（原标题：迪拜国际金融中心跻身全球五大对冲基金中心之列） 阿联酋通讯社12月15日报道，迪拜国际金融中心（DIFC）已成功注册第100只对冲基金，成功跻身 全球五大对冲基金中心之列，标志着其在全球对冲基金领域的领先地位进一步巩固。数据显示，DIFC 对冲基金管理人数量较2024年初的50家实现翻番增长，其中81家管理资产规模超过10亿美元。DIFC方 面表示，对冲基金持续以创纪录速度入驻，主要得益于其可同时覆盖亚洲、欧洲和美洲市场的交易优 势，以及区域内最具深度的人才储备和资本来源，包括超高净值个人、家族办公室和主权财富基金。此 外，DIFC完善的银行与专业服务生态体系也为机构发展提供了重要支撑。 ...

中投公司的组建宗旨是实现国家外汇资金多元化投资，在可接受风险范围内实现股东权益最大化。其主营业务可分为两部分，一部分是通过 中投国际有限责任公司(下称"中投国际")和中投海外直接投资有限责任公司(下称"中投海外")开展境外投资业务，另一部分是通过中央汇金投 资有限责任公司(下称"中央汇金")进行境内金融机构股权管理工作。 2025年12月9日，中国投资有限责任公司(下称"中投公司")披露了2024年年报。作为国家主权投资基金，中投交出了十年累计年化净收益率 6.92%的成绩单。 2007年9月，财政部发行1.55万亿元人民币特别国债，以2000美元为初始资金成立了中投公司，17年后，中投公司的公司总资产达1.57万亿美 元。 2024年，全球宏观经济面临高利率、高通胀、高波动环境，地缘政治加速变局，金融市场持续震荡，不同经济体之间发展分化加剧，实现稳 健的跨境投资收益也非易事。 在不确定性外部环境下，中投公司并未投资2024年的具体投资收益，而是披露了十年累计和成立以来的净投资收益率的数据。年报显示，截 至2024年12月31日，中投公司过去十年累计年化净收益率为6.92%，超越考核基准61个基点；自成立以来 ...

报道提到，富敦是淡马锡旗下资产管理公司星伟诺集团(Seviora Group)成员，公司表示计划继续在中国 维持业务。富敦在电邮回复中表示，"中国仍然是富敦的重要市场。"其并补充，公司正将资源聚焦在最 能支持其客户及投资组合的领域。 根据中国证券投资基金业协会网站，富敦投资管理(上海)是一家于2017年注册成立的对冲基金公司，管 理资产规模不足5亿元人民币，有5名全职员工。 据报道，新加坡淡马锡控股旗下富敦资金管理(Fullerton Fund Management Co.)，正逐步关闭其在中国的 私募基金业务，其中包括一家成立8年的对冲基金部门。富敦的对冲基金部门7月才在内地社交媒体发文 称，由于中国经济改善、政策的支持及估值具吸引力，中国股市对于投资者而言，正成为愈来愈有吸引 力的投资选择。 报答引述知情人士称，总部位于新加坡的富敦，已关闭其上海对冲基金部门及另一家私募基金业务的大 部分营运，并裁减大部分在岸员工。 ...

Group 1 - The article emphasizes the importance of diversifying investments across different asset classes, including both RMB and foreign currency assets, as well as stocks and bonds [2] - It introduces a free course that systematically covers investment knowledge related to US dollar bond funds, indicating a growing interest in this area among investors [2] - The article highlights the rapid growth of "fixed income +" products in recent years, driven by declining deposit rates and increasing investor attention [7] Group 2 - "Fixed income +" funds typically add a small amount of stocks or convertible bonds to a pure bond base, leveraging the negative correlation between stocks and bonds to achieve stable returns while reducing volatility risk [5] - Traditional "fixed income +" products include primary bond funds, secondary bond funds, and mixed bond funds, with secondary bond funds and mixed bond funds being the most classic types [5] - The broader category of "fixed income +" also encompasses hedge funds and all-weather strategy funds, which may not hold a high proportion of bonds but use strategies to control volatility risk [5][7]

Core Insights - The Chinese wealth management market is experiencing significant growth, with increasing importance in the global landscape, necessitating a reevaluation of asset allocation strategies in light of geopolitical and economic changes [1] - UBS Wealth Management's China head, Lu Zijie, emphasizes the need for a diversified asset portfolio that balances returns and liquidity, particularly in the context of rising gold prices and alternative investment opportunities [1] Investment Strategy - High-net-worth clients in China prioritize asset stability, often preferring cash holdings due to market risk aversion; however, low interest rates make cash savings insufficient against inflation [2] - Asset allocation should focus on risk control while enhancing overall return potential; for conservative clients, medium to long-term bonds are recommended as they typically yield higher returns than cash deposits [2] - UBS remains optimistic about stock investments but advises careful timing and sector selection due to significant market gains in the US, Hong Kong, and A-shares [2][3] Sector Preferences - In the US, UBS favors sectors with strong fundamentals such as healthcare and banking, while in Europe, high-dividend assets like REITs are preferred; in Asia, technology and AI sectors in Hong Kong and high-performing companies in mainland China are highlighted [3] - The recommended stock allocation for Chinese clients is around 25% to maintain stable growth without excessive market volatility [3] Alternative Investments - Family offices are increasing their allocation to alternative investments, rising from single-digit percentages to 14%-15%, which enhances portfolio stability despite lower liquidity [4] - Gold is viewed as a long-term investment rather than a short-term speculation, with central banks expected to maintain significant gold purchases, projected at 900-950 tons in 2025 [5] Art Investment - Art collection is evolving from a passion to a significant aspect of family legacy and value expression, with high-net-worth individuals expected to allocate 20% of their wealth to art by 2025, up from 15% in 2024 [6] - The Chinese ultra-high-net-worth demographic leads in art investment, with an average allocation of 44% of their wealth to art, reflecting a strong cultural and emotional connection to their collections [6] UBS's Wealth Management Position - UBS has a long-standing history in wealth management, with global investment assets totaling $6.9 trillion and $4.7 trillion specifically in wealth management, making it the largest in Asia [7] - The firm aims to assist clients in achieving liquidity, longevity, and legacy through differentiated services tailored to high-net-worth individuals in China [7][8] - UBS's integrated banking model enhances its ability to serve the Greater Bay Area, leveraging its extensive experience in Hong Kong and connections with Shenzhen and Guangzhou [8][9]

Group 1 - The core concept of "Fixed Income +" is to combine fixed income assets with a small portion of higher-risk assets like stocks and convertible bonds to enhance returns while maintaining stability [2][10][15] - "Fixed Income +" typically consists of two parts: the fixed income portion, which includes low-risk bond assets for defensive purposes, and the "+" portion, which includes stocks and convertible bonds for offensive growth [2][15] - The performance of "Fixed Income +" products is influenced by the negative correlation between stocks and bonds, which helps to reduce volatility risk [3][15] Group 2 - Different stock-bond ratios significantly impact the returns and risks of "Fixed Income +" products, with higher stock allocations leading to greater long-term returns but also increased volatility risk [5][6] - Classic "Fixed Income +" products include primary bond funds, secondary bond funds, and mixed bond funds, with secondary bond funds and mixed bond funds being the most representative [10][15] - Broader definitions of "Fixed Income +" also encompass hedge funds and all-weather strategy funds, which may not have a high proportion of bonds but use strategies to control volatility risk [12][15] Group 3 - The increasing attention on "Fixed Income +" products is attributed to the decline in deposit interest rates, leading to rapid growth in this investment category [15] - For investors seeking a more convenient way to invest in "Fixed Income +", products like "Monthly Salary Treasure" are recommended, with a low initial investment threshold of 200 yuan [15]

Core Insights - The report reveals that private wealth investors in Hong Kong are more actively seeking alternative investment allocations compared to their counterparts in Singapore [1] - There is a shift towards personalized wealth strategies that align with life goals and planning, balancing returns, liquidity, wealth transfer, and personal values [1] Group 1: Investment Trends - 47% of investors in both regions plan to allocate to private equity, with significant interest in structured products (42%), tangible assets (41%), and private credit (40%), indicating that alternative investments have become a core part of modern portfolios [1] - In Hong Kong, nearly half (42%) of professional investors have incorporated alternative investments into their overall wealth strategy, showing a higher adoption rate compared to Singapore [1] Group 2: Investor Behavior - 60% of investors are seeking more diversified income sources, particularly among middle-aged individuals preparing for retirement [1] - 40% of private wealth investors list inheritance and estate planning as a primary goal, reflecting a shift from mere wealth accumulation to personalized wealth strategies that align with life objectives [1] Group 3: Advisory Services - 70% of private wealth investors adjust their investment portfolios at least once a quarter, indicating a demand for more professional and personalized advisory services despite the availability of online self-service options [2] - There is a rising demand for a "hybrid model" that combines seamless digital experiences with personalized professional advice, especially crucial for navigating complex alternative investments and market volatility [2]

（责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇11月18日｜澳大利亚主权财富基金警告称，全球经济面临冲击的风险正在上升，因此其已增持黄 金、主动管理型股票以及对冲基金，以作为潜在缓冲。这家管理约2610亿澳元的未来基金表示，其调整 了投资流程，以应对其认为"在全球经济体中可能更加频繁且更为剧烈出现的新型冲击风险"。报告指 出，地缘政治、经济、政策以及市场结构性变化正指向一个充满冲突、财政干预与通胀压力的未 来。"报告列举了近期在澳大利亚小盘股和日股中采取了更积极的主动管理策略，并指出，在高通胀和 地缘政治风险让市场/贝塔收益变得更加不确定的环境下，更强调管理人的能力将得到更好的回报。 ...

Core Viewpoint - The current market environment is characterized by a potential unwinding of momentum trades, particularly in AI, and uncertainty surrounding the Federal Reserve's actions, which may lead to volatility and adjustments in valuations [1][2][4]. Market Rotation and Economic Outlook - There is a noticeable rotation in the market, with concerns about the Federal Reserve's decisions impacting investor sentiment. Despite this, there remains a pro-risk stance, particularly towards equities [2][4]. - Earnings growth for the MAG 7 is expected to slow from 18% in Q4 of this year to 14% next year, while the broader market (the forgotten 493) is projected to grow from 2% in Q4 to 15% next year, indicating a broadening market [3]. Earnings Projections and Investment Strategy - Earnings for the S&P 500 are anticipated to increase by approximately 13% in 2026 and over 14% in 2027, with technology leading this growth [6]. - Investors are advised to view potential declines as buying opportunities, with historical data suggesting that pullbacks of 5% to 10% typically recover quickly [13]. Asset Allocation and Hedge Funds - There is a recommendation to consider hedge funds as part of a global asset allocation strategy, especially in a slowing economy, as they tend to perform well under such conditions [8]. - The focus on global AI developments is emphasized, particularly in emerging markets, which presents additional investment opportunities [9]. Investment Approach for Retail Investors - Retail investors are encouraged to maintain a long-term perspective, focusing on buying and holding equities rather than engaging in high-risk strategies like margin trading [12]. - It is suggested that investors should rotate into sectors showing relative strength, such as pure value over pure growth within the S&P 500 [14].

Core Insights - Monolith has successfully completed fundraising for its dual-currency funds, totaling $488 million (approximately 3.5 billion RMB), which is notable in the current challenging venture capital environment [1][2] - The firm has achieved a total asset management scale exceeding 10 billion RMB within just four years of establishment, highlighting its rapid growth and market acceptance [1][2] Fundraising Performance - The fundraising for Monolith's USD VC Phase II fund was completed in just one month, with total subscription interest reaching approximately $630 million, exceeding the initial target by around 160% [2] - Monolith chose to reduce the fundraising amount despite high demand, reflecting a disciplined investment approach [2] - The RMB fund also performed well, raising about 1.4 billion RMB against an initial target of 800 million RMB, showcasing strong market interest and a high proportion of market-oriented LPs [2][5] Market Context - Monolith's successful fundraising is seen as a positive signal for the venture capital industry, which has been facing challenges, particularly in the USD fund segment [3] - The overall fundraising environment is showing signs of recovery, with a reported 18.3% increase in the number of new funds and an 8.0% increase in total fundraising scale in the first three quarters of 2025 [3] Investment Strategy - Monolith employs a "research-driven, thematic investment" methodology, focusing on artificial intelligence across various sectors, including AI software, hardware, and foundational models [4][5] - The firm has established a comprehensive portfolio covering key areas of the AI industry, with notable investments in companies like 月之暗面 and 乐享科技 [4] Valuation Opportunities - The relative undervaluation of Chinese AI projects compared to their US counterparts presents significant investment opportunities for Monolith [6] - The valuation of leading Chinese AI companies remains significantly lower than that of similar companies in the US, creating a favorable environment for investment [6] Emerging VC Landscape - The rise of a new generation of VCs is evident, with Monolith's unique approach combining hedge fund strategies with venture capital, allowing for a broader perspective and enhanced decision-making [7] - Monolith's founder has gained recognition in the global venture capital landscape, reflecting the firm's strong performance and strategic positioning [7][8]