Core Viewpoint - The Chinese fund industry is actively expanding its global presence, entering a new phase of internationalization characterized by policy-driven growth, diverse products, and two-way capital flow [1][4][6]. Group 1: Internationalization Stages - The internationalization of public funds has progressed through three stages since 2006: the initial stage (2006-2014) focused on breaking into overseas markets with QDII funds and establishing overseas subsidiaries [5]. - The expansion stage (2015-2019) saw the launch of mutual recognition mechanisms between mainland and Hong Kong funds, allowing for two-way capital flow [6]. - The acceleration stage (2020-2024) has led to a more diverse product offering and the establishment of subsidiaries in various countries, moving beyond just Hong Kong [6][7]. Group 2: Recent Developments - In November, significant developments included the listing of the first Thai ETF linked to the ChiNext 50 Index and the launch of two Brazilian ETFs in China, enhancing cross-border investment opportunities [2][3]. - The signing of a cooperation memorandum between the China Securities Investment Fund Industry Association and the German Federal Association of Investment and Asset Management indicates growing international collaboration [2][3]. Group 3: Future Outlook - The future of public fund internationalization is expected to feature global network expansion, differentiated product strategies, and deeper interconnectivity [7]. - The cross-border ETF market is projected to grow significantly, with a notable increase in scale and penetration rates observed in recent years [7]. - Investment firms are encouraged to adopt a global perspective in asset allocation, emphasizing the importance of professional research support for cross-border ETF strategies [7].

Group 1: Institutional Movements - The internationalization process of public funds is continuously advancing, with institutions frequently "going abroad" [1][2] - On July 30, Rongtong Fund's subsidiary successfully launched its first public fund product in Hong Kong, providing overseas investors with more channels to invest in Chinese assets [1][2] - The China Securities Regulatory Commission (CSRC) has approved the establishment of a subsidiary in Singapore by Xingzheng Global Fund, indicating a gradual expansion of overseas business capabilities [2][3] Group 2: Acceleration of Public Fund Internationalization - The CSRC has issued guidelines to enhance the supervision of securities companies and public funds, promoting high-level openness and supporting qualified foreign institutions to establish operations in China [3] - The public fund industry is expected to take on greater responsibilities and promote representative quality indices to overseas markets [3] Group 3: ETFs Entering Overseas Markets - Multiple ETFs have been launched in overseas markets this year, including the launch of the Aoming E Fund ChiNext ETF in Singapore on July 22 [4] - The first ETF tracking the China Securities Index Dividend Index was successfully listed in Singapore in March, marking a significant step in cross-border investment tools [4] - Several ETFs have also been listed in Brazil, facilitating easier access for Brazilian investors to invest in the Chinese market [4][5]