推动内地与香港市场深度融合——资本市场互联互通稳步提速

Core Viewpoint - The inclusion of exchange-traded funds (ETFs) in the mutual market access mechanism between mainland China and Hong Kong is aimed at enhancing the development of both capital markets and providing more investment opportunities for domestic and foreign investors [1][2][3]. Group 1: Regulatory Developments - The China Securities Regulatory Commission (CSRC) and the Hong Kong Securities and Futures Commission (SFC) have agreed to include eligible ETFs in the mutual market access framework [1]. - The public consultation on the rules for including ETFs in the mutual market access was initiated by the Shanghai and Shenzhen Stock Exchanges [3]. - The mutual market access mechanism has been operating steadily since its inception, contributing positively to attracting foreign long-term capital and improving market structure [1]. Group 2: ETF Inclusion Criteria - The criteria for including ETFs in the mutual market access require that mainland ETFs have an average daily asset size of 1.5 billion RMB over the past six months, while Hong Kong ETFs must have an average daily asset size of 1.7 billion HKD [3]. - The ETFs must primarily consist of stocks eligible for the Stock Connect program and must have been listed for at least six months with their underlying index published for at least one year [3]. Group 3: Market Impact and Investor Benefits - The inclusion of ETFs is expected to enrich the investment channels and products available to both domestic and foreign investors, facilitating better market resource alignment [4]. - Analysts believe that this move will improve the investor structure and promote the healthy development of the ETF market [4]. - The overall benefits of including ETFs in the mutual market access include promoting the joint development of capital markets, enriching investment options for investors, and enhancing the scale and liquidity of ETFs in both markets [4].