达利欧表示："我现在的配置混合了对新技术的投资以及对黄金的持有。" 新年伊始，美国总统特朗普"反复变卦"，搅动资本市场。 23日，特朗普表态如果欧洲国家因他对格陵兰岛的关税威胁而出售美国资产，美国将采取"大规模报 复"，叠加其他地缘因素，现货黄金强势站上4900美元/盎司，本月涨幅已达13%，累计涨了近600美 元。 欧洲思索出售美国资产并非空穴来风。据报道，有私人银行家和顾问透露，在特朗普就格陵兰岛发表声 明以及委内瑞拉和伊朗近期发生地缘政治动荡之后，一些欧洲富裕精英开始评估投资组合中对美国的风 险敞口，考虑将部分资金撤出美国资产，以扩大投资的地域多元化，或者降低对美元的依赖。 "许多客户感到非常不安，这是可以理解的。"总部位于美国和瑞士的国际家族财富管理公司Creative Planning国际财富管理总监昆齐（David Kuenzi）表示，"欧洲客户尤其如此，他们担心自己可能成为 （特朗普）总统下一个大规模报复的目标群体。" 长久以来，大西洋两岸的投资一直很通畅。譬如Zara创始人、西班牙人奥特加 (Amancio Ortega)在西雅 图拥有多处房产，其中包括亚马逊公司的办公楼。他还拥有曼哈顿历史悠 ...

特朗普在达沃斯世界经济论坛期间举行的私人招待会上，让100多位全球顶级企业高管站立等候超过一 小时。 1月22日，据华尔街日报消息，这场原定当地时间周三（1月21日）下午5点开始的活动直到6点半后才迎 来主角，现场没有提供座椅，包括英伟达CEO黄仁勋、苹果CEO库克和贝莱德CEO芬克在内的商界领 袖只能在高桌旁站立等待。 报道指出，由于行程紧张且当晚还有其他重要晚宴，部分高管对延迟表示不满。摩根大通CEO戴蒙因 需出席自家公司在基尔希纳博物馆的活动，在特朗普抵达前就已离场。美国银行CEO莫伊尼汉（Brian Moynihan）则未出席此次招待会。 特朗普在约15分钟的讲话中涉及美国经济、委内瑞拉政权更迭等多个议题，并点名表扬了包括库克在内 的多位高管。他还称"有时你需要一个独裁者"，随后补充说自己的治理风格是"常识"。白宫发言人回应 称，特朗普的批评者会毫无根据地称他为独裁者，但总统所做的一切都基于常识和国家利益。 这是自2020年以来首次有在任美国总统出席达沃斯世界经济论坛。据华尔街见闻此前文章提及，特朗普 在当天早些时候发表的公开演讲被视为缓和了与欧洲国家在格陵兰问题上的冲突。他在当天的招待会上 表示对演 ...

Core Viewpoint - The ultimate goal of SpaceX is to make humanity a multi-planetary species to ensure the continuity of consciousness and life [2][5]. Group 1: SpaceX's Mission - SpaceX aims to advance rocket technology to expand human existence and consciousness from Earth to the Moon, Mars, and eventually to other star systems [2][5]. - The company emphasizes the fragility of consciousness and life, noting that, as far as is known, no other life exists elsewhere in the universe [2][5]. Group 2: Perspective on Life in the Universe - Currently, there are 9,000 satellites in orbit, yet there has never been an encounter requiring avoidance of extraterrestrial spacecraft, leading to the assumption that life and consciousness may be extremely rare [3][6]. - The metaphor of a small candle in darkness represents the fragile nature of consciousness, which could extinguish at any moment, underscoring the importance of making humanity a multi-planetary species to preserve consciousness in the event of disasters on Earth [3][6].

新浪合作大平台期货开户 安全快捷有保障 责任编辑：王永生 金价在稍早升至盘中纪录新高后，因可能出现的获利了结而小幅走低。现货黄金下跌0.1%，报每盎司 4,935.28美元，此前一度触及每盎司4,959.90美元。不过，金价跌幅可能有限，因格陵兰岛问题仍存在不 确定性，尽管美国总统特朗普本周表示，他已"为未来的协议制定了一个框架"。相关细节一直很模糊， 欧洲官员周四似乎只愿意含糊其辞地谈论此事。DHF Capital首席执行官兼资产管理人Bas Kooijman在一 封电子邮件中表示："尽管美欧地缘政治紧张局势略有缓和，但谨慎情绪仍占主导。"他补充说："市场 情绪仍受抑制，令防御性资产的需求保持在较高水平。" 金价在稍早升至盘中纪录新高后，因可能出现的获利了结而小幅走低。现货黄金下跌0.1%，报每盎司 4,935.28美元，此前一度触及每盎司4,959.90美元。不过，金价跌幅可能有限，因格陵兰岛问题仍存在不 确定性，尽管美国总统特朗普本周表示，他已"为未来的协议制定了一个框架"。相关细节一直很模糊， 欧洲官员周四似乎只愿意含糊其辞地谈论此事。DHF Capital首席执行官兼资产管理人Bas Kooijma ...

根据中国银行股份有限公司深圳市分行（下称"中国银行"）与中国信达资产管理股份有限公司深圳市分 公司（下称"中国信达深圳分公司"）于2025年9月22日签署的《不良资产批量转让协议》，中国银行已 将其对《公告清单》（详见附件）所列借款人及其担保人享有的主债权及担保合同项下的全部权利，依 法批量转让给中国信达深圳分公司。中国银行及信达资产特联合公告通知各借款人及担保人以及相关债 务承继人（如有）。 中国信达深圳分公司作为上述债权的受让方，现公告要求《公告清单》中所列借款人及其担保人（包括 相关债务承继人），从公告之日起立即向中国信达深圳分公司履行主债权合同及相关文件约定的还本付 息义务及其他相应义务。本公告未尽事宜，以双方签订的转让合同为准。 特此公告。 中国银行股份有限公司深圳市分行 中国信达资产管理股份有限公司深圳市分公司 2026年1月23日 注：1.《公告清单》仅列示截至转让基准日（转让基准日为2025年8月6日）的债权本金余额，借款人和 担保人（包括相关债务承继人）及义务主体应支付的利息、罚息、复利、违约金及其它应付款，按借款 合同、担保合同及中国人民银行的有关规定或生效法律文书确定的为准。已经进入诉讼 ...

先锋领航表示："先锋旗下的LifeStrategy基金于2011年推出，旨在鼓励多元化投资。"该公司称，随着英 国投资者对全球多元化投资的接受度提高，英国平均的"本土偏好"已逐渐降低。 此举正值英国政府寻求向基金管理人施压，要求其增加对英国资产的配置，以期振兴该国疲软的金融市 场。部分英国养老基金经理已同意通过《公馆大厦协定》(Mansion House Accord)，将其至少5%的资产 投资于国内私募市场，这是政府试图将数百亿英镑资金引入基础设施项目和小型企业计划的一部分。 但一些公司抵制引入自愿性最低英国资产配置比例的措施，认为此类举措会妨碍其降低风险。他们主 张，基金管理人和财务顾问在法律上有义务确保其行为纯粹是出于客户的最佳财务利益。 先锋领航在周四的声明中表示："对'本土偏好'的调整，将平衡英国投资者持续投资本土市场的意愿与 全球多元化投资组合带来的收益。先锋领航仍致力于英国市场，并对其未来持乐观态度。" 全球最大资产管理公司之一先锋领航集团对其英国主要基金系列进行重大调整，计划降低对英国本土股 票和债券的配置。这一举措与英国工党政府引导资金投资国内市场的目标背道而驰。 根据周四发布的声明，先锋领 ...

Core Insights - The discussion highlighted the alarming similarities between the current economic climate and the prelude to the Great Depression of 1929, driven by technological exuberance, rising sovereign debt, and geopolitical fragmentation [2][3][8] Debt Crisis - Ken Griffin criticized reckless government spending, particularly in the U.S., as the primary threat to the market, stating that nearly all governments are overspending [4][9] - The U.S. national debt has reached $38 trillion, raising concerns about the sustainability of such spending without significant productivity gains from AI [9] Tariff Costs - Lagarde noted that tariffs between the U.S. and Europe have surged from an average of 2% to over 12%, with potential increases to 15% [5][12] - Griffin warned that tariffs act as a regressive tax on consumers and could foster crony capitalism, stifling the vitality of small and medium enterprises [5][13] Central Bank Independence - Lagarde emphasized the importance of central bank independence, arguing that fiscal consolidation should not rely on central banks as a safety net [6][15] - The current political climate necessitates maintaining the "knave-proof" nature of central banks to prevent moral hazard [17] AI and Economic Disparity - Larry Fink described the current economic landscape as a "K-shaped" recovery, where large firms leverage AI to gain a competitive edge over smaller companies [10] - The cost of developing cutting-edge AI models has skyrocketed to $1 billion, creating a high barrier to entry that favors large capitalized firms [10] Geopolitical Fragmentation - Lagarde warned that geopolitical tensions and protectionism are undermining the data flow and energy access necessary for AI efficiency, posing a significant threat to its expansion [9][10]

Group 1 - The report indicates that multi-strategy approaches, particularly A-share equity strategies and CTA strategies, are currently favored. Equity assets have returned to a state of fluctuation, with enhanced index strategies showing signs of recovery, and there are still opportunities for allocation in A-share equity strategies. In the context of ongoing trends in precious metals like gold and silver, as well as increased volatility in non-ferrous metals, CTA strategies continue to play a role in enhancing returns and reducing volatility in asset allocation [7][55]. - The performance of bank wealth management products has been positive overall, but there has not been a corresponding expansion in scale. Products in the commodity and derivative categories, as well as equity-related wealth management products, have led the gains. However, aside from a slight net increase in mixed wealth management products, the remaining categories have generally seen a decline in their existing scale [32][55]. Group 2 - In the recent week, the performance of multi-strategy approaches showed that small-cap index enhancement and CTA strategies led the gains, with the median return of public neutral strategies turning positive. Large-cap index enhancement strategies, however, showed weaker returns [10]. - The report highlights that the public neutral strategy products have seen an overall recovery in returns, with the highest, lowest, and median returns for public neutral strategy products being 2.39%, -1.05%, and 0.18% respectively. Private neutral strategy products had returns of 3.38%, -5.26%, and -0.43% respectively [26][27]. - The private CTA strategy remains strong, with the highest, lowest, and median returns for private CTA strategy products being 6.09%, -1.94%, and 0.35% respectively, indicating robust performance in the context of ongoing trends in precious metals and increased volatility in commodities [29][31].

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 上证报中国证券网讯（记者 王彭）进入2026年以来，黄金延续去年强势表现，继续走高。展望2026年 的资产配置，在当前多重不确定因素扰动的背景下，施罗德投资多元资产投资团队建议投资者做多黄金 与原油，同时增配全球价值股。 施罗德投资多元资产团队表示，尽管市场近期出现波动，其对于黄金的积极观点保持不变。在当前政策 不确定性上升、投资者对美债与美元长期地位产生疑虑的背景下，黄金被视为极有效的风险分散工具。 与此同时，该团队对原油价格也转向看好。 总体而言，周期性风险目前尚在可控范围，但结构性隐忧，尤其是人工智能（AI）相关循环交易及市 场集中度问题正逐渐显现。在此环境下，团队建议通过以下方式平衡对整体股市的乐观态度：增配全球 价值股、做多黄金与原油，并相应减配长存续期债券与美元。 施罗德投资多元资产团队表示，在当前宏观经济条件理想、企业盈利持续增长及全球广泛财政刺激的共 同支撑下，该机构对股市整体保持乐观态度。就美国市场而言，财政刺激政策与降息预期为美股提供动 力，加上失业率维持低位，经济衰退风险有限。考虑到部分美股板块估值偏高，团队已将配置进一步 ...

Private Equity Market Review - The private equity market is experiencing significant activity, with traditional asset managers increasingly entering the alternative investment space through acquisitions and joint ventures [4][6]. - Invesco is expanding its private market strategy by partnering with LGT Capital Partners to create diversified alternative asset portfolios for U.S. retail and retirement clients, marking at least the second major collaboration since April [4]. - The acquisition of Golden Goose by HSG, valued at over €2.5 billion, indicates ongoing investor interest in European luxury brands despite industry pressures [4]. Hedge Fund Market Overview - The Bloomberg Hedge Fund Index recorded a preliminary increase of 0.9% last month, with the equity hedge fund index leading at an 18% increase year-to-date [4]. - Qube Research & Technologies Ltd. signed a significant lease for approximately 146,000 square feet in Hong Kong's Central Business District, indicating growth and expansion in the hedge fund sector [4]. - The performance of various hedge fund strategies as of December 31, 2025, shows equity hedge funds leading with a 1.19% return for the month and 18.16% year-to-date [5]. Market Dynamics - The private equity market is seeing a trend where traditional stock and bond managers are making substantial moves into alternative markets, enhancing the penetration of private assets into broader retail and long-term funding groups [4]. - The ongoing regulatory pressures in the South Korean private equity market are drawing attention, highlighting the challenges faced by firms operating in that region [6].