21世纪经济报道记者 黄子潇 深圳报道 作为化解区域金融风险的重要平台，地方AMC备受关注。 为此，招商平安资产正在通过申请检察机关抗诉进行维权。目前公司生产经营一切正常，现金流稳定。本次被列入被执行人与公司收购的不良债权所涉案件 相关，并非经营管理存在问题或信用风险事件。 该负责人进一步解释称，上述执行案件系招商平安资产收购承继而来不良资产案件。在金融不良资产收购处置过程中，运用司法手段进行追偿或维权是常见 现象，公司既可能是案件原告也可能是案件被告，既可能是案件申请执行人，也可能成为案件被执行人。 资料显示，招商平安资产是深圳市首家获批成立的持牌地方资产管理公司（地方AMC），成立于2017年，注册资本30亿元，公司主业为金融不良资产（含 对公与个贷）收购处置业务。 该公司的名称源于其独特的股东结构：招商金控出资51%，平安人寿出资39%，深投控出资8%，中证信用出资2%。 近日，因一宗执行案件，海南省万宁市人民法院将深圳市招商平安资产管理有限责任公司（招商平安资产）列入被执行人名单。企查查显示，该公司已被标 注"被执行人"标签。 1月12日，招商平安资产独家回应21世纪经济报道记者称，上述纳入被执行人名 ...

Group 1: Federal Reserve and Monetary Policy - Goldman Sachs has postponed its expectation for the Federal Reserve's first interest rate cut from March 2026 to June 2026, anticipating rate cuts of 25 basis points in both June and September [1] - The analysis indicates that despite significant progress in inflation, the Fed may act cautiously due to one-time price boosts from tariffs, and the labor market, while stabilizing, still faces risks of further weakness [1] - The possibility of a rate cut in January 2026 has been virtually eliminated due to an unexpected drop in the U.S. unemployment rate, leading to a significant cooling of market expectations for easing [2] Group 2: Employment and Labor Market - Morgan McKinley's report shows a 12% year-on-year increase in job vacancies in the UK financial services sector by 2025, driven by a surge in demand for skills related to artificial intelligence, regulatory compliance, and data reporting [1] - Despite some weakening indicators, overall employment data in the U.S. remains resilient, suggesting that immediate monetary policy intervention is not urgent [2] - Approximately 40% of homes in the U.S. are mortgage-free, with rising home prices attributed more to soaring construction and labor costs than to interest rate factors [3] Group 3: Investment Trends and Market Dynamics - JPMorgan highlights a massive investment surge in AI infrastructure, estimating total investments to reach between $5 trillion and $7 trillion, with the four major U.S. cloud providers expected to invest $480 billion by 2026 [3] - The phenomenon of "locked-in" homeowners with mortgage rates below 4% continues to constrain housing market liquidity, with over half of U.S. homeowners unwilling to sell regardless of interest rates [3]

Core Viewpoint - China Nuclear Engineering Corporation (CNEC) announced that its major shareholder, China Cinda Asset Management Co., Ltd., will reduce its stake by 7.8666 million shares, representing approximately 0.26% of the total shares, from 10.26% to 10.00% [1] Group 1 - The share reduction will occur between January 7 and January 9, 2026, through a centralized bidding process [1] - The reduction aligns with the previously disclosed plan and will not lead to changes in the controlling shareholder or actual controller of the company [1] - The governance structure and ongoing operations of the company will not be significantly impacted by this share reduction [1]

Group 1 - The core viewpoint is that 2025 will not be a victorious year for U.S. stocks, but rather a year of currency credit changes and capital rotation, with the "cost-performance" of U.S. stock assets dropping to a low point [1] - Dalio warns of the "nominal return" trap, indicating that almost all fiat currencies are depreciating against gold, with the U.S. dollar losing 39% of its value against gold. This suggests that apparent asset returns may be misleading when considering the real purchasing power of currency [2] - The shift in capital and wealth is moving from the U.S. to other regions, which may drive further rebalancing and diversification in asset allocation [3] Group 2 - Dalio highlights that the performance of U.S. stocks in 2025 will be driven by two main forces: earnings growth and P/E expansion, with an estimated total return of approximately 18% for the S&P 500, driven by a 12% earnings growth and a 5% increase in P/E [4] - The earnings growth is primarily attributed to the "seven giants" in the S&P 500, which account for one-third of the index's market value and are expected to see a 22% growth in earnings [4] - Dalio emphasizes the need to closely monitor whether the upward trend in profit margins can continue and how much of this can be realized as actual profits, as current market pricing assumes this trend will persist [5] Group 3 - Long-term expected returns for stocks are estimated to be around 4.7%, with current bond returns at approximately 4.9%, indicating a very thin equity risk premium [6] - The narrowing of credit spreads to very low levels may benefit lower-rated credit assets and stocks in the short term, but limits the potential for further narrowing, making it easier for spreads to expand, which would negatively impact these assets [6] - Dalio notes that the current market cannot be considered cheap, and he views the AI boom as being in the early stages of a bubble, which has significantly impacted nearly all assets and narratives [7]

责任编辑：李琳琳 责任编辑：李琳琳 21财经1月12日电，近日深圳市招商平安资产管理有限责任公司被海南省万宁市法院纳入被执行人名 单。对此，招商平安资产独家回应21世纪经济报道记者问询称，上述纳入被执行人名单对应的案件，与 一宗银行金融借款合同纠纷有关，债务人为海南万宁大宗实业合作发展有限公司。相关案件与招商平安 资产自身经营风险无关，该案由于败诉而被纳入被执行人名单。为此，招商平安资产正在通过申请检察 机关抗诉进行维权。（21世纪经济报道记者 黄子潇） 21财经1月12日电，近日深圳市招商平安资产管理有限责任公司被海南省万宁市法院纳入被执行人名 单。对此，招商平安资产独家回应21世纪经济报道记者问询称，上述纳入被执行人名单对应的案件，与 一宗银行金融借款合同纠纷有关，债务人为海南万宁大宗实业合作发展有限公司。相关案件与招商平安 资产自身经营风险无关，该案由于败诉而被纳入被执行人名单。为此，招商平安资产正在通过申请检察 机关抗诉进行维权。（21世纪经济报道记者 黄子潇） ...

Core Viewpoint - Prudential Financial's investment management subsidiary is considering selling its loss-making asset management business in India, which was acquired from Deutsche Bank a decade ago [1][2]. Group 1: Company Actions - PGIM Inc., the investment management arm of Prudential Financial, has engaged Ernst & Young to provide advisory services regarding the potential sale of its Indian asset management subsidiary [1]. - The decision to sell PGIM India Asset Management Pvt Ltd. follows an evaluation of the department's growth prospects by its parent company [2]. Group 2: Financial Overview - PGIM India Asset Management Pvt Ltd. manages approximately ₹266 billion (equivalent to $30 million) in assets [2]. - The subsidiary has seen minimal substantial expansion in recent years [2].

Group 1 - The core value of des Voeux Partners Limited is its inclusion in the highly regulated financial institution category under the Hong Kong Securities and Futures Commission (SFC) [2][3][4] - The SFC license indicates that the company has passed systematic reviews regarding its shareholder and capital structure, executive qualifications, internal compliance, risk control systems, client asset protection, and ongoing regulatory and disclosure capabilities [3][4] Group 2 - Des Voeux Partners Limited is clearly positioned in the financial market, focusing on regulated business types such as securities trading, advising on securities, and asset management [5][6][7] - The company primarily serves professional investors, including institutional investors, high-net-worth individuals, family offices, and professional funds, distinguishing itself from retail brokerage firms [8][9] Group 3 - The company was established in 2016 and operates as a private limited company in Hong Kong, focusing on global stock and multi-market allocation [10][11] - Des Voeux Partners Limited is developing a robust framework for international research, risk control, compliance, and institutional-level client services [12][13][14] Group 4 - The market views des Voeux Partners Limited favorably, especially in the context of increasing volatility and investment challenges, as its regulatory background and research capabilities attract high-net-worth clients [16] - The company's value lies in its ability to operate within the SFC regulatory framework, which enhances trust in the international capital market [16][20] Group 5 - Des Voeux Partners Limited is characterized as an international asset management firm rather than a typical financial company, focusing on compliance, risk management, and long-term strategies [17][19][20]

Core Viewpoint - The investment strategy of Yin Ye Investment, led by Chief Investment Officer Xu Siyang, emphasizes a transition from a "bond expert" to a "multi-strategy allocation expert" in response to the evolving asset management landscape and declining risk-free returns [1][2]. Group 1: Investment Philosophy - The fundamental principle of asset management is to manage clients' finances effectively, while the methods to achieve this must continuously evolve [1]. - The company adopts a long-term approach based on deep macro research, embracing diverse strategies, and prioritizing absolute returns [1][2]. Group 2: Macro and Micro Research Integration - Xu Siyang's investment framework integrates macroeconomic analysis with micro-level industry insights, emphasizing the importance of understanding the intricate details within industries to identify market-driving variables [2][3]. - The research system at Yin Ye Investment is structured as a dynamic decision-making loop, where macro insights guide industry research, and micro data validate or adjust macro perspectives [3]. Group 3: "Fixed Income +" Strategy - The "Fixed Income +" strategy is central to the company's transformation, recognizing that a single asset class cannot meet clients' needs for stable returns across cycles [4]. - Xu Siyang prefers a combination of "Fixed Income + Quantitative Index Enhancement" for its dual support in risk management and return stability, while acknowledging the need for dynamic adjustments based on market conditions [4][5]. Group 4: Market Outlook for 2026 - For the bond market in 2026, the core contradiction is expected to shift from declining price expectations to marginal upward pressure, influenced by structural supply issues in long-term bonds [6][7]. - The company emphasizes the importance of micro-level industry research to uncover real economic vitality and market opportunities, focusing on cash flow changes and sector-specific improvements [6][7]. Group 5: Strategic Development and Industry Insights - Yin Ye Investment aims to enhance its alpha capabilities in existing areas while expanding its strategy breadth to become a multi-strategy collaborative platform [7]. - The company adheres to a strict development discipline, prioritizing strategy and talent development over rapid asset management scale expansion [7][8].

Group 1 - The 2026 China Chief Economist Forum Annual Meeting was held in Shanghai, focusing on the theme "Chess in the Middle Game: Building a Strong Nation" and gathered over 50 top economists and industry leaders to analyze global economic changes and explore pathways for high-quality development in China [1][4] - The opening ceremony featured speeches from prominent figures including Zhou Hanmin, Wei Gang, and Lian Ping, who discussed core economic development topics from various perspectives [4] - A roundtable discussion addressed key issues such as investment, consumption, innovation, and international expansion, highlighting the integration of government, industry, academia, and research [5] Group 2 - An important parallel forum titled "Industry-Finance Collaboration Empowering New Energy: Ecological Co-construction for Future" was successfully held, where experts discussed macroeconomic trends and market directions [9] - The forum included discussions on innovative practices in state-owned investment platforms, asset management strategies, and forward-looking insights into the bond market [9] - Participants explored investment logic and development paths in technology sectors such as aerospace, while the "Chief Project Roadshow" showcased quality projects in biotechnology, intelligent technology, big data, and cloud computing [10] Group 3 - The collaboration between Guangzhou Development Holdings and Yuekai Securities aimed to create a high-end dialogue platform to discuss how finance can effectively support industry and build a new ecosystem of collaborative development [11] - This initiative is expected to enhance the industrial cluster effect by attracting high-end projects, capital, and talent to the Guangzhou Development Zone, thereby strengthening the industrial chain collaboration between the Guangdong-Hong Kong-Macao Greater Bay Area and the Yangtze River Delta [11] - The focus on green industries, supported by long-term capital, aims to help overcome key scaling challenges in strategic emerging industries such as carbon neutrality and new energy vehicles [12]

Core Insights - The global economic landscape is becoming increasingly polarized, with the Federal Reserve entering a rate-cutting cycle and a rising trend of de-dollarization, prompting investors to reassess their asset portfolios [1] - Hong Kong is emerging as a strategic hub for global asset management, attracting international investment firms due to its unique institutional advantages and comprehensive financial ecosystem [1][2] - The influx of capital into Hong Kong has accelerated since 2024, with total assets under management increasing by 13% year-on-year and net inflows surging by 81%, reaching a total of 35 trillion HKD by the end of 2024 [1] Group 1: Investment Trends - Hong Kong is becoming a key destination for mainland Chinese capital seeking global allocation, handling approximately 80% of offshore RMB transactions [2] - The "Cross-Border Wealth Management Connect 2.0" initiative has significantly increased the number of accounts for mainland investors in Hong Kong wealth products from 25,000 to 110,000 [2] - The asset management market in Hong Kong is characterized by a diverse investor base, with overseas investors consistently holding over 54% of assets [1][2] Group 2: Institutional Strategies - International asset management giants are establishing Hong Kong as a core point for their Asian strategies, with firms like PIMCO focusing on fixed income and alternative assets [3] - Future Asset is leveraging its expertise in industry sectors such as renewable energy and semiconductors to identify investment opportunities in Hong Kong [4] - Southern Eastern, a major ETF issuer in Hong Kong, has seen significant growth, managing 36 ETFs and achieving a market share of 87% in the Hang Seng Tech Index ETF [5] Group 3: Market Dynamics - The competitive landscape between domestic and international institutions is becoming more pronounced, with domestic firms capitalizing on their understanding of mainland needs and international firms leveraging their global research capabilities [2][6] - Fidelity International is focusing on active management strategies, emphasizing the potential for growth in the Hong Kong market [6] - Invesco is utilizing Hong Kong's offshore RMB status to create a cross-border investment platform, aligning with global asset allocation trends [7] Group 4: Long-term Outlook - International investors view Chinese assets as a long-term value proposition, particularly given their low correlation with U.S. equities [8][9] - The Hong Kong IPO market is expected to remain robust, driven by the fundraising needs of Chinese companies and ongoing reforms by the Hong Kong Stock Exchange [10] - The anticipated economic growth in China and the continued appeal of Hong Kong as a hub for foreign investment are expected to sustain momentum in 2026 [11]