Core Viewpoint - The Chinese public fund industry is transitioning from domestic to international, aiming for high-quality development and global market presence through various strategies such as QDII business expansion and partnerships with overseas financial institutions [1][2][4]. Group 1: Industry Development - The Chinese public fund market has matured, with total assets surpassing 35 trillion yuan by July this year, prompting a collective vision for international business expansion [2]. - Recent initiatives include the launch of a FOF fund in Thailand, showcasing the active engagement of Chinese public funds in overseas markets [2]. - The establishment of overseas subsidiaries has expanded from Hong Kong to other regions like Macau, Singapore, and New York, with over 20 public funds already having set up such entities [2][3]. Group 2: Internationalization and Global Pricing Power - The internationalization of public funds is driven by the maturation of the industry and the evolving needs of investors, facilitating better global pricing for Chinese assets [4]. - The increasing demand for diversified asset allocation among domestic investors is pushing public funds to explore international markets [5]. - The expansion of mutual fund products, such as ETFs, has reached 265, providing significant avenues for global investors to access Chinese assets [3]. Group 3: Competitive Advantages - Chinese public funds possess unique competitive advantages in the international market, including strong learning capabilities, a large pool of skilled financial talent, and a robust domestic market [7]. - The integration of Chinese technology with local industries in regions like the Middle East is creating opportunities for customized investment products [6]. - The ongoing global re-evaluation of Chinese assets positions public funds favorably for international investments [7]. Group 4: Risk Management and Challenges - The globalization of public funds necessitates enhanced risk management capabilities, particularly in understanding diverse regulatory environments and market conditions [8][9]. - Challenges such as high information acquisition costs, currency fluctuations, and compliance risks require public funds to develop comprehensive risk management systems [9]. - Continuous research and collaboration with international institutions are essential for improving overseas investment capabilities and addressing investor concerns [9].

申万宏源策略 【申万宏源策略】外资继续流入中国——全球资产配置每周聚焦 (20250912-20250919) 原创 阅读全文 ...

Group 1 - Major investment banks such as Goldman Sachs, Citigroup, and Jefferies have raised target prices for Chinese stocks like Alibaba, Tencent, and Baidu, indicating strong international capital confidence in the Chinese market [1][2] - Supportive government policies have provided a solid foundation for corporate development, including initiatives to promote healthy capital market growth and optimize the competitive environment for businesses [1] - The Chinese government has increased support for high-tech industries, particularly in AI and semiconductors, creating a favorable environment for technological innovation and long-term corporate growth [1] Group 2 - The fundamental improvement of companies, particularly in the AI sector, is a key reason for attracting international investment banks [2] - Alibaba's stock target price was raised by Goldman Sachs from $163 to $179, driven by an upward revision of growth assumptions for Alibaba Cloud [2] - Baidu's target price was significantly increased by Jefferies from $108 to $157 due to its strong performance in AI, while Tencent's target price was set at HKD 735 based on its expected monetization of AI capabilities [2] Group 3 - The Chinese stock market's significant valuation advantage attracts international capital, with the rolling P/E ratio of the CSI 300 index at approximately 13.08, compared to the S&P 500 [3] - The recent increase in target prices by international investment banks boosts market confidence, leading to accelerated capital inflows into the Chinese stock market [3] - In August, China experienced a net inflow of $3.2 billion in cross-border funds, indicating a positive trend in foreign investment in domestic stocks and bonds [3]

"降息后，美元理财要不要赎回？"随着美联储降息"靴子"落地，美元相关的资产配置也引发网友热议。 9月19日，《国际金融报》记者走访上海多家银行网点后获悉，当前美元理财产品年化收益率大多维持 在3.6%左右，后续预期将继续下行。多位客户经理提醒投资者注意投资中的汇率风险。 受访专家指出，当前，汇率风险、利率下行风险和流动性风险是投资者重点需要考量的问题。长远来 看，构建具备韧性的多维资产组合，方能在利率中枢下移的新常态中稳健前行。 预计收益率将下行 "美元存了一年定期，到期是继续存定期还是买美元理财？"在社交媒体上，有网友发出上述疑问。还有 网友分享道，此前买入一只美元日开型理财产品，亏损了汇率也没赚到多少收益。 美联储降息将会如何影响美元理财表现？在黑崎资本首席战略官陈兴文看来，美联储降息对美元银行理 财产品的影响是深远且复杂的，背后逻辑在于降息会引发国际资本流出美国，重塑全球资产配置格局。 "从长期来看，短期理财产品虽具备流动性优势，但随着利差收窄，资金外流压力可能逐渐显现；长期 债券型理财产品受益于久期溢价，价格上行带来资本利得，而固定利率存款类产品则面临收益率下行与 再投资风险上升的双重挤压。这种分化反 ...

Core Viewpoint - UBS Group's wealth management platform, UBS Fund Sales (Shenzhen) Co., Ltd., aims to bridge the gap for investors in the Greater Bay Area to access global assets, with nearly half of its fund products targeting overseas markets by mid-2025 [1][2]. Group 1: Market Outlook and Investment Strategy - UBS's Chief Investment Office (CIO) anticipates that major global central banks may continue to lower interest rates, making it an opportune time to invest in high-quality bonds and high-dividend assets [1]. - The U.S. policy landscape is becoming clearer, allowing for gradual investments in global equities while also diversifying into alternative assets like gold and REITs to mitigate risks from geopolitical tensions [1]. - The Asia-Pacific region presents rich opportunities for diversification, with a positive outlook on markets such as India, Singapore, Indonesia, and China's technology sector [1]. Group 2: Global Asset Allocation Trends - UBS Fund Sales launched a digital wealth management platform, "Rui Fu Zhong," to provide international and professional wealth management services to a broader client base in China [2][4]. - A report indicated that 22% of surveyed investors have engaged in overseas market-linked funds, with 77% seeking global investment insights and 61% desiring diversified global investment products and strategies [4]. Group 3: Client Engagement and Product Strategy - UBS Fund Sales adopts a "buy-side thinking" approach to better understand client needs and match them with suitable products and valuable global insights [7]. - The firm has launched only 68 products in three years, adhering to a "best of the best" principle to create a "fund boutique" rather than a mere trading platform [6][7]. - The investment process involves extensive research and collaboration with fund companies to select the most appropriate products for clients [6]. Group 4: Digital Tools and Client Acquisition - UBS Fund Sales recognizes a gap in clients' investment capabilities and understanding of global investment products, prompting the need for enhanced education and support [8]. - The firm employs two unique client acquisition strategies: B2B2E for employee programs and B2B2C to connect with end customers through partners, leveraging a digital platform for efficiency [8]. - The platform allows for rapid account opening and utilizes AI models to provide tailored insights based on client holdings, reflecting a shift towards digital-driven wealth management services [8].

Core Viewpoint - The article emphasizes the increasing popularity of the US stock market among Chinese investors due to its high liquidity, diverse investment options, and significant growth potential. It highlights the importance of an efficient financial app for investors to navigate the fast-paced market environment [1]. Group 1: Sina Finance App - The Sina Finance App is positioned as the "smart investment brain" for Chinese investors, addressing their core needs for speed, accuracy, comprehensiveness, and cost-effectiveness [2]. - It offers millisecond-level real-time market data with free Level-1 quotes, allowing users to access market information without delays, thus enabling them to react promptly to market changes [3]. - The app features an AI-driven investment research tool that condenses lengthy financial reports into concise summaries, enhancing decision-making efficiency for investors [4]. - A 24/7 global news service and a professional financial calendar are integrated into the app, ensuring users stay informed about critical market events [5]. - The app uniquely combines social media insights from influential analysts, creating a seamless flow from information to analysis to trading decisions [6]. Group 2: Other Mainstream Apps - Xueqiu serves as a social platform for high-net-worth investors, facilitating knowledge sharing and strategy validation through user-generated content and community engagement [8]. - Tonghuashun is favored by technical investors for its comprehensive features, including natural language search capabilities and free Level-2 market data, supporting cross-market analysis [9]. - Eastmoney combines authoritative news reporting with an active community, providing timely insights and a platform for market sentiment analysis [10]. - Futu NiuNiu is a professional trading terminal for global investors, offering advanced trading functionalities and a user-friendly interface for high-frequency trading [11]. Conclusion - Overall, while various financial apps cater to different investor needs, the Sina Finance App stands out for its comprehensive capabilities in market speed, information depth, practical tools, user experience, and cost-effectiveness, making it the preferred choice for navigating the global market [12].

时隔9个月，美联储重启降息，引发全球资金高度关注。 东方金诚研究发展部高级副总监白雪向记者分析，降息通过降低融资成本和提升流动性，通常能提振风 险偏好，推动全球资产配置向风险资产倾斜。历史数据显示，在"预防式降息"周期（如1995—1996年、 2019年）中，美股尤其是利率敏感的科技成长板块和中小盘股表现突出。同时，美债收益率在降息周期 中普遍下行，10年期美债平均下跌80—100个基点，长期债券和投资级公司债由此受益。 中经记者 郝亚娟 夏欣 上海、北京报道 截至9月18日早盘收盘，A股三大指数上涨。同日，中国人民银行授权中国外汇交易中心公布，银行间 外汇市场人民币汇率中间价为1美元对人民币7.1085元。 从国际市场来看，当地时间9月17日，美联储如期降息25个基点，将联邦基金利率下调至4.00%— 4.25%。中国资产表现强劲，纳斯达克中国金龙指数涨2.85%。 中信证券跟踪发现，在美联储降息的宏观背景下，主动外资持续流入中国资本市场。目前港股市场投资 者结构中，外资占比从低位略有回暖，目前占比在66%的水平，对比2022年79%的水平仍有较大提升空 间。 星展中国投资策略师朱星汇接受《中国经营报》记 ...

这不仅是2008年金融危机后力度最大的一次宽松周期，更因两大特殊背景引发全球瞩目—— 经济数据"软着陆"信号 美国8月失业率升至4.3%，非农新增就业仅2.2万人，远低于预期。与此同时，通胀数据保持温和（CPI同比2.9%），为降息提供了空间。 这种"就业降温+通胀可控"的组合，让美联储得以在避免经济衰退的前提下调整政策。 北京时间9月19日凌晨，美联储将公布最新利率决议，市场普遍预期大幅降息。普通人如何抓住这波全球资产配置的机会？ 北京时间9月19日凌晨，美联储将公布最新利率决议。目前市场对"降息25个基点"的预期概率已超90%，且年内可能累计降息3次。 政治与市场的双重压力 特朗普多次公开呼吁"立即大幅降息"，叠加美股估值处于历史高位，市场对政策转向的期待愈发强烈。 与2008年应对危机的"衰退式降息"不同，本次更偏向"预防式降息"——通过提前释放流动性，为潜在的经济放缓筑坝。历史数据显示，预防式降息后，全球 风险资产往往表现更优。 美联储降息的本质是向市场注入流动性，但资金流向往往遵循"寻找价值洼地"的规律。结合当前市场环境，三大趋势值得关注—— 新兴市场或成"新宠" A股和港股当前估值仅为美股估值的1 ...

Report Industry Investment Rating - Not provided in the content Core Views - Important news: Indexes are frequently "newly launched" to offer more refined investment tools for the market; public funds are heavily investing in enhanced index funds; the total scale of QDII funds has increased by 26.5% this year [2]. - Market review: Last week (from September 8th to September 12th, 2025), the major broad - based indexes of the A - share market showed an upward trend. Overseas indexes also mostly rose [2][15]. - Fund market review: Most active equity funds achieved positive returns last week, with the median return of active equity funds at 2.03%. Technology and cyclical theme funds performed well [2]. - ETF fund statistics: The top three performing ETF categories last week were international broad - based, technology, and H - share broad - based theme ETFs. In terms of capital flow, manufacturing, pharmaceutical, and financial real - estate theme ETFs had the highest capital inflows, while A - share broad - based, technology, and bond theme ETFs had the highest outflows [2]. - Fund market dynamics: Last week, 58 public funds had new fund managers, 40 new public funds were established, 56 public funds entered the issuance stage, and 33 public funds were awaiting issuance [2]. - Equity fund issuance tracking: The issuance scale of equity funds last week was 177.49 billion yuan, a decrease of 65.68 billion yuan from the previous week. It is expected that newly established and fully - invested funds will bring significant incremental funds to industries such as electronics, computers, and pharmaceuticals [2]. Summaries by Relevant Catalogs 1. Important News 1.1 Market Dynamics - Indexes are frequently "newly launched" to offer more refined investment tools. On September 11th, six new indexes were released, all selecting 100 securities from the CSI A500 index as samples, providing diversified investment targets [7]. - The international gold price hit a new high, and institutions flocked to research gold stocks. On September 8th, the spot gold price exceeded $3,610 per ounce. Some gold concept stocks were intensively investigated by institutions [7]. - Public funds are heavily investing in enhanced index funds. This year, 106 enhanced index funds have been newly issued, with a combined issuance share of 61.097 billion, exceeding the full - year figures of 2024 and 2023 [8][9]. 1.2 Product Highlights - The total scale of QDII funds has increased by 26.5% this year. As of September 12th, the total scale of QDII funds reached 673 billion yuan, an increase of 141 billion yuan from the beginning of the year. There are 215 stock - type QDII funds, with a scale of 567.7 billion yuan [10]. - The second batch of science - innovation bond ETFs has collectively completed fundraising. On September 12th, the second batch of science - innovation bond ETFs from 14 fund companies were launched, and many products completed their fundraising ahead of schedule [10][11]. - The industry's first floating - management - fee medical QDII fund was launched. The Dongfanghong Medical Innovation Hybrid Securities Investment Fund (QDII) was launched on September 10th, with a fundraising period from September 10th to September 23rd [11]. 1.3 Overseas Market - The latest US inflation data was released. On September 11th, the US CPI and core CPI data were announced, which met market expectations and strengthened the market's confidence in the Fed's subsequent interest - rate cuts [11]. - South - bound funds had a net inflow of over HK$60 billion in a week, and Internet giants were heavily added. From September 8th to September 12th, the net inflow of south - bound funds was HK$60.822 billion, the highest since May [12]. - Public funds are actively going overseas, and "buying Chinese funds" has become a new global investment trend. Chinese public funds are entering the "capability output" stage in overseas expansion, with products being well - received in Southeast Asian markets [12][13][14]. 2. Market Review - Last week, the major broad - based indexes of the A - share market showed an upward trend. The Shanghai Composite Index closed at 3,870.60, up 1.52%; the CSI 300 Index closed at 4,522.00, up 1.38%; the CSI 500 Index closed at 7,147.75, up 3.38%; the CSI 800 Index closed at 4,963.53, up 1.92%; the CSI 1000 Index closed at 7,422.88, up 2.45%; and the ChiNext Index closed at 3,020.42, up 2.10%. Overseas indexes also mostly rose [2][15]. 3. Fund Market Review 3.1 Active Equity Fund Performance - In the past week, technology and cyclical theme funds performed well, with average interval returns of 4.64% and 3.02% respectively. In the past three months, technology and manufacturing theme funds led in performance, with average interval returns of 41.68% and 25.64% respectively. In the past year, technology and pharmaceutical theme funds stood out, with average interval returns of 91.68% and 62.13% respectively [18]. 3.2 Top - Performing Fund Performance Statistics - The top - performing active equity fund last week was Penghua Innovation - Driven (005967.OF), a technology - themed fund, with a weekly interval return of 13.55% [23]. 4. ETF Fund Statistics 4.1 ETF Fund Performance - In terms of the average interval return last week, the top three performing ETF categories were international broad - based, technology, and H - share broad - based theme ETFs, with interval returns of 5.10%, 5.05%, and 3.33% respectively [25]. 4.2 ETF Fund Capital Flow Statistics - In terms of last week's net capital inflow, the top - ranked ETF categories were manufacturing, pharmaceuticals, and financial real - estate, with inflows of 128.97 billion yuan, 116.68 billion yuan, and 115.72 billion yuan respectively. The A - share broad - based ETF had the highest net outflow, at 172.64 billion yuan [28]. 4.3 ETF Fund Premium and Discount Statistics - As of September 12th, 2025, the top three ETFs in terms of premium rate were Huabao Shanghai - Stock - Exchange Science - Innovation Board Artificial Intelligence ETF, Huaxia Feed Soybean Meal Futures ETF, and Shenwan Hongyuan CSI R & D Innovation 100 ETF, with premium rates of 1.95%, 1.63%, and 1.43% respectively. The top three ETFs in terms of discount rate were Yinhu CSI 2000 Enhanced Strategy ETF, Huaxia CSI Hong Kong Stock Connect 50 ETF, and Huaxia CSI Science - Innovation and Entrepreneurship 50 ETF, with discount rates of 0.63%, 0.62%, and 0.55% respectively [34]. 5. Fund Market Dynamics 5.1 Fund Manager Changes - Last week, 58 public funds had new fund managers, involving 49 fund managers from 27 fund management companies. The top three fund management companies in terms of the number of funds with new managers were Huaxia Fund, Taiping Fund, and Huatai - Peregrine Fund [36]. 5.2 Newly Established Funds Last Week - A total of 40 public funds were newly established last week, with a combined issuance share of 21.794 billion [2]. 5.3 First - Time Issued Funds Last Week - 56 public funds entered the issuance stage last week, with the largest number being passive index - type bond funds, at 14 [2]. 5.4 Funds Awaiting Issuance - As of September 14th, 2025, there were 33 public funds awaiting issuance [2]. 5.5 Equity Fund Issuance Tracking - The issuance scale of equity funds last week was 177.49 billion yuan, a decrease of 65.68 billion yuan from the previous week. There are still 296 newly issued funds in the position - building period, with an estimated 35.14% of them having a position - building ratio of less than 5%, and an estimated 88.871 billion yuan of funds yet to be invested [2].

文 | 银行螺丝钉 （转载请注明出处） 螺丝钉也做了美股、全球股票指数、美债指数的估值表。见文章下面图片。每周日会在公众号、以及「 今天几星 」小程序，每周定期更新。 1. 本周全球股票市场指数整体上涨。 美股本周上涨1.5%。 全球非美元市场上涨更多。 A股本周上涨2%。 港股本周大幅上涨，恒生指数上涨3.82%。 中概、港股科技上涨幅度更高，恒生科技本周上涨5.3%。 目前港股科技股在正常估值，还没到高估。 亚太地区股票市场也普遍上涨。 日股韩股上涨也超2%。 欧洲股票市场上涨略少一些。 本周全球债券市场也整体上涨。 全球股债双涨，也跟美联储马上迎来9月降息窗口有关。 目前市场普遍认为，9月美联储降息25BP，有一定概率降息50BP。 2. 之前咱们也提到过： （1）美元利率下降，对全球资产是利好。 （2）对非美元市场利好更多。 例如去年9月美联储首次降息以来，人民币股票市场，涨幅排在全球第一。 也跟A股港股之前估值较低有关。 不过随着A股港股上涨，低估的优势也在逐渐缩小。 去年5.9星的时候，A股港股比全球股票市场平均估值低50%。 最近只差百分之十多点了。 3. 有朋友问，海外股票市场整体上涨，那还有 ...