Group 1 - The core viewpoint emphasizes the attractiveness of Asian local currency bond markets due to expected interest rate cuts by central banks and decreasing inflation, which provides a conducive environment for capital gains and diversification amidst global trade uncertainties [1][2] - The size of the emerging East Asia local currency bond market has significantly increased from $866 billion in 2000 to $23.2 trillion by the end of 2022, enhancing its appeal to investors [1] - The correlation between Asian local currency government bonds and major global government bonds is relatively low, with coefficients of 0.4% and 0.3% with U.S. and German government bonds respectively, making them an attractive diversification tool [1] Group 2 - Long-term investment in Asian investment-grade local currency government bonds has shown a risk-adjusted return of 28.2% over the past decade, outperforming the 14.5% return from U.S. Treasury bonds [2] - The Sharpe Ratio for the Asian local currency sovereign bond portfolio is 0.6, indicating a higher return per unit of risk compared to the 0.4 ratio for U.S. Treasury bonds, suggesting better compensation for risk [2] - Despite potential pressures from global trade order changes, Asian economies are expected to remain resilient, supported by domestic fiscal and monetary policies [3] Group 3 - The need for Asian countries to rely on domestic demand as a new engine for economic growth is highlighted, with a large and young population supporting this structural shift [3] - Investors are advised to closely monitor the evolving trade situation and its impacts on Asia, while improvements in market infrastructure, liquidity, and transparency in the local currency government bond market are necessary [3] - Asian local currency government bonds are becoming increasingly attractive as a diversification option for investors concerned about rising U.S. debt and trade policy uncertainties [3]

瀚亚投资预计，关税及美国政策的重大不确定性将抑制2025年全球经济增长。美国经济增长将放缓至 1.2-1.5%，且风险偏向下行。即使目前对中国(部分货品除外)征收30%关税以及对其他国家所有货品征 收10%关税的方案迅速落实，这仍相当于规模约为美国国内生产总值(GDP)1.5%的加税措施，创下数十 年来最大的单年加税幅度之一。 瀚亚投资称，债券市场提供多个以理想估值购入优质资产的机会。由于实际收益率吸引，加上经济基础 基本因素强韧，亚洲当地货币债券展现吸引的投资机会。此外，这类债券与已发展市场资产的相关性 低，并且逐渐纳入主要债券指数，增强了其分散投资优势。 总括而言，投资者仍应转向防守型策略，以应对未来的市场压力。在这方面，低波幅策略能尽量减低下 行风险，同时使投资者参与市场升势。 该行表示，关税谈判长期走向的不确定性可能继续触发市场间歇波动。面对当前环境，投资者应寻求进 一步分散投资，意味着亚洲及新兴市场的上行潜力将会增加，因为这些市场的估值更为吸引，占投资组 合的比重更低。从估值过高的市场重新平衡至估值较吸引且基本因素不断改善的市场属审慎之举。 例如，按市账率(P/B)计算，日本仍是全球估值最低的市场之 ...

Group 1 - The recent interest rate cuts by banks have significantly reduced the appeal of traditional savings, with one-year deposit rates dropping below 1% from around 2% previously, leading to a shift in investment behavior [1][3] - Investors are exploring alternatives to savings accounts, such as money market funds with annualized returns of 1%-2%, bond funds yielding 4%-6%, and high-dividend stocks like Industrial and Commercial Bank of China, which has maintained a dividend rate above 5% [3][4] - The stock market is experiencing increased activity, with some viewing it as a signal of "savings migration," particularly towards stable, high-dividend stocks that have shown annualized returns exceeding 10% over the past decade [4] Group 2 - The interest rate cuts are part of a broader economic strategy aimed at reducing financing costs for businesses and stimulating consumer spending and investment, thereby revitalizing dormant capital [5] - The government is implementing policies to support the capital market, including promoting registration system reforms and attracting long-term funds from sources like insurance and pension funds, which could create structural opportunities in sectors such as technology and consumer goods [5] - Individuals are encouraged to adapt their investment strategies in response to the low-interest environment, diversifying their portfolios with money market funds, bond funds, and high-dividend stocks while enhancing their financial literacy [6][8] Group 3 - The trend of declining interest rates is expected to continue, with predictions of further reductions in the Loan Prime Rate (LPR) by 20-30 basis points, indicating that reliance on interest income from savings will diminish [7] - The current economic climate necessitates a shift in mindset regarding savings, urging individuals to seek diverse investment avenues to grow their wealth in a low-rate environment [8]

Core Viewpoint - The article discusses the significant decline in deposit interest rates in China, leading to a shift in investment strategies among young people who are moving away from traditional bank savings to alternative investment options like money market funds, bond funds, and gold funds [2][3][4]. Group 1: Decline in Deposit Rates - As of May 20, 2023, the one-year fixed deposit rate has fallen below 1%, and the interest rate for demand deposits has dropped to 0.05% [2]. - The trend of decreasing deposit rates is not limited to large banks; even small and medium-sized banks that previously attracted deposits with high rates are now lowering their rates [2]. - The decline in deposit rates has sparked discussions on social media about the ineffectiveness of traditional savings, with many realizing that the interest earned may not even cover travel expenses [2][3]. Group 2: Shift to Alternative Investments - Young individuals are increasingly abandoning the idea of earning interest from bank deposits, opting instead to diversify their savings into what is referred to as the "new three golds"—money market funds, bond funds, and gold funds [3][4]. - The "new three golds" have gained popularity as they are perceived to offer lower risk, better returns than bank deposits, and the potential to outpace inflation [11][12]. - Data from Ant Financial indicates that as of the end of April, 9.37 million individuals born in the 1990s and 2000s have simultaneously invested in money market funds, bond funds, and gold funds, indicating a growing trend [12]. Group 3: Individual Experiences and Strategies - A case study of an individual named Li Jing illustrates the frustration of watching savings diminish due to low interest rates, prompting her to explore alternative investment options [5]. - Another individual, Zhao Qi, has adopted a strategy of investing heavily in bond funds, which he refers to as "collecting eggs," highlighting the stability and long-term benefits of such investments compared to traditional savings [18][21]. - Zhao Qi's experience reflects a broader trend where individuals are forming communities to share investment strategies and support each other in navigating the changing financial landscape [26]. Group 4: Changing Financial Mindset - The article notes a generational shift in financial attitudes, where younger individuals prioritize risk management and diversified investments over traditional savings methods [28][30]. - The concept of "new three golds" symbolizes a proactive approach to personal finance, contrasting with the previous reliance on bank deposits and real estate for wealth accumulation [29]. - This evolving mindset emphasizes the importance of having a financial safety net and the ability to withstand economic uncertainties, leading to a more cautious yet strategic approach to investing [30].

摩根资产管理环球市场策略师 Raisah Rasid 表示，近期亚洲各国纷纷转向更为宽松的货币政策，加上财 政措施，为国内经济增长创造了有利环境。亚洲股市在财政刺激时期的历史弹性为多元化提供了令人信 服的理由。虽然美国股票仍然是投资组合的重要组成部分，但投资者不妨考虑通过投资亚洲股票来分散 投资，特别是那些有望受益于国内消费和财政支持的行业，以增强投资组合抵御全球不确定性的能力。 摩根资管表示，亚洲各国转向宽松的货币政策加上财政措施，这可能会提振消费者和企业情绪，为抵御 关税引发的经济放缓等外部冲击提供缓冲。由于美国与亚洲经济体之间的谈判仍在继续，因此预计贸易 政策的最终结果仍将在较长一段时间内保持不确定性。因此，这标志着亚洲市场的关键点，国内需求可 以在推动增长方面发挥更大的作用。 Raisah Rasid 称，在中国，包括降息、降低存款准备金率和其他流动性注入在内的全面货币刺激计划突 显了其对刺激国内增长和应对外部下行风险的关注。同样，印度、菲律宾和泰国也已恢复宽松周期，并 提供了明确的前瞻性指引，表示未来几个月将进一步降息以支持经济活动。新加坡也调整了货币政策， 有效放松了货币政策。 Raisah Ra ...

Core Viewpoint - China is significantly reducing its holdings of US Treasury bonds, which raises concerns about potential impacts on the US dollar's creditworthiness and the stability of the US debt market [1][3]. Group 1: China's Actions on US Treasury Bonds - In March, China reduced its US Treasury holdings by nearly $20 billion, marking the first time in a decade that it has ceded its position as the second-largest holder of US debt to the UK [1]. - Currently, China holds over $700 billion in US Treasury bonds, down nearly $300 billion from April 2022 and almost halved from its peak of $1.3 trillion in 2011 [1]. - China is primarily holding short-term US Treasury bonds, which, despite lower yields, offer high liquidity, allowing for quick sales in case of a dollar crisis [1]. Group 2: Market Reactions and Trends - The recent rise in US Treasury yields indicates a significant sell-off in the market, with China being a key contributor to this trend [3]. - Among the top ten foreign holders of US debt, only China and Ireland are currently selling, while other countries, such as the UK, have increased their holdings [3]. - The likelihood of a short-term crisis in the US Treasury market is considered low, although risks are accumulating over time [3]. Group 3: China's Strategy for Currency Internationalization - China is facilitating the replacement of US dollar debt with renminbi debt for countries along the Belt and Road Initiative, thereby promoting the internationalization of the renminbi [4]. - Over the past two years, China has reportedly provided over $100 billion to help these countries repay their US dollar debts, with expectations for this scale to increase [4]. Group 4: Diversification of Investments - China is diversifying its investments to mitigate the risks associated with holding excessive US dollar assets, including increasing its gold reserves [5]. - The People's Bank of China has added 70,000 ounces of gold to its reserves in March, continuing a trend of increasing gold holdings over the past six months [5]. Group 5: Implications for the US Debt Market - China's ongoing sell-off of US Treasury bonds may lead to price volatility in the market, but it is not expected to trigger an immediate crisis [7]. - The US, as the issuer of the dollar, can manage its debt through monetary expansion, although this could undermine the dollar's creditworthiness [7]. - The dynamics of US-China trade and the recent negotiations on tariffs are influencing the US Treasury market, with expectations of increased selling pressure in April [7].

当然，当前有些投资者期望以现金或者黄金作为避险的选择。但值得一提的是，市场的恐慌情绪固然会 让现金以及黄金具备短线吸引力，但这两项资产不具息收能力，黄金亦存在价格波动风险，对长期投资 者来说，债券具有价格以及收息优势，才具备核心资产配置的特性。整体而言，当前虽然市场风险尚未 完全消除，但在价格修正与价值显现的交会点上，是危机也是转机，正是债市中长期投资进场的有利时 机。 吴美燕指出，姑且不论消息面的真假，也毋须猜测投资市场动向。就投资的本质，欲降低波幅，本就应 该多元分散。趁此机会，投资者不妨检视自己的布局，避免过度集中于单一市场。过去美国股债市场皆 当红，只是世事难料，现阶段反而要积极透过地区及债种的分散，才可有效降低投组波动，并且掌握长 线债券投资机会。 在分散策略方面，暂时不便过分着墨于新兴市场，因其波动性较高，容易造成额外不安。相反，欧洲与 英国等成熟市场提供较为稳定的债券投资机会，也有降息带来债券价格上扬的可能性，才是首选。这里 想再次强调，此举并非质疑美债的债信价值，而是基于资产配置原则中"分散风险、平衡波动"的核心精 神。 施罗德投资固定收益投资总监吴美燕表示，短期美债市场的剧烈抛售，尽管反映市 ...

Core Competencies - Velos Markets offers a diverse product matrix that includes forex trading, CFDs, and gold spot contracts, providing investors with a comprehensive "global currency map" to capture both mature and emerging market opportunities [2] - The platform features flexible leverage ratios and advanced order execution technology, catering to both retail and high-frequency traders by minimizing slippage and optimizing risk management [2] Case Studies - A successful case from a family office illustrates the effective use of Velos Markets' customized services, combining U.S. tech stocks, Southeast Asian REITs, and carbon credit derivatives to create a diversified investment framework that mitigates cyclical volatility [4] Beginner's Guide - Velos Markets provides a progressive learning path for novice investors, including a simulated trading account and comprehensive online courses, enabling users to practice strategies and familiarize themselves with the platform [5] - The recommended "1% position rule" encourages beginners to limit individual trade sizes to 1% of total capital, promoting a cautious approach to trading [5] Market Trends - The market is currently influenced by three significant trends: increased forex volatility due to fluctuating Federal Reserve policies, rising yields in Asian REITs, and heightened activity in carbon trading derivatives, with Velos Markets offering tools to capitalize on these trends [7] Risk Management - Velos Markets emphasizes robust risk management strategies, including forced liquidation thresholds and dynamic margin monitoring to prevent significant losses [8] - Client funds are stored in segregated bank accounts, ensuring asset protection even in the event of platform financial issues, while built-in volatility filters for high-risk assets help manage leverage [8]

Fundamental Analysis - The global economic situation, monetary policies of major economies, and geopolitical issues significantly impact gold prices [3] - Gold prices typically have an inverse relationship with the US dollar index; a stronger dollar often leads to lower gold prices and vice versa [4] - Inflation erodes the purchasing power of currency, making gold a sought-after asset during inflationary periods [5] - The supply and demand dynamics, including changes in gold mining output and central bank reserves, also affect gold prices [6] Technical Analysis - Candlestick charts are essential for technical analysis, allowing investors to observe market trends and potential buy/sell signals [7] - Technical indicators such as moving averages, MACD, and RSI serve as navigational tools for investors to assess market conditions [7] - Support and resistance levels act as critical price points; breaking through these levels often indicates a shift in market trends [7] Risk Management - Setting stop-loss orders acts as a safety mechanism for investors, automatically triggering a sell when prices fall to a predetermined level [8] - Position sizing is crucial; investors should not risk all their capital on a single trade and should allocate funds based on their risk tolerance [8] - Diversification is recommended to mitigate risks associated with price volatility in a single asset [8] Psychological Management - Greed and fear can hinder investment decisions; maintaining a calm and rational mindset is essential for analyzing market dynamics [10] - Developing and adhering to a trading plan serves as a strategic guide, helping investors avoid impulsive decisions based on market fluctuations [10] - Continuous learning is vital for investors to keep pace with the evolving financial market and remain competitive [10]

Group 1: Core Insights - A Gallup survey indicates that 37% of American adults view real estate as the best long-term investment, while 23% prefer gold, reflecting a 5 percentage point increase from the previous year [1][2] - Only 16% of respondents believe stocks or mutual funds are the best long-term investment, a decline of 6 percentage points from the 2024 report [1] - Financial advisors caution that these investment preferences may be influenced more by market speculation than by fundamentals [1] Group 2: Investment Performance - Over the past 30 years, the annualized total return for the S&P 500 has been 10.29%, compared to 8.78% for real estate and 7.38% for gold [3] - Despite the tangible nature of real estate and gold, stocks offer diversification, allowing investors to spread their funds across thousands of companies [3] Group 3: Investment Strategies - For real estate investment, financial advisors recommend Real Estate Investment Trusts (REITs) or exchange-traded funds (ETFs) linked to real estate stocks [5] - Investing in REITs allows investors to purchase shares like stocks, providing income through dividends [5] - For gold investment, ETFs are suggested as a more practical alternative to holding physical gold, eliminating concerns about storage and security [5]