8月22日，排排网全球在香港举办首届对冲基金颁奖典礼暨家族办公室颁奖典礼。 前沿资产（香港）创始人/CIO陈家馨表示，早在AI尚未进入大众视野时，它已在量化领域有了一 定的用武之地。如今，AI早已超越单纯的投研工具，不仅能深度赋能研究，还可系统优化研究与投资 流程。对于希望发挥AI价值的管理人而言，完全可以将其无缝融入现有体系。 Attention Research（倍漾香港）董事长冯霁认为，中国管理人出海包含两条路径：一是赴海外募资 并投向全球市场，二是吸引全球资金回流中国。未来十年，第二条路径或将更具吸引力。A股流动性位 居全球第二，中国量化管理人有责任携手让世界重新认识、认可并拥抱中国市场。 "资本市场最大的规律是周期性。站在当前时间节点，牛市已是客观事实，未来对港股、A股依然 保持乐观。"中欧瑞博（香港）董事长吴伟志表示，现阶段，仓位比追求完美的股票更重要。 方圆基金（香港）首席执行官谭姝玥指出，在境内外利差仍大的背景下，2024年亚洲美元债市场的 焦点是发行人对存量海外债务的管理与置换；随着"南向通"扩容，投资者结构将在2025年重塑，从而催 生新的投资机遇。 全球价值链投资执行董事万成水表示，私募 ...

Core Viewpoint - The article discusses the ongoing weakening of the US dollar, which has fallen below the critical level of 100, and its implications for global asset allocation, particularly in Asia [3]. Group 1: Dollar Weakness and Global Impact - The US dollar is in a weak cycle due to the Federal Reserve's policy shifts, increasing fiscal deficits, and a global trend towards de-dollarization [3]. - There have been five instances of simultaneous declines in stocks, bonds, and the dollar this year, indicating deepening economic contradictions in the US [3]. - Asian currencies are experiencing collective appreciation, with the Japanese yen rising by 10%, the New Taiwan dollar by 9%, and other major Asian currencies increasing by 3%-7% [3]. Group 2: Hong Kong Market Dynamics - The Hong Kong dollar has seen significant liquidity injections from the Monetary Authority, with interbank borrowing rates dropping from 4% to 0.6%, encouraging leveraged investments in stocks and real estate [5]. - The influx of talent is evident as local universities expand enrollment, with the University of Hong Kong's business school increasing its master's program from 300 to 5,000 students annually [5]. - The IPO market in Hong Kong is recovering, with 70 new listings in Q1 2023, and expectations for the total IPO scale to exceed HKD 400 billion for the year [7]. Group 3: Global Asset Allocation Strategy - The S&P 500's forward P/E ratio remains high at 29, with tech giants at historical valuation premiums, suggesting a need to reduce exposure to US equities [9]. - The 10-year US Treasury yield has rebounded to 4.5%, with significant rollover pressures from maturing debt, leading to a recommendation to avoid short-term volatility risks in US Treasuries [9]. - Japanese assets are being revalued, with a 60% increase in core Tokyo property prices over three years, and a high employment rate among graduates attracting middle-class families [9]. Group 4: Investment Strategy Recommendations - In the current transition period, the recommended asset allocation includes 15% in insurance products, 5.2% yield Asian dollar bonds, and a focus on equities with 40% in Hong Kong stocks, 25% in Japanese stocks, and 20% in high-dividend A-shares [11]. - Alternative assets should include 10% in gold and 5% in Bitcoin, with a strategy to increase holdings in the Chinese yuan and yen while reducing US dollar exposure to below 30% [11].