曾经是全球最大的美债买家——中国，近期不断减持美债！最高峰的时候我国拥有1.3万亿美债，而如 今却已经跌穿了7000亿！相反地，在不断减持美债的同时，央行已经连续第15个月增持黄金！曾经的美 债为什么不香了？中国这波操作的背后究竟有着什么样的战略目的？ 想要读懂中国的这盘大棋，我们先来看看美国和美债的困境。 目前而言，美国最大的困境就是它的债务，美国联邦政府债务超过38万亿美元。要知道，全球政府的债 务大概在100-110万亿美元之间，而美国一家就占了至少35%。如果按照美国3.4亿人口计算的话，人均 负债高达11万美元！如果这你还不能直观感受的话，那我给你举个例子。根据官方的预测数据，美国联 邦政府2026财年的收入约5.58万亿美元，而净利息却要支出1.2万亿美元左右。这就相当于，一个月入两 万的家庭，每个月的净利息就要支出四千多元。 美国的财政正在被利息"绑架"！而美国的财政支出又很刚性，根本没有"节约的空间"。它的支出里面， 除了利息以外，福利占了大头，比如医保、社保等。而这些福利的支出，如果被砍掉则会导致大规模的 罢工和游行。 出来混迟早要还的。过去美国长期靠高额财政赤字过日子，把美元储备货币的"便 ...

Core Viewpoint - The world is on the brink of a capital war, as stated by Ray Dalio, founder of Bridgewater Associates, at the World Government Summit in Dubai. He emphasizes that trade deficits indicate capital imbalances between the U.S. and other countries, which could potentially lead to conflict [2]. Group 1: Gold as a Hedge Asset - Investors should not focus on short-term fluctuations in gold prices but rather view gold as the best hedging asset, maintaining a certain proportion in their investment portfolios [2]. - Following a significant drop of over 10% in gold prices since January 30, the price rebounded, reaching nearly $5,000 with a daily increase of 6.2%. However, it later experienced further volatility, dropping to a low of $4,789.5 on February 5 before stabilizing around $4,900 [2]. - Dalio asserts that a single day's drop does not alter gold's status as a safe-haven asset, noting that gold has increased by 65% over the past year, despite a subsequent 16% decline from its peak [2]. Group 2: Strategic Asset Allocation - Central banks, governments, and sovereign wealth funds should consider the appropriate proportion of gold in their asset allocations, as it serves as an effective risk diversification tool [2].

他表示，市场未来变数多，包括地缘政治、美国息率走向，所以外汇基金的规模需要分散风险。他说， 贵金属亦有投资价值，但价格变化与债券等不同。 香港金管局总裁余伟文表示，外汇基金与政府的分帐行之有效，以外汇基金投资组合的6年滚动投资回 报率作基准，或者3年期外汇基金票据债息，以较高者为准，可以令政府投资收益较可预测及稳定。 智通财经APP获悉，香港金管局副总裁李达志表示，2025年第四季香港"百分百担保特惠贷款"坏账率升 至18.67%，较第三季上升0.5-0.6个百分点，较早期增加逾3个百分点的增速放缓。 李达志指，外汇基金持有少量实金，商品投资组合中部分与黄金相关，但数量不多。虽然过去两年金价 升幅强劲，但刚过去周末跌幅，尤其银价跌幅惊人。 ...

Core Viewpoint - The recent sharp decline in gold and silver prices is attributed to multiple factors, including profit-taking, changes in market sentiment, and signals from the Federal Reserve regarding interest rates, rather than a fundamental reversal of the bull market in precious metals [3][4]. Group 1: Market Dynamics - Gold and silver experienced a significant price drop after a period of rapid increase, with international precious metal prices falling sharply and domestic gold concept stocks also suffering losses [3]. - The core trigger for this decline was the Federal Reserve's recent meeting, which maintained interest rates and indicated that it would not rush to lower rates until inflation targets are met, leading to a correction in market expectations for rate cuts [3]. - The combination of profit-taking, reduced geopolitical risk premiums, and continuous reductions in gold ETFs contributed to a panic sell-off in the market [3][4]. Group 2: Long-term Outlook - The current adjustment in precious metals is viewed as a "deep squat" within a bull market rather than a fundamental trend reversal, with the underlying support for gold and silver prices remaining intact [4]. - Central banks globally continue to increase their gold holdings, reflecting a strategic shift towards diversifying the global monetary system and weakening trust in the dollar, which supports precious metal prices [4]. - Supply constraints due to environmental policies and mining difficulties, along with increased industrial demand from emerging sectors like AI and renewable energy, contribute to a structural mismatch in supply and demand for precious metals [4]. Group 3: Investment Considerations - Investors are advised to be cautious of short-term volatility even in clear trends, avoiding blind chasing of high prices and high-leverage trading tools [4][6]. - It is recommended that investors manage their positions rationally, with those who entered at high prices considering reducing exposure during rebounds, while those who invested at lower levels should wait for stabilization signals before making decisions [4]. - For gold stocks and related funds, it is suggested to focus on leading companies with resource advantages and stable performance, waiting for clearer signals before entering the market [6].

1月28日，香港金融管理局（以下简称香港金管局）公布的香港外汇基金投资回报数据显示，2025年，香港外汇基金录得3310亿港元的投资收入，创历史 新高。其中，债券投资收益为1422亿港元；香港股票投资收益为339亿港元；其他股票投资收益为741亿港元；汇率因素使得非港元资产估值扩张384亿港 元;其他投资收益为424亿港元。 【导读】香港外汇基金2025投资回报数据公布：投资收入创新高，非美元资产比例较早年有所提升 截至2025年底，外汇基金总资产达41514亿港元。 非美元资产占比有所提升 香港外汇基金肩负四大使命。 首先，资产保值；其次，确保整体货币基础由流动性极强的美元资产提供支持；第三，确保拥有足够的流动资金维持货币及金融稳定；第四，在满足第一 到第三项的前提下争取投资回报，以保障资产的长期购买力。 外汇基金的组合中，支持组合持有流通性极高及优质的美元资产，为货币基础提供支持，并用以履行联系汇率制度下的兑换保证。支持组合资产与货币基 础的比例应维持在105%至112.5%之间。当比率触及上限或下限时，香港金管局将从支持组合转出或向其注入资产。这样一来，既能提升外汇基金的投资 回报，亦确保支持组合有足够 ...

继苹果之后，英伟达也计划将部分芯片制造业务转向英特尔代工。英伟达预计在2028年推出的Feynman 架构平台将与英特尔合作，这是美国科技巨头在特朗普政府推动"美国制造"目标下调整供应链策略的最 新案例。 据DIGITIMES周三报道，供应链人士透露，英伟达将在与英特尔的合作中采用"量少、低阶、非核 心"的合作策略。GPU核心芯片仍由台积电代工，而I/O芯片则部分采用英特尔18A或预定2028年量产的 14A制程，最后由英特尔EMIB进行先进封装。按先进封装比重计算，英特尔最高约占25%，台积电约 占75%。 这一转变反映出美国科技企业在政治压力、关税威胁和供应链韧性考量下，不得不从高度集中于台积电 的模式转向"多源供应、分散风险"的新策略。除英伟达和苹果外，谷歌、微软、AWS、高通、博通、 超微和特斯拉等企业也在与英特尔洽谈合作。 尽管部分订单分流至英特尔，但业界认为这对台积电"利远大于弊"，有助于降低垄断疑虑、释放政治压 力，同时台积电仍有信心稳固高阶芯片代工大单。 台积电三层战略应对客户分流 目前观察，苹果、英伟达都以代工风险最低的产品渐进式调整。与英特尔洽谈合作的还有谷歌、微软、 AWS、高通、博通、 ...

Core Viewpoint - The article provides a comprehensive introduction to Exchange-Traded Funds (ETFs), highlighting their benefits and features, making them an attractive investment option for various investors. Group 1: Benefits of ETFs - Risk Diversification: ETFs allow for automatic asset allocation, helping to mitigate stock selection difficulties [7] - Low Costs: Management fees are low, and there are no stamp duties, resulting in lower trading costs [12] - High Transparency: Daily disclosures of holdings provide clarity on underlying assets [13] - Flexibility in Trading: ETFs can be bought and sold throughout the trading day, enhancing capital efficiency with some T+0 capabilities [9] - Rich Selection: A wide range of ETFs covers various markets and themes, providing diverse investment opportunities [11] - Accessibility: Investors can start with a few hundred yuan, making it easy for ordinary individuals to participate [14] - Simplicity of Operation: Investors only need to assess broader market trends rather than individual stocks [15] Group 2: Types of ETFs - Broad-based ETFs: These track comprehensive market indices, suitable for investors looking to diversify without stock selection [20] - Sector ETFs: These focus on specific industry indices, ideal for those optimistic about particular sectors but hesitant to invest in individual stocks [22] - Thematic ETFs: These follow specific trends or narratives, targeting disruptive technologies or social trends [24] - Enhanced Index Funds: These innovative funds aim to outperform the tracked index by incorporating additional strategies and stock selection capabilities [26]

消息面上，据中证报，瑞银贵金属策略师JoniTeves近日表示，黄金市场正经历结构性变化，多元化配置 已成为推动金价上涨的核心动力。这一趋势体现在机构投资者、零售投资者和官方部门等各类需求主 体。在宏观环境充满不确定性、政策可预测性下降的当下，投资者迫切需要分散风险，而黄金正是这一 趋势的最大受益者。 值得注意的是，黄金ETF华夏（518850）和黄金股ETF（159562）管理费加托管费合计0.2%的费率在同 类产品中处于最低水平。 1月21日，受地缘风险影响，现货、期货金价早盘双双突破4800美元，黄金有色相关产品纷纷异动，截 至发稿，黄金ETF华夏（518850）涨2.6%冲击三连涨，黄金股ETF（159562）涨3.2%，有色金属ETF基 金（516650）涨1.49%。 浙商期货表示，美国对欧洲加征关税引发贸易摩擦与地缘风险，提升黄金避险需求；美联储降息预期及 市场流动性关注，叠加国内政策稳定宏观环境，共同推高贵金属价格。 （文章来源：21世纪经济报道） ...

中国近期又抛了61亿美元美债，美国看着表面风光内里早堆了一堆疮痍，美联储那边还满是不确定性， 特朗普快绷不住了，美媒说想赢中国就一条路，说是赢其实就是别输太惨。 中国这可不是突然抛售，现在持仓都跌破6900亿美元，创近15年新低，从巅峰1.2万亿算下来减持超 5000亿，一边抛美债一边加仓黄金，就是提前规避风险，不被美元波动和美国政策牵着走。 特朗普急得上火是有缘由的，他一直想逼美联储降息救经济，鲍威尔偏不配合，还被他找茬调查，美国 内部乱成一锅粥，少了中国这个美债大买家，发债融资的压力直接翻倍。 之前美元在全球外汇储备占比就跌破40%，现在美国自己破坏规则，更多国家会加速去美元化，中国的 稳健操作刚好给大家指了条明路，分散风险才是硬道理。 美国总想着靠霸权薅全世界羊毛，现在中国不陪着玩就急眼，特朗普破防也没用。真要想不输太惨，先 把自家37万亿债务的烂摊子收拾好，别总盯着别人的动作较劲。 美媒说的那一条能赢中国的路，仔细琢磨就是别再瞎折腾，别把美联储当成政治工具，先稳住美债的信 用根基，要是连这点都做不到，只会输得更彻底，压根没底气谈输赢。 不光中国在减持，不少国家都跟着调整美债持仓，英加澳韩等八国央行还站 ...

Group 1 - The core issue revolves around Canadian Prime Minister Mark Carney's controversial statement regarding the new world order, which has drawn criticism from U.S. media and politicians, particularly Donald Trump [1][3] - Canada's economy is heavily reliant on the U.S., with 76% of its exports dependent on American markets, making the imposition of tariffs by Trump particularly damaging [3][5] - The economic impact of Trump's tariffs has been severe, leading to a 0.4% contraction in Canada's GDP and a spike in unemployment to 7.1% in 2025 [5] Group 2 - Carney's background as a former central bank governor and his experience in the financial sector have shaped his approach to reducing dependency on the U.S. and diversifying Canada's trade relationships [7][12] - During his visit to China, Carney secured significant agreements, including a reduction in tariffs on canola seeds and other agricultural products, which are crucial for Canadian farmers [8][10] - The agreements reached also included commitments in industrial sectors such as electric vehicles and steel, indicating a broadening of trade relations beyond the U.S. [10] Group 3 - Carney's strategy is not about abandoning the U.S. but rather recognizing the changing global landscape and seeking to establish Canada as a more independent player in the global economy [12][17] - Public sentiment in Canada shows a willingness to accept slower economic growth in exchange for reduced reliance on the U.S., with over 70% of Canadians supporting this shift [14] - The implications of Canada's actions may influence other countries to reconsider their own dependencies on the U.S., potentially altering the dynamics of international trade [16][17]