Core Viewpoint - The article highlights the increasing popularity and performance of gold investment products in a declining yield environment for traditional financial products, with many investors experiencing higher returns from gold investments compared to other asset classes [3][5]. Group 1: Market Trends - As of September 28, there are 48 existing financial products with "gold" in their names, with 16 of them being newly issued this year by various financial institutions [6]. - The issuance of gold-related financial products has accelerated, with five new products launched in September alone [6][11]. - The annualized returns for gold investment products have been reported between 2.00% and 4.00%, outperforming traditional fixed-income products [13]. Group 2: Product Characteristics - Recent gold investment products are diversifying beyond traditional gold price-linked models to include structured products with varying risk-return profiles, such as "fixed income + gold" and structured products linked to gold derivatives [7][9]. - The introduction of products like the "gold shark fin" structured financial product allows investors to choose based on their expectations of gold price movements, enhancing flexibility and risk management [7][10]. Group 3: Investor Behavior - There is a growing demand for gold investment products, leading to a situation where many products are sold out shortly after launch, indicating a "quota shortage" [11]. - Investors are increasingly seeking higher returns, with many turning to gold products as traditional fixed-income yields fall below 2% [11][13]. Group 4: Future Outlook - Despite the current high prices of gold, experts suggest that gold still holds value as a hedging tool in investment portfolios, although large-scale allocations may not be advisable at this stage [14][15]. - Long-term forecasts remain optimistic for gold prices, supported by factors such as potential further interest rate cuts by the Federal Reserve and ongoing geopolitical tensions [15].

Core Insights - The demand for gold investment products has surged, with many investors reporting high returns, particularly in a declining yield environment for traditional financial products [1][2][3] Group 1: Market Trends - Gold investment products have shown annualized returns between 2.00% and 4.00%, significantly outperforming similar products [2][9] - The number of gold-themed investment products has increased, with 48 products currently available, and 16 of these being newly issued this year [3][4] - The issuance of gold investment products has accelerated, with five new products launched in September alone [2][3] Group 2: Product Characteristics - Recent gold investment products are diversifying beyond traditional gold price-linked models to include structured products and various asset classes like gold ETFs and gold stocks [4][6] - New product structures include "fixed income + gold" and structured products linked to gold derivatives, enhancing flexibility and risk mitigation [4][6] - The market has seen a trend towards products that allow investors to choose structures based on their expectations of gold price movements, such as binary call options and shark fin structures [4][6] Group 3: Investor Behavior - There is a growing interest among investors to shift towards gold investment products as traditional fixed-income products yield lower returns [8][9] - Some investors have already realized profits from gold investment products, with certain products reaching their target returns ahead of schedule [9] - The current market conditions have led to a "quota shortage" for popular gold investment products, indicating high demand [8] Group 4: Future Outlook - While short-term prospects for gold prices may involve volatility, long-term outlooks remain optimistic due to factors like geopolitical tensions and central bank gold purchases [10][11] - Analysts predict that gold prices will continue to be supported in the medium to long term, despite potential adjustments due to market expectations [11]

这不是什么偶然事件，而是一场正在上演的金融大戏的重要情节。 从一个奇怪的交易日说起 9月23日的A股市场，演了一出标准的"变脸"戏码。上午开盘后，指数像坐滑梯一样往下掉，投资者心 情沉重，结果到了下午，画风突变各种股票轮番上阵，硬生生把指数给拉了回来。 这种戏剧性的反转，其实透露出一个重要信号，市场并没有真正看空，只是在等一个合适的时机，当天 2.52万亿的成交量就是最好的证明，钱还在场内，只是在观望。 当大多数人还在为股市的小幅下跌而纠结时，黄金白银却在悄悄地创造历史——金价突破3809美元大 关。 银价也跟着一路狂奔，直接创造了14年以来的新高，年累计增幅超过40%。 更有意思的是，那些平时被人忽视的"老古董"，银行股、非金属材料股反倒成了全天的明星，有股民预 测，聪明资金已经开始为不确定性做准备了。 这里面有个很有趣的现象，这么多股票下跌，但市场情绪并没有完全崩盘，这说明什么？现在的市场就 像一场心理游戏，既不想错过机会，又担心踩雷。 就像排队买奶茶，前面队伍很长，你既怕排队浪费时间，又怕不排队就喝不到好奶茶。 结果就是大部分人选择观望，少数人果断出手，市场也是这个道理，科技股午后的强势反弹，其实反映 ...

很多人一辈子最大的梦想，就是有一天能突然拥有几百万现金。有人可能靠生意挣到了第一桶金，有人 可能靠股票、基金、房产意外获利，还有人可能靠机遇一夜翻身。 可现实中，真正能守住财富的人，往往不是赚得最快的那一批，而是懂得如何花钱、如何配置财富的 人。 为什么？因为钱来得快，也去得快。你可能见过有人中了彩票，没几年就花光了；也见过有人做生意赚 大钱，几年后一贫如洗，甚至负债累累。 所以，假如有一天你突然赚到几百万，请记住：最先要做的，不是买豪车、买豪宅，而是下面几件事。 一、先保证安全：把钱分散，别放在一个篮子里 人一旦突然有了钱，最容易犯的错误，就是把钱放在一个地方不动，或者冲动地投入到所谓的"机 会"里。 正确的做法是： 财富到手的第一步，不是如何让它快速翻倍，而是如何确保它不会轻易消失。 分散存放：一部分放银行，一部分放在不同的理财工具里； 保证流动性：留够至少半年到一年的生活费用，防止突发事件； 避免冲动投资：别听信谁介绍的"稳赚不赔"项目，往往都是坑。 二、买保障，而不是买奢侈品 很多人一有钱，第一反应就是换豪车、买大房子，结果没过几年又陷入资金紧张。其实，最该优先做 的，是买保障。 1. 完善保险： 给 ...

美联储降息落地，香港储蓄险也要跟着调整了 —— 预缴高利率、首年折扣大概率10月下调，友邦已传出 "取消预缴保证利率" 的消息！ 现在上车还能锁定5%高息，晚一步可能少赚10万美金，想配置的别等了！ 1.紧急提醒：10月后，港险优惠要 "缩水" 美联储上周正式降息，摩根大通预计年内还会再降 2 次（共 50 个基点）。 牵一发而动全身，香港保司为控制成本，大概率会做两个调整： 现在能享的 4.3%-5% 保证利率，10 月后可能取消或降到 3% 以下； 目前部分保司的首年回赠、折扣，后续可能收紧。 其中友邦动作最快，据消息称 10 月后将取消预缴保证利率优惠—— 这可不是小变动，直接影响收益： 以 "年交 20 万美元 ×5 年缴" 为例，现在预缴能享 4.7% 保证利率，总利息达 103151 美元（约首年保费的 51.5%）； | 指定儲蓄保險計劃 | 預繳保費期 | 預繳保費保證優惠年利率 | | | --- | --- | --- | --- | | | | 基本計劃的年繳保費 | | | | | 少於200.000美元 | 200,000美元或以上 | | · 「盈御多元貨幣計劃3」 · 環宇盈活儲 ...

豪宅市场热度逆势上扬。 目前，全国房地产市场仍处于止跌回稳的关键阶段，但今年以来，国内核心城市豪宅市场却逆势上扬。据中指数据显示，今年1-8月，北京、上海、成都 和杭州千万以上新房成交套数同比均呈现上升态势，北上深成杭几大核心城市千万以上新房成交占所有新房成交比例均有不同程度的上升。千万级豪宅正 成为高净值人群的"硬通货"。 表：全国部分核心城市1-8月千万以上新房成交情况 数据来源：中指数据CREIS 01 豪宅热销背后的逻辑 全球降息周期下，资产价值迎来新一轮重估 9月18日凌晨，美联储宣布宣布降息25个基点，将联邦基金利率目标区间下调至4.0%-4.25%，这是美联储时隔9个月后的首次降息，预示着全球新一轮降息 周期到来。 未来数年，宽松的货币环境将为各类资产带来不同程度的价值重估。可以说，全球资本市场对本轮周期的期待值已拉满。 目前，股票市场已率先迎来价值重估，获利方在股票市场盈利积累后有望产生资产再配置行为，股票与房地产市场的"轮动效应"或将出现，预计将重点影 响核心城市高端住宅市场。 | | 北京 | 上海 | 成都 | 杭州 | | --- | --- | --- | --- | --- | | ...

文 | 银行螺丝钉 （转载请注明出处） ◆◆◆ 美联储降息，大家关心的3个问题 2025年9月18日凌晨，美联储如期降息， 降息25BP，符合市场预期。 螺丝钉也收集了一些大家关心的问题。 (1) 美联储降息，对A股港股是利好吗? 美元利率下降,对全球资产是利好。利率 之于资产，就好比地心引力之于物体。 从美联储,2024年9月首次发布降息公告 以来，全球股票市场整体上涨，其中人民 币资产涨幅排在全球主流经济体第一。 很多投资者都希望多元化配置自己的资金，想要覆盖人民币资产和外币资产，也想要覆盖股票资产和债券类资产。 美元债就是其中的重要一环，那么美元债券基金该如何投资？ 这里有一门限时免费的福利课程，系统性地介绍了美元债券基金的投资知识。 想要获取这个课程，可以添加下方「课程小助手」，回复「 美元债 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 之后要看美元是否会继续降息。 (3) 美元利率还会继续下降么? 市场预期接下来美联储还会有几次降息, 降低50BP。 历史上上一轮港股牛市（2020-2021年） 也是出现在美元降息周期。 不过降息带来的利好，也会呈现边际效应 递减。越往后 ...

Core Concept - The article emphasizes the importance of understanding the "collaboration" between assets in investment allocation, which is mathematically represented by "correlation" [3][4]. Asset Allocation Principles - Ideal investment portfolios should consist of assets with varying correlations: assets with a correlation close to +1 move together, those with a correlation close to -1 move inversely, and those with a correlation close to 0 operate independently [4]. - The modern portfolio theory proposed by Nobel laureate Harry Markowitz suggests that scientific diversification can significantly reduce risk without sacrificing returns [4]. Mathematical Framework - For perfectly negatively correlated assets (correlation of -1), the allocation ratio should be inversely proportional to their volatility. If two funds have the same volatility, equal allocation is appropriate [5][7]. - If the volatilities differ, the allocation should favor the asset with lower volatility. For example, if Fund A has a volatility of 10% and Fund B has 30%, the optimal allocation would be 75% in Fund A and 25% in Fund B [7]. - For assets with a correlation close to 0, the allocation ratio should be inversely proportional to the square of their volatility. This allows for optimization of the risk-return profile even among uncorrelated assets [10][13]. Investment Insights - Including negatively correlated assets in a portfolio can effectively reduce overall volatility. While perfectly negatively correlated assets are rare, seeking low or negatively correlated assets remains a valid strategy for optimizing investment portfolios [9]. - The article illustrates that even with uncorrelated assets, appropriate weight allocation can enhance the risk-return ratio. For instance, a combination of five uncorrelated assets can reduce volatility significantly compared to individual assets [15]. Addressing Concerns about Returns - The article argues that proper asset allocation does not diminish returns; rather, it can stabilize and enhance them. The key is to select high-performing assets rather than diversifying for the sake of it [17]. - Examples provided include combining U.S. stocks with A-shares, both of which have long-term annualized returns of around 8-10%, resulting in a stable combined return while reducing volatility [17]. Practical Guidelines for Portfolio Construction - Step 1: Diversify across major asset classes such as stocks (high long-term returns, high volatility), bonds (stable returns, low volatility), and commodities (inflation hedge) [21]. - Step 2: Diversify by region and strategy, investing in various markets and styles to mitigate risks [21]. - Step 3: Regularly rebalance the portfolio to maintain the desired asset allocation, selling portions of assets that have appreciated significantly and buying those that have declined [21].

本报（chinatimes.net.cn）记者吴敏 见习记者 林佳茹 北京报道 近期，金价市场呈现冲高回落的震荡格局。 9月23日，现货黄金（伦敦金现）最高触及3790.97美元/盎司，COMEX黄金期货价格最高触及3824.6美 元/盎司，均创下历史新高。此后几日，金价较高点有所回落，但仍处在高位区间。 近日，《华夏时报》记者走访多家银行线下网点调查发现，投资者对黄金的热情依旧不减。 "客户投资实体黄金仍较为积极。"9月25日，一大型国有银行客户经理对《华夏时报》记者透露，近期 有客户从银行网点购买20克金条，还有客户预订了100克金条。 与此同时，多名业内人士也提醒，金价已处于历史高位，短期冲高后不排除存在震荡或回调情况，投资 者需谨慎配置资产。 投资者热情不减 "一直坚持黄金定投，三年收益率28%，起初也没想到黄金收益率这么高。"9月26日，一名北京的投资 人刘女士对《华夏时报》记者介绍，她在工商银行定投了"如意积存金"，目前已存入90克，均价539元/ 克。 记者从工商银行App了解到，9月26日截至发稿，该行如意积存金价格为863.76元/克。 近些年，随着金价上涨，一部分投资者看中了黄金的投资属性 ...

Group 1 - The atmosphere of the offline meeting in Shanghai was notably positive, largely attributed to Tesla's strong performance, with one-third of attendees owning a Tesla and the rest expressing admiration [2] - The meeting included a review of key decisions made in the first half of the year, such as the strategic buying of the Nasdaq and Philadelphia Semiconductor in April, the shift in outlook for the A-share market, and the belief in an improving economic cycle in China [2] - Future predictions and judgments were shared, along with an internal research methodology aimed at identifying the next major companies like Amazon, Tesla, Apple, and Nvidia, referred to as "Lao Xu's Business Cycle Model" [2] Group 2 - Investment and asset allocation are crucial for long-term wealth growth, with insights from two financial planners discussing three major asset transfer trends and the current real estate market [3] - Specific asset planning cases were presented, providing practical advice that resonated with attendees [3] - Successfully managing investment and asset allocation can position families to achieve stable asset growth, with the potential to outperform over 90% of the population [5] Group 3 - The company will take a break from offline meetings in October, with plans to announce the November meeting location once confirmed [8]