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The funds mentioned in this website are suitable for professional or institutional investors only. All investment involves risk and past performance is not indicative of future results. Our investment management services relate to a variety of investments, each of which can fluctuate in value. The value of funds and portfolios we manage may fall as well as rise, and the investor may not get back the full amount originally invested. The loss on realization or cancellation may be very high including total loss of investment, as the value of such an investment may fall suddenly and substantially. Any projections or forward-looking statements are not necessarily indicative of future or likely performance.
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月度市场时评
想他人之所不想 得他人之所不得
要点概述
览无余
2025
重点摘要
2025年,纪律性投资获得了回报。市场经历了剧烈波动和快速变化的叙事,但随着年度推进,市场屡次重新站稳脚跟。大多数资产类别实现了稳健收益,其中股票表现强劲,贵金属也表现尤为突出。相比之下,美元和原油表现滞后——这进一步凸显了多元化配置和纪律性投资组合构建的重要性。
在此背景下,我们采取的平衡风险偏好立场使我们能够在不造成不必要干扰的情况下参与市场复苏。地域多元化,结合随着市场环境演变而进行的主动调整,有助于管理波动性。即使4月的关税升级和美元疲软程度超出预期,我们的投资组合也设计得具有韧性,使我们能够透过短期波动,参与年度收益。
2026
影响年度的关键主题
经济在2026年进入转折点。人工智能正从炒作走向实际影响,支持更广泛行业领域的生产率和盈利增长。这为市场提供了建设性背景,即使市场领导力开始从少数赢家向更广泛领域扩展。
与此同时,政府正发挥更大作用:通过财政支出、产业政策和国家安全优先事项,而全球化持续退潮。货币政策仍保持支持性,预计将继续(但有限度地)宽松。
表面之下,风险正在积聚,值得关注。地缘政治紧张局势、技术竞争、高企的债务水平和保护主义表明,这是一个冲击更加频繁、结果更加不均衡的世界。在此背景下,投资机会仍然具有吸引力——但投资组合构建比以往任何时候都更为重要。保持投资,同时强调多元化、韧性和主动风险管理,将是应对当今更复杂投资环境的关键。
更多精彩时评
市场时评 2025年12月
市场时评 2025年11月
市场时评 2025年10月