Group 1 - The Chilean peso has depreciated by 0.9%, marking it as the second largest decline among emerging market currencies [1]

Group 1 - The performance of emerging market local currency bonds has reached its best first half in 16 years, driven by a decline in confidence in the US dollar, which has fallen nearly 11% this year [1] - The emerging market local currency bond index has returned over 12% in the first half of the year, outperforming hard currency bonds that rose 5.4% during the same period, marking the strongest increase since 2009 [1] - Significant capital inflows into emerging market bond funds have been observed, with over $21 billion attracted year-to-date, and a weekly inflow of $3.1 billion as of July 2 [1] Group 2 - The outlook for further interest rate cuts in developing countries enhances their attractiveness, with expectations that central banks will have more room to lower rates [4] - Latin American economies have provided some of the best returns, with Mexican local currency bonds (Mbonos) rising 22% and certain Brazilian government bonds yielding over 29% [4] - Improvements in the fundamentals of some emerging markets may lead to new issuers, such as Ghana planning to resume domestic bond issuance in the second half of 2025 [4] Group 3 - Investment preferences are shifting towards Brazil, South Africa, and Turkey, indicating a re-evaluation of exposure to the US market [7] - The process of re-learning about local currency bonds is expected to take time for investors who have not engaged with them for a while [7] - Key countries for overweight positions in emerging market local currency bonds include Colombia, the Philippines, and South Africa [7]

Group 1: Global Financial Market Trends - The global financial market is undergoing significant changes, with the potential for a new depreciation cycle of the US dollar, which may decline by 5% in the second half of the year, impacting global asset allocation [1] - A weaker dollar typically opens up opportunities for non-dollar assets, particularly benefiting emerging markets by improving financing conditions and enhancing returns on local currency-denominated assets [1] - The current high valuation of the US stock market, with the S&P 500 index trading at a price-to-earnings ratio close to 22, contrasts with the historical average, highlighting the relative valuation advantage of non-US markets [1] Group 2: Emerging Market Dynamics - For emerging markets, particularly Asian stocks, to outperform developed markets, four key factors must align: moderate US economic growth, a depreciating dollar, stable oil prices below $80 per barrel, and accommodative monetary policies from emerging market central banks [2] - Increased interest from European investors in Asian markets and vice versa indicates a positive trend in capital flows between Europe and Asia, suggesting a shift towards seeking opportunities outside the US market [2] Group 3: Technology Sector Insights - Chinese technology companies are demonstrating strong innovation capabilities, as evidenced by the launch of the DeepSeek-R1 model, which is narrowing the valuation gap between US and Chinese tech stocks [3] - Despite the strong performance of US tech stocks, there are signs of cooling enthusiasm and concerns over high valuations, while Chinese tech companies are viewed as having higher investment value due to their growth potential [3] - Investment opportunities in Chinese companies are also seen in quantum computing, biotechnology, and high-end equipment manufacturing, supported by favorable policies and a complete industrial chain from R&D to commercialization [4]

【导读】美国ETF市场表现活跃，先锋领航旗下VOO，坐稳全球头号ETF 今年6月，全球金融市场表现强劲，投资者对很多资产类别都表现出浓厚兴趣，美国ETF更是吸引了大 量资金。根据金融数据公司FactSet的统计，美国ETF当月净流入资金978亿美元，年初以来累计流入资 金达5564亿美元。 有分析人士称，按目前势头，美国上市ETF有望连续两年实现净流入超万亿美元。 美国股票ETF获267亿美元净流入 美国股市在6月份不断刷新历史高点，债券市场在经历了一季度的波动后也趋于稳定。当月，美国股票 类ETF吸引了267亿美元净流入，固定收益类ETF获得226亿美元净流入，全球股票类ETF录得286亿美元 净流入。 从单只基金来看，安硕核心标普500ETF（IVV）6月份获得79亿美元净流入；道富标普500ETF信托 （SPY）紧随其后，吸引45亿美元净流入；摩根大通抵押贷款支持证券ETF（JMTG）位列第三，资金 净流入37亿美元。 贝莱德多点开花，旗下比特币ETF IBIT获33.09亿美元净流入，贝莱德旗下的新兴市场ETF IEMG获得 31.32亿美元净流入。 VOO坐稳全球头号ETF 上半年，全球ETF市场的 ...

【导读】 美国ETF市场表现活跃，先锋领航旗下VOO，坐稳全球头号ETF 中国基金报记者 吴娟娟 今年6月，全球金融市场表现强劲，投资者对很多资产类别都表现出浓厚兴趣，美国ETF更是 吸引了大量资金。根据金融数据公司FactSet的统计，美国ETF当月净流入资金978亿美元， 年初以来累计流入资金达5564亿美元。 有分析人士称，按目前势头，美国上市ETF有望连续两年实现净流入超万亿美元。 美国股票ETF获267亿美元净流入 美国股市在6月份不断刷新历史高点，债券市场在经历了一季度的波动后也趋于稳定。当月， 美国股票类ETF吸引了267亿美元净流入，固定收益类ETF获得226亿美元净流入，全球股票 类ETF录得286亿美元净流入。 从单只基金来看，安硕核心标普500ETF（IVV）6月份获得79亿美元净流入；道富标普 500ETF信托（SPY）紧随其后，吸引45亿美元净流入；摩根大通抵押贷款支持证券ETF （JMTG）位列第三，资金净流入37亿美元。 这是ETF行业的里程碑事件。自1993年推出以来，SPY一直是全球最大的ETF。VOO成立于 2010年，较SPY晚了17年。VOO能够登顶，获得大量资金流入， ...

新华社里约热内卢7月6日电 题：巴西：展翅向未来 新华社记者席玥 朱婉君 周永穗 7月的里约热内卢，机场外道路两旁挂满金砖国家成员国和伙伴国国旗，写有多种语言"欢迎"字样的标 语交错排列，迎接前来参加金砖国家领导人第十七次会晤的各方代表。 巴西官方数据显示，温格里亚领导研发的微生物接种剂解决方案已应用于逾4000万公顷田地，每年为农 民节省约250亿美元成本。 "未来之国"巴西，再次站在世界聚光灯下。 1940年，作家斯蒂芬·茨威格为逃离欧洲战火来到巴西。在动荡飘摇的年代，这片美丽的南美大地带给 他慰藉。茨威格在《巴西：未来之国》一书中写道："这里的人都能听到未来翅膀发出的强劲风声。" 近年来，巴西不断探索面向未来的现代化发展之路，努力破解发展中国家崛起过程中共同面临的种种难 题。经历蜕变和新生，巴西正以崛起之姿迈向未来。 从饥困到"世界粮仓" 20世纪中叶以前，巴西农村长期面临饥饿问题。1945年生于一个贫苦家庭的现任巴西总统卢拉，曾多次 讲述自己儿时的经历。"母亲有时拿不出食物给孩子们吃，我第一次吃面包还是在7岁时。" 让同胞不再挨饿，正是激励玛丽安热拉·温格里亚数十年投身科研、助力巴西农业技术变革的动力 ...

美国银行：EPFR Global数据显示，7月2日当周，新兴市场债务基金获得31亿美元资金流入，为连续第 11周迎来资金流入。 同期，新兴市场股票基金出现5亿美元资金外流，2025年迄今累计流入78亿美元、巴西获得9.15亿美元 资金流入。 ...

【导读】安本投资亚太CEO Ian Macdonald：投资优质中国企业，长期回报可期 日前，安本投资亚太CEO Ian Macdonald在接受中国基金报独家专访时表示，作为深耕新兴市场的全球 资产管理机构，安本重视包括中国在内的亚洲市场投资机会。安本持续寻求机会以更广泛、深入地布局 中国，与优秀的本地伙伴合作是重要路径之一。他表示，期待QDLP（合格境内有限合伙人）政策的进 一步推进，公司致力于将QDLP业务的规模进一步扩大。中国有许多优质企业，目前，它们的估值亦具 有吸引力。长期来看，投资这些企业会获得优异回报。 安本投资（Aberdeen Investments）是一家总部位于英国的全球资产管理公司。截至2025年初，安本管理 和顾问的资产总规模超过5000亿英镑，员工遍布欧洲、亚洲、美洲和中东。安本在亚太地区尤其活跃， 在中国内地、中国香港、新加坡、日本、澳大利亚等市场拥有本地团队和投资经验。 安本通过QDLP计划为境内投资者提供布局境外市场的产品和策略，并持续探索与本地金融机构的战略 合作机会。 泡泡玛特现象级玩偶Labubu火爆全球，Ian Macdonald来到上海也获得了一只Labubu，他 ...

Core Viewpoint - Aberdeen Investments emphasizes the importance of investing in high-quality Chinese companies, highlighting the potential for long-term returns in the Asian market, particularly through partnerships with local firms [2][9]. Group 1: Investment Strategies and Market Trends - Aberdeen is actively seeking opportunities to expand its presence in China, particularly through the Qualified Domestic Limited Partner (QDLP) program, which allows domestic investors to access overseas markets [2][3][16]. - There is a growing interest in Asian markets from global investors, with approximately $39 billion flowing into Asian funds in Q1 2025, representing about 10% of total global mutual fund inflows during that period [6]. - The trend of reallocating funds from developed markets, particularly the U.S., to emerging markets, including Asia, is expected to continue over the next 5 to 10 years, driven by a shift in investor sentiment [6][13]. Group 2: Insights on Chinese Market - Despite the current focus on U.S. markets, there is an increasing recognition of the investment potential in China, especially in companies benefiting from domestic consumption, technological advancements, and international expansion [9][17]. - The Chinese market is becoming an essential component of global asset allocation, supported by ongoing financial market reforms and increased transparency in regulatory frameworks [17]. Group 3: QDLP Business and Future Expectations - The QDLP program has been a significant avenue for Aberdeen to introduce its globally validated strategies to Chinese investors, and the company aims to scale this business further [16][15]. - There is a call for greater predictability in the approval process for new QDLP quotas, which would aid in strategic planning and product deployment for foreign institutions [16].

6月25日，由全球化媒体智库——霞光社ShineGlobal&霞光智库举办的「品牌引力·重构增长- WAVE2025品牌全球化大会」在深圳成功举办。 2025年即将过半，中国企业出海呈现出更加汹涌的浪潮，中国出海企业的足迹踏遍全球市场，与此同时中国的品牌也加速点亮海外市场。 但另一方面，在百年未有之大变局下，全球供应链重构、地缘政治博弈加剧、消费文化多元碰撞，为中国品牌出海既带来前所未有的机遇，也提出更为严 峻的挑战。 在本次大会的主论坛上，行云集团高级副总裁张宇与云鲸智能亚太区副总裁程刚、狼蛛键鼠国际业务合伙人康泉、纵腾集团副总裁李聪、SHOPLINE市场 负责人刘元喆，以及电弧领航CEO李万权，围绕《出海新兴市场:品牌塑造与业务增长的双向驱动》这一话题，结合嘉宾自身的从业经历，进行了深入探 讨。嘉宾们分享了对于中东、拉美、东南亚等新兴市场现阶段的看法，在产品力、品牌建设、消费倾向等方面给到了实战性的分享。 以下为详细内容，霞光社经整理发布。 张宇（圆桌主持）：非常感谢霞光社的邀请，也感谢各位嘉宾和观众莅临现场出席大会，也感谢各位嘉宾今天百忙之中抽空来参加圆桌。我先简单自我介 绍一下。我是行云集团合伙人张宇 ...