Group 1 - The long-term upward trend of gold prices remains unchanged despite a recent significant drop in prices [1][2] - The two main driving factors for gold's value are changes in the world order and inflation, leading to a desire for diversified investments [1][2] - Gold prices have fallen by 15% from last week's historical high, following a period of rapid increases driven by speculative buying, geopolitical tensions, and concerns over the independence of the Federal Reserve [1][2] Group 2 - Some market participants caution that the rapid price increases were excessive, resulting in the largest drop in gold prices since 2013 and the largest single-day drop in silver prices [1][2] - There are long-term buyers for gold, but short-term funds can easily push prices down by 10% to 15%, which does not alter the long-term trend [1][2]

Core Viewpoint - The recent volatility in precious metals reflects a consolidation phase after a price increase, rather than a definitive end to the upward trend in gold prices [1] Group 1: Market Dynamics - The recent surge in gold prices has been rapid and characterized by a significant short-covering feature, leading to a quick rise in prices [1] - Historical trends indicate that after a sharp increase in realized volatility, the market typically requires time to digest profit-taking before entering a consolidation phase, which may allow for a continuation of the upward trend [1] Group 2: Future Outlook - In the short term, gold prices may remain within a range but still possess the potential to reach new highs [1] - The core factors supporting gold demand have not changed, and there are no clear signs of major central banks rapidly shifting towards tightening monetary policy, which limits the likelihood of sustained liquidation in the gold market [1]

Core Viewpoint - The CEO of Amundi, the largest asset management company in Europe, announced a strategic shift away from dollar assets towards investments in Europe and emerging markets [1][3]. Group 1: Investment Strategy - Over the past 12 to 15 months, the company has significantly diversified its investments and is advising clients to adopt a diversified asset allocation in the coming year [3]. - The CEO warned that if current U.S. economic policies persist, the dollar is likely to continue weakening [3]. Group 2: Market Dynamics - Key drivers for the large-scale shift of funds from the dollar to other assets include the U.S. fiscal deficit, erratic economic policies, and uncertainty regarding future Federal Reserve policies [5]. - Initially, international investors hedged against dollar depreciation by purchasing gold, but have since begun to actively reduce their allocation to U.S. assets to lessen dependence on the dollar [5]. Group 3: Company Performance - Amundi's latest performance report indicates that by the end of December 2025, the company's assets under management are projected to reach a record high of €2.4 trillion [5].

作为中国东方资产管理股份有限公司（以下简称"中国东方"）在长三角区域的重要战略支点，中国东方上海市分公司始终紧扣国家战略导向与上海城市发 展脉搏，围绕上海"五个中心"建设、长三角一体化发展，以化解风险、盘活存量、服务升级展现央企担当，在申城这片热土上书写金融高质量发展答卷。 生态共建 推进协同合作 中国东方上海市分公司坚持以战略合作为纽带，通过党建共建、高层互动、专班对接等多种机制，深度融入地方经济生态。 中国东方上海市分公司坚定不移深耕金融不良资产核心领域，主业成效领跑区域市场。 记者在采访中了解到，2025年，中国东方上海市分公司持续深化金融不良资产生态圈建设，收购金额超18亿元，规模稳步增长，市场占比位居同业前列， 彰显了在复杂市场环境中精准判断、果断决策的专业能力。通过高效运用资产重组、债务重组、市场化债转股等多元化手段，不断提升资产价值发现与提 升能力，多年保持现金回收高位，5年累计回现近500亿元，为维护区域金融稳定、优化金融生态积极贡献力量。 中国东方上海市分公司勇于开拓创新，将股权投资业务作为转型发展的重要引擎，围绕科技金融、绿色金融等战略方向不断探索"股+债"结合、并购重 组、结构性投资等创 ...

Core Viewpoint - BlackRock CEO Larry Fink and Indian billionaire Mukesh Ambani advocate for investing in the Indian stock market over traditional gold, emphasizing that hesitation in capital markets could lead to missed wealth opportunities in the next 20 years [1][2]. Group 1: Investment Strategy - Ambani and Fink encourage Indian citizens to redirect their savings from gold and real estate, which currently account for nearly 59% of household assets, into the stock market to harness compounding effects [4][5]. - The Indian mutual fund industry, driven by retail investors, is projected to grow from ₹45 trillion in FY2025 to ₹300 trillion (approximately $3.3 trillion) by 2035, according to Bain & Company [2][5]. Group 2: Economic Outlook - Fink predicts that the next 20 to 25 years will be the "Indian era," with India expected to maintain its status as the fastest-growing major economy, with a projected growth rate of 6.4% in 2026, significantly higher than the global average of 3.3% [2][5]. - Despite recent volatility in gold and a nearly 2% decline in the Nifty 50 index this year, both leaders remain confident in the stock market's potential for growth [2][6]. Group 3: Market Participation - Domestic investor participation has increased, helping the market maintain positive returns despite foreign investors being net sellers over the past year [6]. - Investments through Systematic Investment Plans (SIPs) have doubled since 2021, reaching ₹2.89 trillion (approximately $319 billion) in FY2025 [6].

★ 宏观动态 ★ 国家网信办等11部门联合印发《关于提升境外人员入境数字化服务便利性的实施意见》 近日，国家网信办等11部门联合印发《关于提升境外人员入境数字化服务便利性的实施意见》。《实施意见》 提出，到2027年，入境数字化服务国际化、便利化程度显著提升，数字化基础服务更加畅通高效，居住、医 疗、支付、旅游、公共服务等领域的数字化应用服务堵点基本打通、应用场景全面拓展，为扩大高水平对外开 放注入强劲活力；到2030年，入境数字化服务达到国际领先水平，互联互通、包容普惠的数字化服务生态更加 成熟，全场景数字化服务与国际通行模式深度衔接，数字化服务高水平开放促进经济社会高质量发展能力显著 增强。 商务部：2025年我国服务贸易稳步增长，服务进出口总额同比增长7.4% 商务部服贸司负责人介绍2025年服务贸易发展情况，2025年，我国服务贸易稳步增长，服务进出口总额 80823.1亿元（人民币，下同），同比增长7.4%。其中，出口36267.9亿元，增长14.2%；进口44555.1亿元，增 长2.5%；服务贸易逆差8287.2亿元，比上年减少3439.5亿元。 中钢协：1月下旬重点统计钢铁企业共生产粗钢212 ...

Core Viewpoint - The CEO of Amundi, the largest asset management company in Europe, indicates a strategic shift away from dollar assets towards investments in Europe and emerging markets [1] Group 1: Investment Strategy - Amundi has significantly diversified its investments over the past 12 to 15 months [1] - The company advises clients to diversify their asset allocations in the coming year [1] Group 2: Economic Outlook - The CEO warns that if current U.S. economic policies remain unchanged, the dollar is expected to continue weakening [1]

来源：环球网 据Financial Times等外媒报道，欧洲最大资产管理公司东方汇理（Amundi）首席执行官Valerie Baudson 近日表态，公司正主动减少对美元资产的投资布局，将资金转向欧洲和新兴市场，同时建议客户在未来 一年内同步降低美元资产配置，并称若美国经济政策保持现状，美元将持续走弱。 Baudson分析了国际投资者应对美元贬值的策略演变，她表示，过去一年投资者最初选择买入黄金对冲 风险，这也是同期金价大幅上涨的重要原因；此后，投资者开始主动分散投资、减少对美国资产的依 赖，以此降低美元敞口，核心原因在于全球范围内对美元资产的配置已处于过度状态。而这一系列操 作，正推动资金持续流入欧洲和新兴市场的固定收益、股票等资产领域。 市场数据印证了这一资金流动趋势，受美元走弱推动，2025年新兴市场股市创下2017年以来最佳年度表 现，且这一强劲涨势在2026年初仍在延续。Baudson同时透露，东方汇理自身的投资组合已在地域、行 业和公司规模层面实现了更高程度的多元化。 Financial Times 东方汇理目前管理着2.4万亿欧元资产，Baudson在当地时间周二的采访中透露，过去12至15 ...

Group 1 - The core viewpoint of the articles emphasizes the proactive role of CITIC Jinzi Huitong Asset Management Co., Ltd. in supporting the delivery of housing and stabilizing people's livelihoods through financial services [1][2] - CITIC Jinzi Huitong has facilitated the delivery of over 3,000 housing units in the past two years, demonstrating its commitment to the political and social responsibilities of financial work [1] - The company adheres to the principle of "people's livelihood first, compliance promotion" in its real estate relief projects, ensuring the protection of homeowners' rights while navigating complex stakeholder interests [1] Group 2 - In a commercial project in Jiangxi, CITIC Jinzi Huitong addressed issues involving over 10 financial institutions and 10 billion yuan in rental returns, coordinating with various stakeholders to implement risk mitigation strategies [2] - The company played a crucial role in stabilizing the employment of approximately 200,000 individuals in the local market, contributing to the broader goals of maintaining economic stability [2] - In the Hongyan Village bridge and tunnel project in Chongqing, CITIC Jinzi Huitong completed a significant infrastructure project that improved local transportation and connected key urban areas, reflecting its focus on community needs [2]

Core Viewpoint - China Orient Asset Management Co., Ltd. (China Orient) is strategically positioned in the Yangtze River Delta, focusing on risk mitigation, asset revitalization, and service upgrades to contribute to high-quality financial development in Shanghai [1] Group 1: Collaborative Ecosystem - China Orient Shanghai Branch emphasizes strategic cooperation through various mechanisms such as party-building initiatives, high-level interactions, and specialized task forces to integrate deeply into the local economic ecosystem [2] - The company actively enhances communication and collaboration with relevant government departments, exchanges, financial institutions, large enterprises, and various market entities to build a robust and interactive ecological collaboration mechanism [2] Group 2: Core Business Development - China Orient Shanghai Branch is committed to deepening its core business in financial non-performing assets, achieving significant market performance with over 1.8 billion yuan in acquisitions projected by 2025, maintaining a leading market share [3] - The company employs diverse methods such as asset restructuring, debt restructuring, and market-oriented debt-to-equity swaps to enhance asset value, achieving nearly 50 billion yuan in cash recovery over five years [3] - The branch is innovating by integrating equity investment as a key driver for transformation, exploring innovative models around technology finance and green finance [3] Group 3: Supporting State-Owned Enterprise Reform - China Orient Shanghai Branch leverages its expertise in asset revitalization and capital operations to support the reform and transformation of state-owned enterprises [4] - The company has provided nearly 3 billion yuan in financial relief to listed companies through various instruments, focusing on advanced industries such as integrated circuits, biomedicine, and artificial intelligence [4] - The branch aims to continue contributing to the development of Shanghai's modern industrial system and enhancing its international financial center capabilities [4]