- The report does not contain any quantitative models or factors related to construction, testing, or evaluation[1][2][3] - The report primarily focuses on market performance, fund issuance, ESG products, and ETF tracking without discussing quantitative models or factors[4][6][70] - No relevant quantitative models or factors are mentioned in the provided content[39][56][76]

｜2025年12月1日 星期一｜ NO.1 累计捐款超4亿港元！50余家金融机构支援香港大埔 点评：券商资管子公司公募牌照申请集体撤回，反映行业转型压力加剧。随着2025年底资管新规大限临 近，券商资管面临清盘、转私募或管理人变更等路径选择，或引发市场对券商资管业务前景的重新评 估。券商板块短期情绪或受扰动，但长期看，行业规范化发展有利于市场健康。整体而言，资管行业加 速出清，将推动资本市场结构优化。 NO.4 公募基金发行11月迎来"小阳春"，基金发行近千亿元 公募基金发行市场在11月迎来一轮"小阳春"。Wind数据显示，截至11月30日，当月新成立公募基金总规 模达966.16亿元，逼近千亿元大关，表明投资者认购热情高涨。全月共计新成立基金136只，发行市场 呈现量价齐升的积极态势，凸显年末资金配置需求增加。 点评：11月公募基金发行近千亿，显示市场信心回暖，资金入场意愿增强。此举将为A股带来增量资 金，尤其利好蓝筹股和核心资产板块，推动市场结构优化。基金公司管理规模扩张，盈利能力有望提 升，头部机构受益更显著。整体来看，发行回暖反映投资者风险偏好修复，对市场流动性形成支撑，有 望提振年末行情，但需关注资 ...

- The report does not contain specific quantitative models or factors related to financial engineering or quantitative analysis. It focuses on the SFDR 2.0 framework, ESG investment trends, and implications for the Chinese market[1][3][14]

Core Viewpoint - China's green bond market has transitioned from "scale expansion" to "quality and efficiency improvement" [3] Group 1: Market Performance - Global green bond issuance has decreased by 11% year-on-year to $506 billion, while China's green bond issuance has increased by 92% to $101.8 billion, accounting for 20% of the global market [3] - From 2016 to 2024, the issuance scale of China's green bonds grew from 201.8 billion RMB to 683.3 billion RMB, with an average annual growth rate of 16.5% [5] - The total outstanding scale of green bonds in China increased from 2,039 billion RMB to 21,621 billion RMB, with an average annual growth rate of 34.3% [5] Group 2: Innovation and New Products - There has been a strong growth in innovative green bond varieties, with transition bonds seeing a year-on-year increase of 53.6% in 2024 [8] - New products such as sustainable development-linked bonds and low-carbon transition-linked bonds are significantly supporting high-carbon industries [8] - The issuance of green rural revitalization bonds accelerated in Q3 2025, reaching 20.725 billion RMB, marking a historical high for quarterly issuance [8] Group 3: International Influence and Standards - The scale of green bonds held by foreign institutions in China increased from 200 million RMB to 31.88 billion RMB from 2016 to 2024, with an average annual growth rate of 40% [11] - China's green bond standards are closely aligned with international capital market standards, making them an important reference for ESG investments [11] - The report suggests enhancing the sustainable bond standard system and improving information disclosure standards to boost international influence [12]

Core Viewpoint - The rise of university foundations is crucial for providing long-term support for education, and their ability to navigate capital markets for stable investment opportunities will determine their sustainable development in the new era [1][31]. Group 1: Investment Strategies and Market Conditions - The Chinese economy demonstrates strong resilience amid various challenges, and companies with sustainable profitability are becoming more apparent [3]. - In a low-interest-rate environment, equity assets are increasingly recognized for their continued attractiveness, making it essential to focus on companies with core competitiveness for excess returns [3]. - ESG investment is highlighted as a significant force for promoting coordinated economic, environmental, and social development, representing an innovative investment philosophy [5]. Group 2: Characteristics of University Foundations - University foundations are characterized by long-term funding, public asset status, and strict liquidity requirements, which pose unique challenges for asset management [8]. - The goal is to achieve a trillion RMB in asset scale for university foundations in the future, drawing on international experiences to enhance their contributions to society [8][19]. Group 3: Sustainable Investment Principles - The principle of "investing for good" emphasizes financial sustainability and the importance of generating positive social impacts through investments [16]. - Collaborating with institutions that align with investment philosophies is crucial for achieving long-term value and supporting companies with positive market or social impacts [18]. - The long-term advantages of university foundations allow them to capitalize on undervalued opportunities in the market, fostering a virtuous cycle of investment and fundraising [19]. Group 4: Asset Allocation and Risk Management - The fundamental principle of asset allocation is that all returns are compensation for risk taken, necessitating a careful balance between risk exposure and expected returns [10][11]. - ESG factors should be integrated into investment decisions to enhance stability and mitigate potential negative risks, even if they do not significantly boost returns [25]. - A diversified investment strategy that includes low-correlation assets is recommended to maintain balanced performance across different risk environments [27]. Group 5: Future Market Outlook - The current market environment suggests a preference for a slow bull market, with caution advised regarding potential overvaluation in certain sectors, particularly technology [22][29]. - The management of university foundations is experiencing robust growth, with a reported annual compound growth rate exceeding 9% for "Double First-Class" universities from 2020 to 2023 [31].

Financial Data and Key Metrics Changes - Adjusted revenue reached HKD 4.9 billion, with cash profits of HKD 203 million, primarily driven by property development revenue of HKD 3.2 billion [3][5] - Net loss attributable to shareholders was HKD 988 million, influenced by non-cash adjustments including impairment losses totaling HKD 281 million [5][6] - The adjusted net gearing ratio improved to 64.9%, down 2.7 points compared to the end of March [6][13] Business Line Data and Key Metrics Changes - Property development revenue decreased to HKD 3.2 billion from HKD 3.6 billion year-on-year, but profit margin increased from 31.3% to 34.9% [25][26] - Hotel revenue increased by 10% to nearly HKD 1 billion, with significant contributions from Dorsett Kai Tak [4][35] - Car park revenue decreased by 10% to HKD 343 million, while gaming revenue increased by 11% to HKD 2,018 million [43][45] Market Data and Key Metrics Changes - The company reported strong sales momentum in Manchester, with prices increasing from GBP 380 to over GBP 580 per sq ft, reflecting over 50% growth [27] - In Hong Kong, the Pavilion Forest project has seen strong sales, with over 700 units sold out of 1,300 [32] - The hotel market in Hong Kong is showing improvement, with occupancy rates trending upwards [35] Company Strategy and Development Direction - The company aims to accelerate project completions to optimize cash flow and reduce debt levels, maintaining a robust development pipeline of approximately HKD 62 billion [25][28] - Focus on divesting non-core assets and transitioning towards an asset-light business model [49] - The company is restructuring investments in Queensland and expects to increase its stake in the Queens Wharf Brisbane project to 50% [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the Hong Kong property market stabilization and anticipated no further material impairments [51][52] - The company expects to further reduce its gearing ratio and improve cash flow visibility from pre-sales and completed projects [47][48] - Future hotel revenue is projected to grow with the stabilization of new hotels and ongoing operational improvements [49] Other Important Information - The company has entered into agreements to dispose of non-core assets, including a car park in Chatswood, Sydney, for AUD 3.7 million [8][43] - The company is actively involved in community support efforts following a recent fire incident in Hong Kong [1][24] Q&A Session Summary Question: Any plans for the Yaru project and potential impairments? - Management hopes for no further impairments, citing recent sales performance in the Pavilion Forest project [51] Question: What is the company's strategy regarding perpetual bonds? - The priority is on reducing bank loans, with a focus on leveraging the HKD 61 billion development pipeline [59]

随着国家"双碳"战略的深入推进，绿色金融已成为金融业服务实体经济高质量发展的重要抓手。中央金融工作会议明确将绿色金融作为金融"五篇大文章"之 一，为金融机构指明了发展方向。 作为国内领先的资产管理公司，泰康资产积极响应国家政策号召，践行绿色金融，走出了一条兼具社会价值与商业可持续的泰康资产特色绿色金融发展之 路。 打造科学治理架构 护航ESG可持续发展 泰康资产的ESG组织架构主要包括三个层级：董事会、风险控制委员会和ESG绿色金融工作小组。ESG绿色金融工作小组作为具体执行机构，根据各类资金 特殊属性，充分授权各业务条线根据资金特点制定适应性的管理策略。 泰康资产建立了完备的ESG绿色金融制度流程体系。一方面，制定了《ESG绿色金融管理细则》，在制度层面对绿色金融工作的组织架构及职能，投融资流 程管理，ESG风险管理等内容进行了明确和规范；另一方面，泰康资产发布了涵盖公开市场权益、固定收益和另类投资的《ESG投资工作流程管理备忘 录》，对现投资研究流程操作手册形成有效补充，充分考量与结合资产公司投资实际，为打造具有泰康资产特色的ESG投研文化奠定坚实的实践基础。 共同应对气候变化、推进碳中和目标实现已是全球 ...

Group 1: Fixed Income Research - The recent correlation between government bond futures and equity markets indicates a new phase, moving beyond the previous simple "see-saw" logic [3][4] - As of November 21, the 10-day correlation between TL contracts and the CSI 300 index has significantly increased to a historical high since July 2025, suggesting a complex relationship [3][4] - The future dynamics of government bond futures are expected to be influenced by equity market movements, indicating a potential for better resilience in bond futures if growth expectations change [4] Group 2: Computer Industry Research - The release of DeepSeek R1 in 2025 is anticipated to significantly enhance general model reasoning capabilities and reduce costs, marking a turning point for AI deployment in financial institutions [5][6] - AI applications are rapidly penetrating core business and back-office scenarios in various financial institutions, aiming to optimize internal operations and enhance external value [6][7] - Large financial institutions are focusing on private deployment of large models, while smaller institutions are pursuing cost-effective solutions for agile development [8] Group 3: Investment Recommendations - Recommended stocks in financial information services include Tonghuashun and Jiufang Zhitu Holdings, while third-party payment recommendations include Newland and New Guodu [6][7] - In the banking IT sector, recommended stocks include Yuxin Technology and Jingbeifang, with additional recommendations in securities IT and insurance IT sectors [7][8]

Core Viewpoint - The article highlights the active role of the company in promoting sustainable finance and ESG principles, showcasing its commitment to green finance and social responsibility through various initiatives and product offerings [1][3][5]. Group 1: Sustainable Development Initiatives - The company participated in the "2025 Golden Bull Enterprise Sustainable Development Forum," emphasizing its dedication to green finance and sustainable development [1]. - The "Three-Five Special Project" aims to enhance service quality for the real economy, focusing on green finance, technology finance, and inclusive finance, with asset deployment reaching nearly 200 billion yuan, a growth of over 20% since the beginning of the year [2]. Group 2: ESG Integration and Product Development - The company integrates ESG principles into its business model, launching the "Yuefeng Li Zengying No. 48" ESG-themed product, which raised over 300 million yuan, focusing on ESG bonds and green projects [3]. - The company has developed a multi-dimensional green investment system, with green finance-related assets increasing by 15% since the beginning of the year, with bonds making up nearly 80% of this portfolio [3]. Group 3: Innovative Investment Products - The company is exploring index-based investment strategies, launching the "New Quality Productivity Development Bond Index," which includes nearly 1,500 bonds focused on innovation, green, and digital economy sectors [4]. - In September 2025, the company will introduce a wealth management product linked to the "Pufa Bank - China Bond Credit Technology Innovation Bond Index," providing investors with opportunities to benefit from technological advancements [4]. Group 4: Customer Engagement and Education - The company has served over 14 million customers since its establishment, generating nearly 80 billion yuan in returns for clients over the past three years [5]. - The company emphasizes financial consumer rights protection and has conducted nearly 100 investor education events, reaching over 24 million people online [5]. - The establishment of three physical investor companionship bases across the country aims to provide educational support and enhance financial literacy among the public [5].

Global ETF Development Trends - The global ETF market has seen continuous growth, with assets reaching approximately $14.8 trillion by the end of 2024, reflecting an annual compound growth rate of 18.4% over the past 15 years [5][10] - In the first half of 2025, the global ETF market maintained a strong growth momentum, with net inflows exceeding $849 billion, bringing total assets to over $16.7 trillion [5][10] - ETFs now account for over 15% of the total public fund market globally, with a notable increase in the share of equity ETFs [10][19] Factors Driving Global ETF Growth - On the funding side, market demand and policy encouragement have driven significant inflows into ETFs, as investors shift towards risk-balanced strategies [19][20] - Performance advantages of passive funds over active funds have also contributed to this trend, particularly in the U.S. market where active funds have struggled to outperform benchmarks [19][20] - Technological advancements and supportive policies have facilitated product innovation and expansion within the ETF market [20][21] Characteristics of Offshore ETF Markets - In the U.S., there has been a significant shift of funds from active to passive management, with passive fund assets increasing by nearly $2.9 trillion from 2015 to 2024 [31][36] - The European ETF market, while slower in its transition to passive management, leads globally in ESG ETF offerings due to a robust regulatory framework [40][41] - Japan's ETF market is characterized by a high proportion of equity ETFs, largely driven by central bank purchases, with REITs ETFs also showing significant growth [47][48] China's ETF Market Dynamics - China's ETF market has grown rapidly since its inception in 2004, with assets increasing from 159.6 billion yuan in 2013 to 3.7 trillion yuan by the end of 2024, achieving a compound annual growth rate of 33% [22][27] - As of mid-2025, equity ETFs accounted for 70.4% of the total ETF market in China, with cross-border and fixed-income ETFs also gaining traction [22][27] - The low-interest-rate environment is expected to further drive the demand for ETFs as a low-cost investment tool [27] Lessons from Offshore ETF Development - The dual-driven model of active and passive funds in China is likely to differ from the U.S. trend of continuous fund migration from active to passive [57] - The diverse product matrix seen in offshore markets, particularly in areas like dividend and bond ETFs, presents opportunities for growth in China's ETF offerings [58][59] - Recommendations for enhancing ETF business include collaborating with fund managers to introduce innovative products that cater to market demands [59]