新华财经上海6月14日电（葛佳明） 全球资产重新配置的大幕已经拉开，多元化投资显得尤为重要。日 前，新华财经对威灵顿投资管理高级董事总经理、亚太区总裁兼亚太区投资部总监普江宁（Janet A. Perumal）进行了采访，详谈大类资产配置与资管行业趋势。 普江宁认为，全球高通胀和市场高波动或成为常态，且随着全球市场和各个行业的不断扩展，宏观环境 正在发生转变。在一个波动性更强、分化程度更高的环境中，多元化投资将变得至关重要。她认为，中 国市场的吸引力增强，看好先进科技、先进制造业以及消费等板块潜力，中国债券的配置优势凸显，中 国资产成为其全球投资组合中一个多元化的超额收益来源。黄金在动荡之际配置需求仍较强，但走势料 更为温和，大宗商品板块的配置价值显现。 "美国例外论"受质疑，资金正流出美国 2025年以来，全球资金从"美元资产内部配置"转向"非美资产再配置"，投资者不断强调多元化资产配置 的重要性，同时评估其美元资产风险敞口。 在普江宁看来，多元化投资策略的重要性上升与宏观经济环境的转变密不可分。当前全球宏观经济环境 与过去二十年相比发生了根本性的变化。 "全球主要央行在此前应对危机时通常会同步降息、开启量 ...

Core Insights - Velos Markets provides a comprehensive trading ecosystem that connects global capital markets, catering to the increasing demand for professional and convenient trading tools among investors [1] Group 1: Function Analysis - The trading ecosystem is structured around three main pillars: Forex, Contracts for Difference (CFD), and cryptocurrencies, offering over 50 currency pairs and various commodities and stocks [3][4] - The platform supports high leverage up to 1:200 for CFDs, appealing to risk-tolerant traders, and includes major cryptocurrencies like Bitcoin and Ethereum [3] - Velos Markets utilizes MetaTrader 4 and MetaTrader 5, offering over 30 technical indicators and automated trading features, enhancing data-driven decision-making [4] - The deep liquidity ECN model connects to top liquidity providers, reducing spreads to 0.1-0.3 pips, facilitating high-frequency trading [4][5] Group 2: User Guide - New users can create accounts through identity verification, with a simulated account offering $100,000 in virtual funds for practice [7] - The trading interface features a "cockpit" design, allowing for real-time trading and strategy orders to automate trades based on market conditions [8][9] - Fund management options include credit cards, wire transfers, and e-wallets, with a recommended "pyramid" position management strategy to mitigate risks [10] Group 3: Advanced Techniques - A family office case study demonstrates a three-phase strategy achieving an annualized return of 15%, utilizing macro hedging and algorithmic trading [12] - The strategy involves adjusting leverage based on market volatility, optimizing returns while managing risks [12] Group 4: Trend Insights and Tool Synergy - Market data from 2024 indicates an increasing negative correlation between gold and Bitcoin, suggesting potential hedging strategies for investors [13] - The introduction of "carbon credit CFDs" opens new opportunities in green finance, linking carbon prices to energy company stock performance [13] - Velos Markets continues to evolve its platform to simplify complex trading processes for both novice and professional investors [13]

Key Insights - UBS released the "2025 Global Family Office Report," summarizing insights from 317 single-family offices across over 30 markets, with an average net worth of $2.7 billion and average assets under management of $1.1 billion [1][2] Group 1: Strategic Asset Allocation - Family offices are focusing on structural growth, yield enhancement, and diversification, reducing cash holdings while increasing investments in developed market equities to capture long-term growth opportunities in AI and healthcare [3] - The average allocation of family offices to North America and Western Europe is nearly 80%, with U.S. family offices showing a historical peak in domestic allocation, indicating a significant withdrawal from international markets [4][20] - Family offices prioritize healthcare, electrification, and artificial intelligence in emerging technologies, with a high sensitivity to opportunities in both public and private markets [5] Group 2: Investment Risks and Management - The global trade war is identified as the largest investment risk for 2025, with family offices concerned about geopolitical conflicts, economic recession, and debt crises [6] - Family offices emphasize internal management functions, focusing on expertise, privacy, and control rather than cost considerations [7] Group 3: Succession Planning and Recruitment - Just over half of family offices have established wealth succession plans, but many do not prioritize this due to a perception of having ample time [8] - When hiring new employees, family offices prioritize trust and personality traits over educational background or qualifications [9] Group 4: Asset Allocation Trends - Family offices are increasing allocations to public equities and private debt, with 35% planning to adjust their strategic asset allocation in 2025, the second-highest rate recorded in six years [10] - The allocation to developed market equities is set to rise from 24% in 2023 to an average of 29% in 2025, while private debt allocation is expected to double from 2% to 5% [12][13] - Real estate allocations are increasing, with U.S. family offices raising their allocation from 10% to 18%, while Latin American and Southeast Asian family offices are reducing their allocations [15] Group 5: Emerging Markets and Geopolitical Concerns - Family offices are cautious about emerging markets, with allocations to emerging market equities at 4% and bonds at 3%, reflecting a trend of increased caution from U.S. and European family offices [18] - Geopolitical concerns are the primary barriers to investing in emerging markets, with 56% citing these as a significant risk [19] Group 6: Future Outlook - Family offices expect to increase allocations to developed market equities and private markets, with 46% planning to significantly or moderately increase their exposure to developed market stocks [23] - Long-term, private market allocations are expected to grow, with over one-third of family offices planning to increase private equity investments despite short-term challenges [24] - Attitudes towards real estate investments are mixed, with 29% of family offices anticipating growth while 19% expect declines [26]

Group 1 - The concept of a Permanent Investment Portfolio was introduced by Harry Browne in the 1980s, aiming for stable returns through diversification across different economic conditions [2] - The portfolio consists of four asset classes: 25% stocks, 25% long-term bonds, 25% cash (short-term treasury bills), and 25% gold [2] - The design of this portfolio is intended to cover various economic scenarios, including prosperity, inflation, recession, and deflation [4][5] Group 2 - During periods of prosperity, stocks perform best due to increased corporate earnings driving up stock prices [5] - In inflationary periods, gold appreciates due to its value preservation properties as prices rise and currency devalues [5] - In recessionary periods, long-term bond prices increase as interest rates typically decline [5] - In deflationary periods, cash provides safety and flexibility amidst economic contraction and market volatility [5] Group 3 - Steps to implement a Permanent Investment Portfolio include allocating 25% of investment capital to each asset class and selecting appropriate initial investment tools [6][7] - Regular rebalancing of the portfolio is necessary to maintain the 25% allocation for each asset class, which involves selling outperforming assets and buying underperforming ones [8] Group 4 - Historical performance since 1964 shows an annualized return of approximately 8.5% for the Permanent Investment Portfolio, with lower volatility compared to a 60/40 portfolio [9] - Backtesting results for a Nasdaq 100 version of the portfolio indicate a cumulative return of about 135% over ten years, with an annualized return of 8.89% and a maximum drawdown of 8.57% [9][10] - The backtest for a CSI 300 version shows a cumulative return of 78% over ten years, with an annualized return of 5.98% and a maximum drawdown of 9.95% [12] Group 5 - The Permanent Investment Portfolio is designed to be a "permanent" strategy, requiring infrequent adjustments, making it suitable for investors who prefer low trading frequency [14] - It is considered a safe and stable strategy, particularly for low-risk investors focused on wealth preservation [14] - Potential limitations include the performance of long-term bonds in rising interest rate environments and the overall performance lag during prolonged economic booms [14][15]

Core Viewpoint - The recent comprehensive interest rate cuts and reserve requirement ratio reductions by the People's Bank of China have led to a significant adjustment in the performance benchmarks of bank wealth management products, with many products seeing reductions exceeding 150 basis points [1][2]. Group 1: Market Adjustments - Over 100 wealth management products have announced adjustments to their performance benchmarks since May, with some benchmarks dropping below 2%, even lower than current fixed-term deposit rates [1]. - For instance, Xinyin Wealth Management adjusted the performance benchmark of its product from an annualized rate of 2.10%-4.05% to 1.50%-2.50% [1]. Group 2: Investor Guidance - Experts suggest that investors should adapt to the declining interest rate environment by adjusting their return expectations and considering diversified investments [3][5]. - Wealth management companies are encouraged to optimize product portfolios and increase the proportion of medium to long-term products to achieve higher returns in a low-interest-rate environment [3]. Group 3: Fee Adjustments - In response to the lowered performance benchmarks, many wealth management institutions have initiated a "fee reduction wave" to retain investors, with several companies announcing temporary fee reductions on various products [3][4]. - For example, Jiaoyin Wealth Management announced a reduction in the sales commission rate for one of its products from 0.20% to 0.10% per year [4]. Group 4: Future Outlook - The long-term expectation is that as domestic asset prices recover, the performance benchmarks for wealth management products may shift from declining to rising [2]. - The continuous decline in performance benchmarks indicates a need for wealth management firms to enhance their research capabilities and asset allocation strategies to improve returns [5].

瑞银集团称，近期金融市场震荡增强了黄金的吸引力，全球资金希望将钱从美国转移出去或对冲其在美 国的风险敞口。"美国风险资产和美元波动将导致更多国际投资者考虑对冲更多美元敞口，并在全球范 围内实现资产配置多元化，"瑞银财富管理部门的首席投资官Mark Haefele本周表示。"黄金仍然是重要 的多元化投资工具。"Haefele表示，投资者需要进行多元化投资及对冲操作，"以增强资产价值的确定 性，尤其是在有非美元债务到期的情况下。这些趋势并不需要美国例外论发生巨变才能显现出来。" ...

参加 2025 年山东辖区上市公司投资者网上集体接待日活动 投资者活动记录表 编号：2025-004 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □电话会议 √ 其他：鲁泰 A 参加 2025 年山东辖区上市公司投资者网上集体接待日 活动 参与单位名称 及人员姓名 参与线上交流的投资者 时间 2025 年 5 月 15 日 15:00-16:30 地点 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 用网络远程的方式召开网上集体接待日活动 公司接待人员 姓名 董事、总会计师：张克明 董事会秘书：郑卫印 证券事务代表：李琨 投资者关系活 动主要内容介 绍 Q:鲁泰有没有想多元化投资的打算？ A:尊敬的投资者您好。公司目前没有进行多元化投资的计划。公 司将坚持围绕主业，持续推进国际化产业布局，保持色织行业中的领 先地位。 Q:董事您好！公司的 2024 年年报财务报表显示公司的存款利率达 到了 3.38，请问公司在 2024 年低利率情况下如何达到如此高的存款 证券代码：000726 200726 证券简称：鲁 ...

在美股近期快速反弹之后，华尔街大行最新警告，市场再次回撤风险大。 据追风交易台消息，高盛在5月15日发布的研报中称，尽管关税谈判释放积极信号，市场信心有所恢复，但这并不意味着风险已经消除。 报告指出，特朗普政府的有效关税水平仍然远高于4月2日宣布所谓"对等关税"前的水平，且美股市场仍然面临高估值、市场集中度和增长放缓等风险。 在4月初，美股市场剧烈动荡，标普500指数下跌近20%，纳斯达克下跌23%。随着美英宣布贸易协议，再加上中美贸易谈判远超预期，市场信心恢复，美 股也反弹走高。 高盛认为，这表明4月初的熊市是事件（特朗普关税）驱动型的，主要是由外部冲击引发。 当下风险是否消失？ 报告指出，尽管关税消息令人欣慰，但是高关税仍然存在，增长将会放缓。在美国，关税影响是通胀性的，且仍存在高度不确定性。 而且高盛认为，美联储可能不太愿意降息，现在他们预计美联储开始三次降息的时间将晚于之前预期(12月而非7月)。因此高盛在报告中指出： 尽管在暴跌之后，股市随后调整异常迅速，符合"事件驱动型"熊市特征，但这类熊市的典型走势在初始下跌后通常在一段时间内保持平稳。如 果遵循这种典型模式，近期上行空间可能有限，市场可能面临再 ...

香港金管局总裁余伟文：金管局一直在减少持有的美国国债的期限；香港的外汇基金一直在多元化投资 非美国资产；一直在分散投资组合中的货币敞口以管理风险。 ...

Core Insights - The banking wealth management market experienced a decrease in product scale in Q1 2025, with a total of 40,600 products and a scale of 29.14 trillion yuan, down approximately 810 billion yuan compared to the end of 2024 [1][2][3] - Factors contributing to this decline include tight bank liquidity, bond market adjustments, and weaker performance of wealth management product yields [1][3][4] - However, signs of recovery in product scale have emerged since April, driven by declining deposit rates and rising wealth management yields, suggesting a potential rebound in Q2 [1][5][6] Market Overview - As of the end of Q1, there were 215 banking institutions and 31 wealth management companies with active products, with wealth management companies holding 25.74 trillion yuan, accounting for 88.33% of the market [2] - The proportion of fixed-income products in the total wealth management product scale reached 97.22%, indicating a continued focus on fixed-income assets [1][6] Future Outlook - Analysts predict that Q2 will be a crucial period for growth in wealth management product scale, with expectations of an increase of 1.7 to 1.8 trillion yuan by the end of April and over 1 trillion yuan by the end of Q2 [4][5] - The shift in investor preference towards wealth management products is anticipated due to the recent decline in deposit rates and the rise in product yields [5][6] Product Structure - The asset allocation of wealth management products remains heavily weighted towards fixed-income assets, with bonds, cash, and bank deposits making up significant portions of the investment [7] - The industry is expected to move away from the "easy profit" model reliant on high deposit rates, focusing instead on diversified investment strategies to enhance product yields [7][8] Strategic Recommendations - Wealth management companies are encouraged to optimize product structures by increasing equity asset allocations and enhancing their research and innovation capabilities to attract more funds [6][9] - The development of new product strategies, including "fixed income plus" approaches, is recommended to improve returns and meet evolving market demands [9]