华福证券首席投资官王焕舟：“南向通”扩容为券商打开跨境配置新通道

Core Viewpoint - The expansion of the "Southbound Bond Connect" provides domestic securities firms with new opportunities for cross-border asset allocation and enhances their service capabilities in the offshore bond market [2][3]. Group 1: Policy Impact - The policy allows domestic securities firms to access a variety of offshore bond assets, improving capital efficiency and global allocation capabilities [2]. - The expansion raises the bar for securities firms in terms of risk control systems, research capabilities, and client service levels [2][3]. Group 2: New Opportunities for Securities Firms - The "Southbound Bond Connect" expansion offers a more convenient and flexible channel for financial institutions to "go out," creating new paths for asset allocation and risk management [3]. - Securities firms can enhance their roles in agency trading, liquidity provision, and cross-border product design, thereby improving overall service levels in the industry [3]. Group 3: Strategic Focus - Securities firms are encouraged to build stronger global research capabilities, cross-border risk control systems, and product innovation abilities to seize the opportunities presented by the "Southbound Bond Connect" [3][4]. - Companies like Huafu Securities plan to develop multi-currency and multi-strategy cross-border product portfolios to meet diverse client needs [3][4]. Group 4: Investment Direction - Huafu Securities is applying for "Southbound Bond Connect" qualifications, focusing initially on Hong Kong government bonds, offshore government bonds, and local government bonds [4]. - The company recognizes the importance of "dim sum bonds" in the internationalization of the renminbi and sees value in Chinese dollar bonds due to their valuation and yield [4]. Group 5: Risk Management - The risk management framework emphasizes a three-pronged approach focusing on market risk, credit risk, and exchange rate risk, aiming for a balance between stable allocation and controllable risk [5]. Group 6: Areas for Improvement - Despite the progress made with the "Southbound Bond Connect," there are still complexities in systems and operational processes that need optimization [6]. - Recommendations include developing a "one-stop" trading and settlement system, expanding the accessibility of derivative tools, and encouraging offshore institutions to issue renminbi bonds [6].