在近日举办的"全球视野下的财富管理"主题论坛暨汇华理财五周年活动上，中国银行个人金融部副总经理孙大威受邀出席并参与圆桌讨论环节。孙大威指 出，构建"具有韧性的投资组合"已成为财富管理的"必选项"，也是财富管理机构为客户提供服务的"最优解"。中国银行坚持以专业为客户创造价值，正 以"全球视野"与"本土智慧"双轮驱动，助力客户在复杂市场中实现财富的稳健增长与传承。 在坚持全球视野的同时，中国银行深耕本土市场，与头部资管机构合作，搭建了"全市场、全策略、全天候"的开放式产品货架。孙大威表示，中行不仅提供 标准化产品，还针对客户个性化需求提供单一委托、定制化理财等"一对一"服务。"客户需求千差万别，浙江青田的客户与山西吕梁的客户投资偏好和对产 品的需求可能完全不同。" 渠道方和管理人的通力合作是满足客户需求的关键之一。孙大威特别提到，今年以来与汇华理财在"全球领航"系列产品方面，"实现了非常好的突破，也获 得了客户的认可"。 专业化队伍也是为客户提供资产配置服务的关键，孙大威指出，中行通过全国超8000家理财中心、1200家财富管理中心和200多家私人银行中心，培养了一 支"懂市场、懂产品、懂客户"的财富管理专业队伍 ...

矽亚资产管理CEO陈加凤围绕"基业长青、产业传承与全球资产配置"发表主题演讲。陈加凤指出，家族传承是一项任重道远的事业，成功的传承绝非简单的 财富转移。矽亚在全球提出了家族传承必须以文化传承为灵魂内核，以产业传承为根基，并以资本传承作为保障。而成功的传承需提前十年以上系统规划， 并需重视文化、产业与资本三者的协同。 近一年来，虹桥国际中央商务区共引进和培育市级认定总部企业56家（目前累计283家），年度营收规模已达数千亿元。 2025年11月28日，《论道大虹桥 •2025百家上市公司闭门会》于上海虹桥国际中央商务区举行。本次闭门会在上海虹桥国际中央商务区管委会、闵行区人民 政府指导下，由矽亚资产管理承办，安永中国与第一财经作为长期合作伙伴共同参与，南虹桥集团担任战略合作方。 会上，虹桥国际中央商务区管委会党组书记、常务副主任孔福安介绍了商务区的基本情况。他指出，虹桥国际中央商务区作为承载多重国家战略的改革开放 标志性区域，始终立足国家战略，服务国家需要，依托长三角经济地理中心的区位优势，以及开放、活力、宜居三大特点，正强化对内对外双向"链接"的功 能，全力打造服务企业"走出去"先行区，构建企业出海总部集聚区 ...

Core Viewpoint - The increasing interest of Chinese investors in the US stock market highlights the need for a professional and efficient investment platform to capture opportunities and mitigate risks in a rapidly changing environment [1][14]. Group 1: Features of Sina Finance App - The Sina Finance App is not just a market viewer; it integrates real-time millisecond-level quotes, institutional holding tracking, AI intelligent interpretation, and 24/7 global news, making it a comprehensive investment hub for various types of investors [2][15]. - The app connects directly to major exchanges like the NYSE and NASDAQ, providing Level-1 real-time quotes that refresh in milliseconds, significantly reducing the risk of delayed information during critical market events [3][16]. - Users can set custom alerts for significant market movements, ensuring they receive timely notifications even during off-hours [3][16]. Group 2: Tracking Institutional Movements - The app consolidates and visualizes the latest holdings of top global institutions, making it easier for investors to track significant changes in institutional positions [4][17]. - It automatically updates quarterly holdings of major firms like Berkshire Hathaway and BlackRock, allowing users to filter by industry and stock [4][17]. - The app provides insights into institutional consensus, indicating whether institutions are increasing or decreasing their positions in specific stocks [4][17]. Group 3: AI and Expert Insights - The app employs an AI assistant that generates core summaries of earnings reports within 30 seconds, highlighting key metrics and risks, making it accessible for investors [5][18]. - A global network of journalists ensures timely Chinese news coverage of major events, while expert opinions are aggregated to provide comprehensive analyses [5][18]. - The app allows users to access diverse expert analyses on market impacts following significant events, helping to avoid a narrow perspective [6][18]. Group 4: Comprehensive Investment Process - The app facilitates a complete investment cycle from information gathering to action, enabling users to view market data, read news, analyze trends, and set alerts seamlessly [7][19]. - It supports various technical indicators for in-depth analysis and allows users to monitor multiple markets simultaneously [7][19]. - Although it does not facilitate direct trading, the app provides seamless transitions to partner brokers for executing trades [7][19]. Conclusion - The Sina Finance App has become a preferred choice for over 21 million cross-border investors due to its advanced features, comprehensive data integration, and intelligent analysis capabilities [9][20].

【申万宏源策略】美国降息预期再升温，内外资均流入中国股市——全球资产配置每周聚焦 (20251121- 20251128) 原创 阅读全文 申万宏源策略 ...

Group 1: Market Overview - The US labor market shows signs of weakness, with an average weekly job loss of 13,500 positions over the past four weeks, up from 2,500 previously, leading to increased expectations for a Fed rate cut[4] - The probability of a 25 basis point rate cut in December has risen to 86.40%, up from 71.00% the previous week[4] - The US dollar index has fallen below 100, indicating a weaker dollar, while most equity markets have seen gains, with the A-share index rising across all but convertible bond indices[4] Group 2: Capital Flows - Both domestic and foreign capital have significantly flowed into the Chinese stock market, with foreign capital inflows of $22.57 million and domestic inflows of $30.41 million over the past week[4] - In the past week, global funds have seen a net inflow into money market funds, with emerging markets receiving more inflows than developed markets[4] Group 3: Valuation Metrics - The valuation of the Shanghai Composite Index is at the 84.2% percentile compared to the S&P 500 and CAC 40, indicating relatively high valuation but still lower than US equities[4] - The risk-adjusted returns for the Shanghai Composite have improved, with its percentile rising from 83% to 88%[4] Group 4: Economic Indicators - The US manufacturing PMI for October has weakened to 48.7, indicating economic cooling, while inflation expectations have declined[4] - In China, investment data continues to weaken, but CPI and PPI show signs of recovery, confirming further recovery signals[4] Group 5: Risk Sentiment - The S&P 500 closed at 6849.09, above the 20-day moving average, with a decrease in implied volatility, indicating improved market sentiment[4] - In the A-share market, there is a cautious attitude reflected in the options market, with significant reductions in positions for call options below 4950[4]

Group 1: Metal Market Outlook - Copper is forecasted to strongly rise, with prices expected to exceed $12,000 per ton in the first half of 2026 and an average price of $12,075 per ton for the year, driven by severe supply disruptions and resilient global demand growth of 2.6% [2] - Aluminum prices are expected to rise to $3,000 per ton in the first half of 2026, supported by copper price increases, but will face downward pressure later due to supply growth from Indonesia [2] - Zinc is predicted to decline, with prices expected to fall to $2,650 per ton by Q4 2026, due to oversupply and stagnant global demand growth around 1% [2] - Nickel prices are expected to remain volatile, averaging around $15,300 per ton in 2026, influenced by ongoing supply surplus and Indonesian policy [2] Group 2: Seasonal Trends and Price Dynamics - The seasonal demand peak in August and September is expected to drive up prices, particularly for methanol, while winter supply constraints may further support price increases [6][8] - Extreme price movements are often triggered by significant fluctuations in raw material costs, such as coal, which directly impact methanol production costs [9] - Port inventory and import levels act as regulators for price differentials, with excess imports potentially suppressing price increases even during peak demand seasons [10] Group 3: Investment Opportunities and Market Sentiment - The current market sentiment is leaning towards bearish, with structural opportunities primarily arising from supply-demand mismatches in various commodities [28][32] - The black metal sector shows a clear divergence, with iron ore being a strong long opportunity while rebar and other materials may present short opportunities [33][35] - The energy sector is supported by rising crude oil prices, while rubber is identified as a potential short opportunity due to market dynamics [37] Group 4: Economic and Market Outlook - The Chinese stock market is expected to enter a new bullish phase, driven by economic recovery and improved corporate earnings, potentially leading to a significant capital influx [21][24] - Historical patterns suggest that major bubbles require low interest rates, a strong profit effect, and a lack of investment opportunities in other major markets [22] - The structural changes in China's economy, with a decreasing reliance on real estate and a growing manufacturing sector, are anticipated to support stock market strength [26][27]

Core Insights - The 2025 Analyst Conference highlighted concerns regarding the long-term value of the US dollar due to persistent high fiscal deficits, which are shaking market confidence in its stability [1] - The US stock market is currently at historically high valuation and profit growth levels, indicating limited upward potential and accumulating risks of a pullback [1] - There are growing market concerns and discussions about potential bubbles in the AI sector, adding uncertainty to the performance of the tech sector in the US stock market [1] Group 1: US Dollar Concerns - The long-term continuation of the US fiscal deficit is not a short-term phenomenon, leading to increasing skepticism about the dollar's long-term value foundation [1] Group 2: US Stock Market Analysis - Following a "Davis Double" effect, the current valuation and profit growth of the US stock market are at relatively high historical levels, suggesting limited room for further increases and a quiet accumulation of pullback risks [1] Group 3: AI Sector Concerns - The ongoing debate about whether the AI industry is experiencing a bubble and the uncertainties surrounding its future development are gaining traction, which adds complexity to the outlook for the US tech sector [1]

Group 1 - Foreign capital is increasingly optimistic about Chinese technology assets, with UBS and Goldman Sachs projecting a 37% profit increase for Chinese tech companies in 2025 and setting a target of 7100 points for the Hang Seng Tech Index [2] - The significant asset restructuring by Dongfang Precision involves the cash sale of 100% equity in Fosber Group and two other companies for a base price of €774 million, focusing on core business development [2] - The Chicago Mercantile Exchange experienced a major outage due to cooling issues, leading to a surge in silver prices, with the COMEX silver futures contract rising over 6% to reach a historical high [2] Group 2 - A senior executive from a leading brokerage was fined 135 million yuan for insider trading, having made a profit of 18.75 million yuan from undisclosed information [3] - Analyst Li Bei expressed optimism for A-shares and Hong Kong stocks, suggesting a potential bull market due to favorable valuations and improving earnings for leading companies [3] - The China Securities Regulatory Commission is soliciting opinions on several new regulations aimed at promoting market development, including a pilot program for commercial real estate investment trusts [3] Group 3 - Gold prices surged past $4200 per ounce, driven by expectations of a potential interest rate cut by the Federal Reserve, with multiple officials signaling a dovish stance [4] - Major adjustments to A-share indices were announced, with increased representation of the information technology sector, leading to a more balanced industry allocation [5] - Japan plans to issue approximately 11.7 trillion yen in government bonds to finance economic stimulus, raising concerns about fiscal sustainability and potential impacts on the yen and Japanese bonds [5] Group 4 - Silver prices reached historical highs, supported by expectations of a supply deficit by 2025 and increasing demand from the photovoltaic sector [5]

Core Insights - The importance of global investment allocation is emphasized, highlighting the potential for significant returns through strategic asset selection [1] Group 1: Investment Strategy - The example of managing 100 billion in Japan during its peak in 1990 illustrates that holding onto local assets for an extended period can lead to losses, especially when considering currency depreciation [1] - In contrast, investing in the Nasdaq during the same timeframe, which has experienced three technological revolutions, could theoretically yield over ten thousand times growth [1] - The phrase "Investing should be about catching whales in the ocean, not digging for minnows in a muddy pond" underscores the necessity of seeking larger, more lucrative investment opportunities globally [1] Group 2: Portfolio Composition - The presentation showcased a portfolio heavily invested in companies like Nvidia and Google, indicating a strong alignment with the expectations for the AI era [1] - The investment strategies resonate with those of other prominent institutions such as Berkshire Hathaway and Jinglin, suggesting a collective optimism about the future of AI technologies [1]

专题：2025分析师大会：资本市场"奥斯卡"启幕 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月28日，2025分析师大会重磅启幕，百位行研首席、公私募掌舵人、权威学者齐聚一堂，共寻穿越周 期的投资真谛。本次盛会汇聚了来自研究界与投资界的顶尖力量。 半夏投资创始人李蓓出席本次大会并发表主题演讲。 李蓓在演讲中回顾了过去一年的资产市场表现，指出当下全球资产配置进入 "乱世"，同时也提出 A 股 和港股市场存在 "小确幸"，未来更有望迎来全球资本涌入的大牛市。 李蓓表示，过去一年各类资产表现尚可，但当前资产配置难度显著加大，全球呈现 "财富无处安放，安 全难有保障" 的局面。国内方面，非标资产断供、房地产投资租金回报吸引力不足，曾经的基石资产不 再稳固；海外市场中，美国高财政赤字引发美元信用担忧，美股估值与盈利处于高位，AI 领域泡沫争 议渐起，就连此前表现亮眼的黄金，也因央行售金等信号出现不确定性，俄罗斯央行售金更是被视作重 要风险提示。此外，国际资产安全风险加剧，俄罗斯富豪资产冻结、币安创始人受罚等事件，让高净值 人群对海外资产安全产生顾虑。 不过，李蓓认为 A 股和港股大盘 ...