想要获取这个课程，可以添加下方「课程小助手」，回复「 美元债 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 ◆◆◆ ▼点击阅读原 文，免费学习大额家庭资产配置课程 美元债就是其中的重要一环，那么美元债券基金该如何投资？ 这里有一门限时免费的福利课程，系统性地介绍了美元债券基金的投资知识。 文 | 银行螺丝钉 （转载请注明出处） 很多投资者都希望多元化配置自己的资金，想要覆盖人民币资产和外币资产，也想要覆盖股票 资产和债券类资产。 ...

Group 1: Low Interest Rate Environment - Since 2014, China's interest rates have generally declined, with the policy rate falling below 2% and the 10-year government bond yield dropping to 1.66%, down from 4.60%[9][14] - The decline in interest rates is primarily due to a decrease in natural rates, influenced by demographic changes, technological progress, and economic transformation[11][13] - As of 2024, China's foreign financial assets reached $1,021.67 billion, a 58% increase since 2014, while foreign liabilities grew by 42% to $692.09 billion, resulting in a net foreign asset of $329.58 billion, a 105% increase[16] Group 2: Cross-Border Capital Flow - The narrowing of the interest rate differential between China and the U.S. has led to a significant outflow of capital, with net outflows of $2,800 million in 2022 and $428 million in 2024[28][30] - The trend of increasing foreign assets is expected to continue, with non-reserve assets constituting 66% of total foreign assets by 2024, up from 40% in 2014[16][20] - The Chinese government is responding to the demand for overseas investment by increasing Qualified Domestic Institutional Investor (QDII) quotas, facilitating cross-border capital flows[2][8] Group 3: Opportunities and Challenges for Financial Institutions - Financial institutions face the challenge of increased risk exposure due to larger foreign asset holdings, necessitating enhanced risk management capabilities[41] - The potential for foreign capital inflows remains significant, with the need for domestic institutions to attract foreign investment to offset capital outflows[41] - The trend of "de-dollarization" may lead to a stronger RMB, creating conditions for increased overseas investment by domestic entities[1][41]

"大浪淘沙"，在不确定中找寻确定性 2025 年 06 月 22 日 执业证号：S0100524060005 执业证号：S0100525030001 执业证号：S0100524080007 邮箱：taochuan@mszq.com 邮箱：linyan@mszq.com 邮箱：shaoxiang@mszq.com ➢ 我们一直认为：作为一个慢变量，宏观应该是经济和金融市场中相对容易预 测的部分。但在经历了近期的市场波动后，外界也许更加理解我们为什么会说： 今年预测不到的事，远比我们自认为能预测的事要多。当"百年未有之大变局" 下遇到了历史上数一数二"善变"的美国总统，全球宏观研究员和外贸企业突然 成为了同一拨"被害者"。唯一能庆幸的是相比后者，至少我们不用安排自己的产 品"海面两万里"（抢转口或是出口）。 2025 年三季度宏观经济与大类资产展望 1.2025 年 5 月财政数据点评：5 月财政：找 寻"抗风险"的答案-2025/06/21 2.经济动态跟踪："国补"继续下的消费后劲- 2025/06/19 3.美联储政策观察：6 月议息：谁能"逼"出 联储的降息？-2025/06/18 4.重新讨论变局下的资 ...

Core Insights - Li Ka-shing's wealth is primarily concentrated in the UK rather than Hong Kong, challenging the perception of his business empire being rooted in his home city [1][3] - His investments in the UK span essential services such as water, electricity, and gas, which provide stable and significant returns compared to the volatile Hong Kong real estate market [5][7] Investment Strategy - Li Ka-shing's acquisition of Thames Water in 1991 marked the beginning of his strategic investment in the UK, which has expanded to include significant stakes in gas and electricity distribution [5][7] - His investments are characterized by a focus on essential infrastructure, which ensures consistent cash flow and minimizes risk [7][9] Market Timing and Risk Management - Li Ka-shing has demonstrated a keen ability to time his investments, often capitalizing on market downturns, such as acquiring UK Power Networks during the Brexit-induced depreciation of the pound [9][11] - His withdrawal from certain investments, like the sale of UK Power Networks, reflects a strategic response to emerging political and economic risks, showcasing his proactive risk management approach [9][11] Global Asset Allocation - The narrative of Li Ka-shing's wealth migration illustrates the concept that capital transcends borders, driven by a relentless calculation of risk and return [13] - His global investments are not limited to the UK, as he is also exploring opportunities in regions like Singapore and Vietnam, indicating a broader strategy for wealth diversification [13]

随着美联储维持利率不变，全球市场进入新一轮观望期。 券商中国记者注意到，从资产类别到区域配置，外资的战略重心正在发生微妙变化。相较于对美国市场的谨慎 态度，欧洲、日本与新兴市场正逐步获得更高的权重。信用债、黄金、欧元等多元资产也重新进入主流视野， 全球资产配置的格局正在悄然重塑。 美联储按兵不动，政策扰动下的市场波动未止 尽管市场对于通胀和经济前景仍存在诸多疑问，但多家外资机构判断，美联储本轮议息会议维持利率不变，符 合预期。在关税博弈、地缘冲突、财政不确定性等多重扰动交织之下，投资机构普遍对政策路径和宏观趋势持 谨慎态度。 贝莱德智库指出，美国CPI等经济数据波动剧烈，反映出当前宏观经济正处于波动更大的阶段。他们认为，在 等待关税影响成为现实的过程中，美联储将维持利率不变。贝莱德据此维持超配美股的观点。 相关数据显示，随着贸易紧张局势缓和，标普500指数已反弹到2月高点附近。为期90天的关税暂停期将于7月9 日结束，贝莱德智库认为，鉴于美国正酝酿在此之前单方面设定关税，预计将会有更多由政策引发的波动。 此外，鉴于关税的经济影响尚不明确以及通胀持续波动，美联储在本周的议息会议上 "按兵不动"。贝莱德智 库认为 ...

Group 1 - The pharmaceutical sector is rapidly gaining popularity, with a peak in the reporting of themed funds. Approximately 30 pharmaceutical-themed funds were reported in the second quarter, which is roughly equivalent to the total number of such funds established in 2024. Some industry insiders believe that while the current valuations in the pharmaceutical industry are not low, they have not yet entered a bubble phase. From a capital allocation perspective, as the industry's fundamentals improve, actively managed equity funds are expected to return to standard allocations in the pharmaceutical sector [1][3]. - Equity funds are accelerating their positions in the market. Since June, 47 new equity funds have been established, with several funds that have been active for less than half a month already entering the position-building phase. Industry experts suggest that strong policy support is driving the gradual recovery of market valuations, creating abundant structural investment opportunities in the A-share market, prompting fund managers to seize the opportunity to accelerate their positions [1][3]. - The Loan Prime Rate (LPR) remained unchanged in June. The People's Bank of China announced that the one-year LPR is 3.0% and the five-year LPR is 3.5%, both unchanged from the previous month. Industry insiders believe that the stability of the LPR this month aligns with market expectations after a 10 basis point decrease in both tenors in May [1][3]. Group 2 - The Financial Regulatory Bureau has standardized the dividend insurance market, prohibiting arbitrary increases in dividend levels for competitive purposes. The new regulations require that the necessity, reasonableness, and sustainability of dividend levels be thoroughly justified, aiming to curb "involution-style" competition in the industry, prevent interest margin losses, and promote the long-term stable development of dividend insurance business [2]. Group 3 - Australian funds are reducing their holdings in U.S. Treasury bonds due to concerns over policy risks associated with Donald Trump's administration. Some of Australia's largest investors, managing assets equivalent to $30 billion, have shifted towards reducing their exposure to U.S. sovereign debt, reflecting a cautious stance amid potential policy changes [4].

▼点击阅读原 文，免费学习大额家庭资产配置课程 文 | 银行螺丝钉 （转载请注明出处） ...

风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 以下文章来源于府库 ，作者府库 府库 . 规划投资理财，温暖幸福生活 在聊到自己的资产配置情况时 ， 大家总会有很大的不同 ， 还有很多朋友会提出疑问 ， " 为什 么没有选择商品资产 " 、 " 为什么不用红利来替代宽基指数 " 、 " 为什么选择投顾组合 ， 是 不是有更高成本损耗 " 等等一系列的问题 。 大卫 · 史文森有讲到 ， 投资者可以使用到的三种投资工具分别是资产配置 、 选股与择时 。 像 红利 、 科技都是在资产类别上风格的偏离 ， 不同的投资策略也是主观的择时控制 ， 没有对错 或者更好 ， 只是个人的一种选择 。 在罗杰 · 伊博森的研究中 ， 机构投资组合收益波动的90% 以上都可归因于资产配置 。 投资并不是数字游戏 ， 资产配置本质上是一种对世界认知的表达 。 每个人的经历不同 、 环境 不同 ， 对于世界的理解和预期自然不同 ， 这就导致了资产配置必然因人而异 。 在选择资产类 别和比例时 ， 其实是在向外界展示我们如何看待未来 ， 如何理解风险 ， 以及属于我的人生目 标是什么 。 投资有时 ...

现在大家应该都有一个感觉： 此刻这个经济局势下，很多人都开始担忧未来几年的收入甚至是养老了。 原因很简单： 眼下确实是投资什么都不赚钱，获取收益越来越难，反而是亏钱越来越简单。 其实现在我们的情况，确实和当年失去了30年的日本有很多相似的地方。 那现在我们要怎么做才能保住自己手上的钱，不至于最后财富尽失？ 要解决这个问题， 其实我们可以参考一下当年的日本，看看他们是如何走出失去的30年的。 首先，对于我们普通人来说，想要穿越周期，安全度过低迷期，最重要的一件事就是做好手上的 资金配置。 这一点方面，回顾日本失去的30年，最值得我们参考的一个资产就是—— 日本的养老金 为什么关注日本的养老金？ 因为日本养老金的本身的收益逻辑值得我们参考。 大家都知道，日本1990年之后就开始经济停滞，20年前就开始人口负增长，1970年之后就开始人 口老龄化. 2020年的时候，日本全国65岁以上的老人就已经超过3610万人，占全国总人口28.7%。 但在这个背景下，日本依然能够稳定发放庞大的养老金，保证国民养老。 日本2019年社会保障支付金额占GDP的22.14%，人均98万日元。 老龄化严重，按理说劳动率会下降，税收会收 ...

一周新闻速览 监管动态 金融监管总局：分红水平不得"内卷"，六种情形要论证拟分红水平的必要性、合理性和可持 续性 金融监管总局：联合上海市人民政府印发《关于支持上海国际金融中心建设行动方案》 人社部：回应！单位缴纳的养老保险费记入个人账户吗？ 金融监管总局局长李云泽：希望更多外资机构积极参与专属养老保险和商业养老金试点 金融监管总局局长李云泽：银行保险领域限制性措施已基本取消，探索在更宽领域、更大幅 度上加大开放力度 金融监管总局局长李云泽：支持外资机构在理财投资、资产配置、保险规划等方面加大布局 金融监管总局：认定中国再保险（集团）股份有限公司为国际活跃保险集团 中央金融委员会：深化航运保险和再保险业务创新 人社部：全国企业年金基金规模突破3.7万亿，近三年累计收益率为7.46% 人社部：回应！参保人员没到退休年龄就去世，养老金怎么办？ 中国平安：增持邮储银行H股7642.49万港元，持股比例升至12.07% 平安人寿：增持农业银行H股2.58亿港元，持股比例升至13.12% 金融监管总局局长李云泽：批准友邦人寿、荷兰全球人寿在沪筹建保险资管公司，一如既往 推动更多金融开放措施 金融监管总局局长李云泽：外资 ...