ZAWYA网2025年12月30日报道，分析认为迪拜房地产市场在高速增长后，预计于2026年进入关键 转型阶段。2025年上半年交易额超4310亿迪拉姆，同比增长25%。随着约12万套新房陆续交付，市场可 能出现温和调整，不同区域分化加剧。监管完善、房地产代币化试点及基础设施建设将成为新变量，房 地产正从短期交易转向长期资产配置。 （原标题：迪拜房地产市场2026年或进入"分化期"） ...

长期持有黄金类ETF的优势： 来源：市场资讯 （来源：ETF万亿指数） 地缘政治的紧张、美联储的降息预期、各国央行的持续增持，让金银价格全年飙升 黄金市场里许多投资者，金价上涨心跳加速冲进场，待到金价回调又开始手心冒汗"是不是见顶了"。 从整体看，黄金的核心属性——长期保值与风险对冲 黄金类ETF完美继承了黄金的这些长期属性，因此更适合作为长期资产配置的工具 平滑短期波动，捕捉长期趋势 为何说短线挑战大？ 并附上了近一年的涨幅与近三个月资金流入情况 每日尾客 黄金ETF年度黑马涨幅榜 | 代码 | 证券间称 | | 规模/亿 | | | --- | --- | --- | --- | --- | | 517520 | 黄金股ETF | SSH黄金股票 | 125.50 | 91.91% | | 159562 | 黄金股ETF | | 30.33 | 91.17% | | 159315 | 黄金股ETF基金 | | 1.56 | 90.01% | | 517400 | 黄金股票ETF | | 4.56 | 88.13% | | 159322 | 黄金股票ETF基金 | | 0.99 | 88.04% | | 1 ...

朋友们，黄金又"疯"了！一天之内，国际金价强势站上4500美元/盎司，再创历史！但戏剧性的一幕 是，就在这巅峰时刻，有知名投资人选择高调离场。 了结。 面对这种矛盾，我的策略是：区分目的，冷静应对。如果你是将黄金作为长期资产配置的"压舱石"来对 冲风险，那么可以忽略短期波动，坚定持有。 但如果你是进行趋势交易，那么当前价位已显著透支短期利好，追高风险巨大，应保持耐心，等待更优 的介入时机。 那么，灵魂拷问来了： 在4500美元的历史高位，你更赞同"继续持有、看向5000"的乐观派，还是倾 向"获利了结、等待回调"的谨慎派？评论区说出你的选择与理由！ 这形成了极致反差。一边是支撑金价的三大基石——全球央行购金、地缘不确定性、信用货币体系重构 ——依然坚固，主流机构预测已普遍"站上4000美元"。另一边，是部分敏锐的资金在历史高位选择获利 我是帮主郑重，关注我，在市场的狂热与冷静间寻找平衡。 ...

12月19日，当前机构投资者对比特币的认知正在发生结构性变化，其研究与配置逻辑正逐步从短期价格 波动，转向长期资产配置与组合效率的层面。ZFX山海证券认为，比特币不再只是高波动交易标的，而 是开始被纳入标准化的资本市场分析框架之中，这为其长期估值提供了新的方法论基础。 从资本市场假设的角度看，ZFX山海证券表示，比特币已具备与传统资产进行同框分析的条件，包括预 期收益、波动特征及与其他资产的相关性。随着市场流动性改善、衍生品体系成熟以及合规通道不断拓 展，机构资金的进入正在改变比特币的价格形成机制，使其更贴近中长期基本面，而非单一周期驱动。 在估值方法上，多框架并行分析更有助于理解比特币的长期价值。一方面，比特币在全球价值储藏资产 中的占比持续提升；另一方面，其固定供给机制与对流动性环境的敏感性，使其在特定宏观阶段具备独 特的配置意义。随着机构参与度提高，波动率中枢下移、相关性维持低位的趋势，有望增强其在组合中 的分散化价值。 就长期价格区间而言，不同采用路径将直接决定比特币的估值高度。在稳健增长情景下，比特币价格对 应的是数十万美元级别；在机构广泛采用的基准情景中，长期估值可能进入百万美元区间；而在高度乐 ...

Core Viewpoint - The recent announcements from banks regarding personal precious metals trading indicate a significant shift in the market, marking the end of leveraged gold trading for individual investors [1][2]. Group 1: Regulatory Changes and Bank Actions - Several major banks, including Industrial and Commercial Bank of China, have announced the cleaning of inactive "three-no" clients in their personal precious metals trading business, reflecting a broader trend among state-owned and joint-stock banks to withdraw from this market [1]. - The tightening of personal leveraged gold trading is a response to regulatory requirements established at the end of 2021, which mandated financial institutions to conduct derivative trading with individual clients cautiously [1]. - The previous incidents, such as the "oil treasure" event, highlighted the risks associated with leveraged trading, prompting regulators to enforce stricter investor suitability management [1]. Group 2: Market Dynamics and Investor Behavior - Leveraged gold trading was once seen as a shortcut to wealth for individual investors, but the risks associated with such trading have become more apparent as banks withdraw from this business [2]. - While the closure of leveraged trading channels may limit some investment opportunities, banks still offer alternatives like gold accumulation plans, gold ETFs, and physical gold bars, which provide lower barriers to entry and high liquidity [2]. - This shift encourages a change in investment philosophy from short-term speculation to long-term asset allocation, prompting investors to reassess their risk tolerance and view precious metals as a hedging tool rather than a means for quick wealth [2]. Group 3: Industry Implications - The exit of personal leveraged gold trading will likely lead to a concentration of market participants among professional institutions, which possess better risk pricing capabilities and liquidity management experience [2]. - This transition is expected to stabilize market fluctuations and enhance pricing efficiency in the gold market, signaling an increase in market maturity over the long term [2].

曾几何时，杠杆炒金是个人投资者眼中的"财富捷径"，以小博大的规则、金价波动的红利，编织出一个 个快速增值的幻梦。 随着银行近期密集发布公告，个人贵金属业务再度成为热议话题。 近日，工商银行发布调整代理上海黄金交易所(以下简称"上金所")个人贵金属交易业务公告，清理长期 不活跃的"三无"客户，并将保证金账户余额直接转回结算账户。 工行并非孤例。早前，也有部分国有大行、股份制银行、城商行发布类似公告，部分银行甚至直接停办 代理上金所个人贵金属业务。 时间线拉回至2022年，多家银行纷纷发布"停新"公告，一场由银行主导的"贵金属业务收缩潮"悄然展 开，调整靶心直指加杠杆的个人炒金业务。 如今银行清理休眠用户不仅是对当年收缩业务的延续，也意味着个人通过银行渠道杠杆"炒金"的时代正 式落幕。 严控个人杠杆炒金，源于监管要求。2021年底，多部门联合发文，明确要求金融机构审慎开展与个人客 户的衍生品交易。此前，类似"原油宝"的事件已敲响警钟，监管要求银行严格落实投资者适当性管理， 既是合规要求，也是对投资者权益的主动保护。 一方面，杠杆交易的高波动性可能通过银行渠道传导至金融体系；另一方面，普通投资者对衍生品风险 的认知 ...

Group 1 - The core viewpoint is that "fixed income +" products have high allocation value due to the inability of traditional pure bond products to meet investor return requirements, while the stock market's risk appetite has significantly increased, leading to numerous structural opportunities and enhanced strategy opportunities [1][2] - The performance growth of "fixed income +" products this year is primarily attributed to the rise in the equity market, with the equity exposure in these products typically ranging from 10% to 30%, which has a greater impact on the portfolio compared to fixed income assets [1] - The growth in the scale of "fixed income +" products is driven by the stabilization of risk-free interest rates and the rising risk appetite and trends in the equity market, as pure bond products generally yield annualized returns below 2% this year, prompting a shift of funds towards "fixed income +" products [1] Group 2 - "Fixed income +" products represent a long-term asset allocation trend, utilizing a mix of asset classes to determine an appropriate stock-bond ratio and seek excess returns within these asset categories [2] - The rotation between stocks and bonds is influenced by economic fundamentals and valuation differences, with "fixed income +" products expected to achieve stable growth over the long term, although they require a high level of skill from fund managers to allocate to suitable assets [2]

Group 1: Market Trends - The "golden alternative" market is gaining traction, with silver and platinum becoming popular in the precious metals market [1] - Silver prices have surged, reaching a peak of $37 per ounce in June, the highest in nearly a decade, while domestic silver prices exceeded 8.46 yuan per gram [1] - Platinum futures prices have also risen, hitting $1,447.9 per ounce, marking a 50% increase year-to-date [1] Group 2: Investment Opportunities - Investment in silver products has seen a significant increase, with sales of silver bars and ingots rising over 40% year-on-year [2] - The rise in precious metal prices is attributed to expectations of a prolonged interest rate cut cycle by the Federal Reserve and escalating geopolitical risks [2] - Experts suggest that platinum still has room for price growth despite its recent surge, as supply is unlikely to increase in the short term and its potential applications in hydrogen energy and fuel cells remain untapped [3] Group 3: Consumer Behavior - Many consumers are shifting from gold to platinum due to its aesthetic appeal and stability, leading to increased sales of platinum jewelry [1][3] - In markets like Shenzhen, some vendors are reducing gold sales space in favor of platinum, indicating a shift in consumer preference [1] Group 4: Investment Strategies - Investors are advised to approach platinum as a long-term asset rather than focusing on short-term fluctuations, with a recommendation to choose reputable brands and verification agencies for physical platinum investments [3] - The white silver market is experiencing a surge in new investment accounts and trading volume, with a 323% increase in new accounts and a 175% increase in trading volume since May [4]

Group 1 - The Hong Kong stock market showed mixed performance as of July 17, 2025, with sectors such as pharmaceuticals, defense, and automotive leading gains, while materials and metals faced declines [1] - The Hong Kong Dividend Index ETF (513630) recorded a trading volume of 187 million yuan on the same day, with a total size of 11.807 billion yuan and an increase of over 5.8 billion yuan this year [1] - The S&P Hong Kong Low Volatility Dividend Index achieved a 26.87% increase over the past year, significantly outperforming the CSI Dividend Index and the CSI Low Volatility Dividend Index, which rose by 4.97% and 12.16% respectively [1] Group 2 - Swire Properties saw significant gains, reflecting a potential development wave in high-quality housing driven by central government policies [2] - Financial institutions are expected to see a revaluation of stable dividend assets, with bank stocks meeting long-term dividend asset requirements due to their stability and low volatility [2] - Morgan Asset Management is focusing on providing investment opportunities in high-quality assets through its "Dividend Toolbox" series, which offers diversified dividend investment solutions across A-shares, Hong Kong stocks, and Asian markets [2]