On a sunny, crisp autumn afternoon on September 22nd, 2022, Shan Zheng International, together with the Hong Kong School of Management and Xiling School, held an activity entitled "ETF performance Review and Prospect and Art appreciation of Shan Zheng Iron Ore" at the Zhongshang Art Building in the central business district. More than 100 guests, including Chinese and foreign Hong Kong-funded financial institutions, family offices, private clients and some media, attended the meeting.
Just likeMr. Zhang Chunbing, Director of Mountain Certificate InternationalIn the opening speech, the venue full of artistic atmosphere and the two topics of finance and art "added a touch of art to this meeting whose main purpose was to discuss how to make money."Dr. Zhao Dongxiao, Executive Dean of Hong Kong School of Management and Vice President of United GroupAs expected in the speech, the conference on the combination of finance and art was a complete success and was well received by the participants.
Mr. Zhang Chunbing shared the theme of "Review and Prospect of ETF performance of Shan Zheng Iron Ore". From the macro background to the economic cycle, and then to commodity investment and 3047 iron ore ETF, Mr. Zhang analyzed in detail the nature and causes of this round of inflation and the countermeasures. Mr. Zhang believes that this round of inflation stems from the superimposed resonance of supply and demand. The violent interest rate hike by the Federal Reserve at the cost of economic recession this year can only solve the problem of suppressing demand, while the shortage of supply and the interruption of the industrial chain have not been solved. On the contrary, there is a growing trend. Therefore, this round of inflation will be long-term and complex, and even if it is contained in the short term, it will rise as soon as there is an opportunity.
Mr. Zhang further analyzed that commodity investment, as the most direct and effective tool to combat inflation, is indispensable in the allocation of large categories of assets. In terms of the choice of specific varieties, iron ore has its own uniqueness in the unique commodity investment. Shan Zheng International also seized the opportunity of this commodity bull market and launched the world's first iron ore ETF on the Hong Kong Stock Exchange on March 27, 2020. with a return of about 80% in two and a half years, it ranks among the top 200 ETF in Hong Kong, which is generally recognized by the majority of investors. Further decomposed, about 80% of the total income, in addition to the rising price of iron ore itself (commonly known as beta), most of the gains come from the rollover proceeds from the long-term discount on iron ore futures contracts (commonly known as alpha). Coupled with the low correlation between iron ore and other large categories of assets such as stocks and bonds, adding a certain proportion of iron ore ETF to the asset allocation can effectively improve the risk-return ratio of the portfolio (usually measured by the Sharp ratio).
Speaking of his views on the future, Mr. Zhang analyzed that, first of all, iron ore rose first and began to adjust in the current commodity bull market. After relatively full adjustment, the current price of iron ore has risen by less than 20% compared with the low point when the ETF was issued by Shan Zheng. Second, if the previous analysis of the current round of inflation is a long-term phenomenon, coupled with the rollover income brought by the iron ore futures contract discount, iron ore ETF ushered in a good opportunity for medium-and long-term layout.
In the part of art appreciation, Mr. Bai he, an art professor and doctoral supervisor of Shanghai University, shared the theme of "ethereal and solemn-stirring--" Orchid Pavilion Preface "and" draft for sacrifice to nephews ". This paper makes an interpretation and analysis of Wang Xizhi's preface to the Orchid Pavilion and Yan Zhenqing's manuscript for offering sacrifices to his nephew, respectively: how the former has a strong rhythm from pleasure to fate and from melodiousness? through pen and ink, it shows the highest realm of Laozhuang's philosophy-nature and emptiness. The latter is written in a state of extreme grief and indignation, writing straight down and flying white all over the paper, showing the highest realm of Confucian aesthetics-Hao ran Zhengqi. These two works mark two different life and aesthetic realms respectively, and become the peak works that are difficult to reach in the history of calligraphy.
Finally, to quote a sentence in Mr. Zhang's opening speech, "the market is still in a relatively cold winter, but we have not only the market, but also art and tomorrow." Winter has come, and spring should not be far away. Do your homework, sow the seeds, and wait patiently for the future to take root and sprout, blossom and bear fruit.