编者按： 随着中国资本市场双向开放向纵深推进，中资券商化身"金融航海家"，驶向更广阔的全球市场。它们以跨境投行连接东西，用财富管理服务民 生，足迹遍布香港中环、伦敦金融城和纽约华尔街等金融枢纽，在国际资本市场发出"中国声音"。证券时报携手中国证券业协会推出"券商'出 海'进行时"栏目，全景展现中资券商从合规经营到本土化融合、从跟跑到领跑的心路历程——诠释中国资本市场如何从"参与者"蜕变为"规则制 定者"，在开放浪潮中书写高质量发展新篇章。本文为专栏第八篇，敬请垂注！ 当新一轮高水平对外开放按下"快进键"，中资企业出海需求从"有没有"升级为"好不好"。作为首批综合类券商，广发证券交出一份亮眼的"出 海"成绩单：2024年国际业务收入同比翻番至13.5亿元，增速位列头部券商第一；中国香港、伦敦、新加坡"三地联动"格局成形；跨境财富管 理、投行、衍生品三线并进，服务半径覆盖亚欧美三大时区。 在服务个人投资者方面，该公司总部设立了超过50人的专业资产配置研究团队，覆盖欧美亚太等全球主要市场，致力于"为客户在全球范围内发 现投资机会"。通过多层次筛选优质底层产品，并联动广发基金、易方达基金、惠理基金等集团内外资产管理机 ...

Core Viewpoint - The introduction of Sina Finance App addresses the information gap faced by Chinese investors in the US stock market, providing free real-time market data and comprehensive support to enhance investment opportunities [1][2][4]. Group 1: Real-Time Market Data - The primary pain point for US stock investors is delayed market data, where a 0.5-second information lag can significantly impact profits and losses [2][7]. - Sina Finance App offers free access to Level-1 real-time market data, achieving a refresh rate of 0.03 seconds, allowing ordinary investors to access the same market dynamics as Wall Street traders [2][7]. - This service does not require paid membership or mandatory account opening, making it a truly inclusive professional service compared to competitors that charge hundreds of yuan for similar data [2][7]. Group 2: Comprehensive Coverage - The app provides complete coverage of pre-market and after-hours trading, crucial for capturing price movements during these high-activity periods [3][8]. - Users can set personalized alerts for significant market events, ensuring they do not miss critical signals even during off-hours [3][8]. - The app's real-time updates during key events, such as earnings reports and economic data releases, allow users to seize opportunities rather than react to market movements [2][8]. Group 3: Information and Tools - Sina Finance App integrates a full ecosystem of "market data + news + tools," featuring a global editorial team that provides 24/7 Chinese news updates and insights on US market dynamics [3][8][9]. - The built-in "Xina AI Assistant" can summarize lengthy financial reports in 30 seconds, highlighting key metrics and risk warnings, thus overcoming language barriers for users [3][8]. - The app supports various analytical tools, including K-line charts and technical indicators, catering to both short-term and long-term investors [3][8]. Group 4: Competitive Advantage - Unlike broker platforms like Futu and Tiger, Sina Finance App does not require account binding, maintaining analytical neutrality [4][9]. - Compared to community platforms like Xueqiu, the app focuses on professional PGC content, minimizing noise and distractions [4][9]. - The app's targeted and in-depth US stock services make it a preferred choice for over 21 million cross-border investors, reflecting its comprehensive capabilities in the global asset allocation landscape [4][9].

Core Viewpoint - The Sina Finance App provides a solution for Chinese investors to track major U.S. institutional holdings through its "U.S. Giant Holdings" feature, offering authoritative data, Chinese visualization, and free access, thus breaking down barriers to information access [1][2][6]. Group 1: Information Accessibility - The app addresses the challenge of understanding SEC's 13F reports, which are lengthy and filled with jargon, by structuring the data and presenting it in an easily digestible format [2][9]. - Users can access data on major institutions like Berkshire Hathaway, Bridgewater, BlackRock, and ARK Invest without any subscription fees, making professional resources more accessible [2][12]. Group 2: Timeliness of Data - The app updates its data within 24 hours of the release of 13F reports, ensuring users receive timely notifications about significant changes in institutional holdings [3][10]. - Users have reported improved investment outcomes by acting on timely information, allowing them to follow institutional trends more closely [3][10]. Group 3: Comprehensive Analysis - The app combines holdings data with market trends and expert analysis, helping users understand not just what institutions are buying, but also the rationale behind those decisions [4][11]. - The inclusion of an AI assistant allows users to quickly extract key insights from reports, making it easier for those who may not be proficient in English to grasp institutional strategies [4][11]. Group 4: Tool Adaptability - The app offers features tailored to different types of investors, such as alerts for significant changes in holdings for short-term traders and historical data for long-term investors [5][12]. - Compared to other platforms, the app maintains neutrality by not requiring users to link trading accounts, thus providing unbiased analysis [5][13]. Group 5: Global Investment Landscape - The app's comprehensive coverage includes not only U.S. institutions but also top asset management firms from Europe and Asia, providing a global perspective on holdings [6][13]. - In the context of global asset allocation, the app emphasizes the importance of information efficiency in investment decisions, enabling Chinese investors to compete effectively in the U.S. market [6][13].

在当前"十五五"规划建议推进金融高水平对外开放的背景下，广大投资者正迎来更便利的全球配置窗口 期。建设银行深圳市分行（以下简称"深圳建行"）紧扣时代脉搏，前瞻性布局"龙通湾区 建圳财富"个 人跨境金融业务，以专业化、国际化、综合化的金融服务，助力投资者构建面向全球的资产配置格局。 乘势而起 共赢四海 全球配置 智驭未来 "龙通湾区 建圳财富"个人跨境金融业务是深圳建行基于大湾区特色推出的属地化服务，旨在通过强化 机构联动和服务融合为大湾区客户提供一站式的跨境金融便利。 在机构联动上，深圳建行充分发挥建行集团化经营优势，携手澳门分行、建行亚洲、建银国际打 造"1+1"个人跨境金融联合服务团队和一批"大湾区跨境金融服务示范中心"，为大湾区客户提供全面、 高效、优质的双向跨境金融服务。 在服务融合上，深圳建行创新推出"6S"个人跨境便利服务体系，涵盖"跨境服务便利、账户结算便利、 财富管理便利、养老置业便利、生活消费便利、工作留学便利"等六大类、16项金融服务便利服务，全 面满足大湾区客户跨境金融需求。同时，该行还通过举办各类专业论坛、跨境沙龙等活动，持续帮助客 户提升跨境投资认知，增强资产配置能力。 后续，深圳建 ...

有机构认为，当前A股和港股仍处于中低分位估值，盈利由钝化见底转向修复定价，在红利与现金流因 子基础上配置中高端制造行业，具备结构性机会。考虑到人民币计价资产在核心通胀温和、利润率修复 与对美元资产低相关加持下兼具分散风险与抗扰动属性，全球资产配置潜在投资空间稳步提升。 资料显示，恒生科技ETF易方达（513010）跟踪恒生科技指数，该指数成份股涵盖众多港股科技龙头， 包括阿里巴巴、腾讯控股、美团、京东集团、百度集团、网易、中芯国际等30家核心企业，覆盖互联网 电商、数字媒体、半导体、智能电动车及云计算等，可助力投资者一键布局港股科技成长板块。 周三，港股科技板块运行至阶段低位后，盘中有所回升。截至10:53，恒生科技指数微跌0.17%，地平线 机器人、阿里巴巴、美团、百度集团等领涨成份股。 跟踪该指数的恒生科技ETF易方达（513010）成交额已超4亿元，较上一交易日小幅放量。Wind数据显 示，该产品自6月12日以来，从未出现单日资金净流出情况；截至12月9日，年内累计吸金已达171.15亿 元。 ...

人民财讯12月9日电，摩根士丹利基金相关人士认为，当前A股和港股当前仍处于中低分位估值，盈利 由钝化见底转向修复定价，在红利与现金流因子基础上配置中高端制造行业，具备结构性机会。考虑到 人民币计价资产在核心通胀温和、利润率修复与对美元资产低相关加持下兼具分散风险与抗扰动属性， 全球资产配置潜在投资空间稳步提升。 ...

申万宏源策略 【申万宏源策略】弱美元下流动性修复，权益商品普涨——全球资产配置每周聚焦 (20251128- 20251205) 原创 阅读全文 ...

Core Viewpoint - The emergence of Sina Finance App has democratized access to real-time US stock market data for domestic investors, enabling global asset allocation to become more accessible [2][8]. Group 1: Information Equality - The Sina Finance App has eliminated the technical and cost barriers previously faced by individual investors in accessing reliable US stock market data [2][8]. - It provides real-time synchronization of core market data from US exchanges, making geographical location irrelevant for obtaining critical market information [2][8]. - The app has become essential for investors needing to gauge market sentiment based on US night trading to inform their decisions on A-shares and Hong Kong stocks [2][8]. Group 2: Decision Support Ecosystem - Sina Finance App's core competitiveness lies in its ability to create a comprehensive decision support ecosystem centered around real-time market data [3][9]. - The integration of market data with news updates allows investors to understand not just price changes but also the reasons behind them, enhancing their decision-making process [3][9]. - The app offers advanced features such as pre-market and after-hours data, historical trend analysis, and options chain data, catering to varying levels of research needs [3][9]. Group 3: Stability in Volatility - The app provides stable and transparent real-time market data, serving as a guiding light for investors navigating the volatility of the US stock market [4][10]. - It enables investors to make informed decisions based on factual data rather than rumors, which is crucial for validating investment logic [4][10]. - The immediate feedback from the app is vital for adjusting investment strategies and managing risks during significant global events [4][10]. Group 4: Global Asset Allocation - The trend of global asset allocation positions the US stock market as a key component due to its size, liquidity, and innovation [5][11]. - The Sina Finance App acts as an essential tool for investors looking to diversify risks, pursue growth, or expand their investment horizons [5][11]. - It transforms the experience of monitoring US markets from a solitary endeavor into a synchronized dialogue with global markets [5][11].

12月5日晚间，信达澳亚基金公告称，方敬自12月5日起正式出任公司总经理一职，不再担任公司副总经理。此前，方敬于今年9月5日起代任信达澳亚基 金总经理职务。 | 新任高级管理人员职务 | 总经理 | | --- | --- | | 新任高级管理人员姓名 | 方敏 | | 是否经中国证监会核准取得高管任职 | | | 资格 | | | 中国证监会核准高管任职资格的日期 | - | | 任职日期 | 2025年12月5日 | | 过往从业经历 | 曾任职于中国人寿资产管理有限公司,中国民生银 | | | 行股份有限公司,中信证券股份有限公司,中新融 | | | 创资本管理有限公司和中国银河证券股份有限公 | | | 司,前海开源基金管理有限公司专户业务部负责人, | | | 曾任信达澳亚基金管理有限公司代任总经理、副总 | | | 经理。 | | 取得的相关从业资格 | 基金从业资格 | | 国籍 | 中国 | | 学历、学位 | 硕士研究生、硕士 | 来源：基金公告 公开资料显示，方敬拥有保险、银行、证券、基金等多领域的金融机构从业经历。他曾任职于中国人寿资管、中国民生银行、中信证券、中新融创资本 管理有限公司 ...

Group 1 - The event "2025 Qingdao Wealth Festival" focused on the theme of "Cross-border, Integration, and Win-win," discussing the impact of global economic changes on investment and wealth management [1][16] - The discussions highlighted the importance of cross-border investment and international trade as globalization progresses, with a focus on new perspectives in wealth management and investment strategies [1][16] Group 2 - Liu Xiaoshu, Chief Economist of Qingdao Bank, emphasized the relevance of the Kondratiev wave theory in understanding current economic conditions, suggesting that the global economy is in the ascending phase of the sixth Kondratiev wave characterized by the digital economy [17][18] - Liu stated that true wealth arises from a deep understanding of economic structures and cyclical patterns, which is crucial for investors to navigate the evolving landscape of the digital economy [3][17] Group 3 - Qu Xia, a senior partner at Dacheng Law Firm, noted that Chinese companies are shifting from viewing overseas expansion as an option to a necessity, focusing on wealth creation and accumulation on a global scale [3][18] - Qu emphasized the need for companies to set clear strategic goals, choose markets and entry modes carefully, and prioritize localized operations and compliance systems to transition from "going out" to "integrating in" [5][18] Group 4 - Qingdao Yingpais Health Technology Co., Ltd. shared its journey from a manufacturing company to a global brand, achieving nearly 80% of its sales from international markets [6][19] - The company adopted an ODM model and launched its own brand IMPULSE in 1995, successfully entering over 100 countries and regions, thus establishing itself as a leader in the fitness equipment sector [6][19] Group 5 - Qingdao Taike Ying Special Tire Co., Ltd. discussed the challenges and strategies in their overseas expansion, highlighting the importance of organizational capability and adaptability to external environments [9][10] - The company underwent significant organizational changes to enhance localization and manage external complexities effectively [9][10] Group 6 - A roundtable discussion addressed the challenges of asset management in a global context, with participants emphasizing the need for localized operations and strategic partnerships to enhance competitiveness in overseas markets [10][12] - The discussion also highlighted the importance of compliance awareness in international operations, with examples illustrating the risks of applying domestic business practices in foreign legal environments [13][12]