Core Insights - The Hong Kong mutual fund market is experiencing a divergence in fund flows, with the number of inflows and outflows being nearly equal as of August 2025 [1] - After the relaxation of the sales cap for mutual funds in mainland China, sales of Hong Kong mutual funds surged, reaching a cumulative net outflow of over 150 billion RMB in March 2025, a historical high, but have since declined [1] - The decline in enthusiasm for overseas investments among mainland investors is attributed to the strong recovery of the A-share market [1] Fund Performance - The Morgan Asian Total Return Bond Fund attracted 975 million RMB in August, leading in net inflows and maintaining a top-three position for the year [2] - The fund employs a "best investment opportunity" strategy, focusing on Asian credit bonds, local currency bonds, and convertible bonds, outperforming domestic pure bond funds [2] - The Morgan Asian Dividend Fund continued its inflow trend from July, becoming the third most popular Hong Kong mutual fund in August [2] - Conversely, the Morgan International Bond Fund saw a net outflow of 894 million RMB in August, despite being the largest net inflow fund for the year [2] - The East Asia United Global Equity Fund faced significant outflows of 933 million RMB in August, ranking last in net inflows for the year [2] - Global equity funds in the Hong Kong mutual fund sector are generally experiencing large outflows due to weaker performance compared to Chinese and Asian stock markets [2] Company-Specific Insights - HSBC's Asian Bond Fund and related products have paused mainland subscriptions since reaching sales limits in March 2025, leading to a one-way exit for mainland investors [3] - East Asia United was the largest net inflow fund in July but faced substantial outflows in August, primarily due to the performance of the East Asia United Global Equity Fund [3] - Morgan and HSBC continue to dominate the Hong Kong mutual fund market, with asset management sizes of 77.08 billion RMB and 34.55 billion RMB respectively, together accounting for approximately 60% of the total market size [3]

以下文章来源于Morningstar晨星 ，作者晨星中国 Morningstar, Inc.是全球目前最主要的投资研究机构之一，旨在为投资者提供专业的财经资讯、基金、股 票的分析及评级，以及功能卓著的分析应用软件工具。Morningstar在全球33个国家和地区有发展业务。 【导读】晨星8月香港互认基金月报：资金流向分化，内地投资海外热情降温 Morningstar 晨星（中国）研究中心 吴粤宁 2025 年 8 月，香港互认基金资金流向呈现分化态势，净流入与净流出产品数量基本持平。 自年 初 放宽互认基金内地销售比例上限 后，香港互认基金在内地的销售额快速增加。国家 外汇管理局数据显示， 2 025 年 3 月，香港互认基金内地发行销售累计净汇出金额突破 1500 亿元人民币 ，创下历史新高，随后数月却连续回落。这一变化显示出，随着 A 股市场 的强劲复苏，内地投资者对海外投资的热情有所降低。 具体到基金产品， 摩根亚洲总收益债券基金 8 月 " 吸金 "9.75 亿元，月净流入规模居首 位，今年以来净流入排名稳居前三。该基金采用无基准的 " 最佳投资机会 " 总回报策略，借 助亚洲信用债、本币债券及可转债 ...

晨星香港互认基金月报 基于晨星独家数据库，聚焦北上互认基金的月度资金流向、资产规模变化及管理 人市场份额动态，旨在为专业投资者提供及时、客观的数据参考与市场洞察。 2025年8月，香港互认基金资金流向呈现分化态势，净流入与净流出产品数量基本持平。自 年初放宽互认基金客地销售比例上限后，香港互认基金在内地的销售额快速增加。国家外汇 管理局数据显示， 2025年3月，香港互认基金内地发行销售累计净汇出金额突破1500亿元 人民币，创下历史新高 ， 随后数月却连续回落。这一变化显示，随着国内 A 股市场的强劲 复苏，内地投资者对海外投资的热情有所降低。 具体到基金产品， 摩根亚洲总收益 债券基金 8月吸金9.75亿元，月净流入规模居首位，年 初至今净流入排名也稳居前三。该基金采用无基准的 "最佳投资机会" 总回报策略，借助亚 洲信用债、本币债券及可转债投资等多种驱动因素获取收益。 截至2025年8月，其今年的表 现显著优于国内纯债基金的平均水平 。 摩根亚洲股息基金 延续 了7 月的资金净流入态势， 8月成为第三受欢迎的香港互认产品。该基金注重平衡资本增值与收益，长期目标是实现超 越业绩比较基准（MSCI 亚太除日 ...