Singapore, April 16, 2025 — Amid persistent global inflationary pressures, an uncertain U.S. monetary path, and renewed geopolitical tensions, Hengyouhui, in collaboration with Dr. Zong Liang, Chief Researcher at the Bank of China, officially launched its 2025 H1 Global Macroeconomic Outlook and Asset Allocation Strategy Report (hereafter referred to as "the Report") in Singapore. The report marks the debut of the innovative N.E.X.T investment framework and offers globally oriented asset allocation strategies for the year ahead.
This international release coincides with Hengyouhui's second annual Client Service Season and its "Exploring Singapore's Wealth Management Path" study tour, drawing participation from high-net-worth individuals and professionals across China and Southeast Asia. The event underscores Hengyouhui’s transition from a domestic research organization to an internationally positioned investment advisory leader.
Rising Uncertainty: Gold Surges, China Assets in Focus
The Report outlines a volatile global landscape for H1 2025: ongoing conflicts, delayed inflation normalization, rising trade protectionism, and increased market volatility. In this climate, gold has once again emerged as a core safe-haven asset, while Chinese A-shares are gaining attention due to policy tailwinds and attractive valuations.
Dr. Zong commented, “Trump's so-called ‘reciprocal tariffs’ are in essence unilateral trade walls. These could trigger a new round of global trade wars.” With mid-term inflation risks still present and U.S. equities facing valuation pressure, the Report sees Asian emerging markets benefiting from favorable demographics, industrial upgrades, and policy headroom.
Core Strategy: Overweight Equities > Gold > Bonds
The Report recommends a clear allocation hierarchy: Equities (with a focus on Chinese A-shares and selective U.S. exposure) > Gold > Bonds.
- Equities: Policy-supported sectors such as technology, new energy, and consumer recovery are top picks. With initiatives like China's "New Nine Rules" and proactive fiscal policy, A-shares are expected to enter a structural bull phase.
- Gold: Supported by ongoing de-dollarization, central bank accumulation, and geopolitical stress, gold remains a strong long-term stabilizer.
- Bonds: While U.S. Treasuries may offer medium-term value due to easing expectations, volatility remains elevated. Chinese bonds face narrowing room for further rate declines.
The Report also highlights key themes from China’s 2025 Government Work Report, including industrial upgrades, consumption stimulus, and new productivity drivers that are set to influence market sentiment and sector rotations.
Private Equity Reimagined: The N.E.X.T Framework
For long-term private equity strategies, Hengyouhui introduces the N.E.X.T investment matrix, an upgrade from traditional linear "sector investing":
- Necessary: Foundational science & deep tech (e.g., materials, life sciences)
- Evolutionary: Scalable tech in growth phase (e.g., AI, LLMs, space tech)
- Xover (Crossover): Cross-disciplinary innovation (e.g., medtech, smart manufacturing)
- Transformative: Macro trends driving social change (e.g., silver economy, sustainable consumption)
This matrix enhances flexibility, supports dynamic reallocation, and better fits today’s complex innovation cycles. Dr. Zong noted, “N.E.X.T is not just a framework—it's a strategic lens for navigating long-term investments amid uncertainty.”
Global Thinking, Asia Focus: Singapore Debut with Strategic Meaning
Choosing Singapore for the Report's debut reflects Hengyouhui’s global aspirations with an Asia-centric approach. As China’s top trading partner and a leading financial hub, Singapore plays a key role in cross-border asset planning for Asia’s wealthy families.
With strong momentum in gold, technology, emerging sectors, and private equity in Southeast Asia, Hengyouhui aims to deepen its research capabilities and localized service model. The firm seeks to offer data-driven, forward-looking allocation strategies to clients across the Chinese-speaking world and beyond.
(This article is based on Hengyouhui’s Singapore launch event, Dr. Zong Liang’s presentation, and official Report excerpts.)
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