非银金融：基金互认制度优化，两地互联互通推动金融高水平开放

Investment Rating - The investment rating for the non-bank financial sector is "Positive" as of June 18, 2024 [3]. Core Insights - The optimization of the mutual recognition fund system and the deepening of cross-border connectivity are significant steps towards promoting high-level financial openness between Hong Kong and mainland China [3][20]. - The mutual recognition fund system allows for the sale of funds registered in Hong Kong to mainland investors and vice versa, enhancing cross-border capital flow and providing diversified asset allocation options for investors [2][3]. - Recent regulatory changes include allowing fund managers to delegate investment management functions to overseas asset management institutions within the same group and increasing the sales limit of mutual recognition funds in mainland China from 50% to 80% [2][3][13]. Summary by Sections Event Description - On June 14, 2024, the China Securities Regulatory Commission (CSRC) solicited public opinions on the revised draft of the "Regulations on Mutual Recognition of Funds in Hong Kong" [7]. Event Commentary - The mutual recognition fund system has shown a "north hot, south cold" trend, with significant growth in funds flowing from mainland to Hong Kong compared to the reverse [8][9]. - The recent draft amendments aim to enhance the operational framework established in 2015, focusing on improving the investment scope and strategies of mutual recognition funds [9][13]. Current Development of Hong Kong Mutual Recognition Funds - As of June 14, 2024, there are 39 mutual recognition funds in Hong Kong, including 18 equity funds, 4 mixed funds, and 17 bond funds, with a total asset scale of 123.88 billion CNY for equity funds, 209.05 billion CNY for mixed funds, and 84.15 billion CNY for bond funds [16][19]. - The current investment focus of these funds is primarily on the Asia-Pacific region, with a notable emphasis on Hong Kong stocks and some exposure to U.S. Treasury bonds and Chinese dollar-denominated bonds [19]. Policy Context - The optimization of the mutual recognition fund rules aligns with the broader "dual circulation" strategy, facilitating cross-border investment and enhancing the integration of the Guangdong-Hong Kong-Macao Greater Bay Area [3][20]. - The regulatory environment is evolving to support the development of cross-border financial services, including mutual recognition funds, bond connect, and cross-border wealth management [20][21].