富达基金投顾业务负责人戴旻表示，近年来，中国跨境投资工具日益丰富，各类产品不断涌现，为境内 投资者提供了更多元的配置选择。 他同时表示，黄金资产正逐渐成为资本保值类资产中的重要组成部分，其作用未来可能与固定收益资产 类似。综合对资本市场中长期趋势的观察，在当前阶段，国内财富管理行业有必要引入更多元化的组合 投资工具。财富管理不应仅限于销售单一基金产品或代销某项产品，而应依据每个人所处的养老生命周 期和具体财富规划，提供具有生命周期属性的多元化配置解决方案。 在嘉实财富副总经理邝霞看来，财富管理的出发点是客户需求，同时应立足于"账户思维"为客户进行多 元化和全球化的资产配置。 关于财富管理行业转型，戴旻称"正从单一产品销售向多元化、解决方案式服务转型"；德意志银行（中 国）有限公司总行副行长、私人银行财富管理北亚区董事总经理及大中华区总经理彭彦杰表示，财富管 理行业正经历一场从"以产品为中心"到"以个人为中心"的深刻转型。 在12月27日举行的"三亚·财经国际论坛暨第五届三亚财富管理大会"上，多位与会人士围绕"高水平开放 下的财富管理新生态"这一话题展开讨论。 今年12月18日，海南自由贸易港正式启动全岛封关。 ...

2025年12月27日，富达基金投顾业务负责人戴旻在"三亚•财经国际论坛暨第五届三亚财富管理大会"上 表示，近年来，在监管的推动下，中国跨境投资工具越来越丰富，不仅有传统的QDII基金，场内大量 不同国家地区的行业风格的QDII类的股票ETF如雨后春笋般快速出现，为境内投资者提供了更多元的配 置选择。 戴旻表示，海南全岛封关政策有潜力让海南打造一个跨境资产配置的金融平台。一方面，可以解决财富 管理底层工具的供给问题；另一方面，通过EF账户（多功能自由贸易账户）等金融账户创新，提升资 金流动与配置的灵活性。此外，海南独特的自然环境与服务业基础，也吸引大量退休及准退休人群，有 望催生养老金融、财富规划等新兴需求，为财富管理行业带来新的增长点。（记者 刘鹏） （作者 经观智讯） 戴旻表示，黄金资产正逐渐成为资本保值类资产中的重要组成部分，其作用未来可能与固定收益资产类 似。综合对资本市场中长期趋势的观察，在当前阶段，国内财富管理行业有必要引入更多元化的组合投 资工具。 ...

专题：2025三亚•财经国际论坛 此外，他还表示，新能源发展到现阶段，不仅应用于能源领域，储能需求、算力提升对电动基础设施的 需求，都可能催生传统大宗商品，尤其是工业基础中的铜等资产，形成对冲美元走弱的良好资产配置机 会。 三亚•财经国际论坛暨第五届三亚财富管理大会12月27日在海南三亚举办。富达基金投顾业务负责人戴 旻出席并发言。 提及黄金资产，戴旻认为，在地缘政治仍充满不确定性的情况下，黄金资产接下来会像固定收益一样， 在资本保值类资产类别中发挥重要作用。 他还指出，在当前时点，国内财富管理有必要将更多元、组合投资工具纳入财富管理业态。 新浪合作大平台期货开户 安全快捷有保障 戴旻指出，中国科技企业龙头公司在开源模型、模型应用端以及工业机器人等科技领先行业，也取得了 非常令人欣喜的成果。这些进展不仅惠及中国，也惠及全球经济资本市场。利用好经济上行、科技助力 经济上行的阶段，通过全球多元权益资产配置，可在不同区域发掘较好的成长性机会。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：王翔 专题：2025三亚•财经国 ...

本报（chinatimes.net.cn）记者王兆寰 北京报道 12月12日，由华夏时报社主办的第十九届华夏机构投资者年会暨华夏金融（保险）科技论坛在北京成功 举办。本届论坛以"活力与韧性 拓新与赋能"为核心主题，由中央财经大学数字经济融合创新发展中 心、华夏时报金融思想荟、华夏时报金融研究院联合提供智力支持，意在回应时代之问，凝聚发展共 识，探寻未来路径。 在基金分论坛上，摩根士丹利基金多资产投资部执行董事李圣谣表示，2026年，对于美股市场偏谨慎乐 观。美股估值处于历史高分位，进一步上涨更多依赖盈利兑现而非估值扩张。 对于A股，李圣谣认为，目前仍然处于"双修复"早中期。A股的性能有所提高，整体弹性可能还是会维 持在相对高位。从边际角度来说，A股潜力更大，境外投资者持有A股规模有望回升。 A股迎来"估值+盈利"双修复 此次基金分论坛围绕"在不确定中寻找确定"这一议题展开深度对话，李圣谣认为，在不确定性中寻找确 定性，做好全球资产配置，能够将波动打磨成长期收益。 2026年，对于美股，李圣谣持偏谨慎乐观态度。他分析认为，目前美国经济增长"温和降速"，且通胀粘 性也在回落，现在市场上基本已为美联储2026年一到 ...

Core Points - Shandong Gold's stock price closed at 35.1 yuan, down 2.04% from the previous week, with a market capitalization of 161.81 billion yuan, ranking 1st in the precious metals sector and 95th in the A-share market [1] - The company announced a commitment to prioritize the injection of qualifying gold assets into the listed company by November 10, 2030, under certain conditions [1][4] - A temporary shareholders' meeting is scheduled for December 24, 2025, to discuss avoiding competition commitments, with provisions for minority shareholder voting [2][4] - The company has returned 55 million yuan of idle raised funds to the designated account within the stipulated period [2][4]

Group 1 - International gold prices have experienced a significant decline from over $4400 to $3900, a drop exceeding 10%, but have recently rebounded to around $4140 per ounce due to various market factors [1] - Weak employment data from the U.S. private sector and expectations of interest rate cuts by the Federal Reserve have provided support for gold prices, with a notable increase in spot gold prices by nearly 3% recently [1] - The Challenger report indicates that U.S. corporate layoffs exceeded 150,000 in October, marking the highest level for this period in over 20 years, suggesting a slowdown in the U.S. labor market [1] Group 2 - Morgan Stanley's macro and fixed income strategy head predicts that gold prices may surpass $5000 next year, driven by global central bank purchases, particularly from emerging markets [2] - Emerging market economies, including China, Poland, Turkey, and Kazakhstan, are expected to lead the next wave of gold purchases, as many of these countries have substantial cash flows that need reinvestment [2]

Macro and Technical Perspectives on Asset Allocation - The macro perspective indicates a bearish outlook on equity assets, while the technical perspective shows an upward trend with moderate valuation and a state of capital outflow [1][5][20] - For bonds, the macro perspective is bullish, but the technical perspective indicates a downward trend [1][5][20] - Industrial products are viewed negatively from a macro perspective, with a downward price trend also noted technically [1][5][20] - Gold assets are favored in the macro view, with a technical upward price trend [1][5][20] Asset Performance Tracking - The fixed ratio + macro indicators + technical indicators combination yielded a return of 10.51% in 2025, with an annualized return of 12.05% since April 2006 [2][21] - The volatility-controlled + macro indicators + technical indicators combination achieved a return of 15.69%, while the risk parity + macro indicators + technical indicators combination returned 6.99% [2][30] Asset Class Analysis - Equity assets are currently under pressure from macro indicators, while technical indicators suggest an upward trend but with capital outflow [20][21] - Bond assets are supported by macro indicators, but technical indicators show a downward trend [20][21] - Industrial products face macro headwinds and technical downward trends [20][21] - Gold assets benefit from favorable macro indicators and an upward technical trend [20][21] Valuation and Capital Flow Indicators - The equity risk premium (ERP) for the CSI 800 index is at 53.94%, indicating a moderate valuation level [13][14] - The latest capital flow indicator for equity assets shows a net outflow of 316 billion, reflecting a capital outflow state [16][17] Summary of Asset Class Scores - The overall scores for asset classes based on macro and technical indicators show equities at 1, bonds at 3, industrial products at -2, and gold at 2 [19][20] - The combined analysis suggests a bearish outlook for equities and industrial products, while bonds and gold are viewed positively [20][21]

Group 1 - The core viewpoint is that AI monetization is accelerating, with strong capital expenditure from cloud vendors, leading to rapid growth in global data center installations [1] - The overall power density of Intelligent Computing Centers (AIDC) is increasing, and high-voltage direct current (HVDC) distribution solutions are becoming a trend [1] - Solid-state transformers (SST) represent the latest technological route under high-voltage direct current distribution, offering advantages in conversion efficiency, construction time, space occupation, and renewable energy integration compared to HVDC and other solutions [1] Group 2 - The report highlights that after a significant drop in gold prices, gold remains the most suitable safe-haven asset during global restructuring, and the recent decline provides a buying opportunity [2] - Despite the drop in gold prices, typical gold company stocks performed better, indicating a consensus on the long-term allocation value of gold-related assets [2] - Most gold companies are expected to achieve both volume and price increases by 2026, and current valuation levels are becoming attractive for additional allocation [2] Group 3 - The securities sector is experiencing an upward trend in prosperity, driven by government policies aimed at stabilizing growth and the stock market [3] - A moderately loose liquidity environment and continuous optimization of the capital market are enhancing expectations for the expansion of medium- to long-term funds [3] - Factors such as improved investor confidence are collectively driving the positive outlook for the securities sector [3]

Core Viewpoint - The overall macro analysis indicates a bullish outlook for equity and bond assets, while industrial products are viewed negatively. Gold assets are also favored due to positive macro conditions [1][7]. Macro Analysis - Equity assets are supported by favorable macro conditions, with a positive trend and moderate valuation, indicating capital inflow [2][23]. - Bond assets are also favored on the macro level, although they show a downward trend [2][23]. - Industrial products face negative macro conditions, despite a rising price trend [2][23]. - Gold assets benefit from positive macro conditions and an upward price trend [2][23]. Technical Analysis - The latest trend indicators show upward trends for equity, industrial products, and gold, while bond prices are trending down [12][13]. - The equity risk premium (ERP) is at 52.65%, indicating a moderate valuation level for equity assets [16][17]. Asset Performance Tracking - The fixed ratio combined with macro and technical indicators yielded a return of 2.64% as of August 2025, with an annualized return of 11.96% since April 2006 [3][28]. - The volatility-controlled and risk parity combinations achieved returns of 3.50% and 0.79%, respectively, with annualized returns of 9.50% and 9.63% since April 2006 [30][29]. Summary of Indicators - The macro and technical indicators for various asset classes show a low correlation, averaging around 0.17, suggesting that both should be considered in asset evaluation [21][22]. - The total scores for asset classes indicate a bullish stance on equities and gold, while industrial products are viewed negatively [22][23].

Group 1 - The report indicates a strong rebound in Hong Kong Stock Connect innovative drug theme funds, with significant performance noted in the recent period [2][24][29] - The A-share market experienced narrow fluctuations and a significant decrease in volatility following tariff policy impacts, with the China Securities 2000 and CSI 300 indices showing gains of 0.42% and 0.37% respectively [11][12] - The report highlights that the QDII funds and other types of funds performed best, with increases of 2.46% and 1.13% respectively, driven by a rebound in oversold assets such as oil and gas and the Hong Kong market [16][24] Group 2 - The investment outlook suggests a defensive strategy focusing on fundamentally solid and reasonably valued targets, recommending a "core + theme" allocation for equity assets [31][29] - For bond assets, the report notes that the domestic effective demand issue remains unresolved, and a new round of monetary easing is anticipated, suggesting buying long-term interest rate bonds during market adjustments [31][29] - The report recommends allocating 2% to 5% of the portfolio to gold assets, as even with lower expected returns, this allocation can significantly enhance the risk-adjusted returns of the investment portfolio [31][29]