Core Viewpoint - The era of easy profits for yield-seeking investors is gradually coming to an end as traditional safe assets are providing diminishing returns, prompting a shift towards riskier investments [1][2]. Group 1: Market Environment - Conservative investors have enjoyed substantial returns in recent years, with short-term U.S. Treasury yields exceeding 5%, marking a departure from the near-zero interest rates of the past decade [1]. - The Federal Reserve is expected to lower interest rates again, which will further reduce yields below post-pandemic highs, creating a challenging environment for yield-focused portfolios [1][2]. - The MSCI global index shows that global stock dividend yields are near their lowest levels since 2002, and investment-grade credit spreads are only slightly above multi-decade lows, indicating limited room for error if economic conditions worsen [1]. Group 2: Investment Strategies - Investors are increasingly relying on timing and independent judgment rather than central bank signals, leading to a preference for short-term bonds [2]. - Institutional investors, such as pension funds and insurance companies, are looking at high-yield bonds, emerging market debt, and securitized investments to enhance returns and diversify risk [2]. - Private credit has attracted significant capital as a diversification tool, with expectations that funds seeking yield will increase their allocation to private markets [2][3]. Group 3: Shifts in Asset Allocation - The pursuit of yield continues, with a notable shift towards high-volatility assets driven by the AI boom and a resurgence in risk appetite [3]. - Catastrophe bonds and insurance-linked securities are gaining institutional demand due to their low correlation with market risks, with new funds like the Victory Pioneer catastrophe bond fund attracting $1.6 billion in assets [3]. - The ability of equities to provide yield is diminishing, as rising stock prices, particularly in tech, are compressing global stock dividend yields, and companies are increasingly favoring stock buybacks over dividends [3][4]. Group 4: Tactical Opportunities - Despite a tightening global yield environment, there are exceptions such as rising expectations for further rate hikes in Australia due to persistent inflation [5]. - Analysts indicate that the declining U.S. Treasury yields and near-historical low credit spreads are pushing investors towards the risk curve for marginal returns [5].

2022年，在溧阳市国有企业改革实施方案指引下，溧阳国投应势而生。 通过重组整合再提升，溧阳国投成为溧阳唯一一家千亿体量的国企。 作为整合而成的大型国企，溧阳国投的资产规模庞大且类型极为多样，涵盖交通类设施设备、水利设 施、文化场馆、老旧厂房、保障性住房、停车场等，时间跨度长且现状复杂。 由于历史原因，资产信息分散在各部门和子公司，形成数据孤岛。而传统的管理模式，无法实现从资产 接收到处置全生命周期的精细化管理。 面对挑战，溧阳国投意识到，唯有数字化转型，才能打破管理瓶颈，实现"资源、资金、资产、资本"四 要素的深度融合。 数据孤岛与低效运营的双重困境 溧阳市苏顺运营管理集团有限公司（后简称"苏顺公司"），作为溧阳国投旗下专业的城市运营服务商， 此前，在资产管理层面遭遇了诸多棘手问题—— 资产信息分散在不同部门与子公司系统中，数据格式不统一、标准不一致，各业务环节数据难以互通， 形成数据孤岛，导致资产整体状况难以全面掌握。 资产盘点依赖人工实地操作。面对海量资产，耗时长达数月，且受人为因素影响，结果是资产盘点的准 确性难以保证。 资产租赁、处置流程缺乏标准化规范，审批环节繁琐、效率较低，易错失市场机遇。 缺乏 ...

Core Viewpoint - The Sina Finance App provides a solution for Chinese investors to track major U.S. institutional holdings through its "U.S. Giant Holdings" feature, offering authoritative data, Chinese visualization, and free access, thus breaking down barriers to information access [1][2][6]. Group 1: Information Accessibility - The app addresses the challenge of understanding SEC's 13F reports, which are lengthy and filled with jargon, by structuring the data and presenting it in an easily digestible format [2][9]. - Users can access data on major institutions like Berkshire Hathaway, Bridgewater, BlackRock, and ARK Invest without any subscription fees, making professional resources more accessible [2][12]. Group 2: Timeliness of Data - The app updates its data within 24 hours of the release of 13F reports, ensuring users receive timely notifications about significant changes in institutional holdings [3][10]. - Users have reported improved investment outcomes by acting on timely information, allowing them to follow institutional trends more closely [3][10]. Group 3: Comprehensive Analysis - The app combines holdings data with market trends and expert analysis, helping users understand not just what institutions are buying, but also the rationale behind those decisions [4][11]. - The inclusion of an AI assistant allows users to quickly extract key insights from reports, making it easier for those who may not be proficient in English to grasp institutional strategies [4][11]. Group 4: Tool Adaptability - The app offers features tailored to different types of investors, such as alerts for significant changes in holdings for short-term traders and historical data for long-term investors [5][12]. - Compared to other platforms, the app maintains neutrality by not requiring users to link trading accounts, thus providing unbiased analysis [5][13]. Group 5: Global Investment Landscape - The app's comprehensive coverage includes not only U.S. institutions but also top asset management firms from Europe and Asia, providing a global perspective on holdings [6][13]. - In the context of global asset allocation, the app emphasizes the importance of information efficiency in investment decisions, enabling Chinese investors to compete effectively in the U.S. market [6][13].

Core Viewpoint - Global bond yields have reached their highest levels since 2009, indicating market concerns that the interest rate cut cycles in developed markets may be nearing an end [1][4]. Group 1: Market Sentiment - A long-term government bond yield index has rebounded to a 16-year high, with market bets reinforcing the sentiment that further rate cuts by central banks are unlikely [1]. - Traders are pricing in that the European Central Bank is almost certain not to cut rates further, while the Bank of Japan is expected to raise rates this month [1][5]. - The market is rapidly evolving, with investors reassessing monetary policy, inflation, and fiscal discipline, leading to a rise in the 30-year U.S. Treasury yield to multi-month highs [1]. Group 2: Economic Implications - Robert Tipp, Chief Investment Strategist at PGIM Fixed Income, noted that multiple developed markets are experiencing "disappointment trades" as investors accept the reality that rate cut cycles may be ending [5]. - The bond market is reflecting increasing consensus that the rate cuts initiated last year to stimulate economic growth are coming to a close, which had previously driven global stock markets to record highs [5]. - Investors are reassessing global growth prospects and the inflation risks stemming from trade tensions, as well as the impact of soaring government debt in countries like Japan, the UK, and Germany [5]. Group 3: U.S. Treasury Focus - Ahead of the Federal Reserve meeting, U.S. Treasuries have become a focal point, with policymakers expected to cut rates for the third consecutive time, yet the 10-year Treasury yield remains near its highest level since September [5]. - Concerns about the U.S. debt burden and the potential successor to Chairman Powell, with Kevin Hassett being a leading candidate, are influencing market dynamics [5]. Group 4: Global Trends - Gordon Shannon from TwentyFour Asset Management highlighted the emergence of the "Hassett trade," characterized by a weaker dollar, steepening yield curves, and a rebound in risk assets, although the market remains cautious about the extent of policy easing [6]. - The bond market signals that borrowing cost pressures are likely to persist, with significant government spending plans in Germany and Japan being digested by investors [6]. - The Reserve Bank of Australia has nearly ruled out the possibility of rate cuts, leading to a rise in Australian bond yields to the highest levels among developed markets [6].

Springs Capital 淡水泉投资 用热爱传遍美好 弘扬宪法精神 筑牢法治根基 2025年宪法宣传周 ngs Capital 淡水泉投资 VA 重要声明：过往业绩不预示未来表现,投资须谨慎。本资料不是宣传推介材料,也 不构成关于任何证券、资管产品、投资服务或其他交易的要约、要约邀请或推荐， 亦非任何法律、财务、税务、投资等方面的专业建议。本资料的接收方不应仅基于 本资料作出任何判断,而应依赖其自身独立分析或征询第三方的专业意见。本资料 的版权归淡水泉所有。未经淡水泉事先书面许可，接收方不得披露、复制、摘编、 引用、改写本资料,亦不得以转载、转发等形式将本资料的全部或者部分提供给任 何未经淡水泉许可的第三方。 PERSONAL r range 111111 r 1 .. . . . . . . ....... T PERCE 11111 TITLE ...

21世纪经济报道记者 黎雨辰 广州报道 时值岁末，市场在风格轮动中悄然进行着自发性"再平衡"，也为来年的投资布局释放出关键信号。面对 全球地缘格局演变、国内宏观政策动向、技术革命催生的产业机遇以及市场的不确定，专业投资者又将 如何把握2026年的投资主线？ 12月6日，在南方财经论坛2025年会、21世纪基金业年会上，相聚资本总经理梁辉发表了题为《不确定 市场的绝对回报思考——2026年投资展望》的主题演讲，从A股、美股、AI产业趋势及资产配置等多个 维度，系统阐述了其核心研判。 梁辉指出，当前全球经济与市场正处在结构性趋势与短期不确定性的交织之中。在此背景下，他预计A 股在2026年有望实现接近10%的回报。其中面对全球AI领域的投资逻辑与潜在风险，他认为应回归"第 一性原理"来把握产业趋势的本质。在投资实践层面，构建多资产多策略的组合体系，则是相聚资本在 市场波动中探索绝对回报的重要思路。 2026年投资展望：A股收益有望在10%左右 具体来看，梁辉将2026年的投资机会归纳为三大方面：一是新兴产业，尤其是作为AI基础设施的半导 体领域；二是出口产业链与稀缺资源板块；三是在"反内卷"政策下行业竞争格局优化 ...

Core Viewpoint - The asset management company has reduced its exposure to U.S. duration due to increased uncertainty surrounding U.S. Treasury securities amid softening data and fiscal constraints [1] Group 1 - The company cites a mixed macroeconomic outlook as a reason for the reduction, highlighting weakened consumer spending and a softening labor market [1] - The company expresses concerns that the market may test the independence of the Federal Reserve, which could lead to policy missteps [1]

年报数据显示，截至2024年末，中投公司总资产达1.57万亿美元、净资产1.37万亿美元。十年对外投资年化净收益率达 6.92%，较上年提升35个基点，超十年业绩目标61个基点。中央汇金受托管理的国有金融资本达6.87万亿元人民币，较 年初增长6.44%。 2024年是中投公司承前启后的关键一年。年报披露，公司已按照治理程序顺利完成了主要管理人员交接。董事长张青 松在致辞中表示，新任领导班子将继续带领广大员工，守正创新履行职责使命，积极稳妥应对形势变化，稳中求进推 动改革发展。 业绩稳健增长穿越周期彰显投资实力 2007年9月，中国投资有限责任公司正式成立。其初始资金来源于财政部发行的1.55万亿元特别国债，用于向中国人民 银行购汇2000亿美元作为注册资本。中投公司的主要使命是实现国家外汇资金的多元化投资，因而也被认定为中国的 主权财富基金。 12月9日，中国投资有限责任公司（下称"中投公司"） 正式发布经董事会批准的《2024年度年报》，全面披露了公司 截至 2024 年底的财务状况、经营业绩、境外投资布局及境内股权管理等核心信息。 中投公司年报披露，截至2024年12月31日，公司总资产达1.57万亿美 ...

Core Viewpoint - The article discusses the evolution of the asset management industry in China, highlighting the differentiation between public and private funds, and how Huaxia Capital has carved out a unique niche by focusing on absolute returns through innovative derivative strategies [1][15]. Group 1: Market Context - The Chinese asset management industry is experiencing a shift towards high-quality development, with a clear distinction in the U.S. market between public funds offering standardized market beta and hedge funds focusing on absolute returns [1]. - Domestic public products are becoming increasingly beta-oriented, while many private funds remain focused on long positions in stocks, leading to intense competition and a lack of differentiation [1]. Group 2: Huaxia Capital's Strategy - Huaxia Capital has successfully developed a differentiated approach by leveraging a deep understanding of derivative tools, offering a multi-asset solution centered around three strategies: "strategy assurance," "stable income," and "aggressive appreciation" [1]. - Since entering the derivatives market in 2020, Huaxia Capital has issued products totaling over 100 billion yuan, establishing itself as a significant player in areas like "snowball" and "alternative fixed income+" [1]. Group 3: Snowball Strategy - The "Snowball" strategy converts market volatility into sustainable returns, relying on a sophisticated structure that generates income as long as the index does not fall below a predetermined "safety cushion" [2][3]. - As of November 30, 2025, Huaxia Capital has issued over 500 Snowball products, achieving a success rate of over 99% and an average return of 14% per product, generating a total of 2.45 billion yuan in profits for investors [3]. Group 4: Core Competencies - Huaxia Capital prioritizes the interests of its investors, proactively adjusting product structures to mitigate risks, especially during market fluctuations [4]. - The company has innovated a "joint distribution" model, allowing multiple brokers to sell the same product, significantly increasing fundraising efficiency [4]. - A refined online inquiry system has been established to enhance trading efficiency, allowing for better pricing and stronger relationships with trading partners [5]. Group 5: Product Lines - Huaxia Capital is expanding into on-exchange derivatives, focusing on two main product lines: income-generating strategies and tool-based strategies, with covered call strategies being a key offering [6]. - The company provides various tools to match different market views, including asymmetric index increases and protective strategies like the "Star and Satellite" strategy [7]. Group 6: Alternative Fixed Income+ - In response to challenges in traditional fixed income, Huaxia Capital has introduced an "alternative fixed income+" model that clarifies income structures and risk characteristics through the use of options [9]. - The alternative fixed income products are designed to provide effective asset allocation tools for investors with varying risk preferences, featuring customizable structures [9]. Group 7: Low-Volatility All-Weather FOF - The all-weather FOF aims to provide stable returns in a low-volatility environment, utilizing a diverse range of asset classes and investment tools [11]. - Huaxia Capital's unique approach includes a volatility control module that actively manages risk based on market conditions, enhancing the product's performance [12]. Group 8: Conclusion - Huaxia Capital's rapid growth is attributed to its innovative product line that meets the absolute return needs of high-net-worth clients, showcasing a proactive approach in asset allocation and strategy innovation [14][15]. - The company is positioned at the forefront of a trend in the Chinese private equity industry, moving away from homogeneous stock long positions towards a more diversified approach akin to mature overseas markets [15].

Core Viewpoint - The report highlights the strategic positioning and investment performance of the China Investment Corporation (CIC) amidst a challenging global economic environment characterized by high interest rates, inflation, and geopolitical changes [2]. Group 1: Financial Performance - As of December 31, 2024, CIC's total assets reached $15.7 trillion, with net assets amounting to $13.7 trillion, achieving an annualized net return on foreign investments of 6.92% over the past decade, exceeding performance targets by 61 basis points [1]. - The Central Huijin, managing state-owned financial capital, reported an increase to 6.87 trillion RMB, reflecting a growth of 6.44% since the beginning of the year [1]. Group 2: Investment Strategy - In 2024, CIC aims to maintain strategic focus as a long-term investor while optimizing investment models and enhancing professional management to improve asset allocation and portfolio management [2]. - The investment portfolio in the public market consists of 34.65% in publicly traded stocks, with the top five sectors being Information Technology (25.85%), Financials (16.41%), Consumer Discretionary (11.85%), Health Care (9.88%), and Industrials (9.72%) [3]. Group 3: Market Adaptation - CIC is adapting its investment strategies in response to the new technological revolution and industrial transformation, focusing on both public and private market investments [9]. - In the public market, CIC emphasizes refined management and research on market trends and risks, while in the private market, it seeks to innovate investment models and deepen partnerships [9]. Group 4: Role of Central Huijin - Central Huijin continues to act as a stabilizing force in the capital market, increasing its holdings in exchange-traded funds (ETFs) to support market stability [10]. - Since 2008, Central Huijin has participated in various efforts to maintain capital market stability and will continue to enhance the governance and competitiveness of its controlled institutions [11].