Core Viewpoint - The report emphasizes the dual opportunities presented by the global liquidity shift and the revaluation of Chinese assets in 2026, advocating for a resilient investment strategy that balances "risk aversion and growth" [1] Group 1: Chinese Equity Assets - In 2026, China's economic resilience positions it as a relatively stable choice for global asset allocation, with GDP surpassing 140 trillion yuan in 2025, reflecting a 5.0% year-on-year growth [2] - The A-share market is expected to transition from a valuation recovery driven by policy and liquidity to a solid increase supported by corporate profit improvements, establishing a "slow bull" market [2] - Chinese equity assets are shifting from "marginal allocation" to "core allocation," driven by external uncertainties and a transformation in domestic wealth structure, indicating a long-term trend towards equity investments [2] Group 2: Hong Kong Market - The Hong Kong market is poised to benefit from the U.S. interest rate cut cycle, with sectors like technology and innovative pharmaceuticals still at historical low valuations, suggesting a potential for value revaluation in 2026 [3] - In contrast, the U.S. stock market, despite the ongoing AI boom, is at historical high valuations, with profit growth concentrated among a few tech giants, indicating a "K-shaped" divergence [3] Group 3: Precious Metals (Gold) - Gold has emerged as a leading asset over the past three years, with a cumulative increase of nearly 150% from 2022 to 2025, driven by a reconstruction of trust, reassessment of monetary credit, and heightened demand for safe-haven assets [4] - The acceleration of de-dollarization, geopolitical risks, the U.S. Federal Reserve entering a rate-cutting cycle, and record-high holdings in gold ETFs support the continued recommendation for an "overweight" position in gold [5][6] - As of January 21, 2026, gold prices reached $4,835.07 per ounce, marking a significant increase of over 10% in the year, with a historical breakthrough of the $4,800 mark [5] Group 4: Investment Strategy - The report highlights the importance of a scientific approach to investment, utilizing tools like multi-asset allocation and risk assessment to navigate uncertainties [7] - The year 2026 is viewed as a pivotal year for wealth distribution over the next five years, with a focus on long-term investment strategies to capture systematic returns [7]

"风起于青萍之末，浪成于微澜之间。" ——《庄子·逍遥游》 2026年开年，全球金融市场波谲云诡：地缘冲突再起烽烟，美股高位震荡难稳，黄金跌创新高逼近五千 美元关口早已"高处不胜寒"。投资者立于十字路口，前路迷雾重重。值此之际，中国银行连续第八年发 布《个人金融全球资产配置白皮书》，以"美元降息叠加扩表，全球资产逐浪前行"为年度主线，为迷航 者点亮灯塔。 报告旗帜鲜明地指出：2026年应把握全球流动性转向与中国资产重估的双重机遇，构建"避险+成长"并 重的韧性组合。其慧眼独具核心建议直指——看好中国权益资产与贵金属表现。 这份白皮书不仅是一份年度展望，更是七年磨一剑的智慧结晶。回望2025年，中国银行在年初发布的 《个人金融全球资产配置白皮书》中明确提出"超配中国权益资产与黄金"的核心策略，并将中国港股、 A股置于全球大类资产配置序列的前两位，显著优于美股、欧股及债券等类别。这一前瞻性判断恰与万 得全A指数全年27.65%的强劲涨幅高度契合，充分印证了其立足宏观、穿越周期的战略洞察力。 01 超配中国权益资产：价值重估与盈利支撑双轮驱动 2026年，全球经济步入"弱复苏"新常态，而中国以其政策定力与经济韧性， ...

REPORT ON GLOBAL ASSET ALLOCATION STRATEGY BY PRIVATE BANKING BANK OF CHINA 2026 中国银行个人金融全球资产配置 自皮书 2025黄金领涨：主升浪中彰显资产硬实力 2025年的全球金融市场，在变局与重构中走出波澜壮阔的行情，黄金无疑是其中最受关注的资产之 一。地缘政治风险持续攀升，叠加美元信用体系面临系统性挑战，国际金价在年内五十多次刷新历史 新高，伦敦金全年涨幅高达64.56%，不仅远超前两年表现，更以强劲的主升浪确立了其作为核心战 略资产的地位。 多维验证：股汇债市场印证专业洞察力 这种专业洞察力同样体现在对全市场的判断上。 2025年初发布的《2025个人金融全球资产配置白 皮书》对A股、人民币汇率及债券市场的预判，均被全年行情一一印证。报告提出"中国资产价值重 估开启、A股慢牛格局基本形成"，而2025年A股成交额突破420万亿元，两融余额升至2.5万亿元， 长期资金积极入市，市场韧性尽显；在汇市方面，白皮书预判美元"例外论"终结、人民币具备稳定 基础，全年人民币兑美元稳中有升，年末守稳7关口；债券市场上，报告指出中债将展现 ...