11月20日，以"立足湾区投资全球"为主题的2025湾区财富大会在深圳会展中心举行。当天下午举行的主 题为"湾区金融大咖会：谈市场--湾区跨境财富管理需求渐起"上，与会嘉宾围绕湾区跨境财富管理需求 的崛起展开深入探讨。 香港是海内外投资的"超级连接器" 在全球资产配置的版图中，香港作为连接中国内地与国际市场的"超级连接器"作用日益凸显。未来资产 中国业务发展总监张皓在会上指出，近年来互联互通机制，特别是ETF通的政策演进，为内地投资者开 辟了新的出海路径。 他提到，目前港股ETF通将包含40%非港股资产的ETF纳入南向通范围，这为内地投资者提供了一个无 需消耗QDII额度即可配置海外资产的有效出口。在中国的资管规模中，通过现有渠道配置海外的比例 尚不足1%，因此在ETF互联互通框架下提供差异化资产，对于满足高净值客户的全球配置需求"大有可 为"。 安本投资管理中国区销售及市场负责人郑东指出，境外市场在产品创新方面发展更为成熟，产品选择也 更为多元化。在当前内地面临资产荒、利率持续走低的背景下，通过互联互通、QDLP等机制，能够为 投资者提供多样化的替代解决方案。以香港市场为例，其拥有成熟的高派息产品，借助股债 ...

Group 1 - The 2025 International Financial Leaders Investment Summit was held in Hong Kong, focusing on global trade and exploring strategies to mitigate risks and seize new opportunities amid market uncertainties [1] - Hong Kong's Chief Executive, John Lee, highlighted the active state of Hong Kong's financial market despite global uncertainties, with the stock market significantly rising this year [1] - In the first ten months of the year, Hong Kong's IPO fundraising exceeded $26 billion, ranking first globally in fundraising amounts [1] Group 2 - The Hong Kong government is advancing reforms to enhance trading risk management and promote the prosperity of the stock market [1] - In September, Hong Kong released a "Fixed Income and Currency Market Development Roadmap" aimed at providing more options for global investors [1] - Hong Kong is set to become the largest cross-border wealth management center in the coming years [1]

Group 1: Hong Kong's Asset Management Landscape - By the end of 2024, Hong Kong's asset and wealth management business is expected to manage assets exceeding 35 trillion HKD, making it the second-largest cross-border wealth management center globally, after Switzerland [1] - The asset management scale in Hong Kong is projected to reach 35 trillion HKD, which is 11 times the local GDP, with a net inflow of cross-border funds amounting to 700 billion HKD, representing an 80% year-on-year increase [1] - The Hong Kong government anticipates that the region will become the largest cross-border asset management center within two to three years [1] Group 2: Strategic Recommendations for Growth - Deloitte suggests expanding the eligible investment scope under the "New Capital Investor Entry Scheme" to include digital assets and alternative asset classes to stimulate the wealth management industry [1] - To support green and high-quality economic development, Deloitte recommends developing specialized financial products targeting high-emission industries [1] Group 3: Support for Mainland Enterprises - A survey by the Hong Kong Trade Development Council indicates that 93.9% of surveyed mainland enterprises face challenges such as insufficient market demand and geopolitical risks, an increase from 83.9% in 2023 [2] - 77.2% of surveyed mainland enterprises plan to seek services in Hong Kong to support their international business [2] - Deloitte proposes a new paradigm of "Mainland Cultivation, Hong Kong Services, Global Market" to provide comprehensive support for enterprises from technology validation to overseas implementation [2] Group 4: Financial Market Developments - Shenzhen authorities have launched an action plan to support high-quality mergers and acquisitions, facilitating eligible industry leaders to list or refinance in Hong Kong [3] - The Hong Kong Stock Exchange and the Securities and Futures Commission have introduced measures to streamline the listing process for large A-share companies, significantly reducing the time required for listings [3] - The "A+H" listing model is expected to enhance corporate governance and market value, benefiting companies listed under this model [3] Group 5: Green Transition Initiatives - Deloitte estimates that China and Asia face a low-carbon transition funding gap of approximately 9 trillion USD by 2030, particularly in hard-to-abate sectors like steel and cement [4] - Hong Kong is advancing its green transition through three key actions: developing a comprehensive policy framework for transition finance, launching an international voluntary carbon trading platform, and accelerating research on sustainable fuels [4][5] - Challenges in transition finance standards, carbon asset credibility, and high costs of green technology need to be addressed to enhance Hong Kong's role as a regional transition hub [5]

Core Insights - The wealth management business of banks has shown significant growth in Q3 2025, characterized by "private banking leadership, agency sales driving, digital empowerment, and cross-border expansion" [1][2][4] - Most banks are building retail financial service systems driven by wealth management, with rapid increases in business scale, customer numbers, and fee income [2][3] Group 1: Wealth Management Performance - Wealth management client numbers have steadily increased, with Nanjing Bank's wealth clients growing by 16.31% compared to the end of the previous year [2] - Citic Bank achieved its highest annual growth in Assets Under Management (AUM) in nearly three years [1] - China Merchants Bank's wealth management fee and commission income reached 20.67 billion yuan, a year-on-year increase of 18.76% [3] Group 2: Private Banking as a Growth Engine - Private banking clients have become a core growth engine, with most banks reporting over 10% growth in private banking client numbers since the beginning of the year [4][5] - Specific banks like Shanghai Pudong Development Bank and Beijing Bank have also seen over 10% growth in private banking AUM [5][6] Group 3: Agency Sales Driving Growth - Agency sales, including insurance, funds, and wealth management products, are the main growth drivers for banks [8] - Ping An Bank's agency insurance income grew by 48.7%, while China Merchants Bank's agency fund income increased by 38.76% [8] Group 4: Digital and Professional Services Integration - Banks are enhancing customer engagement through digital and professional services, with Shanghai Pudong Development Bank focusing on wealth management needs and launching a global wealth management platform [9] - Beijing Bank is leveraging its "Retail Crystal Ball System" to drive value creation through data-driven insights [9] Group 5: Cross-Border Wealth Management Demand - There is a growing demand for cross-border wealth management, with Standard Chartered Bank reporting a 30% increase in wealth management business due to strong market performance and cross-border demand [10][11] - The bank's affluent client base and AUM have seen significant growth, indicating a robust long-term outlook for wealth management revenue [11]

Core Viewpoint - The Hong Kong IPO market has seen a significant increase in financing, exceeding last year's figures by more than double, leading to a tight supply of investment banking talent in the region [1][5]. Group 1: Investment Banking Expansion - Major international investment banks like Goldman Sachs and JPMorgan are accelerating their recruitment plans in Hong Kong to match the growing demand for IPO projects [3][4]. - Goldman Sachs has expressed optimism about the Chinese market, increasing its target for the CSI 300 index to 4900 points, reflecting a positive outlook on liquidity and valuations [3]. - JPMorgan's Asia-Pacific corporate banking division has seen a 20% increase in personnel as of July this year, doubling its original growth target for 2025 [4]. Group 2: Talent Shortage and Integration - There is a temporary shortage of top investment banking talent in Hong Kong, with over 200 companies currently queued for IPOs, leading to competitive hiring practices [5][6]. - Chinese investment banks benefit from integrated domestic and international operations, allowing them to allocate talent more flexibly compared to their international counterparts [6]. Group 3: Wealth Management Development - Both domestic and foreign investment banks are expanding their wealth management services in response to a significant increase in cross-border asset allocation needs, with Chinese household savings rising by 55 trillion yuan in recent years [7]. - Companies like CICC have successfully expanded their wealth management teams in Hong Kong from about 30 to over 150 members in seven years, indicating a strong focus on internationalization [7].

Group 1: Innovation and Technology Development - The "Shenzhen-Hong Kong-Guangzhou" innovation cluster ranked first globally in the recent Global Innovation Index, highlighting the Bay Area's leading position in the global innovation landscape [1] - The Hong Kong Science Park in the Lok Ma Chau Loop is a significant cooperation platform under the national 14th Five-Year Plan, with the first three buildings completed and operational by the end of this year [1] - The Hong Kong government has established a cross-departmental approval team to expedite the development of the Lok Ma Chau Loop, with plans for the second phase of development to be completed within this year [1] Group 2: Financial Connectivity - Hong Kong ranks third in the Global Financial Centre Index, with the gap to New York and London narrowing to 2 and 1 points respectively [2] - The total value of Hong Kong's asset and wealth management business surpassed HKD 35 trillion, a year-on-year increase of 13%, equivalent to 11 times the local GDP [2] - Hong Kong aims to become the largest cross-border wealth management center globally in the coming years, facilitating the introduction of more foreign capital into the mainland private equity market [2] Group 3: Infrastructure and Logistics - The "Cross-Border Payment System" launched in June provides secure and efficient instant payment services for residents and institutions, enhancing trade and personnel exchanges between Hong Kong and the mainland [3] - The "Hong Kong Cars Northbound" initiative has been well-received, with over 100,000 private cars participating, and the "Guangdong Cars Southbound" plan is set to be implemented soon [3] - Hong Kong is establishing various multimodal transport models with Bay Area cities, including a comprehensive transport system integrating rail, sea, land, and river routes to facilitate goods transit [3] Group 4: Aviation and Air Cargo - Hong Kong International Airport is the most developed aviation hub in the Bay Area, with a partnership signed with Zhuhai Airport to enhance connectivity and optimize land transport [4] - The "Sea-Air Cargo Transport" initiative with Dongguan allows for local customs inspections and direct waterway delivery to Hong Kong, significantly reducing time and costs [4] - The first phase of the Dongguan Airport Center at Hong Kong International Airport will be completed by the end of this year, with further studies for the second phase commencing this year [4]

Group 1 - The core viewpoint of the articles highlights a significant increase in Hong Kong IPO financing, which has more than doubled year-on-year, leading to a tight labor market for investment banking talent in the region [1][4] - Major international investment banks like Goldman Sachs and JPMorgan Chase are accelerating their recruitment plans in Hong Kong and other Asia-Pacific regions to meet the growing demand for IPOs and related services [2][3] - Sovereign funds and long-term international investors are showing unprecedented interest in Hong Kong IPOs, with participation levels reaching a four-year high [1][2] Group 2 - As of September 2023, Hong Kong's IPO fundraising reached HKD 182.9 billion, a 229% increase from HKD 55.6 billion in the same period last year, with over 200 companies currently in the IPO pipeline [4] - The shortage of skilled investment banking professionals in Hong Kong has led to a competitive hiring environment, with some firms experiencing a "talent grab" [4][5] - Chinese investment banks are leveraging their integrated domestic and international operations to better allocate resources and manage talent shortages, providing a competitive edge in the current market [4][5] Group 3 - In addition to investment banking, both domestic and international firms are expanding their wealth management services to capture the growing demand for cross-border asset allocation, as Chinese household savings have increased significantly [6] - Companies like CICC have expanded their wealth management teams in Hong Kong from about 30 to over 150 in seven years, indicating a strong commitment to internationalization [6] - UBS is also enhancing its wealth management capabilities, aiming to provide deep insights into investment behaviors and trends for its clients [6]

Group 1 - HSBC Group's CEO expresses strong confidence in Hong Kong's economic prospects, highlighting it as a key market for growth and returns [1] - Hong Kong serves as a crucial "super connector" for wealth management, providing access to the mainland and international markets [1][2] - The city is expected to become the world's largest cross-border wealth management center by 2030, with HSBC adding approximately 100,000 new customers monthly over the past two years [1] Group 2 - Hong Kong ranks third globally and first in the Asia-Pacific region in the latest Global Financial Centres Index, with a narrowing gap to New York and London [2] - The city benefits from a time zone advantage, facilitating operations between Asia and the Middle East, and has a long-standing history as a mature financial center [2] - HSBC views Hong Kong as an important "international connector," leveraging its global network to support business and investment connections [2] Group 3 - There has been a significant increase in new listings on the Hong Kong Stock Exchange, with 69 new companies listed in the first nine months of the year, a 53% increase from the previous year [3] - The current momentum in listings is expected to continue for the next 12 months or longer, reinforcing Hong Kong's attractiveness as a global financial center [3]

Group 1: Hong Kong's Financial Market Developments - The Hong Kong government aims to seize opportunities from global investors reallocating assets to strengthen its position as an international financial center [1] - The Hang Seng Index has risen over 20% since the beginning of the year, with an average daily trading volume close to HKD 250 billion, nearly doubling from last year [1] - New stock fundraising has reached over HKD 130 billion by the end of August, marking a nearly sixfold year-on-year increase, making Hong Kong the top global market for new stock offerings [1] Group 2: Support for Technology and Innovation - The government plans to assist mainland technology companies in raising funds in Hong Kong through a "Tech Enterprise Line" and enhance financial support for national technological development [1] - Initiatives include optimizing the main board listing and structured product issuance mechanisms, and exploring the shortening of the stock settlement cycle to T+1 [1] Group 3: Bond and Currency Market Enhancements - The government will work to solidify Hong Kong's status as a bond center and enhance financial infrastructure, including discussions on launching offshore national bond futures [1] - The Hong Kong Monetary Authority (HKMA) will establish a new "Renminbi Business Fund Arrangement" to provide long-term RMB financing to support the real economy [2] - More RMB bonds will be issued, and the government will explore using RMB for government expenditures in suitable scenarios [2] Group 4: Gold Market Development - The government aims to develop a regional gold reserve hub, targeting over 2,000 tons of gold storage within three years [2] - Initiatives include establishing a central clearing system for gold in Hong Kong and promoting the development of gold investment tools and funds [2] Group 5: Wealth Management and Insurance Sector Growth - Hong Kong is expected to become the largest cross-border wealth management center globally, with plans to optimize tax incentives for funds and family offices [3] - The government will revise regulations to lower capital requirements for infrastructure investments and promote the development of the local self-insurance and reinsurance industry [3]

Group 1: Economic Growth and Governance - Hong Kong's economy is expected to grow by 2% to 3% this year, marking a positive turnaround since the administration took office [3] - The Chief Executive announced the establishment of a "Department Head Responsibility System" to enhance governance and accountability [3] - A new AI Efficiency Enhancement Group will be formed to guide the effective application of AI technology across government departments [3] Group 2: Investment and Capital Flow - The government has optimized the "New Capital Investor Entry Scheme," raising the minimum investment requirement to HKD 30 million, with adjustments to property investment calculations [3] - The Hong Kong Stock Market saw significant gains, with major companies like Alibaba and Meituan rising over 5% [3][5] - Hong Kong aims to become the largest cross-border wealth management center globally, with measures to attract more funds and improve tax incentives for family offices [6] Group 3: Infrastructure and Technology Development - Plans to shorten the stock settlement cycle to T+1 and enhance the listing mechanisms for companies are underway [6] - The government is pushing for the development of a hydrogen energy corridor with Guangdong Province and aims to attract leading European aviation service companies [11] - Initiatives to support the commercialization of green technologies, including electric vehicle charging infrastructure, are being implemented [10] Group 4: Healthcare and Clinical Trials - The government will attract pharmaceutical companies to conduct clinical trials for rare diseases and advanced therapies in Hong Kong [12] - A new "Hong Kong Drug and Medical Device Regulatory Center" will be established by 2026 to enhance regulatory standards [12] - The introduction of a "1+" new drug approval mechanism aims to expedite the market entry of innovative drugs [12]