Core Viewpoint - The article discusses the significant increase in various stock indices at the beginning of the year, highlighting a positive market sentiment compared to the previous year's performance [1]. Index Performance Summary - The Sci-Tech Innovation Board Index has risen by 10.19% this year, while the convertible bond equal-weight index has increased by 5.44% [1]. - Other notable indices include: - The Sci-Tech 50 Index up by 9.80% - The CSI 500 Index up by 7.92% - The CSI 1000 Index up by 7.03% - The Shenzhen Component Index up by 4.40% - The Shanghai Composite Index up by 3.82% [1].

随着全球市场的不确定性增加，投资者已不再适用单一市场的投资逻辑。Bitget TradFi 提供的跨市场、 跨资产统一账户体验，让全球资产配置变得更加灵活、便捷。 回望 2025 年的加密行业，发生了太多难以预料的变化。加密行业整个上半年都被特朗普牵引，监管落 地，政策友好，BTC 突破新高，圈内一片欢声笑语，一切都逆周期向上狂奔。但在 10 月 11 日币圈史 上最大规模爆仓之后，无数人没能躲过「斩杀」，加密市场转熊，一切又回落到了年初的起点。 过去一年，比特币价格下跌 7%，以太坊价格下跌 10%，当下的情绪指数为「恐慌」。全球经济的不确 定性，以及加密市场流动性骤降，多个机构清盘和监管压力的加剧，导致加密市场资金外流、交易量减 少。加密货币市场的波动性处于历史高位，投资者的风险承受能力面临严峻考验。 与加密行情形成鲜明对比的是，作为传统金融市场（TradFi）的代表性资产如黄金等贵金属在过去一年 中展现了极强的韧性和增值。黄金价格突破历史新高一度来到 4500 美元上方、全年涨幅约 65%。原本 被视作「传统老气」和「避险资产」的黄金，忽然变得「眉清目秀」，表现远好过「数字黄金」比特 币。 与此同时，随 ...

Core Viewpoint - The real estate market in first-tier cities is experiencing a significant downturn, while Hong Kong's property market is thriving, highlighting a stark contrast in investment opportunities and strategies [1][3][5]. Group 1: First-tier Cities Real Estate Market - As of September 2025, second-hand housing prices in Beijing, Shanghai, Guangzhou, and Shenzhen have seen substantial declines, with Beijing down 2.1% month-on-month and Guangzhou experiencing a year-on-year drop exceeding 10% [3]. - Shenzhen's property prices have plummeted by 41.8% from historical highs, indicating a loss of over 4 million yuan on properties that were once valued at 10 million yuan [3]. - The number of second-hand homes listed for sale continues to rise, with Beijing adding 18,448 new listings in September alone, bringing the total for the first nine months to nearly 160,000 [3]. - Rental yields in these cities are low, with the highest being only 1.89%, insufficient to cover a mortgage interest rate of 3.2% [3]. Group 2: Hong Kong Real Estate Market - As of October, the private residential price index in Hong Kong has risen for five consecutive months, with rental prices increasing for nine months, reaching a six-year high [5]. - In prime areas like Hong Kong Island, rental prices for small units under 40 square meters have surged to 527 HKD per square meter [5]. - The rental yield in Hong Kong has climbed to 3.5%, surpassing the mortgage rate of 3.375%, making "renting to pay mortgage" a viable strategy [5]. - Notably, over half of the luxury property transactions exceeding 50 million HKD in Hong Kong this year involved mainland buyers, indicating a shift in investment focus [5]. Group 3: Investment Strategies and Market Trends - The contrasting trends in real estate markets are prompting investors to reconsider their asset allocation strategies, moving away from the traditional approach of concentrating investments in domestic properties [5][8]. - Investors are increasingly diversifying their portfolios, with a suggested allocation of 40% in domestic ETFs and government bonds, 30% in overseas funds, 20% in bonds, and 10% in gold ETFs [7][8]. - The establishment of over 50 new FOF funds in 2025, with a total issuance of 42.1 billion yuan, reflects a shift in investor sentiment towards diversified investment strategies [8]. - Ordinary investors can now access overseas investments through domestic platforms with minimal entry requirements, facilitating a broader investment approach [8].

Core Viewpoint - The article emphasizes the importance of a diversified, long-term investment strategy, particularly through a "permanent investment strategy" that balances various asset classes to achieve stable returns while minimizing risk [4][5][12]. Group 1: Investment Strategy - The author advocates for a global multi-asset allocation approach, suggesting that investors should not overly concentrate on high-valuation sectors [4][5]. - A sample permanent investment portfolio is proposed, consisting of 12.5% in Nasdaq 100, 12.5% in S&P 500, 25% in gold, 25% in Chinese bonds, and 25% in U.S. bonds [6][12]. - Historical backtesting of this strategy shows a three-year return of 70.74%, outperforming the CSI 300's 18.41% and slightly lagging behind the S&P 500's 83.51% [9][12]. Group 2: Risk and Performance Metrics - The maximum drawdown for the permanent strategy is reported at 9.19%, significantly lower than the CSI 300's 24.8% and the S&P 500's 18.62% [9][12]. - The Sharpe ratio for the permanent strategy is calculated at 0.12, compared to 0.02 for the CSI 300 and 0.08 for the S&P 500, indicating better risk-adjusted returns [9][12]. - The strategy's positive return days are at 55.14%, slightly higher than the CSI 300's 49%, suggesting that while the strategy does not yield daily profits, it benefits from lower volatility [9][12]. Group 3: Long-term Performance - Over five years, the permanent strategy achieved a return of 79.1%, while the CSI 300 only returned 0.07% and the S&P 500 returned 115.36% [13]. - The article notes that rebalancing the portfolio over five years resulted in a decrease in performance from 76.3% to 66.6%, attributed to the strong upward trends in U.S. stocks and gold [17]. - The author argues that long-term rebalancing can enhance returns during market downturns by locking in profits and allowing for reinvestment at lower prices [17]. Group 4: Asset Correlation - The correlation between S&P 500 and Nasdaq 100 is very high at 0.97, indicating limited diversification benefits between these two assets [20]. - In contrast, the correlation between S&P 500 and gold is only 0.01, and between S&P 500 and U.S. bonds is 0.09, highlighting the importance of including low-correlation assets in a diversified portfolio [20]. - The article suggests that the current market is heavily concentrated in large-cap tech stocks, which may pose risks if the broader economy weakens [21].

Core Viewpoint - The article emphasizes that investment is based on future expectations, while valuation is a retrospective indicator, making investment decisions based solely on valuation highly limited [3]. Group 1: Valuation and Index Performance - Comparing valuation growth with index growth provides significant insights into the health of index increases and whether they are driven by earnings or valuation [4][5]. - If valuation growth closely matches index growth, the increase is primarily driven by valuation rather than earnings [6]. - A situation where valuation growth exceeds index growth indicates that the index's rise is entirely driven by valuation, often accompanied by negative earnings growth [6][7]. - Conversely, if valuation growth is smaller than index growth, the increase is primarily driven by earnings, which is considered a healthier and more sustainable rise [7]. Group 2: Recent Index Performance Analysis - Since September 24 of the previous year, major A-share indices have seen increases primarily driven by valuation growth, with significant contributions from indices like the Dividend Low Volatility and the CSI 500, where valuation growth greatly exceeded index growth [9][10]. - In contrast, the Hang Seng Technology and China Internet 50 indices have experienced increases primarily driven by earnings growth, with minimal valuation changes [10][11]. Group 3: Phase-by-Phase Index Performance - An analysis of index performance from September 24 to April 30 shows that A-share indices like the CSI 500 and Dividend Low Volatility were entirely driven by valuation growth, with earnings showing negative growth [12][14]. - From April 30 to August 29, A-share indices continued to see increases primarily driven by valuation growth, while the Hang Seng Technology indices experienced increases largely driven by earnings [17][19]. Group 4: Investment Viability - A review of the health of index increases and historical valuation percentiles indicates that most A-share indices are at high valuation levels, suggesting that further investment may not be supported by retrospective indicators [21][22]. - In contrast, the Hang Seng Technology and China Internet 50 indices are at significantly undervalued positions, indicating better investment potential due to their earnings-driven growth [23][24]. - The S&P 500 and Nasdaq 100 indices are at high valuation levels, with recent performance primarily driven by valuation rather than earnings, raising concerns about the sustainability of their growth [25][26].

Core Insights - Lingyun Community has launched three major fund products to cater to the diverse investment needs of its members in response to global economic changes and market volatility [1] Group 1: Fund Offerings - **Speed Fund**: Designed for members with a high-risk tolerance who prefer short-term trading opportunities, this fund invests in high-volatility assets like Bitcoin, Ethereum, and gold, utilizing day trading strategies for efficient value growth [3] - **Value Fund**: Aimed at members seeking long-term stable growth, this fund balances risk and return by investing in high-quality ETFs from both mature and emerging markets, such as S&P 500, NASDAQ 100, and CSI 300, focusing on long-term holding and scientific asset allocation [3] - **Stability Fund**: Targeted at members who prefer low-risk, safe investments, this fund offers a diversified portfolio including S&P 500, Hang Seng Index, Bitcoin, Ethereum, and London gold, employing a diversification strategy to minimize systemic risk and support steady wealth accumulation [3] Group 2: Member Services - Lingyun Community emphasizes enhancing the investment experience for its members by equipping all three funds with comprehensive risk control systems and real-time monitoring mechanisms, supported by a professional internal team to provide transparent and sustainable investment management services [5] Group 3: Future Growth - By focusing on investment sector development, integrating global quality resources, and applying financial technology tools, Lingyun Community aims to create a diversified investment platform, with plans to continue addressing community needs and introducing more innovative fund products while providing education and support for members [7]