Core Viewpoint - Hong Kong has established itself as a leading international financial center, leveraging its unique advantages and robust financial ecosystem, particularly in the context of its relationship with mainland China and its role in global finance [6][10][30]. Group 1: Financial Strength of Hong Kong - Hong Kong ranks as the third global financial center and the top in Asia, following New York and London, with a market capitalization of 40.9 trillion HKD and an IPO financing scale exceeding 60 billion HKD in 2025 [6]. - The asset and wealth management sector in Hong Kong exceeds 30 trillion HKD, with private equity fund management reaching over 230 billion USD, making it the second largest in Asia [7]. Group 2: Connectivity and Market Access - Hong Kong serves as a bridge to mainland China and is the largest offshore RMB business center, with RMB deposits exceeding 1 trillion CNY and accounting for over 70% of global offshore RMB payments [10][13]. - The Stock Connect programs (Shanghai-Hong Kong and Shenzhen-Hong Kong) have significantly increased foreign investment in mainland stocks, with total investments exceeding 3 trillion CNY, and daily trading volumes reaching 150.1 billion CNY and 482 billion HKD respectively in 2024 [10]. Group 3: Structure of the Hong Kong Stock Market - The Hong Kong stock market comprises over 2,600 listed companies, categorized into local stocks, Chinese stocks, and international stocks, with Chinese stocks making up approximately 47% of the total listings and 70% of the market capitalization [15][17]. - Chinese stocks are further divided into Red Chips, H-shares, and P Chips, with H-shares alone accounting for 384 companies and a market capitalization exceeding 70 trillion HKD [20][21]. Group 4: Future Innovations and Developments - Hong Kong is actively pursuing financial innovations, including the implementation of a Stablecoin Regulation by August 2025, which aims to enhance its position as a financial innovation hub [26]. - The city is also focusing on sustainable finance, with plans to expand its sustainable finance classification and align local standards with international sustainability disclosure standards by the end of 2024 [28]. Group 5: Investment Opportunities - The strong performance of the Hong Kong stock market in 2023 reflects an improving asset allocation value in China, attracting global investors interested in sectors like AI and technology [27]. - The introduction of new capital investor entry plans is expected to bring in over 24 billion HKD in investments, further enhancing Hong Kong's appeal as a financial destination [26].

Core Viewpoint - The market has shown a highly differentiated structure in the first half of the year, with sectors like technology, innovative pharmaceuticals, and new consumption performing well, while traditional sectors lag behind. The underlying reasons for this divergence and the outlook for the second half are discussed [1][5]. Group 1: Market Dynamics - The primary drivers of the current market dynamics are macroeconomic factors and technological innovation, with China's aging population and deflationary pressures resembling Japan's past, but with stronger innovation capabilities [7][8]. - The traditional industries are still in a phase of low adjustment, while emerging industries, particularly in technology and innovative pharmaceuticals, are thriving [8][9]. - The market is experiencing a revaluation of Chinese assets, with sectors like innovative pharmaceuticals and technology being the focus of this revaluation [9][10]. Group 2: Investment Strategies - The market's volatility in April due to the Trump tariff war highlighted the importance of distinguishing between short-term fluctuations and fundamental risks to companies' core competitiveness [9][10]. - The investment strategy emphasizes maintaining high positions in promising stocks during market downturns, as short-term volatility can present buying opportunities for fundamentally strong companies [10][11]. Group 3: Future Market Trends - The market is expected to continue experiencing both internal differentiation within sectors like technology and innovative pharmaceuticals, as well as potential style shifts towards undervalued sectors [17][18]. - The transition from a "beta" driven market to one focused on "alpha" suggests that investors should prioritize individual stock performance over broad sector trends [14][20]. Group 4: Innovative Pharmaceuticals Outlook - The innovative pharmaceutical sector has strong long-term fundamentals, with significant clinical data and increasing international recognition, indicating a promising future despite recent adjustments [22][23]. - The sector is expected to benefit from favorable policy changes and a growing international market presence, with many companies still undervalued despite recent gains [24][26]. - Identifying true leaders in the innovative pharmaceutical space will be crucial, as not all companies will perform equally well in the future [27].

Group 1 - The Japanese yen has historically performed well in July, with an average appreciation of 2.8% against the US dollar over the past five years, and a 9% increase in the last six months [1] - Analysts attribute the yen's strength in July to multiple factors, including adjustments in the Bank of Japan's policies, position adjustments before the summer holidays, and exporters converting overseas earnings into yen [1] - The overall weakness of the US dollar is considered a primary driver for the yen's appreciation this month [1] Group 2 - Following hawkish comments from the Bank of Japan's members regarding potential interest rate hikes, the yen has strengthened, with a 40% probability of a rate hike in October and over 50% by year-end [2] - Expectations of progress in trade negotiations and a more hawkish signal from the Bank of Japan are anticipated to support the yen [2] - The dollar's performance is likely to influence the direction of the yen, with the dollar index having dropped approximately 10.8% in the first half of the year, marking its worst performance since 1973 [2] Group 3 - The trend in the foreign exchange market is expected to be a weaker dollar, largely due to trade tensions, with potential escalations in trade conflicts anticipated [3]

Core Viewpoint - Hebei Asset Management Co., Ltd. has submitted its initial public offering (IPO) application to list on the Hong Kong Stock Exchange, marking the first attempt by a local Asset Management Company (AMC) to go public in Hong Kong [1][12]. Group 1: Company Overview - Hebei Asset was established on November 24, 2015, and is the only local AMC in Hebei province authorized to acquire and manage non-performing financial assets [2]. - The company is under the supervision of the Hebei Provincial Financial Management Bureau and has a unique policy advantage as the only licensed local AMC in the province [2]. - As of the end of 2024, Hebei Asset's total assets are valued at 7.556 billion RMB, with a debt of 5.039 billion RMB, resulting in a debt-to-asset ratio of approximately 66.69% [2]. Group 2: Financial Performance - Hebei Asset's revenue from non-performing asset management has shown significant volatility, with a 130% year-on-year increase in 2024, reaching 512 million RMB, while in 2023, the revenue was only 222 million RMB, a 48% decline [7]. - The company reported a profit of 204 million RMB in 2024, recovering from a loss of 145 million RMB in 2023 [8]. - The revenue breakdown for 2024 indicates that 86.2% came from the disposal of non-performing assets, while restructuring and consulting services contributed 13.7% and 0.1%, respectively [4][5]. Group 3: Market Position and Industry Context - Hebei Asset holds a 24.4% market share in the local non-performing asset management sector, ranking second in the province, and a leading 47.2% market share in acquiring non-performing assets from small and medium-sized banks [2]. - The market size for non-performing asset management in Hebei province is projected to grow from approximately 222.2 billion RMB in 2024 to 322 billion RMB by 2029, with a compound annual growth rate of 7.7% [3]. - The company aims to leverage its first-mover advantage and professional expertise to support high-quality economic development in Hebei province [3].

【导读】威灵顿投资调查显示，尽管地缘政治风险犹存，全球LP仍坚定布局私募市场 中国基金报记者 郭玟君 7月1日，全球最大的独立投资管理公司之一威灵顿投资管理（Wellington Management，以 下简称威灵顿投资）发布的一项针对私募市场专业人士的调查报告显示，多数受访者对其私 募市场配置持乐观态度。 威灵顿投资数据显示，截至3月31日，公司资产管理规模超1.2万亿美元，其服务的客户包括 养老金、捐赠基金和基金会、保险公司、家族办公室、基金发起人、全球财富管理公司等。 截至5月31日，威灵顿投资的私募投资平台管理的总资产规模超90亿美元。 全球96%的LP计划未来一年 调查显示，绝大多数LP（96%）计划在未来一年增加（53%）或维持（43%）其私募市场配 置。仅有4%的LP表示计划减少相关配置。 威灵顿投资还调研了LP对于公开和私募市场融合趋势的看法。 威灵顿投资管理私募投资募资 主管Laura Kirk 表示："令人振奋的是，LP同样认可公开与私募市场专业能力的融合在为客 户创造价值方面的巨大潜力。" 合。这既能够获得流动性优势，也能通过成长型资产配置来降低利率波动风险。 《调查》显示，大多数LP ...

| | 1、央行公告称，6月30日以固定利率、数量招标方式开展了3315亿元7天期逆回购操作，操作利率1.40%，投标量3315 | | --- | --- | | | 亿元，中标量3315亿元。Wind数据显示，当日2205亿元逆回购到期，据此计算，单日净投放1110亿元。 | | | 2、央行年中精准调控，资金面有望平稳跨季。近段时间以来，央行精准调控护航年中资金面。在5月降准释放长期流 | | | 动性10000亿元的基础上，6月以来，央行多次开展买断式逆回购净投放，以及加量续做MLF，为市场注入充裕的流动 | | | 性。展望7月跨月及半年度资金面，市场既抱有谨慎乐观态度，也存在一定担忧，主要在于财政因素对于资金面可能 | | | 会形成较大的干扰。 | | | 3、国家统计局公布，6月份，我国制造业、非制造业和综合PMI分别为49.7%、50.5%和50.7%，比上月上升0.2、0.2和 | | | 0.3个百分点，三大指数均有所回升。装备制造业、高技术制造业和消费品行业PMI均连续两个月位于扩张区间。 | | 宏观 | 4、财政部、国家税务总局、商务部发布公告，明确在2025年1月1日至2028年 ...

在中国投资者的资金支持下起家的澳洲资产管理巨头 Salter Brothers，如今正准备上市；但这些早期投 资者却身陷"赎回冻结"的困境，无法退出。 《澳洲金融评论》获取的文件和投资者证词显示，Salter Brothers 约 40 亿澳元的资产组合，其根基可追 溯至 2015 年一个名为 Atlas Capital SIV 基金的移民投资项目，该基金由如今声名狼藉的"跑路富 商"Michael Gu（顾海宁）与 Paul Salter 联合创办，专门吸引希望通过重大投资获取澳洲签证的中国富 豪。 Michael Gu left Australia after the collapse of his iProsperity business in 2020. He was spotted in Hong Kong earlier this year. Michael Gu 曾高调生活，驾驶兰博基尼豪车，经营着 iProsperity 地产集团。该集团于 2020 年崩盘，留 下超过 6000 万澳元的债务。Gu 此后逃往海外，被曝目前在中国高调生活，在广州瑰丽酒店等地举办高 额德州扑克局，并在香港、新加坡 ...

Group 1 - The current U.S. stock market presents more investment opportunities compared to long-term U.S. Treasury bonds, according to BlackRock's Chief Investment Officer Rick Rieder [1] - Rieder emphasizes that short-term bonds are more attractive from a yield perspective, while long-term bonds are increasingly correlated with stock market volatility, losing their risk-hedging capability [1] - The expected return on equities, particularly growth stocks, is appealing, with a net asset return rate of 19%, suggesting significant potential growth over two years compared to long-term bonds yielding less than 5% [1] Group 2 - Rieder anticipates that long-term bonds will eventually become attractive as inflation and interest rates decline, but currently, the market trend favors short-term bonds due to concerns over the expanding U.S. federal deficit [2] - The expectation of a steeper yield curve indicates that long-term bonds are expected to underperform compared to short-term bonds, a trend that has gained popularity this year [2]

Core Viewpoint - BlackRock's Chief Investment Officer for Global Fixed Income, Rick Ried, believes that the stock market currently presents more opportunities than the long end of the U.S. Treasury yield curve [1] Group 1 - From a yield perspective, short-term bonds are considered more attractive [1] - The correlation between long-term bonds and stock market trends is increasing, diminishing their hedging effectiveness [1] - Given this context, the expected return on stocks makes them a more appealing asset in investment portfolios [1]

Core Viewpoint - The recent issuance of QDII quotas totaling $3.08 billion aims to enhance the functionality of the Qualified Domestic Institutional Investor (QDII) system, facilitating cross-border investment for qualified institutions and meeting domestic investors' overseas wealth allocation needs [1][2]. Group 1: QDII Quota Issuance - The State Administration of Foreign Exchange (SAFE) has issued a total of $3.08 billion in QDII quotas to eligible institutions, supporting their legal and compliant cross-border investment activities [1]. - As of June 30, 2025, a total of 191 QDII institutions have been approved, with a cumulative quota of $170.87 billion [3]. Group 2: Market Reactions and Implications - Market sentiment towards the recent QDII quota issuance is positive, with firms like CICC stating that it provides strong support for asset management institutions to meet the growing demand for global asset allocation and risk diversification among domestic residents [5]. - CITIC Securities noted that the quota issuance will help Chinese asset management institutions expand their overseas investments and enhance their global asset management capabilities [5]. Group 3: QDII System Benefits - The QDII system allows qualified domestic institutions to invest in overseas securities markets within a certain quota, promoting financial market openness and diversifying investment channels for domestic residents [4][6]. - The system has effectively balanced the expansion of openness with risk prevention, establishing comprehensive regulatory rules across various aspects such as qualification, product issuance, and information disclosure [7]. Group 4: Enhancing International Competitiveness - The QDII system has positively impacted the international competitiveness of domestic financial institutions, enabling them to familiarize themselves with and explore international markets [8]. - Since its implementation in 2006, the QDII system has become a common channel for domestic investors to engage in global asset allocation, reflecting an increasingly international investment perspective [8].