来源：瑞恩资本RyanbenCapital 据证监会资料，APG于2008年首次获取牌照，目前有证券交易、期货合约交易、就证券提供意见、提供 资产管理共4类牌照。 截至今年6月底，APG协助管理约5,900亿欧元资产，其主要客户ABP是欧洲最大的养老金基金，投资组 合规模约为5,220亿欧元。 疏漏难免，敬请指正。 版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作 者、微信ID，否则瑞恩将向其追究法律责任。部分文章推送时未能与原作者或公众号平台取得联系。 若涉及版权问题，敬请原作者联系我们。 更多香港上市、美国上市等境外IPO资讯可供搜索、查阅，敬请浏览: www.ryanbencapital.com 彭博社报道指，荷兰最大的养老金机构荷兰汇盈投资(APG Investment)香港裁员工。 报道引用香港证监会数据，APG在香港的证监会持牌人士数目单月减少13个，相当于原有规模的4分之 1，现保留持牌人员团队规模不足40人，并指裁员主要涉及投资已发展和新兴市场股票的人员。 APG发言人响应报道指，最新行动是为了提升投资组合效率，顺应行业向被动策略转变的 ...

Group 1 - The core viewpoint of the articles highlights the shift in investor preferences from traditional fixed-income products to bond ETFs due to declining yields and the challenges of active management in a low-interest-rate environment [1][3][8] - The bond ETF market has seen significant growth in 2024, with the number of bond ETFs increasing from 21 at the end of last year to 39 by the end of July, and the total market size reaching 5160.29 billion yuan [4][5] - The share of bond ETFs in the overall ETF market has risen from less than 5% at the end of 2024 to over 10% currently, indicating a strong trend towards passive investment strategies [4][6] Group 2 - The growth of bond ETFs is attributed to both supply-side and demand-side factors, including regulatory support and the challenging low-yield environment that makes active management less effective [6][11] - The passive investment strategy, particularly through bond ETFs, is gaining traction as it allows investors to achieve average market returns without the complexities of individual bond selection [8][9] - The trend towards passive investment is reflected in the overall growth of passive products, with the total scale of passive products reaching 57.9 trillion yuan by the end of June, showing a quarterly growth rate of 12.6% [7][10] Group 3 - The low-interest-rate environment is prompting a structural transformation in the asset management industry, with a growing emphasis on diversified asset allocation strategies [10][12] - Institutions are increasingly recognizing the value of bond ETFs as a core investment tool, particularly in the context of low yields and the need for liquidity [9][10] - The demand for bond ETFs is expected to continue to rise, especially among bank wealth management products, as they offer a suitable asset allocation option in the current market conditions [9][10]

Group 1 - The A-share market is experiencing a strong rebound, leading to a continuous increase in the public fund issuance market, with 41 public funds planned for issuance this week, a 13.89% increase compared to the previous week [1] - The average fundraising cycle for newly issued funds has shortened to 15.90 days, indicating a more efficient issuance pace [1] - Equity funds dominate the market, with 25 equity funds planned for issuance, accounting for 60.98% of the total new funds [1] Group 2 - There are 13 bond funds scheduled for issuance this week, reflecting a significant increase of 116.67% compared to the previous week [2] - Passive index funds are highly favored in both equity and bond markets, with 88.24% of new equity funds being passive index funds and 76.92% of new bond funds being passive index bond funds [2] - The popularity of passive index funds is attributed to their low cost, risk diversification, high transparency, and predictable performance, leading fund companies to accelerate the launch of these products to capture market share [2]

Quantitative Models and Construction Methods Model Name: ETF Institutional Investor Penetration Algorithm - **Model Construction Idea**: To accurately reflect the actual institutional investor holding ratio in ETFs by excluding the portion held by individual investors in linked funds[27] - **Model Construction Process**: - Traditional algorithm considers all linked funds and other institutional investors as institutional investors - The revised algorithm penetrates the linked fund data to correct the published institutional investor holding ratio - Formula: $ \text{Revised Institutional Investor Holding Ratio} = \text{Published Institutional Investor Holding Ratio} - \text{Linked Fund Holding Ratio} \times (1 - \text{Institutional Investor Ratio in Linked Fund}) $ - This formula ensures a more accurate representation of institutional holdings in ETFs[27][28] - **Model Evaluation**: Provides a more precise measurement of institutional investor preferences and trends in ETF holdings[27] Model Backtesting Results - **ETF Institutional Investor Penetration Algorithm**: - **Holding Ratio**: Institutional investor holding ratio in stock ETFs increased to over 61% in the second half of 2024[29] - **Sector ETFs**: Institutional investor holding ratio around 22% in the second half of 2024[35] - **Smart Beta ETFs**: Institutional investor holding ratio reached 50.74% in the second half of 2024[36] Quantitative Factors and Construction Methods Factor Name: Institutional Holding Ratio - **Factor Construction Idea**: To determine the optimal institutional holding ratio for ETFs that balances liquidity, scale effect, and return performance[83] - **Factor Construction Process**: - Divide the market ETFs into 11 groups based on the revised institutional holding ratio - Analyze the relationship between institutional holding ratio and ETF performance - Identify the optimal holding ratio range for maximizing returns and minimizing drawdowns[84][85] - **Factor Evaluation**: Institutional holding ratio between 50%-60% is optimal for balancing liquidity, scale effect, and return performance[84] Factor Backtesting Results - **Institutional Holding Ratio**: - **Return Performance**: ETFs with institutional holding ratio between 50%-60% showed superior return performance[84] - **Drawdown Performance**: Higher institutional holding ratios correlated with lower maximum drawdowns, indicating better risk control[98][101]

NO.1 国信证券副总裁成飞离职，下一站落定！ 国信证券在披露2024年年报的同时，也披露了公司副总裁成飞辞职的消息。公告称，在成飞辞职后，公 司委派方强担任资管子公司——国信证券资产管理有限公司董事。年报显示，2024年，国信证券资管业 务收入同比增幅高达60.55%，与公司投资与交易业务一起成为国信证券2024年增收最快的两大业务， 公司资管子公司也正式成立。据了解，成飞将加入券商资管行业中的头部机构——上海东方证券资产管 理有限公司（以下简称东方红资管）。此前在4月3日，东方红资管原总经理张锋因个人原因离任，由公 司党委书记、董事长杨斌代任公司总经理职务。 上市ETF上周（4月14日至4月18日）整体资金净流入超700亿元，全市场ETF规模突破4万亿元大关，其 中宽基ETF显著吸金，伴随资金持续流入，沪深300ETF总规模重新回到1万亿元以上。展望后市，机构 认为，中国资产在多重优势支撑下韧性明显；接下来，基本面有望成为市场主要的定价因素。 ETF市场规模站上4万亿元关口之际，月内ETF基金的资金净流入额也突破了3000亿元。据数据统计， 全市场1143只可统计的ETF基金（场内，非货币型，下同）的月内 ...

Core Viewpoint - The article emphasizes the importance of enhancing cross-border wealth management capabilities in response to the increasing integration of China's economy with the global market and the growing openness of China's capital markets. It highlights the launch of "Cross-Border Wealth Management Connect" 2.0 as a significant development in this context [1][5]. Group 1: Popular Cross-Border Wealth Management Products - Investors are showing a preference for various cross-border wealth management products, including dollar-denominated money market funds, bond funds, and index ETFs. These products are favored for their stability, liquidity, and potential for capital gains [2][3]. - The "Cross-Border Wealth Management Connect" 2.0 has introduced new investment options, allowing investors to avoid high premiums associated with QDII ETFs by providing access to cross-border ETFs [1][2]. Group 2: Global Asset Allocation Strategies - The increasing interconnectedness of global financial markets has made cross-border investment channels more diverse and accessible, leading to a more mature investment philosophy among investors [3][4]. - Investors are now more inclined to pursue global asset allocation strategies, diversifying across different asset classes and regions to achieve stable growth while managing risks effectively [3][4]. Group 3: Impact of "Cross-Border Wealth Management Connect" 2.0 - The launch of "Cross-Border Wealth Management Connect" 2.0 has seen high participation from investors, enhancing their investment experience and expanding their asset allocation options [5][6]. - The new regulations have lowered participation barriers for mainland investors and increased individual investment quotas, promoting greater engagement in the cross-border wealth management market [6][7]. Group 4: Challenges and Solutions in Cross-Border Wealth Management - The article discusses the regulatory and compliance challenges faced in cross-border wealth management, emphasizing the need for effective coordination between different regulatory systems [9][10]. - Financial institutions are encouraged to invest in resources for customer identity verification, risk assessment, and product information disclosure to ensure compliance and smooth operations [10][11]. Group 5: Marketing and Investor Education - Companies are focusing on enhancing investor education through various channels, including seminars and personalized consultations, to improve understanding of product risks [12]. - Emphasis is placed on utilizing digital tools to streamline processes and ensure that investors are well-informed about risks associated with their investments [12].