Core Viewpoint - The current global inflation is in a moderate range, allowing for a loosening of monetary policy, but the market still faces multiple uncertainties, particularly geopolitical risks. A diversified global asset allocation strategy is recommended to capture structural opportunities while managing risks [1]. Group 1: Global Economic Outlook - Major economies are expected to maintain stable growth this year, providing a solid foundation for global equity assets to continue rising [1]. - Non-U.S. markets are showing relative attractiveness, with non-U.S. stocks outperforming U.S. stocks in the first three quarters of the year, potentially due to declining trust in U.S. dollar assets [1]. Group 2: Fixed Income and Emerging Markets - The Federal Reserve's restart of the rate-cutting cycle presents capital gain opportunities for long-term U.S. Treasury bonds, while narrowing credit spreads enhance the investment value of U.S. investment-grade credit bonds [2]. - Emerging market dollar bonds are also attractive under a generally optimistic macro backdrop [2]. - Historically, rate cuts by the Federal Reserve have often led to positive performance in global equity markets, with emerging markets showing higher upward elasticity compared to others [2]. Group 3: Investment Strategy - A diversified global asset allocation strategy is deemed prudent in the face of ongoing market uncertainties, focusing on both equity fundamentals and defensive assets like bonds and gold to hedge risks [3]. - The strategy aims to reduce single-market risks and find investment anchors to navigate through market cycles [3].

王麦琪 制图 ■投基论道 QDII基金驶入多元化"新蓝海" 产品线持续丰富 ◎记者 王彭 QDII产品也持续为投资者带来了不错的投资回报。Choice数据显示，截至10月21日，近3年来，QDII基 金平均净值增长62.42%。其中，易方达全球成长精选混合、南方中国新兴经济9个月持有期混合、天弘 中证中美互联网A、易方达标普信息科技、国富全球科技互联混合等36只QDII产品净值涨幅均超 100%。 当前，QDII基金的产品类型已涉及股票型、债券型、REITs型、商品型、混合型等。投资主题包括消 费、生物科技、医疗、互联网、半导体等。在地域分布上，QDII基金的投资标的也从传统的美股、港 股市场逐渐延伸至欧洲、东南亚、中东、拉美等多个地区的股票市场。 沪上一位QDII基金经理在接受上证报记者采访时表示，QDII产品种类日益丰富，主要反映了投资者心 态的变化。投资者不再只做本土资产配置，而是选择主动出击，在全球范围内寻找能分散风险的投资机 会。此外，部分投资者的投资理念也愈发成熟，比如：看好长期科技趋势的投资者会投资云计算、半导 体等赛道型产品；擅长把握宏观周期的投资者青睐日本股市、美国REITs等区域型产品；要 ...