Market Overview - On the first trading day after the holiday, despite disappointing April Caixin services PMI data, A-shares opened strongly and closed with a volume of 171.4 billion yuan, with the Shanghai Composite Index rising 1.13% to reclaim the 3300 mark, the Shenzhen Component Index up 1.84%, and the ChiNext Index up 1.97% [1] Technology Sector - The technology sector showed significant gains, with various sub-sectors such as controllable nuclear fusion, brain-computer interfaces, Hongmeng concept stocks, and computing power stocks leading the market [2] - ETFs related to technology, including internet ETFs and cloud computing ETFs, saw increases of over 4% [2] Rare Earth Market - The rare earth sector emerged as a strong performer, with stocks like Shenghe Resources hitting the daily limit, and several other companies also experiencing significant price increases [7] - Rare earth ETFs recorded gains of 5.22%, 4.91%, 4.80%, and 4.73% respectively [9] Rare Earth Prices - Following China's announcement on April 4 to impose export controls on seven types of medium and heavy rare earths, prices surged, with dysprosium prices doubling to $850 per kilogram and terbium prices increasing over 210% to $3000 per kilogram [11][12] - China accounts for 60%-70% of global rare earth production, and the recent export restrictions have led to a supply-demand imbalance, driving prices higher [12] Earnings Reports - Notable earnings from computing power companies in Q1 included Inspur Information with a net profit of 463 million yuan, up 52.78% year-on-year, and Industrial Fulian with a net profit of 5.231 billion yuan, up 24.99% year-on-year [5] - Analysts predict a return of the technology style in May as earnings reports are released and external tariff disturbances ease [5][6]

据新浪财经报道，美债市场经历了剧烈动荡。此前，受特朗普"对等关税"政策影响，全球投资者连续五日抛售美债，致使10年期美债收益 率上周录得2001年以来最大单周涨幅 。这种抛售潮使得美债市场一度陷入恐慌，随后虽有所企稳反弹，10年期美国国债收益率下跌11个基 点至4.38%，但市场对美债的担忧并未消散。美债遭抛售的同时，美元指数也走低，这被市场视作全球投资者对美元资产信心大幅下降的 信号。 特朗普（资料图） 美国债券巨头PIMCO发布的重磅报告，更是给美国敲响了警钟。随着特朗普政府保护主义政策持续升级，美元和美债的避险地位正面临前 所未有的挑战。管理着2万亿美元资产的PIMCO明确表示，正在削减美元和长期美债敞口，转而增持欧洲、日本及新兴市场债券。这一战 略调整，预示着全球资本流动格局将发生重大变革，越来越多的投资者开始重新审视对美债的投资策略，寻求更为多元化和安全的投资方 向。 俄罗斯泽尼特银行分析部总监弗拉基米尔·叶夫斯季费耶夫指出，主要卖家包括日本、中国、巴西和印度等。这些国家在过去一年中总共净 卖出1360亿美元的美债 。其中，日本和中国多年来为实现国际储备资产结构多元化，一直在减少对美国国债的投资；中 ...

在全球金融市场瞬息万变的当下，黄金作为避险资产的 "定海神针" 作用日益凸显。随着中国投资者对资产配置多元化需求的不断增长，如何挑选安全、透 明、专业的黄金交易平台，成为投资成功的关键所在。 在黄金投资的征程中，选择正规、可靠的交易平台是投资者首要考虑的因素。正规平台不仅能守护投资者的资金安全，还能提供公平、透明的交易环境。近 期，权威机构评选出的国内正规现货黄金投资平台榜单，天誉国际凭借卓越的综合实力崭露头角，成为行业标杆，下面我们就深入了解一下。 天誉国际 天誉国际身为香港黄金交易所AA类025号行员，严格遵循贸易场的各项规章制度，合规运营实力强劲。平台资金交由第三方银行托管，同时运用先进的加密 技术，全方位捍卫投资者的交易信息及个人信息安全，杜绝信息泄露风险。 在交易技术层面，天誉国际实现了毫秒级订单执行，保障投资者在黄金市场快速波动时能够及时成交。平台配备智能投研工具，例如黄金ETF持仓同步功 能，助力投资者实时掌握黄金ETF的持仓动态，紧跟市场趋势；新闻情绪分析功能则通过对全球财经新闻的实时监控与分析，为投资者把握市场情绪、做出 明智投资决策提供有力支持。 真宝金业 真宝金业作为香港黄金交易所D类1 ...

本文字数：2004，阅读时长大约4分钟 作者 | 第一财经 高雅 2025.04. 14 受特朗普关税政策波动性影响，部分全球最大规模的养老金基金、家族办公室及超高净值人士正暂停 对美国市场的投资，并将财富转移至伦敦或苏黎世"避难"。 2025年以来，美国股市表现疲软。标普500指数下跌8.61%，纳斯达克指数重挫13.26%，道琼斯工业 指数回落5.14%。相比之下，德国DAX指数上涨1.75%，香港恒生指数增长1.91%，英国富时100指 数虽下跌3.58%，但跌幅小于美股。 全球经济分析公司BCA Research全球首席策略师贝莱津（Peter Berezin）对第一财经记者表示，美 国经济和股市在全球贸易战冲击下面临显著风险。他认为，劳动力市场韧性减弱、消费者储蓄枯竭、 收入增长放缓及借贷能力受限等因素，可能导致美国在2025年陷入衰退。当前美股尚未充分反映衰 退风险，未来或有进一步下行空间。 财富流向伦敦与苏黎世 BCA Research在4月14日的一份简报说明中称，通常，全球增长恐慌会推高美元并压低收益率。"但 上周的情形恰恰相反。其他发达市场货币从中受益，包括欧元、日元、英镑和加元。收益率差 ...

即使对等关税暂缓，市场波动性依然高企。 受特朗普关税政策波动性影响，部分全球最大规模的养老金基金、家族办公室及超高净值人士正暂停对 美国市场的投资，并将财富转移至伦敦或苏黎世"避难"。 2025年以来，美国股市表现疲软。标普500指数下跌8.61%，纳斯达克指数重挫13.26%，道琼斯工业指 数回落5.14%。相比之下，德国DAX指数上涨1.75%，香港恒生指数增长1.91%，英国富时100指数虽下 跌3.58%，但跌幅小于美股。 全球经济分析公司BCA Research全球首席策略师贝莱津（Peter Berezin）对第一财经记者表示，美国经 济和股市在全球贸易战冲击下面临显著风险。他认为，劳动力市场韧性减弱、消费者储蓄枯竭、收入增 长放缓及借贷能力受限等因素，可能导致美国在2025年陷入衰退。当前美股尚未充分反映衰退风险，未 来或有进一步下行空间。 财富流向伦敦与苏黎世 BCA Research在4月14日的一份简报说明中称，通常，全球增长恐慌会推高美元并压低收益率。"但上周 的情形恰恰相反。其他发达市场货币从中受益，包括欧元、日元、英镑和加元。收益率差异已无法解释 外汇市场的波动，反而指向资金正从美国 ...

Group 1 - The core viewpoint of the report emphasizes that in a low-interest-rate environment, multi-asset strategies have gained popularity among investors as they seek better returns and diversification [1][4]. - The report discusses the concept of asset allocation diversification, highlighting its importance in the current market conditions and how it can mitigate risks while enhancing potential returns [3][4]. - The report suggests that multi-asset strategies are particularly suitable in the current economic landscape, where traditional fixed-income investments may yield lower returns due to sustained low interest rates [1][3]. Group 2 - The report outlines specific methods for achieving asset allocation diversification, which include a mix of equities, fixed income, and alternative investments to optimize portfolio performance [3][4]. - The discussion includes insights from industry experts on the effectiveness of multi-asset strategies in navigating market volatility and achieving long-term investment goals [1][4]. - The report indicates that the shift towards multi-asset strategies reflects a broader trend in the investment community, driven by changing economic conditions and investor preferences [1][3].

Core Viewpoint - The article discusses the potential impacts of the Russia-Ukraine conflict resolution on various asset classes, highlighting the expected benefits for gold, oil, and domestic Chinese assets. Group 1: Gold Market - Gold prices have surged over 50% from around $1,900/oz to nearly $3,000/oz since the onset of the Russia-Ukraine conflict, driven by increased geopolitical risks and market demand for safe-haven assets [2][3][4] - Central banks globally have significantly increased their gold purchases, with a net buy of 1,044.63 tons in 2024, marking three consecutive years of over 1,000 tons of net purchases [2] - The ongoing geopolitical tensions and the evolving role of gold as a hedge against inflation and a substitute currency are expected to sustain its upward trajectory, even if the conflict ends [3][4] Group 2: Oil Market - The oil market is projected to face oversupply in 2025, particularly with Iraq's resumption of oil exports, which could lead to lower prices for crude oil and refined products [5] - If the Russia-Ukraine conflict concludes, the restoration of Russian energy exports may further increase global supply, potentially driving down international oil and gas prices [5] - However, geopolitical complexities, such as Russia's exclusion from the SWIFT payment system, may still pose challenges for its oil exports to Europe, which could influence pricing dynamics positively [5] Group 3: Domestic Chinese Assets - The Chinese stock market is gaining attention from global investors, with Morgan Stanley upgrading its rating on the MSCI China index to "market weight" and raising target levels for major indices [7][8] - The potential resolution of the Russia-Ukraine conflict could reduce uncertainties in international markets, positively impacting the overall asset market in China [8] - A decrease in energy import costs due to the end of the conflict may lower operational costs in sectors like manufacturing and transportation, enhancing China's competitive edge in high-end manufacturing and digital economy [8]