炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月28日，2025分析师大会举行。半夏投资创始人李蓓出席本次大会并发表主题演讲。李蓓表示，当下 的富人正身处一个特殊的时期，核心痛点可概括为八个字——财富无处安放，安全难有保障。 李蓓的论述直击高净值人群的资产配置焦虑。她进一步拆解道，从国内市场来看，曾经作为富人资产配 置"压舱石"的固定收益类资产，尤其是非标资产，正面临双重冲击：一方面利率持续下行再下台阶，收 益空间不断被压缩；另一方面非标资产供给逐渐断供，传统配置渠道持续收窄。 专题：2025分析师大会：资本市场"奥斯卡"启幕 对于备受关注的房地产市场，李蓓给出了辩证判断："若将房地产视为纯粹的消费品，其居住属性已开 始体现相应价值；但如果仍作为投资品来看，当前的租金回报水平依然缺乏足够吸引力，难以成为高净 值人群资产配置的优质选择。" 责任编辑：常福强 ...

太平洋投资管理公司（Pimco）集团首席投资官丹・伊瓦辛在播客中表示，公司对固定收益类资产本年 度的表现及其前景感到 "振奋"。"更重要的是，鉴于收益率仍处于高位，带来了颇具吸引力的投资机 会，且全球各地存在大量相关性较低的周期，我们对未来回报的前景也同样感到振奋。" 他称，这将使 这家美国投资管理公司能够创造可观的回报。 ...

Core Viewpoint - The company has established a professional asset management team to diversify its investment portfolio and enhance long-term returns while managing risks [1] Group 1: Investment Strategy - The company adopts an asset allocation model inspired by Yale University's endowment fund, focusing on a global perspective for diversified asset management [1] - The core of the asset allocation strategy is to combine low-correlated assets to reduce risk and improve risk-adjusted returns, thereby optimizing the risk-return profile of the investment portfolio [1] Group 2: Asset Composition - As of the end of 2024, the diversified asset portfolio consists of: - Cash assets: 2.2% - Fixed income assets: 65.2% - Public market equities: 19.3% - Private equity: 11.7% - Hedge funds: 1.6% [1] - The fixed income assets primarily include money market funds, fixed income securities, government bonds, credit bonds, and private credit [1] Group 3: Performance Metrics - Investors are encouraged to monitor the fair value changes and investment income in the 2024 annual report for insights into the company's asset performance over the past year [1]