多家受访机构认为，当前亚洲资产在全球范围内具有显著的吸引力。全球最大资管公司贝莱德最新发布 的一份调查报告显示，被调查的投资者正计划显著增持亚洲股票，这反映出市场对该地区作为全球增长 引擎的信心日益增强。 2025年，黄金、白银两大贵金属大幅上涨，与此同时国际油价持续低迷、美元指数走弱。展望2026年， 多家机构对全球大类资产的走向进行研判：亚洲股市在流动性支持与增长潜力下前景良好；受益于避险 需求与宽松的货币环境，黄金、白银等贵金属有望维持强势；在全球能源转型与经济放缓的双重影响 下，原油或将持续承压。 施罗德投资亚洲多元资产投资团队表示，对亚洲市场持积极态度。2026年以来市场上涨趋势的背后，反 映了更广泛的宏观经济转变。这一转变正在重塑全球资产配置格局，并为在美国以外的市场创造出新的 增长机会。在此背景下，将投资组合多元化配置至美国以外地区具有重要价值。 进入2026年，亚洲市场表现出色：截至1月15日，韩国综合指数上涨13.84%，日经225、深证成指、恒 生指数均涨逾5%。纳斯达克、标普500、法国CAC40指数等表现则相对落后。 "我们相信，宏观环境将在2026年继续利好亚洲资产，主要受充裕的资本 ...

Group 1 - The core viewpoint is that while inflation in the US is gradually decreasing, the potential long-term impact of tariffs on inflation warrants attention, and the market may be overly optimistic about the Federal Reserve's dovish stance [1] - Schroders continues to favor gold as a traditional hedge against inflation, with strong demand expected due to ongoing central bank purchases, while holding a negative outlook on energy [1] - The global fiscal policy is shifting towards expansion, with increased defense spending outside the US and policy changes like the "One Big Beautiful Bill," indicating that investors should closely monitor macroeconomic trends [1] Group 2 - Schroders maintains a positive outlook on overall stock prospects, given the low risk of a short-term economic recession in the US, and emphasizes broad allocation across different regional stock markets, particularly in the US and European financial sectors [2] - In fixed income, the company holds a neutral stance on overall bond duration, as rising long-term yields due to fiscal deficits and supply pressures require careful consideration of inflation and growth risks [2] - The credit market outlook is also neutral, with high valuations but stable technical fundamentals, and US credit remains attractive to foreign investors [2]