Core Insights - The increasing number of private equity firms in mainland China obtaining the Hong Kong 9 license reflects a strong demand for global asset allocation capabilities [1][3] - The trend indicates that both large and small private equity firms are actively seeking to expand their business boundaries through the Hong Kong market [1][2] Group 1: Motivations for Obtaining Hong Kong 9 License - Private equity firms aim to diversify investment risks and enhance portfolio resilience by entering overseas markets [1] - The availability of diverse asset classes and financial instruments in global markets provides private equity firms with more opportunities to explore differentiated returns [1] - Growing investor demand for global asset allocation drives private equity firms to enhance cross-border service capabilities [1] - Global expansion is seen as a necessary strategy for private equity firms to overcome local competition and build international brands [1] Group 2: Characteristics of Licensed Firms - Among the 107 licensed private equity firms, 35 have assets under management exceeding 10 billion, while 19 have between 5 billion and 10 billion, indicating a significant presence of large firms in cross-border operations [1][2] - Smaller firms, with assets under management below 500 million, also show active participation, highlighting a diverse range of firms engaging in the Hong Kong market [1] Group 3: Investment Strategies - Subjective strategy private equity firms are more active in global expansion, with 69 out of 107 licensed firms employing this strategy, representing over 60% of the total [2] - In contrast, quantitative strategy firms account for 28, and mixed strategy firms for 10, indicating a preference for subjective strategies among larger firms [2] - Among the 10 newly licensed firms this year, both subjective and quantitative strategy firms are evenly represented, with 5 firms each [2] Group 4: Market Trends - The ongoing opening of China's capital markets is driving more private equity firms to establish a presence in Hong Kong, which serves as a crucial link between mainland and global markets [3] - The trend encompasses a wide range of firms, from large to small, and includes both subjective and quantitative strategy firms, all working towards building an international and diversified asset management system [3]

11月13日，A股在4000点上下震荡几天后再创新高，创业板指数上涨超过5%，着实亮眼。 不过，手持券商股的投资者们确实有些坐不住了。市场调整时以农业银行为代表的银行股出尽风头，等 市场回暖后电池、有色金属、芯片又是一轮强力表现，而牛市"先锋队"的券商股们始终低调，临近收盘 时才快速冲高一下，板块仅上涨1%。 来自中信建投的统计显示，今年以来，证券行业呈现显著的绩优表现与行情背离特征：行业上半年净利 润增速达64%，在34个申万行业指数中排名第4，但前三季度板块累计涨幅仅7%，位列第22位，跑输同 期沪深300指数。 "业绩炸裂，股价躺平。"一直等待券商行情的投资者们在股吧和微信群里吐槽不已："沪指都冲过了 4000点，券商股却没有一波像样的行情。" 那么，曾经的券商涨停潮，真的将留在回忆里？2025年只剩不到两个月，券商股是否会有一波修复行 情? 据统计显示，11月13日，证券板块主力资金净流入4.9亿元，3日资金净流出57.91亿元。 据方正证券统计显示，2025年三季度主动偏股公募基金重仓券商占比0.57%，较上一个季度下滑0.01个 百分点，重仓市值117亿元，较上一个季度增长24.7%。其中，华泰证 ...