ab 20 November 2025 Global Research Global Precious Metals Comment Gold & precious metals to keep shining in 2026 New highs still to come as gold nears the last innings of the current bull cycle While no bull run lasts forever, the foundations of gold's ascent - particularly the structural shift in private and official sector demand - suggest that price risks remain skewed to the upside over the next 12 months in the face of ongoing global uncertainty. Gold's strong performance, in our view, is a reflection ...

"最近一年中，居民投资者的股票交易频率情况为：9.7%反映每天至少交易一次，27.8%表示每周交易1 次-4次，占比最高的是每月交易1次-3次（34.6%）。" "从股票持有情况来看，近半数投资者股票资产集中在1个-2个行业内，多元化配置不足。37.6%的投资 者只持有1只-3只股票，47.6%持有4只-10只股票，反映出多数投资者持股高度集中。" "在追涨杀跌方面，约半数居民投资者仍存在追涨杀跌倾向。" 如上调研结果来自中国中金财富证券与中国人民大学中国普惠金融研究院（下称"CAFI"）11月18日联 合发布的《拥抱金融健康：财富管理助力普惠金融高质量发展路径与实践》白皮书（下称《报告》）。 据悉，此次调研时间为今年6月中下旬，以普通居民为主要对象，样本平均年龄为46岁，本科及以上学 历者占近半数；调研同时摸底了中小企业金融健康现状。 调研结果显示，近七成受访者的金融健康状况处于较好水平。但是，部分受访居民在财务掌控力、管理 金钱方式、投资未来能力和风险防范等方面也存在一定的短板；中小企业主则面临个人金融健康管理与 企业金融健康管理的双重挑战，居民和中小企业主均有提升财富管理能力的需要。 另据《报告》，此次 ...

全球最大私募市场投资机构之一殷拓集团(EQT)正在加速拓展亚洲业务，将该地区视为重要增长引擎， 并认为这里蕴藏着私募股权和基础设施领域最具吸引力的投资机遇。 殷拓首席执行官Per Franzén在接受采访时表示："亚洲对我们而言意味着巨大的增长机遇……在我们目 前的投资管线中，部分最具吸引力的项目都位于亚洲。"这家瑞典私募巨头称，全球越来越多的私募投 资者正寻求通过资产配置多元化，将更多资金投入该地区。 "我们认为并购策略在中国实施为时尚早……市场成熟度尚未完全具备，"Salata表示，"但在早期投资领 域，我们看到了更多令人振奋的机会——这里正迸发着巨大的创新活力和增长动能。" 贝恩公司今年发布的报告显示，中国在亚太地区私募交易总额中的占比已从2020年的过半份额骤降至 2024年的27%。 他补充道，殷拓的亚洲战略聚焦于内需驱动型企业而非跨境流动业务，这使得其在服务、软件、教育和 金融服务等领域的资产配置能够更好地规避中美紧张局势等地缘政治因素的影响。 殷拓亚洲业务长期负责人、明年即将提任全球主席的Jean-Eric Salata表示，公司的亚洲战略关键在于深 度本土化，以把握该地区相较于欧美市场存在的" ...

从中小企业端来看，其金融健康状况对我国经济发展的整体质量和可持续性有着直接且深远的影响。白 皮书表示，部分中小企业过度依赖银行贷款等间接融资方式，导致财务杠杆率相对较高。有些企业主个 人财务与企业财务在一定程度上存在混同现象，增加了风险相互传导的可能性。调研结果显示，有 31.4%的受访中小企业主表示难以将个人（家庭）财务与企业财务分开管理，28.4%的受访中小企业主 反映在实现财务隔离方面存在一些困难；相对而言，只有18.5%的受访中小企业主表示能较为有效地将 个人（家庭）财务与企业财务分开管理。 此外，白皮书就如何提升居民财富管理能力和中小企业金融健康水平提出建议。一是持续提升金融素 养，适当寻求专业支持。主动学习金融市场知识，适当寻求外部专业的投资意见，例如买方投顾服务 等。二是优化资产配置结构，分享经济增长红利。在风险承受范围内，适度参与权益市场投资，注重长 期投资，避免频繁交易。三是加强中小企业财务管理，优化融资结构。完善财务管理与风险隔离体系， 利用综合金融服务与产业资源，提升融资能力，拓宽融资渠道。 白皮书表示，我国居民资产配置长期以来一直表现出较为明显的"重房产、轻金融"倾向。近年来，随着 房 ...

上周末，我朋友小李打来电话，语气中透着兴奋："我刚刚在郊区又买了一套小户型，这是我的第三套房 了！你看现在房价这么低，不买白不买，将来肯定能升值。"听着他的规划，我没有立即附和，而是想起了 几年前在某论坛上看到的一句话："未来十年，拥有多套房产的人可能会面临更多问题，而不是更多财富。" 面对这些宏观趋势，拥有多套房产的人确实面临着一系列挑战。这些挑战主要体现在以下几个方面： 这个观点当时引起了热烈讨论，支持者认为房产的各种隐性成本和风险被许多投资者低估了，反对者则坚 信"有恒产者有恒心"，房子永远是最保值的资产。那么，随着时间推移到2025年，这个预言是否正在成为现 实？拥有多套房产真的会带来更多问题吗？ 从数据看，中国房地产市场确实发生了显著变化。根据国家统计局发布的《2025年第一季度全国房地产市场 报告》，全国商品房销售面积同比下降8.3%，新建商品住宅价格指数在一线城市环比下降0.2%，二线城市下 降0.5%，三四线城市下降0.7%。这一趋势已持续了近两年，打破了"房价只涨不跌"的传统认知。 持有成本逐年上升。我国很多地区的房产税改革正在推进，虽然目前仅在少数城市试点，但扩围趋势明显。 根据住建部住房 ...

Core Insights - The article emphasizes the challenges faced by individuals holding cash deposits in the future economic environment, particularly after 2025, highlighting the need for diversified asset allocation to mitigate risks associated with inflation and missed investment opportunities [1][6]. Group 1: Inflation and Cash Value Erosion - The purchasing power of cash is gradually diminishing as inflation rises when the rate of money issuance exceeds the growth of goods and services, leading to a decrease in the number of goods that can be purchased [3]. - Keeping funds in cash or fixed deposits often results in returns that fail to keep pace with inflation, eroding the wealth of depositors [3]. Group 2: Diversification Strategies - To counteract inflation, individuals should diversify their asset allocation rather than holding all funds in cash, considering investments in real estate, stocks, funds, and hard currencies like gold, which can provide value preservation and growth opportunities [4]. - Enhancing personal skills through education and training is also suggested as a fundamental way to increase income and combat inflation's effects [4]. Group 3: Opportunity Cost of Cash Holdings - A significant risk is the missed opportunities for wealth growth during economic transitions, where new industries and investment opportunities emerge; excessive cash holdings can lead to opportunity costs [6]. - As others invest in emerging industries or enhance their skills for higher returns, those holding cash may see their wealth stagnate or decline relatively [6]. Group 4: Financial Awareness and Planning - The article advocates for individuals with savings to assess their financial situation, set clear financial goals, and allocate funds across various asset classes to avoid concentration risk [7]. - It also advises caution regarding online predictions from so-called experts, emphasizing the importance of financial literacy and independent thinking to navigate future uncertainties [7].

Core Insights - China has significantly reduced its holdings of U.S. Treasury bonds, dropping to $856 billion as of July 2025, a decrease of approximately $112 billion or 11.6% year-over-year [1][3] - Concurrently, China has increased its imports of U.S. soybeans and gold, with soybean imports rising by 28.6% to 21.8 million tons and gold imports increasing by 36.2% to 707 tons in the first half of 2025 [1][3] Group 1: U.S. Treasury Bonds - China has been the largest holder of U.S. Treasury bonds, with holdings peaking over $1.3 trillion around 2013, but has seen a gradual decline of about 35% since then [3][4] - The reduction in U.S. Treasury holdings began in 2018, with a total decrease of approximately $3.5 trillion from 2018 to 2024 [3][4] - The motivations for reducing U.S. Treasury holdings include the need for diversified asset allocation, managing risks associated with potential U.S. dollar depreciation, and seeking higher investment returns [4][8] Group 2: Soybean and Gold Imports - The increase in soybean imports is driven by domestic demand and price competitiveness, with a projected demand of 120 million tons against a domestic production of only 18 million tons [4][5] - The rise in gold imports reflects a strategic asset allocation adjustment, as gold serves as a hedge against inflation and geopolitical risks [7][8] - China's central bank has actively participated in gold purchases, adding approximately 105 tons in the first half of 2025, amidst a global trend of increasing gold demand [7][10] Group 3: Economic Implications - The adjustments in China's foreign exchange reserves, including the reduction of U.S. Treasury bonds and the increase in gold and soybean imports, align with a broader global trend of diversifying reserve currencies [10][11] - The gradual approach to reducing U.S. Treasury holdings suggests a focus on maintaining market stability and avoiding significant disruptions in the financial markets [8][10] - The overall strategy indicates a long-term perspective on asset allocation, emphasizing the importance of risk management and diversification in investment decisions [11][12]

Core Insights - The banking wealth management sector has reached a new scale of over 32 trillion yuan, with fixed income still dominating the asset allocation, while equity investments remain minimal [1][2][3] Group 1: Market Trends - The total number of wealth management products in the market has increased to 43,900, a year-on-year growth of 10.01%, with a total scale of 32.13 trillion yuan, up 9.42% year-on-year [2] - Wealth management companies now account for 91.13% of the total market scale, indicating a significant shift from traditional banking institutions [2] - The growth in wealth management products is primarily driven by fixed income products, which contributed 1.68 trillion yuan, while mixed products saw an increase of 120 billion yuan [2][3] Group 2: Investment Strategies - There is a noticeable increase in equity investments among wealth management companies, with an overall increase of 300 billion yuan in equity assets this year [3][6] - The market environment has prompted wealth management firms to diversify their asset allocation strategies, including investments in gold, U.S. stocks, U.S. bonds, and technology innovation bond ETFs [6][7] - The proportion of cash and deposits in fixed income assets has risen by approximately 5 percentage points, reflecting a shift towards more liquid and lower-risk investments [4][6] Group 3: Challenges and Considerations - The transition to a multi-asset and multi-strategy investment approach presents challenges, including the complexity of asset selection and the need for a systematic investment strategy [7][8] - Wealth management firms face constraints from client preferences for lower-risk assets, which limits the potential for higher equity allocations [8] - The need for professional and systematic restructuring of investment teams is essential to adapt to the evolving market demands and achieve better investment outcomes [7][8]

Core Viewpoint - Hengyue Holdings (01723) announced the acquisition of approximately 0.6 units of Bitcoin for about HKD 533,000 (approximately USD 68,000) to support its prepaid Bitcoin card business strategy [1] Group 1: Bitcoin Acquisition - The company purchased Bitcoin in the open market, with the transaction settled immediately after the completion of each purchase order [1] - The funding for the Bitcoin acquisition was sourced from the company's available cash reserves [1] Group 2: Strategic Purpose - The acquisition aims to build Bitcoin inventory to facilitate the sales and recharge services of prepaid Bitcoin cards, ensuring stable liquidity and efficient settlement capabilities [1] - The company maintains a Bitcoin operational reserve to meet customer demands promptly and reduce fulfillment time [1] Group 3: Asset Management - The Bitcoin inventory is distinct from the company's treasury digital assets, which are part of the asset allocation strategy aimed at diversification and hedging against fiat currency depreciation [1] - The purchased Bitcoin inventory will be accounted for as operational inventory and managed through dedicated customer service controls, with separate disclosures in financial statements for operational inventory and treasury digital assets [1]

Core Viewpoint - The company, Hengyue Holdings, has announced the purchase of approximately 0.6 units of Bitcoin for about HKD 533,000 (approximately USD 68,000) to support its prepaid Bitcoin card business strategy [1] Group 1: Bitcoin Purchase Details - The Bitcoin purchase will be settled immediately after the completion of each respective purchase order [1] - The funding for the Bitcoin purchase comes from the company's available cash reserves [1] - The purchase price is determined based on the market buy and sell prices of Bitcoin [1] Group 2: Strategic Purpose - The acquisition aims to build a Bitcoin inventory to facilitate the sales and recharge services of prepaid Bitcoin cards [1] - This initiative is intended to ensure stable liquidity, efficient settlement capabilities, and continuous service assurance for the prepaid Bitcoin card business [1] Group 3: Inventory Management - The Bitcoin inventory is distinct from the company's treasury digital assets, which are part of the asset allocation strategy for diversification and hedging against fiat currency depreciation [1] - The purchased Bitcoin inventory will be accounted for as operational inventory and managed through dedicated customer service control measures [1] - The company will separately disclose operational inventory and treasury digital assets in its financial statements [1]