在本届大会的圆桌论坛环节，睿远基金总经理饶刚、建银国际资管副总经理（主持工作）李璐、大成国 际董事总经理柏杨、GOLDEN HEN FUND SPC董事长王庭发、全球价值链投资创始人万成水等来自资 管行业的重量级嘉宾齐聚一堂，分享了他们对2026年的前瞻性研判。 日前，由中国证券报主办的"开放 融合 新机——2025海外投资发展大会"在上海举行。大会汇聚了众多 国内外顶尖资管机构的掌门人与资深投资专家，围绕全球宏观经济脉络、产业变革趋势与未来投资布局 展开深度对话与思想碰撞。 展望2026年，全球市场正处在多重周期交织的十字路口：货币政策的差异收敛、财政政策的持续发力、 科技革命的加速迭代以及地缘格局的深刻演变，共同构成了复杂而充满挑战的投资图景。 宏观驱动因素切换 展望2026年，全球资产定价的底层逻辑正在发生微妙而关键的变化。多位与会嘉宾认为，驱动市场的力 量将从过去几年相对单一的货币政策，转向货币政策与财政政策共同主导的新阶段，而科技加速发展作 为强大的结构性力量，深刻影响着长期市场趋势。 饶刚为这一宏观图景定下了基调。他表示："回望2025年，欧美降息通道和日本加息通道虽然形成了分 化，但从经济总量和 ...

Core Points - The meeting between Trump and Hungarian Prime Minister Orban focused on resolving the Russia-Ukraine conflict, energy security cooperation, and preparations for a potential Russia-US summit [1][3] - Hungary's stance on the Russia-Ukraine issue is notably different from that of other EU countries, advocating for diplomatic solutions rather than strict sanctions against Russia [5][6] - The discussions included the possibility of hosting a Russia-US summit in Budapest, emphasizing Hungary's unique position and historical significance in regional security [8][11] Energy Security - Energy supply security is a critical issue for Hungary, which relies heavily on natural gas and oil imports through specific pipelines [15][18] - The US announced a permanent sanctions exemption for Hungary, addressing its energy security concerns and allowing for more stable energy supplies [18] - A nuclear cooperation agreement was signed, with the US Westinghouse Electric providing nuclear fuel and assistance in building small modular reactors, further alleviating Hungary's energy anxieties [17][18] International Relations - The outcomes of the meeting reflect the complex geopolitical dynamics, with Hungary's opposition to EU sanctions against Russia causing internal divisions within the EU [19] - The cooperation between the US and Hungary aims to strengthen ties with Central and Eastern European countries while seeking breakthroughs in the Ukraine conflict [19] - The meeting has the potential to inject stability into the international situation and revive hopes for a diplomatic resolution to the Ukraine conflict [19]

Core Points - Hungary's Prime Minister Orban visited Washington and met with President Trump, who confirmed that the U.S. will not impose sanctions on Hungary for purchasing energy from Russia [1] - Orban stated that this exemption from sanctions has no time limit [1] - Hungary signed a nuclear cooperation agreement with the U.S., allowing Hungary to purchase nuclear fuel from Westinghouse Electric Company and establish small modular nuclear power plants [1] - The agreement includes technology transfer to ensure Hungary can safely store nuclear waste [1]