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 currency markets in Hong Kong [1][5] - The global economic growth model is changing, with a shift from beta to alpha returns, leading to increased interest in actively managed funds and alternative assets [1][9] - The Shanghai Stock Exchange (SSE) and Hong Kong Stock Exchange (HKEX) are collaborating to enhance the Shanghai-Hong Kong Stock Connect mechanism, aiming to improve the competitiveness and influence of both financial centers [1][12][16] Group 1: Fixed Income and Currency Market Development - The SFC's focus includes promoting issuance through government bonds, expanding the investor base, and enhancing liquidity in the fixed income market [1][3][5] - Collective investment schemes have reached a record trading volume of 22.4 trillion HKD, with a 76% increase, and the proportion of money market funds is expected to rise from 76% in 2023 to 80% in 2024 [3][5] - The SFC identified four pillars for the fixed income and currency market: promoting issuance, increasing liquidity, expanding offshore RMB business, and new generation infrastructure [5][7] Group 2: Global Economic Trends and Investment Strategies - The global debt levels are unsustainable, leading to a redefinition of traditional safe assets, with gold and Bitcoin prices rising due to concerns over fiat currency purchasing power [9][11] - Geopolitical risks have become the primary concern for sovereign wealth funds, surpassing inflation as the main focus for investors [11] - The shift in global economic growth from expansion to rebalancing emphasizes the importance of technology competition, particularly in artificial intelligence [11] Group 3: Shanghai-Hong Kong Stock Connect - The Shanghai-Hong Kong Stock Connect has evolved since its inception, with significant enhancements such as the removal of total quota limits and the inclusion of various stock types [12][15] - As of September 2025, the cumulative trading volume through the Stock Connect reached 90.1 trillion CNY for northbound trading and 37.5 trillion CNY for southbound trading [15][16] - The SSE aims to continue optimizing the Stock Connect mechanism to facilitate cross-border investment and enhance market collaboration [12][16]