资金流向分化！

Core Insights - The article discusses the diverging fund flows in Hong Kong mutual recognition funds, indicating a decrease in mainland investors' enthusiasm for overseas investments due to the strong recovery of the A-share market [4]. Fund Performance - Morgan's Asia Total Return Bond Fund attracted a net inflow of 975 million yuan in August, leading the monthly inflow rankings and maintaining a top position year-to-date. The fund employs a "best investment opportunities" strategy to achieve returns [5]. - The Morgan Asia Dividend Fund continued its inflow trend from July, becoming the third most popular Hong Kong mutual recognition product in August, aiming for a long-term return exceeding 30% above the MSCI Asia Pacific ex-Japan Index [5]. - Conversely, the Morgan International Bond Fund experienced a net outflow of 894 million yuan in August, continuing a trend from July, although it still recorded the largest net inflow year-to-date [5]. Fund Company Dynamics - East Asia United Fund faced significant net outflows in August, totaling 933 million yuan, primarily due to the outflows from its Global Equity Fund, which ranked lowest in year-to-date inflows among Hong Kong mutual recognition funds [7]. - HSBC's mutual recognition funds have maintained a "closed-door" status for mainland investors since reaching sales limits in March 2025, resulting in continued net outflows in August, although the total net inflow for the year remains significantly higher than outflows [9]. - As of the end of August 2025, Morgan and HSBC dominate the Hong Kong mutual recognition fund market, with asset sizes of 77.08 billion yuan and 34.55 billion yuan, respectively, collectively accounting for approximately 60% of the total market size [13].