1、2025Telephone：010-66592240Email：wenxbbj-bjbank-of-Editor-in-Chief:Wang ZeyuDeputy Editor-in-Chief:Huang Lei Ching Wai Sum JanetEditor:Wen Xiaobo Editorial Board:Investment Strategy Research Center of Bank of ChinaHead Office:Qu Gang Wen Xiaobo Li Pinzhang Xiao Min Su Kangmiao Wang JingDomestic Branc

2、hes:Wan Jie Liu Chang Lin Yongkang Wu Delei Hong Zhenchong Ye Jiaqi Zhang Yeqing Chang Ke Yang Fan Sun ZhiyongOverseas Institutions:Cheung Sze Kei Lee John Yingdi Liu TinaIntegrated Operation Subsidiaries:Guan Tao Wu Xun Zhu QibingYu Xin Wang Jun Xu PeidongZhang Jian Liu Liping2025Scan the QR code t

3、o gain access to the latest information of BOC Private Banking01Review:In 2024,the century-long global transformation continued to evolve.Driven by the declines of the inflation in the US and Europe,the Fed and the ECB started the cycle of interest rate cuts,heralding a dawn of hope for global asset

4、s.Global stock markets generally rose,with US stocks repeatedly hitting record highs.Driven by the intensification of policies favorable to Chinas stock markets,the markets confidence has been boosted to a significant extent,and the market experienced an evident recovery.The gold market entered its

5、primary uptrend.Chinas bond markets maintained their bull run,and the US Treasuries lingered at the tail end of a bear run.The copper and aluminum prices went up,whereas crude oil prices slightly declined.The USD outperformed compared with other currencies,and non-USD currencies showed divergent per

6、formance.The RMB index remained stable.The Bank of China Investment Strategy Research Center provided proactive response,achieving outstanding strategic allocation performance over the past six years,seizing 15 opportunities of tactical allocation and showcasing extraordinary alpha value from both s