贝莱德智库发文称，此前提出的关于"分散投资的幻象"的观点正在上演。在当前环境下，投资者需要采 取动态的策略，并制定备选方案。对AI主题保持偏好风险的立场，并偏好以独特的配置作为投资组合 的"压舱石"。 贝莱德智库表示，近期长期债券收益率上涨的部分原因是市场对于宽松财政政策及不断恶化的财政前景 担忧加剧。本月早些时候，日本30年期国债收益率创下历史新高，今年以来累计上涨逾100个基点;最近 的上行是由日本政府财政支出计划，以及日本央行暗示本周可能加息所引发的。澳大利亚和加拿大等国 央行也已调整了利率政策基调，要么暗示降息周期结束，要么释放可能加息的信号。 贝莱德智库认为，本周延迟公布的美国10月就业数据可能显示就业岗位萎缩，反映出政府推迟裁员的情 况。正如美联储主席鲍威尔上周指出的，由于政府停摆期间数据收集困难，这些数据可能存在较大波 动。 当前环境下，分散投资面临更大的挑战，因此更适宜采取动态的策略。在这一环境下，投资者需要发掘 真正独特的回报来源，例如私募市场和对冲基金可以作为获取超额收益的独特配置。 贝莱德智库认为，美国与其他国家央行的货币政策分化是明年的潜在风险点。美国经济增长和通胀均较 为强劲，却采取 ...

Core Viewpoint - The recent escalation in U.S.-China trade tensions, particularly regarding tariffs and export controls, has led to significant market volatility, with both A-shares and Hong Kong stocks experiencing sharp declines. The situation is exacerbated by President Trump's announcement of a 100% tariff on Chinese imports starting next month, following China's new export controls on rare earth metals [1][2][4]. Group 1: Market Reactions - Global stock markets have seen a sharp downturn, with the KWEB index for Chinese stocks rising nearly 50% earlier this year, while the S&P 500 index reached over 6700 points, with expectations of surpassing 7000 [4]. - The Shanghai Composite Index fell below 3900 points, and Alibaba's stock dropped nearly 30% since early October. The S&P 500 experienced its most severe single-day sell-off since April, declining by 2.4% [5][6]. - Hedge funds recorded their first net sell-off of U.S. stocks in seven weeks, primarily due to macroeconomic short selling, while Long Only funds net bought approximately $2.5 billion [5]. Group 2: U.S.-China Trade Dynamics - The U.S. is leveraging its position by imposing tariffs and export controls, while China is using its dominance in the rare earth market as a strategic tool. China controls approximately 88% of global rare earth oxide production and 91% of rare earth metal production [8][9][10]. - China's recent export control measures on rare earths are aimed at enhancing its strategic leverage in trade negotiations, particularly in high-tech sectors like electric vehicles and advanced manufacturing [10][12][16]. Group 3: Future Outlook - The upcoming APEC summit and potential interactions between U.S. and Chinese leaders may influence market sentiment and trading strategies, with the possibility of a "TACO" (Trump Always Comes Out) trading pattern emerging if market reactions are significant [3][25]. - The Chinese stock market retains bullish characteristics due to low interest rates, low valuations, and policy support, with significant inflows from insurance funds exceeding 600 billion yuan this year [26][27]. - For the Hong Kong market, the fourth quarter will be crucial for determining upward momentum, influenced by U.S.-China negotiations, Federal Reserve interest rate decisions, and upcoming political meetings in China [28].

Core Viewpoint - Jianghai Securities has launched the "Portfolio Home" APP, positioning it as an online securities brokerage and wealth management platform aimed at actively managing thematic investments for a new generation of investors who are keen on fresh trends and hot topics [1]. Group 1: Investment Challenges - Investors face five main challenges in thematic investing: difficulty in discovering potential themes, understanding complex themes, selecting quality stocks, tracking rapidly changing themes, and constructing risk-controlled thematic portfolios due to fragmented traditional tools [3][4]. Group 2: APP Features - The "Portfolio Home" APP is designed with the philosophy that "everyone is an asset manager," integrating powerful thematic investment information services from CaiLianShe and professional research and advisory support from Jianghai Securities to streamline the entire investment process from research to decision-making to trading [3]. - The APP offers four core advantages: 1. An AI theme engine that scans news, research reports, policies, and social sentiment to identify and evaluate emerging themes [3]. 2. Comprehensive data integration that provides a panoramic view of financial data, macroeconomic trends, industry dynamics, and company news for informed decision-making [4]. 3. Intelligent tools that simplify stock selection and portfolio configuration [5]. 4. A user-centric experience with a minimalist design that focuses on core functionalities, making it easy for all types of investors to use [10]. Group 3: Future Developments - The future roadmap for the "Portfolio Home" APP includes deepening AI capabilities, enhancing intelligent decision support, and developing features for natural language interaction to filter stocks based on specific criteria, as well as providing intelligent portfolio diagnostics and recommendations based on user preferences [10].