Group 1: IPO Activity and Market Performance - Hong Kong's IPO activity and securities market performance have shown robust growth, reinforcing its position as a leading international financial center [1] - In the first seven months of the year, Hong Kong recorded 51 IPOs, with fundraising amounting to HKD 128 billion, a year-on-year increase of over 610% [1] - As of the end of July, there were over 220 IPO applications under review [1] - The average daily trading volume in the market surged by 85% to HKD 243.7 billion during the first seven months [1] Group 2: Asset and Wealth Management Growth - The number of license applications received by the Hong Kong Securities and Futures Commission (SFC) increased by 16% year-on-year, indicating a thriving market [2] - The asset and wealth management sector saw a strong growth, with assets under management for funds registered in Hong Kong increasing by 39% year-on-year [2] - The number of open-ended fund companies rose by 56% year-on-year, and the average daily trading volume of ETFs surged by 135.5% during the quarter [2] Group 3: Virtual Assets Development - The number of approved virtual asset spot ETFs in Hong Kong increased from six to nine, with three new virtual asset spot ETFs approved for staking activities [3] - As of the end of July, the number of licensed virtual asset trading platforms rose to 11, with 57 licensed entities permitted to provide virtual asset trading services [3] - The SFC is collaborating with the Financial Services and the Treasury Bureau to propose legislation for regulating virtual asset traders and custodians [3] Group 4: Investor Protection and Market Integrity - The SFC continues to prioritize investor protection, issuing warnings against market speculation related to stablecoins [3] - The SFC provided guidance to licensed institutions on preventing fraud and unauthorized trading, responding to international calls to combat scams [3] - A joint operation with the Independent Commission Against Corruption led to the arrest of two former executives of a listed company suspected of market manipulation through corrupt means [3]

Industry Status - The global asset management industry reached an asset management scale of $128 trillion in 2024, marking a 12% increase from the previous year, driven by strong market performance [19][8] - The industry's revenue grew by $58 billion, with 70% of this growth attributed to market performance and only 30% from net inflows, although half of the revenue growth was offset by the increase in low-cost products and declining fee rates [8][9] - Investors are shifting from actively managed funds to passive management products, particularly exchange-traded funds (ETFs), with active funds experiencing a net outflow of $100 billion in 2024, while passive funds saw a net inflow of $1.6 trillion [10][28] Three Forces Reshaping the Industry 1. **Product and Distribution Model Transformation** - The demand for ETFs is increasing, especially in the active ETF space, as they offer lower management fees and help build closer long-term relationships with clients [22][39] - Asset management firms are developing private equity products for retail investors to meet their demand for high-risk, high-return investments, although they face challenges related to liquidity and regulatory requirements [2][49] 2. **Industry Consolidation Wave** - Asset management firms are pursuing strategic partnerships or mergers to enhance scale and expand business, focusing on five key strategies: expanding product range, global business expansion, building technology and data capabilities, acquiring more long-term capital, and improving client relationships [3][12] - Successful execution of these strategies requires careful planning to bridge cultural, compensation, and value creation differences [3][12] 3. **Lean Management and Cost Reduction Needs** - Many firms are adopting three strategic models to reshape their cost structures: focusing investments on investment management and trading execution, concentrating on sales and marketing, and centralizing resources in IT [4][21] - The zero-based cost management approach is being utilized to reassess all costs from scratch, leading to changes such as outsourcing non-core functions and leveraging generative AI for process automation [5][21] Future Trends - The active ETF market is still in its early stages, with assets under management only accounting for 7% of the total ETF market, indicating a fragmented market landscape [6][45] - The integration of private assets into retail markets presents significant opportunities for asset management firms, which may consider allocating private assets into active ETFs or creating hybrid investment tools [6][49] - Industry consolidation through mergers and collaborations is expected to continue, with a focus on expanding alternative investment products and enhancing global business reach [6][12] Key Data and Conclusions - The global asset management scale grew by 12% in 2024, reaching $128 trillion [8] - Revenue growth in 2024 was $58 billion, with 70% driven by market performance [9] - Passive funds continue to attract capital, while active funds are seeing a slowdown in outflows [10] - Investment management and trading execution costs account for 30%-40% of total costs, while sales, marketing, and operations costs make up 39% [11] - The industry is focusing on five key goals for consolidation: expanding alternative investment products, enhancing global business reach, building technology and data capabilities, acquiring more long-term capital, and improving client relationships [12][56]

Group 1: Company Insights - The company has submitted a domestic listing application for the FGFR4 inhibitor, Pimiatin, which has entered the registration clinical trial phase for liver cancer treatment, indicating significant clinical potential [9][10][11] - The company maintains revenue guidance for 2025-2027 at 619 million, 623 million, and 664 million yuan respectively, and continues to push forward with its early-stage pipeline progress [11] - The company has demonstrated strong clinical development capabilities, with multiple innovative clinical breakthroughs announced at the 2025 AACR conference, showcasing its commitment to advancing its pipeline [11] Group 2: Industry Insights - The banking sector is experiencing a profound change in funding structure, with a shift towards reallocation rather than trading, driven by stable capital inflows from passive index expansions [12][13] - The average dividend yield for the banking sector currently stands at 3.86%, making it attractive for long-term capital, particularly from insurance funds [12][13] - In June 2025, the banking sector outperformed the CSI 300 index, with a 6.13% increase, indicating strong market performance [14]

Group 1 - Hong Kong Stock Exchange reported a 322% year-on-year increase in total fundraising amount for the first half of 2025, reaching 280.8 billion HKD compared to 66.5 billion HKD in the same period last year [10][12] - The number of new listings in the first half of 2025 was 44, a 47% increase from 30 in the previous year, with IPO fundraising amounting to 107.1 billion HKD, up 699% from 13.4 billion HKD [10][12] - The total market capitalization of the Hong Kong securities market reached 42.7 trillion HKD by the end of June, a 33% increase from 32.1 trillion HKD year-on-year [12] Group 2 - Five new stocks were listed on July 9, 2025, all of which closed higher on their debut, with FORTIOR rising over 16% and 蓝思科技 increasing by over 9% [10][11] - The average daily trading volume for the first half of 2025 was 2.4 trillion HKD, a significant increase of 118% compared to 1.1 trillion HKD in the same period last year [12] Group 3 - The Hong Kong Securities and Futures Commission welcomed the listing of the first actively managed ETF in Hong Kong, which enhances the product offerings for local investors and demonstrates Hong Kong's competitiveness in attracting overseas ETFs [14]

Market Growth - The Greater China region (Mainland China, Hong Kong, Taiwan) is the main driver of ETF market growth in the Asia-Pacific region, contributing 71% of the region's growth. In 2024, the ETF asset size in this region surged by 31% to reach $1.7 trillion, with record inflows of $347 billion [2][19]. - 71% of Greater China investors increased their ETF allocations over the past five years, with 20% reporting an increase of over 25%. Looking ahead, 99% of respondents plan to further increase their ETF investments in the next 12 months, particularly in Hong Kong (54%) and Taiwan (47%) [2][24]. - Taiwan's market has seen exceptional growth, with assets increasing by over 170% since the end of 2022, driven by a strong retail investor base of over 14 million [2][21]. Regional Characteristics - Taiwan's market is dominated by retail investors with a strong preference for specific themes such as artificial intelligence (60% view it as a leading trend for 2025) and cryptocurrency ETFs (40% plan to purchase) [3]. - Hong Kong is characterized by product innovation and serves as a cross-border hub, with 34% of investors planning to buy fixed income ETFs. Tax efficiency is a significant factor for 26% of investors when choosing ETFs [3]. - Mainland China investors exhibit a steady increase in allocations, with 74% planning to increase their ETF investments by no more than 10% in the next 12 months. There is a strong demand for offshore assets, particularly through cross-border channels [3]. Product Trends - There is a rising demand for buffered ETFs, with 29% of Greater China investors planning to invest in these products in the next 12 months, particularly in Mainland China (34%) [4]. - Interest in cryptocurrency ETFs is notable, with 26% of investors planning to invest, led by Taiwan (40%) and Hong Kong (23%) [4]. - Active ETFs are experiencing significant demand, with 100% of respondents planning to increase allocations in the next 12 months. In Hong Kong and Taiwan, 40% of investors plan to increase their allocations by over 25% [4]. Market Drivers and Challenges - Regulatory innovation is a key driver, with mechanisms like the ETF mutual access between Mainland China and Hong Kong facilitating cross-border investments [6]. - 27% of companies in Greater China are using AI tools to assist in investment decisions, indicating a growing trend in technology application [6]. - Competition among issuers is intensifying, with 76% of institutional investors planning to increase the number of ETF issuers they collaborate with. Product scale is a significant barrier, with 85% requiring a minimum AUM of $50 million [6].

Core Insights - Goldman Sachs President John Waldron highlighted significant market share growth opportunities in active ETFs, insurance, and retail wealth management [1] Group 1: Active ETFs - The active ETF market is expected to see substantial growth, driven by increasing investor interest and demand for more dynamic investment strategies [1] Group 2: Insurance - The insurance sector presents notable opportunities for market share enhancement, particularly as consumer preferences shift towards more personalized and flexible insurance products [1] Group 3: Retail Wealth Management - Retail wealth management is poised for significant expansion, with firms focusing on enhancing client engagement and offering tailored financial solutions to meet diverse client needs [1]

Core Insights - Goldman Sachs President John Waldron stated that the company has been "a bit slow" in the launch of actively managed ETFs [1] Group 1 - Goldman Sachs acknowledges its slower entry into the actively managed ETF market compared to competitors [1]

Core Insights - The report titled "ETF Industry on Overdrive: Shifting Gears, Breaking New Barriers" highlights the rapid acceleration and transformation of the global ETF industry, based on insights from over 600 professional investors managing more than $1.1 trillion in ETF assets [1][2] - Philippe Malaise, CEO of Trackinsight, emphasizes that ETFs are driving a global financial transformation focused on clarity, innovation, and investment opportunities [1] - Travis Spence from J.P. Morgan Asset Management indicates that 2025 will mark the era of active ETFs, with over 90% of respondents planning to maintain or increase their allocation to active ETFs [2] ETF Adoption Trends - Investors primarily choose ETFs for diversification, cost-effectiveness, and trading convenience, with performance, fees, liquidity, and issuer reputation being key selection criteria [3] - The usage of active ETFs is on the rise, benefiting from lower fees and higher transparency compared to mutual funds, with nearly 70% of respondents planning to increase their allocation to active ETFs in the next six months [3] - In fixed income, corporate and government bond ETFs are preferred, with 80% of investors planning to increase their allocation to active fixed income ETFs [3] - Theme-based ETFs are used for diversification and long-term strategic investments, with over half of respondents planning to increase their investment in thematic ETFs [3] - ESG ETFs are chosen based on personal beliefs and environmental concerns, with over half of European respondents indicating plans to increase their allocation to active ESG strategies [3] - Cryptocurrency ETFs are used primarily for risk diversification and long-term value growth, with nearly 60% of respondents planning to increase their allocation [3] - Income and options strategies remain popular, with about 60% of respondents expecting to increase investments in covered call and buffered products [3] Role of Financial Indices - Financial indices are increasingly being utilized by institutional investors as powerful tools for innovation within the ETF industry, as stated by Robert Ross from S&P Dow Jones Indices [4]

2025摩根资产管理中国投资峰会举行 2025摩根资产管理中国投资峰会圆满举行 近日，第十二届摩根资产管理中国投资峰会在北京成功举行。作为摩根资产管理在中国最具影响力 的旗舰活动之一，本届峰会汇聚了摩根大通及摩根资产管理全球和本地数十位投资专家，以及学界和产 业界嘉宾，共同探讨全球宏观经济、国际视野下的中国股票和债券投资机会、全球资产配置趋势、ETF 发展、人工智能(AI)等热点话题，吸引了全国400多位机构投资者、理财顾问、合作伙伴齐聚一堂。 摩根资产管理中国总经理王琼慧在开场致辞中介绍，截至2024年末，摩根资管全球资产管理规模达 3.6万亿美元，2024年主动管理资金流入量位居全球资管行业第一；2025年是摩根资管深耕中国公募基 金行业的第21年，公司在融入全球平台的同时，持续加码本土投研能力建设，聚焦打造更高品质的产品 与服务，以主动管理创造客户价值。 (责任编辑：叶景) 放眼全球市场，摩根资产管理亚太区首席市场策略师许长泰认为，特朗普政府的政策主张或将会对 美国及全球经济产生深远影响，全球经济格局有望重塑。目前，特朗普政府选择执行更具挑战性的政策 (如关税)，而更有利的政策(如减税)或将在2026年 ...