Core Viewpoint - The Chairman of the China Securities Regulatory Commission, Wu Qing, emphasized the increasing importance of stability and balance in asset allocation during the risk repricing and asset rebalancing process, highlighting the growing consensus among international investors to diversify investments [1] Group 1 - The concept of "putting eggs in different baskets" is becoming a common strategy among international investors [1] - The value of Chinese assets, including A-shares and Hong Kong stocks, is being continuously reassessed, revealing their investment potential [1]

Group 1: Market Environment - The international political and economic environment in 2025 is characterized by "high volatility," influenced by fluctuating trade policies, geopolitical conflicts, and monetary policy uncertainties [1] - The acceleration of global debt monetization contributes to a "black swan matrix" in the market, reflecting deep-seated anxieties and strategic innovations in risk pricing [1] Group 2: Gold as an Investment - Gold's transformation from a "safe-haven asset" to a "credit hedge tool" is evident, with a price increase of over 25% in 2024 and a brief rise above $3,500 per ounce in Q1 2025 [2] - Central banks have purchased over 1,000 tons of gold for three consecutive years, with China's gold reserves at only 5%, indicating significant room for growth [2] - The correlation between gold and the US dollar is weakening, suggesting a shift towards a multipolar global currency system [2] - Short-term pressures from the Federal Reserve's hawkish stance may be offset by potential inflation mismatches and debt ceiling issues later in the year, creating a breakthrough window for gold prices [2] Group 3: US Treasury Bonds - US Treasury yields remain high at 4%-5%, but their safe-haven status is challenged by US fiscal risks [3] - In Q1 2025, record inflows into US Treasury ETFs reflect market pricing of recession expectations [3] - Long-term concerns arise from the potential erosion of the dollar's credit quality due to debt monetization, which may undermine the ultimate safe-haven status of US Treasuries [3] Group 4: Alternative Investment Strategies - The concept of "second identity planning" is evolving into a legal and tax firewall for asset allocation, allowing investors to mitigate single-market policy risks [4] - The surge in Caribbean investment immigration applications by 70% in Q1 2025 indicates a proactive response from wealthy individuals to political uncertainties [4] - Hong Kong insurance products are emerging as an "upgraded alternative" to gold, offering multi-currency hedging and long-term returns exceeding 6%-7% [5] - Defensive stocks, particularly low-volatility dividend assets, are gaining traction, with Hong Kong stocks showing an 8% dividend yield, surpassing Treasury returns [6] Group 5: Investment Opportunities - Key turning points in May 2025 include the Federal Reserve's interest rate decisions and US-China tariff negotiations, presenting tactical opportunities in three asset classes [7] - Tactical opportunities in gold may arise if prices dip below $3,000, supported by geopolitical catalysts [7] - Hong Kong low-volatility dividend assets are expected to benefit from policy and valuation boosts, attracting long-term capital [8] - Bitcoin is being viewed as "digital gold," especially amid concerns over dollar credit, although its high volatility necessitates cautious investment [10] Group 6: Investment Strategy - A core-satellite investment strategy is recommended, with a core allocation of 60% in stable assets like gold, US Treasuries, and Hong Kong dividend ETFs [11] - Satellite positions of 40% should include Bitcoin, Hong Kong insurance, and cash to capture event-driven opportunities [12] - Regular investments in gold ETFs are suggested to smooth costs and avoid emotional high-point purchases [13] - Planning for second identities and Hong Kong insurance should be initiated 3-5 years in advance to mitigate sudden policy risks [14] Group 7: Monitoring Signals - Monitoring macro indicators such as US TIPS yields and central bank gold purchases can provide signals for gold investment [15] - Geopolitical events like the intensity of the Russia-Ukraine conflict and tensions in the Taiwan Strait may trigger short-term trading opportunities in gold and defense stocks [16]