Core Viewpoint - The World Gold Council advocates the "Gold+" asset allocation concept to help investors overcome challenges in gold investment, promoting gold as a long-term strategic asset to enhance risk resilience and optimize overall returns [1][3][5]. Group 1: Challenges Faced by Investors - Investors face three main difficulties in gold investment: understanding, entry, and holding [3][4]. - "Understanding difficulty" arises from the complex factors influencing gold prices, leading many to treat gold as a speculative tool rather than a strategic asset [4][5]. - "Entry difficulty" is characterized by hesitation over whether the current price is too high, causing investors to miss opportunities [4][5]. - "Holding difficulty" refers to the challenge of maintaining long-term positions in gold, with many selling during price fluctuations instead of holding for potential long-term gains [4][5]. Group 2: Long-term Value of Gold - Over the past 50 years, gold has provided an average annual return of approximately 10%, with a cumulative increase of nearly 60% since early 2025 [5]. - The "Gold+" concept encourages a shift from short-term speculation to long-term allocation, establishing gold as a strategic core asset [5][6]. Group 3: Recommended Allocation Strategies - The World Gold Council suggests two main strategies for gold allocation: indirect allocation through institutional investors and direct allocation by individuals [5][6]. - For individual investors, it is recommended to allocate 5% to 15% of household assets to gold, depending on personal risk tolerance [6][10]. - Institutional investors, such as public FOFs, actively incorporate gold into their long-term investment strategies, emphasizing discipline and strategic positioning [10][11]. Group 4: Successful International Examples - The Texas Teacher Retirement Fund exemplifies a conservative approach to gold allocation as part of a long-term investment strategy [7]. - Bridgewater Associates, led by Ray Dalio, views gold as a safeguard against credit risk, advocating for its inclusion in strategic asset allocation rather than tactical price betting [8]. Group 5: Domestic Market Trends - Public FOFs, particularly those targeting retirement, are actively incorporating gold into their investment strategies due to regulatory frameworks and product characteristics that favor long-term, disciplined investment [10][11]. - The discipline in managing gold allocations distinguishes institutional investors from individual investors, who may be more prone to short-term trading [13]. Group 6: Practical Investment Guidance - Investors should avoid speculative mindsets and consider gold as a long-term investment, with a recommended allocation not exceeding 20% of total assets [14][15]. - A gradual approach to investing in gold, such as starting with 2% to 3% of flexible funds and increasing to 5%, is advised to mitigate risks associated with market timing [14][15]. - Regularly reviewing gold investments and taking profits without fully liquidating positions can help maintain a balanced approach [15][16]. Group 7: Future Development of "Gold+" Products - The World Gold Council plans to promote the "Gold+" concept through industry meetings and public outreach, emphasizing gold's role as a strategic asset in long-term wealth preservation [16][17].

Core Viewpoint - The long-term large-denomination certificates of deposit (CDs) are disappearing from banks, leading to a significant shift in savings habits among depositors as interest rates decline sharply [1][3][5]. Group 1: Product Supply - Major state-owned banks, including Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank, have stopped selling 5-year large-denomination CDs [3]. - Some banks have also ceased offering 3-year large-denomination CDs, with no clear timeline for their return [3]. - Local banks are following suit, with announcements of the cancellation of 5-year fixed-term deposits [3]. Group 2: Interest Rate Decline - The interest rates for large-denomination CDs have dropped to the "1" range, with 3-year CDs at 1.55% for major banks [5]. - In contrast, prior to 2020, 3-year and 5-year CDs had yields above 3%, with some smaller banks offering rates close to 4% [5]. - The traditional practice of higher interest rates for larger deposit amounts has been disrupted, as the rates for different deposit amounts are now the same [5]. Group 3: Banking Strategy - The collective withdrawal of long-term large-denomination CDs is a response to the ongoing pressure on banks' net interest margins, which fell to 1.42% by Q3 2025 [7]. - Banks aim to lower liability costs and stabilize net interest margins by reducing the supply of long-term deposits [7]. - The current low net interest margin environment compels banks to avoid high-cost long-term deposits to maintain profitability [7]. Group 4: Shift in Depositor Behavior - With the discontinuation of long-term large-denomination CDs, depositors are seeking alternative investment products, such as savings insurance, government bonds, or structured deposits [9]. - However, these alternatives come with their own limitations, such as lower liquidity for savings insurance and limited issuance for government bonds [9]. - A survey indicates an increase in residents inclined to invest more, rising by 5.6 percentage points to 18.5% [9]. Group 5: New Investment Preferences - Non-principal guaranteed bank wealth management products have become a preferred investment method among residents, with the market size reaching 32.13 trillion yuan, a 9.42% year-on-year increase [11]. - Financial advisors are recommending a diversified asset allocation strategy to improve returns and liquidity, moving away from excessive reliance on long-term deposits [11]. - Low-risk bank wealth management products are suggested as alternatives that may offer better returns than traditional deposits [11]. Group 6: Future Trends - The banking sector is expected to shift towards shorter-term products, emphasizing flexibility and a diverse range of financial products [13]. - Banks need to enhance their wealth management capabilities to maintain customer relationships and ensure stable returns [13]. - Depositors are encouraged to prioritize liquidity in their investments during a declining interest rate environment, allowing for better opportunities in the future [13].

（原标题：私募发行大爆发！单月备案量大增近30%） 临近年底，A股市场虽在震荡中寻找方向，但私募基金的备案却马不停蹄。 最新数据显示，私募行业在11月迎来了一波备案潮。根据私募排排网统计，截至2025年11月30日，11月 共有1285只产品完成备案，环比大增近三成。这一数据不仅延续了此前的回暖势头，更一举创下年内月 度备案量的次高纪录。 值得注意的是，在这场年底的发行争夺中，量化私募再度强势领跑，百亿级量化巨头几乎包揽了备案榜 单的前列，成为推动本轮备案潮的主力军。 备案量飙升近三成 11月的A股市场，主要指数呈现震荡整固态势，市场情绪一度趋于谨慎。然而，在新产品的发行上，私 募机构的热情却异常高涨。 据证券时报·券商中国记者了解，此前由于市场火热，私募新备案节奏一度被拉长，部分机构向券商中 国记者反映，产品备案需要十几甚至几十个工作日。进入11月，随着市场的调整，产品备案节奏有所加 快。 数据显示，11月共计1285只私募证券产品完成备案（含自主发行和担任投顾），较10月份的994只大幅 增长29.28%。这一爆发式增长，直接将当月数据推升至年内第二高位，显示出私募机构在年底前强烈 的"补充弹药"意愿，无 ...

Core Viewpoint - The current challenges in pension fund management include the conflicting demands for both long-term and short-term returns, as well as absolute and relative returns, leading to a pessimistic conclusion that it is not feasible to achieve both simultaneously [2][5]. Group 1: Investment Challenges - The investment community faces a dilemma where clients and companies demand high returns with low volatility, which is difficult to balance [2][5]. - Wang Xiangyu emphasizes the need to abandon the unrealistic expectation of achieving both high absolute and relative returns simultaneously [2][5]. Group 2: Focus on Absolute Returns - It is recommended to focus on absolute returns rather than relative returns, as historical evidence suggests that successful long-term absolute returns will likely lead to satisfactory relative returns over time [3][5]. - Long-term investment is portrayed as a more manageable and beneficial strategy for investors, despite the need to endure short-term volatility [3][5].

近期人民币在交易市场的强势表现，正清晰勾勒出升值加速的轮廓。从历史规律来看，历经较长下行周期后，人民币汇率转向往往遵循 "磨底 - 蓄势 - 温 和升值 - 加速升值" 的路径，而当前正处于这一周期的关键进阶阶段，多重核心逻辑共同支撑着这一趋势。 汇率走势已释放明确信号。5 月中美关税降级成为重要转折点，人民币随即开启蓄势进程：前期兑一篮子货币调整、兑美元稳中有升，7 月后全面进入升 值通道，截至目前兑一篮子货币升值 2.8%，兑日元更是大幅升值 9.4%。值得关注的是，即便近期美元指数从 96.6 反弹至 100.2，人民币依然保持稳健， 且离岸汇率表现更强，与中间价价差持续收窄 —— 这一历史上预示升值加速的关键信号，正在当下持续兑现。 美元走势受限为人民币升值提供了外部空间。此前市场对美联储的激进降息预期已显著下修，未来美元指数反弹动能不足。而明年初美联储主席人选即将 尘埃落定，热门候选人的宽松政策倾向，可能重新点燃市场降息憧憬，进而压制美元走强。内外对比之下，人民币的相对吸引力持续提升。 内部支撑因素同样扎实。从估值看，2022 年 4 月至今年 6 月，人民币实际有效汇率累计回调 19%，名义有效汇 ...

临近年底，A股市场虽在震荡中寻找方向，但私募基金的备案却马不停蹄。 最新数据显示，私募行业在11月迎来了一波备案潮。根据私募排排网统计，截至2025年11月30日，11月 共有1285只产品完成备案，环比大增近三成。这一数据不仅延续了此前的回暖势头，更一举创下年内月 度备案量的次高纪录。 值得注意的是，在这场年底的发行争夺中，量化私募再度强势领跑，百亿级量化巨头几乎包揽了备案榜 单的前列，成为推动本轮备案潮的主力军。 备案量飙升近三成 11月的A股市场，主要指数呈现震荡整固态势，市场情绪一度趋于谨慎。然而，在新产品的发行上，私 募机构的热情却异常高涨。 据券商中国记者了解，此前由于市场火热，私募新备案节奏一度被拉长，部分机构向券商中国记者反 映，产品备案需要十几甚至几十个工作日。进入11月，随着市场的调整，产品备案节奏有所加快。 数据显示，11月共计1285只私募证券产品完成备案（含自主发行和担任投顾），较10月份的994只大幅 增长29.28%。这一爆发式增长，直接将当月数据推升至年内第二高位，显示出私募机构在年底前强烈 的"补充弹药"意愿，无疑为年末乃至明年初的市场行情注入了一剂强心针。 排排网集团旗下融 ...

最近，离岸人民币兑美元汇率像头倔牛，一头撞破了7.06的关键关口，直接创下了过去14个月以来的新 高。你去银行换汇，柜员可能都会多瞅你两眼，那眼神仿佛在说："现在换？划算啊！" 朋友圈里更是炸了锅。做外贸的老同学发了个"流泪"的表情包，配文是"利润又被吃掉两成"；而准备年 底去欧洲扫货的几个闺蜜，已经在群里欢呼雀跃，恨不得把明年的年假都提前休了。大家都在问同一个 问题：这钱怎么突然就"值钱"了？这到底是一场泼天的富贵，还是咱们口袋里财富缩水的前兆？ 咱们今天不扯那些晦涩难懂的经济学模型，就搬把椅子，像老朋友唠嗑一样，把这事儿掰开了、揉碎了 讲讲。特别是对于咱们普通老百姓，这波大涨背后，到底藏着什么机会，又埋着什么雷。 这一波"疯涨"，底气到底从哪儿来的？ 很多人还在惯性思维里，觉得美元就是硬通货，人民币还得看美元脸色。但这回，剧本真不一样了。 现在的日历是2025年10月。回看过去这一年，美国那边的日子其实过得挺纠结。美联储折腾了许久，终 于扛不住经济下行的压力，降息的大闸一旦拉开，美元就像泄了气的皮球，强势周期算是走到头了。资 本这东西最势利，闻着味儿就知道哪儿更香。眼看着美元资产回报率往下掉，这帮国际热钱 ...

来源：上海信托 11月26日，上海国际信托长三角财富部客户沙龙在杭州成功举办。本次活动以核心FOF策略产品为交流核心，创新融入中国传统香文化体验，为到场客户 打造了一场兼具专业深度与雅致格调的高端交流盛宴，实现了投资智慧与文化魅力的双向赋能。 ✦ • ✦ 分享环节后，现场进入热烈的互动问答时间。客户们结合自身投资需求，就FOF产品运作机制、资产配置实操技巧等问题与杨辰博士深入交流，进一步明 晰了资产配置理念及FOF策略的核心价值。专业的解答、真诚的沟通，让现场氛围持续升温。 沙龙尾声，"不可思议的中国传统香"互动体验环节温馨启幕。活动现场陈列了多款特色香品，包括以木樨为主要原料、兼具调节情志功效的木樨香，融合 印度老山、龙脑、香茅等成分，主打清肺理气、疏肝解郁的香牌等。客户们在专业人员的引导下，沉浸式感受传统香韵的雅致意境，在香气氤氲中放松身 心、畅聊交流，不仅增进了彼此间的情谊，更拉近了与公司的情感距离。 ✦ 活动现场，上海国际信托证券信托事业部杨辰博士受邀分享——从分散组合到超额实现，他围绕资产配置底层原理、管理人筛选评价体系及当前市场环境 下的资产配置方向三大核心维度，深入浅出地拆解了"上容FOF""信 ...

Group 1: Gold Market - Spot gold experienced a slight increase of 0.13%, with a low of $4,175 and a rebound to a high of $4,219, closing at $4,208.60 [1] - Currently, gold is trading around $4,218 in the European market [1] Group 2: U.S. Labor Market and Federal Reserve - The U.S. Labor Department reported a decrease of 27,000 in initial jobless claims to 191,000, the lowest level in over three years, below the expected 220,000 [3] - The number of continuing claims remains above 1.9 million, indicating structural pressures in the labor market [4] - Revelio Labs reported a decrease of 9,000 in non-farm payrolls for November, with October's data revised to a loss of 15,500 jobs, leading traders to bet on further rate cuts by the Federal Reserve [5] - Goldman Sachs indicated that the labor market is showing signs of cooling, with a 25 basis point rate cut by the Fed in December being highly likely [5][6] - The next Federal Reserve meeting is scheduled for December 9-10, with an 87% probability of a 25 basis point cut [6] Group 3: Inflation Data and Market Outlook - The upcoming PCE inflation data is considered crucial, with expectations for core PCE to rise by 0.2% and maintain an annual rate close to 3% [7] - A stable inflation reading would suggest "inflation is stable," while a higher reading could lead to a market re-evaluation [7] - The outlook for the stock market suggests a lower risk of a tech bubble burst compared to 2000, but emphasizes the need for balanced asset allocation to mitigate potential risks [7] Group 4: Military Developments - The Iranian Revolutionary Guard conducted military exercises in the Persian Gulf, showcasing new defense and offensive capabilities, including AI technology for target identification [8] - The U.S. Central Command announced the formation of a squadron of one-way attack drones in the Middle East, based on the Iranian "Witness-136" drone [10] - The U.S. military conducted an attack on a vessel in the Eastern Pacific, resulting in four fatalities, as part of a broader anti-drug operation in the region [11][12]

公募FOF产品在2025年成为基金业令人瞩目的品种，这实在是在情理之中。 差异化的结果其实来源于更具差异化的投研体系和团队配置。 01 不是一支团队在"战斗" 在目前公募基金的产品线里，只有FOF产品天然具备"多元投资"和"资产配置"功能。尤其是前者，近年对于基金业绩 的正面效应，日益凸显、备受关注。 同时，市场也逐渐意识到，一个产品定位稳定，配置逻辑清晰，并由经验丰富的团队管理的FOF产品，可能是最接近 广大老百姓需要的"一站式"投资标的。 赵强是富达基金多元资产部的负责人，也是养老业务的负责人，某种程度上，他是富达基金FOF领域的"一号位"。 但赵强却强调，在富达基金，FOF的管理不仅是基金经理的主动抉择，更有团队的分工合作，以及富达庞大投研体系 多年累积的理念和体系"支撑"。 赵强提及，在富达基金管理FOF时，不仅是基金经理的主动抉择，有团队的分工合作，也有富达庞大投研体系多年累 积的理念和体系"支撑"。比如，相关金融科技系统内有富达全球丰富的策略实时表现供FOF基金经理参考，有全球通 用的风控体系和重要风险事件的提示，有海外成熟的AI投资工具来协助组合优化。 但随着渠道和投资者投资经验的不断积累，越来 ...