想了解组合的朋友，欢迎联系助理咨询 一周行情复盘 整体偏平稳 从短期看，市场来回波动、节奏反复，很难每一步都踩准；但拉长周期看，全球配置的优势就在于，它并不依赖单一市场的判断，而是通过分散和节奏管 理，把不确定性慢慢熨平。 组合的收益，更多来自时间和纪律，而不是对某一次行情的精准预测。 如果你一直纠结"现在算不算好时点"，那大可不必。组合本身就是通过分批投入、长期执行来运转的，低点未必能等到，但风险已经在过程中被不断拆 解。真正拉开差距的，从来不是入场那一刻，而是能不能持续走完这一段路。 最近这段时间，组合的运行状态，其实再次印证了一件事：只要把结构搭对，过程一定不会完美，但方向往往是对的。 | | | 涨跌幅 | | 涨跌幅 | | --- | --- | --- | --- | --- | | Ａ服 | 沪深300 | 0.60% | 中债新综合全价 | 0.00% | | 红利 | 中证红利 | 0.79% | 美国20年+国债 | 0.79% | | 港股 | 恒生科技 | -0.79% | 上海金 | 0.79% | | 美国 | 纳指100 | 0.25% | | | | 德国 | 德国DAX | ...

Group 1 - The 2025 CICC Wealth Annual Investment Strategy Conference focuses on a comprehensive outlook for 2026, covering global macroeconomic trends, major asset classes, A-shares, Hong Kong stocks, bond markets, foreign exchange, and commodities, emphasizing the new investment paradigm under the theme "Ride the Momentum, Seek New Opportunities" [2] - Key speakers include leading analysts from CICC, providing insights into the impact of AI, easing trading conditions, economic recovery, and restructuring of order on investment strategies [2][3] Group 2 - The CICC Macro Strategy Weekly discusses strategies for positioning in the cross-year market, analyzing 50 key global and Chinese market charts, and exploring the implications of policy-driven supply-side reforms on consumption [5][6] - The report highlights the strengthening of the RMB and its effects on exchange rate dynamics and asset revaluation, aiming to assist investors in seizing opportunities at the beginning of 2026 [5][6] Group 3 - The macroeconomic outlook for the U.S. in 2026 includes considerations for the upcoming elections, with a focus on the interplay between monetary policy, fiscal measures, and tariff policies [8] - The U.S. economic forecast suggests a V-shaped recovery with a K-shaped structural outcome, indicating varied performance across sectors [9] Group 4 - The commercial aerospace sector is expected to benefit from the "14th Five-Year Plan," with significant opportunities arising from policy, performance, and technological advancements in 2026 [11] - Breakthroughs in rocket reusability are projected to significantly reduce launch costs and increase launch frequency, while advanced manufacturing concepts from the automotive industry will facilitate large-scale satellite production [11] Group 5 - The mechanical sector is witnessing a cyclical reversal and growth, with AI leading the charge in innovation and development [14] - Chinese industry leaders are positioned to shine on the global stage, reflecting a new wave of globalization [14]

01 有色及新能源金属、能源化工专场 | 兴业期货2026年度策略展望 9:00-12:10 核心看点： 铜铝锡供给受限能否延续强势？锂价回暖、硅料整合如何驱动新能源金属反转？油价能否在供需压 力达峰后迎来转折？煤化工底部将现，橡胶中枢上移，化工与农产品格局重塑。一场覆盖有色、能 源、化工与作物的全产业链前瞻，助您把握周期大势与配置先机！ 两个可回收卫星火箭入轨但一级助推器回收失败，进一步说明火箭回收技术的难度: 10:00-11:00 嘉宾： 张舒绮 | 兴业期货投资咨询部团队经理 刘启跃 | 兴业期货投资咨询部高级分析师 杨帆 | 兴业期货投资咨询部团队经理 扫码预约 02 【行业洞察】华西计算机刘泽晶：商业航天开启运力竞争大时代 【1】凸显spacex目前的领先，现阶段spacex产业链可看作是过去两年的NV链。 核心看点： 扫码预约 03 嘉宾： 刘泽晶 | 华西证券计算机行业首席分析师 年度对话丨DeepAlpha——新格局·新动能·新机遇，科技引领下的全球多元配置 13:00-18:00 核心看点： DeepTalk年终对话——"DeepAlpha"，回顾2025全球资产的关键转折，拆解2026跨 ...

Core Viewpoint - The global investment strategy has shown resilience despite a 1.47% decline last week, outperforming individual markets like the US and Vietnam [1][6]. Weekly Market Review - Global equity markets experienced a weak performance last week, with most major markets declining, particularly the US market. However, gold prices rose by 2.59%, and bond assets strengthened, providing a buffer for the investment portfolio [6][9]. - The global investment portfolio's drawdown was controlled, primarily due to a 12% allocation in gold, which effectively hedged against equity downturns [9][10]. Performance Summary - The global investment strategy has achieved a year-to-date return of 17.44%, aligning with the expected return goals. The "Lazy Balanced" strategy, which has a balanced allocation between stocks and bonds, has yielded approximately 12.88%, marking a new annual high since its inception [3][10][14]. - The "Lazy Balanced" strategy is designed for lower volatility and is suitable for investors sensitive to market fluctuations, aiming for relatively stable returns through global diversification [12][15]. Portfolio Adjustments - As the year-end approaches, the investment team has made strategic adjustments to the portfolio for 2026, adopting a core + satellite strategy. This includes increasing allocations in A-shares and precious metals while reducing holdings in high-dividend assets, aiming for a more balanced asset allocation to enhance stability and reduce volatility [18][20].

投AI & 全球配置会员闭门直播 下载小帮知道APP，看直播更流畅 本页内容不构成任何形式的投资建议或推荐。投资有风险，交易需谨慎！ 风险提示 & 声明 请注意，所有内容不构成任何形式的投资建议或 ◎川帮规划 本页内容不构成任何形式的投资建议或推荐。投资有风险，交易需谨慎！ 创始人介绍 小帮规划创始人、CEO ℃ 小帮规划 · 哈佛大学统计学硕士 · 师从诺贝尔经济学奖得主- "期权之父"罗伯特·莫顿 曾就职于国际顶尖金融机构（摩 根士丹利〟德意志银行、雪湖资 本）,项目累计超过50亿美元 16年专业投资经验 7年投资者教育及家庭资产规划 ● 服务经验 具备证券、投顾、基金从业资格、 ● 推荐，各位观众需要作出自己的投资判断。 9小帮以及小帮合作的任何IP无法保证用户100%artV ωιές l 超规划 © 川梨规划 瓣视辣钱。 投资有风险，交易需谨慎! 重点内容"*** 主要内容;科研 1、甲骨文、博通业绩 2 2、特斯拉Robotaxi、甲骨文数据中心、英伟达订单最新情况 3、美联储降息的关联事件进展 4、中国、印度、日本宏观经济数据分析 ω段 (○川碧柳圳 新产品运行， ◎川帮规划 (6)) 以下基金 ...

这两周，组合的表现再次验证了我们过去三年的判断：全球配置，震荡向上。 睿全球：+0.72%（连涨两周，收益回到 19.19%）；懒人均衡：+0.42%（今年已涨到 13.89%） 组合之所以稳，是因为它本质上是"震荡上涨"。如果你之前有犹豫入场点，其实不用太纠结。组合本来就是分散资产＋分批投（每周跟车），这两个机制 已经降低风险了；真正影响长期结果的，是能不能坚持，而不是选不选得到低点。 基金限额会越来越紧张，不排除后面额度彻底用完的可能性（想买买不进来），想买的朋友可以抓紧时间哦～ （想了解组合的朋友，欢迎联系助理咨询 一周行情复盘 | | | 涨跌幅 | | 涨跌幅 | | --- | --- | --- | --- | --- | | Ａ服 | 沪深300 | 0.99% | 中债新综合全价 | -0.27% | | 红利 | 中证红利 | -1.15% | 美国20年+国债 | -1.00% | | 港股 | 恒生科技 | 0.32% | 上湿金 | -0.49% | | 美国 | 纳指100 | 1.13% | | | | 德国 | 德国DAX | 1.94% | | | | 日本 | 日径225 ...

Core Insights - The performance of the investment portfolios has validated the company's judgment over the past three years, indicating a global allocation strategy with a trend of oscillating upward [1][9] - The "Lazy Balanced" portfolio has shown a year-to-date increase of 13.89%, while the "Rui Global" portfolio has returned to a 19.19% gain after two weeks of consecutive increases [1][12] Weekly Market Review - Global markets experienced increased volatility, with most markets showing some rebound. A-shares rose by 0.99%, while the Hang Seng Index increased by 0.32%. The U.S. market saw a rise of 1.13%, and Japan's Nikkei 225 increased by 2.59% [7][9] - The bond market showed overall weakness, with the China bond index down by 0.27% and U.S. bonds down by 1%. Gold also experienced a slight decline of 0.49% [7][9] Portfolio Performance - The "Rui Global" portfolio increased by 0.72% this week, reaffirming the logic of "oscillating upward." The portfolio's performance over the past three years has provided sufficient validation for the investment strategy [9][12] - The "Lazy Balanced" portfolio demonstrated lower volatility and quicker recovery, suitable for investors seeking a more stable investment rhythm. It achieved a weekly increase of 0.42% and a year-to-date return of 13.89% [12][13] Investment Strategy - The company emphasizes the importance of maintaining a balanced allocation across different assets to manage overall volatility effectively. This strategy is particularly relevant in the current market environment, where differentiation among asset classes is crucial [7][9] - The company encourages investors to continue with regular investments, especially during market corrections, as these periods can present the best buying opportunities [9][12]

这种区域分化的格局意味着，未来投资收益将更依赖于对全球增长差异与政策节奏的深刻理解，以及跨 市场的灵活配置能力。在此过程中，全球配置能力至关重要。摩根资产管理凭借其全球研究网络与本地 洞察，并与顶尖金融机构、研究机构保持紧密协作，在研判宏观趋势的同时，通过深入的行业与公司分 析，致力于筛选出具备长期增长潜力且估值合理的优质企业，例如能将技术转化为实际业务价值的AI 公司，或通过数字化转型提升盈利的传统行业龙头，这正是其全球配置和主动管理能力的核心体现。 对于市场关注的热点议题，报告也给出了分析。中国权益资产方面，2025年的积极因素可能在2026年延 续，市场或以结构性行情为主。分行业的盈利一致性预期指向科技、工业、通信服务、原材料等板块实 现较快的盈利增长。与科技成长相关的板块配置可关注半导体、算力链、消费电子、机器人、新能源、 有色金属和创新药等领域。在宏观不确定性持续存在的背景下，也需坚持投资纪律，利用高股息策略管 理波动风险。 报告认为，人工智能应用的快速发展正在推动软件、硬件和云资源的支出大幅增加，在为技术提供商创 造机遇的同时，也引发了对基础设施瓶颈和成本上升的担忧。人工智能或将颠覆传统商业模式， ...

Core Insights - The Chinese pension financial system faces structural challenges due to factors such as rapid population aging, low replacement rates of basic pension insurance, and insufficient long-term investment willingness among residents [2][10] - The core issue is not the lack of investor knowledge but rather the failure of institutional design to align with human behavior, as highlighted by the experience of the U.S. pension system [2][4] - The key to overcoming these challenges lies in implementing a "default mechanism + product adaptation" approach, which includes automatic account opening, automatic investment, and automatic increment principles [2][5] Institutional Design - The U.S. pension system initially operated under the assumption of rational investors, which proved ineffective, leading to a reconsideration of institutional frameworks [3][4] - The introduction of default options in U.S. retirement plans significantly increased participation rates, demonstrating that defaults can enhance investment outcomes without removing choice [4][5] - The SECURE 2.0 Act mandates the use of default mechanisms in all second pillar plans, reinforcing the importance of institutional design in pension finance [5] Product Development - The success of the default mechanism in the U.S. is supported by target date funds (TDF) and target risk funds (TRF), which manage over $4.5 trillion in assets [6][7] - Target date funds, designed to adjust asset allocation based on the investor's retirement date, align well with the default system, promoting a "no-feel" investment experience [6][7] - Fidelity's introduction of a conservative target date fund in China marks a significant step in localizing these concepts, aiming to create a lightweight and seamless investment experience [7][8] Global Perspective - Effective pension investment requires cross-cycle and cross-regional risk management, making global asset allocation essential [9] - Fidelity's global multi-asset framework reflects this necessity, although true global investment research capabilities remain scarce [9][10] - The integration of long-term capital into the economy can stabilize markets and support innovation, as seen in the U.S. with significant pension fund investments in technology sectors [8][10] Conclusion - The essence of pension finance is to design systems that align with human behavior rather than attempting to change it, creating a "stability triangle" through legislative support, professional products, and global risk diversification [10] - The ongoing pilot projects in China aim to gather data to inform future policy, with the potential to transform pension savings into long-term capital for economic and technological advancement [8][10]

Group 1 - The global stock market has generally risen this year, with major markets like the US, Japan, and Germany reaching historical highs, and the A-share Shanghai Composite Index surpassing 4000 points, driven by the AI technology revolution and sustained monetary easing from central banks [1][3] - As the AI technology trend matures, concerns about market volatility and high valuations are increasing among investors, prompting discussions on asset allocation strategies [1][3] - The article introduces a series focused on global asset allocation strategies in the context of the AI wave, starting with a broad overview of the current investment environment [1][3] Group 2 - In terms of offensive assets, US tech stocks are highlighted as suitable investments, despite the market being at a relatively high valuation level, as corporate earnings growth remains strong, with 63% of companies exceeding earnings expectations in Q3 [3][4] - The Nasdaq index shows a year-on-year earnings growth rate of 25.4%, indicating that sustained earnings growth may help mitigate high valuations over time [3][4] - The article suggests maintaining a focus on large-cap tech stocks while being mindful of market volatility and exploring tactical timing and structural opportunities for excess returns [3][4] Group 3 - For defensive assets, US Treasury bonds and hedging strategies are recommended, especially following the Federal Reserve's recent interest rate cuts, which have contributed to a decline in bond yields [4][5] - Various types of US bonds have performed well this year, with the US Aggregate Bond Index up 6.71% and the US Treasury Index up 5.97% year-to-date, indicating strong performance amid a loosening monetary policy [4][5] - The article emphasizes the potential of US Treasuries as a tool to hedge against stock market volatility, particularly in a controlled inflation environment with rising economic pressures [4][5] Group 4 - Hedging strategies are discussed as a means to offset systemic risks through dual trading, allowing investors to capture trading opportunities while mitigating market risks [5][6] - These strategies can provide independent performance from both equity and bond markets, offering attractive absolute return potential [5][6] - Future articles in the series will delve deeper into the configuration of US tech stocks and the performance characteristics of hedging strategies [5][6]