来源：华夏时报 各方都在争夺美元资产时，12月美联储降息预期大减，全球市场美元存款、美元PE、美元理财、美元 基金等都面临同一个难题：如何调整投资策略避免收益缩水。 北京时间11月20日，美国劳工统计局宣布原定于12月5日发布的11月就业报告，将推迟至12月16日发 布，届时将包含该机构收集到的部分10月份数据；同日，美国9月季调后的非农数据也发布为11.9万 人，大大超过预期的5万人，失业率基本维持持平保持在4.3%—4.4%。美国系列重磅数据的公布，让市 场几乎放弃对12月美联储降息的押注。与此同时，在人民币汇率保持稳健态势之际，11月14日，人民币 兑美元汇率最高涨至7.09附近，也使得离岸银行间市场美元存款几乎未作调整，进一步阻止了美元存款 的流出。 东方金诚首席宏观分析师王青表示，从年度走势来看，美元兑人民币整体走出一个单边下跌的形态。年 初至今以1美元兑7.27人民币（离岸价）开局，随后美国连续暂停降息，美元曾呈现强势，离岸人民币 的低点在今年4月8日产生，一度触及1美元兑7.42879人民币，不过随后美联储降息的态势越来越明确， 美元高位跳水，出现明显下跌，人民币走强。 王青判断，趋势仍会延续， ...

Core Insights - The Hong Kong IPO market has seen a significant increase in financing, exceeding last year's figures by more than double, leading to a tight labor market for investment banks [1][4] - Major international investment banks like Goldman Sachs and JPMorgan Chase are ramping up recruitment in response to the growing demand for IPO services in Hong Kong and other Asia-Pacific regions [2][3] - Sovereign funds and long-term international investors are showing unprecedented interest in Hong Kong IPOs, with participation rates reaching a four-year high [2][4] Investment Banking Expansion - Goldman Sachs is accelerating its hiring in Hong Kong, with plans to expand its team to meet the rising demand for IPOs, while also hiring in India [2] - JPMorgan Chase has reported a 20% increase in its Asia-Pacific corporate banking staff as of July, doubling its original growth target for 2025 [3] - The integration of domestic and international operations among Chinese investment banks provides them with a competitive edge in talent allocation [4][5] Wealth Management Development - Both domestic and international investment banks are expanding their wealth management services to capture the growing demand for cross-border asset allocation, driven by a significant increase in household savings in China [6] - China International Capital Corporation (CICC) has notably expanded its wealth management team in Hong Kong from about 30 to over 150 members in seven years [6] - UBS has also enhanced its cross-border capabilities, leveraging its long-standing presence in both mainland China and Hong Kong to provide comprehensive services [5][6]

Core Viewpoint - The Hong Kong securities market has experienced a significant surge in trading activity this year, leading to a remarkable increase in brokerage and investment banking revenues, with net profits rising by 14% in the first half of the year driven by record trading volumes [1] Group 1: Market Performance - In the first half of the year, the net profit of the Hong Kong securities industry increased by 14% compared to the previous period, attributed to high trading volumes [1] - The most notable revenue growth was seen in trading commission income and investment banking, which rose by 23% and 33% respectively [1] - Virtual asset trading generated commission income of HKD 128 million [1] Group 2: Strategic Developments - With the recovery of both primary and secondary markets, Chinese companies are increasingly expanding overseas, positioning Hong Kong as a strategic hub for Chinese securities firms [1] - Several securities firms, including Northeast Securities, Western Securities, and First Capital, have announced the establishment of subsidiaries in Hong Kong this year [1] - The industry consensus is to enhance international influence under the goal of building a first-class investment bank [1] Group 3: Competitive Advantages - Hong Kong serves as a key platform for Chinese capital to access global markets, leveraging the deep understanding of domestic enterprises, mature underwriting experience, and precise value extraction capabilities of Chinese securities firms [1] - Leading securities firms are converting these advantages into significant growth in international business [1] - Chinese securities firms are expected to gain greater pricing power on the international capital stage in the future [1]

Core Insights - The Hong Kong securities market has experienced a surge in trading activity this year, leading to a significant increase in brokerage and investment banking revenues [1] - The net profit of the Hong Kong securities industry rose by 14% in the first half of the year, driven by record trading volumes [1] - The most notable revenue growth came from trading commission income and investment banking, which increased by 23% and 33% respectively [1] - Virtual asset trading generated commission income of HKD 128 million [1] Industry Developments - With the recovery of both primary and secondary markets, Chinese companies are increasingly expanding overseas, positioning Hong Kong as a strategic hub for Chinese securities firms [1] - Several securities firms, including Northeast Securities, Western Securities, and First Capital, have announced the establishment of subsidiaries in Hong Kong this year [1] - The industry consensus is to enhance international influence under the goal of building a first-class investment bank [1] Competitive Advantages - Chinese securities firms leverage their deep understanding of domestic enterprises, mature underwriting experience, and precise value discovery capabilities to build a competitive edge in Hong Kong's IPO and wealth management sectors [1] - Leading securities firms are converting these advantages into significant growth in international business [1] - Chinese securities firms are expected to gain greater pricing power on the international capital stage in the future [1]