2025年第三季度全球金融市場回顧

 

2025年第三季度，全球股市表現分化，中國資產（A股、港股）與美股科技股成為核心增長引擎。美聯儲降息推動美股反彈，納斯達克指數（+11.24%）領漲，主要受蘋果、輝達、特斯拉等科技巨頭推動；標普500指數（+7.79%）、道瓊斯工業平均指數（+5.22%）緊隨其後；中國經濟復甦與政策支持推動A股走強，科技、消費板塊引領上漲。創業板指（+50.40%）以歷史最大單季度漲幅位居全球主要股指首位，深證成指（+29.25%）、上證指數（+12.73%）均創下2019年以來最高單季度漲幅；香港市場受益於中國經濟復甦及全球流動性改善，恆生指數（+11.56%）、恆生科技指數（+21.93%）均實現顯著上漲。

 

 

AQUMON旗艦組合表現亮點：穩健收益與卓越風控的雙重印證

 

AQUMON旗下兩大旗艦組合——Smart Global與Smart Global Max延續策略優勢，在收益彈性與風險調整能力上均交出亮眼答卷，為客戶創造了兼具進攻性與防禦性的持有體驗。

 

作為錨定港股市場的核心組合，Smart Global在近一年表現展現了強勁的勢能，全風險等級組合均實現雙位數收益，其中平衡型（15.37%）、成長型（17.24%）、進取型（19.29%）組合均實現15%+的收益率。尤為值得肯定的是，進取型組合（80%股票+20%債券）在第三季度單季仍保持進攻態勢，實現9.92%收益，在港股市場階段性波動中展現了策略的短期爆發力與長期穩定性。

 

 

針對美股市場的Smart Global Max組合，依託AQUMON算法引擎對資產輪動、波動率預測的精準把控，在近一年的表現也不俗，平衡型（11.61%）、成長型（12.94%）和進取型(14.07%)組合同樣也實現了雙位數收益。更令人矚目的是，25年三季度該組合下所有風險類型的Sharpe Ratio高達4.46-5.00，遠超市場主流指數表現（標普500同期Sharp Ratio為3.15）。這種“全風險等級均輸出超額風險調整收益”的能力，正是AQUMON算法賦能的直接體現，也為不同風險偏好的投資者提供了“既要收益、也要穩健”的理想選擇。

 

 

 

熱門主題組合：精準把握市場機遇

 

在科技驅動的大趨勢下，AQUMON主題投資組合憑藉對產業趨勢的敏銳研判精準捕捉機遇，展現出卓越的前瞻性佈局能力。我們的大中華科技股組合在2025年第三季度實現30.80%的優異回報，今年以來收益率高達48.28%，充分體現了團隊在科技投資領域的專業優勢。此外，港股行業龍頭組合（11.62%）和全球科技巨頭組合（10.65%）同樣表現不凡，兩類策略單季收益均超10%，彰顯了我們多元化主題投資策略的有效性。

 

 

 

2025年第四季度全球金融市場展望

 

2025年第四季度，全球金融市場將呈現“寬鬆流動性主導下的結構性分化”格局：美聯儲預計四季度還會繼續降息，推動美元走弱並提振風險資產，但地緣衝突和美國債務擴張構成主要擾動。美股科技股仍是核心驅動力，但高估值板塊需警惕盈利驗證壓力；中國內地在政策托底與經濟弱復甦共振下，外資加速流入，A股科技與消費主線有望延續強勢；香港市場則依託南向資金持續流入及美聯儲降息，恆生科技指數或進一步上漲。風險層面需重點防範：一是美國衰退預期升溫加劇全球風險偏好波動；二是中國內需修復節奏不及預期可能壓制市場情緒。

 

在這一複雜市場環境下，AQUMON將繼續依託量化研究方法與專業團隊，力求為投資者提供長期、穩健的服務。

 

 

About us

AQUMON is a Hong Kong based award-winning financial technology company. Our mission is to leverage smart technology to make next-generation investment services affordable, transparent and accessible to both institutional clients and the general public. Through its proprietary algorithms and scalable, technical infrastructure, AQUMON’s automated platform empowers anyone to invest and maximize their returns. AQUMON has partnered with more than 100 financial institutions in Hong Kong and beyond, including AIA, CMB Wing Lung Bank, ChinaAMC, and Guangzhou Rural Commercial Bank. Hong Kong University of Science and Technology, the Alibaba Entrepreneurs Fund, affiliate of BOC International Holdings Limited, Zheng He Capital Management and Cyberport are among AQUMON's investors. 

 

The brand is held under Magnum Research Limited and is licensed with Type 1, 4 and 9 under the Securities and Futures Commission (SFC) of Hong Kong. AQUMON is also licensed by the U.S. Securities and Exchange Commission (SEC) and the Asset Management Association of China (AMAC).

 

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