未知机构：国联策略Focus黄金和美股连续两年领涨全球大类资产0205-20250206

Summary of Key Points from the Conference Call Industry Overview - The report discusses the performance of various asset classes, highlighting that gold and the US stock market have led global asset classes for two consecutive years [1] Core Insights and Arguments - The US stock market showed significant growth with a return of 29.6% in 2013 and 56.9% in 2014, indicating strong market performance during these years [2] - Gold also performed well, with returns of 5.9% in 2012 and 15.2% in 2013, reflecting its status as a safe-haven asset [2] - The report includes a comparative analysis of various indices, such as the Shanghai Composite Index (沪深300) and the CSI 500 (中证500), which had returns of 16.9% and 51.7% respectively in 2013 and 2014 [2] - The performance of real estate in major Chinese cities is also noted, with first-tier cities experiencing a price increase of 23.7% in 2014 [2] - The report highlights the decline in returns for certain asset classes, such as public funds and the CSI 500, which saw returns of -24.7% and -25.0% respectively [3] Additional Important Content - The report provides a detailed breakdown of the performance of various asset classes over the years, including US Treasury bonds, credit bonds, and the performance of the RMB [2][3] - It emphasizes the importance of monitoring macroeconomic indicators such as the Consumer Price Index (CPI) and the US Dollar Index, which have shown varying trends over the years [2] - The analysis includes a focus on the performance of different tiers of real estate in China, with second-tier cities showing a decline in prices by -0.5% [3]