公募加速“出海”有望带来第二增长曲线

Group 1 - Huatai-PB Asset Management (International) Limited has obtained licenses for securities trading, providing advice on securities, and asset management from the Hong Kong Securities and Futures Commission [1] - The establishment of Huatai-PB International is part of a broader trend where public funds are expanding overseas, with several firms like Yongying Fund and Ruifeng Fund also setting up subsidiaries in Hong Kong [1] - The "going out" strategy is seen as a second growth curve for public funds, allowing them to enter larger markets and diversify income, which can enhance financial resilience [1][2] Group 2 - The number and scale of QDII (Qualified Domestic Institutional Investor) funds have significantly increased, with the number rising from 168 funds and 128.89 billion yuan in 2020 to 321 funds and 730.04 billion yuan by July this year [2] - As of August 2025, the total approved QDII quota reached 170.87 billion USD, with major players like E Fund, Huaxia Fund, and Southern Fund leading in quota approvals [2] - Twelve public fund institutions, including CICC Fund and Anxin Fund, are still awaiting approval for QDII business qualifications [3] Group 3 - Public funds face challenges in their overseas expansion, necessitating improvements in international research capabilities, compliance operations, and resource allocation [3] - Strengthening international investment research capabilities and establishing a comprehensive risk management framework are essential for public funds to succeed in overseas markets [3] - Optimizing cross-border service capabilities and enhancing collaboration with overseas channels and custodians are crucial for developing differentiated products that meet the needs of both domestic and international investors [3]