2.4万亿欧元资管巨头"叛逃"美元资产，美国国债的信仰崩塌了？而中国也对银行表态，要求其注意美 国国债的风险。 特朗普把美元玩崩了？ 就在今年2月初，全球金融圈被一条新闻刷屏了。欧洲最大的资产管理机构，法国东方汇理资产管理公 司宣布，自己正在大幅度减少对美元年资产的投资，并表示未来1年内将会继续坚持美元资产，投资重 点转向欧洲和新兴市场。 要知道东方汇理是欧洲的老牌资产管理巨头，投资一向以稳健来著称。现在的国际环境下，不买美元， 难道还要去买欧元？ 东方汇理也给出了自己的答案，美元资产长期拥有的优势正在逐渐消失。增长优势源于美国经济相对其 他发达经济体的强劲表现，而息差优势则来自美联储维持较高利率所产生的利差吸引。 然而，这两大支柱在2026年都面临着前所未有的挑战。 曾经被视为"无风险资产"标杆的美国国债，为什么惨遭投资者抛售？中国为什么开始对美债的安全性 和波动性忧心忡忡？ 今天那我们就来谈谈这些话题，码字不易，欢迎点赞，转发，收藏。 美国国债为什么不靠谱了 长期以来，美国国债被全球投资者视为"无风险资产"的锚点。什么意思呢？全球金融市场的几乎所有 资产定价，都以美债收益率为基准。 你买股票、买债券、买理 ...

Core Viewpoint - Shanghai International Group's subsidiary, Shanghai Shenxin Asset Management Co., Ltd., has officially obtained the license for "bulk acquisition and disposal of financial enterprises' non-performing assets," marking its independent operation as a local Asset Management Company (AMC) [1][3]. Group 1: Business Transition - The adjustment of Shanghai's local AMC business involves transferring the AMC business from Shanghai State-owned Assets Management Co. to a specialized entity, enhancing operational focus and compliance with regulatory requirements [1][3]. - The new business license allows Shanghai Shenxin Asset to directly engage in the acquisition and disposal of non-performing assets, addressing previous operational and licensing discrepancies [4][9]. Group 2: Historical Context - Shanghai Shenxin Asset is not a new entity; it evolved from Shanghai Chenggao Asset Management Co., established in 2011, and has been a platform for non-performing asset operations under Shanghai State-owned Assets Management [5]. - The company has undergone significant capital and governance restructuring, increasing its registered capital from 315 million to 5.5 billion yuan, positioning it among the top local AMCs in terms of capital scale [5][11]. Group 3: Regulatory Compliance - The restructuring aligns with the tightening of regulations and aims to clarify the boundaries between core and ancillary business operations, addressing issues of risk isolation and resource allocation [8][10]. - The adjustment is seen as a strategic move to comply with the new regulatory framework that emphasizes the importance of core business focus and operational transparency [11]. Group 4: Market Implications - The new license enhances Shanghai Shenxin Asset's ability to meet the demand for bulk transfers of non-performing assets from financial institutions, potentially improving its market positioning and pricing power [9]. - The restructuring is also a response to the slow recovery in real estate and local government financing, aiming to create a professional platform that can effectively manage systemic risks [9].

Group 1 - Concerns about artificial intelligence disrupting business models are leading hedge funds to increase short positions in U.S. stocks [1][5] - Goldman Sachs' prime brokerage team reported that the nominal short selling of individual stocks reached the highest level since 2016, with short selling volume being twice that of long buying from January 30 to February 5 [1][5] - The introduction of new automation tools by Anthropic PBC triggered a sell-off, resulting in a market capitalization loss of $611 billion for 164 stocks in the software, financial services, and asset management sectors [1][5] Group 2 - Hedge funds have net sold U.S. stocks for the fourth consecutive week, with the selling intensity reaching the highest level since the so-called "Liberation Day" in early April [3][7] - The information technology sector experienced the most significant sell-off, with outflows ranking as the second highest in the past five years, and software stocks accounted for approximately 75% of the net selling [3][7] - The total net position in software stocks dropped to 2.6%, with the long-short ratio falling to 1.3, both marking record lows [3][7] Group 3 - Outside of tech stocks, hedge funds are shifting towards defensive sectors, with healthcare becoming the most net bought sector last week, surpassing industrials as the preferred area for fund inflows this year [5][9]

知情人士称，阿波罗全球管理公司即将达成一项协议，向某投资载体提供约34亿美元贷款，该载体将购 入英伟达芯片并租赁给埃隆・马斯克旗下的xAI公司。 知情人士称，阿波罗全球管理公司即将达成一项协议，向某投资载体提供约34亿美元贷款，该载体将购 入英伟达芯片并租赁给埃隆・马斯克旗下的xAI公司。 SpaceX与xAI公司暂未就路透社的置评请求作出回应。 责任编辑：李肇孚 SpaceX与xAI公司暂未就路透社的置评请求作出回应。 责任编辑：李肇孚 ...

智通财经APP获悉，由于市场对人工智能可能颠覆商业模式的担忧日益加剧，对冲基金纷纷做空美国股 票。高盛首席经纪团队在一份客户报告中指出，上周个股名义卖空规模创下自2016年有记录以来的最高 纪录。该团队(包括Vincent Lin)援引1月30日至2月5日期间的资金流动数据称，卖空规模是买入规模的两 倍。 总体而言，对冲基金连续第四周净卖出美国股票，且卖出幅度为去年4月初所谓的"解放日"以来最大。 高盛团队表示，信息技术板块是抛售力度最大的板块，资金外流规模创下去年过去五年来第二大。软件 板块的抛售最为严重，约占该板块净抛售额的75%。基金对软件股票的净敞口总额降至2.6%，多空比率 也下滑至1.3，均创历史新低。 半导体及半导体设备，以及IT服务，是本周少数几个实现净买入的科技相关领域。半导体股票指数上周 上涨，加剧了芯片股和软件股之间的分化。近几个月来，随着投资者抛售他们担心可能受到人工智能冲 击的行业，这种分化一直在扩大。 除科技股外，对冲基金继续转向防御性板块。高盛团队表示，医疗保健板块是上周净买入最多的板块， 目前已成为今年迄今为止对冲基金资金流入最多的板块，超过了工业板块。上周五股市因逢低买盘涌现 ...

Core Viewpoint - The precious metals market has experienced significant volatility, with buying interest returning and pushing gold prices above $5,000 per ounce, recovering some losses from a historic drop last month [1][5][6]. Group 1: Market Dynamics - Gold prices saw a maximum increase of 1.7% on Monday, recovering about half of the losses incurred since reaching a historical high on January 29 [6][8]. - Silver prices also increased, with a notable rise of 6% on Monday, bringing the price back above $82 per ounce [8]. Group 2: Influencing Factors - Geopolitical risks, currency devaluation trading, and concerns over the independence of the Federal Reserve have driven precious metal prices to new historical highs [3][8]. - Speculative buying has further fueled the price surge, although this was followed by a significant drop in both gold and silver prices at the end of last month [3][8]. Group 3: Institutional Perspectives - Major banks and asset management firms, including Deutsche Bank, Goldman Sachs, and BlackRock, remain optimistic about gold's rebound, citing long-term demand drivers such as the global reduction of dollar assets and ongoing central bank purchases of gold [3][8]. - Concerns have arisen regarding the concentration risk in U.S. Treasury holdings, leading Chinese regulators to advise financial institutions to limit their positions [3][8]. Group 4: Upcoming Economic Indicators - Traders are focusing on upcoming U.S. economic data to gauge the Federal Reserve's policy direction, with the January employment report expected to show signs of labor market stabilization and inflation data to be released later in the week [8].

尽管奥运奖牌的原材料价值与运动员投入的数百万美元训练成本相比微不足道，但其集体价值与象征意 义却远超物质本身。买家不惜重金求购这些奖牌，不仅因其承载的历史底蕴、稀缺性与荣誉分量，更因 夺牌运动员背后的拼搏故事。 意大利国家造币厂首席执行官米歇尔·斯基西奥利（Michele Sciscioli）向路透社表示："奖牌是对无形付 出的有形嘉奖。" 据报道，仅今年，美国前奥运游泳选手瑞安·罗切特（Ryan Lochte）的三枚金牌就以总计385520美元的 价格售出，单枚价格略超12.5万美元。 图片来源：Emmanuele Ciancaglini—Getty Images 2026年意大利米兰-科尔蒂纳冬奥会的经济价值已攀升至前所未有的高度。这一增长不仅来自赞助协议 与赛事奖金，更因贵金属价格大涨，奥运奖牌价值达到历史峰值。 自2025年初以来，金价近乎翻倍，从每盎司2800美元涨至5000美元以上，过去一年涨幅近80%，原因在 于谨慎投资者纷纷涌入避险资产。在数十年的温和增长后，近期这波涨势堪称史无前例：自1971年以 来，黄金年均涨幅约为8%。与此同时，白银价格也大幅攀升，当前交易价格接近每盎司90美元，较一 ...

阿波罗全球管理公司（Apollo Global Management）周一公布，受新客户资金流入和强劲债务发行的推 动，第四季度利润增长了13%。 这家总部位于纽约的另类资产管理公司今年最后三个月的调整后净收入为15.4亿美元，合每股收益2.47 美元。相比之下，去年同期为 13.6 亿美元，合每股收益 2.22 美元。 阿波罗公司在一份声明中说，季度增长主要得益于新增贷款和其他投资达 970 亿美元。 阿波罗公司成立于 1990 年，最初专注于私募股权投资，后来扩展到企业信贷领域。它已成为一家大型 贷款公司，并建立了庞大的保险业务，在 2021 年控制了退休服务公司 Athene。 本季度，该集团获得了 420 亿美元的收入，使管理资产总额达到 9380 亿美元。首席执行官马克-罗文 （Marc Rowan）设定的目标是，到 2026 年管理 1 万亿美元，到 2029 年管理 1.5 万亿美元。 管理资产和安排债务与股权交易的相关费用收入达到 6.9 亿美元，同比增长 25%。 罗文表示，公司的重点是 "推进退休解决方案 "和 "使新买家能够大规模进入私人市场"。 资本解决方案部门以不同形式提供信贷，包括 ...

美国学生当中，"非大学化"正逐渐流行。 越来越多的美国学生开始考虑四年制本科学位之外的教育选择，诸如，两年制项目甚至更短期的职业证 书。 大学学费不断上涨及随之而来的学生贷款债务是推动这一趋势的重要因素。此外，根据特朗普提出 的"大而美法案"，2026年新的借贷上限也将影响学生决策。 与此同时，为在当前逐渐放缓的劳动力市场中站稳脚跟，学生们更加关注职业培训和以就业为导向的路 径，也导致"非大学化"的倾向日趋明显。 技工岗位受宠：最高平均年薪超10万 "非大学化"一词最早出现在约十年前，用以描述大学替代项目的兴起。 美国消费者新闻与商业频道（CNBC）的报道称，专家表示，今年这一转变将尤为明显。 根据国家学生信息中心研究中心（National Student Clearinghouse Research Center）最新报告，今年秋 季，美国社区学院入学人数较上学年增长3%，而公立四年制大学仅增长1.4%；私立非营利四年制高校 同期入学人数则下降1.6%。 美国社区学院协会（American Association of Community Colleges）主席兼首席执行官德里翁·波拉德 （DeRionne ...

Core Viewpoint - Amundi, Europe's largest asset management company with €2.8 trillion (approximately ¥23 trillion) in assets under management, signals a significant shift by reducing investments in dollar assets and focusing on Europe and emerging markets, warning that the dollar will continue to weaken if U.S. economic policies remain unchanged [2][3]. Group 1: Amundi's Perspective - Amundi, as a conservative institutional investor, is particularly averse to unquantifiable tail risks and the failure of asset correlation, which are expected to converge dangerously in the U.S. market by 2026 [2]. - The company predicts a significant slowdown in U.S. real GDP growth to 1.6% by 2026, driven by structural factors such as exhausted private demand, diminishing marginal utility of fiscal stimulus, and policy uncertainty [3][4]. Group 2: Changing Dynamics of Dollar Assets - The dual advantages of dollar assets—growth and yield spread—are simultaneously diminishing [4]. - There is a fundamental reversal in the correlation between the dollar and U.S. equities and bonds; previously, the dollar would rise as a safe haven when equities fell, but now it moves in tandem with risk assets due to concerns over U.S. fiscal sustainability [5][12]. Group 3: Seven Certainties - Amundi summarizes its macroeconomic judgments into "Seven Certainties," indicating a bearish outlook on dollar assets due to factors like rising inflation, geopolitical risks, and a preference for European credit and emerging market bonds [6][7]. - The strategic pillars include expectations of rising inflation, the need for diversification away from the dollar, and a focus on real and alternative assets as optimal substitutes during periods of currency depreciation [6]. Group 4: Structural Changes and Market Behavior - Over the past 12 months, despite a 14% rise in the S&P 500 due to AI investments, the dollar has depreciated by 10% against a basket of currencies since January 2025, indicating poor performance of U.S. assets when measured in foreign currencies [8][9]. - The U.S. market has experienced a "three-way kill" of stocks, bonds, and currency, reflecting instability akin to emerging markets, which raises concerns about the safety of dollar assets [10][11]. Group 5: The End of the "American Exception" - The underlying structural changes suggest a rewriting of the global financial system's fundamentals, with the assumption that the Federal Reserve can independently control inflation being challenged by rising federal debt and interest payments [12][14]. - The paradox of U.S. trade policy, which aims to reduce imports while expecting foreign entities to continue purchasing U.S. debt, poses a significant risk to the dollar's value and asset valuations [14].