■机构动向 拓宽国际合作范围 头部公募海外项目频现成果 ◎记者 赵明超 临近年末，头部公募走出去又有新成果，频频牵手海外合作伙伴。11月以来，招商基金与新西兰基金公 司签署合作备忘录，汇添富香港与韩国投资信托运用株式会社达成战略合作，易方达基金与巴西伊塔乌 资管联合发布《中国与巴西责任投资白皮书》。在业内人士看来，随着管理规模不断创新高，公募基金 正稳步拓宽国际合作范围，向一流投资机构迈进。 随着管理规模不断迈上新台阶，公募基金正牵手海外机构打开更广阔的发展格局。今年以来，海外市场 的中国主题产品矩阵进一步丰富。 具体来看，布拉德斯科汇添富沪深300 ETF与布拉德斯科华夏创业板ETF在巴西交易所上市，这是ETF 互联互通机制首次在南美市场落地；泰国盘谷银行的子公司盘谷资产管理有限公司推出了一款挂钩华夏 基金旗下A500 ETF的产品——Bualuang中国A500被动型基金；奥明易方达创业板ETF成功登陆新加坡 证券交易所，该产品挂钩易方达创业板ETF，通过深交所-新交所ETF产品互通计划上市。 投资广度也进一步拓宽。11月13日，首批两只巴西主题ETF集中上市，这也是我国QDII产品投资范围首 次拓展至拉 ...

Group 1 - The evolution of public funds from "domestic" to "overseas" is driven by the deepening of domestic capital market openness, the maturity of the industry ecosystem, and the upgrading of investor demand [2] - The increasing accumulation of resident wealth and the maturation of asset allocation concepts will continue to drive the demand for diversified cross-market and multi-category asset allocation [2][3] - The QDII (Qualified Domestic Institutional Investor) business of public funds has developed rapidly, with a continuous enrichment of product types and a more comprehensive coverage of investor needs [3] Group 2 - Chinese public funds possess unique advantages in cross-border investment, including a wealth of investment targets due to numerous Chinese companies listed overseas and the ability to capture global industry trends [4] - China’s position as a "world factory" and "innovation hub" allows public funds to leverage a complete industrial chain [4] - The value investment philosophy and a strong reserve of research talent in domestic public funds help maintain a high level of international investment standards [4] Group 3 - To enhance overseas investment capabilities, public funds should strengthen international research collaboration and actively engage with overseas research institutions for more refined research and closer company tracking and analysis [5] - The main obstacles to overseas investment are more related to investors' cognition and experience rather than the overseas markets themselves [5] - Public funds need to guide investors in changing their perspectives, expanding their global allocation vision, and improving transparency while offering fund products that cater to different risk preferences [5]

Core Viewpoint - The Chinese public fund industry is transitioning from domestic to international, aiming for high-quality development and global market presence through various strategies such as QDII business expansion and partnerships with overseas financial institutions [1][2][4]. Group 1: Industry Development - The Chinese public fund market has matured, with total assets surpassing 35 trillion yuan by July this year, prompting a collective vision for international business expansion [2]. - Recent initiatives include the launch of a FOF fund in Thailand, showcasing the active engagement of Chinese public funds in overseas markets [2]. - The establishment of overseas subsidiaries has expanded from Hong Kong to other regions like Macau, Singapore, and New York, with over 20 public funds already having set up such entities [2][3]. Group 2: Internationalization and Global Pricing Power - The internationalization of public funds is driven by the maturation of the industry and the evolving needs of investors, facilitating better global pricing for Chinese assets [4]. - The increasing demand for diversified asset allocation among domestic investors is pushing public funds to explore international markets [5]. - The expansion of mutual fund products, such as ETFs, has reached 265, providing significant avenues for global investors to access Chinese assets [3]. Group 3: Competitive Advantages - Chinese public funds possess unique competitive advantages in the international market, including strong learning capabilities, a large pool of skilled financial talent, and a robust domestic market [7]. - The integration of Chinese technology with local industries in regions like the Middle East is creating opportunities for customized investment products [6]. - The ongoing global re-evaluation of Chinese assets positions public funds favorably for international investments [7]. Group 4: Risk Management and Challenges - The globalization of public funds necessitates enhanced risk management capabilities, particularly in understanding diverse regulatory environments and market conditions [8][9]. - Challenges such as high information acquisition costs, currency fluctuations, and compliance risks require public funds to develop comprehensive risk management systems [9]. - Continuous research and collaboration with international institutions are essential for improving overseas investment capabilities and addressing investor concerns [9].

Group 1 - The internationalization of public funds has accelerated in 2023, with numerous fund companies establishing subsidiaries to expand overseas operations [1][2] - Yifangda Fund has received approval from the China Securities Regulatory Commission to set up a company in Macau, aiming to enhance asset management services for investors in the Greater Bay Area [1] - The establishment of overseas subsidiaries is becoming a key vehicle for public funds to deepen international cooperation, as seen with the collaboration between Fuguo Asset Management and Malaysian entities to launch ETF products [1][2] Group 2 - The number of overseas subsidiaries for fund companies continues to grow, with Xingsheng Global Fund's Singapore subsidiary approved to enhance its research and investment capabilities [2] - ETFs are emerging as a leading product for international expansion, with several ETFs launched in overseas markets, including the first ETF tracking the CSI Dividend Index in Singapore [2] - Public funds are actively enriching their cross-border product lines, with various funds recently submitted for approval, including those focused on bonds and global investments [2] Group 3 - QDII funds are evolving their strategies, with many products now covering multiple markets, enhancing risk resilience through regional diversification [3] - The expansion of QDII quotas has provided strong support for the internationalization of public funds, with over 20 fund managers receiving new quotas in June [3]

Core Viewpoint - The establishment of a new subsidiary, Xingzheng Global Asset Management (Singapore) Co., Ltd., marks a significant step in Xingzheng Global Fund's international expansion strategy, following recent leadership changes [1][2]. Group 1: Company Developments - The China Securities Regulatory Commission (CSRC) approved Xingzheng Global Fund's establishment of a subsidiary in Singapore with a registered capital of 10 million Singapore dollars, which must be registered within 12 months [1][2]. - Xingzheng Global Fund plans to gradually develop its overseas business capabilities in research, investment, and client expansion through the new Singapore subsidiary [1]. - The chairman of the new subsidiary will be Xie Zhiyu, who is also the deputy general manager and holds multiple senior roles within Xingzheng Global Fund [1][2]. Group 2: Regulatory Requirements - The new subsidiary must comply with Singapore's legal and regulatory requirements and establish a comprehensive foreign exchange risk management system [2]. - The subsidiary is prohibited from engaging in non-financial activities or conducting business operations within mainland China [2]. Group 3: Industry Context - The trend of Chinese asset management firms establishing overseas subsidiaries has accelerated, with over 30 such subsidiaries now in operation, primarily in Hong Kong, Singapore, the US, and the UK [5][6]. - The CSRC has encouraged qualified fund management companies to "go global" to enhance their service capabilities for overseas investors [5]. - Other firms, such as Southern Fund and Huatai-PineBridge Fund, have also established subsidiaries in Singapore, indicating a competitive landscape for international business development [6]. Group 4: Challenges in Internationalization - Despite the push for international expansion, some Chinese fund companies have faced challenges in the Hong Kong market, leading to the closure of their subsidiaries due to intense competition and difficulties in attracting and retaining clients [7].

Group 1 - Public funds are actively advancing their internationalization process, with recent collaborations such as the tripartite memorandum of understanding signed by Fuqua Fund in Malaysia and the listing of ETFs in Brazil [1][2][4] - The cooperation between Fuqua Asset Management (Hong Kong), Malaysia Stock Exchange, and China Galaxy Securities Malaysia aims to enhance cross-border product systems and improve the cross-border development capabilities of the asset management industry [2][5] - The listing of ETFs like the Huatai-PineBridge CSI Dividend ETF in Singapore and the recent ETFs in Brazil marks significant progress in the interconnection of capital markets, providing overseas investors with easier access to Chinese assets [4][6] Group 2 - The China Securities Regulatory Commission has issued guidelines to accelerate the internationalization of public funds, emphasizing the importance of both "bringing in" and "going out" strategies [5] - Fund companies are committed to expanding their international business and enhancing the global recognition of Chinese assets through diversified ETF strategies [6][7] - There is a consensus in the public fund industry to attract long-term overseas capital and promote Chinese indices in international markets, which will further enhance the global influence of China's capital market [7]