2025年，中国资本市场在"双循环"新发展格局下加速蜕变：科创板"1+6"改革持续深化，为硬科技企业 培育注入新动能；创业板准入标准迭代升级，更好适配未来产业发展需求；中长期资金入市规模创下历 史新高，市场活力显著增强。在全球货币政策分化与地缘格局重构的背景下，人民币资产配置价值日益 凸显，外资年内净增持境内股票规模突破千亿元，中国正逐步成为全球资本再平衡时代的核心锚点。 资本市场瞬息万变，产业趋势跌宕起伏。无论是上市公司、投资机构，还是个人投资者，唯有依托独立 专业的投研平台，方能在投资蓝海中乘风破浪、行稳致远。 12月22日，格隆汇将举办"科技赋能·资本破局"线上分享会。本次分享会，备受瞩目的卓越公司评选榜 单将隆重揭晓，旨在打造投资圈最具参考价值的权威排行榜。本次评选覆盖港交所、上交所、深交所全 部挂牌上市公司及独角兽企业。 今日，"金格奖"——年度卓越公司榜单公布。本次评选共设有 33个奖项，具体奖项及获奖企业分别如 下（各榜单排名不分先后）： 大麦娱乐(01060.HK)、都市丽人(02298.HK)、绿城管理控股(09979.HK)、奇富科技-S(03660.HK)、青鸟 消防(002960.SZ ...

2025年，中国资本市场在"双循环"新格局下加速蜕变：科创板"1+6"改革深化硬科技企业培育，创业板准入标准迭代适配未来产业，中长期资金入市规模 创历史新高。在全球货币政策分化与地缘重构的背景下，人民币资产配置价值凸显，外资年内净增持境内股票超千亿元，中国正成为全球资本再平衡时代 的核心锚点。 值此历史性转折期，格隆汇将于2025年12月22日星期一下午举办【"科技赋能·资本破局"——线上分享会】。 执棋者谋势，破局者立新。期待与您共绘中国资本市场全球化3.0时代的价值坐标，见证金融赋能新质生产力的历史性跨越。 本次活动我们很荣幸邀请到了格隆汇中概研究院院长张越聪（Marco Zhang）先生，他将围绕全球宏观环境与股市影响、中国概念股结构性演变、香港市 场的战略定位与机遇三大要点进行深度解析。 "科技赋能 · 资本破局" 线 上分享会 活动议程 12/22 PM | 直播渠道：格隆汇 APP 格隆汇中概研究院院长 "金格奖"卓越公司榜单公布 16:05-16:30 G 格隆汇 主持人开场 14:30-14:35 演讲嘉宾:孔蓉 14:35-15:05 国联民生研究所副总经理兼 海外研究首席分析师 演讲嘉宾: ...

2025年，中国资本市场在"双循环"新格局下加速蜕变：科创板"1+6"改革深化硬科技企业培育，创业板准入标准迭代适配未来产业，中长期资 金入市规模创历史新高。在全球货币政策分化与地缘重构的背景下，人民币资产配置价值凸显，外资年内净增持境内股票超千亿元，中国正成 为全球资本再平衡时代的核心锚点。 值此历史性转折期，格隆汇将于 2025年12月22日星期一下午 举办 【"科技赋能·资本破局"——线上分享会】。 执棋者谋势，破局者立新。期待与您共绘中国资本市场全球化 3.0时代的价值坐标，见证金融赋能新质生产力的历史性跨越。 本次活动我们很荣幸邀请到了国联民生研究所副总经理兼海外研究首席分析师孔蓉女士， 她将 深度解析 AI科技前沿发展，聚焦全球技术迭 代、产业应用与投资机遇，以海外研究视角揭示AI浪潮下的"中国机会" 。 孔蓉 国联民生研究所副总经理兼海外研究首席分析师 15 年证券行业研究经历，持续前瞻挖掘全球科技最新趋势。2022年底开始率先开启了资本市场对于 AI 的关注和认知，所在团队全球AI深度 研究获得产业广泛认可，具有完整的AI研究体系。 全市场 Deepseek行情发动者，最早提出重视Deepse ...

2025年，中国资本市场在"双循环"新格局下加速蜕变：科创板"1+6"改革深化硬科技企业培育，创业板准入标准迭代适配未来产业，中长期资 金入市规模创历史新高。 在全球货币政策分化与地缘重构的背景下，人民币资产配置价值凸显，外资年内净增持境内股票超千亿元，中国正成为全球资本再平衡时代的 核心锚点。 值此历史性转折期，格隆汇将于 2025年12月22日星期一下午 举办 【"科技赋能·资本破局"——线上分享会】 。 执棋者谋势，破局者立新。期待与您共绘中国资本市场全球化3.0时代的价值坐标，见证金融赋能新质生产力的历史性跨越。 本次活动我们很荣幸邀请到了国联民生研究所副总经理兼海外研究首席分析师孔蓉女士、华金证券研究所副所长、电力设备新能源行业首席分 析师贺朝晖先生以及格隆汇中概研究院院长张越聪先生。 嘉宾介绍 15年证券行业研究经历，持续前瞻挖掘全球科技最新趋势。2022年底开始率先开启了 资本市场对于 AI 的关注和认知，所在团队全球AI深度研究获得产业广泛认可，具有完 整的AI研究体系。 全市场Deepseek行情发动者，最早提出重视Deepseek将带来中国AI及中国资产重估和 投资机会。 团队已构筑强大的 ...

Core Insights - China's economic resilience, high-quality development path, and the low volatility characteristics of RMB assets provide unique value for risk diversification and stable returns in global asset portfolios [1][7] Group 1: Global Investment Opportunities - The current global economic landscape faces increased uncertainty and rising protectionism, yet financial globalization remains a crucial driver for economic recovery [2] - Long-term capital and management institutions are increasingly focusing on strategic and diversified allocations across economic cycles, geographical regions, and asset classes [2] - China's strong economic resilience and clear growth targets present significant opportunities for global investors, with per capita GDP projected to rise from $10,632 in 2020 to $13,445 in 2024 [2] Group 2: Cross-Border Capital Flow - China's commitment to high-level opening up injects confidence into cross-border capital flows, with foreign financial assets and liabilities exceeding $11 trillion and $7.2 trillion respectively by mid-2025 [3] - Despite the large market, foreign investment in China's stock, bond, and banking sectors remains relatively low, indicating substantial future potential [3] Group 3: RMB Asset Allocation Value - In the context of increasing uncertainty in global financial markets, diversification in asset allocation has become essential, with RMB assets gaining attention for their low volatility and stable returns [4] - The rapid development of the offshore RMB bond market provides a rich array of investment options, with significant growth in issuance and diversification of issuers [5] Group 4: Stability of RMB - The stability of the RMB and its low volatility enhance its attributes as an international currency, making it an attractive option for long-term investors [6] - Recent observations indicate that RMB exchange rate fluctuations are significantly lower than those of other major currencies, suggesting a shift towards a more mature international currency [6] Group 5: Future Directions - The ongoing reforms in capital markets, including the registration system and deepening of bond connect mechanisms, are enhancing the predictability and convenience of foreign investment [7] - Areas such as ESG investment, technological innovation, and industrial upgrading are viewed as key focus areas for future medium to long-term capital cooperation [7]

Monetary Policy Impact - The Federal Reserve's decision to restart interest rate cuts after nine months is expected to provide greater flexibility for China's monetary policy, potentially opening up opportunities for further rate cuts and reserve requirement ratio reductions [1] - China's central bank has maintained a "moderately loose" monetary policy this year, effectively supporting economic recovery and stabilizing financial markets through a combination of rate cuts and open market operations [1] - The possibility of further interest rate cuts by the People's Bank of China remains, especially in light of the ongoing overseas rate cut cycle [1] Currency and Exchange Rate - The Fed's rate cuts and a cooling U.S. economy are likely to exert downward pressure on the U.S. dollar index, which may lead to passive appreciation of the Chinese yuan [2] - Despite the significant decline of the dollar in the first half of the year, it is expected to exhibit strong resilience against further depreciation [2] - The Chinese yuan is anticipated to remain stable, with limited risks of rapid appreciation or significant depreciation [2] Investment in Chinese Assets - There is an expectation that foreign capital will increasingly flow into Chinese assets as the narrowing of the China-U.S. interest rate differential attracts global investors seeking higher returns [2] - The adjustment in asset allocation by global investors may lead to increased holdings in Chinese bonds and stocks, particularly undervalued quality assets with high growth potential [2] - The overall performance of Asian markets is expected to benefit from the Fed's easing policies, with local central banks likely to follow suit in supporting economic growth [3]

Core Viewpoint - The recent "聚债 CFETS" promotional event in South Korea highlighted the growing opportunities for foreign investment in China's bond market and the facilitation of RMB asset investments through enhanced cooperation between Chinese financial institutions and their South Korean counterparts [1][2]. Group 1: Event Overview - The event was co-hosted by the China Foreign Exchange Trading System (CFETS) and the Industrial and Commercial Bank of China (ICBC) Seoul Branch, focusing on the Chinese bond market and RMB asset investment opportunities [1]. - Key representatives from local banks, securities firms, and insurance companies attended the event, indicating strong interest from South Korean financial institutions [1]. Group 2: Market Insights - CFETS shared insights on the development of the bond market, foreign investment policies, and the current status of overseas institutional investments, emphasizing the importance of market innovation and green bond development [2]. - ICBC representatives discussed interest rate trends, investment opportunities, Panda bond issuance, and the role of ICBC as a market maker and settlement agent, providing a comprehensive overview of services available to foreign investors [2]. Group 3: Future Initiatives - CFETS plans to continue implementing the People's Bank of China's initiatives for bond market openness, optimizing connectivity mechanisms, and enhancing financial infrastructure to better serve foreign institutional investors [2]. - The "聚债 CFETS" series of meetings will be continued to facilitate communication between onshore and offshore bond markets, providing a platform for domestic and foreign institutions to exchange ideas and promote higher levels of openness in China's bond market [2].

Group 1 - The San Francisco Fed President Daly hinted at a potential interest rate cut, stating that the Fed "needs to recalibrate policy soon" to better align with the economy [1][3][5] - The market reacted swiftly, raising the probability of a rate cut in September to 86.9%, indicating a significant shift in the Fed's policy stance [1][3] - Daly acknowledged that tariff-induced price increases are temporary and emphasized the need for timely action to avoid harming the labor market [5][7] Group 2 - The U.S. government debt has reached $37 trillion, with substantial interest payments, prompting discussions on lowering interest rates to reduce fiscal burdens [7][9] - President Trump has been exerting pressure on the Fed, criticizing Chairman Powell and attempting to influence the Fed's board by nominating allies [9][17] - Concurrently, the offshore RMB surged past the 7.12 mark, reaching its highest level since November 2024, driven by the Fed's signals and China's economic recovery [3][11][19] Group 3 - The RMB's appreciation is attributed to the Fed's anticipated rate cuts and a robust recovery in China's economic fundamentals, with exports increasing by 6.1% from January to July [11][13] - China's fiscal policy has been proactive, with a significant increase in government debt issuance and spending, supporting economic growth [13][15] - International financial institutions are increasingly favoring RMB assets, with 30% of central banks indicating plans to increase their RMB asset allocations [15][19] Group 4 - The contrasting financial strategies of the U.S. and China highlight a divergence in approaches, with the U.S. facing potential political interference in monetary policy while China maintains a market-driven approach [17][19] - The potential for the RMB to return to the "6 era" could further enhance the attractiveness of Chinese assets, drawing more foreign investment [19]

Group 1 - Foreign investment is increasing in China, with Norges Bank acquiring 1.3481 million shares of ZhongAn Online, raising its stake to 5.07% of H-shares and 4.92% of total shares, making it the fifth largest shareholder [1][3] - ZhongAn Online, China's first internet insurance company, has seen its stock price rise over 56.62% this year, reflecting growing foreign interest in Chinese assets [1][3] - The top five shareholders of ZhongAn Online are now China Ping An, Shenzhen Jiadexin Investment Co., Ant Group, Tencent, and Norges Bank, following significant changes in shareholding [1][3] Group 2 - Ant Group reduced its stake in ZhongAn Online from 10.01% to 7.63% after selling 33.7548 million shares, while Tencent also decreased its holdings to 5.58% [2][3] - ZhongAn Online announced a fundraising effort, issuing new shares at HKD 18.25 each, raising approximately HKD 3.9 billion, which diluted existing shareholders' stakes [2][3] - The company's total premium income for the first half of the year was CNY 13.918 billion, a year-on-year increase of 5.3%, with total premiums expected to reach CNY 33.417 billion in 2024, a 13.3% increase [3] Group 3 - The attractiveness of Chinese assets to foreign investors is driven by several factors, including robust domestic economic performance, with GDP growth of 5.3% in the first half of the year [5][4] - Financial market openness and the optimization of mechanisms like Stock Connect and Bond Connect have made it easier for foreign investors to participate in the Chinese market [5][4] - The current valuation of Chinese assets is appealing compared to U.S. markets, with the MSCI China Index trading at a forward P/E ratio of 12.5, significantly lower than the Nasdaq's 28 [5][4] Group 4 - Foreign capital is increasingly diversifying its investments in China, focusing on high-growth sectors such as technology and renewable energy, with a notable preference for high-dividend assets [7][6] - The total amount of foreign-held RMB bonds has surpassed USD 600 billion, indicating a strong interest in the Chinese bond market [7][6] - The overall trend shows that international capital is recognizing the long-term positive fundamentals of the Chinese economy, leading to a re-evaluation of Chinese assets [7][6]

Group 1 - The core viewpoint is that foreign capital is increasingly interested in China's bond market due to its large scale and low correlation with major overseas markets, providing a unique risk diversification opportunity [1][2] - Since 2024, there has been a significant resurgence in interest from foreign institutional investors in Chinese bonds, driven by uncertainties in U.S. macro policies and a shift towards non-dollar assets [1][2] - Currently, foreign capital accounts for only 2.3% of the Chinese bond market, indicating substantial room for increased participation [2][3] Group 2 - The Chinese bond market has grown from less than $10 trillion to $25 trillion over the past decade, making it the second-largest bond market globally [2] - The low correlation of Chinese bonds with those from developed countries enhances the stability and risk-adjusted returns of global fixed income portfolios [2][3] - As of March 2025, international investors hold approximately $600 billion in Chinese bonds, with a focus on government bonds and policy bank bonds [3] Group 3 - There have been three notable peaks in foreign investment in Chinese bonds over the past fifteen years, with the current phase starting in 2024 [3] - Foreign investors generally adopt a medium to long-term investment strategy, showing a high tolerance for short-term currency fluctuations due to their confidence in the long-term value of the renminbi [3][4] Group 4 - Confidence in the renminbi is supported by three main factors: a consistent trade surplus, the global trend of de-dollarization, and the ongoing internationalization of the renminbi [4] - China's trade surplus, nearing $100 billion monthly, provides fundamental support for the renminbi's exchange rate [4] - The internationalization of the renminbi has seen its use in cross-border trade settlements grow from 200 billion yuan to 1.4 trillion yuan monthly since 2010, reinforcing the currency's stability [4]