Core Insights - The recent volatility in gold prices, with a peak of 1004 CNY per gram followed by a drop to 894 CNY, highlights the risks of chasing market trends and the emotional toll on investors [1][3][10] - Many investors tend to invest all their capital in a single asset, leading to significant losses during downturns, as seen in the recent gold price fluctuations [3][5] - The importance of asset allocation is emphasized, suggesting that diversifying investments across different asset classes can mitigate risks and reduce emotional stress during market volatility [5][9] Investment Behavior - Investors often react to market news and peer performance, leading to impulsive buying at high prices and subsequent panic selling at lows [3][10] - The tendency to invest all funds in one asset class can amplify losses, as demonstrated by the 11% maximum loss on a 10,000 CNY investment in gold during the recent downturn [5][7] Asset Allocation Strategy - A recommended strategy is to allocate only a portion of total capital to gold (e.g., 10%), while diversifying the remainder into bonds and stocks to stabilize overall portfolio performance [5][9] - Historical data suggests that a balanced portfolio with 12% in stocks and 88% in bonds can effectively manage risk and reduce anxiety during market fluctuations [7][9] Long-term Perspective - Long-term asset allocation strategies are likely to yield better returns compared to short-term trading strategies, which can lead to inconsistent performance [7][10] - The psychological benefits of a stable investment portfolio, which allows for less daily monitoring and anxiety, are highlighted as a significant advantage of proper asset allocation [9][10]

近年来，随着中国资本市场对外开放的稳步推进，越来越多外资机构加码布局中国股市。立足当下，外资如何理解中国市场，又将怎样把握中国机遇？带着一系 列问题，券商中国记者日前对毕盛资产创始人、董事长兼首席策略官王国辉进行了专访。 毕盛资产（APS Asset Management Pte Ltd,简称"APS"）是一家新加坡资管机构，专注全球股票投资，公司成立已满30年。作为毕盛的掌门人，王国辉更是一名行业 老法师，他拥有44年投资经验，曾任花旗信托日本公司首席投资官、花旗银行香港分行高级基金经理及GIC（新加坡政府投资公司）高级投资官。 对于投资中国，王国辉和他带领的团队有着坚定信念和长期实践，这背后是毕盛"基于信念投资"的核心哲学。2020年，毕盛果断关闭泛亚与日本地区产品，逆势All in中国，极少外资管理人能有如此笃定的立场。在王国辉看来，中国资本市场虽然仍处发展初期，但长期向好趋势明确。而中国资产在全球投资组合中，迟早会占 据至关重要的位置。 毕盛资产创始人、董事长兼首席策略官 王国辉 形象地说，我们的研究流程会依次戴上四顶"专业帽子"：首顶是"福尔摩斯帽"，聚焦法务、会计等维度的尽职调查；第二顶是"郭鹤年 ...

Group 1 - The China Securities Regulatory Commission (CSRC) emphasizes the continuous expansion of the capital market's openness, aiming to create a favorable investment environment for international investors [1][2] - The recent optimization of the Qualified Foreign Institutional Investor (QFII) system includes measures to enhance transparency, convenience, and efficiency in investment operations, with foreign investors currently holding over 3.5 trillion yuan in A-shares [2][3] - The Shanghai Stock Exchange (SSE) has deepened its cross-border investment mechanisms, with the cumulative trading volume of the Shanghai-Hong Kong Stock Connect reaching 103 trillion yuan during the 14th Five-Year Plan period, a 288% increase compared to the previous period [2][3] Group 2 - The SSE is actively enriching cross-border investment products, with the scale of cross-border index products exceeding 320 billion yuan, enhancing its international influence [3] - Shanghai is home to nearly 1,800 licensed financial institutions, with foreign financial institutions accounting for nearly one-third, indicating a robust international financial hub [3] - The Chinese A-share market has shown structural optimization, with over 80% of listed companies achieving profitability and cash dividends reaching a record high of 2.1 trillion yuan [4][5] Group 3 - International investors are increasingly optimistic about the long-term value of Chinese assets, with significant capital inflows from major global asset management firms and sovereign wealth funds [4][5] - The Chinese economy is viewed as a critical contributor to global GDP, with a strong resilience that attracts international interest in long-term asset allocation [5] - The perception of China's technological innovation is shifting, with global investors recognizing China's capability for genuine technological advancements, leading to increased capital inflows into technology indices [5]

Core Viewpoint - The asset management industry must adapt to the low interest rate environment by enhancing management and research capabilities to support economic development and wealth preservation for residents [1] Group 1: Asset Allocation Strategies - Individuals should shift their mindset towards realistic return expectations and adopt a layered asset allocation approach, focusing on long-term investment in quality assets to smooth short-term volatility [2][3] - A key strategy is to match investment tools with the purpose of funds and risk tolerance, ensuring a portion of funds is allocated to safe, liquid assets for emergencies, while also investing in stable and elastic return assets [2][3] Group 2: Insurance Asset Management - Insurance asset management institutions should leverage their understanding of liability characteristics to enhance asset allocation strategies, focusing on long-term market trends and risk management [3][4] - Solid fixed-income assets remain crucial as they provide stable returns and align with the liabilities of insurance funds, while also allowing for the optimization of risk-adjusted returns [3][4] Group 3: Equity and Alternative Investments - Equity assets are essential for long-term returns, with a focus on high-quality stocks that offer stable cash flows and dividends, while also exploring new economic growth areas [4][5] - Alternative investments are viewed as important sources for enhancing returns, with a shift towards traditional non-standard high-yield assets and a focus on green investments and advanced manufacturing [5] Group 4: Technological Advancements in Research - The application of AI and large models significantly improves research efficiency in asset management, enabling better risk identification and decision-making support for investment managers [6] - As technology evolves, financial institutions are expected to increasingly rely on AI and quantitative tools, necessitating compliance with regulations and enhanced data security measures [6]

盛康俱乐部成立于2014年，总部位于香港，是由来自世界各地的资深投资人，管理咨询师和互联网企业精英的群体组织，主要涉及健康科技、信托、基金、 资产管理、区块链、绿色新能源投资等多个领域，盛康专注于为广大投资者打造别具一格、力求完美的金融服务。我们志在成为这一行业的佼佼者，凭借卓 越的价值、持续的创新以及广泛而深远的影响力，推动整个行业不断向前发展。借助细致入微的项目对接和全方位的投资指导，我们协助投资者确保资产的 持续稳定增长。 使命 盛康俱乐部的使命是我们行动的指南针，贯穿于每一次决策与实践之中，旨在为会员和社会创造持久的价值。我们致力于通过创新、专业和责任感，引领金 融服务与健康促进领域的先锋之路。以下是我们使命的具体体现，涵盖六个核心支柱，每一个都反映了我们对卓越的追求和对社会的承诺： 锐意革新，追求卓越 盛康俱乐部始终站在行业前沿，通过持续的创新推动金融与健康领域的进步。我们不仅关注市场趋势，还积极探索新兴技术，如人工智能、区块链和健康科 技，以提升服务效率和投资回报。例如，俱乐部开发的智能投资分析工具，利用大数据和机器学习技术，为会员提供精准的市场预测和个性化的投资建议。 此外，我们与全球顶尖健康科 ...

Core Viewpoint - The U.S. stock market experienced a brief rebound due to the end of the government shutdown, but quickly fell back as traders questioned the Federal Reserve's justification for short-term interest rate cuts, putting pressure on risk assets [1] Market Performance - The recent sell-off in the market is synchronized with other risk assets, but cryptocurrencies have seen a larger decline due to higher volatility [1] - The "market depth" indicator, which measures the ability to handle large trades, has dropped approximately 30% from this year's peak, indicating a sharp decline in liquidity [1] Cryptocurrency Sensitivity - The cryptocurrency market's sensitivity to macro risks remains high, particularly as institutional investment has not yet significantly expanded beyond Bitcoin and Ethereum [1]

本周早些时候，由于美国政府历史上持续时间最长的停摆正式结束带来的看涨宽慰情绪强劲推动，美股 短暂反弹，但很快又陷入回落，由于美股科技股和比特币往往在风险偏好下行之际呈现出类似轨迹，比 特币等加密货币也集体下跌且跌幅远大于纳斯达克100指数。 （原标题：?接盘侠越来越少 比特币坠入熊市! ETF撤资近9亿美元 创有史以来第二大流出规模） 智通财经APP获悉，随着近期以来的这一波席卷全球金融市场的风险厌恶情绪加速蔓延，估值高企的美 股科技股、比特币等风险资产似乎陷入螺旋式下跌境地，投资者们从投资于比特币的ETF基金中大举撤 走近9亿美元资金，比特币进一步跌破10万美元关口，且跌幅似乎呈现出持续加深态势。 这些在美股上市交易的比特币ETF自今年以来可谓是全球股票市场的最热门投资板块之一，因此在币圈 资深投资者们看来，这轮比特币下跌趋势中最核心的点，其实不是做空势力有多强，而是 "盲从型投机 者"已经基本没了踪影——即"接盘比特币"的短线投机者们越来越少了(也被描述为"顶部需求塌陷")。当 比特币这一全球最大市值加密货币市场上没有足够多的"接盘者们"，跌破10万美元重要关口之后，跌幅 自然越来深。 比特币这一最大市值 ...

智通财经APP获悉，随着近期以来的这一波席卷全球金融市场的风险厌恶情绪加速蔓延，估值高企的美股科技股、比特 币等风险资产似乎陷入螺旋式下跌境地，投资者们从投资于比特币的ETF基金中大举撤走近9亿美元资金，比特币进一 步跌破10万美元关口，且跌幅似乎呈现出持续加深态势。 本周早些时候，由于美国政府历史上持续时间最长的停摆正式结束带来的看涨宽慰情绪强劲推动，美股短暂反弹，但很 快又陷入回落，由于美股科技股和比特币往往在风险偏好下行之际呈现出类似轨迹，比特币等加密货币也集体下跌且跌 幅远大于纳斯达克100指数。 随着关键经济数据的发布被大幅推迟，交易员们开始质疑美联储是否有足够动力的降息理由——市场的这种"再评估进 程"正给市场中风险更高的高估值科技股板块以及加密货币这类极度敏感的风险资产带来新的压力。此外，市场还担忧 随着美国政府结束停摆，包括CPI与非农在内的各项经济数据将密集公布，如果多项数据不如市场所预期的那样积极， 也可能使得这一轮包括加密货币在内的风险资产抛售愈发升级。 "当前的比特币等加密货币抛售与其他风险资产完全同步，但由于加密货币固有的波动性往往更高，包括比特币在内的 加密货币资产的跌幅更大。"来 ...

⑥ 【特斯拉跌近3%，跌破400美元】特斯拉盘前跌近3%，跌破400美元，目前是2025年"美股科技七巨 头"中唯一股价处于负收益的股票。 ⑦ 【12月降息概率跌破50%，美联储官员齐"泼冷水"】当地时间11月13日，据媒体报道，短期利率期货 显示，美联储联邦公开市场委员会（FOMC）12月10日降息的可能性已降至47%，而本周早些时候这一 概率为 67%。仅周四一天，就有至少四位美联储官员就政策前景发表了讲话，包括旧金山联储主席玛 丽·戴利、克利夫兰联储主席贝丝·哈马克、明尼阿波利斯联储主席尼尔·卡什卡利、圣路易斯联储主席穆 萨勒姆，他们均对12月进一步降息表现出犹豫的态度。 ① 【三大期指普跌】截至发稿，道指期货跌0.14%、标普500指数期货跌0.26%、纳指期货跌0.52%。 ⑧ 【德银下调Circle目标价至90美元】德意志银行将"稳定币第一股"Circle的目标价从147美元下调至90 美元，维持"持有"评级。 ② 【中概股盘前普跌】中概股盘前普跌。截至发稿，阿里巴巴跌0.71%，拼多多跌1.69%，京东跌 2.05%，小鹏汽车跌3.94%。 ③ 【CoreWeave跌超2%，被点名为"AI泡沫的 ...

Core Insights - Blue Pool Capital, supported by Alibaba's co-founder Joe Tsai, has launched its first external fundraising private equity fund with a target size of $750 million [1][2][5] Fundraising Details - The fund, named Riverside, aims to invest in mid-sized companies valued between $100 million and $1 billion, focusing on three main sectors: high-end retail and lifestyle brands, fintech and digital banking solutions, and technology fields such as AI and SaaS [2][3] - Target Limited Partners (LPs) for Riverside include family offices, sovereign wealth funds, and pension funds, with the first round of fundraising expected to be completed by early 2026 [3] Strategic Shift - This fundraising marks a significant strategic shift for Blue Pool, transitioning from managing internal capital to establishing an "external capital management platform" to seek new growth paths and larger transaction opportunities [5][10] - Blue Pool is also raising an additional $500 million for its Harborside fund, which focuses on hedge funds and private credit funds [5] Market Context - The fundraising occurs as global investors reassess their allocations to the Chinese market, with signs of capital inflow returning in the first half of 2025, exceeding $50 billion [5] - Notable figures, such as EQT's Asia Chairman, have expressed optimism about the Chinese market, indicating a trend towards diversification in investments, particularly benefiting regions like Hong Kong and mainland China [5] Company Background - Blue Pool was established in 2014 by Joe Tsai in Hong Kong, initially managing wealth from Alibaba's IPO [6] - The firm holds a Type 9 license from the Hong Kong Securities and Futures Commission and has over $50 billion in assets under management as of 2022 [6] - Blue Pool has made significant investments in various sectors, including healthcare, technology, and luxury real estate, and has recently increased its focus on the technology sector [6][8] Leadership and Expertise - The transition to external fundraising is led by CEO Oliver Weisberg, who has extensive experience in the capital markets and a strong network in both the U.S. and China [10][12] - Weisberg's background includes significant roles at Goldman Sachs and Citadel, enhancing Blue Pool's competitive edge in the investment landscape [10][12] Investment Focus - Blue Pool has diversified its investments, including luxury hotels, real estate, and blockchain technology, with notable investments in fintech and high-end fashion brands [8][9] - The firm has also made strategic investments in sports, including ownership stakes in the Brooklyn Nets and New York Liberty, reflecting Tsai's passion for sports and its commercial potential [14][16]