【导读】香港金管局：管理信贷风险仍然是首位，继续加强投资者保障 2月12日，香港金融管理局（以下简称香港金管局）举行新闻发布会，详细介绍了香港银行体系2025年的工作成果与2026年工作重点。 管理信贷风险仍然是首位 香港金管局副总裁阮国恒表示，2026年的重点工作中，管理信贷风险及信贷资金流仍然是首位。他指出，信贷环境瞬息万变，须时刻保持警觉，密切监察 资产质量，主动审视潜在风险，以务实方式处理企业财务困难。 他同时提出，将采取一系列措施支持实体经济，包括中小企。具体措施包括：便利中小企获取银行贷款、支持企业转型以及推动知识产权融资等。 打击诈骗也是香港金管局2026年的一项重点工作。新闻发布会上，防骗歌曲及音乐影片（MV）正式发布，并透过金管局社交媒体平台同步发布。 防骗歌曲及MV由阮国恒亲自献唱，并以A.I.技术辅助创作"嗱喳蕉"的百变声音，配以流畅的动画及充满电玩风格的功夫场景。香港金管局希望透过这场 刺激的"正邪对唱"凝聚社会关注，鼓励市民提高警觉，合力K.O.骗徒陷阱！ 阮国恒透露，资产质量压力来源主要来自香港商业房地产，该行业未偿还贷款总额占总体的14%，今年会继续要求银行贷款质素、企业流动性等 ...

Core Insights - The cross-border RMB settlement scale in Guangdong is projected to rank among the top three provinces in China by 2025, with a year-on-year growth of 21.5%, marking a historic high in both settlement volume and proportion [1][2]. Group 1: Overall Growth and Structural Highlights - Guangdong's total cross-border receipts and payments are expected to reach USD 2.5 trillion in 2025, reflecting a 7.2% year-on-year increase, with RMB settlement growth significantly outpacing this at 21.5% [2]. - The "new foreign trade formats," particularly cross-border e-commerce, are identified as the main drivers of RMB settlement, with over RMB 800 billion settled through these channels, accounting for over 90% of the total in this category [2]. Group 2: Open High Ground and Innovation Engine - Shenzhen is highlighted as a core engine for RMB cross-border business, with a total settlement amount of RMB 5.83 trillion in 2025, maintaining its position as the primary cross-border settlement currency between Shenzhen and Hong Kong [3]. - The continuous innovation in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone has contributed to the development of financial infrastructure, with the number of FT account openings reaching 12,800 by the end of 2025 [3]. Group 3: Interconnectivity and Mutual Empowerment - The free flow and efficient use of RMB within the Guangdong-Hong Kong-Macao Greater Bay Area are crucial, supported by mechanisms like the "Cross-Border Wealth Management Connect," which has attracted 178,000 individual investors and facilitated RMB fund transfers totaling RMB 131.3 billion [4]. - The QFLP (Qualified Foreign Limited Partner) model in Qianhai has simplified foreign exchange registration processes, allowing flexible investment configurations, with QFLP management enterprises accounting for over 80% in Shenzhen [4]. Group 4: Global Extension and Service to Entities - The growth of cross-border RMB settlement in Guangdong is driven by a global service ecosystem for enterprises "going out," with a focus on providing comprehensive financial services for investments in Belt and Road Initiative countries [5]. - The RMB settlement volume with Belt and Road countries and ASEAN regions has significantly increased, with its regional structure proportion rising to 36.9%, enhancing the currency's role in global trade and investment [5]. Group 5: Future Path Towards New Productive Forces - A clear roadmap for the deepening of RMB internationalization has been outlined in the "Action Plan for Supporting High-Quality Development of Qianhai Financial Sector (2025-2026)," emphasizing the establishment of a policy system focused on high-level financial openness and RMB internationalization [7]. - Future innovations in cross-border RMB business are expected to align closely with the needs of emerging industries such as low-altitude economy, artificial intelligence, and high-end manufacturing, with initiatives to support insurance products and digital RMB cross-border trials [7].

Group 1: Market Overview - The Hong Kong stock market showed strong performance, with the Hang Seng Index closing at 27,073 points, up 150 points or 0.56%, marking a four-day consecutive rise with a total increase of 831 points or 3.17% [2][3] - The trading volume increased by 14.5% to HKD 27.07 billion, indicating heightened market activity [3] Group 2: Company News - Alibaba (09988) reported a 3.3% increase in stock price to HKD 162, following news of its secret project aimed at competing with ChatGPT [3] - Manulife Financial (00945) announced a core profit of HKD 2.3 billion for Q3, a year-on-year increase of 28%, with new business value reaching HKD 2 billion, up 10% year-on-year [11] - China Resources Land (01109) announced the placement of 49.5 million shares of its subsidiary, China Resources Mixc Lifestyle (01209), at a price of HKD 41.7 per share, raising HKD 2.064 billion for land acquisition and operational costs [12] Group 3: Regulatory Developments - The Securities and Futures Commission (SFC) introduced new measures to enhance communication between participating institutions and clients in the Cross-Border Wealth Management Connect program, allowing for improved client interaction and product explanation [6] - The Hong Kong Monetary Authority (HKMA) launched the EnsembleTX project, marking a significant step in the real trading of tokenized deposits and digital assets, with a focus on enhancing transaction efficiency and transparency [7][8]

Core Viewpoint - The Hong Kong Securities and Futures Commission (SFC) has announced new optimization measures for the Cross-Border Wealth Management Connect scheme to enhance communication between participating institutions and their clients [2][4]. Summary by Sections Optimization Measures - Participating institutions can now obtain a one-time written consent from Southbound clients not located in Hong Kong, valid for up to one year, to explain product information based on client needs and selected product types [3]. - Mainland partner brokers, affiliated with the same corporate group as participating institutions, can arrange online three-way dialogues at the request of Southbound clients, allowing institutions to explain product information [3]. - After obtaining one-time written consent from Southbound clients, participating institutions can provide individual investment product research reports prepared by partner brokers [3]. Applicability - The aforementioned arrangements also apply to the Northbound scheme [4]. Future Collaboration - The SFC will continue to work closely with the industry and regulatory bodies to further optimize the Cross-Border Wealth Management Connect scheme, supporting its role in promoting cross-border financial connectivity and development in the Guangdong-Hong Kong-Macao Greater Bay Area [6].

Group 1 - The Hong Kong Securities and Futures Commission announced new optimization measures for the Cross-Border Wealth Management Connect pilot scheme to enhance communication between licensed institutions and their clients [1] - Licensed institutions can now obtain a one-time written consent from Southbound clients not located in Hong Kong, valid for up to one year, to explain product information based on client needs and selected product types [1] - Mainland partner brokers within the same corporate group as the licensed institutions can arrange online three-way dialogues at the request of Southbound clients, allowing institutions to explain product information [1] Group 2 - After obtaining one-time written consent from Southbound clients, licensed institutions can provide individual investment product research reports prepared by partner brokers [1] - The aforementioned arrangements also apply to the Northbound Connect [1]

Group 1 - The article discusses the increasing interest of global asset management firms in the Chinese market, particularly highlighted during the "China Asset Management Forum 2025 (Hong Kong)" [2] - The forum aims to showcase new opportunities in China's capital market and promote the collaborative development of the asset management industry between mainland China and Hong Kong [2] - The ongoing evolution of various connectivity mechanisms is expected to further enhance Hong Kong's role as a leading international financial center and a bridge connecting mainland China with global markets [2][21] Group 2 - Russell Investments indicates a sustained increase in global investor interest in emerging markets, with a focus on the Greater China region [3][4] - Three key reasons for this interest include profitability and valuation advantages, structural growth opportunities in sectors like AI and clean energy, and the diversification value of emerging markets [6][7] - The current market environment is favorable for hedge fund strategies, particularly those focused on macro trading and event-driven strategies, due to increased market volatility [8] Group 3 - Fidelity's general manager emphasizes Hong Kong's unique and strategic role in connecting global capital with China's vibrant asset market, especially as China's capital market continues to open up [9][10] - Trends such as Chinese companies returning to Hong Kong for secondary listings and the rise of dual-listed A+H shares indicate strong international demand for quality Chinese companies [13][14] Group 4 - Swiss asset management firm Pictet highlights the growing interest of Chinese investors in diversified investment portfolios that include exposure to the US and European markets [15][16] - The firm has seen significant growth in its global multi-asset strategies, reflecting the strong demand from mainland and Hong Kong investors for yield-oriented products [19] Group 5 - UBS Asset Management views the "Cross-Border Wealth Management Connect" initiative as a promising channel for meeting the diverse needs of mainland investors and strengthening Hong Kong's status as an international financial center [22][25] - The firm suggests that products should align with mainland investors' risk-return profiles, focusing on simple, transparent, and risk-calibrated offerings [25] Group 6 - Oaktree Capital notes a shift in investor sentiment towards more complex alpha strategies as confidence returns in the high-interest rate environment [26][30] - The firm identifies asset-backed finance as a growing area of interest, combining various sectors to create a balanced product portfolio [30] Group 7 - Anbisen highlights the mainstream status of private equity funds, with significant capital inflows driven by their active management and value creation capabilities [31][32] - The firm points out that European private equity markets currently offer substantial investment opportunities due to favorable valuations compared to the US [34]

Core Insights - The People's Bank of China Shenzhen Branch and the State Administration of Foreign Exchange Shenzhen Branch announced the expansion of the "Cross-Border Wealth Management Connect" pilot program, indicating a significant push for cross-border financial services in the region [1] Group 1: Program Expansion - The "Cross-Border Wealth Management Connect" 2.0 optimization measures have led to the addition of approximately 31,000 new individual investors in Shenzhen [1] - The total cross-border payment amount reached 50.74 billion yuan, accounting for nearly 50% of the Greater Bay Area's total [1] - The business scale has increased over eight times compared to the 1.0 phase of the program [1]

Capital Market Initiatives - Hong Kong will assist mainland tech companies in financing and explore shortening the stock settlement cycle to T+1 [1][2] - The government aims to optimize the main board listing and structured product issuance mechanisms, and promote more overseas companies to list in Hong Kong [2] - The Hong Kong Monetary Authority and the Securities and Futures Commission will encourage more companies to issue bonds in Hong Kong, enhancing the bond market's global participation [2] Wealth Management and Investment - Hong Kong is expected to become the largest cross-border wealth management center globally, with the number of accounts for wealth products increasing from 25,000 to 110,000 [3] - The government will optimize tax incentives for funds and family offices to attract more investment [3] - The introduction of a new capital investor entry plan will allow for increased investment thresholds in non-residential properties [7] AI and Technology Development - The government will promote AI development across various sectors while ensuring safety and efficiency [4] - A funding program of HKD 3 billion will support local institutions in attracting international research talent in AI [4] - A leading European aviation service company is set to establish operations in Hong Kong, creating new jobs and enhancing trade and financing sectors [4] Healthcare and Clinical Trials - Hong Kong will attract pharmaceutical companies for clinical trials of rare disease drugs and advanced therapies [5] - The establishment of an "International Clinical Trial Academy" is planned to cultivate talent in the Greater Bay Area [5] - A new regulatory center for drugs and medical devices will be set up to enhance Hong Kong's status as a recognized authority [5] Cross-Border Trade and Logistics - The government is expanding logistics capabilities to facilitate goods transport from mainland provinces to international markets [6] - Multi-modal transport options are being developed to enhance efficiency in cargo movement [6] Commodity Trading and Financial Innovation - A "Commodity Strategy Committee" will be established to enhance policy design for commodity trading [9] - The government will support the establishment of more recognized warehouses for commodity trading and provide tax incentives [9] - Financial innovations will be tested to optimize international commodity trading processes [9] Gold Market Development - The government aims to establish a regional gold reserve hub with a target of exceeding 2,000 tons in three years [10] - Initiatives will be taken to enhance gold refining capabilities and establish a central clearing system for gold transactions [10] - The Shanghai Gold Exchange will collaborate with Hong Kong to promote market cooperation [11]

Capital Market Initiatives - Hong Kong will assist mainland technology companies in financing through a "Tech Enterprise Special Line" and explore shortening the stock settlement cycle to T+1 [2] - The government aims to optimize the main board listing and structured product issuance mechanisms, and promote more overseas companies to list in Hong Kong [2] - The Hong Kong Monetary Authority (HKMA) will encourage banks, especially mainland banks, to establish regional headquarters in Hong Kong to expand into Southeast Asia and the Middle East [7] Wealth Management Development - Hong Kong is expected to become the world's largest cross-border wealth management center, with the number of accounts for mainland investments in Hong Kong wealth products increasing from 25,000 to 110,000 [3] - The government will optimize tax incentives for funds, single-family offices, and related rights to attract more funds to settle in Hong Kong [3] AI and Technology Advancement - The government will promote AI development and its application across various industries to enhance social efficiency [4] - A funding program of HKD 3 billion will support local institutions in attracting top international researchers in AI and other fields [4] Clinical Trials and Pharmaceutical Development - Hong Kong will attract more pharmaceutical companies for clinical trials of rare disease drugs and advanced therapies, establishing an "International Clinical Trial Academy" [5][6] - The government plans to set up a regulatory center for drugs and medical devices to enhance Hong Kong's status as an authoritative regulatory body [6] New Capital Investor Immigration Program - The "New Capital Investor Immigration Program" will be optimized to allow for higher investment amounts in non-residential properties [7] - The government will continue to enhance cross-border payment systems and cash assistance arrangements for elderly residents in Guangdong and Fujian [7] Commodity Strategy and Gold Market Development - A "Commodity Strategy Committee" will be established to enhance the top-level design and long-term strategy for commodity policies [9] - The government aims to develop Hong Kong as a regional gold storage hub and establish a central clearing system for gold transactions [10][11]

Core Viewpoint - The Hong Kong Special Administrative Region is committed to enhancing cooperation with cities in the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging its unique advantages to facilitate high-level connectivity and contribute to national development goals [1][2][3]. Group 1: Economic Cooperation and Development - The Greater Bay Area initiative is a significant national strategy personally planned and promoted by President Xi Jinping, serving as an important engine for high-quality national development [2]. - Hong Kong plays a dual role as a platform for "bringing in" and "going out," utilizing its highly law-based, market-oriented, and international business environment [2][3]. - The implementation of measures such as "Hong Kong vehicles going north" and the upcoming "Guangdong vehicles going south" will enhance the convenience of personnel flow [2][3]. Group 2: Logistics and Trade - Hong Kong and Dongguan are promoting "sea and air cargo intermodal transport," which significantly improves the efficiency of cross-border air cargo transit [3]. - The CEPA framework's second revised agreement on service trade, effective since March, supports the expansion of "Hong Kong capital and law" in various cities within the Greater Bay Area, providing broader opportunities for Hong Kong enterprises and professionals [3]. Group 3: Financial Integration - The "Cross-Border Wealth Management Connect" initiative has been continuously developing and optimizing since its launch, while the newly introduced "Cross-Border Payment Connect" links payment systems between the two regions, laying a foundation for financial cooperation in the Greater Bay Area [3]. Group 4: Future Outlook - Hong Kong will continue to promote high-level connectivity among the three regions, deepening regulatory alignment and mechanism integration to facilitate the efficient flow of people, goods, capital, and information [3]. - The conference's theme, "Empowering the Greater Bay Area, Exploring New Opportunities Together," focuses on international supply chain collaboration, global trade risk response, cross-border financial cooperation, commercial legal cooperation, and artificial intelligence industry discussions [3][4].