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]

Core Insights - The article discusses the significant reforms in China's public fund industry, emphasizing the importance of fiduciary responsibility and a long-term approach to achieve high-quality development [1] - Morgan Asset Management (China) has successfully localized its operations, achieving a management scale of 133 billion yuan in non-monetary public funds by Q3 2025, doubling its size in two years and improving its industry ranking by 20 positions [1][2] Group 1: Company Strategy and Performance - Morgan Asset Management (China) has maintained a strong focus on active management, achieving an annualized return of 13.50% in active equity investment management over the past 20 years, ranking in the top ten of the industry [2] - The company has structured its active equity investment teams into three groups: Growth, Balanced Growth, and Value, targeting different risk-return profiles [2][3] - The firm has introduced a clear investment guideline for each fund, ensuring that fund managers pursue excess returns while maintaining style stability, enhancing transparency for investors [3] Group 2: Research and Talent Development - Morgan Asset Management (China) emphasizes a "research-driven" investment culture, focusing on long-term research investments to enhance decision-making quality [4][5] - The company has established a "career analyst" mechanism, encouraging analysts to deepen their research rather than transitioning to fund management roles [5][6] - The global research team has conducted approximately 11,000 company visits and interactions over the past year, providing unique market insights for investment decisions [6] Group 3: ETF Business Development - Morgan Asset Management (China) has adopted a differentiated approach in the ETF market, becoming the second-largest issuer of active ETFs globally since establishing its platform in 2014 [6][7] - The company has launched 11 ETFs by October 2025, focusing on various strategies and themes, and has introduced innovative features like a "quarterly mandatory dividend" mechanism [7] - The firm has also localized its global flagship report for Chinese investors, enhancing its service offerings and market insights [7][8] Group 4: Future Outlook - The company aims to continue exploring best practices in the public fund sector in China, focusing on investment management, product innovation, customer service, risk control, and technology application [8] - Morgan Asset Management (China) is committed to contributing to the healthy development of the asset management industry by pursuing sustainable value creation alongside investors [8]

Core Insights - The ETF market has experienced significant growth, with total shares reaching 31.7 trillion and total assets amounting to 5.74 trillion yuan, alongside over 1,300 products available [1] - The market is diversifying, expanding from traditional equity ETFs to include bonds, commodities, currencies, and REITs, while also covering emerging sectors like semiconductors, AI, and carbon neutrality [1][2] - The development of innovative trading strategies and product differentiation is evident, with customized index products for institutional investors and regional theme ETFs aligning with national development strategies [1][2] Market Trends - The ETF market is characterized by a shift towards personalized investment solutions, driven by increasing competition and the need for differentiation among market participants [2] - Institutional investors are demanding customized ETFs that align with their long-term liabilities, leading to the creation of low-volatility and high-dividend index products [2] - Technological advancements, particularly in big data and AI, are facilitating product innovation within the ETF space, making it essential for firms to adapt to these changes [2] Future Outlook - The trend towards specialized and differentiated ETF products reflects a broader shift in the asset management industry from supply-driven to demand-driven strategies [2] - Successful products in the future will be those that can accurately capture industry changes and continuously lower the cost of investor participation [2]

21世纪经济报道记者 孙永乐 上海报道 11月12日，2025年上海证券交易所国际投资者大会在沪举行，大会主题为"价值引领，开放赋能——国 际资本投资并购新机遇"。 摩根资产管理环球主席白博文作为特邀外资机构代表作主题发言，从国际投资人视角讲述了当前中国资 本市场的投资并购机遇。 "924"以来政策实施精准有效 他举例称，中国证监会对公募基金行业全面改革方案建立了建设性框架，有利于改善投资者回报，增强 长期的稳定性和公众信任。与此同时，中国各大证券交易所发展方式高度专业化，令人印象深刻。 白博文相信，中国有能力实现"十五五"规划的目标，进而带来企业盈利增长、股市良好回报，以及更具 全球竞争力的资本市场。 他指出，"投资中国就是投资未来"这一口号，对于全球投资者而言越来越具有现实意义，未来的中国股 市将展现出更强的稳定性、更强的周期、更低的波动。 最后，白博文就中国资本市场发展提出一项重要观察。他观察到，近期中国市场许多交易活动来自指数 基金和ETF。 白博文认为，随着高水平对外开放持续推进，中国将继续实施"反内卷"相关政策，以缓解通缩压力、推 动企业增长与盈利提升，并聚焦科技服务及高端制造业发展。"这样一来， ...

Core Insights - The 2025 Shanghai Stock Exchange International Investor Conference opened on November 12, focusing on "Value Leadership, Open Empowerment - New Opportunities for International Capital Investment and Mergers" [1] - The conference attracted over 100 renowned investment institutions and nearly 400 representatives from regions including Europe, America, Asia-Pacific, and the Middle East, discussing new opportunities in Chinese investment and mergers, technology innovation, and high-level capital market openness [1][2] - Global asset management leaders expressed optimism about the long-term investment value in China, citing a stable macroeconomic environment, improved policy conditions, and accelerated technological innovation [1][2] Market Developments - China's capital market is steadily expanding its institutional openness, with ongoing optimization of the Qualified Foreign Institutional Investor (QFII) system, which has received high recognition for its stability, transparency, and predictability [2] - The Shanghai Stock Exchange and Singapore Exchange launched the China Securities Index Singapore Exchange Asia 100 Index series during the conference, marking a significant step in international cooperation [2] - The conference highlighted the achievements of the Shanghai Stock Exchange in supporting technological innovation and the development of new productive forces, particularly in the context of the seventh anniversary of the Sci-Tech Innovation Board [2] Future Outlook - The Shanghai Stock Exchange aims to enhance market inclusivity and adaptability while improving its attractiveness and competitiveness in response to complex internal and external changes in the capital market [3] - The exchange plans to leverage favorable opportunities for open cooperation to promote the long-term and stable development of the capital market in collaboration with global investors [3]

责任编辑：常福强 11月12日，在上交所国际投资者大会上，摩根资产管理环球主席白博文表示，中国并购市场正在进行转 型。比如，医疗行业特别具有吸引力，中国老龄化人口等因素不断推动医疗行业创新，这成为并购的主 要目的地。同时，消费行业也迎来了巨大的机会，一些美国公司在中国通过并购进入市场。白博文表 示，中国资本市场正处于一个重要时机，现在是投资的良好时机。 ...

Core Viewpoint - Recent international capital allocation to Chinese assets has significantly and continuously increased, driven by profound structural changes in the economy [1] Group 1: Investment Opportunities - China's economy is transitioning from real estate-driven growth to high-end manufacturing and service consumption, creating numerous new investment opportunities in sectors like AI, renewable energy, and innovative pharmaceuticals [1] - The attractiveness of A-share valuations, improving policies in the Chinese capital market, and the rising appeal of non-US dollar assets are contributing to foreign capital's growing interest in the Chinese market [1] Group 2: Future Industry Development - The future industrial development in China will focus on "new quality productivity" and "Chinese-style modernization," with green and low-carbon transformation as a long-term development goal [1] - High-end manufacturing, technological innovation, and green transformation are expected to be the core engines of growth over the next five years [1] Group 3: Company Strategy - The company plans to focus on cross-border product areas and intends to apply for QDII (Qualified Domestic Institutional Investor) quotas next year to leverage its group advantages [1] - The goal is to introduce innovative investment products with successful overseas experiences to Chinese investors [1]