编者按：为帮助投资者系统了解ETF、掌握ETF投资方法，深交所推出"来！聊聊ETF"系列动画短视 频，希望用浅显易懂的语言传递投资知识。今天是第11期，一起看看ETF有哪些指数复制策略吧！ 向上滑动阅览 本文系转载自 深交所公众号。 本文不构成野村东方国际证券的任何投资建议、推介或宣传。野村东方国际证券没有独立核实过被转载文章的 内容，该文章中的任何观点不代表野村东方国际证券观点，野村东方国际证券不对投资者依赖本文的任何内容 而采取的行动承担任何责任。投资有风险，入市需谨慎。 1 24 E NOMURA 野村东方国际证券 . 15 长按二维码关注公众号 长按二维码下载APP 65 A P 10 8 al rith Sure 免责声明 本文转自深交所微信公众号，请点击"阅读原文"查看原文。 本文转载自： 深交所 ...

Core Insights - The wealth management market in India for high-net-worth individuals (HNWIs) is expanding, driven by economic growth and an increase in the number of young and affluent individuals, including those from outside major cities [5][6][7] - There is a growing interest among HNWIs in alternative investment funds (AIFs) for portfolio diversification, alongside an increasing demand for personalized asset management services [5][10] - The establishment of family offices is becoming more common as ultra-high-net-worth individuals (UHNWIs) seek to manage and grow family assets, shifting focus from asset preservation to asset appreciation [5][23][28] - Local banks are enhancing their private banking services for HNWIs, while foreign financial institutions are expanding their offerings for UHNWIs and family offices, with increased collaboration between local and foreign entities [5][30] Group 1: Overview of the Indian HNWI Market - The number of HNWIs in India is projected to grow from 798,000 in 2022 to 1.657 million by 2027, with ultra-HNWIs expected to increase from 13,000 in 2023 to 20,000 by 2028 [7][8] - The financial assets of the top 4-5% of households in India are estimated to grow from approximately $1.1 trillion in 2024 to about $2.3 trillion by 2029 [7][8] - The demographic of HNWIs is shifting, with a notable increase in individuals aged 30-40, and predictions suggest that the proportion of HNWIs under 30 will rise from 15% to 25% by 2030 [7][8] Group 2: Asset Management Trends Among HNWIs - HNWIs in India typically adopt a diversified investment strategy, with a portfolio composition of 39% in stocks, 20% in bonds, 19% in real estate, and 10% in commodities [11][12] - There is a rising interest in AIFs, which are regulated by the Securities and Exchange Board of India (SEBI), with a total of 1,526 AIFs as of March 2025 [12][13] - Approximately 70% of HNWIs are now considering ESG factors in their investment strategies, with 20% having over 20% of their portfolios in ESG-related assets [13][15] Group 3: Growth of Family Offices - The number of family offices in India has increased to around 300 in 2023, with an estimated total AUM of $30 billion in 2024 [24][28] - The trend of establishing family offices is driven by the need for professional asset management and the generational transition of wealth, with predictions indicating that 50% of HNWIs will inherit assets by 2030 [24][28] - Prominent families, such as those of Wipro and Tata Group, have established family offices to manage their wealth effectively [25][26] Group 4: Financial Institutions' Strategies - Local banks like ICICI and Kotak Mahindra are enhancing their private banking services, with ICICI's AUM reaching $67 billion and Kotak's AUM at ₹9.3 trillion as of March 2025 [31][35] - Foreign banks such as Standard Chartered and Barclays are expanding their private banking operations, focusing on UHNWIs and family offices, with Barclays aiming to quadruple its AUM in Asia [37][39] - The collaboration between local and foreign financial institutions is increasing, allowing for a more comprehensive service offering to HNWIs and UHNWIs [44]

Core Viewpoint - Money laundering is a criminal act that disguises the origins of illegally obtained money from various crimes, including drug trafficking, organized crime, terrorism, smuggling, corruption, and financial fraud [2]. Group 1: Money Laundering Mechanism - Criminals often use methods to launder money that involve creating a facade of legitimacy for illicit funds [2]. - A common scheme involves individuals being misled into participating in money laundering under the guise of obtaining loans, where they are instructed to transfer funds to accounts controlled by criminal organizations [6][8]. Group 2: Case Study of Small Business Owner - A small business owner, referred to as Xiao Li, faces financial difficulties and seeks quick funding solutions [5]. - Xiao Li is approached by a fake bank loan officer who instructs him to increase his account transaction volume through illicit means, leading to his account being frozen after multiple transfers [6][8]. - Ultimately, Xiao Li becomes an unwitting accomplice in the money laundering scheme, facing legal repercussions instead of securing the needed funds [8].

Group 1 - The global economy shows significant resilience despite rising tariffs, geopolitical tensions, and fiscal pressures, driven by AI transformation, flexible trade adjustments, and moderate monetary and fiscal policies [7] - China aims for resilient, stable, and inclusive economic growth from 2026 to 2030, focusing on self-reliance in technology, particularly in semiconductors and AI [10] - Japan's economic growth is expected to slow due to tariffs, but it can avoid recession, with core CPI inflation projected to drop below 2% by 2026 [13] Group 2 - The outlook for Asian economies (excluding Japan) is mixed, with strong performance in the tech sector but challenges in non-tech sectors due to high tariffs on labor-intensive industries [17] - The Chinese internet sector will focus on AI strategies and competition in instant retail, with expectations of reduced competitive intensity in the fourth quarter [20][21] - There is a growing trend in China to build a self-sufficient AI supply chain, with increased investment in AI infrastructure and diversified supply sources [24] Group 3 - Market attention is shifting towards fiscal stimulus policies, inflation trends, and support for the real estate market, with expectations of rising long-term interest rates [28] - Policy support, liquidity, and industrial upgrades are identified as core drivers for the future rise of A-shares, despite high valuations [31]

Core Insights - The "2025 Securities Industry High-Quality Development Conference and the Golden Bull Award Ceremony" was held on November 8 in Xiamen, Fujian, organized by China Securities Journal [1] - Nomura Orient International Securities Asset Management Department won the "One-Year Active Mixed Golden Bull Asset Management Plan" and "One-Year Balanced Mixed Golden Bull Asset Management Plan" awards for its outstanding professional capabilities and market performance [1] Group 1 - The event recognized the achievements of securities companies in asset management, highlighting the importance of quality development in the industry [1] - Nomura Orient's asset management department focuses on enhancing its core competitiveness in asset management by leveraging the company's overall platform strategy and unique advantages [5] - The department aims to provide sustainable and reliable product returns and platform experiences for clients, emphasizing a client-first management philosophy [5] Group 2 - The asset management department is positioned to establish cross-market allocation capabilities and comprehensive investment capabilities [5] - It prioritizes professional service awareness and a dynamically optimized asset management service system [5] - The department serves as a bridge between clients' current assets and future wealth, as well as between client needs and Nomura's global resources [5]

Core Viewpoint - Nomura Group emphasizes its commitment to supporting the development of China's financial market and highlights the achievements of China in its recent "14th Five-Year Plan" [6][9]. Group 1: Event Overview - Nomura announced the opening of the "2025 Nomura China Investment Conference" in Shenzhen, marking the 17th such event in China [4]. - The conference attracted over 40 companies and more than 400 investors, showcasing a strong interest in China's market [7]. Group 2: Key Messages from Leadership - Shunpei Kawafune, President of Nomura International (Hong Kong), expressed optimism about China's ongoing reforms and its economic resilience, particularly in the context of the global economy [9]. - The company has been operating in China for over 40 years and has established a joint venture, Nomura Orient International Securities, which has been operational for nearly six years [9]. Group 3: Focus Areas of the Conference - The conference will feature discussions on global economic outlook, advancements in humanoid robots, and large language models, as well as the development of key industries in China, including consumer trends and technological progress in AI and semiconductors [10].

Core Viewpoint - The focus of AI competition has shifted towards terminal application scenarios, with a significant price reduction in large models driving innovation and expanding the user base and usage scenarios [3]. Group 1: AI Application Development - Since 2025, the competition in large models has transitioned into a price-competitive phase, stimulating innovation at the application level and attracting developers to AI application development [3]. - AI is empowering hardware in two main directions: enhancing traditional consumer electronics like smartphones and PCs to facilitate AI applications, and creating new hardware products such as the AI Pin by Humane, which interacts through voice and gestures [4]. Group 2: AIoT Ecosystem - AI technology is crucial for the realization of AIoT, transforming the early IoT focus on simple device connectivity into intelligent connections that enable devices to make autonomous decisions [4]. - AI algorithms, including deep learning and natural language processing, are essential for extracting digital value from the vast amounts of data generated by terminal devices, advancing IoT from mere connectivity to intelligent interconnectivity [4]. Group 3: Future Directions in AI Hardware - The main directions for the evolution of edge AI devices include more efficient model architectures, integrated storage and computing, edge-cloud collaborative inference, and privacy enhancement technologies [5]. - The performance of AI semiconductor hardware, including power consumption, low latency, and environmental resilience, along with semiconductor architecture design, are core elements for hardware evolution [5]. Group 4: Competitive Landscape in AI Semiconductor - The edge AI semiconductor market is becoming competitive, with domestic manufacturers gaining traction in wearable and smart home sectors, leveraging their advantages in audio and video processing [6]. - The next generation of memory technologies, such as MRAM and ReRAM, is nearing practical application, and domestic manufacturers are actively pursuing customized storage solutions to meet the specific needs of edge AI [6].

Group 1 - The article aims to help investors systematically understand ETFs and master ETF investment methods through a series of animated videos launched by the Shenzhen Stock Exchange [1] - This is the 7th episode of the series, focusing on the different types of products available in the ETF market [1]

Group 1 - The core point of the article highlights a historic moment for the Sci-Tech Innovation Board, as three unprofitable companies have officially listed, marking the first batch of newly registered companies in the Sci-Tech Growth tier, which reflects the board's support for hard technology enterprises [1] - The listing of these companies signifies the implementation of the "1+6" reform on the Sci-Tech Innovation Board, showcasing its commitment to fostering innovation and growth in the technology sector [1]

Core Insights - The impact of real estate adjustments on consumer spending in China is significant, especially compared to Japan's real estate bubble period from 1986 to 1990, due to deeper household involvement and rapid mortgage growth during China's real estate boom from 2004 to 2021 [2][4][5] - China is implementing a combination of short-term counter-cyclical subsidies and long-term consumption potential cultivation policies to stimulate consumer spending [2][9] - The growth potential for consumption in lower-tier cities and rural areas is substantial, driven by high household savings rates and lower debt pressures compared to first-tier cities [2][17][25] Real Estate Adjustment and Consumer Impact - The rapid decline in housing prices has led to increased debt pressure on Chinese households, with personal housing loan balances growing significantly from 2004 to 2021 [4][5] - The debt accumulation rate for personal housing loans in China has exceeded 20% CAGR from 2005 to 2020, indicating a sharp rise in housing loan pressure [5] - The reliance on pre-sale housing sales models in China amplifies risks, as families begin repaying loans before experiencing the property, leading to potential financial distress if projects fail [5][8] Policy Responses and Consumption Stimulus - The Chinese government has set a policy direction to stimulate consumption, including the introduction of trade-in and subsidy programs, as well as consumption vouchers [9][10] - Local governments are implementing specific measures to ensure the effectiveness of consumption stimulus policies, such as providing subsidies for vehicle upgrades and issuing consumption vouchers [9][10] - A collaborative effort among nine departments aims to expand service consumption, addressing the slowdown in service spending growth [10] Comparison with Japan's Experience - Japan's experience during the 1990s shows that after a decline in housing prices, income expectations significantly affect household consumption, highlighting the need for China to avoid similar pitfalls [7][8] - The long-term economic downturn in Japan was exacerbated by a decline in labor market conditions and rising unemployment, which led to a contraction in household consumption [7][8] Consumption Growth Potential in China - The narrowing income gap between urban and rural residents has led to higher consumption growth rates in rural areas, which are less affected by real estate price adjustments [17][25] - Consumption growth in lower-tier cities is outpacing that in major cities, indicating a shift in consumer spending patterns [20][25] - The focus on regional economic balance and infrastructure investment is expected to further enhance consumption potential in lower-tier cities [25] Young Generation and Consumption Trends - The younger generation in China, particularly the "Z generation," is characterized by a strong willingness to spend, supported by family wealth transfer and a lack of inheritance tax [26][27] - The rise of digital economy and new job types has created diverse income streams for young consumers, fostering a cycle of increased spending and consumption upgrades [27][29] - The cultural emphasis on family support for the younger generation contrasts sharply with Western norms, providing a solid foundation for consumer spending [26][27]