日前，瑞银发布了第11份《亿万富豪报告》，透视拥有超过10亿美元资产的人士的财富版图。数据显示， 2025年，亿万富豪的人数增至2919人，总财富达到创纪录的15.8万亿美元，增幅为13%。其中，亚太区亿万 富豪人数从981人增至1036人，增幅居全球之首。中国内地2025年新增70位亿万富豪，目前共有470人，仅 次于美国。 从亿万富豪们的投资策略来看，虽然北美仍是首选投资地区，但其主导地位相比2024年有所回落。而受益于市 场对大中华区及整体亚太区的信心重燃，34%受访的亿万富豪认为大中华区能提供最大的投资机遇，较2024年 的11%大幅增长。近些年，亿万富豪们还加大了对另类投资和黄金的投入。 根据瑞银对亿万富翁的调研，北美仍然是他们首选的投资目的地，尽管热度较去年有所下降。在未来12个月 内，63%的受访者认为北美地区提供了最大的回报机会。该数据低于去年的80%。 而随着北美短期吸引力下降，其他主要地区逐渐受到青睐，40%的亿万富豪认为西欧地区在未来12个月内机会 最大，超过大中华区（34%）和除大中华区外的亚太地区（33%）。事实上，越来越多的亿万富豪开始在大中 华区寻找未来的机会——有34%的受访者 ...

Emerging-market stocks have broadly crushed the U.S. equities market this year, in one of the biggest market surprises of 2025. ...

格隆汇12月9日｜摩根大通策略师表示，明年新兴市场股票的表现可能会优于发达市场，因为它们的估 值仍然较低，而且应该会受益于较低的仓位以及美元稳定或走弱。"我们确实认为，经过多年的持续表 现落后，新兴市场明年将连续第二年跑赢发达市场，" 驻伦敦的全球及欧洲股票策略主管Mislav Matejka 在新闻发布会上表示。 ...

格隆汇12月9日｜摩根大通：新兴市场将受益于美元走弱或持稳。预计2026年新兴市场股市表现将优于 发达市场。中国人工智能股票比美国同业的价格更优惠。 ...

格隆汇12月4日｜根据Momentum Investments的说法，由于具有吸引力的估值和强劲的利润，南非股市 将在2026年受益于新兴市场的广泛上涨。资产配置主管Herman van Papendorp表示，基本面的改善、预 期的美元走弱以及在特朗普政府下多元化资金流入的结合，可能导致2026年出现"实质性"资金流入。 Papendorp表示，美元走弱和盈利前景改善将使新兴市场股票在2026年继续领先于发达市场同行。在通 胀压力上升的背景下，美联储的降息以及对非常独立性的威胁，可能会在明年推动美元走弱。 Papendorp表示，在本地，南非联合政府的瓦解仍然是关键威胁。 ...

Group 1: Investment Outlook - The core viewpoint of the report emphasizes that AI-driven innovation will continue to support investor optimism, while global central bank policies, new trade orders, and fiscal risks are creating a complex investment environment [1] - Goldman Sachs Asset Management suggests that disparities in global equity markets may widen, advocating for diversified global equity allocation and a combination of fundamental and quantitative strategies [1] - The report highlights that emerging market stocks have the potential to outperform the global market by 2026, with current forward P/E ratios approximately 40% lower than U.S. stocks, which is below the long-term average [1] Group 2: Private Market Insights - In the private market, Goldman Sachs Asset Management notes a favorable environment for new transactions and exit activities, leading to increased dispersion in private equity fund manager performance [2] - The increase in private market transaction activity will provide limited partners (LPs) with new data to assess the performance of existing and potential managers, aiding in capital allocation decisions [2] - The firm anticipates continued interest from LPs in secondary market investments that are attractive and have shorter durations compared to private equity investments, especially as data science, AI, and automation mature [2]

Group 1: Investment Outlook - The core viewpoint of the report is that AI-driven innovations will continue to support investor optimism, with small-cap stocks expected to grow, and emerging market equities likely to outperform the overall market by 2026 [1] - The "Seven Giants" in the US stock market are expanding their market share due to strong core businesses and strategic reinvestments, which may lay a foundation for future growth [1] - Emerging market stocks are currently trading at a forward P/E ratio approximately 40% lower than US stocks, which is below the long-term average, indicating potential for narrowing this discount due to robust earnings [1] Group 2: Fixed Income Market - Investors need to assess recent macro signals, rising uncertainty regarding US fiscal stability, and the growth prospects of large capital expenditures in the AI sector as they approach 2026 [2] - The main challenge for investors lies in interpreting the intertwined signals, but opportunities still exist for fixed income investors who can actively manage their allocations [2] - Investment opportunities are expected to arise from AI and digitalization, energy production and transmission, changes in global trade patterns, and upgrades to aging infrastructure, particularly in mid-sized markets [2]

Group 1 - UBS analysts predict that emerging market stocks may continue to outperform US stocks in the first quarter of next year, but returns will slow down thereafter, with annual gains limited to 7% to 9% [1] - The firm maintains an overweight rating on Chinese stocks, favoring China over India, Indonesia over Thailand, and internet stocks over automotive stocks [1] - The report highlights that emerging markets present multiple opportunities, with China being a key overweight for the second consecutive year due to attractive micro and capital flow conditions [1] Group 2 - UBS expects the MSCI Emerging Markets Index earnings to grow by 18% in 2025, followed by growth of 15% and 10% in the subsequent two years, driven by AI [1] - The valuation is above the 10-year average by 0.7 standard deviations, but visibility on growth and lack of yield resistance should help achieve approximately 8% returns in 2026 [1] - On a macro level, UBS believes that the stability of the US dollar may limit broad positive factors for emerging markets, as the market has almost fully priced in the Federal Reserve's interest rate cuts [2]

Core Viewpoint - Emerging market stocks and Chinese stocks appear more attractive in terms of valuation compared to U.S. stocks, which are considered overvalued by the analyst François Rimeu from French mutual credit asset management company [1] Summary by Category Valuation Analysis - U.S. stock valuations have been driven up, leading to limited upside potential even under optimistic earnings forecasts [1] Investment Preference - The company shows a preference for investing in stocks, particularly in emerging markets and Chinese stocks [1]

Core Viewpoint - Emerging market currencies and stocks have reached intraday lows, indicating significant market stress and potential volatility in these regions [1] Group 1: Currency Performance - Emerging market currencies are experiencing a decline, reflecting broader economic challenges and investor sentiment [1] - The depreciation of these currencies may impact trade balances and foreign investment inflows [1] Group 2: Stock Market Trends - Stocks in emerging markets are also hitting new lows, suggesting a bearish outlook among investors [1] - This downturn could lead to increased capital outflows as investors seek safer assets [1]