摩根资管白博文：中国故事是一场长期叙事，投资中国就是投资未来

Core Viewpoint - The 2025 Shanghai Stock Exchange International Investor Conference highlighted the investment and merger opportunities in China's capital market from the perspective of international investors [1] Group 1: Policy Impact - Since the implementation of a comprehensive financial policy package on September 24, 2024, the A-share market has experienced significant growth, with major indices achieving substantial increases [3] - The policies introduced are based on a deep understanding of the issues that need to be addressed, rather than calls for large-scale fiscal stimulus [3] - The recently released "14th Five-Year Plan" outlines a clear roadmap for China's next stage of development, emphasizing a commitment to high-quality growth and prioritizing investments in people's livelihoods [3] Group 2: Capital Market Reforms - High-quality development and openness are key principles reflected in China's capital market reforms, aimed at enhancing the quality of listed companies and protecting small investors [4] - The comprehensive reform plan for the public fund industry established by the China Securities Regulatory Commission is expected to improve investor returns and enhance long-term stability and public trust [5] Group 3: Investment Opportunities - The slogan "Investing in China is investing in the future" is increasingly relevant for global investors, as the Chinese stock market is expected to show greater stability and lower volatility [5] - Recent trading activities in the Chinese market have been driven by index funds and ETFs, indicating a shift towards more efficient market dynamics [5] - The introduction of actively managed ETFs in China is seen as a timely opportunity to enhance liquidity and differentiation in the capital market [5] Group 4: Long-term Perspective - Morgan Asset Management has maintained a strategic focus on China for 20 years, managing over 240 billion RMB in client assets [6] - Concerns among global investors about missing investment opportunities in the A-share market are viewed as misplaced, as the long-term narrative of China's growth remains strong [6]