CANADA - 2025/09/28: In this photo illustration, the EA Sports logo is seen displayed on a smartphone screen. (Photo Illustration by Thomas Fuller/SOPA Images/LightRocket via Getty Images)SOPA Images/LightRocket via Getty ImagesElectronic Arts’ stock (NASDAQ: EA) jumped 15% on Friday, September 26, after a Wall Street Journal article indicated that the firm is close to a $50 billion private acquisition, elevating its market capitalization to $48 billion. However, the company’s fundamental performance unveil ...

分市场来看，赵耀庭认为，中国股票市场近期表现强劲，但相较于全球其他股票市场，其估值仍具有吸 引力。"反内卷"政策有望进一步提振企业利润率和盈利增长。 赵耀庭称，美国股票估值偏高，但科技板块的盈利增长仍具韧性。在美联储降息预期的推动下，周期性 板块可能继续跑赢大盘。欧洲股市今年表现优于美国，但这在很大程度上是由估值重估推动的，欧洲股 市后续维持涨势需要企业盈利进一步回升。 智通财经APP获悉，景顺增加了对中国股票的配置，同时减持印度股票，因为认为后者"价格昂贵"。景 顺投资解决方案团队的多资产投资组合经理Chang Hwan Sung表示，看好中国股票，尽管近期上涨，但 估值仍然具有吸引力。 就在前几日，景顺亚太区全球市场策略师赵耀庭发表第四季度投资展望。他表示，总体而言，当前的全 球宏观环境有利于多元化投资策略，同时投资者可适度承担市场风险，以迎接明年全球经济增长回暖的 可能性。 ...

欧洲股市今年表现跑赢美国，但主要是由估值倍数重估所推动。欧洲股市要延续升势，可能需要企业盈 利回升，而这或可受惠于即将推出的大型基建及国防开支计划所带来的财政刺激。英国股市在估值方面 更具吸引力，其行业结构结合了高收益的防守型板块及对经济敏感的周期性板块。 内地及香港股市估值仍吸引，反内卷政策有望支持企业盈利增长 中国内地及香港股市近期表现强劲。中国内地的低利率环境促使本地投资者转向股票市场，尤其是那些 在香港离岸上市的企业。 固定收益方面，收益率曲线可能持续走峭，因美联储减息令短期利率下行，但对美国预算赤字及联储局 治理的担忧可能令长期利率维持区间波动。短期资产仍具相对收益优势，而长期收益率则较历史水平偏 低。 信贷方面，投资级及高收益债券的息差仍处于历史低位。虽然基本面稳健及企业盈利稳健，但目前环境 仍需采取选择性策略。景顺偏好企业投资级债券，其风险回报特性与政府债券相近，而企业高收益债券 息差则进一步收窄。在投资级债券中，看好英国及新兴市场，因其整体收益更具吸引力，相比之下对美 国及欧盟持中性立场。 美股周期性板块或持续跑赢，欧股要延续升势或需企业盈利回升 股票方面，美国股市估值偏高，但科技板块的盈利增 ...

来源：市场资讯 黑石欧洲房地产主管表示，此次收购体现了他们对于欧盟办公市场的信心，尤其是在优质资产稀缺性和 溢价空间的背景下。与此同时，交易方Union Investment计划将收益用于新投资周期，以分散基金投资 组合。这表明机构投资者在选择资产时，注重资产的长期价值提升潜力。 除了在巴黎的战略布局，黑石集团最近还完成了对位于美国迈阿密的EAST Miami酒店的收购。该酒店 自2016年开业以来，已成为当地热门地标。黑石通过"买入-修复-卖出"模式，以优化运营来提升资产价 值，再次证明了其在全球房地产投资领域的领先地位。这些投资行动为黑石带来了更广泛的市场认知和 股价涨幅。 对于投资者而言，黑石的持续布局和战略收购不仅展示了其对房地产市场的深刻理解，也体现了其在增 强资产价值上的成功经验。这些因素结合起来，促使投资者对其未来的增长潜力持乐观态度。在当前经 济波动的不确定性中，黑石的多元化投资策略为投资者提供了一定的稳定性。 总的来说，黑石集团的近期动向显示出其在全球市场中的稳健布局和对优秀资产的准确定位，这将继续 推动其股价表现，为投资者带来更多机会。然而，投资有风险，建议投资者在做出决策前，深入理解公 ...

Core Viewpoint - The A-share market is steadily rising, with the Shanghai Composite Index surpassing the 3,800-point mark, driven by policy benefits, increased capital inflow, and accelerated industrial upgrades, highlighting the growing value of equity assets [1] Group 1: Fund Performance - Penghua Fund has reported impressive results, with five actively managed equity funds doubling their performance over the past year, and 11 funds showing net value growth exceeding 90% [1] - Among the 37 funds with over 50% net value growth in the past year, technology and innovative pharmaceutical theme funds have been particularly prominent, contributing significantly to performance [1] - The top-performing funds include Penghua Carbon Neutral Theme A (164.80%), Penghua Stable Return A (109.21%), Penghua Pharmaceutical Technology A (106.17%), and Penghua New Energy Vehicle A (105.59%) [1] Group 2: Long-term Performance and Ratings - In the long-term perspective, several funds have demonstrated strong endurance, with Penghua Stable Return A, Penghua Hongjia A, and Penghua Preferred Value A receiving five-star ratings for both three-year and five-year periods [2] - Penghua Pharmaceutical Technology A and Penghua Hongyi A have achieved five-star ratings across three, five, and ten-year periods, showcasing their sustained research and investment capabilities [2] Group 3: Investment Strategy - In response to market uncertainties, Penghua Fund emphasizes the need for diverse investment strategies, creating an "Active Equity Investment Compass" to provide solutions suitable for different market environments [2] - The company recognizes the importance of balancing risk and return by utilizing value-oriented products during market volatility and high-growth funds when opportunities arise [5] - Penghua Fund is committed to building a diversified and multi-dimensional investment strategy system, focusing on growth, value, balance, and thematic investments [5]

尽管近期市场出现波动，但Saigal表示，印尼债券的"实际收益率"约为3%，"这是一个相当不错的安全 收益。" 贝莱德公司最近对印尼债券的推荐是在该国股市和债市再度遭遇抛售之后做出的。此前，该国因民众对 生活成本上涨和不平等现象的不满而爆发了新一轮抗议活动。目前，泰国也正面临政治动荡的局面，这 使得许多投资者重新审视东南亚地区的经济前景以及当地央行进一步采取货币宽松政策的益处。 当时示威者将目标对准了印尼财政部长和几位议员的住所。周日，印尼总统普拉博沃宣布议会将取消议 员们的高额津贴，这些津贴曾是许多抗议者强烈不满的根源。 全球最大资产管理公司贝莱德仍看好印尼长期国债，称这种高收益债券在面对当地政治不稳定局势时能 够提供足够的风险补偿。贝莱德亚太区基础固定收益部门主管Navin Saigal表示，近期增加了对10至15 年后到期此类债券的持有量，其投资策略已从较短期限的债券转向了此类长期债券。这一调整是因为较 长期限的债券对印尼央行意外降息以及美联储上个月的鸽派言论反应较为温和。 Saigal表示："近期的这些新闻本身并未促使我们改变在印度尼西亚的投资策略。虽然我确实认为当前形 势需要密切关注，但它也进一步证 ...

Core Viewpoint - The company reported a significant decline in net profit for the first half of the year, indicating challenges in the Hong Kong retail and commercial property leasing market, while expressing interest in further investments in Hong Kong [1][2][3] Financial Performance - The company's net profit attributable to shareholders for the first half of the year was HKD 6.302 billion, a decrease of 26.75% year-on-year [1] - Earnings per share stood at HKD 1.8, with an interim dividend maintained at HKD 0.39 [1] - The revaluation surplus before investment properties increased by 1.2% to HKD 6.805 billion, while property sales revenue rose by 58.9% to HKD 7.366 billion, although sales revenue decreased by 2.9% to HKD 1.768 billion due to discounts offered in a weak market [2] Investment Strategy - The company aims to maintain a diversified investment and asset portfolio, leveraging its financial strength and low capital debt ratio to seize global market opportunities [1][2] - There is a strong interest in investing more in commercial and retail properties in Hong Kong, as well as land acquisition, contingent on attractive returns and pricing [2][4] Property Development - The company anticipates profits from multiple projects in Hong Kong, Singapore, and Beijing in the second half of the year, although losses from the Blue Coast project may offset some contributions [3] - The Blue Coast project has sold 900 units out of 1,200, generating HKD 15.2 billion in cash, with an average transaction price of HKD 17 million per unit [3] Rental and Occupancy Rates - The overall occupancy rate for the Hong Kong investment property portfolio is approximately 86%, with specific rates of 75% for the first phase of the Changjiang Center [4] - The hotel business reported an occupancy rate of 89.1% for overnight stays and 88.4% for long-term serviced apartments [5] Financial Position - As of June 30, the company had bank deposits and fixed deposits totaling HKD 33 billion, with a net debt of HKD 21.4 billion, resulting in a net debt to total capital ratio of about 5% [5]

Core Viewpoint - The article discusses the increasing interest of South Korean investors in the Chinese stock market, highlighting a shift in investment preferences due to various economic factors and the performance of different markets [4][10][41]. Group 1: Investment Trends - As of July 25, 2023, China has surpassed Japan and the EU to become the second-largest overseas stock market for South Korean investors, based on trading volume [4][5]. - The cumulative trading volume of the Chinese stock market, including Hong Kong and A-shares, reached $57.64 billion, ranking second only to the U.S. market [5]. - South Korean investors show a preference for Hong Kong stocks over A-shares, focusing on technology and consumer sectors [6][10]. Group 2: Notable Stocks - The top ten net purchased stocks by South Korean investors as of July 25, 2025, are all Hong Kong stocks, with Xiaomi Group-W and BYD Company Limited leading with net purchases exceeding $1 billion [7][8]. - Other notable stocks include Ningde Times and Alibaba, indicating a strong interest in technology and consumer goods [8][9]. Group 3: Market Dynamics - The enthusiasm for Chinese stocks is partly driven by the volatility in the U.S. market and a desire for diversified investment strategies [10][12]. - In February 2025, South Korean investors pushed trading volumes in the Chinese market to $782 million, a 179% increase from the previous month, marking the highest level since August 2022 [14]. - The average return of Chinese stock funds in South Korea was 43.56% over six months, significantly outperforming domestic and U.S. stock funds [17]. Group 4: Broader Economic Context - The shift towards overseas investments, including in China, reflects a broader trend of South Koreans seeking alternatives due to stagnant domestic economic conditions and rising real estate prices [25][32]. - The average return of the South Korean stock market over the past decade was only 5%, compared to 10% for China and 13% for the U.S., contributing to the growing interest in foreign markets [40][41]. Group 5: Regulatory and Political Factors - Recent political changes in South Korea, including the new administration's commitment to reform the stock market, aim to enhance its attractiveness and reverse the "Korean discount" phenomenon [42][43]. - The government's focus on improving market conditions may further encourage local investors to consider both domestic and international opportunities [42][43].

Core Viewpoint - The banking wealth management industry is transitioning to a "true net value era" due to regulatory requirements, necessitating strategies to reduce product net value volatility [1][2] Group 1: Industry Response to Net Value Volatility - Wealth management companies are focusing on optimizing asset allocation and employing diversified investment strategies to address net value volatility challenges [1][2] - Companies are releasing previously retained floating profits and are now enhancing product yields by increasing short-duration asset purchases and allocating funds to public funds [1][2] - The use of credit bond ETFs is becoming popular among wealth management firms as a means to improve investment returns [1][2][3] Group 2: Asset Allocation Strategies - Companies are increasing the proportion of stable asset allocations, such as deposits and preferred stocks, while limiting equity positions to avoid significant net value declines [2] - There is a focus on multi-asset strategies and exploring dynamic adjustment mechanisms to manage risks effectively [2][3] - Risk management is being conducted at both product and asset levels, with attention to liquidity reserves and monitoring deviations in actual yields [2][3] Group 3: Growth of Credit Bond ETFs - Credit bond ETFs are gaining traction due to their advantages in liquidity and the ability to provide leveraged exposure [3][4] - The market for credit bond ETFs has seen rapid growth, with a 60% market share in the bond ETF sector as of July 20 [3] - Wealth management firms are particularly interested in AAA-rated credit bond ETFs for their liquidity and suitability for short-term allocations [3][4] Group 4: Future Trends and Innovations - The banking wealth management sector is expected to bring additional funds into the equity market, with estimates ranging from 80 billion to 120 billion yuan annually [5][6] - Companies are innovating products around the dual themes of "stable returns + low volatility" and are increasingly incorporating equity assets to enhance product yields [5][6] - There is a shift from single asset strategies to multi-asset strategies, with a focus on optimizing asset allocation in a low-interest-rate environment [5][6]

Group 1 - The article emphasizes the importance of understanding global market trends and geopolitical events that impact gold and silver investments [3] - It discusses the use of futures contracts to lock in prices and mitigate the risk of market downturns in gold and silver [4][6] - The selection of appropriate precious metal funds should focus on management fees and historical returns, along with the experience and investment strategies of fund managers [6][8] Group 2 - Risk management is highlighted as a critical aspect of trading, including the necessity of setting stop-loss points and conducting comprehensive risk assessments [6][8] - Diversifying the investment portfolio can effectively reduce the impact of market volatility on personal assets, with an increased allocation to gold and silver enhancing financial security [8] - The article concludes that successful gold and silver investment requires a comprehensive consideration of various factors, including market trends and data analysis, to optimize investment strategies [9]