王笑对2026年衍生品市场进行了展望。他表示，2026年全球地缘局势进入缓和期，经济结构的修复要关 注政策导向及落地情况、内外部的经济共振机会和内生性的自然修复。2026年资产价格可能"抢跑"，但 基本面的绝对变化或体现在2027年。在资产表现上，在经济结构调整的背景下，企业净资产收益率 (ROE)修复有望推动估值上涨。对商品而言，2026年基本面没有较大改变，不同品种的分化走势仍将持 续，关注价格反转的可能性。风险因素方面，需关注地缘局势缓和不及预期对资产价格的负面影响。 王笑随后主持以"大咖面对面——全域资产配置与跨境投资新机遇"为主题的圆桌论坛。论坛邀约不同领 域的行业专家，以不同的资产视角对2026年宏观经济和资产变化进行了探讨。在跨市场、跨行业的大咖 对话中，4位行业顶尖专家针对明年的经济周期定位、大类资产配置机会、固收和债券的投资观点、量 化市场发展结构等进行了热烈的讨论。 会议为期2天，共设1场主论坛和9场分论坛，分论坛议题涵盖有色金属及贵金属板块、黑色和能化板 块、新能源板块、"十五五"产业规划、资产配置等，各路专家、分析师与嘉宾围绕热点问题进行了深入 讨论。 本次会议的视频回放将于12月29 ...

12月23日早盘，伦敦现货黄金再创新高，首次站上4480美元/盎司关口，盘中最高触及 4486.684美元/盎司。国内沪金期货主力连续合约也持续拉升，突破1000元/克整数关 口，盘中最高报1016.86元/克，日内涨幅超2%。 国内金饰方面，周生生足金饰品标价1403元/克，较前一日1367元/克的价格上涨36元/ 克；老庙黄金足金饰品标价1402元/克，较前一日1367元/克的价格上涨35元/克。 另据金融时报，Wind数据显示，自2023年起，现货黄金便开启持续上涨态势。截至2025 年12月23日，现货黄金年内涨幅已超70%。 展望2026年， 世界黄金协会美洲CE0兼全球研究负责人 安凯认为，黄金市场将进入多重 力量交织、动态平衡的新阶段。一方面，地缘经济不确定性依然高企，美元或将延续弱势， 投资者和央行的结构性需求有望持续为金价提供支撑。另一方面，全球经济复苏的可能性、 利率周期的变化以及美元阶段性反弹等因素，也可能对黄金价格形成一定压力。 需要注意的是，黄金价格波动受多重因素影响，投资过程中必然伴随着相应风险。投资者应 充分认识黄金市场的波动性特征，制定科学合理的投资策略，避免盲目跟风操作，确保 ...

Core Viewpoint - The spot gold market has experienced a significant upward trend since 2023, with an increase of over 70% by December 23, 2025, highlighting its renewed importance as a strategic asset in global financial systems [2][8]. Group 1: Current Market Performance - As of December 23, 2025, spot gold reached a new high of $4,480 per ounce, with an intraday peak of $4,486.684 per ounce [2][7]. - Domestic gold futures in China also surged, surpassing 1,000 yuan per gram, with a peak of 1,016.86 yuan per gram and a daily increase of over 2% [2][7]. Group 2: Jewelry Pricing - In the domestic jewelry market, the price of Chow Sang Sang's gold jewelry rose to 1,403 yuan per gram, an increase of 36 yuan from the previous day [8]. - Lao Miao's gold jewelry was priced at 1,402 yuan per gram, up 35 yuan from the previous day [8]. Group 3: Future Price Trends - Short-term factors such as geopolitical disturbances and expectations of U.S. interest rate cuts are expected to support precious metal prices, leading to a trend of rising prices with limited downside [3][8]. - In the medium to long term, strong demand from central bank gold purchases, industrial silver consumption, and continued inflows into ETFs are anticipated to create a persistent supply-demand gap, supporting an upward trend in precious metals [3][8]. Group 4: Market Dynamics and Challenges - The gold market is entering a new phase characterized by multiple interwoven forces and dynamic balance, with ongoing geopolitical uncertainties and a potentially weak dollar providing support for gold prices [5][10]. - However, factors such as the possibility of global economic recovery, changes in interest rate cycles, and potential rebounds in the dollar may exert pressure on gold prices [5][10].

Group 1 - The core investment strategy for 2026 focuses on internal demand expansion, with a gradual approach to policy implementation [6][39] - The government aims to address low prices through demand stimulation and supply-side adjustments, which will help increase tax revenue and improve corporate profitability [30][31] - The emphasis on policy analysis highlights the importance of understanding government behavior and its impact on asset allocation [2][25] Group 2 - The 2026 policy goals include a shift from external pressures to internal dynamics, with a consensus on expanding domestic demand [31] - Liquidity will focus on structural adjustments rather than total volume, as the real estate sector's contribution to tax revenue diminishes [32] - The Chinese yuan is expected to appreciate, which could help alleviate internal price stagnation and support asset revaluation [33] Group 3 - A significant increase in bond supply is anticipated, which will serve as a substitute for tax revenue and help address public income distribution issues [34] - Local governments are expected to optimize existing assets to alleviate cash flow pressures, with strategies like resource assetization and securitization [35] - Class stabilization funds will continue to mitigate negative externalities in the market, ensuring that stock market adjustments remain within controllable limits [36] Group 4 - The complete asset allocation strategy for 2026 emphasizes a "risk premium down, profit up, structural differentiation" framework, with a focus on cyclical resonance [38] - The macroeconomic outlook indicates a shift from "weak recovery + strong differentiation" to "overall improvement," with corporate profits expected to recover [40] - The investment direction will prioritize midstream manufacturing and new productive forces, with a focus on high-rated credit bonds and interest rate bonds [42]

寰行盛世作为中国企业出海与资产配置领域的专业人才服务机构，寰行盛世CMO李飞先生应邀全程参与本次发布 会，与各界嘉宾交流互动，进一步拓展全球合作网络，为企业出海注入新动能。 聚焦跨境投资新路径，共话资产配置趋势在本次发布会上，STAG基金董事会高层与新西兰权威律师分别发表致 辞，围绕全球布局与重点项目进行了分享。发布会内容涵盖以下核心环节： ● 走近STAG：从欧洲大陆到中土世界 ● 新西兰AIP投资移民产品发布与深度解读 ● 新西兰权威专家解读AIP项目 ● 新品预热：土耳其投资产品设计思路分享 ● 荣耀之路：STAG葡萄牙基金投资进展回顾 2023年12月19日下午，STAG基金"身份×资产双重配置"新品发布会在深圳成功举办。本次发布会汇聚了欧洲资产 管理专家、新西兰权威律师及STAG基金核心管理层，围绕跨境投资路径、政策趋势与资产配置策略展开深度对 话。 "身份+资产"成出海关键，一站式服务支撑落地执行在会后交流中，不少跨境电商企业主关注海外税务优化、资 金合规出境及公司架构设计等实务问题。寰行盛世指出，"身份规划"与"资产配置"已成为中国企业出海的双重支 撑，需系统筹划与专业执行。 未来，寰行盛世将持 ...

Group 1 - Major precious metals experienced a collective rise on December 22, with London gold increasing nearly 1.7% and reaching a new high of $4420.47 per ounce, marking an over 68% increase year-to-date [1] - London silver also rose over 1.7%, hitting a peak of $69.45 per ounce, with a year-to-date increase of nearly 140% [1] - Domestic precious metals saw significant gains, with silver futures closing up 6.06% and a year-to-date increase of 116.16%, while gold futures surpassed 1000 yuan per gram, rising 2.1% with a year-to-date increase of 62.3% [1] Group 2 - Zhongyou Securities predicts that gold prices are likely to continue rising into 2026, driven by a weakening dollar credit and ongoing supply-demand pressures in U.S. long-term bonds, making gold a viable alternative for asset allocation [2] - The continued inflow into ETFs is expected, as historically, ETF investments increase following interest rate cuts, with dovish expectations opening up room for rate reductions, further encouraging Western investors to buy gold ETFs [2] - Guotai Haitong Securities notes that the Federal Reserve's confirmation of a 25 basis point rate cut and potential short-term U.S. Treasury purchases will enhance market liquidity, supporting a steady rise in precious metal prices [2]

1. Report Industry Investment Rating - No information provided in the given content. 2. Core Viewpoints of the Report - The overseas macro - environment in 2026 continues to warm up. The combination of "low inflation + weak reality + Fed chair change" in the US is conducive to Fed easing, and the quality of January's economic data is expected to return to normal. The "broad fiscal + broad monetary" policy in the US will promote economic prosperity. The ECB maintained interest rates in December and raised GDP forecasts for this year and next, while Japan's interest rate hike was in line with expectations and not a radical tightening, with an upward adjustment of the 2025 GDP growth forecast and maintaining the 2026 forecast [6]. - In November domestically, social retail sales year - on - year was 1.3%, lower than expected and the previous value. Commodity retail continued to weaken, while service consumption improved. Investment in manufacturing, infrastructure, and real estate continued to decline, but exports were strong [6]. - In asset allocation, the macro - environment is favorable for the precious metals and non - ferrous metals sectors. For precious metals, the logic for gold's rise is clear and it has a high safety margin, while silver's volatility risk increases after a sharp rise. For non - ferrous metals, there are opportunities to buy on dips for commodities with more supply disruptions like copper, aluminum, and tin, and attention should be paid to lithium carbonate with good supply - demand performance. The domestic equity sector should be defensive at the end of the year and during the policy window period [6]. 3. Summary by Relevant Catalogs 3.1 Financial Market - **Stock Index Futures**: The CSI 300 futures was at 4564.8 with a daily increase of 0.83%, weekly increase of 0.83%, monthly increase of 2.07%, quarterly decrease of 1.15%, and an annual increase of 16.42%. The Shanghai 50 futures was at 3018.4 with a daily increase of 0.40%, weekly increase of 0.40%, monthly increase of 2.01%, quarterly increase of 0.98%, and an annual increase of 12.71%. The CSI 500 futures was at 7123.2 with a daily increase of 0.96%, weekly increase of 0.96%, monthly increase of 4.74%, quarterly decrease of 2.29%, and an annual increase of 25.12%. The CSI 1000 futures was at 7203.6 with a daily increase of 0.87%, weekly increase of 0.87%, monthly increase of 2.53%, quarterly decrease of 2.74%, and an annual increase of 23.17% [2]. - **Bond Futures**: The 2 - year bond futures was at 102.464 with a daily decrease of 0.03%, weekly decrease of 0.03%, monthly increase of 0.08%, quarterly increase of 0.17%, and an annual decrease of 0.50%. The 5 - year bond futures was at 105.86 with a daily decrease of 0.10%, weekly decrease of 0.10%, monthly increase of 0.11%, quarterly increase of 0.32%, and an annual decrease of 0.64%. The 10 - year bond futures was at 107.98 with a daily decrease of 0.16%, weekly decrease of 0.16%, monthly increase of 0.04%, quarterly increase of 0.42%, and an annual decrease of 0.87%. The 30 - year bond futures was at 111.98 with a daily decrease of 0.60%, weekly decrease of 0.60%, monthly decrease of 2.19%, quarterly decrease of 1.40%, and an annual decrease of 5.76% [2]. - **Foreign Exchange**: The US dollar index was at 98.7125 with no daily or weekly change, a monthly decrease of 0.73%, quarterly increase of 0.91%, and an annual decrease of 9.01%. The euro - US dollar exchange rate was at 1.1708, with 0 pips change daily and weekly, 107 pips increase monthly, 26 pips decrease quarterly, and 1355 pips increase annually. The US dollar - Japanese yen exchange rate was at 157.729, with 0 pips daily change, no weekly change, 1.00% monthly increase, 6.63% quarterly increase, and 0.34% annual increase [2]. - **Interest Rates**: The 7 - day inter - bank pledged repo rate was 1.44 with no daily or weekly change, a 6 - bp monthly decrease, 1 - bp quarterly decrease, and 31 - bp annual decrease. The 10 - year Chinese government bond yield was 1.83 with a 0.5 - bp daily decrease, no weekly change, 1 - bp monthly decrease, 3 - bp quarterly decrease, and 0.2 - bp annual increase. The 10 - year US government bond yield was 4.16 with a 4 - bp daily increase, no weekly change, 0.03 - bp monthly increase, no quarterly change, and 39 - bp annual decrease [2]. 3.2 Overseas Commodity Market - **Energy**: NYMEX WTI crude oil was at 56.54 with a daily increase of 1.14%, weekly decrease of 1.72%, monthly decrease of 3.32%, quarterly decrease of 9.43%, and an annual decrease of 21.33. ICE Brent crude oil was at 60.12 with a daily increase of 1.20%, weekly decrease of 1.80%, monthly decrease of 3.53%, quarterly decrease of 9.12%, and an annual decrease of 19.664. NYMEX natural gas was at 4.026 with a daily increase of 2.05%, weekly decrease of 1.83%, monthly decrease of 17.19%, quarterly increase of 20.86%, and an annual increase of 10.82% [2]. - **Precious Metals**: COMEX gold was at 4368.7 with a daily increase of 0.11%, weekly increase of 0.90%, monthly increase of 2.64%, quarterly increase of 12.38%, and an annual increase of 65.52%. COMEX silver was at 67.395 with a daily increase of 2.97%, weekly increase of 8.55%, monthly increase of 18.06%, quarterly increase of 43.88%, and an annual increase of 130.109 [2]. - **Non - ferrous Metals**: LME copper, LME aluminum, LME zinc, etc. had different price changes. For example, LME copper had a certain increase in some periods, LME aluminum was at 2945 with a daily increase of 0.99%, weekly increase of 2.43%, monthly increase of 2.79%, quarterly increase of 9.60%, and an annual increase of 15.38% [2]. - **Agricultural Products**: CBOT soybeans were at 1049 with a daily decrease of 0.24%, weekly decrease of 2.53%, monthly decrease of 7.76%, quarterly increase of 4.82%, and an annual increase of 3.86%. CBOT corn was at 443.25 with a daily decrease of 0.17%, weekly increase of 0.62%, monthly decrease of 1.01%, quarterly increase of 6.55%, and an annual decrease of 3.38% [2]. 3.3 Domestic Commodity Market - **Shipping**: The container shipping European line was at 1871.8 with a daily increase of 8.84%, weekly increase of 8.84%, monthly increase of 27.17%, quarterly increase of 13.94%, and an annual decrease of 17.07% [3]. - **Precious Metals**: Gold was at 1000.86 with a daily increase of 2.14%, weekly increase of 2.14%, monthly increase of 4.92%, quarterly increase of 14.15%, and an annual increase of 62.06%. Silver was at 16210 with a daily increase of 5.42%, weekly increase of 5.42%, monthly increase of 27.37%, quarterly increase of 48.06%, and an annual increase of 117.00% [3]. - **Non - ferrous Metals**: Copper was at 94320 with a daily increase of 1.22%, weekly increase of 1.22%, monthly increase of 7.92%, quarterly increase of 13.57%, and an annual increase of 27.86%. Aluminum, zinc, and other non - ferrous metals also had their own price change trends [3]. - **Black Building Materials**: Steel products such as rebar and hot - rolled coils, as well as raw materials like iron ore, coke, and coking coal, had different price fluctuations. For example, rebar was at 3126 with a daily increase of 0.22%, weekly increase of 0.22%, monthly increase of 0.29%, quarterly decrease of 0.06%, and an annual decrease of 5.53% [3]. - **Energy and Chemicals**: Crude oil, fuel oil, asphalt, and other energy and chemical products had various price changes. For example, crude oil was at 437.9 with a daily increase of 2.65%, weekly increase of 2.65%, monthly decrease of 3.78%, quarterly decrease of 8.73%, and an annual decrease of 21.79% [3]. - **Agricultural Products**: Grains, oils, and livestock products such as soybeans, corn, and hogs had their own price trends. For example, hogs were at 11345 with a daily increase of 0.18%, weekly increase of 0.18%, monthly increase of 0.84%, quarterly decrease of 9.09%, and an annual decrease of 11.37% [3]. 3.4 Sector - by - Sector Short - term Judgments - **Financial Sector**: Stock index futures are expected to rise in a volatile manner, stock index options are expected to be volatile, and bond futures are expected to be volatile [7]. - **Precious Metals Sector**: Gold and silver are expected to rise in a volatile manner [7]. - **Shipping Sector**: The container shipping European line is expected to be volatile [7]. - **Black Building Materials Sector**: Most varieties such as steel, iron ore, and coke are expected to be volatile [7]. - **Non - ferrous Metals and New Materials Sector**: Some varieties like copper, aluminum, and tin are expected to rise in a volatile manner, while others are expected to be volatile [7]. - **Energy and Chemicals Sector**: Some varieties like PX and PTA are expected to rise in a volatile manner, while others such as asphalt and high - sulfur fuel oil are expected to decline in a volatile manner, and most are expected to be volatile [9]. - **Agricultural Sector**: Some varieties like cotton are expected to be volatile, while others such as hogs and sugar are expected to decline in a volatile manner [9].

Group 1 - The core viewpoint emphasizes the transformation of the macroeconomic landscape and the reshaping of supply-demand dynamics in the steel, dual-fuel, ferroalloy, and aluminum markets, highlighting the importance of cyclical turning points and asset allocation strategies [2] - The annual strategy conference features insights from various analysts, including macroeconomic analysis and sector-specific research, focusing on investment logic within the black and non-ferrous industrial chains [2] Group 2 - The coal industry is expected to undergo a new supply-side reform, termed "anti-involution," driven by the transition of the domestic energy structure and the deepening of carbon neutrality policies, which may stabilize coal prices [4] - The definition of supply-side reform consists of two phases: reducing production to raise coal prices and optimizing capacity to adjust the structure, both of which are essential for the industry's sustainable development [4] Group 3 - The bond market outlook for 2026 suggests a focus on coupon income, moving away from trading speculation, with expectations of stable monetary conditions and institutional behaviors [6][8] - Investment strategies in the bond market will be re-evaluated, emphasizing the importance of interest income as the primary focus for investors [8]

在全球经济周期波动与金融市场不确定性增加的背景下，高净值人群的资产配置逻辑正在发生静默而深刻的转向。一种趋向于"防御性"与"实体化"的偏好日 益清晰，而核心城市、稀缺地段的不动产，再度成为这一策略中的重要组成部分。 罗牛山玖悦台 这种资产配置思路，反映了一种更为成熟的财富观念：从追逐增长的"放大器"，转向构筑根基的"稳定器"。它不提供戏剧性的财富故事，而是旨在对抗通胀 与波动，为整体财富金字塔提供一个确定性的基底。当风雨来临，它最重要的回报或许不是增值，而是"不贬值"所带来的那份从容与底气。 观察者指出，这一选择的底层逻辑并非追求短期溢价，而是寻求长期稳健的"压舱石"效应。其价值支撑主要源于三重维度：首先是区位的不可再生性，即占 据城市发展主轴或自然禀赋极佳的绝版地块；其次是产品的稀缺属性，如纯粹的大尺度平层设计、直面稀缺景观的资源占有等，这使其脱离了普通住宅的竞 争体系；最后是开发主体的长期信用，历经周期考验的兑现能力成为信誉背书。 罗牛山玖悦台下沉广场 本文探讨宏观经济背景下高净值人群的资产配置趋势，不构成任何具体投资指导。 ...

Core Viewpoint - The development of public REITs in China has transitioned from private to public offerings and from debt-like to equity-like characteristics, supported by policies at both central and local levels, marking a significant evolution in the market over the past four years [1][5]. Group 1: Market Expansion and Policy Support - Since the launch in 2020, the National Development and Reform Commission (NDRC) and the China Securities Regulatory Commission (CSRC) have continuously promoted the expansion of the public REITs market, broadening the asset types from traditional infrastructure to diverse sectors including clean energy, data centers, and affordable rental housing [2][5]. - Currently, the REITs issuance covers 12 major industries and 52 asset types, with 77 public REITs listed, where transportation, consumption, and industrial parks account for 62% of the market capitalization [2][5]. Group 2: Long-term Development Potential - Public REITs serve as a crucial bridge between physical assets and capital markets, with significant long-term growth potential. The current market capitalization of domestic REITs is 218.8 billion yuan, which is only about 0.2% of GDP and total market capitalization, indicating substantial room for expansion compared to mature markets like the U.S. and Japan [3]. - The average dividend yield for listed public REITs from 2022 to 2025 is projected to be 5.73%, surpassing the average yield of the CSI Dividend Index at 5.52%, highlighting their attractiveness in a low-interest-rate environment [3]. Group 3: Portfolio Optimization - Public REITs exhibit weak correlation with mainstream assets, making them an important tool for optimizing investment portfolios. The correlation coefficients with major assets like the CSI 300 and 10-year government bonds are -0.07 and 0.14, respectively, indicating their unique position in asset allocation strategies [4]. - The weak correlation arises from differences in the underlying asset performance drivers and market conditions, allowing REITs to provide diversification benefits in investment strategies [4]. Group 4: Future Outlook - The Chinese public REITs market is transitioning from pilot exploration to a new phase of scaled development, driven by ongoing policy support, the expansion of underlying assets, and increasing investment value [5]. - As new asset types such as urban renewal and commercial office facilities are gradually included, and with sustained inflows of long-term capital, the public REITs market in China is poised for a period of high-quality growth [5].