Group 1 - The total number of cross-border ETFs in the market reached 148, with a cumulative scale exceeding 560 billion yuan, marking a year-on-year growth of 33.07% [2] - In terms of product issuance, 10 new cross-border ETFs were established this year, with 9 investing in the Hong Kong stock market and 1 in the Singapore market, totaling an issuance of 5.189 billion yuan [2] - The best-performing ETFs this year are focused on Hong Kong pharmaceuticals, with all top 17 ETFs showing gains exceeding 40% [2][9] Group 2 - As of June 25, southbound funds have net bought 717.65 billion HKD worth of Hong Kong stocks this year, accounting for 88.83% of the projected annual net purchases for 2024 [3] - The cross-border ETF market is experiencing a surge due to the global economic environment and the initiation of the Federal Reserve's interest rate cuts, making cross-border ETFs a vital channel for capital market connectivity [5] Group 3 - The scale of Hong Kong cross-border ETFs reached 370.83 billion yuan, representing a year-on-year growth of 47.41%, with over 60% of the total cross-border ETF scale attributed to Hong Kong ETFs [6] - The majority of cross-border ETFs are concentrated in sectors such as technology, healthcare, and consumer goods, with 16 ETFs exceeding 10 billion yuan in scale, 11 of which are Hong Kong ETFs [6] Group 4 - The leading cross-border ETF managers have a significant market share, with the top four managing a combined scale of 286.56 billion yuan, accounting for 50.84% of the market [11] - The number of cross-border ETF managers has increased from 23 to 24, with only one new entrant, Yongying Fund, while the number of managers with over 10 billion yuan in scale has risen to 14 [11][12] Group 5 - The performance of cross-border ETFs focused on the U.S. market has been lackluster, with 17 out of 27 products showing returns of less than 5% this year [10] - In contrast, the Hong Kong ETFs have shown significant growth, with many products experiencing substantial increases in scale and performance [10][12]

Market Overview - The Hong Kong and A-share markets experienced a significant decline, with the ChiNext Index and Shenzhen Component Index leading the drop, indicating pressure on growth sectors [1] - Despite the overall market downturn, sector ETFs related to oil and gas resources and energy chemicals showed strong performance, reflecting continued investor preference for high dividend yields [1] ETF Performance - The Invesco S&P Consumer ETF surged by 10.03% with a premium of 32.48%, while the Guotai S&P 500 ETF rose by 5.37% with a premium of 19.64% [3] - Other ETFs such as the Saudi ETF and various sector-specific ETFs showed mixed performance, with some experiencing slight declines [3] Geopolitical Impact - The ongoing Middle East conflict is considered a contributing factor to the market's decline, with reports of U.S. officials preparing for potential strikes on Iran [5] - The evacuation of over 1,600 Chinese citizens from Iran and hundreds from Israel highlights the geopolitical tensions affecting market sentiment [5] U.S. Monetary Policy Outlook - The Federal Reserve is expected to maintain its current monetary policy stance, with inflation concerns potentially delaying interest rate cuts [6] - The market anticipates that recovery trades may not materialize until later in the year, contingent on tax reform and debt ceiling developments [6] QDII Investment Opportunities - The People's Bank of China announced plans to increase the Qualified Domestic Institutional Investor (QDII) investment quotas, addressing the high demand for overseas asset investments [7] - As of May 2024, the total approved QDII quota reached approximately $167.79 billion, with significant increases in quotas for various public fund companies [8]

在2025陆家嘴论坛上，中国人民银行副行长、国家外汇管理局局长朱鹤新表示，2025年以来，外汇市场 在复杂严峻形势下运行总体平稳。人民币汇率双向波动、弹性增强，人民币对美元汇率升值1.6%，对 一篮子货币总体稳定。我国外贸保持较强韧性，经常账户顺差处于合理均衡水平。跨境投资更趋活跃， 外资净增持境内债券处于较高水平，近期买入境内股票也有所增多。(金融时报) ...

Group 1 - The core viewpoint of the article highlights the significant adjustment in domestic bank deposit rates, with the one-year fixed deposit rate falling below 1%, leading to increased interest in dollar-denominated financial products due to their relatively higher yields [1][5] - The dollar deposit rates have seen a decline of 30 to 100 basis points, prompting a shift in the dollar wealth management products' performance benchmarks, which have dropped below an annualized 4% for mainstream low-risk products [1][2] - The market anticipates 1 to 2 rate cuts by the Federal Reserve this year, encouraging investors to seize the opportunity by selecting top institutions with strong cross-border investment management capabilities [2][5] Group 2 - Huahua Wealth Management has demonstrated strong performance in the dollar wealth management sector, with its product achieving an annualized return of 5.4%, ranking first among similar products, while maintaining a maximum drawdown of only -1 basis point [3][4] - The investment strategy of Huahua Wealth Management focuses on high-quality, low-volatility assets, primarily allocating to dollar deposits from large banks and selecting overseas fixed-income assets to enhance overall returns while controlling risks [3][4] - The company leverages its global perspective and local experience, supported by its foreign shareholder's extensive resources, to continuously identify quality overseas assets for its dollar wealth management products [4][5]

6月3日下午，意大利华人华侨社团联合考察团到访厦门国际银行北京分行。此次考察团由来自意大利的8个华人华侨社团组成，厦门国际银行 北京分行作为北京侨商会轮值会长单位接待此次来访。市政府侨办、市侨联有关人员，厦门国际银行北京分行行长、北京侨商会轮值会长王 萌，北京侨商会副会长、盛唐时代文化传媒集团总公司董事长赵晓雯，北京侨商会青委会轮值主席、北京世纪百程科技发展有限公司总经理李 琛，北京侨商会秘书长孙蓓，以及厦门国际银行北京分行相关人员参加。 意大利华侨华人社团联合考察团团长、意大利米兰浙江侨商联合会会长、LA CASCATA餐饮公司董事长林茂风对北京侨商会及北京分行的热 情接待表示由衷感谢。他介绍了意大利侨商发展现状及产业演变历程，强调海外侨商熟悉当地市场，能为国内企业"走出去"提供贴心指导。他 希望以本次交流为起点，建立两地侨商组织、银企之间的常态化联系机制，持续助力国内企业拓展海外发展空间。 考察团首先参观了北京分行"不忘初心 牢记嘱托"专题展厅，了解了厦门国际银行依托华侨基因打造的特色金融服务体系，以及在华侨金融、 跨境金融创新等领域取得的成果。座谈会上，王萌行长对远道而来的意大利华侨华人社团联合考察团表 ...

公众号高阅读榜榜首作品——华夏基金27周年推文，联动视频号共同宣发，生态共振创造了较高的流量势能，为基金今年首篇10W+推文。其他作品主要以 红包福利为主。 本期为基金社交媒体指数（2025年4月）。 基金总榜延续稳定态势，榜单进出机构较少。具体来看，本期兴证全球基金、华富基金替换永赢基金（3月TOP18）、东方红资管（3月TOP19）上榜。 2025年以来，基金抖音高赞榜上榜题材随热点轮动，1月"春节"、2月"哪吒"、3月"机器人"、4月"关税"，充分体现了抖音财经板块热点驱动的流量特性。具 体来看，4月上榜作品中，国泰基金详细地讲述了关税的由来、关税战的发展脉络、事件影响等，帮助用户全面了解关税战全貌，作品从「美国鸡蛋价格飙 升」这一民生热点切入，有助于激发用户共鸣与讨论，收获过万点赞；嘉实基金则从避险资产——黄金切入，讨论在关税政策引发的市场波动和不确定性 下，黄金的投资价值，作品将宏观事件与微观投资工具结合，为用户提供即时、实用的投资建议。 视频号方面，本期上榜作品题材多样，包含泛财经解读、品牌宣传、活动宣传等内容，表明视频号用户对财经内容的需求走向多元。泛财经方面，中欧基金 剪辑小宇宙跨境投资风险相 ...

沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 沈思逸 (8621)23297818× shensy@swsresearch.com 2025 年 05 月 19 日 跨境产品表现出色，发行数量增加 ——海外创新产品周报 20250519 证券分析师 权 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 ETP 研 究 ⚫ 美国 ETF 创新产品：跨境产品发行增加。上周美国共 17 只新发产品，跨境产品发行增加。 Lazard 上周一将其国际股票主动基金转为 ETF，产品的主要基准为 MSCI ACWI 除美国指 数，采用量化打分、风险因子优化的方式构建组合。今年除美国以外的投资机会关注度明 显提升，Horizon 发行一只日本 ETF，罗素、Harbor、Vontobel 上周都发行了跨境产品。 ⚫ 美国 ETF 资金流向：股票重新大幅流入。上周美国股票 ETF 重新恢复流入，国内股票单周 流入超过 ...

Core Insights - The Shenzhen Stock Exchange and Hang Seng Index Company jointly released the Guozhen Hang Seng Greater Bay Area Digital Economy Index and the Guozhen Hang Seng Greater Bay Area Consumption Index during the 2025 Global Investor Conference [1] - The purpose of these indices is to provide distinctive cross-border investment targets and better serve investors' cross-border asset allocation needs [1] - This collaboration represents an innovative practice aimed at enhancing the interconnectivity mechanisms between Shenzhen and Hong Kong, supporting high-level bilateral openness [1] Summary by Categories Digital Economy Index - The Guozhen Hang Seng Greater Bay Area Digital Economy Index was developed to reflect the digital economy landscape in the Greater Bay Area [1] - It aims to attract investment and provide insights into the performance of digital economy sectors [1] Consumption Index - The Guozhen Hang Seng Greater Bay Area Consumption Index focuses on consumer trends and spending patterns within the Greater Bay Area [1] - It serves as a tool for investors to understand the consumption dynamics and opportunities in the region [1] Cross-Border Investment - The indices are designed to facilitate cross-border investment opportunities between Shenzhen and Hong Kong [1] - They aim to enhance the investment landscape by providing clear benchmarks for investors [1] Innovation and Collaboration - The partnership between the two index institutions is seen as a significant step towards fostering innovation in the financial markets of the Greater Bay Area [1] - It highlights the commitment to developing a robust framework for cross-border financial services [1]

香港政府通过一系列政策支持家族办公室的发展。2023年3月，香港发布《有关香港发展家族办公室业务的政策宣言》，提出多项措施，包括新的"资本投资 者入境计划"，以吸引全球家族办公室。此外，香港的家族办公室历史悠久，可追溯至19世纪末，已发展成为亚洲最大的跨境财富管理中心之一。这种历史 积淀与现代政策的结合，使香港在全球家族办公室市场中占据独特优势。 香港长期以来被视为全球金融的璀璨明珠，尤其在家族办公室领域，其吸引力无可比拟。家族办公室是为超高净值个人和家庭提供定制化财富管理服务的机 构，而香港凭借其金融实力、战略位置、税收优惠、稳健的监管环境和全面的支持生态，成为这些机构的首选之地。 香港的金融基础设施是其吸引力的核心支柱。作为全球第三大金融中心，香港在银行、资本市场和资产管理领域展现出无与伦比的优势。根据2024年9月的 全球金融中心指数，香港仅次于纽约和伦敦，稳居全球前列。香港连接了49个全球交易所和50多家跨国基金及投资公司，提供数千种金融产品，涵盖股票、 债券、基金和另类资产。这种多样化的金融生态使家族办公室能够轻松构建跨资产类别的投资组合，满足长期财富增长和保护的需求。此外，香港的金融行 业雇佣了超 ...