Core Insights - The Hong Kong mutual fund market is experiencing a divergence in fund flows, with the number of inflows and outflows being nearly equal as of August 2025 [1] - After the relaxation of the sales cap for mutual funds in mainland China, sales of Hong Kong mutual funds surged, reaching a cumulative net outflow of over 150 billion RMB in March 2025, a historical high, but have since declined [1] - The decline in enthusiasm for overseas investments among mainland investors is attributed to the strong recovery of the A-share market [1] Fund Performance - The Morgan Asian Total Return Bond Fund attracted 975 million RMB in August, leading in net inflows and maintaining a top-three position for the year [2] - The fund employs a "best investment opportunity" strategy, focusing on Asian credit bonds, local currency bonds, and convertible bonds, outperforming domestic pure bond funds [2] - The Morgan Asian Dividend Fund continued its inflow trend from July, becoming the third most popular Hong Kong mutual fund in August [2] - Conversely, the Morgan International Bond Fund saw a net outflow of 894 million RMB in August, despite being the largest net inflow fund for the year [2] - The East Asia United Global Equity Fund faced significant outflows of 933 million RMB in August, ranking last in net inflows for the year [2] - Global equity funds in the Hong Kong mutual fund sector are generally experiencing large outflows due to weaker performance compared to Chinese and Asian stock markets [2] Company-Specific Insights - HSBC's Asian Bond Fund and related products have paused mainland subscriptions since reaching sales limits in March 2025, leading to a one-way exit for mainland investors [3] - East Asia United was the largest net inflow fund in July but faced substantial outflows in August, primarily due to the performance of the East Asia United Global Equity Fund [3] - Morgan and HSBC continue to dominate the Hong Kong mutual fund market, with asset management sizes of 77.08 billion RMB and 34.55 billion RMB respectively, together accounting for approximately 60% of the total market size [3]

以下文章来源于Morningstar晨星 ，作者晨星中国 Morningstar, Inc.是全球目前最主要的投资研究机构之一，旨在为投资者提供专业的财经资讯、基金、股 票的分析及评级，以及功能卓著的分析应用软件工具。Morningstar在全球33个国家和地区有发展业务。 【导读】晨星8月香港互认基金月报：资金流向分化，内地投资海外热情降温 Morningstar 晨星（中国）研究中心 吴粤宁 2025 年 8 月，香港互认基金资金流向呈现分化态势，净流入与净流出产品数量基本持平。 自年 初 放宽互认基金内地销售比例上限 后，香港互认基金在内地的销售额快速增加。国家 外汇管理局数据显示， 2 025 年 3 月，香港互认基金内地发行销售累计净汇出金额突破 1500 亿元人民币 ，创下历史新高，随后数月却连续回落。这一变化显示出，随着 A 股市场 的强劲复苏，内地投资者对海外投资的热情有所降低。 具体到基金产品， 摩根亚洲总收益债券基金 8 月 " 吸金 "9.75 亿元，月净流入规模居首 位，今年以来净流入排名稳居前三。该基金采用无基准的 " 最佳投资机会 " 总回报策略，借 助亚洲信用债、本币债券及可转债 ...

进入晨星小程序，轻松掌握更多基金信息！ 该基金主要投资于亚洲美元高收益债券，与同类基金相比，其在新兴市场主权债券和投资级债券上的配置比重相对更高。亚洲固收投资团队首先基于对宏 观经济的研判，确定信用、利率和货币等不同资产之间的配置比重，进而借助定量工具的辅助，制定针对不同行业和地区的配置策略；而在自下而上精选 个券环节，投资团队会与研究团队充分讨论后决定。在 2011 年 5 月至 2025 年 2 月底主基金经理管理期间，该基金的年化回报为 2.58% ，在同类基金中排名第 32 个百分位。在此期间，组合的波动性（以标准差衡量）为 8.63% ，低于晨星同类平均的 10.13% ，同样排在同类第 32 个百分位。费用方面，该基金的人民 币累计份额年化综合费率为 1.36% ，低于同类基金中位数的 1.49% 。 汇丰亚洲高收益债券基金由具备丰富投研经验的基金经理航舵，并得到研究团队的有力支持。基金的投资流程清晰且可复制性强，并在多个市场周期中 为投资者创造了良好的长期回报。 近年来基金的风险管理框架进行了调整，其实施效果还有待观察。 风险提示： 由于该基金对新兴市场主权债券和准主权债券的配置比重相对较高，回 ...

Core Viewpoint - The HSBC Asian High Yield Bond Fund aims to achieve an annualized return that exceeds its benchmark index, primarily investing in Asian dollar-denominated high-yield bonds, with a higher allocation to emerging market sovereign and investment-grade bonds compared to peers [2][4]. Fund Overview - Fund Code: 968092 - Fund Type: Asian High Yield Bonds - Benchmark Index: JPMorgan Asia Credit Index Non-Investment Grade Total Return Index [1] Fund Management - The fund was established on February 3, 2020, with a total fund size of 8.18 billion yuan as of March 25, 2025 [2]. - The fund is managed by a team including Mei Lizhong, Lin Jiaming, and Cai Jialin, with Mei Lizhong having nearly 30 years of investment management experience [4][6]. Performance Metrics - From May 2011 to February 2025, the fund achieved an annualized return of 2.58%, ranking in the 32nd percentile among similar funds [2][8]. - The fund's volatility, measured by standard deviation, was 8.63%, lower than the Morningstar peer average of 10.13%, also placing it in the 32nd percentile [8]. - The fund's annualized comprehensive fee rate is 1.36%, below the median of 1.49% for similar funds [8]. Investment Strategy - The fund employs a combination of top-down and bottom-up investment approaches, with a focus on macroeconomic analysis to determine asset allocation across credit, interest rates, and currencies [6][7]. - The fund's duration is generally adjusted within one year of the benchmark index duration, which is higher than the average duration of similar funds, exposing it to greater interest rate risk [6][7]. Risk Management - The fund has a higher exposure to emerging market sovereign and quasi-sovereign bonds, which can lead to more stable performance during credit market downturns [3][7]. - Recent challenges include defaults in the real estate sector, which have negatively impacted the fund's performance due to a significant allocation to real estate bonds [6][7]. Long-term Outlook - Despite short-term performance pressures, the fund has demonstrated strong long-term performance, with a risk-adjusted return (Sharpe ratio) ranking in the 19th percentile among peers [8].