十年前，"海景房投资热"曾让无数城市中产为之疯狂。十年后的今天，买海景房的第一批中产们，再也 扛不住了。手中的"稀缺资产"早已成昨日黄花，曾经的"硬通货"正断崖式滑向"负资产"的深渊。 文｜金融八卦女特约作者：伍豪 · · · 买海景房的第一批中产，"发财梦"彻底破碎了。 十年前，"海景房投资热"曾让无数城市中产为之疯狂。他们怀揣着度假、养老、资产增值的美好憧憬， 将半生积蓄砸向那些遥远而陌生的海景房。然而，潮水褪去才知道谁在裸泳。 十年后的今天，买海景房的第一批中产们，再也扛不住了。手中的"稀缺资产"早已成昨日黄花，曾经 的"硬通货"正断崖式滑向"负资产"的深渊。 八妹最近与四位买了海景房的朋友聊了聊，听他（她）们讲述资产腰斩背后的故事。 在阿强位于北京五环外的家中书房，最显眼的位置挂着一张他在山东烟台某海景小区前的照片。照片 里，他搂着妻儿，笑容灿烂，背后是湛蓝的天与海。那是2015年，他怀揣着在北京打拼多年攒下的100 万，又贷款200万，以总价300万买下那套100平米"一线海景房"的时刻。 "当时觉得人生圆满了。"阿强苦笑着喝了一口咖啡，"平时在北京做牛做马，周末和假期就去自己的专 属海景房度假。既 ...

Core Viewpoint - The Chinese real estate market has entered a downward trend since the second half of 2021, affecting cities from lower-tier to major cities like Beijing and Shanghai, with significant price adjustments observed [1][9]. Real Estate Market Trends - The real estate market in China has seen a notable decline, with prices in first-tier cities like Shanghai dropping from over 100,000 yuan per square meter to around 70,000 yuan [1]. - Lower-tier cities are facing severe challenges due to population outflow and economic structure issues, leading to potential oversupply and value depreciation in the next decade [9]. Bank Deposit Rates - Bank deposit rates have been on a continuous decline since 2021, with three-year deposit rates dropping from over 4% to below 3% in 2023, reaching historical lows [3]. - The decreasing deposit rates raise concerns about the relative value of real estate versus bank deposits over a ten-year horizon [5]. Investment Considerations - Investing 1 million yuan in first-tier cities may only cover a down payment, leading to long-term loan burdens and risks of significant asset depreciation due to potential market corrections [8]. - In contrast, holding 1 million yuan in bank deposits offers more security, as the principal and interest are less likely to suffer losses compared to high-priced real estate [11]. Liquidity Comparison - The liquidity of bank deposits is significantly higher than that of real estate, as evidenced by the surge in second-hand housing listings in major cities, indicating investor caution and a desire to liquidate assets [11]. - The ability to quickly convert real estate into cash is limited, especially in a declining market, making bank deposits a more favorable option for liquidity [11].

Group 1: Core Insights - A Gallup survey indicates that 37% of American adults view real estate as the best long-term investment, while 23% prefer gold, reflecting a 5 percentage point increase from the previous year [1][2] - Only 16% of respondents believe stocks or mutual funds are the best long-term investment, a decline of 6 percentage points from the 2024 report [1] - Financial advisors caution that these investment preferences may be influenced more by market speculation than by fundamentals [1] Group 2: Investment Performance - Over the past 30 years, the annualized total return for the S&P 500 has been 10.29%, compared to 8.78% for real estate and 7.38% for gold [3] - Despite the tangible nature of real estate and gold, stocks offer diversification, allowing investors to spread their funds across thousands of companies [3] Group 3: Investment Strategies - For real estate investment, financial advisors recommend Real Estate Investment Trusts (REITs) or exchange-traded funds (ETFs) linked to real estate stocks [5] - Investing in REITs allows investors to purchase shares like stocks, providing income through dividends [5] - For gold investment, ETFs are suggested as a more practical alternative to holding physical gold, eliminating concerns about storage and security [5]

Group 1 - The core viewpoint of the articles highlights the significant adjustments made by fixed-income fund managers in response to the volatility in the bond market during the first quarter, emphasizing the need for a shift in investment strategies to focus on absolute returns and risk control [1][4][6] Group 2 - In the first quarter, there was an increase in the allocation of interest rate bonds and a decrease in credit bonds among actively managed fixed-income funds, with the proportion of interest rate bonds rising from 41.54% to 42.86% and credit bonds falling from 54.63% to 53.12% [2][3] - The shift towards interest rate bonds is attributed to the structural preference in the issuance market and the desire for better liquidity amid significant market fluctuations [2][3] Group 3 - Fund managers are advised to adopt a non-linear thinking approach in bond investment strategies, focusing on enhancing asset liquidity and adjusting the duration of asset holdings to better navigate market volatility [4][5] - There is a strong demand for stable, short- to medium-term bonds with secure coupon values, while certain convertible bonds and exchangeable bonds are seen as having good investment potential [5][6] Group 4 - The second quarter is expected to witness a peak in government project bond issuance, with anticipated supportive monetary policies, including potential rate cuts and the resumption of government bond purchases by the central bank [6] - The overall sentiment in the market is positive, with expectations of a more accommodative monetary policy to support economic stability and growth [6]