东方汇理成为最新一家明确表示将削减或对冲其美国资产风险敞口的大型投资机构。瑞典最大私人养老 基金阿莱克塔养老基金1月说，鉴于美国政府的"不可预测性以及不断增长的美国债务"，该基金在过去 一年内已出售其所持大部分美国国债。 鲍德松说，过去一年，国际投资者最初通过购买黄金对冲美元贬值风险，这在很大程度上解释了同期金 价大幅上涨的原因。该公司随后发现，人们希望分散投资，以实现资产多元化，因为美元资产存在过度 投资的问题。 《金融时报》报道，上述资金动向已推动资本流向欧洲和新兴市场资产，包括债券和股票。去年，新兴 市场股市迎来自2017年以来表现最好的一年。 来源：新华社 欧洲最大资产管理机构东方汇理说，该公司将继续减少美元资产风险敞口，转向欧洲和新兴市场。 英国《金融时报》9日援引东方汇理首席执行官瓦莱丽·鲍德松的话说，未来一年，东方汇理将建议客户 减持美元资产。她警告说，如果美国经济政策不改变，"我们将继续看到美元走弱"。 鲍德松说："在过去12个月至15个月，东方汇理一直大力推动投资多元化，并建议客户分散投资……今 后一年，我们仍将继续建议客户实现投资组合多样化。" ...

【新华社微特稿】欧洲最大资产管理机构东方汇理说，该公司将继续减少美元资产风险敞口，转向欧洲 和新兴市场。 东方汇理成为最新一家明确表示将削减或对冲其美国资产风险敞口的大型投资机构。瑞典最大私人养老 基金阿莱克塔养老基金1月说，鉴于美国政府的"不可预测性以及不断增长的美国债务"，该基金在过去 一年内已出售其所持大部分美国国债。 鲍德松说，过去一年，国际投资者最初通过购买黄金对冲美元贬值风险，这在很大程度上解释了同期金 价大幅上涨的原因。该公司随后发现，人们希望分散投资，以实现资产多元化，因为美元资产存在过度 投资的问题。 《金融时报》报道，上述资金动向已推动资本流向欧洲和新兴市场资产，包括债券和股票。去年，新兴 市场股市迎来自2017年以来表现最好的一年。（完）（卜晓明） 英国《金融时报》9日援引东方汇理首席执行官瓦莱丽·鲍德松的话说，未来一年，东方汇理将建议客户 减持美元资产。她警告说，如果美国经济政策不改变，"我们将继续看到美元走弱"。 鲍德松说："在过去12个月至15个月，东方汇理一直大力推动投资多元化，并建议客户分散投资……今 后一年，我们仍将继续建议客户实现投资组合多样化。" ...

南方财经 21世纪经济报道记者朱丽娜 香港报道 港交所CEO陈翊庭2月4日在出席媒体活动时表示，目前有超过400家公司排队上市，企业上市需求十分 旺盛的同时，全球投资者对于寻求投资多元化的兴趣不断提升，因此不担心出现上市"堰塞湖"现象。 在当前的市场背景下，全球投资者纷纷寻求多元化配置。"香港IPO（首次公开募股）特别受到国际投 资者的青睐，过去一年半我们看到，只要有优质的IPO，海外的资金就会进来。香港始终是一个开放的 市场，资金可以随时流入。有好的企业上市，就会有四面八方的钱来打新，'堰塞湖'的问题不存 在。"陈翊庭说。 近日，香港证监会发通函指示上市保荐人从速进行内部检讨，以纠正招股文件准备工作中的严重缺失。 1月30日，香港证监会要求13名保荐人针对胜任能力等问题于3个月内提交内部检讨报告，并表示已暂停 16宗上市申请的审理流程。 图为港交所CEO陈翊庭。 21世纪经济报道资料图片。 对此，陈翊庭表示欢迎，并指出"香港证监会关注的是保荐人递表的材料的质量，而不是上市申请人的 质量"。 她强调："上市公司质量一直是香港吸引全球投资者的底气。" 进入2026年，IPO上市热潮仍在继续，根据港交所公布的数据 ...

Core Viewpoint - The gold market is experiencing significant momentum, with prices reaching record highs and a year-to-date increase of over 25% [2][4]. Market Dynamics - The relationship between bonds and equities is changing, particularly during periods of economic stress, leading to increased diversification into gold [3][9]. - Current market conditions are characterized by aggressive buying and momentum, contributing to the rapid rise in gold prices [4][5]. Investment Strategy - Investors are encouraged to reassess their portfolios, considering gold as a long-term diversification strategy rather than a short-term speculative asset [6][7]. - The volatility in the gold market is expected to continue, but it is essential for investors to maintain a long-term perspective on their allocations [6][8]. Economic and Geopolitical Factors - Global economic conditions, including inflation and currency strength, are significant drivers of gold's value, with geopolitical shocks adding to market volatility [12][13]. - Upcoming events, such as Supreme Court decisions and political meetings, could further impact market conditions and gold's role as a safe haven [15][16][17].

Core Viewpoint - The Vanguard Australian Shares Index ETF (ASX: VAS) is considered an attractive investment option for the year due to its low management fees and other favorable factors [1] Group 1: Global Uncertainty - The unpredictable nature of US President Donald Trump has created market surprises over the past year [2] - The VAS ETF's portfolio is primarily focused on Australian and New Zealand shares, which may provide a safe haven amid global tensions, particularly between the US and Europe [2][3] Group 2: Diversification - The VAS ETF offers good diversification with approximately 300 businesses across various sectors, including financials, resources, healthcare, and more [4] - Diversification is highlighted as a beneficial strategy in the face of potential market volatility [5] Group 3: Dividend Income - Many companies within the VAS ETF portfolio are known for providing substantial dividends, including BHP Group Ltd, Westpac Banking Corp, and others [6] - The fund boasts a dividend yield of 3.1%, with franking credits adding additional value, making passive income returns particularly significant in a year where capital growth may be challenging [7]

Group 1 - The Saudi Public Investment Fund (PIF) is transferring approximately $12 billion worth of gaming company shares, including Nintendo and Bandai Namco, to its subsidiary Savvy Games Group [1] - Following the transfer, Savvy will hold about 10% stakes in companies such as Glory Creative, Enshi Software, Lexin, and Square Enix [1] - Savvy, established in 2021, aims to diversify investments beyond oil and is a key component of the national gaming and esports strategy [1]

Core Viewpoint - The Vanguard International High Dividend Yield Index Fund ETF (VYMI) offers geographic diversification and a higher dividend yield of 3.72% compared to the S&P 500's 1.15% [1][9]. Dividend Yield and Safety - While there are international ETFs with higher yields, yield alone is not a sufficient reason to invest in an ETF [2]. - The ETF focuses on dividend durability and diversification, making it a reliable option for buy-and-hold investors [4]. - The fund avoids yield traps by filtering out companies that may struggle to maintain their dividends, absorbing only half of the dividend payers in its selection universe [5][6]. Market Exposure and Growth Potential - The ETF's methodology does not weight components by dividend yield but by market capitalization, enhancing safety by prioritizing larger companies capable of sustaining and growing dividends [6]. - European dividends have shown consistent growth, and this trend is expected to continue, while Japan is emerging as a strong market for dividend growth, with many companies projected to double their payouts in 2025 [7][9]. Diversification Benefits - The ETF includes 1,534 stocks, with no single stock exceeding 1.65% of the total, thereby limiting single-stock risk [12]. - The fund has a reasonable annual fee of 0.17%, equating to $17 on a $10,000 investment [12]. - The shift in market dynamics at the start of 2025 highlights the importance of international diversification, rewarding those who were prepared [10][11].

Core Insights - A significant portion of Americans, 62%, express concern that future crises could impact their retirement plans, yet only 46% have incorporated these risks into their strategies [1] Group 1: Diversification Strategies - A robust retirement plan should not depend on a single investment or income source, emphasizing the need for diversification across three dimensions: time horizon, tax treatment, and asset class [3][4] - The strongest strategies involve a mix of fixed and variable income sources, such as Social Security, annuities, rental income, dividends, and bond ladders, allowing for income withdrawal from various sources based on market conditions [4] Group 2: Risk Factors - Many retirement plans overlook critical risks, particularly healthcare costs and long-term care needs, which can significantly disrupt even well-funded retirement strategies [6] - The likelihood of needing long-term care by age 65 is nearly 70%, with the average annual cost for a private nursing home room in the U.S. being approximately $127,750 [6] Group 3: Additional Considerations - A crisis-ready retirement plan should also account for longevity risk, unexpected life transitions, inflation, and changes in tax policy, which are often blind spots for individuals [9] - Annual stress testing and the use of flexible income tools are recommended to enhance the resilience of retirement strategies against unforeseen circumstances [8]

Core Insights - The ongoing great power competition is profoundly reshaping the global landscape, necessitating companies to focus on risk defense and flexible responses in the short term, while emphasizing independent innovation and global integration in the medium to long term [2][3] Group 1: Global Landscape and Strategic Signals - The U.S.-China competition has entered a prolonged phase, accelerating the profound restructuring of global industrial and value chains [3] - The 20th National Congress of the Communist Party of China has indicated that the development environment during the 14th Five-Year Plan will be complex and uncertain, but China's economic foundation remains strong with significant potential for long-term growth [3] - Three key signals from the Congress include: responding to external uncertainties with internal certainties, leveraging independent innovation to break through competitive barriers, and countering protectionism through openness [3][4] Group 2: Industrial Layout and Global Economic Impact - The 14th Five-Year Plan's industrial layout will significantly impact the global economic structure by promoting supply chain diversification, providing alternative sources of technology, products, and capital beyond traditional Western centers [4] - It will accelerate the democratization of technology, allowing more countries to access advanced technologies at lower costs, while intensifying global competition in cutting-edge fields [4] - The plan aims to establish new paradigms in green and digital sectors, with China's large green industry driving global low-carbon transitions and setting new benchmarks for supply chain efficiency through the integration of digital technology and the real economy [4] Group 3: Corporate Strategies in Response to Great Power Competition - Companies should adapt to the changing landscape by focusing on risk defense and flexible strategies, including establishing backup supply chains for critical sectors, tariff hedging through overseas production, and prioritizing compliance in cross-border mergers and investments [5][6] - In the medium to long term, companies should emphasize independent innovation in key areas such as AI, chips, and new energy, while deepening global operations and promoting Chinese technology standards internationally [6] - The rise of the "Global South" and the increasing influence of regional trade agreements indicate a shift towards a more fragmented but potentially fairer global trade environment [5][6] Group 4: Personal Development and Investment Strategies - Individuals are encouraged to integrate into global value networks, enhance their skills to improve competitiveness, and diversify investments across various asset classes to mitigate risks associated with market volatility [6]

Core Insights - The "2025 China Enterprise Competitiveness Conference" highlighted the increasing uncertainty in the international environment and the intensifying great power competition, which poses various challenges for enterprises, including supply chain disruptions, market access restrictions, technological decoupling pressures, and rising compliance costs [1][5]. Group 1: Short-term Strategies - Companies need to strengthen risk defense and adopt flexible response strategies, including establishing supply chain backup mechanisms to avoid "putting all eggs in one basket" and promoting compliance upfront while enhancing legal literacy and learning capabilities [3][7]. Group 2: Long-term Strategies - In the long term, companies should focus on independent innovation and global integration, laying out strategies for technological autonomy, global operations, international standards, and ecosystem co-construction to uncover deeper development opportunities [3][7]. Group 3: Personal Development Recommendations - Individuals should develop the ability to "go out and integrate into key nodes of the global value network." The example of lower labor costs in regions like Africa and Southeast Asia was cited, where local costs can be as low as 1/4 to 1/10 of domestic costs, prompting many Chinese companies to relocate low-value-added industries there [4][7]. - Continuous skill enhancement is essential, especially in the AI era, where past leisure activities are deemed insufficient for modern entrepreneurs. Engaging in reading and attending training programs is encouraged over low-level leisure activities [4][8]. - Investment diversification is crucial, not only in expanding industrial sectors but also in achieving a diversified asset allocation to enhance risk resilience [4][9].