0:00 上期视频我们了解了什么是跨境ETF，本期视频我们来聊聊细分市场的跨境ETF都有哪些。 （Wind）数据显示，截至2025年3月3日，跨境ETF规模合计近4700亿（元），其中投资于香港市场、美 国市场的ETF规模分别约为3200亿（元）、1300亿（元），规模占比分别为68%、28%。 可以说啊，在众多投资目的地中，ETF规模占比近70%的香港市场成为了内地投资者跨境投资的首选之 地。 事实上，近年来香港市场的行业结构也在悄然发生变化，传统的金融地产板块依然稳健，但新经济领域 的崛起为市场注入了新的活力。 从互联网科技到医疗健康，从新能源到高端制造，越来越多代表中国经济转型方向的优质企业在港股上 市。 跟踪的ETF看，目前有4只跨境ETF跟踪恒生指数，合计管理规模236亿（元），其中规模最大的一只 ETF规模近180亿（元）。 这种结构性的改善，不仅提升了市场的投资吸引力，也为投资者提供了更丰富的配置选择。 那么，投资于港股市场的跨境ETF中，都跟踪哪些核心指数呢？ 从规模上看，这些跨境ETF跟踪的指数主要可以分为宽基、互联网科技、医药、红利、高股息等指数。 本期视频我们先来了解下跟踪的ETF规模大 ...

" 欧米伽未来研究所 " 关注科技未来发展趋势，研究人类向欧米伽点演化过程中面临的重大机遇与挑战。将不定期推荐和发布世界范围重要科技研究进 展和未来趋势研究。（ 点击这里查看欧米伽理论 ） 2025年的春天，距离那场席卷全球的互联网科技泡沫宣告破灭，已经过去了整整二十五年。那是一个狂热与梦想交织的时代，也是一个幻灭与阵 痛并存的时代。当年的硝烟早已散尽，但历史的钟摆似乎又一次摆向了相似的位置——科技股，尤其是以美国"七巨头"（Magnificent 7）为代表 的科技巨头，在经历了近年来的辉煌增长后，于2025年初也遭遇了显著回调。这不禁让人发问：我们是否又站在了新一轮泡沫的边缘？历史会简 单地重演吗？高盛集团在科技泡沫破裂25周年之际发布了一份深度报告，试图剖析两次科技浪潮的异同，并从中汲取经验教训。本文将基于这份 报告，带您回顾那段波澜壮阔的历史，审视当下的科技格局，并展望未来的机遇与风险。 第一章：那一场席卷全球的狂热与幻灭 二十世纪末，互联网的商业化浪潮以前所未有的力量席卷全球。一个全新的、充满无限可能的数字世界展现在人们面前。"．com"成为了时代的 最强音，似乎只要与互联网沾边，就意味着拥有了点石 ...

Core Insights - Global investors have re-evaluated the Chinese technology sector, with significant increases in capital expenditure in the AI field by major internet companies, indicating a sustained high level of spending in the future [7] - The economic stimulus plan from the last quarter of the previous year has shown results, stabilizing the "old economy," although its contribution to overall economic growth is diminishing, which has led to an increase in market risk appetite [7] - The real estate market in certain hot cities has seen a rebound in both volume and price, with a narrowing decline in real estate investment; industrial value-added has stabilized and rebounded; and consumer electronics have experienced significant growth due to subsidy incentives, boosting retail sales data [7][8] Economic Overview - The capital market experienced a shift in pricing style in mid to late March, with concerns over performance uncertainty in the technology sector leading to a risk-averse mode among investors [8] - Traditional safe-haven assets like bonds have been unable to meet the demand for risk aversion due to fluctuations in interest rates, while bank stocks face profit growth limitations due to narrowing net interest margins [8] - REITs have emerged as a stable income-generating investment choice, with the total return of the CSI REITs rising by 10.69% this year, including a 3.7% increase in March alone [8] Consumer Behavior - Consumer data shows a significant divergence, with subsidy-related goods experiencing much higher growth rates compared to service consumption, indicating a strong impact from subsidy policies [11] - The marginal diminishing effect of consumption stimulus policies is evident, as pre-emptive consumption behavior has been observed, particularly in the home appliance sector [11] - Rural consumption has outperformed urban consumption, with rural retail sales showing a cumulative year-on-year growth of 4.6%, compared to 3.8% in urban areas [14] Industrial Performance - Industrial profits have shown a negative growth rate of -0.3% in January-February, despite a 5.9% year-on-year increase in industrial value-added, indicating a weak profit margin due to low PPI growth [18] - Manufacturing profits have rebounded significantly, with a year-on-year growth of 4.8%, particularly in sectors closely tied to exports [18][19] - The sustainability of export growth is under scrutiny, with concerns over the impact of tariff policies on future export orders [19] Real Estate Market - The recovery in the real estate market is primarily structural, concentrated in core cities and key plots, driven by demand from technology sector re-evaluations [23] - There is still a significant distance to an overall recovery in the real estate market, as evidenced by high levels of unsold inventory and a lack of leverage among buyers [23][24] - The government has prioritized boosting consumption and expanding domestic demand as key tasks for the year, emphasizing the need for more proactive fiscal policies [26]

Core Viewpoint - China Life Insurance reported a record net profit of 106.935 billion yuan for 2024, marking a year-on-year increase of 108.9%, with earnings per share at 3.78 yuan, aligning with market expectations [2][3]. Investment Performance - The total investment income for China Life reached 308.251 billion yuan in 2024, surpassing 300 billion yuan for the first time, with a total investment return rate of 5.50%, a significant increase from 2.57% in 2023 [4][7]. - The company attributed this performance to a diversified and stable investment portfolio, with over 900 billion yuan allocated to long-term bonds and high-grade credit bonds in 2024 [4][5]. Asset Allocation - As of December 31, 2024, total assets amounted to 6.77 trillion yuan, a 19.7% increase year-on-year, while investment assets grew by 22.1% to 6.61 trillion yuan [6]. - Equity financial assets reached 1.27 trillion yuan, accounting for 19.19% of total investments, with stock holdings exceeding 500 billion yuan for the first time [7]. Dividend Policy - China Life plans to distribute a final dividend of 0.45 yuan per share, totaling approximately 12.719 billion yuan, with a full-year dividend of 0.65 yuan per share, representing 17% of net profit [8][9]. - The company emphasized the need to balance dividend payouts with solvency and long-term sustainability [9]. Business Growth - In 2024, the company achieved premium income of 671.457 billion yuan, a 4.7% increase, with first-year premium income for long-term products growing by 14.3% [10]. - The internal value exceeded 1.4 trillion yuan, with new business value increasing by 24.3% year-on-year [10][11]. Future Outlook - For 2025, the company remains optimistic about market recovery, expecting a balanced approach to equity investments and a focus on stable long-term returns [13][14]. - The investment strategy will prioritize quality assets and innovative products to enhance long-term yield potential [14].

宏 观 研 究 2025.03.09 数 据 点 评 港股行情持续性探析 方 正 证 券 研 究 所 证 券 研 究 报 告 分析师 | 朱成成 | 登记编号：S1220525030004 | | --- | --- | | 燕翔 | 登记编号：S1220525030001 | | 许茹纯 | 登记编号：S1220525030003 | 相关研究 《不算差但隐忧渐显：2 月非农数据点评》 2025.03.09 《2025 年 1-2 月份进出口数据点评：增速回落， 顺差扩大》2025.03.08 《Q4 美国通胀增速料延续反弹》2024.11.14 《建材价格回升，稳增长政策见效——10 月物 价数据点评》2024.11.09 《维护联储独立性，重申对债务可持续性的担 忧》2024.11.08 《非农意外暴跌，美债利率为何最终收涨？》 2024.11.02 一是本轮 A 股、港股资产走强是发生在美股为代表的海外发达市场持续调 整环境中，独立行情非常显著，反映近期海内外投资者重估中国资产、做多 中国资产的信心在不断提升。 二是恒生科技指数为代表的科技板块在本轮行情中显著占优，deepseek、机 器人、AI 等 ...

Core Viewpoint - The current market dynamics show a significant divergence between the Hong Kong and A-share markets, with Hong Kong stocks experiencing a bull market while A-shares remain in a state of fluctuation. This divergence is primarily driven by the concentration of high-quality core assets in the Hong Kong market, particularly in sectors such as the internet, hard technology, smart vehicles, and innovative pharmaceuticals [1][2][3]. Market Divergence - As of March 7, the Hang Seng Technology Index has recorded a cumulative return of 27.8%, leading global major indices, while the A-share market has shown only modest gains, with the STAR 50 Index rising by 16% and the CSI 300 Index showing minimal increase. The cumulative performance of core assets in A-shares and Hong Kong stocks from January 10, 2025, indicates a 9% increase for A-shares compared to a 51% increase for Hong Kong stocks [3][4]. - The concentration of new economy assets in Hong Kong is notable, with high consensus and strong certainty in sectors such as domestic computing power, the internet, smart vehicles, and innovative pharmaceuticals. The Hang Seng Technology Index covers key assets in these areas, and many Hong Kong companies are still in the early stages of profit recovery, suggesting significant potential for future earnings improvement [3][4]. A-share Market Characteristics - A-share core assets exhibit cyclical characteristics, with approximately 45% of companies yet to reach an operational turning point. The distribution of market capitalization among core assets shows a balanced representation across technology (25.1%), consumer (27.8%), and advanced manufacturing (19.2%). The cyclical nature of A-share core assets is closely tied to macroeconomic conditions, with historical turning points indicating a potential operational turning point between late 2024 and early 2025 [4][5]. - Many public funds face restrictions on investing in Hong Kong stocks, leading to performance anxiety among institutional investors. Approximately 60% of equity public funds lack Hong Kong Stock Connect permissions, which limits their investment scope and forces them to focus on A-shares, resulting in a disparity in asset quality and performance [5][6]. Transition from Macro to Industry Focus - The market is transitioning from a macro-driven environment to one focused on industry dynamics. The clarity of policy direction and the reduction of macroeconomic volatility suggest that market participants should shift their attention from macro concerns to industry trends, particularly in technology and innovation sectors [6][7]. - The current macroeconomic environment is characterized by stabilization in consumption and real estate, with a focus on structural opportunities driven by technological advancements. This shift mirrors the asset recovery period seen in the U.S. from 2010 to 2015, indicating a need for investors to prioritize industry trends over macroeconomic fluctuations [8][9]. Investment Opportunities - In light of the clear policy expectations and the normalization of macroeconomic volatility, the focus should be on A-share "new core assets." Key sectors such as domestic computing power, edge AI, high-density energy batteries, and innovative pharmaceuticals are expected to see significant thematic catalysts and industry upturns, particularly with new product launches from leading companies [11][12].

Core Viewpoint - The appointment of Wang Lixing as Chairman and Ma Gang as General Manager of Huaxing Securities indicates a strategic focus on investment banking and wealth management, aiming to leverage market opportunities and enhance service capabilities in the new economy sector [1][2][5]. Group 1: Leadership Changes - Wang Lixing, the new Chairman, has a strong background in mergers and acquisitions, having participated in numerous high-profile transactions and IPOs since joining Huaxing Capital in 2007 [3]. - Ma Gang, with 30 years of experience in the securities industry, has been instrumental in developing digital wealth management solutions and has led significant growth in Huaxing's wealth management business since joining in 2021 [3][5]. Group 2: Business Strategy - Huaxing Securities aims to capitalize on favorable market conditions and deepen its focus on the new economy by enhancing the integration of shareholder resources and improving asset and capital matching capabilities [4][5]. - The company has established a dual-driven strategy focusing on large investment banking and wealth management, with a commitment to serving new economy enterprises and expanding its financing capabilities [5]. Group 3: Financial Performance - Huaxing Securities has experienced rapid growth in its wealth management sector, with a projected explosive growth in retail brokerage business in 2024, including a 130% increase in client numbers and over 90% growth in brokerage revenue [5]. - The company reported a total asset value of approximately 335.42 million yuan as of the end of 2023, with a workforce of 262 employees [7]. Group 4: Technological Advancements - The recent deployment of the AI model DeepSeek aims to enhance business processes and improve personalized service through intelligent analysis of customer profiles and real-time market data [6]. - The strategic focus will be on creating a digital service platform that integrates intelligent advisory, asset allocation, and investor education, thereby increasing user value [6][7].

华兴资本董事长许彦清表示："在这个充满机遇与挑战的时代，华兴证券迎来了新的发展阶段，作为 华兴资本董事长，我对新管理层表示热烈欢迎和诚挚祝贺。 华兴证券自成立以来，始终致力于为客 户提供卓越的金融服务。新管理层肩负着引领华兴证券迈向新高度的重任，我相信，在新管理层的带 领下，华兴证券将继续保持在新经济领域的领先地位，团结协作，勇于担当，在创新、风控、客户服 务等方面取得新的突破，为股东、客户和社会创造更大价值。" 华兴资本首席执行官兼华兴证券董事长王力行表示："当前，资本市场改革持续深化，利好政策频 出，A股市场呈现稳中向好态势。华兴证券将牢牢抓住市场机遇，整合股东资源，聚焦新经济领域全 生命周期服务，提升资产端与资金端的精准对接能力。同时，我们将在合规风控、科技赋能和人才培 养等核心领域夯实基础，全面提升综合服务能力。" 助力提升综合金融服务能力。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，华兴证券有限公司于2月27日宣布，经公司董事会审议通过，选举王力行出任董 事长，聘任马刚担任公司总经理。 新任董事长王力行，现任华兴证券控股股东——华兴资 ...

不要让思维有惯性，就不要预测市场。要完全根据入场、出场原则来进行操作，把每笔交易的"建仓-清仓"作为一个独立的样本来看待。执行一定要坚 决、一定要快。 ——笔记哥《应对》 【笔记20250221— "每调买机"变"每松卖机"（-资金紧张午后转松-股市上涨=中上)】 资金面先紧后松，长债收益率明显上行。 央行公开市场开展1825亿元7天期逆回购操作，今日有985亿元逆回购到期。净投放840亿元。 资金面先紧后松，资金价格仍偏贵，DR001在1.95%附近、DR007在 2.2%附近。 | | | | 银行间资金 | (2025. 02. 21 ) | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 回购代码 | 加权利率 | 变化 | 利率走势 | 最高利率 | 变化 | 成交量 | 变化量 | 成交量占 | | | (%) | (bp) | (近30天) | (%) | (bp) | (亿元) | (亿元) | 比 (%) | | R001 | 2. 15 | | | 2. 80 | -33 | 40902. 48 | -13 ...