格隆汇1月29日｜黑石集团(BX.US)美股盘前涨1.1%，四季度利润和收入超出预期。 ...

格隆汇1月29日｜黑石集团(BX.US)：四季度末总资产规模为1.275万亿美元，市场预期为1.273万亿美 元；营收43.6亿美元，预期为37.2亿美元；可分配收益为每股1.75美元，每股收益为1.30美元。四季度资 金流入714.8亿美元，为三年多来最高水平。 ...

Group 1 - The core viewpoint of the article highlights the strong performance of index-enhanced asset management products in 2025, with Tianfeng Asset Management's investment manager Li Yunhao achieving impressive results [1] - Li Yunhao has developed a core investment methodology over nearly ten years, emphasizing the importance of understanding the source of returns, positioning as a "night watchman" for clients, adopting Bayesian thinking for dynamic strategy optimization, and utilizing diverse financial instruments to enhance returns while securing investments [1] - Technology is identified as a key driver for improving the execution efficiency of strategies, with Tianfeng Asset Management independently developing a quantitative trading system that significantly enhances trading efficiency and reduces costs [1] Group 2 - Li Yunhao views quantitative investment as playing a deeper role as a "resource allocator," correcting market mispricing and facilitating more effective price discovery, thereby directing financial resources towards strategic emerging industries [2] - Tianfeng Asset Management expresses its commitment to client-focused wealth management and respect for the market, aiming to empower the entire asset management chain through technological innovation [3]

Core Viewpoint - The article emphasizes the importance of risk control and value assessment in quantitative investment, highlighting that a good client experience is essential for long-term, stable investment returns [1][2]. Group 1: Risk Identification - Different investment methods and academic perspectives define risk differently, with volatility often being a key measure in academia, while permanent loss of principal is a concern for value investors [5]. - The team focuses on understanding the return characteristics of strategies to identify corresponding risk indicators that are trackable and comparable [5]. Group 2: Risk Control Value Assessment - Risk control is viewed as a dimension for evaluating the value of managers, rather than merely reacting to drawdowns after they occur [7]. - The assessment of risk control is not a one-size-fits-all approach; it varies based on the specific strategy being evaluated [7]. Group 3: Cross-Validation of Value and Portfolio Adjustment - Value investment is not a static process; adjustments are made based on ongoing evaluations of the value dimensions of quantitative products [9]. - Regular communication with managers and the use of multiple data sources for cross-validation are essential for maintaining an accurate assessment of value [9].

智通财经APP获悉，香港联交所最新数据显示，1月27日，仁桥(北京)资产管理有限公司增持红星美凯龙 (01528)191.84万股，每股作价1.27港元，总金额约为243.64万港元。增持后最新持股数目为5233.5万 股，最新持股比例为7.06%。 ...

经济观察网据央视新闻客户端消息，美国财政部长斯科特.贝森特对"强势美元政策"的确认未能逆转美 元跌势。美元反弹戛然而止，29日再度下挫。 美元指数29日一度下跌至96.03，跌幅约0.3%。据披露，美元重拾跌势，原因是"货币贬值交易"卷土重 来，其影响超过贝森特先前发表的稳定美元汇率言论。"货币贬值交易"是指投资者担心美元购买力将长 期下降而转向其他替代资产。 贝森特28日说："美国始终奉行强势美元政策。"此前一天，美国总统特朗普暗示自己对美元贬值持开放 态度，认为这对美国企业有利，从而引发一轮美元抛售潮。 双线资本首席执行官杰弗里.冈拉克说，一段时间以来，投资者更倾向于选择黄金这类有形的避险资 产，而美元未表现出避险货币的特性。 对比美元汇率下挫，国际现货黄金价格29日一度上涨至每盎司5598.75美元，再创历史新高。 随着"抛售美国"现象再次上演，23日，有消息称，美国资产管理巨头贝莱德公司近期加入做空美债的队 伍。贝莱德高级投资经理汤姆.贝克尔说，市场低估了美国和英国通胀将持续存在的风险，他一直在抛 售这两个国家的政府债券。 贝克尔与他人共同管理约41亿美元规模的"贝莱德战术机遇基金"。自去年年底以来， ...

贝森特28日说："美国始终奉行强势美元政策。"此前一天，美国总统特朗普暗示自己对美元贬值持开放 态度，认为这对美国企业有利，从而引发一轮美元抛售潮。 双线资本首席执行官杰弗里·冈拉克接受美国消费者新闻与商业频道采访时说，一段时间以来，投资者 更倾向于选择黄金这类有形的避险资产，而美元未表现出避险货币的特性。 美元持续下跌 "抛售美国"现象重演 卜晓明 美国财政部长斯科特·贝森特对"强势美元政策"的确认未能逆转美元跌势。美元反弹戛然而止，29日再 度下挫。 美元指数29日一度下跌至96.03，跌幅约0.3%。美国彭博新闻社当天报道，美元重拾跌势，原因是"货币 贬值交易"卷土重来，其影响超过贝森特先前发表的稳定美元汇率言论。"货币贬值交易"是指投资者担 心美元购买力将长期下降而转向其他替代资产。 随着"抛售美国"现象再次上演，彭博社23日爆料，美国资产管理巨头贝莱德公司近期加入做空美债的队 伍。贝莱德高级投资经理汤姆·贝克尔说，市场低估了美国和英国通胀将持续存在的风险，他一直在抛 售这两个国家的政府债券。 贝克尔与他人共同管理约41亿美元规模的"贝莱德战术机遇基金"。自去年年底以来，他一直在增加长端 美债和英债的 ...

全球最大主动固定收益管理机构之一PIMCO（品浩）近日发出警告，不仅外国投资者长期享受的"美债 收益+美元对冲"的"免费午餐"时代已经结束，全球央行与机构投资者也正重新评估对美元资产的过度集 中。PIMCO建议投资者在新的周期坐标系下，将现金头寸转向高质量债券，并关注价值股与大宗商品 的配置机会。 据彭博报道，PIMCO在领英发文中指出，数十年来，外国投资者一方面享受美国国债的诱人收益率， 另一方面利用美元作为天然的股票对冲工具，但随着美元持续贬值，这一策略已不再奏效。对冲美国固 定收益资产现在往往会锁定负收益率，这使得美国以外的本土债券市场对海外投资者而言更具吸引力。 PIMCO强调，这一转变具有"深远的影响"。各国央行和机构投资者正在重新评估其投资组合中的美元 集中度，寻找在不损害审慎风险管理前提下的替代方案。目前的美国经常账户数据显示，尽管股票资金 流入依然强劲，但在固定收益领域的配置已变得日益挑剔。 告别"免费午餐"与美元集中度重估 在展望2026年市场时，PIMCO进一步指出，随着利率下滑，持有过多现金的投资者将面临再投资风 险。该机构建议利用全球债券市场与股票的传统负相关性，将现金转向高质量债券以 ...

Core Viewpoint - The article emphasizes the investment philosophy of Wang Haobing, a fund manager at Caitong Asset Management, focusing on risk-adjusted returns rather than just absolute returns. His investment framework is built around the concept of "risk-reward ratio" and aims for stable performance across various market conditions [2][3][14]. Investment Philosophy - Wang Haobing's investment style is characterized by three keywords: all-market, all-weather, and core holding. He aims to provide a stable holding experience for investors by focusing on risk-adjusted returns [2][3]. - The investment strategy prioritizes stock selection and risk management, emphasizing the importance of reasonable pricing and fundamental analysis over superficial valuation metrics like PE and PB [3][16]. Risk Management - Wang believes that risk cannot be avoided but must be actively managed. His approach involves identifying and managing risk exposures through a combination of top-down and bottom-up strategies [13][15]. - The focus is on achieving a balance between winning probabilities and potential payouts, with an emphasis on accumulating small gains over time rather than relying on a few high-stakes bets [10][11]. Portfolio Management - The portfolio is managed dynamically, with a focus on maintaining a diversified exposure to various sectors and avoiding concentration in any single risk factor. This approach helps mitigate the impact of market volatility [17][20]. - Wang's strategy includes making incremental adjustments to the portfolio based on changes in risk-reward profiles and macroeconomic conditions, rather than making drastic shifts [19][21]. Market Outlook - The current market environment is viewed as stabilizing, with opportunities in sectors that are closely tied to economic cycles, technology growth, and independent alpha opportunities. Specific areas of interest include semiconductors, optical fibers, and gas turbines [21][22].

"以投资体系建设、三方业务拓展和布局结构突破为抓手，努力打造具有较强国际竞争力、中国特色世 界一流的综合资产管理平台。"国寿资产总裁于泳近日接受中国证券报记者专访时，勾勒了该公司对未 来的期许和努力的方向。 随着中国资管行业在国际舞台影响力不断增强，国寿资产作为国内资管行业头雁，将肩负使命与担当， 进一步发掘与开拓全新的增长动力引擎，积极探索低利率时代的资产配置新方案，在我国金融市场双向 开放过程中发挥主力军作用。 圈定拉动未来增长的核心 在国际机构IPE"2025全球资管500强"榜单中，国寿资产跻身全球前30名，蝉联中国资管机构首位，这表 明中国资管行业在国际舞台影响力不断增强。 于泳表示，作为国内头部资管机构，国寿资产的未来增长点，将主要落在投资体系建设和三方业务拓展 等方面。 "在投资体系建设方面，公司将以投资管理模式升级为核心，在助力经济新旧动能转换中持续提升投资 能力。"于泳说，面向服务中国式现代化的总体布局，聚焦"五篇大文章"和新质生产力主线，创新优化 投资布局、完善"长钱长投"机制，充分发挥长期耐心资本优势；针对久期与利率风险上升的行业趋势， 稳步推进资产配置转型升级，深化资负双向联动，提升多 ...