此外，香港证监会于上季通过签订多份谅解备忘录加强与成熟及新兴海外市场的联系。香港证监会与爱 尔兰中央银行于5月签订谅解备忘录，此后首只主动型ETF于7月在香港互挂上市，其投资于爱尔兰的主 ETF。此外，香港证监会与沙特阿拉伯资本市场管理局于6月在香港进行双边会议，以加强双方的联 系，并合办了圆桌会议，让资产管理公司探讨合作机会。 为了便利特专科技公司及生物科技公司上市，香港证监会与香港联合交易所有限公司于5月联合宣布推 出"科企专线"，并提供以保密形式提交上市申请的选择。 香港证券市场于4月初面对极端波动市况时亦展现出一贯的韧力，维持了有序正常运作。此后，恒生指 数强劲反弹，达到三年多以来的高位，而首七个月市场的日均成交额亦跃升85%至 2,437亿港元。 在第二季，香港证监会收到的牌照申请数目按年增加16%，亦印证市场蓬勃发展。此外，资产及财富管 理业在季内录得强劲增长，在香港注册成立的基金的管理资产按年稳健增长39%，其中货币市场基金持 续录得资金流入。开放式基金型公司数目按年大增56%，而香港证监会认可交易所买卖基金(exchange- traded fund，简称ETF)的日均成交额于季内按年飙升13 ...

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]