中经记者 孙汝祥 夏欣 北京报道 德国万亿欧元资产管理机构DWS首席执行官Stefan Hoops日前对媒体表示，今年10月将在欧洲推出跟踪 中证A500指数的ETF，为海外投资者提供布局中国资产的新工具，届时DWS或成为全球首家推出跟踪 中证A500指数的ETF的海外机构。 Stefan Hoops认为，截至目前，中国市场的反弹具有可持续性。半年后，国际投资者会意识到其对中国 市场的配置不足。 DWS是欧洲知名的资产管理机构，最新管理规模约为1.01万亿欧元，目前持有嘉实基金30%的股权。德 意志银行持有DWS 79.49%的股权。 Stefan Hoops表示，对中国市场满怀信心，将继续深化与嘉实基金的合作，还将帮助全球投资者投资中 国，并满足中国大型机构投资者对全球产品的需求。今年10月，DWS将成为首家在欧洲发行跟踪中证 A500指数的ETF的公司。 "全球投资者希望获得对中国市场的敞口，他们不仅需要投资已获成功的优秀企业，也需要涵盖新经济 领域的机会。"Stefan Hoops称，其与嘉实基金建立合作关系时已达成共识，认为有必要为国际投资者提 供直接投资中国A股的方案，这在当时是创新举措。截至目前， ...

历经短期蓄势调整，中证A500指数近一周（9/9-9/16）以来持续上扬，截至昨日（9/16）收盘，指数点 位再度刷新近三年次高，近一年累计涨幅48.46%，跑赢同期中证A50（37.64%）、中证A100 （42.34%）等部分核心宽基指数。 消息面上，据智通财经报道，下半年以来，近400家外资机构密集调研A股上市公司，累计调研次数近 1800次，释放出对中国资产持续关注的积极信号。在此背景下，指数编制规则引入互联互通筛机制的中 证A500指数作为连接国际资本与A股核心资产的重要桥梁，有望成为更多海内外资金提供便利布局中国 优质资产的高效工具。 （9/16-智通财经《挖掘中国资产投资机会，外资下半年以来调研A股公司近1800次》） 更值得关注的是，外资机构对中国资产的信心同样转化为了实际行动。据证券日报报道，国际金融协会 （IIF）最新发布的报告显示，8月份外国投资者向新兴市场股票和债券投资组合投入近450亿美元，创 下近一年来的最高规模。其中，流入中国市场投资组合的资金占据了主要部分，8月份中国债券和股票 合计净流入390亿美元，"买入中国"或正从交易性机会演变为结构性趋势。 （9/15-证券日报《海外" ...

【导读】 新交所集团CEO罗文才：国际投资者正以长远眼光看待中国资产 中国基金报记者 储是 吴娟娟 其次，加强指数开发与合作。上交所和新交所正在共同开发关于亚洲核心主题、行业和大型 公司的指数，希望最终能够落地为 ETF 产品，为投资者提供更多参与亚洲市场增长的选择。 例如，中国和东南亚地区涌现了许多 AI 领域的新兴公司。随着亚洲经济持续增长，消费等领 域都将获得更多投资者青睐。新交所希望编制相关指数，并成功转换为 ETF 产品。 新交所还希望通过二次上市支持中国企业在国际市场筹集资金。 日前，新加坡交易所集团（以下简称新交所）在上海举办媒体交流会。新交所表示，致力于 进一步扩大中新 ETF 互联互通，将围绕企业二次上市等重点领域，吸引拥有全球化战略的中 国企业；致力于推进中国概念相关产品的双向资本流动等，推动中新资本市场合作深化。 新交所数据显示，截至 2025 年 7 月，中新 ETF 互通机制下已上市 10 只跨境 ETF 产品， 总资产管理规模超过 30 亿元人民币。 扩大中新 ETF 互联互通计划 加强指数开发与合作 截至 2025 年 7 月，中新 ETF 互通机制下已上市 10 只跨境 ETF ...

Core Viewpoint - The Hong Kong stock market is experiencing a resurgence in interest from long-term foreign investors, shifting from a previous stance of avoidance to one of necessity for investment in Chinese assets [1][5]. Group 1: Market Activity - The Hong Kong Stock Exchange (HKEX) hosted the 2025 Future Technology Summit, indicating a vibrant atmosphere with full attendance and investor engagement [1]. - Daily trading volume in the Hong Kong stock market has significantly increased, with an average of 2.4 trillion HKD in the first half of the year, nearly doubling from the previous year [4]. - In September, three out of the first five trading days saw trading volumes exceed 3 trillion HKD [4]. Group 2: Foreign Investment Trends - There is a notable increase in foreign participation in the Hong Kong IPO market, with total new stock financing reaching 134.5 billion HKD in the first eight months of the year, a nearly sixfold increase compared to the same period in 2024 [4]. - The participation of foreign long-term funds in IPOs has risen, with some technology IPOs seeing 70-80% of subscriptions coming from overseas funds [4][5]. - The perception of Chinese assets has shifted from "cannot invest" to "cannot miss out," reflecting a growing consensus among global investors [5]. Group 3: Future Outlook - The HKEX aims to enhance its platform and product offerings to retain and attract more capital, ensuring sustainable growth in the market [6]. - The exchange is committed to being the first choice for mainland companies seeking to go public and is open to various sectors as long as they meet investor interest [6]. - There is a focus on providing liquidity and risk management tools for foreign investors, with plans to expand offerings in fixed income, foreign exchange, and commodities [7].

Group 1: Investment Trends - South Korean investors have increasingly turned to Chinese assets, with China becoming the second-largest overseas investment destination for South Korea, following the US [1][2] - As of August 20, the cumulative trading volume in the Hong Kong stock market by South Korean investors exceeded $5.8 billion, with net purchases of Chinese stocks amounting to approximately $499 million in 2023, reversing a trend of net selling over the previous three years [1][3] - The number of active stock trading accounts in South Korea reached 69.3 million, indicating a highly active retail investor base [2] Group 2: Market Dynamics - Korean investors are particularly interested in high-growth sectors such as electric vehicles, batteries, artificial intelligence, and technology [3][5] - The total custodial funds of South Korean investors in the Hong Kong stock market increased from $1.8 billion in January to $2.53 billion by August 2023, reflecting a positive shift in investor sentiment [3] - Korean asset management companies are launching products linked to Chinese assets, including ETFs focused on electric vehicles and AI [5] Group 3: Institutional Response - Korean financial institutions are actively organizing events and promotional activities to attract investors to Chinese markets, such as commission-free trading promotions [4][5] - Kiwoom Securities reported a 38.46% year-on-year increase in revenue for Q1 2023, driven by overseas trading fees, particularly from the Greater China region [4] Group 4: Future Outlook - Analysts predict that the positive sentiment towards Chinese assets among South Korean investors will continue, driven by favorable policies and a recovering market [6][7] - The anticipated revaluation of Chinese stocks is expected to persist until 2026, supported by economic stimulus measures and structural changes in the market [6][7] - The competitiveness of China's electric vehicle and robotics industries is gaining attention, with expectations of significant growth in these sectors [7]

Economic Performance - In the first half of 2025, China's GDP reached 66,053.6 billion yuan, showing a year-on-year growth of 5.3% at constant prices, indicating a stable and positive economic trend [1] - Strong export activities have been a key driver of this growth, supported by China's efforts to diversify its export markets since 2018 [2] Foreign Investment Sentiment - Multiple foreign institutions have expressed optimism about China's economic outlook, leading to increased attractiveness of Chinese assets, including A-shares [1][4] - Wellington Management highlighted that China's long-term prospects are optimistic due to resilient economic models and deepening trade relations outside the U.S. [4] Policy and Market Dynamics - Deutsche Bank's chief economist for China expects continued monetary and fiscal policy support, with resilient performance in the service sector and retail [3] - The stability of the global trade environment is crucial for China's economic growth, with China accounting for approximately 41% of global value chain activities [3] Investment Opportunities - Investors are increasingly looking at China as a potential investment target, with reasons including attractive valuations, improving fundamentals, and policy support for the private sector [4] - The long-term investment value of the Chinese stock market is becoming more apparent, driven by improving corporate quality and lower domestic interest rates [5] Market Trends - Despite recent stock market gains, Chinese stocks remain relatively attractive compared to global and regional markets, with expectations of further stimulus measures in the second half of the year [6]

Group 1 - China's GDP grew by 5.3% year-on-year in the first half of the year, exceeding expectations and prompting several international investment banks to raise their economic growth forecasts for China [1][2] - Key reasons for the upward revision include "export resilience" and "policy support," which have been frequently mentioned by foreign institutions [1] - Wellington Management, a major investment firm, highlighted China as a significant investment target, indicating a growing optimism towards the Chinese stock market [1][4] Group 2 - Nomura and Morgan Stanley have both adjusted their 2025 GDP growth forecasts for China upwards, reflecting stronger-than-expected second-quarter performance [2] - UBS noted that the second-quarter GDP growth was supported by consumer spending improvements and robust export performance, leading to an overall positive outlook for 2025 [2] - The anticipated government policies, including subsidies and monetary easing, are expected to further support economic growth in the second half of 2025 [3] Group 3 - Market expectations are leaning towards additional incremental policy support to boost household consumption and stabilize the real estate market [3] - The strong export activity has been a key driver of China's economic growth, with diversification efforts in the export market helping to maintain resilience amid global trade uncertainties [3] - The Chinese capital market is viewed as having significant investment potential, with optimistic sentiment driven by domestic policy support and advancements in technology sectors like AI and electric vehicles [4][5] Group 4 - Investors are increasingly optimistic about Chinese stocks, with attractive valuations compared to global markets, suggesting potential for further upward movement [4][5] - Wellington Investment provided ten key reasons for the positive outlook on Chinese assets, including improving fundamentals, resilient economic models, and reduced reliance on the US capital market [5]

Core Viewpoint - Wellington Management believes that "China" is a key investment opportunity as the narrative of "American exceptionalism" fades, evidenced by global fund managers reducing their U.S. stock allocations [1] Group 1: Attractive Valuation and Potential - Chinese stocks currently exhibit attractive trading prices based on relative and historical data, with early signs of profit turning points and low foreign ownership potentially driving further interest from international investors [1] - The fundamental improvement in Chinese companies is reflected in higher dividend payout rates, stock buybacks, and stricter debt management, enhancing the resilience of balance sheets and aligning corporate strategies with investor interests [2] Group 2: Economic Resilience and Policy Support - The ongoing deleveraging in China's real estate market and increased willingness of the government to use policy tools are reducing systemic financial risks, particularly in the banking sector [3] - Chinese policymakers are increasingly focusing on the development of the private sector, supporting innovation, and accelerating the transition to a knowledge-intensive economy [4] Group 3: Consumer and Market Stability - Consumer confidence is showing signs of improvement, supported by high household savings rates, which provide strong funding for consumption [5] - The downward trend in the real estate market appears to have bottomed out, with signs of stabilization and even recovery in major cities [6] Group 4: Fiscal Support and Diversification - With local government finances stabilizing, an increase in local government bond issuance is expected to support infrastructure construction and consumption, thereby boosting domestic demand [7] - Chinese stocks offer significant diversification benefits due to their low correlation with global markets, which is expected to increase as de-globalization trends deepen [8] Group 5: Reduced Dependence on U.S. Capital Markets - Chinese companies are systematically reducing their reliance on U.S. capital markets, shifting their listing locations to domestic markets or Hong Kong, creating more diversified investment opportunities [9][10] - China is actively seeking to diversify its trade partners, particularly strengthening economic ties with Europe, with a consensus reached on deepening bilateral economic relations by early 2025 [11]

Core Viewpoint - The domestic capital market in China is demonstrating unique resilience amid a complex global economic environment, with a significant increase in the investment value of Chinese assets and a focus on technology innovation and new consumption trends as dual main lines for the equity market [1][2][6]. Economic Resilience - Fund companies agree that China's economic resilience and vitality are increasingly evident, despite uncertainties in the global political and economic landscape [2]. - The transition from old to new economic drivers is seen as a critical turning point, presenting vast potential for growth [2]. - The Chinese economy has reportedly moved past its most challenging adjustment period, with a sustained trend towards high-quality development [2]. Equity Market Focus - Fund companies identify structural investment opportunities in the equity market, particularly in technology and new consumption sectors [3]. - The A-share market is viewed as having upward potential at current valuation levels, with internal growth and policy benefits expected to drive independent market performance [3]. - The AI sector is highlighted as a key area for investment, with expectations for strong performance driven by advancements in AI applications and infrastructure [3][4]. Investment Strategies - The semiconductor sector is recommended for investment, with suggestions to maintain a 30% to 50% position in semiconductor ETFs to capture long-term gains [4]. - New consumption trends are identified, including spiritual consumption and cost-effective consumption, which are expected to shape mid-to-long-term investment logic [4]. - Fund managers suggest exploring investment opportunities in experiential consumption, AI-driven consumption, and service-oriented consumption [4]. Bond Market Outlook - The bond market is expected to maintain a positive outlook, with a return to a bullish trend following previous short-term fluctuations [5]. - Structural opportunities within the bond market are anticipated, with recommendations to embrace yield-bearing assets and engage in wave trading while monitoring policy changes and economic data [5]. - Specific bond types, such as bank subordinated bonds and convertible bonds, are noted for their potential to provide excess returns in the current environment [5].

Group 1 - Private equity funds have experienced significant performance declines, with some products seeing net value drops exceeding 30% in recent months [1] - A total of 19 private equity products with management scales over 5 billion yuan have recorded net value declines of over 10% in the last three months [1] - Notable examples include Jiupeng Asset's product, which fell 34% from its peak, and other funds from Panzai Asset and Qushi Asset also showing substantial losses [1] Group 2 - Private equity firms are increasing their allocation to equity assets, with over 80% of large private equity firms raising their positions [2] - Nearly 30 private equity firms have participated in public company placements this year, with allocated amounts nearing 2 billion yuan [2] - The market outlook is positive, with structural opportunities in A-shares and Hong Kong stocks, particularly in technology and new consumption sectors [2] Group 3 - The Shenzhen Securities Regulatory Bureau has reported multiple irregularities in private equity, including improper channel business practices that violate regulations [3] - These practices include lending out investment management responsibilities and allowing external parties to access private fund trading rights, which harm investor interests [3] Group 4 - As of April 2025, the total scale of private equity funds reached 20.22 trillion yuan, with a significant number of new registrations [5] - The number of existing private equity funds stands at 141,579, with a total scale of 20.22 trillion yuan, indicating a robust market [5] Group 5 - Liu Yuhui, a chief economist, emphasized the importance of recognizing the strategic competition between China and the U.S. and suggested investing in gold and core Chinese assets [6] - He noted that China's industrial output now accounts for 35% of the global share, highlighting the country's growing significance in the global supply chain [6] Group 6 - Optimism regarding China's economic outlook for Q2 is expressed, with expectations of GDP growth reaching 4.8% and export growth around 8% [7] - Supportive fiscal and monetary policies are anticipated to bolster the stock market, making A-shares more attractive to foreign investors [7] Group 7 - A quantitative private equity firm has established a new AI-focused company in collaboration with Shanghai Jiao Tong University, indicating a trend towards technology investment [8] - The firm is actively engaging in AI research and development, showcasing the growing interest in technology sectors [8] Group 8 - Tianmai Technology announced a change in its controlling shareholder, with a private equity firm acquiring a 26.1% stake, marking a significant transaction in the market [9] - The new controlling entity has a strong background, including partnerships with notable venture capital firms [9] Group 9 - Liaoning Guorui New Materials successfully completed a multi-billion yuan B-round financing to expand production capacity and enhance R&D efforts [10] - The company specializes in producing specialty graphite and has been recognized as a national-level high-tech enterprise [10] Group 10 - A consortium led by TPG is set to acquire 48 Wanda Plaza locations, with the transaction receiving unconditional approval from regulatory authorities [11] - This acquisition reflects confidence in Wanda's commercial prospects and involves significant investment from major players in the market [11]