阿布扎比第一银行（FAB）近日宣布正式参与Majarra倡议，这是一项开创性的全球计划，旨在为国际 资本市场的发行、证券交易和分销构建一个全新的一体化平台。 该计划将落地于阿布扎比国际金融中心（ADGM），由Halo Investing提供技术支持，并与当地监管机构 和流动性提供商紧密协作。FAB此举是强化其作为全球可持续投资、资本流动及金融创新催化剂的战略 布局，体现了双方对建立高效、透明、互联的全球金融体系的共同愿景，有望为银行核心业务开辟重大 新机遇。 此项合作将首先惠及FAB的财富管理客户，使其投资组合拥有更广泛、更具差异化的产品选择。通过接 入Majarra的创新网络，客户能够投资于更深度的多元化投资工具池，并触及以往难以获得的独特跨境 机会。 阿布扎比第一银行加入Majarra倡议，推动全球资本市场互联互通 关于阿布扎比第一银行 阿布扎比第一银行（First Abu Dhabi Bank，简称FAB）是阿联酋规模最大的综合性金融机构之一，成立 于2017年，由阿布扎比国民银行（NBAD）与第一海湾银行（FGH）合并而成。截至2025年，该行总资 产达1.31万亿迪拉姆（约3560亿美元），业务覆盖 ...

阿通社12月10日报道，阿布扎比投资办公室（ADIO）与中国国际金融股份有限公司（中金公司） 宣布建立战略伙伴关系，共同打造阿布扎比—中国投资走廊，以加速双向资本流动。合作发布恰逢阿布 扎比推出全新的"金融科技、保险、数字及另类资产"（FIDA）集群。双方将识别高成长性的中国企 业，协助其利用阿布扎比的区位优势、先进基础设施及监管体系，同时为阿布扎比机构投资者设计进入 中国资本市场的专属投资结构。该投资走廊将支持FIDA集群引导资本流向重点行业，拓展多元化金融 产品，巩固阿布扎比作为连接东西方全球金融枢纽的地位。中金公司计划从其区域枢纽出发，推动结构 性产品、定制化财富管理与家族办公室服务。双方还将在ESG融资、思想平台建设以及绿色债券、转型 贷款、可持续私募基金等领域合作。合作内容亦包括与高校及科研机构共建金融创新人才培养体系。 ADIO总干事巴德尔·奥拉马强调，合作展示阿布扎比构建面向未来金融生态的雄心。 （原标题：阿布扎比投资办公室与中金公司共建战略投资走廊） ...

证券研究报告|港股公司深度研究报告 [Table_Date] 2025 年 12 月 07 日 [Table_Title] 强稀缺属性，受益于流动性改善与 IPO 加速 [Table_Title2] 香港交易所（0388.HK） [Table_Summary] 事件概述: 2025 年前三季度，公司实现收入及其他收益 218.51 亿港 元，同比+36.63%，其中 Q3 单季同比+44.73%至 77.75 亿港元； 实现归母净利润 134.19 亿港元，同比+44.8%，其中 Q3 单季利润 创历史新高，同比+55.80%至 49 亿港元。 ► 南向交易占比持续提升，成为港股市场活跃度核心驱 动力。 南向交易日均成交额占中国香港现货市场整体成交额的比重 呈现持续上升趋势，从 2019 年的 12%显著提升至 2025 年第三季 度的 53%，成为推动港股交投活跃的重要力量。2025 年前三季 度，港股通 ADT 同比大幅增长 229%至 1,259 亿港元，贡献了现货 市场 ADT 近半份额。这一结构性变化主要源于两方面因素：一方 面，港股市场中低估值、高分红资产对中国内地险资、公募等追 求绝对收益的资金 ...

Core Insights - The article discusses the shift in wealth management strategies in response to the declining interest rates, with a focus on how financial institutions are adapting to meet changing consumer needs [2][4][8] Group 1: Changes in Wealth Management Demand - The low interest rate environment is reshaping residents' wealth management needs and risk preferences, moving away from reliance on real estate and high-interest deposits to more diversified asset allocation strategies [4] - Three significant changes in client demands for wealth management are identified: a rational adjustment of return expectations, an increased demand for protection products, and a growing awareness of global asset allocation [4][6] - The insurance market reflects the trend of increasing demand for products that balance protection and returns, with a notable 20% year-on-year growth in insurance premiums through bancassurance channels [4][5] Group 2: Investment Strategies and Opportunities - Financial institutions are employing a "dual-track strategy" of "core assets + opportunity assets" to adapt to the low interest rate environment, focusing on dynamic adjustments based on market changes [6][7] - The "fixed income +" product category is highlighted as the fastest-growing fund type, with a net inflow of 460 billion in the third quarter, indicating a gradual increase in risk appetite among investors [5][6] - The article emphasizes the importance of diversified asset allocation, with a focus on technology innovation and undervalued high-dividend assets as key investment directions [7][8] Group 3: The Era of Asset Management - The article posits that China is entering a true asset management era, characterized by a shift towards equity assets as the core vehicle for future wealth growth [8][9] - International investors are increasingly optimistic about Chinese assets, particularly in sectors like artificial intelligence, new energy, and electric vehicles, which are seen as having global competitiveness [8][9] - The article concludes that financial institutions should focus on comprehensive planning that meets clients' risk, return, and liquidity needs, while emphasizing the importance of active management capabilities in fund companies [9]

Core Viewpoint - The article discusses the challenges and opportunities presented by the low interest rate environment, emphasizing the need for diversified wealth management strategies among residents to achieve wealth growth despite declining traditional savings options [4][11]. Group 1: Changes in Wealth Management Demand - The low interest rate cycle is reshaping residents' wealth management needs and risk preferences, moving away from reliance on real estate and high-interest deposits to a more diversified asset allocation approach [6]. - Three significant changes in client demands for wealth management have been identified: a rational adjustment of investment return expectations, an increasing demand for protection products, and a growing awareness of global asset allocation [6][9]. - The insurance market reflects this trend, with a 20% year-on-year growth in premium income from insurance channels, particularly in long-term dividend insurance products related to retirement [6][9]. Group 2: Fund Market Trends - The fund market is also showing signs of changing demands, with a recovery in the issuance of equity funds and a notable increase in "fixed income plus" products, which saw a net inflow of 460 billion yuan in the third quarter [7][8]. - The strategy of combining "fixed income" as a base with "opportunistic" assets is being recommended to adapt to the low interest rate environment, with a focus on risk-adjusted returns [9][12]. Group 3: Asset Management Era - The article posits that China is entering a true asset management era, where equity assets are becoming the core vehicle for future wealth growth, driven by technological innovation [11]. - International investment teams are increasingly optimistic about Chinese assets, particularly in sectors like artificial intelligence, new energy, and electric vehicles, which are seen as having global competitiveness [11][12]. Group 4: Multi-Dimensional Asset Allocation - Financial institutions are encouraged to adopt a multi-dimensional asset allocation strategy to optimize domestic and international assets, thereby diversifying risks and capturing opportunities [13]. - Active management capabilities are highlighted as a core competitive advantage for fund companies, emphasizing the importance of long-termism and deep research foundations [13].

Core Insights - The traditional method of wealth management through bank deposits is becoming less viable as one-year fixed deposit rates fall below 1%, indicating a shift towards a low-interest-rate environment [1] - Financial institutions are adapting to this change by offering diversified wealth management strategies that balance returns, security, and global asset allocation [1][3] Wealth Management Demand Changes - There are three significant changes in wealth management demand: a rational adjustment of return expectations, an increased demand for protective products, and a growing awareness of global asset allocation [3] - The insurance market reflects this trend, with a 20% year-on-year growth in premium income from insurance channels, particularly in long-term dividend insurance products related to retirement [3] Fund Market Trends - The fund market is also showing a shift in demand, with a recovery in the issuance of equity funds and a notable increase in "fixed income plus" products, which saw a net buying volume of 460 billion yuan in the third quarter [5][6] Multi-Asset Strategies - Financial institutions are employing dual-track strategies of "core assets + opportunity assets" to navigate the low-interest environment, focusing on products like "fixed income plus," structured products, and dividend insurance [6] - The emphasis on multi-asset investment strategies is seen as essential for achieving higher returns while managing risks [6] Asset Management Era - The low-interest environment presents both challenges and opportunities, marking the beginning of a true asset management era in China, where equity assets are becoming central to wealth growth [7] - There is a positive long-term outlook for Chinese assets, particularly in sectors like AI, new energy, and innovative pharmaceuticals, which are gaining global competitiveness [7][8]

Core Points - CICC announced a temporary suspension of trading for its H shares on the Hong Kong Stock Exchange due to undisclosed insider information [1] - All bonds and structured products related to the company will also be temporarily suspended from trading [1]

Core Insights - The report reveals that private wealth investors in Hong Kong are more actively seeking alternative investment allocations compared to their counterparts in Singapore [1] - There is a shift towards personalized wealth strategies that align with life goals and planning, balancing returns, liquidity, wealth transfer, and personal values [1] Group 1: Investment Trends - 47% of investors in both regions plan to allocate to private equity, with significant interest in structured products (42%), tangible assets (41%), and private credit (40%), indicating that alternative investments have become a core part of modern portfolios [1] - In Hong Kong, nearly half (42%) of professional investors have incorporated alternative investments into their overall wealth strategy, showing a higher adoption rate compared to Singapore [1] Group 2: Investor Behavior - 60% of investors are seeking more diversified income sources, particularly among middle-aged individuals preparing for retirement [1] - 40% of private wealth investors list inheritance and estate planning as a primary goal, reflecting a shift from mere wealth accumulation to personalized wealth strategies that align with life objectives [1] Group 3: Advisory Services - 70% of private wealth investors adjust their investment portfolios at least once a quarter, indicating a demand for more professional and personalized advisory services despite the availability of online self-service options [2] - There is a rising demand for a "hybrid model" that combines seamless digital experiences with personalized professional advice, especially crucial for navigating complex alternative investments and market volatility [2]

Core Insights - China Galaxy's executives attended the Q3 2025 earnings conference, highlighting their unique strategies in international business, wealth management, and institutional services [1] - The low-interest environment has become a focal point for investors regarding asset allocation strategies [2] Group 1: International Business - The company maintains a functional-first approach in its investment banking operations, focusing on enhancing service quality aligned with national strategies and key industries outlined in the 14th Five-Year Plan [3] - China Galaxy's international business network spans regions including Hong Kong, Singapore, Malaysia, Indonesia, and Thailand, making it one of the most widely networked Chinese brokers in Asia [3] - Future plans include strengthening overseas subsidiaries' management and enhancing integrated operations to solidify its position in Southeast Asia [3] Group 2: Wealth Management - The wealth management division aims to resonate with national goals, collaborate with partners, and align closely with client needs, continuously upgrading its trading systems to create a diverse and stable service ecosystem [3] Group 3: Institutional Services - The institutional business is focused on becoming a reliable full-service provider, integrating technology deeply into operations, and offering a comprehensive range of services including research, derivatives, asset management, and brokerage [3] Group 4: Investment Strategy - In the current low-interest environment, traditional fixed-income investments face challenges such as low spreads and high volatility, prompting a shift towards quantitative, neutral, and structured investment strategies to enhance returns [3] - The company is also leveraging its own funds and responding to new financial policies to maintain stable investment scales in OCI accounts while exploring opportunities in the convertible bond market [4] Group 5: Strategic Planning - The company is engaged in thorough discussions and rigorous evaluations for its new strategic plan, which is crucial for its development over the next five years and beyond, ensuring that the strategy is clear, feasible, and capable of creating long-term value for shareholders [4]

Core Insights - Hong Kong's financial market has shown significant growth in both quality and quantity in 2023, with average daily trading volume reaching HKD 256.4 billion, a year-on-year increase of 126% [1] - The total fundraising amount in the IPO market reached HKD 182.9 billion, marking a substantial increase of 229% [1] - Hong Kong continues to rank third globally and first in the Asia-Pacific region in the Global Financial Centres Index, reflecting growing international confidence in the market [1] Group 1 - The approval of the first company relocation application signals a positive trend for businesses optimizing their structures and enhancing operational efficiency in Hong Kong [1] - The Hong Kong government aims to attract more mainland enterprises to use Hong Kong as an "outbound" platform, creating business opportunities and economic benefits [1][2] - The establishment of dedicated personnel in the company registry to streamline the registration process for state-owned enterprises is expected to enhance cross-border settlement and financing services [2] Group 2 - The Hong Kong Stock Exchange has issued consultation documents to optimize the listing rules for structured products, aiming to enhance market competitiveness and efficiency [2] - Hong Kong's bond issuance hub accounts for nearly 30% of the Asian market, with the Securities and Futures Commission and the Monetary Authority releasing a roadmap to attract issuers [2] - The People's Bank of China has announced measures to support foreign institutional investors in the mainland bond market, enhancing market connectivity and liquidity [3] Group 3 - The demand for gold as a safe-haven asset has surged, with global demand projected to rise by 45% year-on-year by Q2 2025, reaching USD 132 billion [3] - The Hong Kong government is working to establish an international gold trading market and improve storage facilities, reinforcing its position as a financial and trading hub [3] - Upcoming international financial events in Hong Kong aim to enhance the city's global influence and promote investment opportunities [3][4] Group 4 - The Financial Secretary's office will continue to implement measures from the Policy Address to maintain Hong Kong's leadership as an international financial center [4] - The focus will be on policy innovation and resource investment to explore emerging financial sectors and drive economic growth [4]