带着这些市场关注的热点问题，《每日经济新闻》记者近日在上海专访了瑞银财富管理中国区主管吕子 杰。采访中，她围绕当下股票、黄金等市场的变化及配置价值逐一阐述了自己的见解。 本次采访正值第十二届西岸艺术与设计博览会期间，吕子杰也从财富管理视角向记者分享了她对于艺术 收藏的看法。 谈股票配置价值：把握时机并注重板块选择 "当前，我们观察到中国高净值客户在财富管理方面的首要需求是追求资产价值的稳定。不少客户倾向 于将大量资金以现金形式存放，不愿承受过大的市场风险。然而，随着利率持续走低，若仅依赖现金储 蓄，实际回报往往难以抵御通胀。"吕子杰对记者说道。 资产配置的核心优势在于，能够在控制风险的同时提升整体收益潜力。"针对风险偏好较为保守的客 户，我们会将其大部分资金配置于类现金资产，而非纯粹持有现金。"吕子杰举例称，10年期左右的中 长期债券就是一类较为理想的选择，其收益通常高于存款，且由于期限适中，对利率波动的敏感度相对 可控，有助于维持投资组合价格的稳定。 此外，吕子杰仍看好股票的配置价值，但需要注意的是，美股、港股、A股等市场年内已有明显涨 幅。"由于市场波动始终存在，我们建议重点关注以下两方面：一是控制建仓节 ...

Core Insights - The Chinese wealth management market is experiencing significant growth, with increasing importance in the global landscape, necessitating a reevaluation of asset allocation strategies in light of geopolitical and economic changes [1] - UBS Wealth Management's China head, Lu Zijie, emphasizes the need for a diversified asset portfolio that balances returns and liquidity, particularly in the context of rising gold prices and alternative investment opportunities [1] Investment Strategy - High-net-worth clients in China prioritize asset stability, often preferring cash holdings due to market risk aversion; however, low interest rates make cash savings insufficient against inflation [2] - Asset allocation should focus on risk control while enhancing overall return potential; for conservative clients, medium to long-term bonds are recommended as they typically yield higher returns than cash deposits [2] - UBS remains optimistic about stock investments but advises careful timing and sector selection due to significant market gains in the US, Hong Kong, and A-shares [2][3] Sector Preferences - In the US, UBS favors sectors with strong fundamentals such as healthcare and banking, while in Europe, high-dividend assets like REITs are preferred; in Asia, technology and AI sectors in Hong Kong and high-performing companies in mainland China are highlighted [3] - The recommended stock allocation for Chinese clients is around 25% to maintain stable growth without excessive market volatility [3] Alternative Investments - Family offices are increasing their allocation to alternative investments, rising from single-digit percentages to 14%-15%, which enhances portfolio stability despite lower liquidity [4] - Gold is viewed as a long-term investment rather than a short-term speculation, with central banks expected to maintain significant gold purchases, projected at 900-950 tons in 2025 [5] Art Investment - Art collection is evolving from a passion to a significant aspect of family legacy and value expression, with high-net-worth individuals expected to allocate 20% of their wealth to art by 2025, up from 15% in 2024 [6] - The Chinese ultra-high-net-worth demographic leads in art investment, with an average allocation of 44% of their wealth to art, reflecting a strong cultural and emotional connection to their collections [6] UBS's Wealth Management Position - UBS has a long-standing history in wealth management, with global investment assets totaling $6.9 trillion and $4.7 trillion specifically in wealth management, making it the largest in Asia [7] - The firm aims to assist clients in achieving liquidity, longevity, and legacy through differentiated services tailored to high-net-worth individuals in China [7][8] - UBS's integrated banking model enhances its ability to serve the Greater Bay Area, leveraging its extensive experience in Hong Kong and connections with Shenzhen and Guangzhou [8][9]

Core Viewpoint - The stock of Electric Broad Media has shown a positive trend with a year-to-date increase of 20.28%, reflecting strong performance in the media sector [1][2]. Financial Performance - For the period from January to September 2025, Electric Broad Media achieved a revenue of 3.19 billion yuan, representing a year-on-year growth of 16.32%. The net profit attributable to shareholders was 132 million yuan, marking a significant increase of 116.61% [2]. - The company has distributed a total of 695 million yuan in dividends since its A-share listing, with 85.05 million yuan distributed over the past three years [3]. Stock Market Activity - As of November 20, the stock price reached 8.48 yuan per share, with a trading volume of 146 million yuan and a market capitalization of 12.02 billion yuan [1]. - The stock has experienced a net inflow of 127,100 yuan from main funds, with significant buying activity from large orders [1]. Shareholder Information - As of September 30, 2025, the number of shareholders decreased by 14.36% to 76,800, while the average circulating shares per person increased by 16.77% to 18,447 shares [2]. - The top three circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 7.39 million shares, and Southern CSI 1000 ETF, which reduced its holdings by 139,900 shares [3]. Business Segments - The main revenue sources for Electric Broad Media include advertising operations (65.66%), investment management (12.73%), and gaming (12.50%) [1].

天眼查App显示，近日，泾县锦澄工艺品有限公司成立，法定代表人为包花平，注册资本10万人民币， 经营范围为一般项目：纸制品销售；母婴用品销售；文具用品零售；工艺美术品及礼仪用品销售（象牙 及其制品除外）；产业用纺织制成品销售；艺术品代理；工艺美术品及礼仪用品制造（象牙及其制品除 外）（除许可业务外，可自主依法经营法律法规非禁止或限制的项目）。 ...

Core Viewpoint - The company, Shangshan Gold (01939), has announced a positive earnings forecast, expecting to achieve a net profit of approximately HKD 400,000 for the six months ending September 30, 2025, marking a turnaround from a loss [1] Financial Performance - Revenue for the reporting period is projected to increase by 140% to approximately HKD 76.5 million [1] - Revenue from art auction and related businesses is expected to be around HKD 38.88 million, while art sales revenue is estimated at HKD 37.5 million, and revenue from gold and related businesses is about HKD 2 million [1] Capital Raising and Strategic Focus - The company has recently completed a placement of 11.88 million shares, raising a net amount of approximately HKD 90 million [1] - The raised funds will be primarily directed towards global channel expansion and brand system development, with a core focus on scaling and upgrading technology for gold smart terminals [1] Competitive Advantage - The company's core competitiveness is rooted in the technological accumulation and industry layout of its parent company, Jinya Fu Group [1] - As of June 2025, Jinya Fu's smart gold stores have been established in nearly 100 key cities across China, including major cities like Beijing, Shanghai, and Guangzhou, and have partnered with over 50 banks, serving more than 300,000 users [1]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of approximately HKD 400,000 for the six months ending September 30, 2025, marking a turnaround from a loss to profit [1] Financial Performance - The group's revenue for the reporting period is projected to increase to approximately HKD 76.5 million, representing a year-on-year growth of about 139.8% [1] - Revenue from art auctions and related businesses is expected to be around HKD 38.8 million, compared to approximately HKD 29.3 million for the six months ending September 30, 2024 [1] - Revenue from art sales is anticipated to be approximately HKD 37.5 million, significantly up from about HKD 2.2 million for the same period last year [1] - Revenue from gold and gold-related businesses is expected to be around HKD 200,000, whereas there was no revenue recorded for the six months ending September 30, 2024 [1]

Core Viewpoint - The company expects to achieve a net profit attributable to shareholders of approximately HKD 400,000 for the six months ending September 30, 2025, marking a turnaround from a loss in the previous period [1] Financial Performance - The group's revenue for the reporting period is projected to increase to approximately HKD 76.5 million, representing a year-on-year growth of about 139.8% [1] - Revenue from art auctions and related businesses is expected to be around HKD 38.8 million, compared to approximately HKD 29.3 million for the six months ending September 30, 2024 [1] - Revenue from art sales is anticipated to be approximately HKD 37.5 million, significantly up from about HKD 2.2 million for the same period last year [1] - Revenue from gold and gold-related businesses is projected to be around HKD 200,000, whereas there was no revenue recorded for the same period last year [1]

基于公司目前可获取之资料，董事会认为集团于报告期业绩转亏为盈，主要由于集团于报告期收益增加 至约76.5百万港元，较截至2024年9月30日止六个月的收益增加约44.6百万港元或约139.8%。艺术品拍 卖及相关业务的收益约为38.8百万港元(截至2024年9月30日止六个月：约29.3百万港元)、艺术品销售的 收益约为37.5百万港元(截至2024年9月30日止六个月：约2.2百万港元)，而黄金及黄金相关业务的收益 约为0.2百万港元(截至2024年9月30日止六个月：无)。 格隆汇11月18日丨上善黄金(01939.HK)公告，基于对集团截至2025年9月30日止六个月(「报告期」)之未 经审核综合管理账目的初步审阅，集团预期将录得公司拥有人应占综合溢利净额约40万港元，而2024年 同期则录得公司拥有人应占综合亏损净额约110万港元。 ...

Core Insights - Despite increasing global economic uncertainty, high-net-worth individuals are continuing to invest in art, with a projected increase in wealth allocation to 20% by 2025, up from 15% in 2024 [2] Group 1: Investment Trends - Ultra-high-net-worth individuals with assets exceeding $50 million have an average art asset allocation of 28% [4] - Gen Z collectors are leading trends in new categories such as luxury bags and sneakers, with their average spending on sneakers being nearly five times that of other groups [4] - Millennials are spending more in decorative arts, design, and jewelry, indicating a cross-category investment trend among younger collectors [4] Group 2: Chinese Market Insights - The proportion of ultra-high-net-worth individuals surveyed in mainland China is the highest at 44%, with an average wealth of $27.4 million, ranking first among the top ten markets [5] - Chinese collectors lead global spending in pure art, decorative arts, and antiques, with an average expenditure of $2.2 million, significantly higher than the median of $650,000 in other regions [5] - High-net-worth female collectors in mainland China are spending more than their male counterparts, with their average expenditure being over twice that of men, contributing to a more innovative and diverse art market [6]

Core Insights - The cross-border bonded display trade in Beijing has seen significant growth, with a total value of 220 million yuan in the first three quarters of this year, marking a 140% year-on-year increase [1] - The cultural and artistic products within this trade accounted for 219 million yuan, also reflecting a 140% increase compared to the previous year [1] Group 1: Cross-Border E-commerce Development - Wangfujing Global Purchase cross-border e-commerce experience stores have opened in multiple cities, showcasing over 1,000 imported beauty and skincare products [1] - The store utilizes a model that combines offline experience with online ordering, allowing for quick delivery from the Beijing Tianzhu Comprehensive Bonded Zone [1] Group 2: Policy Support and Operational Efficiency - Beijing Customs has established a cooperation mechanism with 13 direct customs offices to facilitate cross-border bonded display business, enabling companies to showcase and trade bonded goods outside their original storage areas [1] - The introduction of a "policy package" including paperless delivery, 24/7 appointments, AI verification, and rapid exit from the zone has significantly reduced operational costs for businesses, saving nearly 10 million yuan [2] Group 3: Impact on Cultural Trade - The cross-border bonded display trade not only supports individual consumer purchases but also enhances opportunities for cultural trade [2] - The policy changes have allowed companies to participate more flexibly in off-site exhibitions, leading to a noticeable increase in business volume, with one company reporting nearly 40 applications for cross-border bonded display transactions and over 1,200 exhibited works since the start of 2024 [2]