分散投资是现代资产配置理论的基石，其核心逻辑在于通过资产组合的多元化构建，在降低非系统性风险的同时保留预期收益，实现风险调整后的 收益最优化。其中，不同经济体处于经济周期的异步阶段，叠加汇率波动与政策差异，全球配置可有效规避单一国家的政策风险与汇率贬值冲击。 恒生指数成分股构成呈现显著的"三元结构"特征：约35%为香港本地蓝筹股（如汇丰控股、友邦保险），50%为在港上市的内地企业（H股、红筹 股），剩余为国际大型企业。这种独特的地域分布使指数兼具三重属性——既受香港国际金融中心制度红利庇护，又深度绑定中国内地经济增长引 擎，同时保持与全球资本的流动性连接。 图：恒生科技指数行业分布 数据来源：Wind 截至：2026.02.26 注：行业为恒生一级行业 在全球资产配置框架下，恒生指数与沪深300、标普500的长期相关性并不高。因此，当A股受内地流动性周期影响、美股受美联储政策约束时，港股 常因独立的资金结构（南向资金+国际机构资金并行）呈现差异化走势。2025年的市场数据印证了这一点：当全球主要市场因贸易摩擦震荡之际，恒 生指数年内涨幅仍达28.89%，为组合提供了有效的贝塔对冲工具。 恒生指数以港币计价交易 ...

迈入稳健发展期 贝莱德建信理财由贝莱德、建设银行和淡马锡合资组建，于2021年开业，是我国第二家由外资控股的合 资理财公司。 贝莱德建信理财的首任总经理为纪冰，第二任总经理为范华。2024年1月，范华升任贝莱德中国区负责 人，张鹏军被任命为总经理。张鹏军拥有30年金融从业经验，于2016年加入贝莱德集团，为贝莱德中国 领导团队的核心成员。 【导读】贝莱德建信理财总经理张鹏军将离任 中国基金报记者获悉，贝莱德建信理财总经理张鹏军将离任。目前，贝莱德建信理财业务暂由贝莱德中 国区负责人范华领导。 贝莱德发言人表示，五年来，贝莱德建信理财稳健发展，持续夯实基础，业务进展扎实。张鹏军先生因 个人原因辞去贝莱德建信理财总经理职务并将离开公司，公司祝愿他一切顺利。在完成必要的监管流程 后，贝莱德中国区负责人范华将暂时领导贝莱德建信理财业务，以确保公司在治理、业务执行及外部沟 通等方面的平稳衔接、有序推进。 该发言人表示，公司既定战略、发展重点、合作伙伴关系以及对中国市场的长期承诺保持不变，公司将 一如既往地支持中国投资者实现其长期财务目标。 过去几年，贝莱德建信理财的客户数和资产管理规模均实现了较快增长。张鹏军离任之后， ...

【导读】贝莱德建信理财总经理张鹏军将离任 中国基金报记者获悉，贝莱德建信理财总经理张鹏军将离任。目前，贝莱德建信理财业务暂由贝莱德中 国区负责人范华领导。 贝莱德发言人表示，五年来，贝莱德建信理财稳健发展，持续夯实基础，业务进展扎实。张鹏军先生因 个人原因辞去贝莱德建信理财总经理职务并将离开公司，公司祝愿他一切顺利。在完成必要的监管流程 后，贝莱德中国区负责人范华将暂时领导贝莱德建信理财业务，以确保公司在治理、业务执行及外部沟 通等方面的平稳衔接、有序推进。 该发言人表示，公司既定战略、发展重点、合作伙伴关系以及对中国市场的长期承诺保持不变，公司将 一如既往地支持中国投资者实现其长期财务目标。 迈入稳健发展期 2022年，贝莱德建信理财作为首家外商控股合资理财公司参与养老理财产品试点。目前，贝莱德建信理 财推出了固收、权益、混合、养老、QDII等八大系列产品，涵盖从R1到R5的风险等级。 张鹏军此前在接受中国基金报记者采访时介绍，贝莱德建信理财率先引入了集团的系统化主动权益投资 策略。据了解，这一策略在贝莱德建信理财的产品中运行的效果不错。 过去几年，贝莱德建信理财的客户数和资产管理规模均实现了较快增长。张鹏 ...

2026年2月26日，香港旗舰财团长和系再度上演资产腾挪大戏。长江基建集团、电能实业及长实集团在 港交所发布联合公告，宣布已与法国公用事业巨头Engie达成协议，出售三方共同持有的英国电网公司 UK Power Networks Holdings Limited 100%股权，总套现金额超过1100亿港元。这是李嘉诚家族近年来 又一次大规模出售英国基础设施资产，引发全球资本市场高度关注。 根据公告，此次交易的买方为Engie旗下子公司Engie UK 2026 Limited。长和系三家公司于2026年2月25 日正式订立购股协议，将合计持有的UK Power Networks全部已发行股本售予对方。 从股权结构来看，长江基建集团、电能实业及长实集团分别持有目标公司40%、40%及20%的权益。按 照交易对价分配，长江基建与电能实业各自套现443亿港元，长实集团则获得221.5亿港元，三家公司合 计回笼资金约1107.5亿港元。三家公司均在公告中指出，此次出售将带来庞大的会计收益，所得现金将 用于未来的投资及收购用途，并补充一般营运资金。 据长江基建披露，自2010年收购该电网资产权益以来，目标公司一直保持稳 ...

土耳其护照项目是近年来备受关注的投资移民方案，通过购房或其他投资方式获得土耳其公民身份。这一项目为全球投资者提供了资产配置与身份规划的双 重选择，特别适合寻求国际流动性和商业机会的高净值人群。本文将全面解析土耳其护照项目的核心要素、申请流程及关键注意事项。 土耳其护照项目是土耳其政府推出的公民身份投资计划，允许外国投资者通过符合规定的投资方式获得土耳其公民身份。该项目自2017年推出以来，经历了 多次政策调整，目前最受关注的是购房入籍途径。 根据土耳其政府的规定，投资者可以通过多种方式获得公民身份，包括购买价值至少25万美元的不动产、在土耳其银行存款50万美元、购买政府债券或投资 于符合条件的基金项目。其中，购房入籍是最受欢迎的方式，因为投资者可以在获得公民身份三年后出售房产，同时保留公民身份。 第一步：资格评估与文件准备 申请人需要确认自身符合申请条件，包括年满18岁、无犯罪记录和完成规定投资。准备文件包括护照、身份证、户口本、婚 姻证明、资产证明等，并需进行土耳其文翻译。专业的移民服务机构如亚太环球移民在这一阶段提供重要支持，帮助申请人准确评估资格并准备完整文件。 第二步：完成符合条件的房产投资 在土耳其 ...

（1）跨境ETF的概念 跨境ETF是指以跟踪境外资本市场证券作为成份券的指数并在国内证券交易所上市的ETF。简单地说， 跨境ETF就是"跟踪境外指数，境内上市交易"的ETF。跨境ETF是境内投资者投资境外市场的最有效的 途径之一，已受到投资者普遍欢迎。投资者常见的纳指ETF、标普500ETF等品种都是跨境ETF。 （2）跨境ETF的特点 近几年，跨境ETF产品越来越丰富，涵盖了全球主要经济体和市场。国内投资者只要开立证券交易账 户，即可以便捷地通过投资跨境ETF，实现全球资产配置。跨境ETF具有以下特点： ①海外投资便捷。投资者不需要开通海外账户及换汇，即可通过跨境ETF投资海外证券资产，实现全球 资产配置。 （4）跨境ETF如何受汇率影响 跨境ETF投资可以使用人民币进行申购、赎回和交易，资金由基金管理人换汇后投资于境外资本市场， 不占用个人的外汇使用额度。跨境ETF以人民币计价，外币升值有益于基金净值，反之亦然，人民币升 值则对基金净值不利。 选自深圳证券交易所基金管理部编著的《深交所ETF投资问答》（中国财政经济出版社2024年版） ②交易效率高。不同于国内A股ETF，跨境ETF可实现日内T+0回转交易 ...

Core Viewpoint - The article emphasizes the resilience of the Chinese economy and the importance of global value opportunities, highlighting the strategic positioning of China Life Franklin Asset Management in the investment landscape [1] Group 1: Company Overview - China Life Franklin Asset Management has been established for nearly 20 years since its founding in Hong Kong in 2007, serving as a strategic joint venture between China Life and Franklin Templeton [1] - The company aims to provide professional and diversified global asset allocation solutions, leveraging its strong insurance background and top-tier investment management experience [1] Group 2: Market Outlook - There is confidence in the resilience and high-quality development of the Chinese economy, with expectations for the capital market to accelerate its opening and maturity [1] - The demand for global asset allocation is increasingly prominent, indicating a shift in investment strategies towards more flexible and diversified approaches [1] Group 3: Investment Philosophy - The company adheres to a "steady, professional, long-term" investment philosophy, focusing on creating sustainable value and returns for investors [1]

Group 1 - The core viewpoint indicates that the Shanghai Composite Index has shown a significant increase of 4.85% in the first five trading days after the Spring Festival in 2024, marking the highest growth in nearly a decade, with a general optimistic outlook for the 2025 Spring Festival [1] - Over 60% of private equity firms are inclined to hold substantial or full positions during the holiday, reflecting a strong risk appetite among investors [1] - The trading volume and financing balance are critical indicators for assessing whether capital will flow back into the market, potentially signaling the start of a major upward trend [1] Group 2 - Foreign institutions such as BlackRock China and Fidelity International anticipate a gradual diversification in global asset allocation over the next 3 to 5 years, moving away from a heavy concentration on dollar assets [2] - The Chinese market is regaining vitality, with advantages in complete industrial chains, strong innovation capabilities, and relatively attractive valuations [2] - In the week before the holiday, 65 A-share listed companies participated in institutional research, with 237 institutional investors involved in these surveys [3]

Core Insights - The price of gold has experienced a significant increase over the past decade, rising from less than 250 yuan per gram in 2015 to over 1000 yuan per gram in 2025, reflecting a continuous revaluation of its worth [4][13] - The surge in gold prices is indicative of global economic uncertainties and shifting wealth perceptions, highlighting its evolving role in asset allocation [4][15] Price Trends - In 2015, the price of gold was 299 yuan per gram, which increased to 322 yuan in 2016 and reached 579 yuan in 2023, with projections of 1006 yuan by 2025 [3] - The international gold price saw a dramatic rise, with a 300% increase over the past decade, marking it as a core asset in global investment strategies [6][15] Market Dynamics - The period from 2016 to 2018 marked a recovery phase, with gold prices ending a three-year decline and showing an annual increase of approximately 8% in 2016 [7] - In 2018, central banks globally purchased a record 651.5 tons of gold, a 74% increase from the previous year, which contributed to the upward pressure on gold prices [8] - The year 2020 saw gold prices rise over 25%, driven by global health crises and monetary policy easing [9] Recent Developments - In 2022, gold prices fluctuated significantly due to geopolitical tensions and inflation, yet still achieved a 5.6% annual increase, supported by substantial central bank purchases [10] - By 2023, gold prices reached a peak of 2152.3 USD per ounce, with an annual increase of about 13%, and expectations for further price increases in 2024 [11] - The year 2024 witnessed gold prices rising sharply, with a nearly 30% annual increase, driven by economic uncertainties and geopolitical tensions [12] Future Outlook - Projections for 2025 indicate that gold prices could exceed 4600 USD per ounce, with a remarkable annual increase of over 60%, marking it as one of the best-performing assets [13] - The ongoing trend suggests that gold is becoming a more prominent reserve asset for central banks, with its share in global reserves increasing significantly [15]

Core Viewpoint - The article discusses the unexpected decline in U.S. tech stocks despite a capital expenditure (Capex) plan that exceeded expectations, highlighting the complexities of global asset allocation and market reactions [2] Group 1: Capital Expenditure Insights - The Capex plans from major tech companies have shown significant increases, indicating strong investment intentions for future growth [2] - Companies are focusing on expanding their infrastructure and technology capabilities, which is generally seen as a positive sign for long-term performance [2] Group 2: Market Reactions - Despite the positive Capex news, U.S. tech stocks experienced a downturn, raising questions about market sentiment and investor behavior [2] - The article suggests that market reactions may be influenced by broader economic concerns, including inflation and interest rate hikes, which can overshadow positive company-specific news [2] Group 3: Global Asset Allocation - The article emphasizes the importance of understanding global asset allocation strategies in light of changing market dynamics [2] - Investors are encouraged to consider the implications of Capex plans on future earnings and stock performance, while also being mindful of macroeconomic factors that could impact market stability [2]