新华财经上海11月21日电 从此前的观望到如今看好中国资产，2025年可以被视为外资重估中国资产的 元年，这背后既有美元信用对美国市场的影响，也受到中国科技股显著的估值优势以及产业基本面进步 的影响。 近日，瑞士百达财富管理亚洲首席策略师兼研究主管陈东在接受新华财经记者专访时表示，在美元信用 被侵蚀的同时，美国国债与美国股市也将面临不同性质的影响。目前真正大规模、长期配置型的外资才 刚刚开始恢复增持中国资产，未来外资增配中国仍有很大空间，AI应用、创新药、金融等方向将存在 中长期机会。 美元信用基石松动 虽然美元体系并未出现系统性危机迹象，但其长期信用问题以及全球货币格局的深刻变化均影响着美元 的走势。 陈东认为，美元目前正面临着"长期、缓慢但真实"的下行压力。从美国国内看，美元主要面临的两大关 键压力包括美国内部政策不确定性急剧上升以及美国财政赤字高企的问题推动。 从全球格局看，美国国内政策的不确定性，也让国际社会怀疑美国是否还愿意承担维护全球金融体系稳 定的责任，进一步影响了美元的信用。 "黄金价格的持续上涨，也反映了市场对美元信用问题的担忧。"陈东表示，黄金在近几年持续上行且在 2025年涨势更为迅猛， ...

每日经济新闻 金融ETF（510230）跟踪的是180金融指数（000018），该指数从市场中选取具有代表性的金融行业证 券作为成分股，覆盖银行、保险、证券等子领域，以全面反映金融板块的整体表现和市场特征。该指数 适合作为衡量金融行业投资回报与风险的重要参考基准。 注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 招商证券指出，银行行业基本面处于低波动略有改善状态，随着M1增速见顶确认及潜在险资增量资金 到来，预计四季度银行板块超额收益回归。中长期来看，当前银行估值对应的年化回报和夏普比率有望 超越全市场，具备配置价值。行业面临负债稳定性下降的挑战，核心负债能力强的银行将呈现"强者更 强"格局，通过真服务赢得核心负债和中收的银行核心营收恢复更快。债市流动性方面，存款短期化、 理财化趋势叠加同业存款自律影响，银行负债不稳定程度上升，央行对银行间流动性的 ...

Core Viewpoint - The financial industry is undergoing a value reassessment during the interest rate down cycle, with significant differences in the underlying logic of banks, insurance, and brokerage firms [2][6]. Group 1: Banking Sector - The banking sector is facing three main concerns: declining interest margins, potential bad debts, and future credit demand post-economic restructuring [7]. - The net interest margin for listed banks has been on a downward trend, currently around 1.5%, which may not cover operational costs and potential bad debts [7]. - Despite concerns about bad debts, the asset quality of banks has been gradually improving, with non-performing loan ratios decreasing over the years [9]. - The real estate sector's downturn has raised concerns about banks' bad debts, but recent policy changes have restored some market confidence [9]. - There is a significant disparity in the performance and asset quality among different banks, with some achieving over 10% annual profit growth while others face negative growth [12][13]. Group 2: Insurance Sector - The insurance industry is influenced by stock market performance, policy sales, and long-term bond interest rates, with a strong correlation observed historically [19][20]. - The current low interest rate environment poses a risk of interest margin loss for insurance companies, but recent improvements in policy sales are noted [23]. - The aging population is expected to drive insurance demand growth, and the suppressed demand during the pandemic is gradually being released [29]. Group 3: Brokerage Sector - Mergers and acquisitions are expected to be a key theme for the brokerage sector this year, alongside a recovery in market trading volume [32]. - The brokerage business may face challenges in proprietary trading, particularly in bond investments, which have contributed significantly to profits in the past [32]. - The potential for a revival in IPO activities is being closely monitored, especially in the Hong Kong market [32].

Group 1 - The financial industry is experiencing multiple favorable policies, leading to increased market attention and stock rebounds for companies like China Pacific Insurance, China Life Insurance, and Huatai Securities, with the financial ETF (510230) rising over 1.8% during trading [1] - The People's Bank of China has announced a 50 basis point reserve requirement ratio cut and a 10 basis point interest rate cut, along with guiding a reduction in deposit rates, aimed at balancing interest margins and cost reduction, injecting new vitality into the financial sector [1] - The public fund reform plan promotes a shift in the industry focus from scale to investor returns, further enhancing market confidence [1] Group 2 - The financial sector shows strong investment attractiveness, with reports indicating that banks, securities, and insurance sub-sectors benefit from the current policy environment [1] - The banking sector is expected to benefit from the reserve requirement ratio cut, interest rate cut, and reduction in deposit rates; the securities sector benefits from public fund reforms and policy support; while the insurance sector faces uncertainties due to low interest rates, high-quality leading companies still hold investment value [1] - Projections for Q1 2025 indicate that the securities industry's revenue and net profit attributable to shareholders are expected to grow by 24.6% and 83.5% year-on-year, respectively, demonstrating strong performance growth [1] Group 3 - The financial ETF (510230) tracks the Shanghai Stock Exchange 180 Financial Stock Index, which selects listed companies from banking, insurance, securities, and trust industries, reflecting the overall performance of financial sector securities in the Shanghai market [2] - The fund holds major stocks such as Ping An Insurance, China Merchants Bank, and CITIC Securities, which are representative and valuable in the market [2] - Given the current supportive policies and favorable market conditions, the financial ETF is worth attention and allocation by investors [2]