"中国的政策稳定性和科技创新进步，正吸引国际长线资金大规模涌入。"陈翊庭说，下一步，港交所将 优化制度安排，确保上市机制与时俱进，更好满足企业和投资者的多元化需求；在固定收益、大宗商品 等领域投入更多资源，适配全球资金多元配置需求；推动互联互通机制优化与标的扩容，进一步促进境 内外资本市场互联互通。 值得注意的是，9月22日，港交所宣布，在"北向互换通"下增加以一年期贷款市场报价利率为参考利率 的利率互换合约，以满足境外投资者多元需求。 供需两端双轮驱动 外资从被动进场到主动加仓 日前，港交所行政总裁陈翊庭在接受中国证券报记者专访时表示，全球资金多元化配置需求活跃，叠加 中国资产吸引力提升，正驱动外资对中国资产的投资逻辑从不能投转向不能不投。 包容性制度赋能创新 开放性市场汇聚活力 今年上半年，港交所交出靓丽"成绩单"：新股融资额达1094亿港元，重回全球交易所榜首；证券市场日 均成交额2402亿港元，同比上升118%；现货市场、衍生产品市场及沪深港通成交量均创半年新高。 对于港股热度是否具备可持续性，陈翊庭的答案是肯定的，而且信心满满。从供应端看，陈翊庭透露， 目前上市科正处理超过200家企业的上市申请，其 ...

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is witnessing a significant shift in foreign investment sentiment towards Chinese assets, moving from a stance of avoidance to one of necessity, driven by China's policy stability and technological advancements [1][3]. Group 1: Investment Trends - Foreign capital is increasingly viewing Chinese assets as essential, with a notable change in investment logic from "Anything But China" to "Buy China" [3]. - In the first half of the year, HKEX reported a new stock financing amount of HKD 1,094 billion, reclaiming the top position among global exchanges [2]. - The average daily trading volume in the securities market reached HKD 2,402 billion, a year-on-year increase of 118% [2]. Group 2: Supply and Demand Dynamics - The supply side is robust, with over 200 companies currently processing IPO applications, nearly half of which are technology firms [2]. - A significant highlight on the demand side is the substantial return of foreign capital, with foreign investors participating in 70-80% of certain IPOs [2][3]. - The shift in global asset allocation strategies, influenced by geopolitical tensions and trade protectionism, is prompting investors to diversify away from USD assets towards Hong Kong stocks [2][3]. Group 3: Institutional Innovation - HKEX is committed to optimizing its institutional framework to meet diverse financing needs, exemplified by the introduction of the 18A and 18C listing rules, which allow biotech and specialized technology companies to go public [5]. - The 18C rule has already seen three companies listed and over ten applications submitted, indicating growing market acceptance [5]. Group 4: Market Connectivity - The "A+H" listing model has created a positive feedback loop, with average trading volume for "A+H" companies in A-shares increasing by approximately 15% this year [6]. - HKEX aims to enhance its product offerings in fixed income, foreign exchange, and commodities to better compete with global markets [6]. - Future plans include expanding the range of products available through the Stock Connect, including ETFs and bonds, to facilitate greater market integration [6][7].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is witnessing a significant shift in foreign investment sentiment towards Chinese assets, driven by the increasing attractiveness of these assets and the demand for diversified global capital allocation [1][2][3] Group 1: Investment Trends - Foreign capital is transitioning from a passive to an active approach in investing in Chinese assets, with a notable increase in foreign participation in IPOs, exemplified by a large domestic company's IPO where foreign subscription reached 70-80% [2][3] - The global asset allocation logic is changing, with investors moving away from USD assets due to geopolitical tensions and trade protectionism, leading them to consider Hong Kong stocks as a viable alternative [2][3] - The investment logic for foreign capital is shifting from "Anything But China" to "Buy China," indicating a growing confidence in Chinese assets [2][3] Group 2: Market Performance - HKEX reported impressive performance in the first half of the year, with new stock financing reaching HKD 109.4 billion, reclaiming the top position among global exchanges, and an average daily trading volume of HKD 240.2 billion, up 118% year-on-year [1][2] - The average daily trading volume for Hong Kong stocks is projected to rise from approximately HKD 1 billion in 2023 to HKD 1.3 billion in 2024, and further to HKD 2.4 billion in the first half of 2025, with foreign capital accounting for about 70% of the trading volume [3][4] Group 3: Institutional Innovation - HKEX is committed to optimizing its institutional framework to meet the diverse needs of enterprises and investors, with recent innovations such as the introduction of Chapter 18A and 18C allowing biotech and specialized technology companies to list without prior revenue [4][5] - The introduction of these new listing rules reflects HKEX's proactive approach to align with long-term investor demands and support early-stage financing for innovative companies [5][6] Group 4: Market Connectivity - The IPO boom in Hong Kong is positively correlated with the A-share market, with "A+H" listings creating a virtuous cycle between the two markets [5][6] - HKEX aims to enhance its product offerings in fixed income, foreign exchange, and commodities to better compete globally, as current offerings are limited compared to US markets [6] - Future plans include expanding the range of products available through the Stock Connect program, such as ETFs and bonds, to facilitate greater access for foreign investors [6]

今年以来，全球市场的资本配置正在从美元资产流向非美资产，一场策略性的全球资本再平衡悄然展开。 "美元资产规模非常庞大，即使只是小幅回流或分流，对中国等市场影响也很大。"近日，富达国际亚太区投资 总监Stuart Rumble在论坛上表示，许多全球投资者重新审视了自己的股票敞口，贸易形势、财政政策不确定性 以及汇率压力的持续变化，促使他们寻求多元化的收益来源，将资金投向欧洲、日本、中国及其他亚洲地区。 富达国际亚洲经济学家刘培乾接受券商中国记者采访表示，按目前观察的情况看，美元资产回流首先是回流到 本土货币市场，比如说欧洲的资金优先考虑回流到欧元区，亚洲的资金回流配置亚洲资产，然后才分流到其他 非美地区，各类资产无论是股票还是债券都有望受益。 全球资金寻求多元化配置 虽然分散投资一直很重要，但过去25年来全球投资组合偏重美国资产，挂钩美元的资产表现强势，也超出预 期，而现在美元贬值加上资金外流，将大幅改变美国资产在全球指数中所占的权重。 过去美债是避险资产，而现在全球资金希望进行多元化配置，寻求对冲和避险资产，今年上半年欧洲和亚洲资 产的表现都优于美国。 富达国际全球多元资产投资管理主管Matthew Quai ...