"我们深知香港在中国内地与全球市场间的独特地位。鉴于当前挑战与机遇并存的局势，香港政府必须 迅速行动，通过与中国内地和地区伙伴更紧密的合作以提振市场活力。我们的政策建议旨在通过建立策 略性伙伴关系、技术创新和稳定的金融市场发展来增强香港的全球竞争力和金融韧性。通过果断行动， 香港可以进一步巩固其作为领先国际金融中心的地位。"普华永道中国副主席兼管理合伙人李尚义说。 香港特区政府正在展开2025年《施政报告》的公众咨询，普华永道日前举行发布会分享政策建议，倡议 香港政府采取坚定行动，善用香港作为中国内地与全球市场之间超级联系人的地位，发掘香港经济增长 新动力，提振市场活力，加强与中国内地和地区合作伙伴的联系，从而巩固作为国际金融中心的地位。 关维端认为，从全球趋势上看，私募市场和另类投资零售化加速势不可挡，正在重塑投资格局。"我们 建议香港制定一个明确的路线图，让零售投资者可以增加另类的资产分配，同时优先保障投资者权益并 进行有效的流动性管理。" 对于香港政府近期发表的《香港数字资产发展政策宣言2.0》，普华永道建议加快推动数字资产相关策 略。该行认为，香港具备潜力定位为以数字为先的资产及财富管理中心，建立以区 ...

Core Viewpoint - The appointment of Chen Zhengyu as the new General Manager of CITIC Prudential Asset Management marks a significant leadership change following a turbulent period characterized by the previous manager's investigation and dismissal [4][5]. Group 1: Leadership Changes - Chen Zhengyu has been appointed as the General Manager of CITIC Prudential Asset Management, effective from August 19, 2025, after receiving approval from the board and regulatory authorities [1][4]. - The previous General Manager, Zhao Xiaofan, was investigated for serious violations and was dismissed in May 2025, leading to a series of interim leadership changes [4][5]. - The management structure now consists of five members, with Chen Zhengyu serving as the General Manager, Executive Director, and Party Branch Secretary [7]. Group 2: Company Performance - CITIC Prudential Asset Management reported a revenue of 444 million yuan and a net profit of 188 million yuan for 2024, both showing over 30% year-on-year growth, outperforming the industry average [8]. - The company's revenue structure remains heavily reliant on its parent company, CITIC Prudential Life, which contributed 281 million yuan to the asset management fees, accounting for nearly 80% of total income [9]. - The asset management scale reached 336.5 billion yuan by January 2025, reflecting over 160% growth in less than five years, although it still lags behind leading firms in the industry [12].

Market Performance - A-shares continued strong performance with the Shanghai Composite Index reaching a ten-year high since August 2015, while the North Star 50 hit a historical peak. The Shenzhen Composite Index and ChiNext Index also surpassed their previous highs from October 2022. The Shanghai Composite Index rose by 0.85%, the Shenzhen Composite Index increased by 1.73%, and the ChiNext Index gained 2.84%. The total trading volume in the Shanghai and Shenzhen markets reached 27,642 billion, a significant increase of 5,196 billion compared to the previous trading day [1]. ETF Performance - The top-performing ETFs included rare earth and artificial intelligence-related funds, with the rare earth ETF from E Fund (159715) leading with a 6.31% increase, followed closely by another rare earth ETF (159713) at 6.22%. The ChiNext artificial intelligence ETF from Southern Fund (159382) rose by 5.87% [2][3]. Industry Insights - The global liquidity easing expectations have provided support for metal prices, with many metal varieties facing supply rigidity due to capital expenditures. The overall valuation remains low, indicating potential for price increases in the future. The non-ferrous metals sector, particularly rare earths, tungsten, cobalt, and antimony, is expected to see upward momentum due to improved supply-demand dynamics and policy support [3]. - The demand for rare earths is anticipated to improve further due to the development of emerging industries such as new energy and humanoid robots, leading to a more favorable supply-demand balance and long-term price increases [3]. Artificial Intelligence Sector - The AI sector is expected to continue its innovation trajectory in the second half of 2025, accelerating growth across the industry chain. Analysts recommend focusing on the "AI mainline" and see opportunities in AI applications and computing power sectors. The AI sector has not yet reached overheating levels, suggesting further expansion into more AI-related fields [4]. ETF Trading Activity - The Hong Kong Securities ETF (513090) recorded the highest trading volume at 33 billion. Other notable ETFs included the Short-term Bond ETF (211360) and Silver Hua Li ETF (211880) [7][8]. The turnover rate for the Sci-Tech Growth ETF (588070) was the highest at 337% [8]. New ETF Launches - A new AI-focused ETF from Huatai-PineBridge (589560) will begin fundraising, closely tracking the Shanghai Stock Exchange Sci-Tech Innovation Board AI Index, which includes 30 companies in the AI sector. This index emphasizes semiconductor companies and high R&D investment [9][10].

Core Viewpoint - The article emphasizes the evolution of multi-asset allocation strategies among investors, highlighting the shift from single-market investments to diversified cross-border investments to reduce reliance on any single market and pursue richer sources of returns [2][3]. Group 1: Cross-Border Investment Team - The cross-border investment team at China Merchants Bank has successfully navigated several overseas risk events by proactive positioning, maintaining net value stability through precise timing in U.S. Treasury transactions and adjustments in response to credit defaults [3][4]. - The team has a management scale exceeding 90 billion yuan, with a diverse product line that includes cross-border RMB fixed income and structured products [5][11]. Group 2: Investment Strategy and Research - The team employs a multi-faceted research approach, analyzing macroeconomic trends, interest rates, and asset allocation logic to inform investment decisions [6][12]. - The team has developed a "global economic cycle matrix" to track key factors such as growth, inflation, and policy across major economies, which aids in understanding market dynamics [25][27]. Group 3: Product Offerings and Risk Management - The cross-border investment department offers a diverse range of products categorized by currency, underlying strategy, risk level, and product opening period, catering to various investor preferences [20][21]. - The department emphasizes the importance of risk management, employing both subjective judgment and mechanized hedging strategies to protect against extreme risks [33][34]. Group 4: Market Awareness and Adaptability - The team recognizes the necessity of understanding the complexities of cross-border investments, including currency risks and market differences, to avoid hidden barriers for ordinary investors [35][36]. - Continuous monitoring of global market conditions and proactive adjustments to investment strategies are crucial for navigating uncertainties in the international landscape [39][40].

Core Viewpoint - The issuance of the first stablecoin-based venture capital fund by China National Capital Venture Investment Co., Ltd. (Guofengtou) marks a significant step into the digital finance sector for state-owned capital in China, with a fund size of 3 billion USDT, providing new solutions for cross-border investment and global capital allocation [1][4]. Group 1: Fund Characteristics - The fund has a scale of 3 billion USDT and offers an innovative daily yield of 1.6%, which translates to an annualized return of over 500%, making it highly attractive to investors seeking stable returns [3][5]. - Stablecoins, such as USDT, are pegged to the US dollar, providing value stability, efficient cross-border transfers, and low costs, thus becoming essential financial tools in cross-border investment and digital finance [3][5]. Group 2: Strategic Implications - The fund's launch signifies a strategic transformation for Chinese state-owned capital in the globalized and digital investment landscape, serving as a strong example for innovation in China's capital markets [4][11]. - The fund aims to invest in strategic resources in global markets, focusing on advanced technology sectors such as smart manufacturing, renewable energy, and artificial intelligence, thereby promoting the "Belt and Road" initiative and deepening global industrial integration [10][11]. Group 3: Global Competitiveness - The stablecoin fund is designed to enhance the efficiency of capital operations and improve global capital allocation capabilities, thereby increasing the competitiveness of Chinese capital in international markets [11][12]. - By utilizing digital asset technology, the fund can effectively mitigate traditional investment risks such as currency fluctuations and transaction costs, providing greater investment flexibility and adaptability for Chinese enterprises [11][12]. Group 4: Risk Management and Compliance - The fund incorporates a strict risk control and compliance framework, ensuring transparency and security in its operations, with third-party custody and regulatory oversight for all investment projects and fund flows [12][13]. - Guofengtou collaborates with well-known financial institutions to provide comprehensive compliance guarantees, ensuring the fund's operations are secure and transparent [12][13]. Group 5: Conclusion - The establishment of the 3 billion USDT stablecoin fund not only represents a significant innovation for Chinese state-owned capital in the digital finance sector but also introduces a new investment model to the global capital market [13]. - With its attractive yield, global investment strategy, and rigorous risk management, Guofengtou is poised to play a more prominent role in cross-border investment and digital asset management in the future [13].

Core Insights - The global economy is undergoing profound changes, with emerging economies rising and major power dynamics at play, highlighting the importance of diversified asset allocation and cross-border investment [1] - Hong Kong, as a key financial hub connecting East and West, continues to attract global investors due to its mature financial ecosystem and unique position backed by mainland China [1] - The inaugural Hedge Fund and Family Office Awards will be held on August 22, 2025, in Hong Kong, organized by 排排网全球, aiming to integrate industry resources and facilitate high-level discussions on cross-border investment [1] Awards and Recognition - The awards will feature two main categories: the "Excellence Award" for outstanding institutions leading the industry and the "Emerging Award" to recognize promising new managers [2] - The selection process involves a combination of quantitative metrics and qualitative assessments by a global panel of experts, focusing on investment capabilities and future potential [2] Roundtable Discussions - Three in-depth roundtable forums will be held, covering strategies to navigate market volatility, the impact of AI on investment management, and the strategic allocation of family offices [3][4][5] - The first roundtable will discuss multi-dimensional investment strategies in the context of geopolitical conflicts and global market fluctuations [3] - The second roundtable will focus on the competitive landscape in Hong Kong, exploring how emerging managers can differentiate themselves and secure investor trust [4] - The third roundtable will address the evolution of family office direct investment trends and the role of Hong Kong resources in global strategic planning [5] 排排网全球 Overview - 排排网全球 is a key part of 排排网 Group's globalization strategy, dedicated to serving high-net-worth Chinese investors and providing a comprehensive financial information service platform [6][11] - The group has been active in the financial technology sector since its establishment in 2004, serving over 3 million high-net-worth clients with wealth management services [9][12] - The awards ceremony aims to create a platform for practical exchanges and collaborations in the cross-border investment sector, inviting industry professionals and media to explore new investment opportunities [6][12]

Group 1 - The 2025 Artificial Intelligence Product Application Expo opened in Suzhou Industrial Park, emphasizing the importance of global AI industry collaboration and innovation [1][2] - The event aims to showcase Suzhou's achievements in AI development and attract technology, innovation companies, elite talents, and quality capital to the region [1][2] - A series of authoritative reports on artificial intelligence were released during the event, highlighting the urgency and pathways to address challenges in AI scientific discovery [1] Group 2 - The theme of this year's expo is "Intelligence Without Boundaries, Wisdom Coexistence," focusing on embodied intelligence, digital transformation, and cross-border investment [2] - The expo has become a barometer for AI technology innovation, achievement display, and application implementation since its inception in 2018 [2] - Various activities including exchanges, product launches, and supply-demand matching were organized to facilitate collaboration among leading enterprises, industry experts, and scholars [2]

Core Viewpoint - The article introduces the concept of Hong Kong Stock Connect (港股通), highlighting its role as a convenient cross-border investment channel for mainland investors to access the Hong Kong market [2][3]. Group 1: What is Hong Kong Stock Connect? - Hong Kong Stock Connect allows mainland investors to trade stocks listed on the Hong Kong Stock Exchange through designated securities companies via the Shanghai or Shenzhen Stock Exchanges [3]. Group 2: Conditions for Opening Hong Kong Stock Connect - Investors must have an A-share RMB shareholder account and maintain an average net asset of no less than RMB 500,000 in the 20 trading days prior to applying [6]. - Investors need to possess basic knowledge of Hong Kong Stock Connect trading and pass a knowledge assessment, although institutional investors may be exempt from this requirement [6]. - A strong risk tolerance and risk control capability are required, with a risk assessment result of C4 (active type) or above [6]. Group 3: How to Open Hong Kong Stock Connect - The application process can be initiated through the Shenwan Hongyuan Shen Cai You Dao/Da Ying Jia APP, where users can navigate to the business opening section to apply for Hong Kong Stock Connect services [5][8]. Group 4: How to Buy Hong Kong Stocks - Trading in Hong Kong Stock Connect follows the trading rules of the Hong Kong Stock Exchange, requiring users to access a dedicated trading interface [14]. - Investors must select the stock, input the buying price and quantity, with the minimum trading unit varying by stock [15]. - The system sets a default order type for transactions, and the trading mechanism allows for T+0 round-trip trading [16]. Group 5: Currency and Exchange Rate Considerations - Transactions in Hong Kong Stock Connect are conducted in RMB, while the Hong Kong Stock Exchange operates in HKD, necessitating currency conversion [18]. - The exchange rate used during trading may differ from the actual conversion cost, with a typical cost range of 0.00005 to 0.0001 [20]. Group 6: Trading Time and Order Types - Specific trading times and order types are outlined, with different rules for pre-market, continuous trading, and closing auction periods [19].

Core Insights - The insurance asset management industry is undergoing a significant transformation, shifting from traditional debt financing to equity financing to meet the demands of the new economy [1] - Insurance funds, characterized by long duration, large scale, and stable sources, are well-positioned to become patient capital [1] Group 1: Shift to Equity Investment - Insurance asset management institutions are accelerating their transition to equity investment, with a notable decline in debt investment plans while equity investment plans and private equity funds have seen substantial growth [3] - The successful IPO of Huadian New Energy exemplifies the effectiveness of insurance capital in equity investment, with major shareholders like China Life and Ping An Life witnessing a stock price increase of over 125% on the first day of trading, nearly doubling the valuation of their holdings [3] - Insurance asset management's equity investments tend to favor mature and later-stage projects, with a preference for targets that provide stable cash flow and periodic returns, focusing on sectors aligned with national strategies such as hard technology, green energy, and health care [3] Group 2: Need for Capability Building - The insurance asset management sector is still in the early stages of capability building and experience accumulation in equity investment, facing challenges such as a cooling market and increased exit difficulties [4] - The entry of foreign institutions, like Dutch Global Life, introduces new development ideas, focusing on long-tail asset investment opportunities in infrastructure and renewable energy [4] - Insurance asset management is actively exploring cross-border investment capabilities, with the Hainan Free Trade Port pilot program opening new avenues for foreign investors to access domestic insurance asset management products, initially capped at 10 billion RMB [4]

Core Viewpoint - The AI Fund,招商丰利灵活配置混合基金A, reported a profit of 139.59 thousand yuan for Q2 2025, with a net asset value growth rate of 6.88% during the period, and a total fund size of 2,078.79 thousand yuan as of the end of Q2 2025 [2][14]. Fund Performance - As of July 17, the fund's one-year cumulative net asset value growth rate reached 33.02%, ranking 123 out of 880 comparable funds [3]. - The fund's three-month cumulative net asset value growth rate was 9.49%, ranking 421 out of 880, and the six-month growth rate was 8.83%, ranking 387 out of 880 [3]. - The fund's three-year cumulative net asset value growth rate was -10.79%, ranking 451 out of 870 [3]. Fund Management Strategy - The fund manager, 况冲, indicated that during the quarter, they realized profits from companies in the new consumption sector and increased holdings in leading cross-border enterprises amid the U.S. imposing 100% tariffs on China [2]. - The fund also increased investments in companies with low valuations and significant growth potential, particularly in sectors such as military, manufacturing, non-ferrous metals, and agriculture [2]. - The fund plans to maintain a high position and a relatively balanced layout throughout 2025, focusing on globally competitive Chinese companies in technology, manufacturing, pharmaceuticals, and consumer sectors [2]. Fund Holdings - As of the end of Q2 2025, the top ten holdings of the fund included companies such as 赛轮轮胎, 金诚信, and 航发动力 [16]. Risk Metrics - The fund's three-year Sharpe ratio was 0.1565, ranking 290 out of 874 comparable funds [8]. - The maximum drawdown over the past three years was 40.42%, ranking 315 out of 864 comparable funds, with the largest single-quarter drawdown recorded at 26.08% in Q1 2020 [10].