新华财经北京12月31日电北交所31日公告称，为进一步提升债券市场服务国家战略和实体经济能力，起 草了《北京证券交易所非公开发行公司债券挂牌规则（征求意见稿）》（以下简称《挂牌规则》），自 2025年12月31日向社会公开征求意见。 2023年10月，北交所推出公募公司（企业）债券业务，实现了信用债市场的平稳起步。两年以来，北交 所积极发挥公募公司（企业）债券功能优势，支持一批优质企业发行融资，市场监管和服务能力稳步提 升。为拓展北交所债券市场支持企业融资发展、服务国家战略和重点领域的能力，在中国证监会的指导 下，北交所本次拟推出私募债券业务，进一步丰富交易所产品体系，满足不同规模和类型企业的多元化 融资需求。 北交所表示，将认真研究各方意见建议，并将在公开征求意见结束后，根据意见反馈情况进一步完善 《挂牌规则》以及相关配套制度，履行有关程序后尽快发布实施。 （文章来源：新华财经） 具体来看，《挂牌规则》是北交所私募债券的基础业务规则，对私募债券的挂牌转让、信息披露、自律 监管、投资人权益保护等方面进行规定，主要内容包括：一是明确私募债券的挂牌转让要求，包括挂牌 转让条件及挂牌业务办理流程。二是明确私募债券的 ...

Core Insights - The core viewpoint emphasizes that asset allocation should focus on achieving long-term returns rather than maximizing short-term gains, highlighting the importance of diversification in investments [1]. Group 1: Asset Allocation Strategies - The investment strategy suggests a balanced approach where a client seeking a 6%-7% long-term annual return could allocate 50% to stocks and 50% to bonds, while those aiming for 8%-9% returns might invest entirely in global stocks [1]. - For clients open to alternative assets, a 20%-40% allocation to private equity, private debt, and real estate is recommended to enhance long-term returns [1]. Group 2: Market Opportunities - The report identifies opportunities in Chinese stocks, high-yield domestic stocks, Singaporean stocks, and Indian stocks, particularly noting a 30% increase in Chinese overseas stocks this year with potential for double-digit growth in the next 12 months [1]. - Asian local bonds are projected to yield 3%-4%, with an expected annual currency appreciation of 2%-3%, making them attractive from a total return perspective [1]. Group 3: Investment Recommendations - Investors are advised to separate their wealth into liquid and growth portions, with the liquid part allocated to safer assets like fixed deposits, money market funds, and bonds, while the growth portion can be invested in higher-risk assets like stocks and private equity [3]. - Institutions should focus on long-term return goals and diversify investments across stocks and bonds to mitigate risks during market downturns, while also incorporating themes like artificial intelligence and advanced manufacturing for potential excess returns [3].

Core Insights - Meta collaborates with Blue Owl Capital to raise $27 billion through bond issuance for data center construction, setting a record for private bond issuance and highlighting the significant capital demand for AI infrastructure [1][2] - BlackRock is a major investor, subscribing over $3 billion in bonds, while Pimco is the largest buyer with $18 billion [2][3] - The bonds received an A+ investment-grade rating from S&P Global, but the yield is notably high at 6.58%, indicating investor risk premium concerns [2][4] Group 1: Bond Issuance Details - The Hyperion data center project raised $27 billion through private bonds, marking the largest single transaction in the private bond market [2] - The bonds were issued at a face value of $100 and appreciated to $110.2, providing substantial paper gains for early investors [2] Group 2: Investment Management Strategies - BlackRock's bond subscriptions are partially directed towards its ETF products, with a high-yield ETF acquiring $2.1 million in Hyperion bonds, making it the largest single investment in the fund [3] - BlackRock's strategy post-2008 financial crisis has positioned it as the largest asset management company, with over $5 trillion in assets managed in its iShares series [3] Group 3: Off-Balance Sheet Financing - Meta's partnership with Blue Owl allows the financing to be off-balance sheet, enabling large-scale data center development without increasing direct debt [4] - This off-balance sheet structure is becoming a preferred financing method for tech companies pursuing capital-intensive AI infrastructure projects, balancing funding needs with financial flexibility [4]

Core Insights - The global insurance industry, managing $23 trillion in assets, is planning to increase allocations to private markets as a strategy to smooth long-term returns [1] - A survey of 463 insurance executives revealed that 93% expect to increase private asset holdings in the next 12 months, while only 3% anticipate a decrease [1] - Investment-grade private credit, including infrastructure debt and private bonds, remains the most favored asset class among investors [1] Group 1 - Insurance companies have increasingly embraced alternative assets, with private equity firms acquiring insurance companies driving growth in private credit, raising concerns among lawmakers about potential risks in the $1.7 trillion market [4] - Executives in the insurance industry are currently prioritizing the diversification and low volatility potential of private assets over merely seeking higher returns [4] - Liquidity is the primary concern for insurance executives when selecting private assets [4] Group 2 - The interest in private assets is seen as a long-term structural shift rather than a trend driven by low interest rates, according to BlackRock's global insurance strategist Mark Erikson [5] - Despite significant investments in private credit by large insurance companies, smaller firms are also beginning to increase their allocations to alternative assets [4] - Following the prolonged low interest rate environment since the 2008 financial crisis, insurance companies have turned to private markets for yield, and recent interest rate hikes have not led to a reduction in private asset allocations [4]