成立近17年来，华夏香港一直致力于打造一个差异化的中资机构。 金融产品创新，如同"拿着锤子找钉子"，也如同"找准钉子造锤子"的过程。这意味着开拓者要兼具前瞻 视野以定位潜在需求，以及拆解难点、构建创新动能的能力。华夏基金（香港）近年来正是如此践行： 放弃"寻找更好的蜡烛"，选择"点亮电灯"，在新兴赛道上持续破局。 在华夏香港CEO甘添看来，新技术革命对金融业并非锦上添花，而是形态重塑。正如十几年前，在没人 可以想象互联网将以全天候、跨地域、效率革命的线上业态颠覆大众消费习惯时，就有一批科技企业致 力于创新产品改变生活。当下中国香港市场的创新土壤，为资管机构提供了不可多得的战略机遇。华夏 香港作为创新的笃行者，在拥有全面资产类别的背景下，每一阶段性的战略方向都充满前瞻性，打造了 多只全球首发、亚洲首发、中国香港市场首发的产品。 甘添看好离岸人民币债券市场未来三到五年的爆发式增长，华夏香港已抢占布局先机：香港首只以人民 币计价、跨市场、纯投资级别的人民币债券公募基金正是来自华夏香港。甘添预测，离岸人民币资金池 有望在2030年达约5万亿元规模，而点心债（离岸人民币债券）作为核心载体面临历史性机遇。 甘添，华夏基金 ...

Core Viewpoint - 华夏基金（香港） is positioning itself as a differentiated Chinese financial institution, focusing on innovative financial products and capitalizing on emerging market opportunities, particularly in the offshore RMB bond market [1][3][7]. Group 1: Company Strategy and Innovation - 华夏基金（香港） has adopted a forward-looking approach, launching several innovative products, including the first RMB-denominated public fund in Hong Kong, which targets investment-grade bonds [3][7]. - The company has successfully launched the largest offshore RMB money market ETF globally, with a scale of 4.97 billion RMB, demonstrating its ability to identify and capitalize on market trends [3][4]. - The firm has also introduced the first pure Hong Kong stock biotechnology ETF, which has gained significant traction among both domestic and international investors [4][5]. Group 2: Market Outlook and Growth Potential - 甘添, CEO of 华夏基金（香港）, predicts explosive growth in the offshore RMB bond market over the next three to five years, with the offshore RMB fund pool expected to reach approximately 5 trillion RMB by 2030 [1][7]. - The point bond market has seen substantial growth, with its scale increasing from 254 billion RMB in 2020 to nearly 1 trillion RMB currently, driven by attractive yields compared to domestic bonds [8][9]. - The company anticipates that the increasing participation of domestic institutions in the offshore RMB market will be fueled by favorable policies and the growing appeal of point bonds [9][10]. Group 3: Regulatory and Market Dynamics - The Chinese government is actively supporting the internationalization of the RMB, which is expected to enhance the development of the offshore RMB market and create a stable liquidity supply channel [7][9]. - Recent policy changes, such as the relaxation of cross-border investment channels, are expected to facilitate domestic investors' access to offshore RMB assets, further boosting market growth [9][10]. - The shift in the Hong Kong stock market's pricing power, with increasing domestic investment, indicates a changing landscape where local investors are becoming more influential [10][11].

Core Viewpoint - 华夏基金（香港） is positioning itself as a differentiated Chinese financial institution, focusing on innovative financial products and capitalizing on emerging market opportunities [1][2]. Group 1: Innovation and Market Positioning - 华夏香港 has adopted a forward-looking approach, launching several first-of-their-kind financial products in the Hong Kong market, including the first RMB-denominated public fund and the largest offshore RMB money market ETF [2][3]. - The company has successfully identified and capitalized on market trends, such as the growth of the offshore RMB bond market, by launching products like the 华夏精选人民币投资级别收益基金 during a period of currency volatility [2][3]. Group 2: Offshore RMB Bond Market - 甘添 predicts explosive growth in the offshore RMB bond market over the next three to five years, with the offshore RMB fund pool expected to reach approximately 5 trillion by 2030 [2][5]. - The point bond market has seen significant growth, with its scale increasing from 2.54 trillion in 2020 to nearly 10 trillion currently, driven by a decrease in RMB financing costs [6][7]. Group 3: Investment Opportunities - The point bond market offers attractive yields compared to domestic bonds, with yields for similar maturity bonds being 30-50 basis points higher than their domestic counterparts [6][7]. - Major domestic enterprises are increasingly participating in the point bond market, with significant issuances from companies like 百度 and 蒙牛乳业, indicating strong market demand [7][8]. Group 4: Market Dynamics and Future Outlook - The influx of domestic capital into the Hong Kong stock market is shifting the pricing power, with local investors now holding a significant portion of shares [8]. - The anticipated introduction of a mechanism allowing mainland investors to directly invest in Hong Kong stocks using offshore RMB is expected to enhance participation and pricing power in the market [8].

华夏香港甘添： 做金融产品创新破局者 ...

Group 1 - The introduction of the Sci-Tech Innovation Bond ETF has significantly enhanced the liquidity of Sci-Tech bonds, utilizing a T+0 trading mechanism and innovative redemption models to address traditional liquidity issues in credit bond trading [1][2] - The influx of capital into the Sci-Tech bond market is expected to increase trading frequency and market activity, creating a vibrant trading atmosphere that allows investors to adjust their portfolios more effectively [2] - The Sci-Tech Innovation Bond ETF has broadened financing channels for Sci-Tech enterprises by creating a "debt-equity linkage" mechanism, facilitating low-cost financing and enabling efficient capital flow within the technology innovation chain [2][3] Group 2 - The launch of the Sci-Tech Innovation Bond ETF fills a gap in the public fund market for "Sci-Tech" on-site bond funds, enriching the existing investment tools in the bond market and catering to diverse investor risk preferences [2] - The successful introduction of the Sci-Tech Innovation Bond ETF demonstrates the agility and creativity of China's financial system in supporting new productive forces, providing replicable experiences for building a resilient and dynamic modern financial market [3] - The positive cycle of "policy guidance - market response - industry benefit" is expected to continuously inject capital momentum into China's technological self-reliance and high-quality economic development [3]

陈茂波还重点提及香港在数字资产方面的最新进展。他在韩国访问期间，韩国业界和监管机构对于即将 生效的稳定币条例兴趣浓厚。他从监管经验的分享，到推动行业发展的思路和稳定币应用的方向，与韩 国方面进行了深入交流。 陈茂波认为，自去年9月以来，香港金融市场的强劲表现，以及新股集资活动吸引了韩国金融界的注 意。出于看好香港证券市场的前景以及分散资产配置风险的需要，也出于看好整个大中华地区的创科发 展和商业化潜力，韩国金融界对投资香港及内地市场兴趣浓厚。今年前5个月，在港的韩资持牌机构的 证券交易总额已超过1.5万亿港元，是去年全年的2.8倍；韩国的投行也是多只在港上市新股的基石投资 者。 陈茂波还表示，我国在科技领域不断取得突破，加上国家支持创科企业加速在港上市，让韩国投资界希 望增加对在港及内地的企业的资产配置比例。韩国创投及私募基金对投资香港的兴趣也日趋浓厚，但对 香港以至粤港澳大湾区的创科发展和投资机遇、证券市场的最新发展和趋势认识不足。 在网志中，陈茂波还提及香港金融产品创新的重要性。他认为创新能带来增量，香港的金融产品创新也 为港股市场吸引了来自韩国的资金。他提及此次外访时，当地金融界的话题之一，是一只最近在 ...

7月13日， 香港特区政府财政司司长陈茂波 发表网志，对韩国之行进行总结。他表示，今年前5个月，在 港的韩资持牌机构的证券交易总额超过1.5万亿港元，是去年全年的2.8倍。 版权声明 在网志中，陈茂波还提及香港金融产品创新的重要性。他认为创新能带来增量，香港的金融产品创新也为港股 市场吸引了来自韩国的资金。他提及此次外访时，当地金融界的话题之一，是一只最近在香港上市、锚定一家 大型韩国上市科企的"杠杆反向产品"。由于它是全球首只锚定这家企业的同类产品，意味着韩国投资者如果想 买卖相关衍生产品，便只能在香港进行。香港市场的产品创新力，获得了韩国金融界的认同，他们正研究把相 关产品和理念应用至其他合适企业。 陈茂波还重点提及香港在数字资产方面的最新进展。他在韩国访问期间，韩国业界和监管机构对于即将生效的 稳定币条例兴趣浓厚。他从监管经验的分享，到推动行业发展的思路和稳定币应用的方向，与韩国方面进行了 深入交流。 在访问期间，韩国方面对香港"超级联系人"功能深感兴趣，并认同在多个领域，双方有不少合作空间。例如推 动两地金融市场联通，能吸引更多海内外资金投资在两地上市的企业，也能为双方投资者开创新的领域和资产 配置选 ...

Core Viewpoint - The article emphasizes the rapid growth and diversification of the ETF market in China, highlighting its increasing importance as a flexible investment tool for both fund and stock investors [1][6]. Group 1: Advantages of ETFs - ETFs utilize a real-time trading mechanism that supports T+0 cross-border trading, significantly enhancing trading flexibility compared to QDII off-market funds [4]. - They passively track benchmark indices, employing strategies to control tracking error, resulting in net asset value movements closely aligned with the underlying index, such as the CSI 300 ETF [4]. - ETFs offer high transparency, with daily disclosures of subscription and redemption lists, providing timely insights into constituent stocks and their weights [4]. - Cost control is a notable advantage, with explicit fees ranging from 0.15% to 0.5% per year and low trading commissions, further optimized by physical creation/redemption and minimal bid-ask spreads [4]. - The product system is diverse, covering various asset classes including stocks, bonds, and commodities, with broad-based ETFs achieving industry balance and thematic ETFs targeting specific sectors like chip design and automotive [4]. Group 2: Growth of ETF Market - By the end of 2024, the total number of ETFs in China reached 1,033, with a total scale exceeding 3.7 trillion yuan, marking an 81% increase from 2023, with a net increase of 1.7 trillion yuan [7]. - Stock ETFs accounted for 2.89 trillion yuan, representing 78% of the market, driven by policy support and significant capital inflows, particularly into broad-based ETFs [7]. - Bond ETFs exceeded 170 billion yuan, with a 100% growth in scale and a 243% increase in share, influenced by loose monetary policy and declining interest rates [7]. - Commodity ETFs saw nearly 150% growth, primarily due to rising gold prices and increased demand for safe-haven assets, with gold ETFs comprising over 80% of this category [7]. - As of February 2025, the total scale of ETFs further increased to 3.79 trillion yuan, with ongoing focus on broad-based and strategic ETFs, driven by policy fee reductions and product innovations [7]. Group 3: Innovations in ETFs - The year 2024 witnessed the introduction of new "A series" indices, expanding the breadth of industry-themed ETFs across sectors such as automotive, petrochemicals, telecommunications, and computing [9]. - The launch of chip-related ETFs on the Sci-Tech Innovation Board addressed the need for investment tools covering various segments of the chip industry, enhancing investment options [10]. - The introduction of the first ETF linked to the CSI Hong Kong Stock Connect Automotive Industry Index improved access for investors looking to invest in new energy vehicle companies [11]. - By February 28, 2025, the number of indices covered by ETFs expanded by eight, including innovative and high-value indices like the National Index Free Cash Flow and the Shanghai Stock Exchange Sci-Tech Innovation Board Composite Index [11].