全球资管巨头“锚定”香港，掘金优质中国资产

Core Insights - Hong Kong has emerged as a crucial hub for global capital flows, serving both as a safe haven for investors and a key player in the globalization of Asian capital markets [1][2] - The global asset management industry is experiencing a strong rebound, with assets under management reaching $128 trillion in 2024, marking a 12% year-on-year increase [1] - The Asia-Pacific region (excluding Australia and Japan) has also seen significant growth, with asset management size reaching $25 trillion, reflecting a similar 12% growth [1] Group 1: International Asset Management Strategies - Major international asset management firms are increasingly focusing on Hong Kong as a strategic anchor for their Asian operations, leveraging its unique institutional advantages and financial ecosystem [2][3] - PIMCO has established a strong presence in Asia over the past 30 years, with Hong Kong serving as a core hub for connecting with mainland markets [3] - Future Asset from South Korea has made significant investments in Hong Kong's IPO market, focusing on high-growth sectors like renewable energy and semiconductors, with a total investment of HKD 12.46 billion [4][5] Group 2: Market Trends and Investor Sentiment - There is a noticeable shift in investor sentiment towards Asian equities, with many reallocating funds from heavily weighted U.S. stocks to Asian markets, particularly China [6][7] - The valuation of Chinese stocks remains attractive, with global investors actively participating in both cornerstone investments and secondary market trading [7] - The Hong Kong ETF market has become the third-largest globally by average daily trading volume, with a management scale of HKD 653.5 billion, reflecting a 34.1% year-on-year growth [5] Group 3: Sector-Specific Insights - The technology sector in Hong Kong has experienced volatility due to shifts in global AI investment logic, but the IPO market remains robust, driven by the fundraising needs of Chinese enterprises [8] - The pharmaceutical sector in Hong Kong benefits from a strong long-term investment thesis, supported by cost advantages and efficiency derived from the local workforce [9]