美联储 于10月底公布议息结果，将联邦基金利率目标区间下调25个基点，为今年来第二次、也是连 续两次会议宣布降息。降息后，联邦基金利率目标范围由4.00%至4.25%，减至最新的3.75%至 4.00% ，为 三年来的最低水平 。市场解读，美联储此举 标志着全球流动性环境再度宽裕。在全球 经济增长放缓、利率中枢下移的背景下，投资者普遍感受到"收益难寻"的困境。如何在波动加剧的市 场中平衡风险与回报，成为当下投资界的 关键 课题。 业内人士认为，多元资产配置正在成为对冲市场不确定性的关键策略，而在众多可选区域中，亚洲资 产的配置价值正日益凸显。 全球流动性回暖：多元配置 日趋 重要 在低利率与高不确定性并存的市场中，多元资产配置的逻辑愈发清晰。通过同时配置股票、债券、现 金及另类资产，投资者或许能够利用不同资产的低相关性，降低投资组合的整体波动性并 相对 优化 风险收益比。 "随着美联储降息预期落地，全球资金流动格局正在重塑。"沪上一位外资机构策略师指出，风险资产 重新受到青睐，但考虑到美国未来政策的不确定性，波动性或依旧高企，单一资产策略已难以应对。 回顾过往市场周期，从2000年的互联网泡沫、2008年的金 ...

Core Insights - The article highlights the increasing risk appetite of investors in the Hong Kong mutual fund market, with significant net inflows into equity and mixed funds, while bond funds experienced net outflows in Q3 2025 [1][7]. Fund Performance - The Morgan Asian Dividend Fund saw a remarkable net inflow exceeding 1.8 billion yuan in Q3 2025, driven by its focus on balancing capital appreciation and income, aiming to outperform the MSCI Asia Pacific ex-Japan Index [1]. - In contrast, global equity funds faced challenges due to uncertainties surrounding U.S. tariff policies, leading to significant outflows for funds like the East Asia Union Global Equity Fund [1]. Bond Fund Trends - Despite an overall trend of net outflows from bond funds, the Morgan Asian Total Return Bond Fund attracted nearly 1.8 billion yuan in Q3 2025, benefiting from a favorable yield compared to domestic pure bond funds [1]. - Some bond funds, such as the East Asia Union Asian Strategy Bond Fund and the Gao Teng Asian Income Fund, also ranked among the top ten in terms of net inflows during the same period [1]. Market Dynamics - As of September 2025, Morgan and HSBC maintained dominant positions in the Hong Kong mutual fund market, with asset management scales of 78.31 billion yuan and 34.42 billion yuan, respectively, collectively accounting for over 60% of the market [13]. - HSBC has been actively expanding its mutual fund offerings, recently launching the HSBC Asian Multi-Asset High Income Fund to enhance its product matrix [13]. Company-Specific Insights - Swiss Bank Pictet achieved the largest net inflow in the Hong Kong mutual fund market over the past three months, primarily through its Pictet Hong Kong - Pictet Strategy Income Fund, which has consistently ranked among the top 20 in terms of returns [6]. - Morgan continues to lead in net inflows year-to-date, while Schroders faced significant outflows from its only mutual fund, the Schroder Asian High Yield Equity and Bond Fund, placing it at the bottom of the net cash flow rankings [10].