（原标题：富时罗素亚太区股票及多资产指数联席主管闫岩：积极搭建国际与中国资本互联互通桥梁） 新岁序开迎盛景，马蹄催春踏锦程。资本融通兴百业，长风万里任纵横。值此马年新春，辞旧迎新之 际，我谨代表富时罗素全体员工，向尊敬的中国基金报读者、一路支持富时罗素业务发展的各界同仁与 广大投资者朋友致以衷心的感激与诚挚的问候！恭祝大家长安常安，所求皆得，万事胜意，新春喜乐！ 2025年，是中英财金对话重启、中国资本市场高质量发展提速的关键一年。 作为深耕中国市场的英国指数公司，我们欣喜看到中国资本市场在制度型开放、长钱入市、规模流动性 双升、新质生产力资产扩容等方面取得显著成果。这一年，沪深港通活跃度稳步增长，QFII/RQFII投资 范围优化扩容，外资参与债券回购等业务落地，跨境资金融通效率明显提升；中国证监会发布《推动中 长期资金入市工作方案》，配套指数化投资、公募基金高质量方案落地，"引长钱、促长投"制度改革深 化，打通入市长效通道。这一年，A股总市值首破100万亿元，全年成交突破400万亿元，日均成交超1.7 万亿元，市场规模与流动性实现质变，整体深度与韧性显著增强；"战新"公司IPO数量约100家，科创债 发行 ...

智通财经APP获悉，2月11日，中证指数公司发文称，全球指数化投资规模迭创新高，指数体系日益完善。截至2025年底全球ETF资产规模达到19.85万亿 美元。从产品来看，以Smart Beta为代表的策略ETF引领多样化发展，科技等行业主题ETF关注度显著提升，固定收益等低风险类ETF持续获市场青睐。从 指数布局来看，市场覆盖范围和底层资产类型的多元化以及存量指数优化等成为重点方向，指数应用场景日益丰富。 在政策支持及指数化投资需求持续增强的背景下，境内市场整体呈现"政策驱动、供需两旺、创新加速"的景象。境内指数行业生态持续完善，指数化投资 多向发力提质扩容。指数化投资规模进一步增长，债券指数产品增速尤为亮眼。截至2025年底，境内共有3433只指数型产品，合计规模为7.23万亿元，较 2024年底分别增加858只和增长44.32%。一方面，中证A500等特色宽基指数持续引领市场新热点，境内宽基指数产品规模创新高;另一方面，人工智能等 主题、跨境、红利等策略、固定收益、多资产等指数及指数产品备受市场关注。 展望未来，境内指数化投资将迎来多重发展机遇：一是政策协同驱动，有助于构建指数化投资高质量发展新格局;二是 ...

Core Viewpoint - The postponement of the review of the Indonesian index by FTSE Russell due to uncertainties in stock trading freedom represents a significant setback for Southeast Asia's largest economy, which is facing criticism regarding its stock trading and transparency [1][3]. Group 1: FTSE Russell's Decision - FTSE Russell announced the postponement of the scheduled review of the Indonesian index originally set for March, citing feedback from a committee of investment professionals and concerns over unfavorable trading volumes and uncertainties in determining the accurate free float percentage of Indonesian securities [4]. - As of now, newly listed Indonesian stocks will not be added to FTSE Russell's products, nor will there be updates to reflect changes typically included in regular index reviews, such as additions, deletions, or weight changes [4]. Group 2: Impact on Indonesian Market - The Jakarta Composite Index (JKSE) has already lost approximately $120 billion due to warnings from MSCI about the potential downgrade of Indonesia to frontier market status [1][3]. - Moody's downgraded the country's credit rating outlook last week, further impacting investor confidence [4]. Group 3: MSCI's Actions - MSCI has also frozen updates for Indonesian securities in its products, which are widely used as benchmarks by investors, with billions of dollars in passive funds tracking these indices [2][5]. - The decisions made by both FTSE Russell and MSCI can significantly influence capital flows in and out of Indonesia [2][5].

Core Viewpoint - China Securities Index Co., Ltd. has launched 15 bond full-price indices, including the China Bond Index, to enhance the representation of the domestic bond market [1] Group 1: Index Launch and Features - The newly released indices are derived from existing indices using a full-price calculation method, covering key domestic bond types [1] - The China Bond Index includes government bonds, financial bonds, corporate bonds, and company bonds, reflecting the overall performance of the Chinese bond market [1] - The index family now includes five calculation methods: total return, after-tax total return, net price, interest and reinvestment, and full price, catering to various investment scenarios [1] Group 2: Market Coverage and Growth - China Securities Index has published over 850 bond indices, covering all domestic bond types, including government bonds, local government bonds, credit bonds, interbank certificates of deposit, convertible bonds, and asset-backed securities [1] - The rapid growth of bond ETFs has significantly increased the attention on bond indices, with the domestic bond ETF scale surpassing 810 billion yuan, and over 80% of this being managed by China Securities Index [1] - More than 2,200 public funds use the indices managed by China Securities Index as performance benchmarks [1] Group 3: Future Developments - The company plans to further enrich the bond index series to provide more diverse targets for passive index products and develop performance benchmarks that better meet the actual investment needs for actively managed products [2]

Core Viewpoint - MSCI is considering the exclusion of digital asset treasuries (DATs) from its indexes, which has caused significant concern within the crypto community, especially after JP Morgan's mention of "Operation Chokepoint" [1] Group 1: MSCI's Role and Index Methodology - MSCI is a major index provider with over $18 trillion in ETFs and institutional assets linked to its benchmarks, emphasizing investor protection in its index methodology [2] - The approval of an asset for inclusion in MSCI's indexes carries substantial influence, raising questions about whether DATs meet the necessary benchmarks [2] Group 2: The Rise of Digital Asset Treasuries - Strategy (formerly MicroStrategy) was the first significant player in the Bitcoin treasury space, transitioning from a software business to a leveraged BTC investment under Michael Saylor's leadership [3] - The share price of MSTR increased over 3,000% from its first Bitcoin purchase in August 2020 to its peak in June 2025, prompting other companies to enter the DAT market [4] - The number of corporate entities holding DATs surged from 4 in 2020 to 142 by October 2025, with over half established in the current year [4] Group 3: Challenges Faced by Digital Asset Treasuries - Many new corporate entities acquired crypto under less favorable conditions compared to Strategy, with some issuing secured debt that imposes stricter collateral requirements [5] - The recent crypto market downturn has significantly impacted DATs, reducing their combined market cap from $176 billion in July to approximately $99 billion by mid-November, with many trading below their net asset values [6] - Early investors in DATs are experiencing losses as stock prices decline amid the market sell-off [6]

Group 1 - FTSE Russell announced changes to the FTSE China 50 Index, FTSE China A50 Index, FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index, effective after the market close on December 19, 2025 [1] - Goldman Sachs indicated that the changes to the FTSE China 50 Index and FTSE China A50 Index could trigger over $850 million in capital flows, with significant passive investment expected in sectors such as metal producers and healthcare [1]

Core Insights - The Hang Seng Index Company has evolved from a small service company to an international index provider, reflecting the growth of Hong Kong's financial market over more than half a century [1][2] - In 2025, the Hong Kong stock market is expected to rebound strongly, with IPO fundraising returning to the top globally and the Hang Seng Index experiencing a year-to-date increase of over 30% [1][2] Market Performance - The Hang Seng Index is projected to have an upward potential of approximately 7000 points in 2025, with the information technology sector contributing the most at around 2000 points, followed by finance and consumer sectors each contributing about 1900 points [2] - The healthcare sector, despite its 3% weight, is expected to contribute over 400 points, with the Hang Seng Healthcare Index showing a year-to-date increase of over 73% [2] Index Reform and Composition - The Hang Seng Index has undergone significant reforms since its inception in 1969, expanding its constituent stocks from 33 to 88, with a market capitalization coverage of 66% [3][4] - The weight of the consumer sector in the index has increased by 15 percentage points to approximately 30%, while the financial sector's weight has decreased by 13 percentage points to around 30% [3] Product Development and Market Demand - There is a growing demand for thematic indices, particularly in technology and high-yield sectors, with the company launching 15 new indices in 2025, seven of which focus on yield and strategy [6] - The Hang Seng Technology Index has seen significant growth in overseas markets, with assets under management (AUM) in Europe and the US increasing threefold and fourfold, respectively [6] Global Market Engagement - The company has expanded its business to cover 37 markets globally, with a notable presence in Malaysia, where products tracking the Hang Seng Index account for 70% of the local market's turnover [8] - The company aims to enhance Hong Kong's role as a "super connector" by continuously seeking opportunities to launch index products that attract foreign investment [8] Investor Trends - The biotechnology sector has seen a surge in interest, driven by the mainland market, with the number of ETFs tracking this sector increasing from 8 to 13 and AUM doubling to 28 billion RMB [10][11] - There is a notable difference in investment focus between domestic and foreign investors, with overseas investors particularly interested in technology indices [13]

Core Insights - FTSE Russell's CEO Fiona Bassett indicates that European sovereign wealth funds and pension funds are likely to increase their allocation to China in the next 6 to 12 months, viewing China as an independent asset class rather than just part of emerging markets [1][2][9] Investment Trends - Global investors are shifting from defensive cash and short-duration bonds to risk assets, including developed and emerging market equities and bonds, with new capital flowing into Chinese and Greater China assets [3][4] - There is a notable interest in high-quality government bonds and physical assets, while investors still use high-quality bonds and gold as tactical hedges [4] European Market Dynamics - Funds are flowing from the US stock market into Europe and emerging markets, driven by the valuation differences and rising policy uncertainties in the US [5][6] - European institutional investors are facing challenges such as high stock valuations, interest rate uncertainties, geopolitical tensions, and internal pressures like weak growth prospects and regulatory fragmentation [6][7] Chinese Market Opportunities - European investors are increasingly interested in China's A-shares, driven by supportive monetary policies and perceived market stability and growth potential [9][10] - There is a growing focus on sectors like technology and advanced manufacturing, with particular interest in artificial intelligence and robotics [9][10] Emerging Market Developments - FTSE Russell has upgraded Vietnam's market status from frontier to secondary emerging market, which will facilitate global investors' access to Vietnam [12][13] - The upgrade is expected to bring in $1 to $1.5 billion in passive fund inflows, with active management inflows anticipated to be 4 to 5 times that amount [14] ESG Investment Trends - Sustainable investing, particularly regarding climate considerations, is becoming increasingly important, with a shift towards more integrated and thematic investment approaches [15] - Regulatory frameworks in Europe are enhancing corporate disclosure standards, which is crucial for ESG investments [15]

Group 1: Core Insights - FTSE Russell anticipates that European sovereign wealth funds and pension funds may increase their allocation to China in the next 6 to 12 months, viewing China as an independent asset class rather than just part of emerging markets [1][6] - Global investors are shifting from defensive cash and short-duration bonds to risk assets, including developed and emerging market equities and bonds, with a notable flow of new funds into Chinese and Greater China assets [2][6] - The upgrade of Vietnam's market from frontier to secondary emerging market status by FTSE Russell is expected to facilitate easier access for global investors, although the impact on other emerging markets is minimal [1][8] Group 2: European Investor Concerns - European institutional investors are facing a complex environment shaped by structural, macroeconomic, and regulatory challenges, including high stock valuations, interest rate uncertainty, and geopolitical tensions [4] - There is a growing interest among European asset managers in diversifying their portfolios away from overexposed positions in the US and Europe, with a focus on China's leadership in technology and artificial intelligence [6][4] Group 3: Investment Trends - The demand for Chinese indices, particularly those focused on technology, artificial intelligence, and electric vehicles, is increasing among global investors, with significant inflows into products like the Invesco China Technology ETF [7] - The transition of Vietnam to a secondary emerging market is expected to attract approximately $1 to $1.5 billion in passive fund inflows, with active management inflows projected to be 4 to 5 times that amount [9][8] Group 4: ESG Investment Evolution - There is a notable shift in investor behavior towards more integrated and thematic approaches to ESG investing, with a focus on understanding how ESG factors impact investment returns [11] - Regulatory frameworks in Europe, such as the Corporate Sustainability Reporting Directive (CSRD), are enhancing corporate disclosure standards, which is crucial for ESG investment transparency [11]

Group 1 - The core viewpoint is that global investors are shifting from defensive cash and short-duration bonds to risk assets, including developed and emerging market stocks and bonds, with a notable increase in interest towards Chinese assets [2][5][10] - FTSE Russell's CEO anticipates that European sovereign wealth funds and pension funds may increase their allocation to China in the next 6 to 12 months, viewing China as an independent asset class rather than just part of emerging markets [2][11] - The upgrade of Vietnam's stock market to secondary emerging market status by FTSE Russell is expected to facilitate global investors' access to the Vietnamese market, although the impact on other emerging markets is minimal [2][14][18] Group 2 - European institutional investors are currently facing challenges such as high stock valuations, interest rate uncertainty, geopolitical tensions, and internal pressures like weak growth prospects and regulatory fragmentation [8][9] - There is a growing interest among European asset managers in diversifying their portfolios by increasing allocations to China, particularly in sectors like technology and advanced manufacturing [11][12] - The demand for Chinese indices, especially those focused on technology and artificial intelligence, is rising among global investors, indicating a strong interest in China's growth potential [12][13] Group 3 - The transition of Vietnam to a secondary emerging market is expected to attract significant passive and active fund inflows, estimated at $1-1.5 billion, with around 30 stocks likely to be included in the indices [18] - The ongoing evolution of investor behavior towards ESG and climate considerations reflects a shift from simple ESG fund investments to more integrated and thematic approaches [20] - Despite some negative headlines, there is a substantial and ongoing inflow of capital into the ESG investment space, underscoring the long-term value and market demand for sustainable investments [20]