申万宏源策略 【申万宏源策略】双宽驭险，中期伏波——申万宏源2026年全球资产配置投资策略 原创 阅读全文 ...

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is attracting foreign investment due to its low valuation compared to historical averages and growth potential amid global market volatility [1][1]. Group 1: Market Performance - On November 19, the Hang Seng Index opened up by 0.09%, while the Hang Seng Tech Index rose by 0.37% [1]. - Baidu Group saw an increase of over 2%, and XPeng Motors rose nearly 2%, while Xiaomi Group experienced a decline of nearly 2% [1]. Group 2: Investment Trends - According to a Morgan Stanley report, despite significant gains in the MSCI Hong Kong Index this year, its valuation remains below the ten-year average, making it one of the cheapest stock markets in the Asia-Pacific region, excluding ASEAN [1]. - As of the end of September, passive funds have cumulatively flowed into the Chinese stock market amounting to $18 billion this year [1]. Group 3: Sector Focus - The technology sector in Hong Kong has become a focal point for foreign investment, with institutions viewing it as having both valuation safety margins and industry growth potential [1]. - Analysts suggest that with the stabilization of the local economy, recovery of the IPO market, and improvement in global liquidity due to the Federal Reserve's interest rate cuts, the tech sector in Hong Kong is likely to continue gaining revaluation momentum [1]. Group 4: Future Outlook - Morgan Stanley anticipates that the upward trend in the Hong Kong tech sector will extend until 2026, providing long-term investment opportunities for investors [1].

又有新品即将面市 又一只养老FOF新品即将面市。11月18日，富达基金发布富达任远保守养老目标一年持有期混合(FOF) 的相关法律文件，富达基金也由此成为首家推出养老FOF的外资新设独资公募。 首只外资新设独资公募推出的养老目标基金(即养老FOF)即将开启发行。11月18日，富达基金发布富达 任远保守养老目标一年持有期混合(FOF)的相关法律文件。随着该基金的推出，富达基金也成为首家推 出养老FOF的外资新设独资公募。从年内新品成立情况来看，公开数据显示，截至当前已有10只养老 FOF(份额合并计算，下同)成立。不过，规模较小的问题，同时存在于新发和存续产品中，更有部分产 品因此黯然离场。有观点认为，当政策把"钱"和"机制"引进来，机构把"收益"和"体验"做上去，养老 FOF才能从"小众精品"变成"国民账户"，真正承接万亿级别的养老第三支柱市场。 合(FOF)的发行规模达22.6亿元，暂居首位，其余单只产品的发行规模则均不足10亿元。 事实上，规模较小的情况不仅存在新发产品中，更有存续产品因规模不足黯然离场。公开信息显示，截 至当前，年内已有永赢养老目标2040三年持有混合发起FOF、国投瑞银积极养老目标五年 ...

该产品的拟任基金经理赵强于2022年加入富达，拥有十多年投资管理经验，尤其擅长从全球视野深入把 握宏观环境进行资产配置。他同时也是富达基金多元资产部负责人、养老投资业务负责人，以及富达在 中国市场的首只FOF——富达任远稳健三个月持有混合型基金中基金的基金经理。 赵强表示："我们此次推出的养老FOF，其业绩比较基准中包含了恒生、标普500和黄金等全球资产，是 目前市场上首只在基准中包含海外市场指数的养老FOF基金。这一设计不仅体现了我们对全球资产配置 的前瞻性思考，更旨在通过全球多元布局，为国内养老人群提供更具韧性的投资组合。同时，该基金背 后还有来自富达全球研究网络、养老投资顾问郑任远先生，以及人工智能和金融科技团队的协作和支 持，助力我们更好地服务于中国投资者的养老需求。" 富达基金管理(中国)有限公司总经理孙晨表示："养老是关乎国计民生的重要事业，也是富达尤其能贡 献价值的领域之一，更是我们在中国的长期战略核心支柱。此次养老FOF的推出，标志着我们在中国养 老金融领域迈出了坚实的一步，借此，我们能够把富达在养老投资领域的国际经验及产品布局有序地引 入并落地中国市场，逐步为中国投资者打造覆盖全生命周期的养 ...

Core Insights - The recent surge in cross-border ETF trading activity has led to significant growth in the market, with total assets reaching 923.78 billion yuan as of November 16, marking an increase of over 117% since the beginning of the year [1][4]. Group 1: Market Dynamics - The growth of cross-border ETFs is driven by investors' ongoing demand for global asset allocation and the improvement of product attributes, which has expanded the investment landscape [1]. - The performance of Hong Kong stock ETFs has been particularly notable, leading in both investment returns and asset growth, thus becoming a key growth engine in the cross-border ETF sector [1][4]. Group 2: Premium Situation - Several cross-border ETFs, including the Southern S&P 500 ETF (QDII) and Huaxia Nasdaq 100 ETF (QDII), have recently issued warnings about significant premium risks in secondary market trading, with the Southern S&P 500 ETF (QDII) showing a premium of over 5% as of November 14 [2][3]. - The premium situation is attributed to three main factors: heightened demand for cross-border assets, the asynchronous nature of net value updates compared to foreign market trading, and external market volatility affecting redemption efficiency [2]. Group 3: Performance of Hong Kong Stock ETFs - Hong Kong stock ETFs have shown remarkable performance, with several achieving net value growth rates exceeding 50% this year, and five ETFs surpassing 90% growth [5]. - The investment focus on innovative pharmaceuticals and technology sectors has been a significant driver of the high net value growth rates for Hong Kong stock ETFs [5]. - Market sentiment for Hong Kong stocks is expected to improve, with potential for a technical rebound, as core assets in the Hong Kong market exhibit substantial upward elasticity [5].

Core Insights - The event "Zijin Wealth Management - Smart Financial Cube 2025 Annual Closed-door Private Sharing Conference" highlighted key investment opportunities for 2026, emphasizing the importance of technology sector selection, event-driven returns, and global asset allocation capabilities [1] - Experts discussed the inclusion of gold as a safe-haven asset in family asset allocation, along with a focus on dividend assets, retirement-related sectors, and data assets as new opportunities [1] Group 1: Wealth Management Innovations - The event featured discussions on wealth management innovation practices and investment strategies for high-net-worth clients [1] - The collaboration between Licaimofang and Huaxia Bank aims to combine intelligent investment research with high-end financial services, providing a one-stop wealth management solution [1] Group 2: Smart Account Product - Licaimofang's core product, the Smart Account, allows clients to access personalized investment services with a minimum investment of 300,000 to 500,000 yuan, breaking traditional high-threshold barriers [2] - The Smart Account supports automated follow-up investments and intelligent regular investments, enabling clients to enjoy professional asset allocation without constant monitoring [2] Group 3: Comprehensive Advisory Services - Huaxia Bank's investment advisor shared insights on macroeconomic trends and a comprehensive advisory service model that integrates investment banking, commercial banking, and private banking [2] - The bank's "1+1+N" service team structure includes dedicated client managers, senior private banking managers, and expert investment advisory teams, along with a scientific asset allocation recommendation of 40% base assets, 30% stable appreciation, 20% reduced correlation, and 10% income-generating assets [2]

新华财经上海11月14日电（记者魏雨田）今年以来，跨境ETF投资热度持续高涨。截至11月13日，国内 跨境ETF已增至191只，规模突破9000亿元。从港股、美股等成熟市场，到韩国、沙特，再到如今巴西 ETF主题产品登陆国内交易所，跨境ETF的投资版图已延伸至拉美新兴市场。 热潮之下，高溢价风险暗流涌动。业内人士指出，跨境ETF的投资范围和产品种类有望持续拓展，未来 发展前景值得期待，但溢价、汇率等风险不容忽视。投资者更需保持清醒，理性看待产品优势与潜在风 险。 投资热度持续高涨 跨境 ETF 是指主要跟踪 A 股以外的市场指数且在国内证券交易所上市的 ETF。今年以来，跨境ETF已 然成为基金市场的"香饽饽"。新华财经统计数据显示，今年初国内市场上的跨境ETF仅有139只，而截 至11月13日，这一数量已攀升至191只。规模也从年初的4284.82亿元增至9286.2亿元，短短10个月时间 实现规模翻倍，彰显出国内投资者对全球资产配置需求的持续升温。 从产品发展脉络来看，国内跨境ETF的投资版图正不断拓展。早期产品主要聚焦于中国香港、美国、德 国、日本、法国等成熟资本市场，随着全球投资视野的开阔以及新兴市场 ...

| | | 涨跌幅 | | 涨跌幅 | | --- | --- | --- | --- | --- | | A股 | 沪深300 | 0.90% | 中债新综合全价 | -0.04% | | 红利 | 中证红利 | 2.06% | 美国20年+国债 | -0.22% | | 港股 | 恒生指数 | 1.88% | 上海金 | 1.57% | | 美国 | 纳指100 | -1.39% | | | | 德国 | 德国DAX | -0.71% | | | | 日本 | 日经225 | -2.86% | 省心债组合 | -0 20 210/0 | | 印度 | 印度sensex30 | -0.53% | 懒人一均衡组合 | 0.16% | | 越南 | 胡志明指数 | -2.25% | 睿定投全球版组合 | -0.46% | 上周全球市场表现分化，A股逆势上涨，美股下跌1.39%，日本跌2.86%，越南跌2.25%，显示出不同市场的分化格局。债市整体平稳，中国债几乎持平， 美债小幅回调。黄金上涨约1.6%，成为少数亮眼资产。 整体来看，市场短期波动明显，但避险与反弹机会并存。 睿定投全球版：稳中求进的全球配置 上周 ...

Core Viewpoint - The Hong Kong IPO market is experiencing a strong recovery since 2025, with fundraising exceeding HKD 200 billion, regaining its position as the global leader in IPOs [2][3]. Market Performance - The performance of the Hong Kong IPO market this year has exceeded expectations, with significant contributions from high-quality companies and a continuous influx of foreign capital [3][5]. - Notable projects such as the IPO of Mixue Ice City and the placement of BYD have demonstrated the market's robust recovery, with the former achieving record frozen capital and attracting substantial foreign investment [5][6]. Impact of HKEX Reforms - Recent reforms by the Hong Kong Stock Exchange (HKEX) have positively influenced the market, particularly in optimizing IPO pricing and public market regulations, making it more attractive for large A-share companies to list [8][10]. - The new regulations have stabilized the allocation ratio between institutional and retail investors, enhancing the pricing power of institutions and improving post-IPO performance [10]. Foreign Capital Inflow - There is a clear trend of foreign capital returning to the Hong Kong IPO market, especially from European and Middle Eastern investors, driven by the need for diversified asset allocation [11][12]. - The shift in foreign investment strategies reflects a rebalancing of portfolios, with increased interest in Chinese assets [12]. Future Trends - The outlook for the Hong Kong IPO market remains positive, characterized by a virtuous cycle of good supply creating good demand, with many high-growth companies planning to list [13][14]. - Key trends for the future include diversification in company size and industry, a strong linkage between supply and demand, and the globalization of Chinese enterprises, with Hong Kong serving as a vital capital platform [14].

Group 1: Global Asset Allocation - The report emphasizes the need for a new paradigm in asset allocation due to the changing macroeconomic environment, where traditional safe assets like bonds are losing their reliability as a safety net [3][4] - It suggests that embracing equity assets and industry trends is crucial for effective asset allocation, advocating for a multi-cycle framework that combines long-term and short-term strategies [4][5] - The report highlights the importance of diversifying asset allocation globally to overcome local market limitations, suggesting that investors should consider various international markets and asset classes [25][26] Group 2: Insights on Market Cycles - The report outlines the characteristics of the new global macroeconomic normal, including aging populations, rising geopolitical risks, and changing asset correlations, which impact long-term economic growth [6][8] - It discusses the failure of traditional asset allocation frameworks and the paradox of safe assets, indicating a significant decline in the supply of safe assets post-financial crises [9][19] - The report identifies the structural bull market logic for gold, driven by the shortage of safe assets and the growing demand for hedging against risks [19][20] Group 3: Investment Opportunities - The report recommends focusing on countries with favorable fundamentals for equity investments, particularly after technical corrections in markets like the US, Japan, and India [4][25] - It suggests that the bond market's core logic has shifted from seeking yield to pursuing diversification, with expectations of favorable conditions for government bonds due to anticipated monetary policy easing [4][25] - The report indicates that commodities, particularly gold, remain in a long-term bull market despite short-term corrections, while oil supply excess poses risks [4][25] Group 4: Historical Context and Future Trends - The report notes a historic turning point in Chinese residents' asset allocation, shifting from real estate-driven wealth storage to a more diversified approach involving financial assets [31][32] - It highlights the importance of understanding the lifecycle of asset allocation, where financial goals and personal milestones drive diversification strategies [21][31] - The report draws comparisons with global experiences in low-interest-rate environments, noting how different countries adapt their asset allocation strategies based on local economic conditions [90][95]