在竞争日益激烈的资管行业，锐联如何构建自身优势？许仲翔从理念与实际操作层面阐述了其差异化路 径。 作为知名外资私募锐联景淳海外母公司锐联的创始人，许仲翔博士在量化投资与资产配置领域一直扮演 着连接东西方市场的桥梁角色。从联合发明基本面量化策略（RAFI），到带领锐联深耕中国市场，再 到8年前锐联向华夏基金等公募机构进行策略授权，这位兼具深厚学术背景与全球资产管理经验的学者 型投资人，其观点备受市场关注。近日，许仲翔接受了中国证券报记者的专访，围绕公司的策略实践、 2026年市场前瞻及行业变革等议题，发表了自己的看法。 多元资产策略获市场认可 回顾2025年，许仲翔将公司最大的突破归结于核心策略——量化多元资产配置策略获得了市场的理解与 接纳。"过去一两年，这类配置型产品因其复杂性，投资者接受需要一个过程。"许仲翔坦言，市场环境 的变化成为了理念普及的催化剂。利率持续低位徘徊、传统"刚兑"理财消失、股市起伏震荡，这些因素 让投资者意识到，没有任何单一资产品种能持续获得收益。 "当市场处于单边趋势时，大家会追逐简单的贝塔；当有保底产品时，保守者也无需他求。但现在，我 们进入了一个'真正的大资管时代'。"许仲翔说， ...

Group 1 - The article discusses the macroeconomic outlook for 2026 and its impact on index investment strategies, highlighting the valuation advantages of the ChiNext 50 ETF as a representative of new productive forces [3] - It emphasizes the "golden+" strategy to enhance asset portfolio resilience in the current interest rate environment, while also identifying structural opportunities in Hong Kong and overseas markets [3] - The article outlines the concept of "reparative growth" in the macroeconomic context for 2026 and how market strategies will influence asset allocation [6] Group 2 - The article provides insights into the opportunities and risks in key sectors of the Hong Kong stock market for 2025, aiming to assist investors in optimizing their decision-making frameworks [8] - It highlights the expected developments in the commercial aerospace sector by 2026, driven by policy, performance, and technological breakthroughs, particularly in reusable rocket technology [10] - The article discusses the non-bank financial sector's outlook for 2026, indicating a potential new upward cycle in the securities industry and the long-term growth opportunities in the insurance sector [13]

Group 1 - The total scale of ETFs has significantly increased this year, reaching 5.78 trillion yuan as of December 15, with a growth of over 2 trillion yuan since the beginning of the year [1] - The growth in ETF scale is attributed to multiple factors, including product innovation and changes in investor behavior, with increased demand from institutional investors being a primary driver [2][3] - Major indices such as AAA Sci-Tech Bonds and CSI 300 have seen ETF scales grow by nearly 2 billion yuan, indicating a strong attraction of the underlying assets [2][3] Group 2 - A total of 69 ETFs have experienced a scale increase of over 10 billion yuan this year, with 5 products growing by more than 50 billion yuan [4] - The performance of the stock market and stable economic growth expectations have led to increased investments in large-cap blue-chip stocks, reflecting investor confidence in core indices [4] - Leading fund companies have effectively attracted incremental capital through strategy adjustments, enhancing their risk management capabilities and investor trust [4][5]

相关机构表示，为什么当前国债呈现"上有顶、下有底"？首先，目前宏观"水温"比较冷，我们仍处于新 旧动能转换时期，社会名义增长率相对不足，这对债市形成了支撑。但今年货币政策非常温和，央行在 避免引导债市形成单边预期，因此向更低利率突破的难度较大。 值得关注的是，十年国债ETF成立以来经历了2018~2024年共计7个完整自然年度，均保持每年正收益， 有望成为穿越牛熊周期的资产配置利器。 十年国债ETF（511260）跟踪上证10年期国债指数，选取剩余期限7到10年且在上交所挂牌的国债作为 样本，久期恒定。从过往表现来看，十年国债ETF（511260）成立以来净值屡创新高，历史业绩持续稳 健。根据基金定期报告，截止三季度末，近1年回报率达4.17%，近3年回报率达14.04%，近5年回报率 达23.39%，成立至今累计回报率达35.77%。 每日经济新闻 风险提示：数据来源基金定期报告、wind，相关业绩经托管行核对，过往表现不代表未来。十年国债 ETF成立于2017年8月4日，2017年~2025年上半年净值增长率/业绩比较基准为：-1.55%/-1.01%； 7.6%/8.47%；2.49%/4.81%；1. ...

Core Viewpoint - The platinum group metals (PGMs) have shown significant activity, with platinum and palladium prices rising sharply following previous increases in gold and silver prices. Platinum futures closed at 482.40 yuan/gram, while palladium futures surged over 4% to 407.60 yuan/gram. The driving factors behind this rise include macroeconomic and geopolitical sentiments, ongoing supply-demand imbalances, and high basis and price spreads [2][9]. Fundamental Analysis - **Macroeconomic and Geopolitical Support**: The Federal Reserve's easing expectations remain unaltered post-rate cuts, and persistent geopolitical risks have provided upward momentum for PGMs after strong performances in gold and silver [2][9]. - **Ongoing Supply-Demand Imbalances**: The London platinum and palladium borrowing rates have risen again, leading to tighter liquidity in the spot market. The marginal increase in palladium ETF holdings has further tightened investment demand, reinforcing price upward momentum [2][9]. - **High Basis and Price Spreads**: Currently, both platinum and palladium basis and domestic-international price spreads are at elevated levels. Continuous accumulation of physical inventory by arbitrage funds has driven up spot prices, which in turn has affected the futures market [2][9]. Correlation with Gold - The correlation between PGMs and gold is primarily due to their collective status as precious metals. Market sentiment towards precious metals can be influenced by macroeconomic and geopolitical judgments. In the context of Federal Reserve rate cuts and ongoing geopolitical factors, the sentiment towards the entire precious metals sector remains strong [11]. - However, there are notable differences between gold and PGMs. From a financial perspective, gold is superior to platinum, which in turn is superior to palladium. Conversely, in terms of industrial applications, palladium leads, followed by platinum and then gold [11][4]. - Generally, when investors seek safety and certainty, gold is favored for its stability. In contrast, during economic recovery or industrial demand booms, platinum and palladium are more attractive due to their strong industrial demand. PGMs can serve as a complement to gold investments, enhancing portfolio flexibility but may involve higher volatility risks [11][4].

Core Viewpoint - In the context of a shifting global economic landscape and increasing market volatility, investors are increasingly focusing on the stability and risk resistance of their asset portfolios. Gold, as a time-tested hard currency, plays a crucial role as a "ballast" in asset allocation, and the emergence of gold ETFs allows ordinary investors to conveniently capture the long-term value of gold [1]. Group 1: Economic Context and Federal Reserve Actions - On December 11, 2025, the Federal Reserve lowered the federal funds rate by 25 basis points to a range of 3.50%–3.75%, marking the third rate cut of the year. Following the announcement, the 10-year U.S. Treasury yield declined, the dollar index weakened, and gold prices shifted from a decline to an increase, maintaining high volatility [1]. - The FOMC's voting results showed 9 votes in favor and 3 against, indicating a division in the committee regarding inflation pressures and economic slowdown assessments. The committee also announced a monthly purchase plan of $40 billion in short-term Treasury bonds starting December 12 to maintain ample reserves [4]. Group 2: Gold's Unique Attributes - Gold is recognized for its strong safe-haven properties, providing stability during geopolitical conflicts, global economic crises, and unexpected market events. Unlike traditional financial assets, gold's intrinsic value is less affected by a single economy or financial system, making it a reliable asset during times of uncertainty [9]. - Gold serves as an effective hedge against inflation, as its value is closely tied to physical commodities. In environments of monetary expansion and rising inflation, gold can maintain its value, helping investors preserve purchasing power [9]. - The low correlation of gold with traditional assets enhances its appeal for risk diversification. Gold's pricing logic is distinct from that of stocks and bonds, allowing it to act independently and even provide a counterbalance during traditional asset downturns [10]. Group 3: Gold ETFs as an Investment Tool - Gold ETFs address the challenges of traditional physical gold investment, such as storage issues, high transaction barriers, and limited liquidity, making them an optimal tool for ordinary investors to engage in gold investment [12]. - Gold ETFs facilitate convenient and low-cost investment in gold, allowing investors to trade gold as easily as stocks without the burdens of physical gold ownership, such as storage and transportation costs [12]. - The high liquidity of gold ETFs supports dynamic portfolio adjustments, enabling investors to buy or sell based on market conditions without facing liquidity constraints [13]. - Gold ETFs are designed to closely track gold prices, ensuring that investors can capture long-term appreciation without the risks associated with gold-related stocks or funds [13]. Group 4: Conclusion on Gold's Role in Asset Allocation - In the current complex market environment, the focus of asset allocation has shifted from "pursuing high returns" to "achieving stable appreciation." Gold, with its safe-haven, anti-inflation, and low-correlation attributes, serves as a "ballast" for navigating economic cycles, while gold ETFs provide accessible, low-cost, and highly liquid investment options for ordinary investors [15][16].

Core Viewpoint - DBS Bank's report indicates that with the Federal Reserve entering a rate-cutting cycle, bonds have reestablished their role as a risk-hedging tool against equities, suggesting investors shift cash into credit bonds, particularly focusing on A-rated or BBB-rated investment-grade credit bonds, while maintaining a portfolio duration of 5 to 7 years [1][2]. Group 1: Market Performance and Trends - Despite geopolitical tensions and macro uncertainties in 2025, global markets exhibited an overall upward trend, with investment-grade credit bonds showing lower absolute returns compared to equities but significantly lower volatility [1]. - During market risk events, while global equities experienced pullbacks, the bond market remained resilient, effectively protecting investment portfolios and demonstrating defensive resilience in asset allocation [1]. Group 2: Investment Strategy and Recommendations - The report refutes the notion that bonds have lost their hedging function in investment portfolios, highlighting a shift in correlation between bonds and stocks, making bonds a quality safe-haven asset [2]. - Investors are advised to adopt a quality enhancement strategy, favoring A-rated and BBB-rated investment-grade credit bonds, as healthy corporate balance sheets and a lack of risk-free assets support their valuation despite current credit spreads being at historical lows [2]. - Caution is advised regarding high-yield bonds, which are perceived to be overpriced with spreads lower than average levels during non-recession periods, presenting asymmetric downside risks amid slowing economic growth [2]. - For investors seeking excess returns, the report recommends a combination of government bonds with Treasury Inflation-Protected Securities (TIPS) and mortgage-backed securities (MBS) to enhance yield [2]. Group 3: Future Outlook - The report concludes that under the macro conditions of stable global growth and policy easing, credit products are expected to perform well, but investors should remain cautious about credit quality to navigate future market volatility [3].

Core Insights - The global gold market is expected to enter a new phase in 2026, influenced by multiple interwoven factors, including geopolitical uncertainties and structural demand from investors and central banks [6][15]. Group 1: 2025 Gold Market Performance - The gold market in 2025 showed exceptional performance, with gold prices increasing by over 60% throughout the year and achieving more than 50 historical highs [3][12]. - Key drivers of this surge included economic expansion, risk and uncertainty, opportunity costs, and trend momentum, which collectively established gold's unique position in global asset allocation [3][12]. - China played a crucial role in the demand structure for gold, with global demand reaching a historical high of 3,640 tons in the first three quarters of 2025, a 41% increase year-on-year [5][14]. Group 2: 2026 Gold Market Outlook - The outlook for the gold market in 2026 suggests a dynamic balance influenced by various factors, including the potential for continued structural demand from investors and central banks, alongside pressures from global economic recovery and interest rate changes [6][15]. - Four potential scenarios for gold prices in 2026 are outlined: 1. Stable growth with a potential price fluctuation of -5% to +5% [6][15]. 2. Mild recession leading to a price increase of 5% to 15% [6][15]. 3. Severe economic downturn resulting in a price surge of 15% to 30% [6][15]. 4. Return of inflation causing a price decline of 5% to 20% [6][15]. Group 3: Central Bank Gold Purchases - Central bank purchases of gold are expected to remain a significant variable in the 2026 gold market, with emerging market central banks increasing their gold reserves [9][18]. - Gold accounts for approximately 25% of global central bank foreign exchange reserves, with developed economies holding about 30% and emerging markets around 15% [9][18]. - The trend towards diversification in global reserves is likely to enhance the gold allocation by emerging market central banks, reinforcing gold's strategic value in the global monetary system [9][19].

新一代核心宽基A500ETF基金（512050）助力投资者布局A股核心资产、高效捕捉市场增长红利。该 ETF精准跟踪中证A500指数，指数采用"行业均衡配置+龙头优选"双策略，涵盖A股行业龙头，兼顾价 值与成长，实现对各细分领域的均衡配置。超配AI产业链、医药生物、电网设备新能源等新质生产力 赛道，形成天然哑铃型投资结构。该基金具备三大核心亮点：费率低廉（综合费率0.2%），流动性充 裕（近一月日均成交超50亿元），规模领先（超200亿元），是把握A股估值提升机遇的高效投资选 择。 （文章来源：每日经济新闻） 中国经济增长韧性与政策成效获得广泛认可。IMF宣布将2025年中国经济增速预期上调0.2个百分点至 5%，指出中国推出的一系列宏观政策举措是上调预期的关键，预计未来几年中国对全球经济增长的贡 献率将保持在30%左右。世界银行最新将2025年中国经济增长预测上调0.4个百分点至4.9%，认为中国 更积极的财政政策、适度宽松的货币政策以及出口市场的多元化，共同支撑了国内消费、投资与出口的 韧性。同时，高盛、德意志银行和渣打银行近期纷纷上调中国2025年及未来的GDP增速预测。 交银国际证券表示，2025年全 ...

Asset Overview - Global risk appetite has significantly cooled, with precious metals leading the gains. During the week of December 8-12, global equity markets turned to decline, although some emerging markets performed relatively well. The correlation between A-shares and government bonds has returned to a negative degree of 0.5 [1][8]. Investment Highlights Cross-Asset Analysis - The overall risk appetite has decreased globally, with precious metals showing strong performance while industrial metals and oil prices have seen significant pullbacks. The US dollar index continues its downward trend, and the Chinese yuan has slightly strengthened, leading to a general recovery in the domestic bond market [8][12]. Equity Markets - Emerging markets outperformed developed markets, with the ChiNext Index leading gains. The MSCI Global Index turned to a decline of 0.2%, with a notable performance divergence where emerging markets outperformed developed and frontier markets, and Europe outperformed Asia and North America. A-shares saw a slight increase, with the Wande All A Index rising by 0.3%, and the ChiNext Index increasing by 2.7% [20][23]. Bond Markets - The domestic bond market exhibited a "bull steepening" trend, with the yield curve shifting downward overall. The 10Y-3M yield spread has marginally widened, indicating a "bull steep" characteristic. The 10-year government bond yield rose to 2.12%, while the 3-month AAA-rated note yield increased by 5.1 basis points to 0.3% [34][35]. Commodity and Currency Analysis - Commodity prices have generally declined, with precious metals leading the gains. As of December 12, the S&P GSCI and CRB commodity indices fell by 1.2% and 2.5%, respectively. Year-to-date, only four commodities have recorded gains, with gold and silver increasing by 63.9% and 112%, respectively. COMEX gold inventory has decreased for 10 consecutive weeks, while copper inventory has risen for 40 weeks [53][54]. The US dollar index fell by 0.6%, with the euro and pound appreciating against the dollar [53].