香港证监会、港交所、上交所，最新发声！

Core Insights - The Hong Kong Securities and Futures Commission (SFC) is set to advance key initiatives in the next six months to promote the development of the fixed income and money markets in Hong Kong [1][4] - The global economic growth model is changing, with a shift towards active management and alternative assets as traditional asset returns decline [1][7] - The Shanghai Stock Exchange (SSE) and Hong Kong Stock Exchange (HKEX) are collaborating to optimize the Stock Connect mechanism, enhancing the competitiveness of both markets [1][10] Group 1: Market Development Initiatives - The SFC plans to lead market development through government bond issuance and promote Hong Kong's advantages to targeted issuers and investors [1][4] - The total trading volume of collective investment schemes reached a historical high, with sales surging by 76% to HKD 22.4 trillion, and the proportion of money market funds is expected to rise from 76% in 2023 to 80% in 2024 [2][4] - The SFC aims to enhance liquidity by implementing an over-the-counter fixed income and derivatives framework and developing a central counterparty for repurchase transactions [4][6] Group 2: Strategic Insights - The global debt growth is unsustainable, leading to a redefinition of traditional safe assets, with gold and Bitcoin prices rising due to concerns over fiat currency purchasing power [7][9] - Geopolitical risks have become the primary concern for sovereign wealth funds, surpassing inflation worries, with 83% of respondents expressing concern over geopolitical risks [9] - Hong Kong is positioned as a "super connector" and "super value creator," leveraging its status as an international financial center to facilitate cooperation in technology and data exchange [9] Group 3: Stock Connect Mechanism - The Stock Connect mechanism has evolved since its inception, with significant enhancements including the removal of total quota limits and the inclusion of various stock types [10][12] - As of September 2025, foreign capital through the Stock Connect has reached a cumulative transaction total of CNY 90.1 trillion, with daily trading volumes increasing significantly [12][13] - The SSE plans to continue optimizing the Stock Connect mechanism to better serve domestic and foreign investors, fostering a collaborative market environment [10][13]