"五一"小长假期间，海外市场仍在交易。 从最新情况看，中国资产相关的股票和人民币汇率都出现明显走强。虽然今年以来的宏观不确定性带来巨大扰动，但明星私募们对于中国股市的看法继续保 持乐观。 截至5月2日，海外市场中国资产走势强劲。 从明星私募近期对外发布的观点看，总体对后市仍相对乐观，存在很多结构性机会。 睿郡资产执行董事杜昌勇近期在参加活动时提出，今年权益市场的机会成本很低，同时权益市场经过三年多的持续调整，幅度和空间都足够。从估值来看，A 股市场属于合理水平，香港市场处于相对低估的状态，在其他可投资资产缺乏的情况下，这个市场是可为的。今年外部的环境非常复杂，但大家可以预期的 是，在复杂的外部环境下，对内各种刺激政策出台的可预期性也大幅增加，所以总体上市场是可为的。 外汇市场方面，离岸人民币兑美元大涨逾600点，回到7.21附近，表明外资对中国资产信心增强。 股市方面，首先是港股收盘大涨，恒生指数收涨1.74%，恒生科技指数收涨3.08%，代表公司腾讯上涨2.56%，阿里巴巴上涨3.8%，小米集团更是涨超6%。 其 次是隔夜美股市场中概股大幅走强，纳斯达克中国金龙指数上涨3.5%。热门中概股大多上涨，小鹏汽车 ...

Core Viewpoint - During the recent "May Day" holiday, overseas markets continued trading, with Chinese assets showing significant strength, indicating growing confidence from foreign investors in the Chinese market [1][2]. Group 1: Performance of Chinese Assets - As of May 2, the offshore RMB appreciated over 600 points against the USD, reaching around 7.21, reflecting increased foreign confidence in Chinese assets [4]. - The Hong Kong stock market saw substantial gains, with the Hang Seng Index rising by 1.74% and the Hang Seng Tech Index increasing by 3.08%. Notable stocks included Tencent up 2.56%, Alibaba up 3.8%, and Xiaomi up over 6% [4]. - In the U.S. market, Chinese concept stocks also performed well, with the Nasdaq Golden Dragon China Index rising by 3.5%. Key stocks included XPeng up 5.84%, JD.com up 4.93%, and Alibaba up 4.34% [4]. Group 2: Outlook from Private Equity Firms - Star private equity firms remain optimistic about the market, identifying numerous structural opportunities. They believe the cost of equity market opportunities is low, and the A-share market is reasonably valued while the Hong Kong market is relatively undervalued [6]. - The overall economic environment is complex, but the expectation of various domestic stimulus policies has increased, suggesting a favorable market outlook [6]. - Private equity firms are focusing on three main investment themes: policy verification, global capital reallocation towards "core Chinese assets + globally competitive industries," and industry upgrade alpha through technology and commercialization processes [7].

Core Viewpoint - The article discusses how domestic fixed-income products are facing declining yields, prompting some financial institutions to turn to overseas bond funds as a new investment strategy to enhance returns and diversify risks [1][3]. Group 1: Market Context - The overall yield of fixed-income products in the domestic market has been on a downward trend, with the average annualized yield for open-ended fixed-income products at 1.04% as of March 16, reflecting a decrease of 0.57 percentage points [3]. - The decline in domestic bond market yields and the limitations of credit downshift strategies have led financial institutions to seek higher-yielding assets to improve product attractiveness and yield levels [3][4]. Group 2: Investment Strategy - Some pure fixed-income products are beginning to allocate to overseas bond funds, such as the Xinyin Wealth Management's product that plans to invest in global or Asian bond funds starting in Q4 2024 [3]. - The strategy of investing in overseas bond funds allows for the diversification of investments across different countries and regions, thereby reducing single-market risks and enhancing portfolio stability [3][4]. Group 3: Asset Allocation and Management - Financial institutions are encouraged to adopt diversified asset allocation and refined management strategies to enhance yield levels and market competitiveness in a low-interest-rate environment [6][7]. - Recommendations include increasing allocations to equity-like instruments, alternative assets, and structured products, while also optimizing product operation management processes to improve asset allocation efficiency and yield levels [6][7]. Group 4: Considerations for Investors - Investors are advised to understand the risks, investment scope, and duration of products, and to choose strategies that suit their needs for enhancing fixed-income returns [8]. - It is emphasized that while "fixed-income plus" products may offer higher annualized returns than pure fixed-income products, they may also experience periods of volatility and drawdowns [8].

Core Viewpoint - In early 2025, China's small and medium-sized banks are experiencing a significant divergence in deposit interest rates, with many private banks lowering rates while some regional rural commercial banks and village banks are raising rates to attract deposits [1][2]. Summary by Sections Private Banks Lowering Rates - Multiple private banks have recently announced reductions in deposit interest rates, with Chongqing Fumin Bank lowering its three-year deposit rate to 2.6% and five-year rate to 2.5%, marking the fifth adjustment since last year [1]. - Beijing Zhongguancun Bank also reduced its two-year deposit rate from 2.4% to 2.2% [2]. - A total of at least eight out of 19 private banks have lowered their deposit rates in February alone [2]. Reasons for Rate Reductions - Experts suggest that the recent rate cuts by some banks align with the overall trend of declining deposit rates, helping to reduce liability costs and stabilize net interest margins [2][3]. - The net interest margin for private banks has been narrowing, with an average profit of less than 1 billion yuan per bank in 2024 [3]. Regional Banks Raising Rates - In contrast, several rural commercial banks have increased their deposit rates, such as Wutai Rural Commercial Bank raising its three-year rate from 2.0% to 2.15% [4]. - Other banks, including Henan Yima Rural Commercial Bank and Shanxi Shouyang Village Bank, have also raised rates, with many offering rates above 2% for longer-term deposits [5]. Implications for Investors - Experts recommend that investors diversify their asset allocation based on their risk tolerance and financial goals, considering both deposit products and other investment vehicles like funds and wealth management products [7][8]. - The trend of varying deposit rates among banks is expected to continue, with regulatory guidance becoming stricter on high-interest deposit strategies [7].