Core Insights - The article highlights the significant reforms in China's public fund industry, driven by the China Securities Regulatory Commission's action plan aimed at high-quality development, focusing on fiduciary responsibility and encompassing governance, product innovation, investment operations, and assessment mechanisms [1] - Morgan Asset Management (China) has successfully localized its operations, achieving a non-monetary public fund management scale of 133 billion yuan by Q3 2025, doubling its size in two years and improving its industry ranking by 20 positions, reflecting strong market recognition of its investment management capabilities [1] - The company emphasizes a long-term investment philosophy and has established a robust research-driven culture, which is crucial for generating sustainable alpha for clients [2][6] Company Strategy - Morgan Asset Management (China) has adopted a clear investment research structure, focusing on active management as its core competency, with teams dedicated to growth, balanced growth, and value investments, targeting various risk-return profiles [3] - The firm has identified key investment opportunities in artificial intelligence, leading Chinese manufacturers, and dividend assets, leveraging a dual driver of valuation recovery and earnings growth for structural market opportunities in 2025 [4] - The company has built a systematic talent development mechanism, nurturing fund managers with long-term commitment, evidenced by managers like Du Meng and Li Bo, who have delivered substantial returns over extended periods [4][5] Research and Analysis - Morgan Asset Management promotes a "research compounding" approach, emphasizing the importance of continuous research investment to enhance decision-making quality [6] - The firm has a global research team of 500 analysts, conducting extensive field research and maintaining high-frequency interactions with global teams to integrate local insights with global perspectives [6][7] - A unified research language and framework have been established to facilitate efficient resource sharing and collaboration across regions, enhancing the overall research quality [7] ETF Business Development - Morgan Asset Management has differentiated its ETF offerings by combining active management advantages, becoming the second-largest active ETF issuer globally and leading in net inflows since 2025 [8] - The company has launched 11 ETFs in China, focusing on investor experience and innovative features like quarterly mandatory dividends, catering to various investment strategies [8] - The firm continues to enhance its ETF business by providing localized market insights and strategies through reports and seminars, aiming to support index investors effectively [9] Future Outlook - The asset management industry is expected to increasingly favor long-termism, professional capabilities, and ecosystem collaboration, with Morgan Asset Management committed to refining its practices in investment management, product innovation, and client service [10]

Core Insights - The article discusses the significant reforms in China's public fund industry, emphasizing the importance of fiduciary responsibility and a long-term approach to achieve high-quality development [1] - Morgan Asset Management (China) has successfully localized its operations, achieving a management scale of 133 billion yuan in non-monetary public funds by Q3 2025, doubling its size in two years and improving its industry ranking by 20 positions [1][2] Group 1: Company Strategy and Performance - Morgan Asset Management (China) has maintained a strong focus on active management, achieving an annualized return of 13.50% in active equity investment management over the past 20 years, ranking in the top ten of the industry [2] - The company has structured its active equity investment teams into three groups: Growth, Balanced Growth, and Value, targeting different risk-return profiles [2][3] - The firm has introduced a clear investment guideline for each fund, ensuring that fund managers pursue excess returns while maintaining style stability, enhancing transparency for investors [3] Group 2: Research and Talent Development - Morgan Asset Management (China) emphasizes a "research-driven" investment culture, focusing on long-term research investments to enhance decision-making quality [4][5] - The company has established a "career analyst" mechanism, encouraging analysts to deepen their research rather than transitioning to fund management roles [5][6] - The global research team has conducted approximately 11,000 company visits and interactions over the past year, providing unique market insights for investment decisions [6] Group 3: ETF Business Development - Morgan Asset Management (China) has adopted a differentiated approach in the ETF market, becoming the second-largest issuer of active ETFs globally since establishing its platform in 2014 [6][7] - The company has launched 11 ETFs by October 2025, focusing on various strategies and themes, and has introduced innovative features like a "quarterly mandatory dividend" mechanism [7] - The firm has also localized its global flagship report for Chinese investors, enhancing its service offerings and market insights [7][8] Group 4: Future Outlook - The company aims to continue exploring best practices in the public fund sector in China, focusing on investment management, product innovation, customer service, risk control, and technology application [8] - Morgan Asset Management (China) is committed to contributing to the healthy development of the asset management industry by pursuing sustainable value creation alongside investors [8]

Group 1 - The Hong Kong stock market showed mixed performance as of July 17, 2025, with sectors such as pharmaceuticals, defense, and automotive leading gains, while materials and metals faced declines [1] - The Hong Kong Dividend Index ETF (513630) recorded a trading volume of 187 million yuan on the same day, with a total size of 11.807 billion yuan and an increase of over 5.8 billion yuan this year [1] - The S&P Hong Kong Low Volatility Dividend Index achieved a 26.87% increase over the past year, significantly outperforming the CSI Dividend Index and the CSI Low Volatility Dividend Index, which rose by 4.97% and 12.16% respectively [1] Group 2 - Swire Properties saw significant gains, reflecting a potential development wave in high-quality housing driven by central government policies [2] - Financial institutions are expected to see a revaluation of stable dividend assets, with bank stocks meeting long-term dividend asset requirements due to their stability and low volatility [2] - Morgan Asset Management is focusing on providing investment opportunities in high-quality assets through its "Dividend Toolbox" series, which offers diversified dividend investment solutions across A-shares, Hong Kong stocks, and Asian markets [2]

Group 1 - The Hong Kong stock market indices experienced a decline as of June 30, 2025, with sectors such as textile services and defense showing gains, while banking and consumer discretionary sectors faced losses [1] - The Hong Kong Dividend Index ETF (513630) recorded a trading volume of 445 million yuan on June 30, 2025, with an average daily trading volume of 293 million yuan for June, representing a growth of approximately 28.5% compared to the previous month [2] - The S&P Hong Kong Low Volatility Dividend Index (SPAHLVCP.SPI) saw a significant increase of 22.05% over the past year, outperforming the CSI Dividend Index (-1.12%) and the CSI Low Volatility Dividend Index (5.51%) [2] Group 2 - Bosideng reported a revenue of approximately 25.902 billion yuan for the fiscal year 2024/25, marking an 11.6% year-on-year increase, with net profit rising by 14.3% to about 3.514 billion yuan, achieving record highs for eight consecutive years [3] - The People's Bank of China suggested increasing the intensity of monetary policy adjustments to maintain ample liquidity and encourage financial institutions to boost credit supply during its second-quarter meeting [3] - Morgan Asset Management launched an international "Dividend Toolbox" series of preferred funds aimed at providing Chinese investors with diversified dividend investment solutions across A-shares, Hong Kong stocks, and Asian markets [4]

Market Performance - As of May 21, 2025, Hong Kong's three major indices collectively rose, with sectors such as electrical equipment, non-ferrous metals, and textiles leading the gains, while household goods and food & beverage sectors saw declines [1] - The S&P Hong Kong Stock Connect Low Volatility Dividend Index achieved a three-day consecutive rise, reaching a nearly five-year high during intraday trading [1] ETF Insights - The Hong Kong Dividend Index ETF (513630) recorded a trading volume of 310 million yuan on May 21, 2025, with a total size of 10.578 billion yuan and 7.583 billion shares, making it the largest among Wind's cross-border strategy index ETFs [1] - Including the off-market index fund, the total size of Morgan's products tracking the S&P Hong Kong Stock Connect Low Volatility Dividend Index exceeds 12.8 billion yuan [1] Performance Comparison - The S&P Hong Kong Stock Connect Low Volatility Dividend Index posted a 12.88% increase over the past year, significantly outperforming the CSI Dividend Index at -3.96% and the CSI Low Volatility Dividend Index at 0.76% [1] Policy and Market Outlook - The People's Bank of China continues to increase gold reserves, enhancing market confidence and sustaining a global trend of central bank gold purchases, indicating a bullish outlook for gold in the medium to long term [2] - A recent meeting led by the central bank governor emphasized the implementation of a moderately loose monetary policy to support effective financing for the real economy, focusing on technology innovation, consumption, and stabilizing foreign trade [2] Investment Strategies - Under the influence of policy, the market is expected to further focus on high-dividend state-owned enterprises in Hong Kong, with an increasing emphasis on investor returns and improved dividend systems [2] - Morgan Asset Management has launched an international "Dividend Toolbox" series of funds, providing diversified dividend investment solutions covering A-shares, Hong Kong stocks, and Asian markets [2] Fund Highlights - The Morgan Free Cash Flow ETF (563900) closely tracks the CSI Free Cash Flow Index, focusing on high cash flow quality "cash cow" enterprises [3] - The Morgan Dividend Select Equity Fund aims to exceed benchmark returns by utilizing a quantitative stock selection model based on the CSI Dividend Index [3] - The Morgan Asia Dividend Fund focuses on high-dividend assets in the Asia-Pacific region, having won the "Golden Bull Overseas Mutual Fund" award for three consecutive years [3] Additional Fund Information - The Morgan CSI A50 ETF (560350) emphasizes core A-share assets and incorporates a quarterly mandatory dividend mechanism, with nearly 100 million yuan in cumulative dividends for 2024 [3] - The Morgan CSI A500 ETF (560530) targets quality A-share assets and has introduced a quarterly dividend mechanism, also being one of the first index funds included in personal pension plans [4] Investment Philosophy - Morgan Asset Management is committed to identifying relatively "certain" quality asset investment opportunities in the new normal of interest rates, leveraging global market insights and research capabilities to enhance client experience and satisfaction [5]

Group 1 - The Hong Kong Dividend Index ETF (513630) has seen continuous net inflows for five days, indicating strong institutional interest in dividend assets [1] - As of March 21, 2025, the ETF's latest scale reached 9.488 billion yuan with 7.117 billion shares, making it the largest among Wind's cross-border strategy index ETFs [1] - The ETF has attracted a total net inflow of 350 million yuan over the past five days, with a peak single-day inflow of 170 million yuan [1] Group 2 - Over 120 A-share listed companies announced cash dividend plans alongside their 2024 annual reports, with 13 companies offering dividend yields exceeding 3% [2] - Despite a cooling trend in dividend asset markets, the stable profitability and low valuation of these assets provide a safety margin, suggesting a favorable time for repositioning in the dividend sector [2] - Morgan Asset Management has launched a series of international "Dividend Toolbox" funds, offering diversified dividend investment solutions covering A-shares, Hong Kong stocks, and Asian markets [2] Group 3 - The Morgan Asia Dividend Fund focuses on high-dividend assets in the Asia-Pacific region, excluding Japan, and has won the "Golden Bull Overseas Mutual Fund" award for three consecutive years [3] - The Morgan CSI A50 ETF targets core A-share assets and has implemented a quarterly mandatory dividend mechanism, accumulating nearly 100 million yuan in dividends for 2024 [3] - The Morgan CSI A500 ETF also features a quarterly dividend mechanism and is among the first index funds included in personal pension plans, providing more investment options for individual pension investors [3] Group 4 - In the context of a new normal in interest rates, Morgan Asset Management aims to identify relatively "certain" quality asset investment opportunities, leveraging its global market insights and research capabilities [4]