exchanges are more suitable for asset allocation, offering lower premiums and higher liquidity [6] - Gold ETFs and "accumulated gold" services provide convenient options for investors who prefer not to take physical delivery, allowing for trading through securities accounts or bank investment systems, effectively averaging holding costs [7] Group 4: Precious Metal Recovery and Valuation - The pricing mechanism for precious metal recovery channels requires attention. Currently, the recovery price for high-purity gold (99.9% and above) is approximately 988 yuan per gram, reflecting a discount of about 30-40 yuan per gram compared to retail prices, which includes refining costs and channel profits. The recovery pricing for K-gold and platinum group metals is more complex, with recovery prices for 18K gold and 999 platinum at 718 yuan per gram and 487 yuan per gram, respectively, strictly based on metal purity [8] Group 5: 2026 Investment Strategies and Outlook - Looking ahead, gold prices are expected to rise amid fluctuations, with some institutions predicting a potential breakthrough of $5000 per ounce. Technically, the $4400-$4500 range serves as strong support, and if this range is maintained, upward potential will be opened [10] - For ordinary investors, a "core-satellite" strategy is recommended, using bank physical gold bars or accumulated gold as the core holding (approximately 20% allocation) to hedge against long-term inflation, while utilizing gold ETFs to capture short-term volatility gains. High volatility is a double-edged sword, and caution is advised when chasing highs; utilizing pullbacks for phased entry is a more optimal solution. Ultimately, gold should serve as a stabilizer in asset portfolios, with its true value lying in countering currency credit crises and preserving long-term wealth [10]

Group 1 - The international spot gold price has reached a new historical high of $4636 per ounce, with a daily increase of 1.09% [1] - Domestic gold jewelry prices have also risen, with major brands like Chow Tai Fook and Lao Feng Xiang reporting prices above 1430 yuan per gram [1] - The gold price has increased by approximately 6% in less than half a month since the beginning of 2026 [2] Group 2 - Short-term factors such as escalating geopolitical tensions in Iran and Venezuela have driven up gold prices as investors seek safety [2] - Long-term structural factors include robust demand for gold from central banks, which is no longer limited to traditional motives but also includes concerns over debt and interest rate risks [3] - The price of silver has also surged, with the international spot silver price surpassing $90 per ounce, marking a 25% increase this year [3] Group 3 - Analysts are optimistic about gold prices, with HSBC predicting that gold could reach $5000 per ounce in the first half of the year [5] - Factors influencing future gold price movements include geopolitical risks, central bank gold purchases, and the stability of the dollar credit system [5] - Investment strategies should focus on rationality, with banks advising clients to consider various gold investment products and to avoid impulsive trading [6][7]

2026.01.14 本文字数：2281，阅读时长大约4分钟 作者 |第一财经 后歆桐 赵耀庭补充称，尽管涨幅不太可能像2025年那样强劲，但今年对黄金和白银作为对冲通胀或金融不稳定 的需求应会持续。由于最近的地缘政治不确定性，黄金今年的表现可能会优于白银。 全球贵金属狂潮进入新一年后持续。今日亚太交易时段，白银价格史上首次突破90美元/盎司，金价也 在历史高位附近徘徊。LME锡价也突破51000美元/吨的重要关口。稍早，伦敦金属交易所（LME）期铜 价格也刚刚触及超过13000美元/吨的历史最高位。花旗集团再度调高了金价、银价未来三个月的价格预 期。高盛也调高了铜价今年上半年价格预测。 新华社图 白银史上首次突破90美元 今日亚太交易时段，白银价格飙升5.3%，触及91.5535美元/盎司的历史高位，金价距离历史高点也仅10 美元。美国总统特朗普与美联储主席鲍威尔的冲突升级，且鲍威尔多年来首次反击，再加上美联储降息 预期以及紧张的地缘政治背景，都为贵金属的强劲上涨增添了动力。 美国12月基础通胀率并未如市场此前预期那么高，但经济学家表示，创纪录的美国政府长期停摆可能人 为压低了数据。掉期市场定价显示，投资者 ...

Group 1: Market Overview - The gold market is experiencing high demand, with international spot gold prices fluctuating between $1900 and $2000 per ounce, and domestic gold prices showing strong performance [1] - Banks are accelerating the launch of structured deposit products linked to gold, with companies also investing directly and engaging in industry chain layouts, making gold assets a core focus for market funds [1] Group 2: Banking Sector - Several major banks have launched over 30 gold-linked structured deposit products since January 2026, with investment periods ranging from 3 months to 1 year and minimum investment amounts typically set at 50,000 or 100,000 yuan [3] - The products generally offer a structure of "guaranteed return + floating return," with guaranteed rates between 1.5% and 2.5%, and potential maximum returns of 4% to 6% based on gold price fluctuations [3] - The issuance of gold-linked structured deposits increased by 47% year-on-year in 2025, with January 2026's issuance reaching 80% of December 2025's total, indicating rising market acceptance [4] Group 3: Corporate Participation - Over 60 listed companies have announced investments in gold-linked financial products or direct gold asset purchases since 2025, with total funds exceeding 20 billion yuan [5] - Companies are diversifying their participation in the gold market, with some investing in gold ETFs and others focusing on the entire gold industry chain, from mining to processing and sales [6] - Mining companies have increased gold production by 12% and 8% year-on-year in 2025, while jewelry companies have expanded production and recycling operations, benefiting from rising gold prices and recovering consumer demand [6] Group 4: Market Drivers - The rise in the gold market is supported by a combination of global economic conditions, policy directions, and market demand, with expectations of a potential interest rate cut in 2026 and ongoing geopolitical tensions driving safe-haven investments into gold [7] - In China, gold consumption reached 1486 tons in 2025, a 12.3% increase year-on-year, with investment gold consumption growing by 23%, highlighting the asset's appeal as a physical investment [7] Group 5: Long-term Outlook - Analysts suggest that while the gold market may experience short-term fluctuations, long-term factors such as global economic uncertainty and expectations of monetary policy easing will continue to support gold assets as a valuable investment [8] - Companies are advised to align their gold investments with their core business operations to mitigate risks associated with market volatility and operational challenges [8]

Core Viewpoint - The financial markets, including A-shares and commodity futures, have experienced significant gains at the beginning of 2026, but are now facing potential short-term adjustment risks due to overvaluation and market sentiment shifts [1][2][4] Market Risks - Three main risks are identified: 1. High-level asset correction risk due to some assets diverging from fundamentals and facing technical pressure [1] 2. Leverage risk from increasing margin balances and the nature of futures trading, which can lead to significant fluctuations in investor profits and losses [1] 3. Market liquidity risk, where high-priced assets may face "stampede" selling if market sentiment shifts, leading to rapid sector rotation and liquidity exhaustion [1] External Environment - The uncertainty of the external environment is highlighted, with some assets' price increases closely tied to global macro conditions. Any short-term fluctuations in macroeconomic factors, economic policies, or asset fundamentals could significantly impact the market [2] Investment Strategies - Despite potential short-term volatility, the macro environment remains favorable for financial markets, and investors are encouraged to focus on structural investment opportunities. Recommendations include: 1. Avoiding blind chasing of high prices, particularly for assets with significant short-term gains lacking fundamental support [3] 2. Diversifying asset allocation across stocks, commodities, and bonds to mitigate single-asset risk exposure [3] 3. Utilizing flexible trading tools, such as options for risk management, including protective put strategies [3] Long-term Investment Philosophy - The investment approach should shift towards diversified asset allocation, moving from single deposits to a combination of fixed income, equities, commodities, and alternatives to reduce risks associated with individual assets. A balanced approach is advised, focusing on undervalued, high-dividend sectors while avoiding high-flying areas like AI and precious metals [3][4]

Core Viewpoint - The strong trend in gold prices is expected to continue in the medium to long term, but significant short-term volatility should be anticipated, especially after reaching historical highs [2][4]. Group 1: Factors Influencing Gold Prices - The primary factor affecting gold investment is the U.S. real interest rates, which historically show an inverse relationship with gold prices. A downward trend in U.S. Treasury yields is likely to support gold prices [3]. - Central banks have significantly increased their gold purchases, with annual additions exceeding 1,000 tons since 2022, compared to just over 470 tons annually from 2010 to 2021. This shift reflects concerns over the uncertainty of dollar assets and aims for asset diversification [3]. - Geopolitical events can cause substantial short-term impacts on gold prices, leading to pronounced fluctuations in the market [4]. Group 2: New Pricing Logic for Gold - The trend of central banks increasing gold reserves and seeking alternatives to the dollar has become a significant driver for rising gold prices. However, the sustainability of this trend remains uncertain [5]. Group 3: Investment Strategies in Gold - Gold stocks should not be compared directly with physical gold and gold ETFs, as they are more influenced by stock market fluctuations. For pure investment purposes, gold ETFs are recommended due to their liquidity and direct correlation with gold prices [6]. - Physical gold investments, such as gold bars, are considered more suitable for those looking to invest in tangible assets, while gold jewelry may incur additional design costs [6].

Core Viewpoint - The A-share and commodity futures markets have experienced a strong start in 2026, with A-share trading volume reaching a historical high of 3.65 trillion yuan, but the major indices have collectively adjusted, indicating potential risks in the market [1] Market Performance - A-share market trading volume reached 3.65 trillion yuan, setting a new historical record [1] - The Shanghai Composite Index ended its previous "17 consecutive days of gains," marking the first decline of 2026 [1] - The domestic commodity futures market showed mixed performance, with some previously high-performing assets undergoing corrections [1] Risks Identified - Three main risks are highlighted: 1. High-level asset corrections due to price increases diverging from fundamentals and technical pressures [1] 2. Leverage risks from increasing margin trading balances and the nature of futures "leverage trading" leading to significant fluctuations in investor profits and losses [1] 3. Market liquidity risks, where high-priced assets may face "stampede-like" sell-offs if market sentiment shifts [1] Investor Recommendations - Investors are advised to be cautious of overheated market sentiment and irrational speculation, particularly after significant price increases [1][3] - Specific recommendations include: 1. Avoiding blind chasing of high prices, especially for assets with substantial short-term gains lacking fundamental support [3] 2. Diversifying asset allocation across stocks, commodities, and bonds to mitigate risks [3] 3. Utilizing flexible trading tools, such as options for risk management [3] Long-term Investment Strategy - The investment logic should shift towards diversified asset allocation, moving from single deposits to a combination of fixed income, equities, commodities, and alternatives to reduce risks [3][4] - In the A-share market, it is suggested to avoid chasing high-flying sectors like AI and precious metals, focusing instead on undervalued, high-dividend sectors with a "dollar-cost averaging" strategy to minimize timing risks [3] - In the commodity futures market, strict leverage control and stop-loss settings are essential [3]