（原标题：震荡市中如何做到攻守兼备？配置思维来支招） 随着粤港澳大湾区金融市场交流日渐频繁，资产管理行业服务模式也日渐多样化，居民对投资理财的需求也进一步增加。与此同时，作为宏观经 济的"晴雨表"，资本市场的活跃、投资者信心的提振，都离不开经济的稳健运行。而投资者金融素养的提升与对资本市场信心的提振，都将有助 于为资本市场注入更多活力。 为更好地满足服务粤港澳大湾区居民投资理财和金融素养提升需求，中国基金报以"活跃资本市场，提振投资者信心"为宗旨，联合行业协会、金 融机构等共同推出"粤港澳大湾区投资公开课"系列活动。 近年来，在结构性行情主导的市场环境下，单一资产配置策略的局限性日益凸显，投资者对风险收益平衡的需求显著提升。2025年二季度以来， 海内外政策冲击使得市场波动加剧，进一步催化投资者多元配置需求。 面对经济复苏斜率变化与产业转型的复杂性，如何通过科学配置实现"下跌有缓冲、上涨有弹性"成为投资者核心诉求。 播出时间：8月6日 15点 本期节目将通过中国基金报官方视频号、中国基金报官方APP、官方微博、官方抖音、万得3C会议、百家号、雪球、东方财富、搜狐视频等全媒 体平台进行同步直播。此外，本期节目播 ...

Core Insights - The asset management industry is undergoing significant changes driven by regulatory policies and market dynamics, with a focus on compliance, consumer protection, and high-quality development [1] Group 1: Policy Changes - On September 24, 2024, a comprehensive set of financial policies was introduced, leading to a turning point in stock and bond market trends, with the Shanghai Composite Index surging by 4.2% on the same day [2][3] - The introduction of several key regulations, including the "Financial Institutions Product Appropriateness Management Measures," aims to enhance compliance and protect consumer rights in the wealth management sector [5][6] Group 2: Market Trends - The stock market experienced a significant shift, with the CSI 300 Index rising by 21% by the end of October 2024, marking a transition from a bear to a bull market [3] - The bond market saw fluctuations, with the 10-year government bond yield dropping below 2.5% following the implementation of easing policies [3][4] Group 3: Investment Strategies - The introduction of policies to promote long-term capital market investments, including increasing the investment ratio of commercial insurance funds in A-shares, is expected to shape asset allocation strategies for large asset management institutions [7][8] - The public fund industry is responding to new regulations by implementing performance-based fee structures and enhancing the assessment mechanisms for fund managers [9][10] Group 4: Industry Developments - The number of private equity firms is decreasing due to stricter regulations, with 568 private fund managers being deregistered in the first half of 2025 [15] - The popularity of passive investment strategies is rising, with passive equity fund sizes surpassing active funds, reflecting a shift in investor preferences [16][17] Group 5: Gold Investment - The gold market has seen a significant increase in investment, with the price rising from approximately $1,178 per ounce in late 2018 to around $3,280 per ounce by mid-2025, marking a cumulative increase of about 178% [18][19] Group 6: Bond ETF Growth - The bond ETF market is rapidly expanding, with the total scale surpassing 500 billion yuan, and new products like the Sci-Tech Bond ETF being introduced to cater to evolving market needs [20]

Core Viewpoint - Shanghai Ningquan Asset Management Co., Ltd. has been placed on the restricted list for participating in the allocation of new securities, effective from June 2025 to December 2025 [2][3]. Group 1: Regulatory Changes - The recent revision of the "Management Rules for Offline Investors in Initial Public Offerings" has further regulated the offline subscription business, making it a focus for regulatory authorities [3]. - The revised rules explicitly prohibit twenty-one types of behaviors for offline investors or their managed allocation objects during the inquiry and allocation of initial public offerings, including false information submission and collusion with issuers or underwriters [3]. Group 2: Company Background - Ningquan Asset was founded by prominent asset manager Yang Dong in January 2018, who previously advised investors to redeem their funds during market peaks [4]. - The company has grown significantly, with its latest management scale exceeding 40 billion yuan [4].

Group 1 - The A-share market indices showed an overall upward trend in July, with significant improvement in market sentiment driven by multiple factors [1] - International macro disturbances have gradually diminished, maintaining a high level of market risk appetite [1] - Domestic financing balance has continued to rise, reaching a nearly ten-year high in the first seven months of this year [1] Group 2 - The issuance share of equity funds has also shown an increasing trend, contributing to the active market sentiment [1] - Despite concerns over short-term technical corrections, the underlying support from policies and high liquidity is expected to sustain a strong market performance [1] - Structural opportunities are anticipated to dominate the market, with a focus on three key areas [1] Group 3 - The first area of focus is the value reassessment of high-quality Chinese assets, particularly in high-end manufacturing and the internet sectors, where leading companies have strong fundamentals and relatively low valuations [1] - The second area is the globalization of China's advantageous industries, with a trend of Chinese enterprises expanding from manufacturing to service sectors, showcasing China's engineering talent and efficient industrial output capabilities [2] - The third area is technological innovation and localization, as domestic chip companies achieve breakthroughs in mature processes, allowing them to expand market share and deepen service offerings in the local market while opening up global growth opportunities [2] Group 4 - Investment opportunities in the second half of the year are expected to arise from fundamental improvements combined with incremental policies, particularly in assets that have already adjusted significantly and are closely related to economic expectations [2] - There is a need to remain vigilant against the risk of stock prices outpacing fundamentals due to rapid market increases, emphasizing the importance of sensitivity and adaptability to marginal signals [2]

Core Viewpoint - The Japanese stock market has stabilized after significant volatility caused by the yen's appreciation last year, with current market conditions suggesting a lower likelihood of a repeat collapse in 2024 [1][4]. Group 1: Market Stability and Investor Sentiment - Analysts highlight that improved communication from the Bank of Japan, ongoing corporate governance reforms, and favorable US-China tariff agreements have contributed to a more stable market environment [4]. - The market has formed expectations for continued interest rate hikes from the Bank of Japan, indicating a shift in investor sentiment towards a more optimistic outlook [4][7]. - The volatility of the yen has decreased significantly compared to the previous year, with the exchange rate around 146.95 against the dollar, contrasting with a 10% increase in the same period last year [4][7]. Group 2: Corporate Governance and Foreign Investment - Foreign capital is flowing into the Japanese stock market, driven by corporate buybacks and governance reforms that enhance long-term value for investors [10]. - The ongoing reforms aimed at increasing shareholder returns are seen as attractive for global investors seeking diversified portfolios [10]. - The potential for fiscal expansion policies post-elections is expected to boost domestic demand sectors, further enhancing market attractiveness [10]. Group 3: Economic Indicators and Future Outlook - Goldman Sachs and Bank of America have raised their target prices for the Nikkei 225 and Topix indices, citing that US-China tariff agreements remaining below 15% will alleviate export pressures on Japan [12]. - The yen's trajectory remains a critical variable, with potential implications for market resilience if the Federal Reserve lowers rates while the Bank of Japan continues tightening [12][13]. - Current exchange rates are becoming a new indicator for observing global capital flows, reflecting the interconnectedness of international markets [13].

Group 1 - Recent international capital markets have seen a surge in the allocation of Chinese assets, with nearly 60% of sovereign wealth funds prioritizing China as an investment market [1][3] - Korean investors have shown increasing enthusiasm for Chinese stocks, with a cumulative trading volume of $5.764 billion in 2023, making China the second-largest overseas investment destination for Korean investors [3] - A significant inflow of over $2 billion into five major overseas-listed Chinese ETFs was recorded in July, indicating strong international interest in Chinese equities [4] Group 2 - Foreign investors are particularly favoring high-dividend stocks and growth stocks, with several A-shares having over 24% foreign ownership, reflecting strong interest in China's high-end manufacturing sector [5][6] - The investment logic for foreign capital includes the establishment of competitive barriers, sustainable performance growth, and expanding market share in niche sectors [5][6] - Foreign institutions have actively conducted research on A-share companies, with 219 investigations involving 216 stocks in July alone, indicating a robust interest in the Chinese market [5][6] Group 3 - The investment value of stable cash flow companies and industry leaders with sustainable return on equity is highlighted during China's economic transformation [6][7] - High-dividend stocks provide a cash flow cushion against market volatility, while growth stocks represent a long-term bet on technological innovation and economic upgrading in China [6][7] - The combination of high-dividend and growth stocks reflects a flexible investment strategy by foreign capital, balancing certainty and growth potential [7]

Group 1 - Recent data indicates a surge in international capital reallocating towards Chinese assets, with nearly 60% of sovereign wealth funds prioritizing China as an investment market [1][2] - Korean investors have shown increasing enthusiasm for Chinese stocks, with a cumulative trading volume of $5.764 billion in 2023, making China the second-largest overseas investment destination for Korean investors [2] - UBS's survey reveals that 19% of global family offices plan to increase their allocation to Chinese assets, marking a 3 percentage point increase from 2024 [2] Group 2 - In July, five major overseas Chinese stock ETFs attracted over $2 billion in investments, with significant growth in assets under management for several ETFs [3] - Sovereign wealth funds are driven to allocate to Chinese assets due to attractive local returns, diversification benefits, and expanded market access for foreign investors [3] Group 3 - The Chinese economy's recovery has exceeded market expectations, bolstered by rapid policy responses to stabilize expectations and stimulate growth, enhancing international investor confidence [4] - China has made significant advancements in technology and innovation, leading to a re-evaluation of asset valuations by international investors [4] Group 4 - As of August 1, four A-share stocks have over 24% foreign ownership, indicating strong foreign interest in companies with global competitiveness [5] - Foreign investors are selectively investing in growth stocks, focusing on companies with sustainable performance and expanding market shares [6] Group 5 - Foreign capital is favoring high-dividend stocks and growth stocks, reflecting a dual strategy of defense and offense in investment [7] - High-dividend stocks are recognized for their stable cash flows and strong governance, while growth stocks represent long-term bets on China's economic transformation [8]

Core Viewpoint - Bedes Financial (PLUT) experienced a significant intraday increase of 10.74%, closing at $2.99 per share with a total market capitalization of $45.898 million [1] Financial Performance - As of December 31, 2024, Bedes Financial reported total revenue of HKD 9.748 million, representing a year-on-year decrease of 55.57% [1] - The company recorded a net profit attributable to shareholders of HKD -5.523 million, which is an increase of 8.16% year-on-year [1] Business Overview - Bedes Financial Group Limited primarily engages in asset management, utilizing offshore fund structures and discretionary accounts to tailor investment strategies based on investors' backgrounds and needs [1] - The company focuses on developing various types of funds, including real estate funds, high-yield fixed income funds, multi-strategy funds, and private direct investment funds [1]

Group 1 - The core viewpoint of the article highlights the financial performance and stock movement of Bedes Financial (PLUT), which saw a 3.52% increase in stock price, reaching $2.795 per share, with a total market capitalization of $42.9032 million [1] - As of December 31, 2024, Bedes Financial reported total revenue of HKD 9.748 million, a significant year-on-year decrease of 55.57%, while the net profit attributable to shareholders was HKD -5.523 million, reflecting a year-on-year increase of 8.16% [1] - Bedes Financial Group Limited primarily engages in asset management, utilizing offshore fund structures and discretionary accounts to develop investment strategies tailored to investors' backgrounds and needs [1] Group 2 - The company focuses on developing various categories of funds, including real estate funds, high-yield fixed income funds, multi-strategy funds, and private direct investment funds [1]

（注：我们会对线索进行核实。您的隐私将严格保密。） 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com 0:00 20 2025年7月16日，香港证监会发布了《2024年资产及财富管理活动调查》，报告表示香港资产及财富管 理业务在2024年实现了强劲增长，是"步入佳境"之年。第一财经专访香港证监会首任华人主席梁定邦， 他表示，香港创新金融发展、巩固提升国际金融中心地位是香港金融生态长远发展的"必选项"。 微信编辑| 夏木 ...