Core Insights - The article highlights the contrasting performance in global capital markets in 2025, with significant gains in AI hardware, precious metals, and geopolitical tensions driving asset prices up, while many retail investors faced losses due to market volatility [1][2] - Investor Achen achieved impressive returns across various asset classes, emphasizing a disciplined and structured asset allocation strategy rather than speculative trading [1][3] Investment Performance - Achen's stock account yielded a 45% return, driven by a focus on the AI hardware supply chain and a strict dynamic rebalancing strategy [3] - The performance of precious metals was influenced by geopolitical events, with silver rising 140% and gold 60%, the latter being a more planned investment based on macroeconomic trends [2][19] - The 15% return from the "Anzheng Changying" fund was viewed as a stabilizing force within Achen's overall portfolio, providing a buffer against market volatility [6][31] Risk Management - Achen's investment philosophy redefines risk, focusing on the ability to preserve wealth against inflation and market downturns rather than merely avoiding losses [6][39] - The structured account system divides roles among different asset classes, with equities as the offensive component, ETFs as a defensive measure, and precious metals providing protection during market turmoil [7][26] Future Strategy - Looking ahead to 2026, Achen plans to adopt a more conservative approach, reducing exposure to precious metals and reallocating profits into lower-volatility assets to enhance portfolio resilience [11][34] - Achen emphasizes the importance of a tiered asset allocation strategy that aligns with individual financial goals and risk tolerance, advocating for a balanced approach to avoid extreme risk exposure [12][40] Conclusion - The narrative underscores the value of stability and long-term survival in investing, contrasting with the prevalent pursuit of high returns in volatile markets [14][44] - Achen's experience serves as a reminder that true investment success lies in maintaining a sustainable strategy that prioritizes wealth preservation over short-term gains [14][46]

Core Viewpoint - The global sustainable bond issuance is expected to exceed $2 trillion for the third consecutive year by 2026, driven by sovereign nations, supranational organizations, and government agencies [3][4]. Group 1: Sustainable Bond Issuance - The issuance of green bonds and social responsibility bonds is projected to remain dominant, supported by strong demand from impact investors [4]. - As of October this year, green bond issuance has increased by 3% year-on-year, with growth expected to be in the low to mid-single digits by 2026 [4]. - The largest single issuer, Gilead, continues to provide mortgage financing support for underserved communities, while supranational organizations are increasingly certifying bonds as social responsibility bonds [4]. Group 2: Bond Returns and Risks - As of October this year, the returns on global green, social, and sustainable corporate bonds exceeded 11%, higher than the mid-single-digit returns expected for 2025 [6]. - Sustainable bond spreads are narrower than investment-grade bonds, nearing historical lows, with potential risks if economic data remains weak and inflation stays moderate [6]. - The refinancing risk is limited, with an expected net supply of nearly $1 trillion in new sustainable bonds by 2026, despite a peak in debt maturity expected in 2028 [8]. Group 3: Thematic Sustainable Investments - Thematic fixed-income products are anticipated to continue expanding, driven by strong investor demand for targeted solutions addressing environmental and social issues [11]. - Specialized ESG products like blue bonds and debt-for-nature swaps are expected to contribute to growth, with $184 billion issued year-to-date, including 361 transactions related to ocean themes [11][13]. - Recent agreements, such as Indonesia's debt-for-nature deal, highlight the active nature of such transactions, although U.S. policy shifts may weaken support for these initiatives [11].

一、深圳：民营活力铸就资本新峰 截至 2025 年 12 月 18 日，深圳境内外上市企业已达 592 家，仅 2025 年就新增 15 家。境内 A 股 424 家，分布于深交所主板、创业板，上交所主板、科创板 及北交所；境外市场，港股、美股、新加坡交易所均有布局，构建起多层次、跨市场的上市格局。 深圳上市企业的后备力量雄厚。境内，有 20 家企业处于在审阶段，100 家正在接受辅导；境外，47 家企业向中国证监会申报境外发行证券和上市备案，39 家瞄准港交所，8 家冲刺纳斯达克。 规模扩张的背后，是稳健的经营质效与卓越的创新实力。2025 年 6 月 30 日，424 家 A 股深企总市值达 11.34 万亿元，占全国 10.83%，位居第二，同比增长 36.82%，远超 A 股整体增速。2025 年中报显示，这些企业总营收 32955.43 亿元，同比增长 5.96%，占全国 9.43%，营收前十企业中制造业占半数；归母净 利润 2850.41 亿元，占全国 9.5%，在市场波动中韧性尽显。 研发投入是深圳企业的核心竞争力。2025 年中报，403 家披露研发情况的深企，研发费用合计突破千亿元，达 10 ...

最近金融圈最火的消息，莫过于 海外 投行 的 集 体 加薪 和 扩招！ 高盛放弃下半年度的第二轮裁员，且第二季度的并购（M&A）业务营收， 同比暴涨71% 摩根大通计划将投行与交易部门 奖金上调约15% 今年Industry Sector的排名中，香港的投资管理、保险、金融等行业全面复苏，升至全球第一。特别是 金融服务行业，在政府扶持、大湾区政策的带动下回升最明显 图源 高盛 官网 而这波热潮中，数据最亮眼、 扩招 需求最迫切的，正是 ESG与绿色金融方向 。 四大、投行、券商纷纷出手 ！ 金融市场掀起ESG人才争夺战！ 过去两年，在各类行业论坛和企业交流中， " 预算已经批了，就是招不到人 " 成了高频 语句。说这句话的有金融猎头、CFO，也有央企战略部负责人，他们指向的 共同赛道正是ESG 。 图：四大之一的安永招聘ESG岗！薪资高达50K！ 尤其当前随着国家政策要求 各大上市公司强制披露ESG报告 ， 作为金融从业者，重视ESG不仅是顺应政策监管趋势 ，更是为我们未来 成功开展业务的 必备技能和核心竞争力 。 金融大厂--中金招聘Project Intern – 金融工程组（ESG） 并且在25年11月 ...

December 17, 2025 09:17 AM GMT Sustainability | Europe Big Debates: How has sustainable investing shifted and what emerging themes are likely to shape the landscape in 2026? M Sustainable investing evolved in 2025. Going forward, we think fundamental analysis and corporate engagement both become more important. Responsible AI will also become a crucial aspect of sustainable investing. We see climate resilience, AI risks, and cybersecurity as emerging themes for 2026. Key Takeaways See Big Debates 2026: Hold ...

智通财经APP获悉，周一，三大指数下跌，投资者为本周即将公布的一系列美国经济数据以及多个央行 利率决议做准备。11月非农就业人数数据将于周二公布，同时公布的还有10月零售销售数据。由于秋季 美国政府停摆，这些报告被推迟发布。11月消费者价格指数(CPI)将于周四公布。周四，英国、欧洲央 行将公布利率决议。周五，日本央行将公布利率决议。 【美股】截至收盘，道指跌41.49点，跌幅为0.09%，报48416.56点；纳指跌137.76点，跌幅为0.59%，报 23057.41点；标普500指数跌10.90点，跌幅为0.16%，报6816.51点。特斯拉(TSLA.US)涨超3.5%， Strategy(MSTR.US)跌超8%。纳斯达克中国金龙指数跌2.17%，阿里巴巴(BABA.US)跌超3%。 【欧股】德国DAX30指数涨0.22点，涨幅0.00%，报24211.59点；英国富时100指数涨105.32点，涨幅 1.09%，报9754.35点；法国CAC40指数涨56.26点，涨幅0.70%，报8124.88点；欧洲斯托克50指数涨 26.59点，涨幅0.46%，报5747.30点；西班牙IBEX35指数涨1 ...

专题：2025中国可持续投资发展论坛 时岁日新，华章再续，由上海交通大学上海高级金融学院（高金/SAIF）主办、上海天工产业绿色发展 研究院（筹）参与协办、高金可持续投资研究中心承办的"2025中国可持续投资发展论坛"于12月12日在 高金徐汇校区举行。来自政策、科技、金融与产业界的决策者与思想领袖再度集聚这个一年一度的可持 续投资发展盛会，共同探讨科技赋能金融创新与绿色转型，构建新发展模式的路径和方法。第一财经主 持人、高金GES项目学员江予菲担任论坛主持。 当今中国，一场关于重塑产业基因、重构经济发展逻辑的转型正在不断深化，如何借助科技革命的创新 力与融合力，推动金融服务优化与产业绿色变革，已成为从理念到实践的重要议题。值此背景下，本次 论坛以"科技融合与可持续发展新生态"为主题，共设置了三个主题演讲和两场专题对话，分别邀请学术 研究机构、前沿科技企业以及金融投资与产业界的十余位决策者与思想领袖，共同研讨如何通过科技与 金融协同，构建兼具韧性、效率与包容性的可持续发展生态。 高金执行院长、会计学讲席教授、可持续投资研究中心理事长程仕军在欢迎致辞中表示，当前，我们正 站在一个由科技重构未来的关键节点。全球可 ...

Core Insights - The 13th China Responsible Investment Forum (China SIF) successfully held in Beijing on December 2, 2025, focused on global responsible investment trends and ESG investment opportunities [1][20][39] - The forum featured discussions on the diversification of ESG ratings and their applications, highlighting the importance of high-quality data disclosure from listed companies for effective ESG ratings [22][24] Group 1: ESG Ratings and Applications - The forum included a parallel session on "Diversification of ESG Ratings and Applications," featuring speakers from various financial institutions discussing the integration of ESG ratings into investment practices [2][21] - Speakers emphasized the need for a combination of quantitative data and qualitative insights in ESG analysis to enhance responsible investment and corporate sustainable value creation [24][25] - The importance of adapting ESG rating methodologies to different industries was highlighted, with a focus on developing customized approaches based on industry-specific issues and data [27][29] Group 2: Sustainable Investment Frameworks - The sustainable investment framework presented by a speaker from法巴农银理财 integrates international practices with local research to create a substantive ESG evaluation system [3][25] - The discussion included the challenges faced in the diverse applications of ESG ratings and the necessity for continuous improvement in ESG investment strategies [25][31] - The role of AI and regulatory changes in enhancing the quality and foresight of ESG ratings was also discussed, indicating a trend towards more robust ESG frameworks [27][33] Group 3: Financial Performance and ESG Correlation - Research presented by南方基金 indicated a positive correlation between high ESG ratings and strong financial performance, including higher profitability and cash flow metrics [9][31] - The findings suggest that companies with better ESG ratings tend to offer higher shareholder returns, reinforcing the link between ESG practices and financial health [31] Group 4: Future Trends and Challenges - The forum participants acknowledged the recent backlash against ESG investments in some regions but emphasized the importance of maintaining a consistent and long-term approach to responsible investment [29] - The integration of sustainable factors into fundamental analysis and investment processes is expected to create new research and investment opportunities, particularly in the context of China's climate action and green finance initiatives [29][31] - The anticipated evolution of ESG practices by 2026, driven by improved governance and disclosure standards, was highlighted as a key area for future development [33]

一是中国绿色转型模式彰显在全球可持续发展中的引领与担当。在非化石能源发展取得标志性进展、继 续保持可再生能源装机量的全球绝对优势的同时，中国率先在生物多样性保护领域响应全球治理框架， 启动生物多样性保护重大工程。 二是我国可持续领域政策引领与标准建设日趋完善。今年1月正式施行的《中华人民共和国能源法》与4 月首次亮相的《生态环境法典（草案）》有力推动我国绿色低碳发展的法治化进程。 三是可持续投资为绿色转型实践精准赋能，从"规模导向"转向"价值引领"。我国可持续投资市场从根源 上遏制"伪绿色"项目融资，转向以价值创造为核心的精准发力阶段。截至今年6月末，国内ESG公募基 金产品总规模达到2682.91亿元，绿色转型投资产品体系迭代升级。 企业ESG实践从"合规披露"迈向"主动布局" 中化新网讯 近日，在2025上市公司可持续发展大会上，中国上市公司协会与中证指数有限公司联合发 布《中国上市公司ESG发展报告（2025年）》（以下简称《报告》）。 《报告》显示，中国ESG生态体系日趋成熟，监管框架持续完善。 《报告》分析，中国企业ESG实践深度与广度稳步提升，从"合规披露"迈向"主动布局"。环境方面，企 业坚决落 ...

施义观察到一种ESG发展的新路径，这种路径兴许能打开中国 A股上市公司高质量发展的另一扇门：从被动的披露合规，转 向主动的"影响管理"。 作者：王雅洁 封图：图虫创意 这一次，我们将目光对准上市公司，对准ESG。今日，任何一家企业的竞争力都不再仅仅局限于 财务因素。 ESG（Environmental,Social and Governance，即环境、社会和公司治理）方面的非财务因素 正在发挥作用，甚至可以说，是决定性的作用。 但在国内，ESG体系的构建，起步较晚。甚至有的企业这方面的意识也才刚刚觉醒。在采访中， 一位国企人士依然充满疑惑："我为什么要做ESG？" 近一年多来，不同部门陆续出台与ESG相关的新政和指引，财政部、生态环境部等部门，也在酝 酿下一步推动ESG的政策文件。 从瑞士到中国，施义一直在关注着ESG（环境、社会和公司治理）投资如何超越字母游戏与分数 比拼，真正触及企业运营与社会发展的内核。 作为瑞士百达资产管理（Pictet Asset Management，下称"瑞士百达"）旗下主题股票客户投资 组合经理及影响力投资专家。在他看来：ESG不是一份美化了的报告或一个抽象的评分，而是一 套 ...