2025-11-26 15:25:57 作者：狼叫兽 还在觉得开贵金属开户很麻烦？你只是缺一份「新手村」任务指南！这份保姆级速通秘籍，包教包会， 轻松搞定开户。 第一步：挑个靠谱平台 ●查资质：看看平台有没有"正经工作"（监管牌照）。比如查询是否持有香港黄金交易所颁发的权威资 质。比如皇御贵金属，就是香港黄金交易所79号AA类行员，具有专业的资质，可作为重点选择参考的 条件。 ●比一比：谁家手续费低、点差小、保证金要求友好，就优先考虑谁，省钱才是硬道理，平台优惠也是 平台竞争力之一。 第二步：准备好你的"身份三件套"（具体要求根据具体平台来准备即可） 在平台官网找到开户入口，把个人信息、联系方式等认真填好。放心，这跟你注册个社交账号差不多简 单。 第四步：等平台"验明正身" 提交资料后，平台会快速审核你所提交的信息，确认准确性。 第五步：给账户"充钱"才能开耍 审核通过后，就可以给你的交易账户存款啦！网银、支付宝、微信，看平台支持哪种，选你方便的来。 操作也十分简单，可以自己在用户中心摸索，也可以找平台客服咨询，24小时客户随时听你"安排"。 第六步：熟悉"作战地图"（交易软件） 钱到账了先别急！花点时间熟悉 ...

另一方面，从中国居民的财富配置来看，不动产多，动产少，动产中存款多非存款少，股市带来的财富 效应并不明显，股票基金在中国财富中的占比过低，短期内还未发生显著的变化。未来在低利率环境 下，预计随着资本市场的完善，赚钱效应将越来越明显。另外，全球在对现行国际货币体系进行反思， 资本向非美元资产集聚，这些机遇都对未来中国资本市场的发展创造了比较美好的前景。 管涛认为，未来五年权益类核心资产的配置方向主要有四类：自主可控与新潮消费、龙头企业的并购重 组、传统行业的创新发展和优质企业的产业外迁。 管涛认为，"十五五"时期，中国的资本市场发展面临重大机遇，投资者应关注宏观经济基本面和政策导 向，把握产业结构升级和技术创新带来的投资机会，建立对市场长期健康发展的信心。 管涛表示，长期来看，经济转型孕育了资本市场发展的机会。一方面，应对大国博弈更加复杂激烈的外 部环境，重要的是因地制宜发展新质生产力，加快构建新发展格局，培育壮大新兴产业、未来产业。国 内将持续用新技术，新模式提升改造传统产业，未来5年会有大概10万亿元的市场空间，传统产业升级 改造，传统产业占到现代制造业产出80%，是现代化产业的重要支撑。 （原标题：管涛： ...

Core Viewpoint - The future of China's assets is positioned as a crucial component for global investors to diversify risks and enhance returns, supported by a well-established financial market system [1] Financial Market Development - China has developed a comprehensive and deep financial market system, with both bond and stock markets ranking second globally in terms of scale [1] - The stability of the Renminbi and the diversity of asset types contribute to global investors' ability to achieve diversified asset allocation and risk dispersion [1] Financial Opening and Stability - China's financial opening emphasizes institutional openness, including rules, regulations, management, and standards, which enhances market stability [1] - The stable value of the Renminbi and low volatility in exchange rates are long-term favorable factors for international investors allocating Renminbi-denominated assets [1] Economic Resilience and Asset Quality - The resilience of the Chinese economy and the presence of high-quality assets provide value for risk diversification and stable returns [1]

Core Insights - The personal pension system in China has completed a significant transition from "breaking the ice" to "growing" in its three years of implementation, with over 72 million accounts opened [1][6] - Banks are shifting their strategy from merely acquiring new accounts to focusing on customer retention and activity, moving towards a "deposit battle" rather than an "account opening battle" [3][8] - The current market still faces challenges with a high number of opened accounts but low actual deposit activity, indicating a gap between user engagement and long-term pension planning [7][8] Group 1: Market Development - The personal pension system was officially launched on November 25, 2020, starting in 36 pilot cities, and has since expanded nationwide, with 72.79 million accounts opened by the end of November 2024 [6] - The product supply system has diversified, now including savings deposits, wealth management products, commercial pension insurance, and public funds, with a total of 926 products available [6] Group 2: Competitive Strategies - Banks are increasingly implementing promotional activities to encourage deposits, such as offering cash rewards and incentives for initial contributions [4][5] - For example, Industrial and Commercial Bank of China (ICBC) and China Construction Bank have launched various promotional campaigns to attract new customers and encourage initial deposits [3][4] Group 3: Customer Engagement Challenges - Despite the attractive promotional activities, many customers are only motivated by short-term incentives rather than developing a long-term savings habit [5][8] - The phenomenon of "easy account opening but difficult deposits" reflects a deeper conflict between the long-term nature of pension funds and the short-term behavior preferences of users [8] Group 4: Future Directions - To build a sustainable customer retention mechanism, banks need to focus on providing professional services and deep engagement rather than just financial incentives [5][9] - The long-term success of banks in the personal pension market will depend on their ability to offer robust asset allocation, digital services, and integrated solutions that encompass various aspects of retirement planning [8][9]

Group 1 - The article emphasizes the importance of adjusting asset allocation based on different life stages, highlighting that financial goals and priorities evolve over time [6][8]. - It introduces the "100 Rule" as a simple method for determining the proportion of stocks in an investment portfolio based on age, suggesting that younger individuals should have a higher allocation to high-risk assets [10][11]. - The article critiques traditional asset allocation methods for not considering other financial risks in life, such as mortgage payments and living expenses, suggesting a need for personalized adjustments [15][16]. Group 2 - For individuals aged 20-30, the focus should be on income generation and savings rather than investment returns, as this is typically a low-wealth stage [19][20]. - This age group is encouraged to understand their risk tolerance through trial and error, as they have a lower investment base and can afford to take risks [21][22]. - Regular assessments of risk tolerance are recommended to ensure alignment with personal financial situations [24]. Group 3 - In the 30-40 age range, individuals are advised to prioritize financial goals, especially with significant life events like marriage and home buying, which require substantial expenditures [26][27]. - The article stresses the importance of matching investment types with the timeline of financial needs, advocating against investing short-term funds in high-risk assets [28][29]. - It highlights that understanding the duration of investments is crucial, as some equity funds may take years to recover from downturns [29]. Group 4 - For those aged 40-50, the article points out that this is often a peak income period but also a time of high debt, necessitating a focus on financial security [32][33]. - It suggests that emergency funds should cover at least one year of expenses to mitigate financial crises, especially given increased family responsibilities [34][35]. - The article warns against high-risk asset allocations in the context of high debt, citing historical examples of financial crises [38]. Group 5 - As individuals approach retirement (50-60 years), the article advises a more conservative asset allocation to protect against market volatility [41][42]. - Retirement asset allocation should be tailored to personal circumstances, including income needs and health expenses, with a focus on stability [45]. - The article concludes that while age can guide asset allocation, personal financial situations and risk tolerance are critical factors that should inform investment decisions [50][51].

Group 1 - The company Zhongyuan Neipei plans to acquire a partnership share in the Henan Aerospace Industry Fund for a nominal price of 0 RMB, contributing 50 million RMB to enhance resource integration and optimize asset allocation [2] - The Henan Aerospace Industry Fund has a total subscribed capital of 2 billion RMB, focusing on investments in rockets, satellite materials, components, and high-quality projects in the aerospace industry chain [2] - Zhongyuan Neipei was established in December 1996, with a registered capital of approximately 588.41 million RMB, and specializes in the research, production, and sales of core automotive components [2] Group 2 - The company's revenue for the years 2022, 2023, 2024, and the first three quarters of 2025 were 2.302 billion RMB, 2.864 billion RMB, 3.310 billion RMB, and 2.867 billion RMB, reflecting year-on-year growth rates of -6.01%, 24.45%, 15.57%, and 16.35% respectively [3] - The net profit attributable to the parent company for the same periods were 167 million RMB, 311 million RMB, 204 million RMB, and 326 million RMB, with year-on-year growth rates of -20.82%, 85.75%, -34.37%, and 39.89% respectively [3] - The company's asset-liability ratios for the years 2022, 2023, 2024, and the first three quarters of 2025 were 35.06%, 34.32%, 32.69%, and 31.59% respectively [3]

这组此消彼长的数据勾勒出险资在收益压力下的战略选择。对于股票配置提升，深圳北山常成基金投研 院常务院长王兆江表示，首先，这是险资在"资产荒"背景下寻求收益突破的表现。近年来，优质非标资 产供给减少、收益率下降，同时信用风险抬升。而债券利率也处于历史相对低位。这使得能够提供长 期、超额收益的权益资产成为破解"资产荒"难题的关键工具。其次，也体现了险资对资本市场长期信 心。股票投资，特别是长期持有，源于对经济基本面和资本市场长期健康发展的信心。0.9个百分点的 提升，虽然绝对值不大，但信号意义强烈，说明A股市场具备长期配置价值，估值处于合理甚至偏低区 间。 来自行业的一组跟踪数据为这一趋势提供了佐证，其中呈现的上升曲线与资本市场估值修复的节奏不谋 而合。中泰证券(6.640, 0.01, 0.15%)非银金融团队最新研报指出，2024年一季度末至2025年三季度末， 险资配置股票余额占比分别为6.7%、7%、7.5%、7.5%、8.4%、8.8%和10%，呈现稳步提升态势。 这种审慎而积极的配置策略直接反映在收益表现上。2024年行业综合收益率分布呈现显著改善的趋势， 2024年，保险公司综合收益率集中区间较20 ...

来自行业的一组跟踪数据为这一趋势提供了佐证，其中呈现的上升曲线与资本市场估值修复的节奏不谋 而合。中泰证券(6.640, 0.01, 0.15%)非银金融团队最新研报指出，2024年一季度末至2025年三季度末， 险资配置股票余额占比分别为6.7%、7%、7.5%、7.5%、8.4%、8.8%和10%，呈现稳步提升态势。 万亿险资的"进退之道" 当债券利率持续走低、优质非标资产供给减少的"资产荒"渐成常态，保险资金如何破局？ 《报告》显示，2024年，参与调研的201家保险公司投资资产规模合计30.55万亿元，同比增长16.93%。 从资产配置结构来看，2024年末，保险资金继续保持较为稳健的配置结构，以利率债、信用债和股票投 资为主，合计占比59%，同比上升1.4个百分点。 深入资产配置的肌理，2024年，现金及流动性资产占比2.9%，同比下降1个百分点；银行存款占比 6.9%，同比下降0.1个百分点；股票占比8.3%，同比上升0.9个百分点，其中股票成为屈指可数的增长领 域。 这组此消彼长的数据勾勒出险资在收益压力下的战略选择。对于股票配置提升，深圳北山常成基金投研 院常务院长王兆江表示，首先，这是险资在 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Overseas: On the evening of November 21st, the New York Fed President's speech hinted at a possible near - term interest rate cut, boosting the December rate - cut expectation. The Fed's expectation management is shifting, and it's possible that key figures will turn dovish in the next two weeks. The US GDP in the third and fourth quarters is expected to face pressure due to various factors such as the decline in core shipments in August, rising unemployment rate in September, and weakening manufacturing PMI in November [5]. - Domestic: The domestic endogenous momentum remains weak and stable. The issuance of 500 billion policy - based financial instruments in October, the accelerated issuance of special bonds in November, and the release of the debt - resolution surplus quota may bring marginal benefits to infrastructure investment in the fourth quarter. The central bank may not be in a hurry to further relax policies in the short term [5]. - Asset Views: Due to the Fed's divergence on the December rate cut, the hawkish tone of the October meeting minutes, and the better - than - expected September non - farm data, the December rate - cut expectation was once suppressed, and the US dollar index rose. After the New York Fed President's dovish speech, the market sentiment was boosted. It is recommended to allocate assets evenly in the fourth quarter and pay attention to the opportunities of stock indices, non - ferrous metals (copper, aluminum, tin), and precious metals [5]. 3. Summary by Related Catalogs 3.1 Market Performance - **Stock Index Futures**: The CSI 300 futures rose 0.15% daily and weekly, fell 4.24% monthly and 3.96% quarterly, and rose 13.11% this year. The SSE 50 futures fell 0.07% daily and weekly, 2.35% monthly and 1.49% quarterly. The CSI 500 futures rose 0.85% daily and weekly, fell 5.735% monthly and 6.25% quarterly, and rose 19.93% this year. The CSI 1000 futures rose 1.10% daily and weekly, fell 3.71% monthly and 4.20% quarterly, and rose 21.31% this year [2]. - **Treasury Bond Futures**: The 2 - year Treasury bond futures rose 0.014 daily and weekly, fell 0.08% monthly, rose 0.134 quarterly, and fell 0.54% this year. The 5 - year Treasury bond futures rose 0.03% daily and weekly, fell 0.16% monthly, rose 0.25% quarterly, and fell 0.61% this year [2]. - **Foreign Exchange**: The US dollar index was flat daily, rose 0.100% weekly, 0.42% monthly, and 2.383% quarterly. The euro - US dollar exchange rate had no change daily and weekly, fell 23 pips monthly and 221 pips quarterly, and rose 1160 pips this year [2]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate was flat daily, weekly, and quarterly, fell 1 bp monthly, and fell 30 bp this year. The 10 - year Chinese government bond yield rose 0.3 bp daily, was flat weekly, rose 2.1 bp monthly, fell 44 bp quarterly, and rose 0.1 bp this year [2]. - **Hot Industries**: The national defense and military industry rose 4.45% daily and weekly, fell 0.31% monthly and 2.95% quarterly, and rose 17.50% this year. The media industry rose 3.53% daily and 3.50% weekly, rose 0.68% monthly, fell 5.07% quarterly, and rose 30.89% this year [2]. - **Overseas Markets**: NYMEX WTI crude oil fell 1.834 daily, fell 2.93% weekly, 4.76% monthly, 7.13% quarterly, and 19.33% this year. ICE Brent crude oil fell 1.05% daily, 2.77% weekly, 3.21% monthly, 5.50% quarterly, and 16.469% this year [2]. - **Domestic Commodities**: The container shipping to Europe route rose 0.80% daily and weekly, rose 0.97% monthly, fell 4.52% quarterly, and fell 30.50% this year. Gold rose 0.36% daily and weekly, rose 0.58% monthly, 6.10% quarterly, and 50.634% this year [3]. 3.2 Short - term Market Judgments - **Financial**: Stock index futures are expected to rise in a volatile manner, stock index options to fluctuate, and Treasury bond futures to move in a narrow range [6]. - **Precious Metals**: Gold and silver are expected to move sideways [6]. - **Shipping**: The container shipping to Europe route and steel are expected to move sideways, and iron ore is also expected to trade within a range [6]. - **Black Building Materials**: Most black building materials such as coke, coking coal, and silicon iron are expected to move sideways, with some low - valued varieties having potential for a phased rebound [6]. - **Non - ferrous Metals and New Materials**: Most non - ferrous metals are expected to move sideways, with aluminum and lithium carbonate expected to rise in a volatile manner, and nickel expected to decline in a volatile way [6]. - **Energy and Chemicals**: Crude oil, LPG, asphalt, high - sulfur fuel oil, and low - sulfur fuel oil are expected to decline in a volatile manner. Most other energy and chemical products are expected to move sideways [8]. - **Agriculture**: Most agricultural products are expected to move sideways, with some such as soybean oil and sugar expected to decline in a volatile way [8].

Group 1: US Economy and Market - The Federal Reserve's monetary policy is losing independence, caught in a "trilemma" due to high government debt, requiring bond purchases to finance fiscal deficits, which complicates decision-making regarding economic growth, high inflation, and financial stability [1] - The US economic cycle is entering a late stage, with a divergence between the semiconductor cycle and the broader economy, as private credit defaults rise and consumer confidence hits historical lows, indicating risks of economic slowdown [2][3] - The global trade war initiated by Trump has not improved the US trade deficit, and the increasing fiscal deficit, projected to exceed $40 trillion, is expected to benefit precious metals and commodities [3] Group 2: Chinese Economy and Market - Positive signals in the Chinese macro economy include industrial profits growing over 20% for two consecutive months, with high-tech and advanced manufacturing sectors emerging as new growth engines, offsetting real estate sector declines [4] - Policy shifts are evident, with liquidity and exchange rate support emerging as the government aims to reverse negative economic expectations, leading to a potential capital inflow and RMB appreciation [5] - The Chinese market is entering a strong phase, with listed company profit growth recovering and valuations remaining at historical lows, suggesting that the market performance in 2026 may exceed expectations [6][7] Group 3: Global Asset Allocation - Precious metals like gold and silver remain important long-term hedges against dollar depreciation, while oil prices are expected to strengthen in the next three to six months, reflecting the late stage of the economic cycle [8] - The US stock market is at a 35-year cyclical peak, increasing the risk of bubbles, while the Chinese market, due to economic transformation, improved liquidity, and valuation advantages, is becoming a key focus for global asset allocation [8]