本周全球资产表现整体向好，股市几乎全线飘红，不少板块和组合都交出了令人满意的答卷。更重要的是，一些提前布局的方向再次得到了验证，而在风 险控制方面，我们也保持了应有的谨慎。 一周行情复盘 新兴市场方面， 印度 是本周唯一的下跌者，但我们早在前期就完成了清仓，小实验也同步结束，成功避开了这波下跌； 越南 上涨 4.49% ，虽然有些踏 空，但当初评估风险后及时退出仍然是稳健的选择。 债券方面略显疲弱，本周下跌 0.09% ， 美国国债 跌幅更大（-0.74%）， 黄金 微跌 0.14% 。 省心债 A股 上涨 1.27% 红利指数 上涨 1.48% 港股 上涨 0.7% 美国 上涨 1.46% 德国 上涨 1.36% 日本 上涨 3.8% | | | 涨跌幅 | | 涨跌幅 | | --- | --- | --- | --- | --- | | A股 | 沪深300 | 1.27% | 中债新综合全价 | -0.09% | | 红利 | 中证红利 | 1.48% | 美国20年+国债 | -0.74% | | 港股 | 恒生指数 | 0.70% | 上海金 | -0.14% | | 美国 | 纳指100 | 1 ...

Market Overview - Global stock markets showed mixed performance last week, with A-shares and Hong Kong stocks rising over 1%, while U.S. stocks gained 0.75%. Germany saw a 0.36% increase, but Japan and India experienced declines. Vietnam's market was particularly strong, with a weekly increase of 4.88% [2] - The bond market experienced a general pullback, with both Chinese and U.S. bonds declining. Gold saw a rebound of 1.25% [2] Investment Strategies Province Debt - The "Province Debt" strategy, a pure bond portfolio, experienced some pullback but maintained a positive yield, with a cumulative return of 1.05% for 2025. The bond market has been on an upward trend for years, leading to lower yield expectations, making this year's adjustments expected [3][5] Smart Global Investment - The "Smart Global Investment" strategy, which covers major global markets, rose by 1.01% last week, achieving a cumulative return of 7.94% for 2025, surpassing last year's return of 7.87% [6][9] Lazy Balanced Investment - The "Lazy Balanced Investment" strategy focuses on a balanced stock-bond allocation, emphasizing risk control and stable returns. It recorded a weekly gain of 0.54%, with a cumulative return of 5.74% for 2025, also exceeding the performance of 2024 [10][12] Performance Summary - The "Province Debt" strategy is characterized by steady growth, suitable for conservative investors [5] - The "Smart Global Investment" strategy demonstrates the advantages of global allocation, maintaining a focus on structural opportunities despite market adjustments [9] - The "Lazy Balanced Investment" strategy provides opportunities for accumulation during market pullbacks, making it ideal for long-term investors [12] Recommendations - Investors are encouraged to participate through a systematic investment approach to lock in long-term benefits. The current investment combinations have sufficient limits and flexible fund arrangements [13][14]