本报讯 （记者昌校宇）11月12日，英中贸易协会主席交接暨会员活动在北京举办，施罗德投资集团中国事务主席吴思田接 棒成为该协会新任主席。据了解，英中贸易协会核心目标是推动英国对华贸易与投资增长，以及支持中国企业在英国的扩张与 投资布局。 施罗德投资集团中国区总裁郭炜出席活动并致辞祝贺，他表示："作为深耕中国市场超30年的国际资产管理公司，施罗德 投资集团亲历了中国金融市场的跨越式发展。多年来，始终与本土机构紧密合作，主动适配市场机遇及监管创新，推出定制化 解决方案，助力投资者把握国内外的投资机会。未来，施罗德投资集团将持续践行创新理念，深化建设性合作。" （编辑 郭之宸） ...

Core Points - The U.S. government shutdown has officially ended, leading to a rally in global stock markets, with the S&P 500 futures and European stock futures approaching historical highs [1][2] - Investors are now focused on the uncertainty surrounding delayed economic data due to the shutdown, which could impact the Federal Reserve's future interest rate decisions [2][7] - Gold prices have risen for five consecutive days, reaching over $4220 per ounce, as expectations of potential interest rate cuts by the Federal Reserve grow [3][6] Market Reactions - U.S. stock futures have recovered losses, with the Nasdaq 100 futures up by 0.3% and the S&P 500 futures up by 0.2% [6] - European and Asian stock markets also showed positive movements, with the Euro Stoxx 50 futures up by 0.3% and Japan's Nikkei 225 index rising by 0.4% [6] - The 10-year U.S. Treasury yield increased by 2 basis points to 4.09%, indicating a shift in investor sentiment [6] Economic Data Concerns - The prolonged government shutdown has created a significant "data vacuum," complicating economic forecasts for investors and policymakers [2] - Key economic indicators, including employment data and the Consumer Price Index (CPI) for October, are delayed, raising concerns about the accuracy of market pricing [2] - Analysts warn that political risks remain, with potential for another funding impasse in February [2] Federal Reserve Outlook - There is a growing expectation that the Federal Reserve may consider interest rate cuts in December, contingent on the release of economic data [7] - Some Federal Reserve officials express caution, with Boston Fed President Susan Collins advocating for maintaining current interest rates due to strong economic growth [7] Trade Developments - Positive signals have emerged regarding trade negotiations, with the EU preparing to propose a plan to implement a trade agreement with the U.S. [8] - The Japanese yen is under pressure, with concerns about the new government's ability to support its currency through intervention [8] Commodity Market Movements - Gold prices have reached their highest level since October 21, reflecting investor sentiment amid economic uncertainty [3][6] - Oil prices have stabilized after experiencing significant declines, with WTI prices around $58 per barrel [8]

11月13日，施罗德投资宣布，就其东南亚及香港的机构业务作出策略性领导层任命，进一步体现集团致 力透过策略性见解、与客户建立深厚互信的关系，以及专注为客户创造长远价值的承诺，与机构投资者 紧密合作。 钟志龙获委任为东南亚机构业务主管，任命于2026年1月19日起生效。他将常驻新加坡，领导施罗德投 资在东南亚区内的机构客户策略及关系、巩固合作伙伴关系，并为客户度身订造投资方案，以迎合不断 演变的客户需求。钟志龙拥有近30年金融服务业经验，涵盖投资管理、顾问及金融监管等领域。此前， 他于美世投资新加坡担任行政总裁，掌管该公司的新加坡财富管理业务，以及东南亚地区的投资营运。 此前，他曾于Cambridge Associates、Pacific Asset Management及新加坡金融管理局担任要职。 随着刘以浩离职，香港机构业务主管彭文逸(Matthew Pang)的职务范围将扩大，新安排即时生效，他将 同时领导集团的香港退休业务。彭文逸加入施罗德投资逾十年，过往在拓展机构业务方面发挥了关键作 用。在他的领导下，机构业务团队与客户建立了长远的伙伴关系，并巩固了施罗德投资作为香港机构投 资渠道中领先环球主动型资产 ...

整体港A股市场方面，施斌认为，正处于整固期，港A股估值向上重估阶段或已结束，下一阶段将主要 聚焦于基本因素。他表示，暂时没有理据对港A股转向负面看法，但预期个别股份或板块表现将更为分 化。 施斌观察到，除了长仓基金外，全球不同类型的投资者均有参与香港IPO，包括中东主权基金、对冲基 金等。谈到市场仅聚焦于新股上市前几天表现，他表示，基石投资者对此不太关注，因为更重要的是6 个月禁售期结束后的股价走势如何，不少香港上市新股，在禁售期过后表现仍佳。 智通财经APP获悉，瑞银资产管理中国股票投资总监(UBS AM's head of China equities)施斌称，瑞银作 为基石投资者，参与了不少今年香港的IPO新股投资。很多在香港挂牌的新股质素很好，这些高质公司 遍布不同板块，问题是其估值是否吸引。如果估值足够吸引，瑞银资产管理会乐于参与，因为不少在香 港挂牌的中国公司都有潜力成为全球赢家，股价未来有很大上升空间。 ...

央视网消息：记者11月12日从上海证券交易所国际投资者大会了解到，随着我国资本市场高水平制度型开放不断拓展，境外投资者持有A 股的市值提升，从2020年底的超3万亿元增长到目前的超3.5万亿元。 与会嘉宾认为，一年多来，A股主要股指平稳上行，明晟中国指数年内跑赢全球市场；尤其是我国坚定不移稳妥有序推进资本市场双向开 放，为各类国际投资者营造放心投的制度环境。 中国证监会副主席 李明：目前，境外投资者持有A股的市值超过3.5万亿元，是A股市场的重要参与力量。展望未来，中国资本市场对外开 放的大门只会越来越大。推动更多期货期权品种纳入对外开放品种范围，提高外资机构参与中国资本市场的便利度。 记者观察到，无论是场内发言，还是场外交流，"投资中国就是投资未来"已经成为外资机构高管们的共识。 摩根资产管理环球主席 白博文：对摩根大通而言，中国是我们的关键战略重点。在中国，我们拥有最大的外商独资公募基金公司，管理 着超过2600亿元人民币的资产。 谈及中国的"十五五"规划，外资机构高管表示，相信中国一定能够达成规划目标，从而带来企业盈利能力的提升和股票投资的良好回报。 宏利投资管理全球首席投资官 浦科令：（"十五五"规划 ...

Group 1 - China Galaxy Asset participated in the 2025 Bay Area Special Asset Promotion Conference and the release of the "China Special Asset Industry Development Report (2025)" organized by the Guangzhou Bay Area International Restructuring Center and the Shanghai Financial and Development Laboratory, with over 300 representatives from various sectors attending [1] - The establishment of the Restructuring Center marks the official launch of a platform aimed at transforming the disposal of special assets from a fragmented service model to a comprehensive service model characterized by "government guidance + market efforts + judicial guarantees" [1] - China Galaxy Asset has actively engaged in building a new model for special asset management in Guangzhou, collaborating with government departments, financial institutions, state-owned enterprises, industry associations, and exchanges [1] Group 2 - China Galaxy Asset aims to deepen its involvement in special asset business resources in Guangdong, focusing on financial risk resolution in the Pearl River Delta region, and fulfilling its mission as a "financial risk resolver, social resource allocator, and service provider for the real economy" [2] - The company is committed to the value concept of "reshaping asset value and creating a better life," supporting national strategies, the real economy, and facilitating economic circulation to contribute to high-quality development [2]

Group 1: Core Perspectives - The consensus among global investors is to invest in and deepen engagement with China, as highlighted by the upcoming Shanghai Stock Exchange International Investor Conference [2] - The China Securities Regulatory Commission (CSRC) emphasizes that the capital market will continue to open up, creating a favorable investment environment for international investors [2][3] - Major global asset management firms express optimism about the long-term value of investing in China, driven by a stable macroeconomic environment and ongoing policy improvements [2] Group 2: Policy and Market Reforms - The "14th Five-Year Plan" outlines a direction for expanding institutional openness in capital markets, aiming to enhance the inclusivity and adaptability of market systems [3] - The CSRC plans to deepen reforms in financing and investment, promoting the development of diverse equity financing and increasing the scale of long-term investments from social security and insurance funds [3][4] - Shanghai aims to enhance its international financial center status by improving the business environment and attracting more domestic and foreign institutions [5] Group 3: Mergers and Acquisitions (M&A) Trends - The A-share market has seen a surge in M&A activities, with over 1,000 transactions reported since the release of new reform guidelines, indicating a significant structural change in the economy [8] - Chinese companies are increasingly focusing on M&A to adapt to new industry dynamics, with state-owned enterprises expanding globally and private firms actively seeking international opportunities [8][9] - M&A is viewed as a golden opportunity for international investors to engage with Chinese companies, particularly in technology and traditional industries undergoing transformation [9][10] Group 4: Long-term Investment Strategies - Long-term funds are being encouraged to increase their allocation to equity assets, with a focus on technology stocks that have shown strong performance in the current market [12][13] - The importance of maintaining a long-term investment perspective is emphasized, particularly in the context of supporting technological innovation and national strategies [14] - Challenges remain in promoting long-term investments, including the need for improved dividend policies among listed companies and a more stable market environment [15]

Core Viewpoint - The company, Derin Holdings (01709), has entered into a legally binding term sheet with Youngtimers AG (YTME) for a proposed subscription, which includes the conditional agreement to subscribe for shares at a price of 0.42 Swiss Francs (approximately 4.10 HKD) per share, totaling 10 million USD (approximately 78 million HKD) for 19.0476 million shares [1][2][3] Group 1 - The subscription will involve a combination of cash payment and issuance of shares at the subscription price [1] - YTME will grant the company subscription options to acquire up to 3.8095 million shares at the same price, totaling approximately 2 million USD (approximately 15.6 million HKD) [1] - Upon completion, YTME will hold approximately 0.885% of the company's expanded issued share capital [2] Group 2 - YTME is a Swiss-registered company listed on the Swiss Stock Exchange since May 16, 2000, focusing on private equity, private credit, and other private market strategies [2] - The acquisition of C Capital Group, which specializes in private equity and credit, positions YTME as a global asset management company targeting the Asia-Pacific region [2] - The board believes that the proposed subscription aligns with the group's long-term vision to expand its global asset management footprint and enhance its position in Europe and the Asia-Pacific region [3] Group 3 - The investment will leverage YTME's established platform and expertise to capture high-growth opportunities and diversify the investment portfolio [3] - The company aims to utilize YTME's status as a Swiss financial hub to accelerate service development for high-net-worth clients in Europe [3] - The proposed subscription is expected to strengthen the strategic partnership between the company and YTME, facilitating collaboration in joint investments, product development, and cross-border asset management initiatives [3]

Core Viewpoint - The company, Derlin Holdings (01709), has entered into a binding term sheet with Youngtimers AG (YTME) for a proposed subscription, which is expected to enhance its global asset management footprint and strengthen its position in Europe and the Asia-Pacific region [1][3]. Group 1: Subscription Details - The company conditionally agrees to subscribe for a total of 19.0476 million shares of YTME at a subscription price of 0.42 Swiss Francs (approximately 4.10 HKD) per share, totaling 10 million USD (approximately 78 million HKD) [1]. - Part of the payment will be made in cash, while the remainder will be settled through the issuance of consideration shares at the subscription price upon completion [1]. - YTME will grant the company a subscription option to acquire up to 3.8095 million shares at the same price, totaling approximately 2 million USD (approximately 15.6 million HKD) [1]. Group 2: YTME Overview - YTME is a Swiss-registered company listed on the Swiss Stock Exchange since May 16, 2000, focusing on private equity, private credit, and other private market strategies [2]. - Following acquisitions of C Capital Group in November 2024 and August 2025, YTME operates as a global asset management company targeting the Asia-Pacific region [2]. Group 3: Strategic Implications - The board believes that the proposed subscription will align with the company's long-term vision of expanding its global asset management presence and enhancing its status in Europe and the Asia-Pacific [3]. - The investment will leverage YTME's established platform and expertise to capture high-growth opportunities and diversify the investment portfolio [3]. - The collaboration is expected to create synergies, enhance competitive advantages, and generate sustained value for shareholders through joint investments, product development, and cross-border asset management initiatives [3].

Core Insights - The article highlights the significant reforms in China's public fund industry, driven by the China Securities Regulatory Commission's action plan aimed at high-quality development, focusing on fiduciary responsibility and encompassing governance, product innovation, investment operations, and assessment mechanisms [1] - Morgan Asset Management (China) has successfully localized its operations, achieving a non-monetary public fund management scale of 133 billion yuan by Q3 2025, doubling its size in two years and improving its industry ranking by 20 positions, reflecting strong market recognition of its investment management capabilities [1] - The company emphasizes a long-term investment philosophy and has established a robust research-driven culture, which is crucial for generating sustainable alpha for clients [2][6] Company Strategy - Morgan Asset Management (China) has adopted a clear investment research structure, focusing on active management as its core competency, with teams dedicated to growth, balanced growth, and value investments, targeting various risk-return profiles [3] - The firm has identified key investment opportunities in artificial intelligence, leading Chinese manufacturers, and dividend assets, leveraging a dual driver of valuation recovery and earnings growth for structural market opportunities in 2025 [4] - The company has built a systematic talent development mechanism, nurturing fund managers with long-term commitment, evidenced by managers like Du Meng and Li Bo, who have delivered substantial returns over extended periods [4][5] Research and Analysis - Morgan Asset Management promotes a "research compounding" approach, emphasizing the importance of continuous research investment to enhance decision-making quality [6] - The firm has a global research team of 500 analysts, conducting extensive field research and maintaining high-frequency interactions with global teams to integrate local insights with global perspectives [6][7] - A unified research language and framework have been established to facilitate efficient resource sharing and collaboration across regions, enhancing the overall research quality [7] ETF Business Development - Morgan Asset Management has differentiated its ETF offerings by combining active management advantages, becoming the second-largest active ETF issuer globally and leading in net inflows since 2025 [8] - The company has launched 11 ETFs in China, focusing on investor experience and innovative features like quarterly mandatory dividends, catering to various investment strategies [8] - The firm continues to enhance its ETF business by providing localized market insights and strategies through reports and seminars, aiming to support index investors effectively [9] Future Outlook - The asset management industry is expected to increasingly favor long-termism, professional capabilities, and ecosystem collaboration, with Morgan Asset Management committed to refining its practices in investment management, product innovation, and client service [10]