9月4日，香港证监会与香港金融管理局发布的一项联合调查结果显示，2024年香港非交易所买卖投资产品的销售及市场参与度皆创下历史新高。此次调查共涉及 2368家持牌法团及109家注册机构，超过99%的公司回复了调查问卷。 调查显示，2024年所有主要投资产品种类均录得显著的销售增长，总交易额高达60730亿港元。受访公司普遍发现投资者情绪较一年前高涨，积极追求符合其风险 偏好及投资目标的产品。 股票挂钩产品最为畅销 数据显示，2024年香港非交易所买卖投资产品的总交易额同比飙升40%，至破纪录的60730亿港元。其中集体投资计划、结构性产品及债务证券的销售分别同比激增 9660亿港元（76%）、5870亿港元（30%）及2130亿港元（29%）。 在强劲的市场动力下，期内股票挂钩产品仍是最畅销的结构性产品种类，其销售达17290亿港元，同比增长43%。其占2024年销售的全部结构性产品的67%，高于 2023年的61%。在大型公司呈报的前五大产品中，相关股票以科技（42%）、汽车（23%）及互联网（22%）行业为主。 一些大型公司表示，港股市场对内地的政策措施持乐观态度，以及对全球经济前景的忧虑减轻等有利因素， ...

Core Insights - The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority reported record sales and market participation in non-exchange traded investment products for 2024, indicating a strong growth trend in the market [1][2]. Group 1: Sales and Market Participation - Total trading volume of non-exchange traded investment products reached a record high of 60,730 billion HKD, representing a 40% year-on-year increase [1]. - The number of companies engaged in selling investment products rose by 9% to a new high of 414, with 46% of these companies experiencing over 100% year-on-year sales growth [1]. - The number of large companies increased by 12% to 101, and the personnel responsible for distributing investment products grew by 4% to over 19,000 [1]. Group 2: Product Performance - All major categories of investment products saw significant sales growth, with recognized collective investment schemes increasing by 96% to 14,000 billion HKD, and non-recognized collective investment schemes growing by 50% to 8,440 billion HKD [1]. - Sales of structured products and debt securities rose by 30% and 29% year-on-year, respectively [1]. Group 3: Investor Sentiment - The survey indicated a notable increase in investor sentiment, with a 28% rise in the number of clients completing at least one transaction, reaching over 1.2 million [1]. - Stock-linked products remained the best-selling category of structured products, achieving sales of 17,290 billion HKD, a 43% increase year-on-year [2]. - Money market funds and sovereign bonds were highlighted as low-risk options that provided attractive returns in the high-interest environment of 2024 [2].

Core Insights - The Hong Kong Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA) reported record highs in the sales and market participation of non-exchange traded investment products for 2024 [1][2] Group 1: Sales Performance - The total trading volume of non-exchange traded investment products surged by 40% year-on-year, reaching a record HKD 6.07 trillion [2] - The number of companies engaged in investment product sales increased by 9% to a new high of 414, with 46% of these companies reporting over 100% year-on-year sales growth [2] - The number of large companies rose by 12% to 101, and the personnel responsible for distributing investment products increased by 4% to over 19,000 [2] Group 2: Product Categories - All major categories of investment products experienced significant sales growth in 2024, with recognized collective investment schemes sales rising by 96% to HKD 1.4 trillion, and unrecognized collective investment schemes increasing by 50% to HKD 844 billion [3] - Sales of structured products and debt securities grew by 30% and 29% year-on-year, respectively [3] Group 3: Structural Products - Equity-linked products emerged as the best-selling category of structured products, with sales increasing by 43% to HKD 1.73 trillion, accounting for 67% of total structured product sales in 2024 [4] - The top five products reported by large companies were primarily in the technology (42%), automotive (23%), and internet (22%) sectors [4] Group 4: Market Trends - Money market funds and sovereign bonds were favored for their low-risk profiles and attractive returns in the high-interest environment of 2024, with money market fund sales increasing to 80% of the total trading volume of the top five collective investment schemes [7] - Structured products remained the most sold product type, comprising 42% of total trading volume (HKD 25.67 trillion), while collective investment schemes and debt securities accounted for 37% (HKD 22.44 trillion) and 15% (HKD 9.41 trillion), respectively [7] Group 5: Online Sales - Online sales accounted for 17% of the total trading volume reported by surveyed companies, significantly up from 12% in 2023, with the number of companies distributing investment products online increasing by 13% to 104 [9] - Collective investment schemes were the most sold product type online, making up 77% of online sales, followed by debt securities at 21% [9] Group 6: Regulatory Perspective - The SFC and HKMA emphasized the importance of a robust regulatory framework to support market development while safeguarding investor interests, reflecting confidence in the vitality of the Hong Kong investment market [10][11]

Core Insights - The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority reported record highs in sales and market participation of non-exchange traded investment products in 2024 [2][4]. Group 1: Sales and Market Participation - Total trading volume of non-exchange traded investment products surged by 40% year-on-year, reaching a record HKD 6.07 trillion [4]. - The number of companies engaged in investment product sales increased by 9% to a new high of 414, with 46% of these companies reporting over 100% year-on-year sales growth [4][5]. - The number of large companies rose by 12% to 101, and the personnel responsible for distributing investment products increased by 4% to over 19,000 [5]. Group 2: Product Categories and Performance - All major investment product categories experienced significant sales growth in 2024, with recognized collective investment schemes sales rising by 96% to HKD 1.4 trillion, and non-recognized collective investment schemes increasing by 50% to HKD 844 billion [7]. - Sales of structured products and debt securities grew by 30% and 29% respectively [7]. Group 3: Structural Products - Stock-linked products emerged as the best-selling category of structured products, with sales reaching HKD 1.73 trillion, a 43% increase year-on-year, accounting for 67% of total structured product sales [9]. - The top five products reported by large companies were primarily in the technology (42%), automotive (23%), and internet (22%) sectors [9]. Group 4: Online Sales and Distribution - Online sales accounted for 17% of total trading volume reported by surveyed companies, up from 12% in 2023, with the number of companies distributing investment products online increasing by 13% to 104 [13]. - Collective investment schemes remained the most sold product type on online platforms, making up 77% of online sales, followed by debt securities at 21% [13]. Group 5: Regulatory Perspective - The Hong Kong Securities and Futures Commission emphasized the importance of a robust regulatory framework to support market development while protecting investor interests [15]. - The strong growth in investment transactions reflects investor confidence in the vitality of the Hong Kong investment market [15].

Group 1 - The total trading volume of non-exchange traded investment products in Hong Kong reached a record high of HKD 60,730 billion in 2024, representing a 40% year-on-year increase [1] - The number of companies engaged in the sale of investment products rose by 9% to a new high of 414, with 46% of these companies reporting over 100% year-on-year sales growth [1] - The number of personnel responsible for distributing investment products increased by 4% to over 19,000, while the number of clients completing at least one transaction surged by 28% to over 1.2 million, both reaching historical highs [1] Group 2 - All major types of investment products experienced significant sales growth in 2024, with recognized collective investment schemes sales increasing by 96% to HKD 14,000 billion, and unrecognized collective investment schemes growing by 50% to HKD 8,440 billion [1] - Structured products and debt securities saw year-on-year sales increases of 30% and 29%, respectively [1] - Stock-linked products thrived under strong market dynamics, achieving sales of HKD 17,290 billion, a 43% increase year-on-year [2] Group 3 - The proportion of money market fund sales increased from 76% in 2023 to 80% in 2024 among large companies, indicating a growing preference for low-risk investments in a high-interest environment [2] - Sovereign bonds accounted for 49% of total debt securities sold in 2024, up from 44% the previous year [2] - Online sales represented 17% of the total trading volume reported by surveyed companies, up from 12% in 2023, with the number of companies selling investment products online increasing by 13% to 104 [3]

Core Viewpoint - The European sovereign debt market is facing significant challenges, with rising yields indicating concerns over government budget sustainability and potential political instability in France [1][2][4]. Group 1: France's Debt Situation - The yield on 30-year French bonds has surpassed 4.5%, the highest since the 2011 Eurozone crisis, driven by fears of a government collapse following an upcoming confidence vote [1][2]. - Political instability is expected to increase risk premiums on French debt, exacerbating the country's fiscal challenges [2][3]. - As of September 2, the 30-year French bond yield has risen by 20 basis points since late August, while the 10-year yield has increased by 18 basis points to 3.58% [2]. Group 2: Broader European Debt Market Trends - Other major Eurozone economies are also experiencing rising bond yields, with the 30-year UK bond yield breaking 5.70% for the first time since 1998, and German and Dutch yields reaching 3.40% and 3.57%, respectively [4][6]. - The overall fiscal vulnerability across Europe is leading to a reassessment of public finances, with many countries facing increasing debt-to-GDP ratios [4][6]. - The divergence in bond yields among Eurozone countries is not indicative of risk convergence but rather reflects a broader increase in debt uncertainty across the region [6][7]. Group 3: Economic Implications - The rising yields are creating a negative feedback loop, where increased debt concerns lead to higher yields, further worsening debt dynamics [7]. - The European Central Bank's potential inability to maintain low interest rates amid rising inflation adds to the systemic risks in the European debt market [7].

Group 1 - Morgan Stanley upgraded the ratings of US stocks and sovereign bonds from "neutral" to "overweight," anticipating that a series of future rate cuts by the Federal Reserve will support bonds and boost corporate earnings [1] - The US dollar is expected to continue weakening due to diminishing economic growth advantages and narrowing yield differentials with other countries [1] - The global economy is still expanding despite uncertainties, with Morgan Stanley's economists predicting seven rate cuts by the Federal Reserve by 2026, which will support above-average valuations [1] Group 2 - The overall inflation rate in the UK rose from 2.6% in March to 3.5% in April, exceeding economists' expectations of 3.4%, but the possibility of a rate cut by the Bank of England in August should not be ruled out [3] - Thailand experienced accelerated external demand growth in the first quarter, attributed to importers making advance purchases to avoid potential future cost increases due to US tariffs [3] - The financial sector is considered the best investment opportunity in the market, with Singapore's expected P/E ratio at 14.3 and a dividend yield of 4%, indicating attractive valuations [3]

Group 1 - Morgan Stanley upgraded both U.S. stocks and sovereign bonds from "neutral" to "overweight," predicting a significant shift in market dynamics due to anticipated interest rate cuts by the Federal Reserve over the next two years [1] - The S&P 500 index is projected to reach 6,500 points by 2026, reflecting a bullish outlook on the U.S. equity market [1][2] - The report suggests that the Federal Reserve will implement a total of seven interest rate cuts by 2026, which could lead to a 25% increase in the S&P 500 index and lower the 10-year Treasury yield to 3.45% [2] Group 2 - The report indicates that the favorable conditions for the U.S. dollar may be coming to an end, as the growth advantage of the U.S. economy is being matched globally, leading to a potential decline in the dollar index over the next 12 months [3] - Following a downgrade of the U.S. credit rating by Moody's, there is a trend of investors moving towards emerging markets and Asian assets, aligning with the forecast of a weakening dollar [3] Group 3 - Despite uncertainties surrounding trade negotiations and budget discussions under the Trump administration, Morgan Stanley sees a "certainty" emerging as the most intense phase of tariff impacts has passed, suggesting that the panic selling in the market may be a thing of the past [4] - The S&P 500 has recovered to 5,940 points, but concerns remain regarding high 10-year Treasury yields at 4.51% and worries about tax cuts and deficit expansion [4] Group 4 - The era of "unhedged bets" on the dollar may be ending, as global investors are likely to reassess their foreign exchange hedging strategies due to declining attractiveness of U.S. Treasury yields, which could exacerbate selling pressure on the dollar [5]