Core Viewpoint - The trend of "moving" household deposits is significant this year, with approximately 50 trillion yuan in time deposits maturing and current bank deposit rates dropping to over 1%, prompting a need for new investment choices [4][6][7] Group 1: Investment Opportunities - Public funds are seen as a favorable option for reallocating this substantial amount of capital, offering a variety of products suitable for different risk appetites [4][6] - Money market funds provide good liquidity but lower returns, while bond funds cater to those seeking stable returns, and higher-risk investors may consider mixed or equity funds to capitalize on market trends [4][5] - The shift towards public funds is driven by a growing demand for returns as low interest rates persist, making these funds a key vehicle for meeting household investment needs [4][6] Group 2: Asset Allocation Strategies - Investors are advised to focus on their risk tolerance when determining asset allocation, with higher risk tolerance allowing for a greater proportion of equity products [5][6] - Traditional depositors are encouraged to start with bond funds, which offer controlled risk and higher returns than bank deposits, as a gateway to capital markets [5][6] - Key indicators for selecting public products include matching risk-return characteristics, the historical performance of fund managers, and clarity of investment strategies [6] Group 3: Long-term Market Trends - The transition of household savings to capital markets is expected to accelerate in the coming years, becoming a significant driver of a "slow bull" or "long bull" market [6][7] - This trend reflects a profound change in the structure of household wealth allocation, with a shift towards products that provide better returns in a low-interest-rate environment [6][7] - The public fund industry faces both opportunities and responsibilities in managing investor expectations and fostering trust to ensure the stability of this transition [6][7]

居民存款正迎来新一轮"搬家"。数据显示，今年约有50万亿元定期存款集中到期，而当前银行存款利率 已降至1%多的水平。这笔巨量资金将流向何处？普通投资者又该如何配置自己的财富？ 在期货日报"策马点金"栏目中，前海开源基金首席经济学家、基金经理杨德龙从公募基金的优势、2026 年的核心变量、低风险客户的参与路径以及市场长期趋势四个维度，为投资者提供了系统性的分析与建 议。 "居民存款'搬家'是今年一个重要的现象。"杨德龙表示，在楼市低迷的背景下，居民储蓄正面临新的配 置需求。今年约50万亿元定期存款集中到期，而利率已降至1%多，储户必须做出新的选择。 在他看来，公募基金是承接这笔资金比较好的一个选择方向。作为大众理财方式，公募基金具备品种丰 富的天然优势：货币基金流动性好，虽然收益率较低，但适合低风险投资者；债券基金等固收类产品则 适合追求一定回报的投资者；风险偏好较高的投资者，则可以配置混合型基金或股票型基金，分享市场 行情发展的成果。 这一判断的背后，是杨德龙对居民财富配置趋势的长期观察。他认为，随着低利率的到来，居民对收益 的需求日益丰富、迫切，公募基金凭借其产品线的丰富性和专业性，正成为承接居民理财需求的 ...

A new way to allocate assets in your portfolio takes another look at factors like age, income and risk tolerance—whether you are young, middle-aged or retired. ...

大年初三，年味正浓。 走亲访友的脚步慢了下来，烟火气渐渐回归日常，很多人也终于有时间，安静地想一想，这一年，钱往 哪里去？路该怎么走？ 在中国传统里，初三是"辞旧迎新"的延伸，不急、不躁，更多是一种调整与蓄力。 而从财经的角度看，2026 年，恰恰也站在一个需要重新校准方向的节点上。 回顾过去一年，全球经济的关键词并不轻松：利率高位反复，地缘风险持续扰动，市场波动成为常态。 但进入2026年，一个清晰的变化正在出现：稳，重新成为主旋律。货币政策边际趋松，宏观调控更强调 节奏与预期管理，资本市场从情绪博弈，走向价值回归。 这并不意味着没有风险，而是意味着盲目冒进的时代，正在过去；耐心与配置，正在回归。 春节假期的中段，往往是最容易让人冷静下来的时刻。 转自：扬子晚报 经历了起伏之后，越来越多的人意识到：真正能穿越周期的，从来不是短线技巧，而是长期逻辑。 在春节这样的时间点，最容易让人想清楚一件事：钱，是为生活服务的，而不是反过来。 新的一年，或许不必给自己太多必须翻倍的压力，但可以给自己定几个更现实的目标：控制风险，而不 是赌方向，提升认知，而不是追热点，让资产配置，服务于长期生活规划。 慢一点，反而更稳。 新 ...

Core Viewpoint - China has been consistently selling U.S. Treasury bonds, reducing its holdings to approximately $682.6 billion, a level reminiscent of the post-2008 financial crisis [3][5]. This action signals a strategic shift in asset allocation and risk management rather than a mere market reaction [11][27]. Group 1: China's Actions and Implications - China's U.S. Treasury holdings peaked around $1.32 trillion before 2013, and the current reduction represents nearly a 50% decrease, indicating a significant change in strategy [5][9]. - The pace of reduction has been steady over the past three months, suggesting a deliberate and methodical approach rather than erratic market behavior [3][5]. - Some analysts predict that China may aim to reduce its holdings to around $300 billion, a level that would allow for greater flexibility in asset management [7]. Group 2: U.S. Response and Market Dynamics - Following the release of U.S. Treasury data, U.S. officials, including Treasury Secretary Yellen, have softened their rhetoric towards China, emphasizing the importance of maintaining constructive relations [12][21]. - Trump's recent comments indicate a shift from a hardline stance to a more negotiable approach regarding Taiwan and other issues, reflecting the need for the U.S. to manage its financial stability [14][16]. - The U.S. faces a significant challenge with its national debt reaching $38 trillion, making the stability of the Treasury market critical [16][19]. Group 3: Strategic Considerations - China's diversification of foreign reserves, including increased gold holdings, reflects a cautious approach to risk management in response to U.S. monetary policy fluctuations [9][11]. - The ongoing dialogue between the U.S. and China suggests a complex interplay of cooperation and competition, with both sides aware of the potential consequences of crossing established red lines [22][24]. - The recent statements from both sides indicate a tactical recalibration rather than a fundamental shift in strategy, as the U.S. seeks to stabilize market expectations while managing its debt crisis [21][26].

资产配置就是用资产的多元化配置来分散资产风险。艺术资本与其他金融产品的关联度非常小，这也是 艺术品适合做资产配置的一个重要原因。在不确定性时期，有形资产特别是顶级艺术品，成为资本的理 想栖息地。艺术品是唯一一项可以长期稳定并持续增值的资产配置，其对资产的长期增值是任何其他资 产所不具备的投资特性。 在国际资本市场，艺术品早已是必备的投资标的，它是全球三大投资项目中继股票证卷债卷、房地产之 后的"第三极财富"，属于高附加值资产，其回报率已远远超过了股票和房地产。 西方国家自20世纪70年代起形成成熟配置体系，企业常规将年收入5%-25%投入艺术品形成可快速变现 的应急资产。 西方欧美老钱的财富配置中，顶级艺术品收藏投资占其12% - 20%。 2025年初，瑞银集团艺术收藏调查报告显示，高净值收藏家将20%的财富配置于艺术领域，较2024年的 15%显著提升。这一数据颠覆了传统资产配置理论，标志着艺术品正式从边缘资产类别晋升为财富管理 核心组成部分。 中国艺术品市场在发展的过程中，已经显现出"艺术品商品化、资产化、金融化、证券化（大众化）"的 发展趋势，其中资产化发展是重点。在这一市场发展的趋势中，资产化是关键 ...

Core Insights - The article emphasizes the importance of prudent financial management, particularly for individuals with savings exceeding 300,000 yuan, highlighting potential pitfalls in banking practices and the need for diversified asset allocation [1][3]. Group 1: Risks of Concentrated Deposits - The article warns against concentrating deposits in a single bank, as the maximum insurance coverage for deposits is 500,000 yuan, including both principal and interest, which poses a risk for amounts exceeding this limit [3][5]. - It notes that several local banks have faced regulatory actions in the past year, raising concerns about the stability of even large banks [3][5]. - Recommendations include diversifying deposits across two to three banks to mitigate risks while maintaining reasonable interest returns [5]. Group 2: Hidden Costs of VIP Banking - Customers with deposits over 300,000 yuan often become "VIP clients," but this status can come with hidden fees and costs, such as account management fees for not maintaining a minimum balance [6][7]. - The article highlights the difference between "expected returns" and "guaranteed returns," cautioning that many financial products may not deliver the promised yields [6][7]. - It advises clients to be vigilant about complex product terms and to ensure that all promises are documented in contracts [8][10]. Group 3: Inflation and Wealth Erosion - The article discusses the impact of inflation on savings, noting that while bank deposit rates are low (1.5% to 2%), the cost of living has been rising, effectively reducing purchasing power [10][11]. - It provides a calculation example showing that a 30,000 yuan deposit at an interest rate of 1.8% yields only 5,400 yuan, while a 2.5% increase in living costs results in a real loss of purchasing power [10][11]. - The article stresses the need for effective asset allocation to combat inflation, categorizing funds into "emergency," "core," and "growth" assets [11][12][14]. Group 4: Financial Literacy and Responsibility - The article concludes that managing finances is not just a technical skill but also a psychological challenge, urging individuals to take responsibility for their financial decisions [15]. - It emphasizes the importance of understanding the risks associated with financial products and not blindly trusting financial institutions [15].

2026年开年，全球地缘经济局势持续波动，金融市场不确定性处于高位，黄金再次成为全球投资者关注的焦点。尽管当前国际金价呈现"冲高回落、震荡运 行"的态势，但市场对其未来增长潜力的讨论从未停止。 近日，世界黄金协会美洲区首席执行官兼全球研究负责人Juan Carlos Artigas在接受《每日经济新闻》记者（以下简称NBD）专访时，深度解读了2026年黄金 市场的核心驱动力。 他指出，黄金在经历一场由央行购金需求和避险情绪共同推动的"结构性转变"，并已成为资产配置中不可或缺的流动性护城河。 Juan Carlos Artigas 图片来源：X账号 定价逻辑生变？黄金与美债收益率"脱钩"背后的真相 NBD：你长期将金价表现归纳为四类关键驱动因素：经济扩张、风险与不确定性、机会成本和势能，在2026年当前的宏观环境下，你认为哪个因素是金价 估值的"主引擎"？ Juan Carlos Artigas：黄金的表现始终是这四大因素共同作用的结果。但在2026年，风险与不确定性的进一步上升是支撑当前估值的首要因素。地缘经济紧 张局势的加剧以及金融市场局部的压力，显著提升了市场对黄金这类高质量避险资产的需求。 此外，当前的 ...

Group 1 - The article discusses how parents are managing their children's "lucky money" received during the Chinese New Year, with many opting to deposit it in banks or invest in financial products due to declining interest rates on savings accounts [1][2][4] - Banks are actively marketing specialized savings products for children's "lucky money," with features like dedicated accounts and parental controls to help manage funds [2][4][6] - Some banks, like Beijing Rural Commercial Bank and Mongolian Merchant Bank, are offering higher interest rates on specialized savings accounts compared to standard rates, with rates for 1-year, 2-year, and 3-year terms ranging from 1.4% to 1.75% [4][6] Group 2 - As interest rates decline, parents are increasingly turning to investment products such as wealth management and insurance instead of traditional savings accounts, with some reporting difficulty finding savings products with rates above 2% [7][8] - The article highlights a trend where parents are diversifying their children's "lucky money" into various financial products, including insurance policies that offer long-term benefits and investment funds with higher returns [8][9] - Industry experts suggest that parents should focus on safety and long-term growth when managing children's funds, recommending stable financial products and educational insurance to secure future educational expenses [10][12]

（原标题：大道投资管理合伙人杨锐：踏马迎春，共赴新程） 值此丙午马年春节来临之际，我谨代表深圳市大道投资管理有限公司全体同仁，向您及家人致以最诚挚 的问候与祝福。感谢您在过去一年乃至公司创立十余年来的信任与托付。 杨锐（大道投资管理合伙人）：毕业于北京大学光华管理学院，在国有银行、私募股权、私募证券领域 有着20余年丰富且资深的从业经验，对于量化资产配置有着专业且资深的见解，对于专业机构投资者及 个人超高净群体有着丰富的服务经验，现在全面负责大道投资的市场工作及对外事务。 对于2026年，我们在策略层面保持审慎乐观：当前A股市场仍处于交投活跃的周期，两市成交额维持在 中高位，这为量化策略捕捉交易机会提供了有利的土壤。同时，市场个股间的表现分化预计将持续，这 对能够广泛覆盖、严格执行纪律的量化选股模型而言，意味着丰饶的阿尔法源泉。尽管市场阶段性结构 变化可能带来波动，但通过不断进化的模型与严格的风险控制，我们有信心持续累积超越基准的回报。 我们的目标，是在控制整体风险敞口的前提下，让资产净值曲线尽可能独立于市场的短期情绪波动，平 稳穿越周期。 各位投资者，大道投资取名"大道"，"道"之所指科学规律、统计规律；" ...