巴克莱的积极动作并非个例。2025年以来，多家国际机构相继表达了对中国资产及本土金融工具的看好，并计划加大配置。Wind（万得）数据统计显 示，外资正持续涌入中国公募产品，例如，瑞士联合银行集团持有中国ETF的数量已在一年内从57只大幅提升至141只。 在此背景下，巴克莱银行这位中国公募基金市场最大的外资机构买家，其持仓已覆盖超200只产品，构建了一个横跨四大洲、涵盖股债商品的庞大投资组 合。从这个角度来说，巴克莱的持仓图谱不仅是一份投资记录，也成为观察全球资本如何借助中国工具配置资产的重要窗口。 此外，巴克莱对中国本土金融工具的运用，也从侧面反映了中国公募基金工具箱的丰富度与实用性正在持续提升。 此次巴西ETF的发行，系境内基金公司首次发行布局南美洲资本市场的ETF。近年来公募基金跨境ETF版图不断延伸，除了美国地区，目前亚太地区已有 日经指数、中韩半导体指数、亚太低碳精选、印度、沙特阿拉伯、泛东南亚科技、新兴亚洲等相关产品，欧洲市场则覆盖了德国、法国等国家。 在中国，投世界 文 |《财经》记者 黄慧玲 编辑 | 郭楠 陆玲 当国内投资者还在热议市场短期波动时，境外机构投资者正在通过中国公募基金布局全球。 ...

高盛闭门会-首席策略师用长期视角看 ai 和美股，泡沫早期 但还没破多元化的必要性 20251119 摘要 科技行业利润增长长期超越其他行业，这一趋势自金融危机后已持续 15 年，但当前科技股虽表现出色，整体行业估值仍未达历史泡沫水平。 美国股市估值偏高，未来十年预期回报较低；欧洲股市估值相对较低， 且存在结构性改革机会，增长潜力较大，多元化发展及资本支出增加也 将促进发展。 全球股票未来 10 年总回报预期为年化 7.7%（美元计），低于过去 10- 15 年水平。美国预期年化本地回报为 6.5%，欧洲约为 7%，亚洲约为 10%，新兴市场约为 11%。 对亚洲和中国 GDP 预测进行了上调，表明对该地区持乐观态度。中国加 大对出口驱动型模式的投入，并大幅增加产能，或将加剧欧洲制造业领 域的竞争。 欧洲市场过去十年呈现资金净流出趋势，但 2025 年初出现变化，美元 下跌、德国放松财政约束提振信心，外国投资者大量流入，本地资金回 流。 Q&A 在您最近发布的公司显微镜报告中，哪些图表对欧洲投资者关系人员来说最重 要和相关？ 在我们每季度发布的宏观范围报告中，有几个图表对欧洲投资者关系人员尤为 重要。首先，图 ...

Core Insights - President Trump has made significant investments in corporate and municipal bonds valued at least $82 million between late August and early October, indicating a broader investment strategy [1] - The investments include bonds from companies benefiting from favorable policies enacted by the White House, such as Intel, Qualcomm, and major Wall Street banks [1][2] - Trump's financial disclosures reveal over 175 financial transactions during this period, with potential total bond investments exceeding $337 million [1] Group 1 - Trump's bond investments cover a variety of assets, including municipal bonds and corporate bonds from various sectors [1] - Specific companies involved in Trump's bond purchases include technology firms like Intel, Broadcom, and Meta, as well as retail companies like Home Depot and CVS [1] - The investments are seen as a diversification strategy, with a focus on high-quality, high-rated bonds to mitigate risk [3] Group 2 - The financial disclosures are in accordance with the 1978 Government Ethics Law, which requires presidents to disclose their financial status but does not mandate the divestment of potentially conflicting assets [2] - Trump's previous financial reports indicate substantial income from various sectors, including over $600 million from cryptocurrency and other investments [2] - Concerns about potential conflicts of interest arise from Trump's continued ownership of various business assets while holding public office [2]

Group 1 - The core point of the article highlights that former President Trump made significant investments in corporate and municipal bonds, totaling at least $82 million, during a period when many of these companies benefited from favorable government policies [1] - Trump's bond investments included a diverse range of assets, such as municipal bonds and corporate bonds from major companies like Intel, Qualcomm, and Meta, indicating a strategic approach to capitalize on policy changes [1] - The financial disclosures reveal that Trump engaged in over 175 financial transactions between August 28 and October 2, with potential total bond investments exceeding $337 million [1] Group 2 - The article notes that under the 1978 Government Ethics Law, U.S. presidents must disclose their financial status but are not required to divest assets that may pose conflicts of interest, which has raised concerns about Trump's investments [2] - Trump's financial activities included approximately 700 transactions from January 20 to August 1, with bond purchases exceeding $100 million, covering various public projects across multiple states [2] - Analysts suggest that Trump's bond purchases are a prudent diversification strategy, focusing on high-quality, high-rated bonds to mitigate risks, especially in light of his substantial gains in cryptocurrency and other ventures [3]

FT：分析师们认为，中国未报告的黄金购买量可能是其官方数据的10倍以上，因为中国正悄悄尝试减少对美元的投资，以实现多元化。这突显出，金价创纪录上涨背后的需求来源越来越不透明。中国央行今年公开的数据显示黄金购买量非常低，以至于市场上很少有人相信官方数据。根据贸易数据，法兴银行的分析师估计，中国今年的黄金总购买量可能高达250吨，超过全球央行总需求的三分之一。外汇交易员 (@myfxtrader):#数据 中国央行连续第12个月增持黄金，2025年10月末黄金储备增加3万盎司至7409万盎司（9月增加4万盎司），以美元计增加139.18亿美元。10月末外汇储备环比增加46.85亿美元（9月增加165.04亿美元）至33386.58亿美元。 https://t.co/jAvF8MAPtz ...

Group 1 - The purpose of investment is to achieve the maximum real total return after accounting for taxes, inflation, transaction commissions, and fees [2] - Investors should adopt a flexible and open attitude towards different types of investments, including blue-chip stocks, cyclical stocks, corporate bonds, convertible bonds, U.S. Treasury bills, and cash [2] - Buying at low prices is essential, which involves estimating a company's earnings and cash flow over five years to determine if the stock price is low relative to its intrinsic value [2][3] Group 2 - Focus on undervalued companies within high-quality stocks, such as those with strong sales or technology, proven management, low-cost production, strong capital, or well-known consumer brands [3] - Diversification is crucial, involving investments across different companies, industries, risks, and countries, but should not be done blindly [3][4] - Conduct thorough research before investing, which may include due diligence or hiring experts, as this is an irreplaceable step [3][4] Group 3 - Actively monitor invested companies, as stock prices can become overvalued and competitive advantages may diminish [4] - Learning from personal and others' mistakes is vital to avoid repeating them [4] - Recognizing that outperforming the market is challenging, requiring investors to be smarter than both general investors and professional fund managers [4] Group 4 - Successful investing is a continuous process of seeking answers to new questions, as economic, political, and investment landscapes are always changing [4] - Investment beliefs should be based on research rather than gut feelings or solely on analysts' recommendations [5] - Avoid being misled or intimidated by media pessimism, as the market's development and innovation can improve living standards [5]

Core Viewpoint - The company, Damai Entertainment, has announced a positive profit forecast, expecting a significant increase in net profit for the upcoming financial periods, driven by strong performance in its Aliyu business and improved asset structure [1] Group 1: Financial Performance - Damai Entertainment anticipates a net profit of no less than RMB 500 million for the six months ending September 30, 2025, compared to approximately RMB 337 million for the six months ending September 30, 2024 [1] - The increase in net profit is attributed to robust growth in both revenue and profit from the Aliyu business [1] Group 2: Asset Management - The company has reported a more stable asset structure, with a further reduction in investment portfolio risk exposure and a narrowing of investment losses year-on-year [1] - The company maintains a strong cash reserve, allowing for diversification in investments within the entertainment industry [1] Group 3: Long-term Outlook - From a medium to long-term perspective, the company expects its core business to achieve sustained and healthy growth [1]

Group 1 - The trend of artificial intelligence (AI) is irreversible and is still in its early stages, according to Allianz Investment CEO Tobias Pross [1] - There is an increasing focus on emerging markets from mature market funds, with Hong Kong being a key gateway to the mainland market [1] - Pross is optimistic about investments in gold and private markets, and sees significant investment opportunities in Europe's energy transition [1] Group 2 - Schroders CEO Richard Oldfield believes that the number of ultra-high-net-worth individuals in China will grow by 47% from 2023 to 2028 [1] - Despite the general understanding of the importance of diversified investments, many miss opportunities due to timing issues, highlighting the need for institutional assistance [1] - Clients are viewing AI and geopolitical factors as long-term transformative elements, necessitating professional advice from institutions [1] Group 3 - TCW President and CEO Katie Koch identifies energy and AI as the two core investment sectors for the company [1] - The world is currently facing energy shortages, and future energy generation, including wind, solar, and nuclear energy, along with efficient storage solutions, is expected to grow [1] - The trend of manufacturing returning to the U.S. and the electrification movement will make the energy sector a significant contributor to GDP growth over the next 20 years [1]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) emphasizes the importance of effective regulation and market development to maintain and enhance Hong Kong's status as an international financial center, while acknowledging various risks impacting market resilience [1] Group 1: Market Conditions and Risks - Geopolitical tensions, rising debt, technological changes, and high concentration risks are putting pressure on market resilience, necessitating a cautious approach [1] - The SFC highlights the need for diversification through cross-regional and cross-asset investment strategies to mitigate risks [1] Group 2: Market Growth and Opportunities - The Hong Kong market and wealth management sector have shown strong growth, with new stock fundraising returning to the top position globally, attracting large sovereign funds and institutional investors [1] - The Assets Under Management (AUM) in Hong Kong has doubled over the past decade, indicating robust confidence in Hong Kong's financial and regulatory systems from international markets [1] Group 3: Future Outlook - The International Monetary Fund (IMF) estimates that Asia will be the largest driver of global economic growth in the next two years, and Hong Kong is positioning itself to capitalize on this trend [1] - The SFC plans to enhance market performance and wealth creation capabilities, collaborating with regulatory bodies like the Hong Kong Monetary Authority to protect investors and build international confidence [1] - There will be a focus on providing a wider range of product offerings, strengthening market connections, and promoting the development of tokenization and virtual asset markets [1] - Progress in the asset management sector is strong, with continued efforts to provide new opportunities for global investors [1]

Core Insights - The ETF market in China has officially surpassed 5 trillion yuan, reaching a record high of 5.6 trillion yuan by the end of September, driven by a recovering equity market and increasing investor recognition of ETF products [2][3]. Market Growth Factors - The rapid growth of the ETF market is attributed to multiple factors, including the recovery of the equity market, rising demand for diversified investment tools, and supportive policies [3][4]. - The A-share market has shown a steady upward trend, particularly since August, leading to increased net asset values and shares of ETFs as investors seek stable returns through these products [3]. Policy Support - The growth of the ETF market is significantly supported by regulatory policies, such as the action plan issued by the China Securities Regulatory Commission in January, which aims to enhance the quality of index investment and optimize the ETF ecosystem [4]. Product Diversification - The ETF product structure is becoming increasingly diverse, with a variety of stock and bond ETFs being introduced to meet different investor needs [5][6]. - As of the end of September, stock ETFs accounted for 66% of the total ETF market, while cross-border and bond ETFs reached 15.8% and 12% respectively, indicating a broadening of investment options [6]. Continuous Product Innovation - The number of ETFs has surpassed last year's total, with 286 ETFs established by the end of September, reflecting a growing and more sophisticated product system [7]. - The introduction of innovative products, such as the first batch of sci-tech bond ETFs, has attracted significant market interest and increased investor choices [6][7]. Future Development Potential - The ETF market is characterized by a "pyramid" structure, with 119 ETFs exceeding 10 billion yuan in size, indicating a trend towards larger, more liquid products [8]. - Future growth is expected as policy support continues, investor demand rises, and product innovation increases, positioning ETFs as essential tools for capital market development [8][9].