Core Viewpoint - The approval of new mutual funds under the Hong Kong Mutual Recognition Fund scheme marks a significant development in cross-border investment opportunities between Hong Kong and mainland China, enhancing the asset allocation options for investors [1][3]. Group 1: New Fund Approvals - Several mutual funds, including Morgan Asia Equity High Dividend Fund and Fidelity Global Investment Fund - Hong Kong Bond Fund, have been approved under the new mutual recognition regulations effective from January 1, 2025 [1]. - This approval represents the latest batch of mutual recognition funds since the implementation of the new regulations [2]. Group 2: Fund Flow and Market Dynamics - As of January 31, 2026, the cumulative net outflow of funds from Hong Kong to mainland China reached approximately 1260.24 billion RMB, maintaining a level above 1200 billion RMB for six consecutive months [4]. - The mutual recognition mechanism has led to a diversification of asset allocation awareness among investors, allowing foreign asset management firms to introduce overseas strategies and products into the Chinese market [5][6]. Group 3: Regulatory Changes and Market Growth - The new mutual recognition regulations optimize the rules by relaxing sales ratio limits, allowing management functions to be delegated to overseas affiliates, and expanding the types of funds eligible for recognition [5]. - The sales of Hong Kong mutual funds in mainland China have seen rapid growth, with net outflows increasing from 426.65 billion RMB at the end of December 2024 to 1260.24 billion RMB by January 31, 2026 [6]. Group 4: Market Competition and Trends - The Hong Kong mutual fund market is characterized by a strong presence of leading firms, with Morgan Asset Management holding over 40% market share, while competition remains intense among mid-tier firms [8]. - The current market shows a divergence where equity products are attracting significant inflows, while bond products are experiencing outflows, indicating shifting investor preferences [8].

晨星香港互认基金报告 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。 2026年1月，香港互认基金市场呈现"权益类产品吸金、债券类产品失血"的分化态势。受益于 亚洲及环球股票市场稳步上扬，股票型和混合型基金在资金流入方面表现亮眼。而债券类产品 则因市场风险偏好提升以及部分产品在内地销售受限等因素，呈现资金净流出状态。 位居1月资金净流入榜首的是混合型基金—— 瑞士百达策略收益基金 。该基金单月净流入资金 达47.53亿元，大幅领先其他香港互认基金。其灵活配置于环球股票和固定收益证券，过去一 年业绩表现远超同类（美元灵活配置型）基金，深受投资者青睐。此外，配置于亚洲股票和债 券资产的 施罗德亚洲高息股债 和 汇丰亚洲多元资产高入息 两只混合型基金也分别实现6.49亿 元、4.09亿元的月度净流入，成为当月香港互认基金的热门产品。 股票型基金资金流入稳健，多只产品跻身净流入前十。其中， 摩根亚洲股息基金 以39.09亿元 净流入位居股票型基金首位。该基金聚焦于亚太除日本地区高股息股票，旨在获取超越其业绩 基准MSCI综合 ...