2012年高净值人群的资产配置建议
<DIV><P style="LINE-HEIGHT: 150%; TEXT-INDENT: 26.25pt; MARGIN: 0cm 0cm 0pt; mso-char-indent-count: 2.5"><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt" lang=EN-US><FONT face=Calibri>2011</FONT></SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">年理财市场可谓跌声一片。欧债危机的纠缠不清让全球金融市场动荡不安，股市的跌跌不休，大宗商品价格的跌宕起伏，楼市调控政策终于见效，处在市场的拐点。就连被视为避风港的债券市场也出现过严重下跌，金价在冲高到</SPAN><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt" lang=EN-US><FONT face=Calibri>1900</FONT></SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">美元上方后也是掉头向下调整。</SPAN><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt" lang=EN-US></SPAN></P>
<P style="LINE-HEIGHT: 150%; TEXT-INDENT: 21pt; MARGIN: 0cm 0cm 0pt; mso-char-indent-count: 2.0"><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt" lang=EN-US><FONT face=Calibri>2012</FONT></SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">年</SPAN><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt" lang=EN-US><FONT face=Calibri>2</FONT></SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">月</SPAN><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt" lang=EN-US><FONT face=Calibri>24</FONT></SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">日，央行降低银行存款准备金率，对于一直萎靡不振的股票市场和债券市场起到了一定的正面效应，未来随着通胀回落、经济增长放缓趋势的确立，相应地，货币政策也将出现微调，流动性会出现改善的预期，对于富裕客户来说，也要考虑考虑在新的经济环境下调整资产配置。</SPAN><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt" lang=EN-US></SPAN></P>
<P style="LINE-HEIGHT: 150%; TEXT-INDENT: 21pt; MARGIN: 0cm 0cm 0pt; mso-char-indent-count: 2.0"><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt" lang=EN-US><FONT face=Calibri>2011</FONT></SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">年</SPAN><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt" lang=EN-US><FONT face=Calibri>11</FONT></SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">月胡润百富和中国银行</SPAN><SPAN lang=EN-US><A href="http://search.people.com.cn/rmw/GB/rmwsearch/gj_search_lj.jsp?keyword=%CB%BD%C8%CB%D2%F8%D0%D0" target=_blank><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; COLOR: windowtext; TEXT-DECORATION: none; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin; text-underline: none" lang=EN-US><SPAN lang=EN-US>私人银行</SPAN></SPAN></A></SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">联合发布《中国私人财富管理白皮书》</SPAN><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt" lang=EN-US><FONT face=Calibri>(</FONT></SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">以下简称《白皮书》</SPAN><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt" lang=EN-US><FONT face=Calibri>)</FONT></SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">指出，我国高净值人士使用私人银行的最大目的是“资金安全”，固定收益产品是最受欢迎的理财产品，分散投资是私人银行的主要投资方式，八成人士持有理财产品的时间短于两年。展望</SPAN><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt" lang=EN-US><FONT face=Calibri>2012 </FONT></SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">，在富裕客户的投资方面，有几点建议：</SPAN><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt" lang=EN-US></SPAN></P>
<P style="LINE-HEIGHT: 150%; TEXT-INDENT: 26.35pt; MARGIN: 0cm 0cm 0pt; mso-char-indent-count: 2.5"><B style="mso-bidi-font-weight: normal"><U><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt" lang=EN-US><FONT face=Calibri>1</FONT></SPAN></U></B><B style="mso-bidi-font-weight: normal"><U><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">）首先，固定收益的信托产品和固定收益理财产品依然是最资产配置最重要首选。</SPAN></U></B><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">信托业务具有极强的创新性和灵活性，信托产品的风险和收益都高于存款，很适合具有一定风险承受能力的高净值人群。固定收益短期理财产品第三方理财公司在8%-12%，收益高，有保障，可以优先选择。</SPAN></P>
<P style="LINE-HEIGHT: 150%; TEXT-INDENT: 26.35pt; MARGIN: 0cm 0cm 0pt; mso-char-indent-count: 2.5"><B style="mso-bidi-font-weight: normal"><U><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt" lang=EN-US><FONT face=Calibri>2</FONT></SPAN></U></B><B style="mso-bidi-font-weight: normal"><U><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">）其次，另类投资在富裕客户中的比例应该逐步提高。</SPAN></U></B><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">另类投资包括</SPAN><SPAN style="LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt"><FONT face=Calibri> <SPAN lang=EN-US>PE</SPAN></FONT></SPAN><SPAN style="LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-bidi-font-size: 10.5pt; mso-ascii-font-family: Calibri; mso-ascii-theme-font: minor-latin; mso-fareast-font-family: 宋体; mso-fareast-theme-font: minor-fareast; mso-hansi-font-family: Calibri; mso-hansi-theme-font: minor-latin">类、对冲基金和艺术品结构产品等，另类投资作为与股市相关性很低的一个品种，可以在组合投资中明显降低风险，提高收益。另外，从过往投资经历来看，另类投资的往往能够产生意向不到的高收益。</SPAN></P></DIV>
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