Group 1 - BlackRock's CEO Larry Fink suggests updating the traditional 60/40 portfolio to a 50/30/20 allocation, reflecting changes in the investment landscape [1][4] - The traditional 60/40 portfolio consists of 60% stocks and 40% bonds, which can be easily managed with just two ETFs and two trades annually [2][3] - Fink's updated allocation includes 50% in stocks, 30% in bonds, and 20% in alternative assets such as private equity, real estate, and infrastructure [4][8] Group 2 - The new asset classes proposed by Fink are seen as differentiated enough to warrant inclusion in a modern portfolio, acknowledging the evolution of investment opportunities [4][5] - Suggested ETFs for real estate and infrastructure include Vanguard Real Estate Index ETF with an expense ratio of 0.13% and SPDR S&P Global Infrastructure ETF with an expense ratio of 0.4% [6][7] - The shift to a 50/30/20 allocation is not considered radical, as it merely reallocates a small percentage from bonds and stocks to new asset categories [8][9]

Group 1 - The article discusses the investment strategies and insights provided by Sensor Unlimited, focusing on high income and growth through dynamic asset allocation [1][2] - Sensor Unlimited has a background in financial economics and has been analyzing the mortgage, commercial, and banking markets for over a decade [2] - The investment group offers two model portfolios aimed at short-term survival and aggressive long-term growth, along with direct access for discussions and monthly updates [1][2] Group 2 - The previous analysis on Verizon Communications Inc. highlighted the potential for profit growth, indicating a positive outlook for the company [1] - The article emphasizes the importance of understanding market dynamics and asset allocation strategies for successful investing [1][2]

国内及海外市场策略（三） - 中金公司 2025 年度春季投 资策略会 摘要 • 中国股债相关性转负，美国股债相关性转正，反映通胀环境差异。中国市 场关注增长，股债负相关；美国高通胀下，股债易正相关。 • 中国股票波动率或趋势下行，美国则可能上行。低利率环境通常伴随低波 动，美国高通胀、高利率政策周期导致其波动率上升。 • 中外资产相关性降低，经济基本面周期脱钩，中国与海外资产价格脱钩， 中国资产估值便宜，为全球组合提供分散风险价值。 • 更新黄金多因子模型至 2.0 版本，预测未来十年黄金价格可能涨至 3,000- 5,000 美元，长期看好，但短期关税恐慌或致流动性溢价不确定性。 • 战略性超配中国股票，因其估值便宜且能分散风险。中国市场具备长期增 长潜力，与海外市场关联度降低，是全球投资组合重要部分。 • 2025 年第一季度市场超预期，因特朗普关税低于预期、中国出口分散度 提升、Deepseek 提振风险偏好，中国股票表现优异。 • 美股脆弱性源于两年内标普 500 累计涨幅达 50%后的均值回归风险及估 值过高，建议适度降低海外资产仓位并控制风险。 Q&A 去年（2024 年）11 月发布的 202 ...