中国经济网北京2月9日讯 近日，浙江浙商证券资管公告，宋青涛离任浙商汇金卓越稳健3个月持有混合 发起式FOF、浙商汇金卓越配置一年持有混合FOF。 宋青涛先后任浙商证券研究所电子行业研究员、浙商证券自营业务股票和债券投资经理、基金经理。 浙商汇金卓越稳健3个月持有混合发起式(FOF)A/C成立于2023年07月31日，截至2026年02月05日，其今 年来收益率为1.17%、1.10%，成立来收益率为10.76%、8.10%，累计净值为1.1076元、1.0810元。 浙商汇金卓越配置一年持有混合(FOF)A/B成立于2021年11月08日，截至2026年02月05日，其今年来收 益率为1.45%、1.47%，成立来收益率为-21.34%、-20.63%，累计净值为2.3827元、2.1131元。 | 基金名称 | 浙商汇金卓越稳健3个月持有期混合型发起式基 | | --- | --- | | | 金中基金(FOF) | | 基金简称 | 浙商汇金卓越稳健3个月持有混合发起式(FOF) | | 基金主代码 | 017917 | | 基金管理人名称 | 浙江浙商证券资产管理有限公司 | | 公告依据 | 《公开 ...

Core Viewpoint - Sunshine Insurance announced that its subsidiaries, Sunshine Life and Sunshine Asset Management, plan to increase capital in Sunshine Asset Management (Hong Kong) by up to HKD 250 million and HKD 750 million respectively, raising the total capital from HKD 100 million to HKD 1.1 billion, while maintaining their shareholding ratios at 25% and 75% [1][19][23]. Group 1: Capital Increase Details - The capital increase will be priced at HKD 1 per share, and the total capital of Sunshine Asset Management (Hong Kong) will rise to HKD 1.1 billion after the increase [5][26]. - The capital increase is proportionate to the existing shareholding ratios of Sunshine Life and Sunshine Asset Management, reflecting a fair and reasonable agreement [12][26]. - The payment for the capital increase will be made from internal resources of Sunshine Life and Sunshine Asset Management after obtaining necessary regulatory approvals [27][29]. Group 2: Rationale for Capital Increase - The capital increase is deemed necessary due to four main reasons: the inevitable trend of global insurance asset management business development, the internal demand for healthy and rapid growth in China's insurance industry, the need to reduce exposure to single market risks, and the proactive response to challenges in the era of globalization and large asset management [12][33]. - The board believes that the terms of the capital increase are fair and reasonable, aligning with the overall interests of the company and its shareholders [33]. Group 3: Regulatory Compliance - The capital increase constitutes a related party transaction under Hong Kong Listing Rules, as Sunshine Asset Management is a non-wholly owned subsidiary of the company [13][34]. - The capital increase exceeds the applicable percentage threshold but is exempt from independent shareholder approval requirements [34].

本文首发于"见闻VIP"作者乐鸣，为见闻付费会员文章，现作为粉丝福利免费试读，欢迎点击阅读原文订阅"见闻VIP"。 欧洲最大资产管理公司、管理资产规模达2.8万亿欧元 （约23万亿元） 的法国东方汇理资产管理公司（Amundi）发出了一个震耳欲聋的信号： 逃离美元资产。 该公司正在 减少对美元资产的投资 ，将 投资重心转向欧洲和新兴市场。 且警告称，如果美国经济政策维持现状，美元将继续走弱。 作为典型的稳健型机构投资者，东方汇理通常不会进行激进的资产配置调整。 此次公开宣布减少美元敞口，并将重心转向欧洲和新兴市场，其背后的深层逻辑究竟是什么？ 东方汇理的角度 首先，我们需要从东方汇理的角度来看这一个问题。 东方汇理作为稳健型投资者， 最厌恶的是不可量化的尾部风险和资产相关性的失效 ，而2026年的美国市场，恰恰呈现出这两种特征的危险趋同。 长期以来，美国国债被视为全球无风险资产的锚，而美元则是对冲地缘政治风险的终极避风港。 然而，东方汇理的首席投资官Vincent Mortier及其研究团队的分析表明，这一假设正在发生质变。 根据东方汇理的预测，2026年美国实际GDP增速将显著放缓至1.6%，远低于2023 ...

整体而言，中国央行持续购金叠加美元偏弱，为金价构建了相对稳固的底部支撑；但风险情绪回暖、部 分地缘紧张缓和以及贵金属自身波动性上升，限制了金价短线的上行空间。在美联储政策高度依赖数据 验证的阶段，市场正等待即将公布的非农就业与通胀数据，为利率路径提供更清晰指引。在关键数据落 地前，黄金价格大概率维持高位震荡，短期走势仍取决于美元方向与利率预期的再定价，而中长期逻辑 依旧围绕政策不确定性与全球资产配置结构展开。 周末披露的官方数据显示，中国人民银行1月份继续增持黄金储备，实现连续第15个月扩表，当月增持 规模约为4万盎司，总持有量升至7419万盎司，对应储备市值约3696亿美元。在全球主要经济体财政压 力加大、地缘与政策不确定性交织的环境下，央行层面的战略性配置仍被视为支撑黄金中长期需求的重 要力量。与此同时，近期美元回落亦对金价形成协同支撑。围绕美联储政策前景及其独立性讨论升温， 美元指数连续第二个交易日走弱，为无息资产提供了相对有利的定价环境。 美联储政策路径依然是影响黄金定价的核心变量。芝商所FedWatch数据显示，交易层面对2026年进一 步降息的预期仍未消退，近期偏弱的劳动力市场数据为宽松预期提供了 ...

Core Viewpoint - The international gold price remains relatively strong due to the People's Bank of China's continued gold purchases and a temporary weakening of the US dollar, despite a rise in risk appetite and easing tensions in the Middle East limiting safe-haven inflows [1][2]. Group 1: Central Bank Actions - The People's Bank of China increased its gold reserves for the 15th consecutive month in January, adding approximately 40,000 ounces, bringing total reserves to 74.19 million ounces, valued at about $36.96 billion [1]. - Central bank demand is viewed as a significant support for gold's long-term trend amid increasing fiscal pressures and geopolitical uncertainties in major economies [1]. Group 2: Market Sentiment and Risk Appetite - Short-term, gold's appeal as a safe-haven asset has diminished due to signs of easing tensions in the Middle East and an overall optimistic tone in global stock markets, which has reduced the flow of funds into safe-haven assets [2]. - The market is experiencing a cautious trading atmosphere as important US macroeconomic data approaches, leading to a more restrained trading sentiment [1]. Group 3: Federal Reserve Policy Outlook - The assessment of the Federal Reserve's policy path remains a core variable influencing gold pricing, with traders expecting potential rate cuts as early as 2026 based on recent weak labor market data [3]. - Discussions around the next Federal Reserve chair, Kevin Walsh, have amplified policy uncertainty, particularly regarding his views on AI's impact on production efficiency and interest rates, which have faced skepticism from economists [3]. Group 4: Volatility and Investment Trends - HSBC Asset Management notes that significant price fluctuations in gold and silver over the past year have altered their traditional asset characteristics, with increased retail participation leading to speculative trading [4]. - While retail inflows may enhance short-term returns, they also weaken the stability of precious metals as risk diversification tools [4]. - The ongoing trend of central banks de-dollarizing and the demand for gold in crisis scenarios continue to provide structural support for precious metals in the long term [4].

Core Viewpoint - Apollo Global Management and Schroders are collaborating to develop funds aimed at wealth and pension clients, with expectations to raise billions of dollars annually through this strategic partnership [1][3]. Group 1: Partnership Details - Apollo will work with London-based Schroders to provide new investment products for UK wealth investors, with the first product expected to launch later this year [1][3]. - The two companies plan to introduce a collective fund to the US pension market in the second quarter [1][3]. - Schroders may allocate funds from its existing client portfolios to Apollo [1][3]. Group 2: Market Context - The rise of low-cost passive investing has prompted active asset management firms like Schroders to expand into alternative investments, which typically have longer holding periods and higher fees [1][3]. - Alternative asset management firms, traditionally focused on institutional investors, are increasingly targeting private wealth, leading to collaborations with companies that cater to retail investors [1][3]. Group 3: Industry Trends - Other firms are also forming partnerships to create investment tools for retail investors, such as Capital Group's collaboration with KKR & Co. for target-date funds aimed at retirement plans [1][3]. - In the UK, Legal & General Group Plc has partnered with Blackstone to establish a private credit partnership, aiming to grow to $20 billion over time [1][3]. Group 4: Current Market Concerns - The collaboration between Apollo and Schroders comes amid investor concerns regarding private equity firms' exposure to software companies, as software stocks have recently experienced significant declines [2][4].

Core Insights - The report by CITIC Financial Holdings Wealth Committee Asset Management Studio highlights the stable development of China's asset management industry since the implementation of new regulations, with various financial institutions participating and competing effectively [1][3] Industry Overview - As of the end of 2025, the total scale of China's asset management industry is projected to reach 184.53 trillion yuan, representing a growth of approximately 13.1% compared to the previous year [1][3] - The industry encompasses multiple segments, including bank wealth management, public funds, insurance asset management, trusts, securities firms' asset management, and private equity funds [1][3] Segment Breakdown - The breakdown of the asset management industry by segment as of the end of 2025 is as follows: - Bank wealth management: 33.29 trillion yuan - Public funds: 37.71 trillion yuan - Private equity funds: 22.15 trillion yuan - Pension funds managed by fund companies: 6.85 trillion yuan - Private asset management by securities and futures institutions: 12.30 trillion yuan - Insurance fund utilization balance: 37.46 trillion yuan - Trust assets managed by trust companies: 32.43 trillion yuan [1][3] Product Trends - By the end of 2025, the number of existing bank wealth management products is expected to reach 46,300, reflecting a growth of 14.89% since the beginning of the year [2][4] - Fixed-income products dominate the investment types, with a significant share of the total scale; the structure of open-ended and closed-end products is relatively balanced [2][4] - Although the number of newly issued products by wealth management companies slightly decreased in the fourth quarter of 2025, the diversity of product types has increased, with joint-stock bank wealth management subsidiaries remaining the main issuers [2][4]

浙商汇金卓越稳健3个月持有混合发起式(FOF)A/C成立于2023年07月31日，截至2026年02月05日，其今 年来收益率为1.17%、1.10%，成立来收益率为10.76%、8.10%，累计净值为1.1076元、1.0810元。 浙商汇金卓越配置一年持有混合(FOF)A/B成立于2021年11月08日，截至2026年02月05日，其今年来收 益率为1.45%、1.47%，成立来收益率为-21.34%、-20.63%，累计净值为2.3827元、2.1131元。 中国经济网北京2月9日讯近日，浙江浙商证券资管公告，宋青涛离任浙商汇金卓越稳健3个月持有混合 发起式FOF、浙商汇金卓越配置一年持有混合FOF。 宋青涛先后任浙商证券研究所电子行业研究员、浙商证券自营业务股票和债券投资经理、基金经理。 | 基金名称 | 浙商汇金卓越稳健3个月持有期混合型发起式基 | | --- | --- | | | 金中基金(FOF) | | 基金简称 | 浙商汇金卓越稳健3个月持有混合发起式(FOF) | | 基金主代码 | 017917 | | 基金管理人名称 | 浙江浙商证券资产管理有限公司 | | 公告依据 | 《公开募 ...

Core Insights - The disruptive wave of artificial intelligence (AI) technology is spreading from the software industry into the financial markets, creating unprecedented uncertainty in the private credit bond market, which is valued at approximately $3 trillion [1][12] - The release of a new AI tool by Anthropic has triggered a sell-off in software data supplier stocks, leading to significant declines in asset management companies heavily invested in private credit bonds [1][8] Group 1: Market Impact - The stock prices of major asset management firms with substantial private credit bond operations have experienced sharp declines, with Ares Management down over 12%, KKR down nearly 10%, Blue Owl Capital down over 8%, and TPG down about 7%, while the S&P 500 index only slightly decreased by approximately 0.1% during the same period [1][3] - Investors are increasingly uneasy about their exposure to the private credit bond market, particularly due to the software industry's significant concentration in this sector, which amplifies any disturbances [8][9] Group 2: Credit Quality Concerns - UBS has issued a stern warning that if the disruptive effects of AI accelerate beyond the adaptability of borrowing companies, the default rate in the U.S. private credit bond market could soar to 13% under aggressive scenarios, significantly higher than their estimates for leveraged loans (8%) and high-yield bonds (4%) [8][9] - The private credit bond market's heavy reliance on the software industry raises concerns about the quality of these assets, as any downturn in the software sector could lead to significant issues within investment portfolios [9][10] Group 3: Structural Risks - The structure of loans, particularly Payment-in-Kind (PIK) loans, exacerbates potential risks, as these loans allow borrowers to defer cash interest payments, which can become problematic if the borrower's financial situation deteriorates [10] - Moody's Analytics warns that the opacity of the private credit bond market complicates comprehensive risk assessment, highlighting the rapid growth of AI-related lending, rising leverage, and lack of transparency as significant warning signs [10][11] Group 4: Systemic Concerns - The market reassessment triggered by AI occurs against a backdrop of existing scrutiny of the private credit bond industry, which has long been criticized for high leverage and valuation opacity [12] - The private credit bond market, which has favored corporate software companies since 2020, must now prepare for the disruptive impacts driven by AI technology, prompting investors to reevaluate financing transactions that involve opaque, illiquid loans, especially those exposed to technological change risks [12]

钛媒体App 2月9日消息，近期，汇丰晋信基金、鑫元基金、光大保德信基金、摩根资产管理、瑞士百达 资产管理等多家资管机构对2026年的权益市场进行了展望。有机构表示，企业业绩修复弹性或成为2026 年的亮点。尽管全球宏观波动率上升，但国内尾部风险收敛与股债性价比指标进入合理区间，使得中国 权益资产吸引力凸显。此外，部分机构推出的策略呈现新特征：从过去聚焦高股息与科技两端，转 向"纺锤型"配置，中游周期制造业或成为关注对象。（中证报） ...