Core Viewpoint - Goldman Sachs Asset Management's fixed income head, He, indicated that the possibility of a Federal Reserve interest rate cut in December remains due to the ongoing weakness reflected in the unemployment rate [1] Group 1 - The labor market is showing persistent weakness, as indicated by the unemployment rate [1] - The potential for a December interest rate cut by the Federal Reserve is still on the table [1]

张皓表示，未来资产作为一家韩国资产管理机构，香港是该公司布局的重点地区：一方面，可借助香 港，服务中国国内投资者布局海外资产；另一方面，通过香港为包括韩国在内的海外投资者搭建投资中 国的桥梁，充分发挥互联互通的枢纽作用。 谈及该公司未来在大湾区市场乃至中国内地市场如何布局财富管理业务，张皓表示，该公司认为财富管 理的本质并非单一产品销售，而是从投资者需求出发，实现财富的稳健增值。大湾区作为高水平对外开 放的前沿阵地，财富管理需求旺盛且多元，希望依托香港市场的政策与机制优势，为投资者提供内地市 场难以覆盖的创新策略与跨境资产配置工具。 2025湾区财富大会由21世纪经济报道、深圳金博会运营发展有限公司联合主办，广东粤港澳大湾区研究 院、湾区金融大咖会提供智库支持。 21世纪经济报道记者 庞成 深圳报道 今年以来，香港资本市场吸引力持续提升，IPO热潮不断攀升。在这一轮热潮中，来自世界各地国际资 本的身影愈发活跃，包括未来资产、瑞银、富国基金等全球知名机构，多次出现在港股IPO的基石投资 者名单中，显示出国际资本对香港资本市场的高度认可。 "香港对我们而言具有'超级连接器'的核心地位。"11月20日，2025湾区 ...

受人工智能投资气氛等多项因素的支持，股票市场自9月初起表现强劲。东方汇理资管认为，重要的考 量因素在于：人工智能刺激企业盈利的程度，以及这些行业的合理估值溢价。因此，尽管这类技术具备 提升生产力的长期潜力，但无意支付过高的估值。东方汇理资管的目标仍然是识别在盈利、估值和产品 特色方面取得卓越平衡的企业。东方汇理资管在欧洲、英国、日本和新兴市场，以及美国价值股中发现 更多此类企业。基于全球贸易不明朗因素，东方汇理资管正在这些地区寻找较受内需影响的公司。 美国经济至今仍然保持强韧，但贸易政策和关税对消费及通胀造成影响，令前景更为复杂。东方汇理资 管表示，随着美国关税的影响逐渐浮现，美国的消费压力可能影响当地经济活动。另一方面，尽管通胀 预期仍然受控，但扩张性财政政策、美联储倾向降息，以及美国关税转化为实体经济通胀，均可能改变 这个情况。因此，收益率曲线将进一步走峭。尽管如此，整体经济尚未陷入衰退。欧洲的通胀似乎并未 带来问题，但内需可能成为隐忧。欧洲的出口压力显而易见，本地需求亦可能略为脆弱。 东方汇理资管称，全球股市在10月份升至历史新高，主要受惠于美国人工智能业的强劲升势、美联储的 降息预期，以及德国财政扩张 ...

据中国东方披露，其已累计投资近180亿元，切实助力新质生产力发展。中信金融资产等机构也围绕重 点领域，以市场化、专业化手段为企业注入金融活水，推动产业链提质增效。 从"救火队"到"治未病"，前瞻平滑周期低谷 AMC的核心能力在于逆周期运营和对企业资产负债表的深刻理解。如今，这一能力正被用于前瞻性地 识别和平滑优质企业的波动，积极"治未病"，助力其渡过阶段性危机. 近年来，光伏行业在经历高速增长与技术迭代的同时，也面临着结构性产能过剩、价格竞争加剧、融资 渠道收窄等挑战。晶澳科技便是经过多轮行业周期洗礼后，在经营、技术、品牌、销售等方面全方位领 先的光伏行业龙头企业。 "十五五"规划建议明确提出，要"加快高水平科技自立自强，引领发展新质生产力"，将科技创新摆在国 家发展全局的重要位置。 随着经济结构转型不断深化，战略性新兴产业在迎来发展机遇的同时，也必然要经历成长阵痛与周期波 动。当前，以逆周期运营和风险化解为核心能力的资产管理公司（AMC）正以纾困为核心抓手，通过 多元金融工具盘活存量资产、化解行业风险，成为稳定经济大盘、支持产业升级的重要力量。 不仅限于对单家公司、单个项目的纾困盘活，当前，AMC还通过组建 ...

Core Insights - The current bond investment environment is characterized by complexity, presenting both opportunities and challenges. The inclusion of convertible bonds in investment portfolios can yield significant returns, while traditional long-duration asset strategies may underperform [1] - The performance of different fixed-income products has varied significantly this year, with convertible bond funds achieving close to 30% returns, contrasting with the underwhelming performance of long-term bond funds [1] - The implementation of asset management regulations and local government debt resolution processes will continue to profoundly impact the fixed-income industry, necessitating more refined investment strategies [4] Group 1: Investment Environment - The Wind convertible bond weighted index has seen a year-to-date increase of 16.83%, while the yield on 30-year government bonds has risen from 1.84% to 2.14%, leading to substantial capital losses for many investors [1] - In a low-interest-rate environment, overall yields for fixed-income products are expected to remain in the 2%-3% range, making it challenging to achieve significant excess returns while effectively managing product drawdowns [2] Group 2: Future Trends - The broadening of "fixed income +" products is seen as an inevitable trend in the fixed-income industry, with various strategies such as convertible bonds, equity ETFs, and commodity strategies still in the early stages of development [4] - Looking ahead to 2026, the likelihood of a significant shift in the low-interest-rate environment is low, and static coupon yields may decrease further as higher-yielding assets mature [5] - The potential for macroeconomic opportunities may focus on commodities, especially if policies aimed at reducing competition and expanding domestic demand are effectively implemented [5]

Core Viewpoint - China Ping An has launched the "Yuxiang Guoyi" and "Family Office" services, marking a significant upgrade in its service offerings and commitment to serving the public's financial needs [1][3]. Group 1: Service Launch - The launch event for the "Yuxiang Guoyi" and "Family Office" services took place in Changsha on November 20 [1]. - This initiative is part of China Ping An's strategy to enhance its service capabilities and fulfill its responsibility towards improving people's lives [1]. Group 2: Strategic Focus - China Ping An is committed to the "financial for the people" principle and is deepening its dual-driven strategy of "comprehensive finance + healthcare and elderly care" [3]. - The company has established a comprehensive financial business system centered around insurance, banking, and asset management, while also developing a healthcare service ecosystem represented by Ping An Health and Peking University International Hospital [3]. Group 3: Target Market and Services - There is a growing public demand for high-quality health management and wealth protection, particularly among high-net-worth clients who seek systematic and professional services in wealth inheritance, tax planning, and family governance [3]. - The "Yuxiang Guoyi" service integrates traditional Chinese medicine wisdom with modern medical technology, focusing on a health management system that combines Chinese and Western medicine [3]. - The "Family Office" service offers comprehensive support for high-net-worth families, covering wealth, health, and family governance to ensure orderly wealth inheritance and sustainable family legacy [3]. Group 4: Future Commitment - As a leader in the comprehensive finance and health service sectors, China Ping An aims to continuously create value for its clients and promote a high-quality lifestyle characterized by health, orderly wealth, and strong family values [3].

Core Viewpoint - Jeffrey Gundlach, CEO of DoubleLine Capital, describes the current U.S. stock market as "frothy" and emphasizes gold as a primary safe haven, elevating it to a "true asset class" [1][3]. Group 1: Market Assessment - Gundlach considers the U.S. stock market to be one of the "most unhealthy" he has seen in his career, citing classic valuation metrics like price-to-earnings and market capitalization ratios as being "off the charts" [3]. - He asserts that the market is undoubtedly in a state of euphoria, comparing the current enthusiasm for artificial intelligence (AI) to the early 20th-century excitement for electricity, which peaked in 1911 and never fully recovered [3]. - Gundlach warns that while transformative technologies like electricity are changing the world, the market tends to price future benefits "very quickly and excessively" [3]. Group 2: Investment Strategy - In light of high valuations in financial assets, Gundlach has shifted focus towards hard assets, particularly gold, which he has been "very, very bullish" on, calling it his "best idea of the year" [3]. - He believes that gold has solidified its position in serious investment portfolios, now regarded as a "true asset class," with demand extending beyond "survivalists" and "crazy speculators" to include "real money" seeking genuine value [3]. - Gundlach notes that gold has been the "best-performing asset" this year and over the past 12 months, suggesting a portfolio allocation of around 15% to gold, down from 25%, as its previous allocation has already played its role [4].

阿什莫尔的库姆斯表示，4月份因关税引发的抛售中出现了一些令人担忧的迹象，表明市场正对全球债 务水平上升感到担忧。 "曾有一段时间，债券收益率曲线的表现不太正常，出现了避险情绪，"他说，"长期端债券没有出现大 量买盘，其反应与所有人的预期并不完全一致。这表明市场更倾向于持有短期资产。" 上周，英国财政大臣雷切尔·里夫斯宣布在即将出台的英国预算中放弃提高所得税基本税率的计划后， 英国国债大幅下跌。本周四，随着市场为日本首相高市早苗将于周五公布的经济刺激计划做准备，日本 国债进一步下跌。 "信心一旦丧失，就会面临真正的麻烦，市场确实会出现冲击，"这位英国亿万富翁表示。 太平洋投资管理公司(PIMCO)董事总经理兼副董事长约翰·斯图津斯基则持不同意见。 "我认为不会再出现莉兹·特拉斯时刻，"他在同一论坛上表示，"如果能提前预判，就不会出现美元冲击 或其他类似动荡。" "而且就莉兹·特拉斯那次的情况而言，我认为三分之一归因于特拉斯本人，另外三分之二要归因于负债 驱动投资(LDI)，"他指的是养老金基金采用的这一投资策略，该策略加剧了当时的市场崩溃。 智通财经APP获悉，资产管理公司阿什莫尔集团(Ashmore Grou ...

Group 1 - The U.S. Labor Department announced that it will not release the October non-farm payroll report, merging it with the November report to be published on December 16 [2] - The agency indicated that the household survey data for October, used to calculate the unemployment rate, cannot be retrospectively collected [2] - Following the announcement, traders expect the Federal Reserve is more likely to pause interest rate cuts in December, leading to a sell-off in the federal funds futures market [2] Group 2 - The current trading price of silver T+D is at 12,088 yuan per kilogram, with a 0.74% increase, and has fluctuated between a high of 12,310 yuan and a low of 11,927 yuan [1] - The daily chart indicates that silver T+D has experienced a decline from high levels, followed by a rebound and is currently showing slight upward movement [1] - Key resistance levels for silver T+D are noted at 12,300-12,500 yuan, while support levels are identified at 11,500-11,900 yuan [2]

Core Viewpoint - The 2025 Global Responsible Investment Conference, hosted by the UN Principles for Responsible Investment (PRI), took place in São Paulo, Brazil, focusing on sustainable economic solutions and the resilience of investment strategies in the face of global challenges [1] Group 1: Conference Overview - The conference gathered approximately 1,300 global leaders from government, business, finance, academia, and civil society to discuss accelerating sustainable economic solutions through business and finance [1] - The event is positioned as a key component of the COP30 Business and Finance Forum under the UN Framework Convention on Climate Change [1] Group 2: Asian Market Focus - One of the main forum topics was "Exploring Risks and Opportunities in High-Growth Asian Markets," emphasizing the development and challenges of sustainability in Asia [2] - The ESG research director of E Fund, Cheng Jie, represented Chinese institutions and discussed the advancements in China's ESG framework, including regulatory improvements and innovative mechanisms [2] - Cheng Jie noted that under the "dual carbon" goals, China's industrial structure and financial system are shifting towards green and low-carbon transformations, with asset management institutions moving from ESG research to practical investment applications [2] Group 3: Emerging Markets Discussion - The sub-forum on "Responsible Investment Practices in Emerging Markets: China and Brazil" was hosted by E Fund's ESG chief researcher, Wei Yixi, featuring discussions with representatives from various organizations [3] - The forum explored the relationship between China and Brazil's industrial chains and proposed suggestions for deepening cooperation in the sustainable field [3] Group 4: Publication Release - E Fund and Itaú Asset Management jointly released the "China-Brazil Responsible Investment White Paper," which systematically reviews the latest developments and practical cases in sustainable information disclosure, classification standards, and product standards between the two countries [5]