在指数供给的结构调整中，三大趋势尤为突出。一是主题指数扩张节奏放缓，回归理性发展。尽管主题指数仍是核心供给品类，无论是证券交易所及其指数 公司，还是市场机构，主题指数发布量均位居各类指数前列，但同比增幅显著下滑，表明市场逐步摆脱对短期热点的盲目追逐，转向更具长期价值的主题布 局。 新华财经上海1月9日电距2025年1月26日《促进资本市场指数化投资高质量发展行动方案》（以下简称《行动方案》）发布至今已近一年，在政策精准引导 与市场主体积极响应下，我国权益市场指数化投资实现规模与质量双跃升，资本市场生态持续优化。 据新华财经记者统计，截至2025年末，境内股票指数保有量达8000条，指数基金资产净值突破7.6万亿元，同比增长42%，其中ETF规模首破6万亿大关，同 比增幅超60%。产品布局精准契合科创、跨境互联互通等政策导向与市场热点，策略指数成增长引擎，差异化竞争格局渐成。 展望2026年，机构人士表示，在经济复苏与产业升级的双重支撑下，指数基金作为高效、透明的资产配置核心工具，其价值将进一步凸显，持续引领中国指 数化投资迈向高质量发展新阶段。 政策红利释放指数市场扩容提质 《行动方案》的落地实施，为指数市场 ...

Core Insights - The Shenzhen Stock Exchange (SZSE) is advancing reforms in the ChiNext board to enhance inclusivity and adaptability, aiming to better serve the development of new industries, new business formats, and new technologies [1] - In 2024, companies listed on the SZSE achieved over 20 trillion yuan in revenue, with a compound annual growth rate (CAGR) of 8.55% since the 14th Five-Year Plan, and net profits exceeding 800 billion yuan [2] - The ChiNext board is characterized by high growth, with both revenue and net profit growth rates reaching double digits, significantly outperforming the overall market [2] - The SZSE has seen a historical high in shareholder returns, with total dividends reaching 570 billion yuan in 2024 and over 500 companies announcing or implementing mid-term dividends amounting to 130 billion yuan in 2025 [2] - The ChiNext board has a high concentration of high-tech enterprises, with nearly 90% of companies in this category, and a significant presence in strategic emerging industries [2] - R&D investment by ChiNext companies exceeded 700 billion yuan during the 14th Five-Year Plan, with a CAGR of over 11%, leading to substantial innovation and growth [3] - The SZSE is enhancing its product and service systems to create a favorable environment for long-term investments, with the ETF market exceeding 1 trillion yuan and an annualized growth rate of over 50% since 2020 [3] - The SZSE is promoting high-level openness and optimizing cross-border connectivity mechanisms, with significant growth in cross-border products and international investor engagement [4]

Core Viewpoint - Hong Kong is actively promoting high-level connectivity among the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and aims to deepen regulatory alignment and mechanism integration to foster policies that benefit Hong Kong and promote GBA integration [1][2] Group 1: Policy Initiatives and Developments - A series of successful policies have significantly advanced the integration process and high-quality development of the GBA, including initiatives for cross-border personnel flow and professional services [2][3] - The "cross-border financial management" initiative has created new opportunities for financial institutions in the three regions and further opened the mainland financial market [2] Group 2: Infrastructure and Logistics - The collaboration between the Hong Kong Airport Authority and Dongguan on "sea-air cargo intermodal transport" has greatly improved the efficiency of cross-border air cargo transit [2] - The investment of the Hong Kong Airport Authority in Zhuhai Airport has promoted cooperation and development in the high-end aviation industry between the two regions [2] Group 3: Local Development and Innovation - Hong Kong is actively cultivating its local "new quality productivity" by leading with innovation and technology, supported by government policies and industry collaboration [3] - The development of the Lok Ma Chau Loop Hong Kong Innovation and Technology Park is aimed at enhancing the transformation of research results and promoting new industrialization [3]

Core Points - The Asian Infrastructure Investment Bank (AIIB) held its 10th Annual Meeting of the Board of Governors from June 24 to June 26, 2023, in Beijing, focusing on reviewing annual work and discussing strategic directions [1] - AIIB has expanded its membership from 57 to 110 countries over the past decade, approving over 300 projects with total financing exceeding $60 billion [2][3] - AIIB's updated Medium-Term Development Strategy (2021-2030) sets ambitious goals, including an annual loan scale of $17 billion by 2030 and maintaining climate financing above 50% annually [2][6] Membership and Governance - AIIB, initiated by China, has a diverse membership that includes approximately 70% developing countries, reflecting its role in representing their interests in global economic governance [3] - The bank's governance structure allows for collaboration between developed and developing members, fostering a consensus-driven approach [3] Project Achievements - AIIB has financed projects across various sectors, including transportation, energy, healthcare, and water supply, with significant impacts such as cross-border electricity trade and urban redevelopment [4] - The bank has exceeded its mid-term goals in climate financing, achieving 67% of approved financing in climate-related projects in 2024 [4][5] Strategic Focus - AIIB has identified four priority business areas: green infrastructure, connectivity and regional cooperation, technology-enabled infrastructure, and mobilizing private capital [3] - The bank aims to enhance its role in cross-border connectivity, which has become a strategic focus and a comparative advantage [5][10] Future Goals - AIIB's new medium-term goals include increasing annual loan volumes and maintaining a high percentage of climate financing, reflecting a commitment to sustainable development [6][9] - The bank is expected to innovate its business models to attract more private capital into infrastructure investments, addressing funding gaps faced by developing countries [10][11]

Group 1 - The relationship between China and Malaysia is strengthening, leading to increased business opportunities and financial interactions [1][2] - PingPong, a global payment platform, has received approval from the Central Bank of Malaysia, becoming the first Chinese company to hold an MSB license for cross-border payments targeting businesses [1] - UnionPay International's collaboration with PayNet has resulted in a significant increase in transaction volume, with a more than 400% increase in transaction counts and over 1300% increase in transaction amounts from January to April 2025 [1] Group 2 - Various Malaysian enterprises are engaging in business exchanges with Chinese companies, indicating a growing connection in commercial activities [2] - The signing of a production cooperation agreement between Wanglaoji and Malaysian companies marks a significant step in localizing production and expanding market reach in Southeast Asia [2][3] - The RCEP agreement is benefiting businesses by reducing costs and enhancing efficiency, with its policies directly impacting various industries [3] Group 3 - The upcoming China-ASEAN Economic Forum and the third China International Supply Chain Promotion Expo highlight the focus on international cooperation in supply chains and industries [3] - Malaysia's tourism department predicts a significant increase in Chinese tourists, estimating 5 million visitors by 2025, which represents a growth of over 35% [3] - The cross-border payment cooperation is expected to enhance the supply chain and industry connections between China and Malaysia [4]

Core Insights - The article highlights the significant advancements and innovations made by Macau Pass in the mobile payment sector, emphasizing its role as a leader in Macau's digital economy [3][5][7] Group 1: Innovations in Mobile Payment - Macau Pass has evolved from a public transport payment solution to a comprehensive mobile payment platform, covering nearly 30,000 consumption scenarios across Macau [5][9] - The introduction of the MPay platform has allowed Macau Pass to integrate various services, making it a Super App with approximately 1.5 million registered users [7][11] - The company has implemented NFC technology for dual recharge capabilities between electronic wallets and physical cards, enhancing user convenience [5][9] Group 2: Interconnectivity and Regional Integration - Macau Pass is actively participating in the Greater Bay Area's integration strategy, connecting with over 300 cities in mainland China and facilitating seamless travel for residents and tourists [9][11] - The launch of the "Macau Pass - National Universal Card" and the integration with Hong Kong's MTR system exemplifies its commitment to enhancing cross-border transportation [9][11] - The company has also established a cross-border consumption zone on the MPay platform, integrating popular mainland apps to facilitate spending for Macau residents traveling north [11][13] Group 3: Economic Contributions and Ecosystem Development - Macau Pass plays a crucial role in supporting local economic growth by providing a digital payment infrastructure that covers 90% of local merchants [13][15] - The company has partnered with various stakeholders, including Sands China and Alipay, to enhance payment efficiency and drive transaction volumes in the tourism sector [15][16] - By leveraging digital payment solutions, Macau Pass is contributing to the development of Macau as a world tourism and leisure city, facilitating a diverse economic landscape [18][19]

Group 1 - The Lion-China Merchants CSI Dividend Index ETF has successfully listed on the Singapore Exchange, marking the ninth ETF launched under the China-Singapore ETF mutual connectivity mechanism [1][2] - This ETF is notable for being the first product in this mutual connectivity framework that allows trading in Renminbi, providing investors with a diversified portfolio of dividend-paying stocks for stable passive income [1][2] - As of March 26, the underlying ETF, the China Merchants CSI Dividend ETF, has a total share count of 5.005 billion and a circulation scale of approximately 7.6 billion yuan [1] Group 2 - The listing of this ETF highlights the increasingly close cooperation between the Singapore and Chinese capital markets, enhancing cross-border connectivity and expanding investor access [2] - As of December 2024, the total management scale of the seven ETFs listed under the China-Singapore mutual connectivity framework is 6.2 million Singapore dollars, indicating rapid growth in asset management and trading scale [2] - The total number of ETFs listed on the Singapore Exchange has reached 48, with the total asset management scale of the ETF market amounting to 13.7 billion Singapore dollars as of March 24 [2]