中国平安资产管理（香港）有限公司董事总经理、全球机构业务负责人黄家乐在2025湾区财富大会上表 示，在中国资产重估的背景下，港股市场正迎来新的投资机遇，她建议投资者采用"杠铃策略"进行布 局，一端配置高息股以求稳健，另一端配置成长股以博收益。 对于港股市场，黄家乐表示，港股的估值优势显著，截至10月底，恒生指数股息率达3.04%，预期市盈 率仅11.19倍，低于全球主要指数。同时，AH股溢价指数处于高位，意味着港股相对A股存在20%-30% 的估值折扣。 11月20日，2025湾区财富大会在深圳会展中心举办，大会由21世纪经济报道、深圳金博会运营发展有限 公司联合主办。 而对于新消费领域，黄家乐指出，消费观念转变正在带动港股"新"消费时代崛起。新消费品牌正通过文 化赋能与产品创新构建核心护城河，以抢占由新世代消费主力所推动的情绪消费、性价比消费（如潮 玩、茶饮、悦己）等新兴趋势，从而提升市场份额。 她强调，港股成长股的性价比凸显。截至10月底，恒生科技指数预期市盈率相对盈利增长率（PEG）为 0.85，估值低于盈利增长率，成长潜力可期。她特别看好由AI大模型等技术驱动的科技创新板块，认为 其正迎来价值重估的机 ...

2. 资产信号："股债金"同步下跌是危险信号。流动性危机的典型特征是"所有资产都被抛售换现金"， 2008年雷曼危机时，标普500暴跌、国债收益率上行、黄金短期回撤同时发生。近期市场虽有波动，但 美股与黄金呈现"跷跷板"效应，未出现同步下跌，说明流动性尚未枯竭。 3. 政策信号：央行"紧急放水"是确认信号。当美联储启动常备回购便利（SRF）、欧央行扩大资产购买 规模等"非常规工具"时，说明流动性紧张已触及金融体系安全底线。当前美联储停止缩表、9月降息 25bp，属于"预防性宽松"，尚未到"紧急救市"阶段，危机概率较低。 历史经验表明，流动性危机中"活下来"比"赚得多"更重要。 "三防三守"原则，避免致命失误，同时捕捉 逆向机会。 近期，美联储一系列动作让"流动性危机"成为市场热议焦点。 美国银行准备金降至2.83万亿美元的临界区间，Libor-OIS利差一度升至110bp，流动性收紧信号明确。 但全球央行同步转向宽松，又为市场筑下"防火墙"。对投资人而言，与其纠结危机是否爆发，不如提前 掌握应对策略——毕竟流动性突变时，预案才是穿越风暴的关键。 应对危机的前提是提前识别。对普通投资人来说，无需紧盯复杂的央行报 ...

Core Viewpoint - The market is seen as a long-term vehicle for wealth, with a recommendation for a diversified investment strategy that includes both index funds and growth stocks [1][2]. Investment Strategy - A "bifurcated portfolio" is advised, with 50% in index funds and the other 50% in five selected stocks, including one speculative investment and one insurance asset like gold or cryptocurrency [1]. - Consistent monthly contributions to investments are emphasized, along with a focus on quality growth stocks rather than frequent trading [2]. Opportunities for Younger Generations - Current younger generations are positioned to benefit significantly from investments due to easier access to market knowledge and resources [3]. - Education on long-term investing is crucial, especially as younger individuals inherit substantial wealth, which often leads to trading rather than investing [4]. Educational Resources - The release of a new book titled "How to Make Money in Any Market" aims to provide guidance to younger investors [4].

Core Insights - Stock investment is increasingly becoming a preferred choice for wealth management, offering greater potential returns compared to traditional methods like deposits and bonds, while requiring active market engagement and financial literacy [1][2][5] Group 1: Investment Strategy - Stock investment should be viewed as part of a family's overall asset allocation rather than a standalone speculative activity, with a recommended limit of 30% of investable assets allocated to stocks [2][4] - A balanced investment approach combining stocks with low-risk assets like bonds and funds can provide both high returns and financial stability [2][4] Group 2: Selection Criteria - The "three-match" principle should guide stock selection: alignment with personal understanding, risk tolerance, and investment horizon [4] - New investors are advised to start with broad index funds or high-dividend blue-chip stocks, which offer lower volatility and simpler logic [4] Group 3: Long-term Value - The long-term value of stock investment lies in the "compound interest effect" and its ability to combat inflation, with historical annualized returns for quality A-shares ranging from 8% to 12% [5][6] - Maintaining a long-term holding strategy while avoiding significant losses is crucial for realizing the benefits of compounding [5][6]

Group 1 - The article discusses the concept of "rebalancing" as a strategy to manage investment portfolios, emphasizing its effectiveness in achieving "buy low, sell high" without the need for precise market timing [6][12][40] - Rebalancing is most effective when the assets in a portfolio have similar long-term returns but exhibit significant short-term volatility, allowing for better profit-taking opportunities [13][14][23] - The article presents empirical data showing that rebalancing can enhance returns, particularly in combinations like "A-shares & cash" and "A-shares & bonds," where annualized returns differ by no more than 3% over the past decade [23][26] Group 2 - The analysis indicates that rebalancing may not always be beneficial, especially in scenarios where asset classes have significantly different long-term returns, as it can limit exposure to high-performing assets [29][30][36] - The article highlights that the primary value of rebalancing lies in risk management rather than solely in return enhancement, helping to maintain a portfolio's risk profile within acceptable limits [43][44] - It emphasizes the importance of having a clear initial asset allocation strategy to maximize the benefits of rebalancing, ensuring that it serves its intended purpose of stabilizing the investment approach [43][44]

Core Viewpoint - The implementation of a new policy starting August 8 will reinstate value-added tax (VAT) on interest income from newly issued government bonds, local government bonds, and financial bonds, impacting the asset allocation strategies of insurance funds significantly [1] Direct Impact on Investment Returns - The new policy will directly affect the bond investment yield for insurance institutions, with a VAT rate of 6% applied to newly issued bonds. This could lead to a decrease of approximately 9.6 basis points in yield for 10-year government bonds, which currently have a yield of around 1.7% [3] - Given that nearly 50% of insurance funds are allocated to bonds, and assuming 70% of these are government bonds, the overall impact on investment yield for insurance companies is estimated to be a decline of about 3 basis points [3] - The static impact on net profit for insurance companies is expected to be limited, with estimates suggesting a net profit impact of around 1% due to the existing exemption for bonds issued before the policy change [3] Marginal Adjustments in Asset Allocation - While bonds will continue to be a cornerstone of insurance fund allocation, the new policy will prompt marginal adjustments in asset allocation strategies. Insurance funds will still focus on absolute returns, with long-duration bonds remaining a key investment area due to the long-term nature of life insurance liabilities [4] - In a declining interest rate environment, some insurance institutions may increase their allocation to equity assets to replace part of their bond investments, aiming to enhance overall investment returns. There is a noted shift towards high-dividend stocks to mitigate the impact of the VAT reinstatement on government bonds [4] - The policy will also influence investment preferences among different types of bonds, with government bonds likely to attract more funds due to their longer exemption period from VAT compared to local and financial bonds. This could lead to a shift in allocations from local and financial bonds towards government bonds, while the attractiveness of credit and corporate bonds may increase [4]

Core Viewpoint - The restoration of value-added tax (VAT) on interest income from newly issued government bonds and other bonds starting from August 8 is expected to have a limited static impact on the net profits of insurance companies, but it may influence their asset allocation strategies, potentially leading to an increased allocation in equity assets as a partial substitute for bonds [1][2][4]. Summary by Sections Policy Changes - As of August 8, 2023, interest income from newly issued government bonds, local government bonds, and financial bonds will be subject to VAT, while those issued before this date will remain exempt until maturity [2]. Impact on Insurance Companies - The overall impact on insurance companies' net profits is estimated to be around 1%, with some firms potentially adjusting their asset allocation towards higher-yielding assets or older bonds to mitigate the effects of the new tax policy [3][4]. - According to estimates from major insurance companies, the impact of the new policy on their net profits is projected to range from 0.26% to 1.77%, indicating a relatively minor effect [3]. Asset Allocation Trends - Despite the slight decrease in actual interest income, bonds will maintain their status as the "ballast" in insurance asset allocation. However, some insurance firms may increase their allocation to equity assets in response to the changing market conditions [4][5]. - Data shows that as of the end of Q1 2023, insurance funds had a bond investment balance of approximately 16.97 trillion yuan, accounting for about 48.58% of total investments, with life insurance companies having an even higher allocation of 51.18% [2]. Future Outlook - Analysts suggest that insurance funds will continue to focus on long-duration bonds, especially in a declining interest rate environment, while also considering high-dividend stocks to enhance overall investment returns [5]. - The potential for increased allocation to high-dividend stocks and growth stocks is anticipated as insurance companies seek to balance short-term volatility with long-term gains, especially as the macroeconomic environment stabilizes [5].

Core Viewpoint - The reintroduction of value-added tax (VAT) on interest income from newly issued government bonds, local government bonds, and financial bonds is expected to have a minimal impact on insurance companies' net profits, estimated at around 1% in the short term, while encouraging a shift towards high-dividend assets and older bonds for hedging purposes [1][3][4]. Summary by Sections Impact of VAT Reintroduction - The Ministry of Finance and the State Taxation Administration announced on August 1 that VAT will be reinstated on interest income from newly issued bonds starting August 8, while previously issued bonds will remain exempt until maturity [2]. - Insurance companies have significantly increased their bond allocations, with bond investments reaching approximately 16.97 trillion yuan, accounting for about 48.58% of total investment [2]. Quantitative Analysis - Research from Huayuan Securities indicates that the short-term impact on insurance companies' net profits from the VAT policy is around 1%, with potential for increased impact as the allocation to new bonds rises over time [3]. - Guojin Securities estimates the impact on the net profits of the five major listed insurance companies for 2024 to be between 0.26% and 1.77%, indicating a generally minor effect [3]. Asset Allocation Trends - Despite the slight decrease in actual interest income, bonds will maintain their status as the "ballast" in insurance asset allocation, although there may be a marginal increase in equity asset allocation to enhance overall investment returns [4][5]. - As of the end of the first quarter, insurance funds have continued to increase their bond allocations, with a notable rise in the proportion of bond investments compared to the end of the previous year [4]. Future Outlook - Analysts suggest that insurance funds will likely accelerate their allocation to long-duration bonds to lock in tax-exempt returns, while the scarcity of these bonds may lead to a premium, resulting in lower long-term bond yields and increased fair value [4]. - Insurance companies are expected to increase their holdings in high-dividend stocks and growth stocks to mitigate the pressure from the VAT reintroduction and declining long-term interest rates, aiming for better long-term returns [6].

Summary of Conference Call Records Industry Overview - The records primarily discuss the bond market and the broader financial market dynamics in the context of China's economic environment and U.S.-China relations [1][2][5][8][15]. Key Points and Arguments 1. **Market Conditions**: The market is currently in a state of marginal contraction, with various asset classes underperforming. Investors are advised to select relatively better assets through a process of elimination, favoring bonds over stocks, particularly value-oriented equities [2][5][9]. 2. **Investment Strategy**: The recommended investment strategy involves concentrating positions in bonds, adjusting duration based on risk appetite. Higher risk tolerance suggests longer duration, while lower risk tolerance suggests shorter duration. The focus is on waiting for market dips to capitalize on value opportunities [9][32]. 3. **Debt Growth Trends**: The growth rate of liabilities in the real sector increased to 9.0% in April, primarily due to front-loaded fiscal measures. A decline in this growth rate is expected in June, with a slight expansion in July, followed by a return to contraction in August [10][11][12]. 4. **Impact of U.S.-China Trade Talks**: Expectations surrounding U.S.-China trade negotiations have temporarily boosted risk appetite. However, the likelihood of systemic improvement from these talks is considered low. If no significant events occur, the market is expected to revert to a contraction phase, favoring fixed income over equities [8][15]. 5. **Artificial Intelligence Influence**: AI has significantly impacted market sentiment, with heightened interest in AI technologies boosting risk appetite. However, concerns about AI replacing human roles limit its potential for large-scale development [6][7]. 6. **Financial Sector Performance**: The financial sector has shown slight improvements in April and May, but the extent of this improvement is limited. The actual yield in the financial sector remains low, with a debt growth rate of approximately 4% corresponding to a yield of about 1.6% [13][14]. 7. **Government Policy and Economic Growth**: The role of monetary policy is diminishing, while fiscal policy is gaining importance due to declining profitability and the risk of liquidity traps. The focus should shift towards fiscal measures rather than relying solely on monetary policy [21][22]. 8. **Global Economic Trends**: Since 2011, the global economic growth center has been declining, leading to increased protectionism. The U.S. economy is expected to revert to lower growth rates, which may further exacerbate protectionist sentiments [19]. Other Important but Overlooked Content - **Debt Market Dynamics**: The records highlight the deep inversion in the bond markets between the U.S. and China, indicating that China's capital controls help mitigate outflow pressures, making it less susceptible to external shocks [17]. - **Market Reactions to Policy Changes**: Historical data shows that after interest rate cuts, both bonds and stocks tend to experience adjustments, indicating that liquidity expansion or policy easing is challenging in the current environment [30]. - **Investment in Growth vs. Value**: While value-oriented equities are recommended, there is a suggestion to consider growth indices for those willing to take on more risk, particularly in a favorable risk appetite environment [32][33].