2025.11.26 本文字数：2092，阅读时长大约3分钟 作者 |第一财经 杨倩雯 "把钱存银行，稳稳吃利息"，曾是许多老百姓最踏实的理财方式。但随着众多银行一年期定期存款利率 首次跌破1%，这种"稳稳的幸福"正渐行渐远。 显然，在进入存款利率、国债利率不断创新低的低利率周期后，居民财富保值增值的难度显著提升。 面对居民财富管理需求的变化，金融机构纷纷祭出"组合拳"，为投资者寻找低利率时代的财富增长点。 那低利率环境下，如何能做到财富的逆势增长？在近日召开的"2025第一财经金融价值年会"的圆桌论坛 环节上，来自金融机构的参会嘉宾共同探讨了低利率环境下的财富增长路径。 他们认为，在低利率周期下，居民的财富管理需求正从单一收益追求转变为兼顾收益、保障与全球配置 的多元目标平衡。在此背景下，金融机构作为连接居民与各类资产的核心桥梁，正以专业能力为支撑祭 出"组合拳"，助力居民在低利率环境下实现财富逆势增长。 从单一收益追求到多元目标平衡 低利率周期的到来，正在重塑居民的财富管理需求与风险偏好。过去依赖房地产、高息存款的单一财富 增长模式逐渐失效，投资者开始转向更为多元、理性的资产配置思路。 渣打银行（中国）有 ...

2025.11. 26 本文字数：2092，阅读时长大约3分钟 作者 | 第一财经 杨倩雯 "把钱存银行，稳稳吃利息"，曾是许多老百姓最踏实的理财方式。但随着众多银行一年期定期存款利 率首次跌破1%，这种"稳稳的幸福"正渐行渐远。 从单一收益追求到多元目标平衡 低利率周期的到来，正在重塑居民的财富管理需求与风险偏好。过去依赖房地产、高息存款的单一财 富增长模式逐渐失效，投资者开始转向更为多元、理性的资产配置思路。 渣打银行（中国）有限公司副行长、财富管理及零售银行业务总经理、全球华人业务集团主管李峰在 论坛上表示，当前在财富管理方面，客户需求呈现三大显著变化：一是对投资回报的预期趋于理性， 不再执着于过往的高收益区间，而是根据市场环境适度调整收益目标；二是对保障类产品的需求持续 升温，不仅健康保障成为刚需，财富传承、隔代规划等长期需求也日益凸显；三是全球资产配置意识 觉醒，在国内低息环境下，投资者开始将目光投向海外市场，寻求更多元的收益来源。 显然，在进入存款利率、国债利率不断创新低的低利率周期后，居民财富保值增值的难度显著提升。 那低利率环境下，如何能做到财富的逆势增长？在近日召开的"2025第一财经金融价 ...

"把钱存银行，稳稳吃利息"，曾是许多老百姓最踏实的理财方式。但随着众多银行一年期定期存款利率 首次跌破1%，这种"稳稳的幸福"正渐行渐远。 显然，在进入存款利率、国债利率不断创新低的低利率周期后，居民财富保值增值的难度显著提升。 那低利率环境下，如何能做到财富的逆势增长？在近日召开的"2025第一财经金融价值年会"的圆桌论坛 环节上，来自金融机构的参会嘉宾共同探讨了低利率环境下的财富增长路径。 基金市场的资金流向同样印证了需求变迁。摩根资产管理（中国）有限公司副总经理郭鹏分享的行业数 据显示，三季度权益型基金发行回暖，其中新型浮动费率权益产品在三季度共新发12只，平均募集规模 达13.3亿元；同时，"固收+"产品成为增长最快的基金品类，三季度净买入量高达4600亿元。"这表明大 家对于收益的追求或者风险偏好有缓慢的提升，通过'固收打底+权益增强'的策略，在控制风险的前提 下追求更高收益。总体来说，整个市场的情绪在回暖。"郭鹏说。 多元配置成破局之道 面对居民财富管理需求的变化，金融机构纷纷祭出"组合拳"，为投资者寻找低利率时代的财富增长点。 李峰表示，针对目前低利率的环境，需要采用"底仓资产+机会型资产"的双 ...

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]

智通财经APP获悉，亚洲独立财富顾问及投资平台 Endowus 智安投今日的发布《私人财富洞察报告 2025》揭示，与新加坡相比，香港私人财富投资者更积极寻求另类投资配置。报告亦发现，私人财富投 资者正转向追求与人生目标及规划更契合的个性化财富策略，兼顾收益、流动性、财富传承与个人价值 观。报告指，两地47%投资者计划配置私募股权，结构性产品(42%)、实物资产(41%)及私募信贷(40%) 亦获高度关注，显示另类投资已转为现代投资组合的核心部分。 Endowus智安投香港近半数(42%)专业投资者已将另类投资纳入整体财富策略；香港私人财富投资者对 另类投资(包括对冲基金和私募市场方案)的采纳程度较新加坡更高。 五分之三的投资者寻求更多元化的入息来源，特别是处于中年阶段、正为退休做准备的群体。当中40% (即五分之二)将遗产与继承规划列为主要目标之一，私人财富投资者需求正从单纯的财富积累，转向追 求与人生目标及规划更契合的个性化财富策略，实现收益、流动性、财富传承与个人价值观的平衡。 报告指，70%私人财富投资者每季至少调整一次投资组合，尽管线上自助服务功能完善，投资者也在寻 求更专业和个性化的顾问服务。市场 ...

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]

Core Insights - Asian ultra-wealthy investors are adjusting their investment strategies by significantly increasing allocations to Chinese stocks, fixed income products, and gold, aiming to capitalize on growth opportunities from artificial intelligence while hedging against market volatility and interest rate changes [1][7] Investment Trends - The total wealth of Asian ultra-wealthy individuals (net worth of at least $30 million) surged by 10% in the first half of the year, leading to increased interest in the rising Chinese stock market [1][6] - The Hong Kong benchmark Hang Seng Index has risen approximately 26% this year, while the CSI 300 Index in mainland China has climbed nearly 15% [2][6] Shift in Focus - There is a notable shift in investment focus from U.S. assets to Chinese assets, driven by high valuations of U.S. AI stocks and the phenomenon of "circular investment" among U.S. tech giants [2][4] - The proportion of stock trading concentrated in U.S. listed stocks has decreased from 65% last year to 45% this year, with an equal focus on Chinese stocks [4] Preference for Structured Products - Wealthy investors are increasingly favoring structured products, such as yield enhancement products, for stock allocation rather than direct equity purchases [5] Fixed Income and Gold Investments - As developed countries and Asia enter a rate-cutting cycle, interest in fixed income products among Asian investors has increased, with a shift towards global investment-grade bonds [7] - Gold investments are also on the rise, with prices exceeding $4,300 per ounce this year, marking a more than 60% increase [7][8] Cryptocurrency Sentiment - Despite Asia's leading position in cryptocurrency applications, there is a notable lack of interest among Asian ultra-wealthy individuals, with many viewing the high volatility and risk of digital assets as deterrents [9]

Core Viewpoint - The Hong Kong Stock Exchange has proposed amendments to the Listing Rules regarding structured products to enhance market competitiveness, efficiency, and investor protection, with a consultation period ending on November 11, 2025 [1] Summary by Categories Proposed Amendments - The amendments include three main aspects: 1. Lowering the minimum issuance price and the thresholds for issuing structured product ETFs to enhance market competitiveness [2] 2. Increasing the asset net worth requirements for issuers and mandating investment-grade ratings from credit rating agencies to protect investor interests [2] 3. Reducing the administrative burden on issuers by allowing securities dealers who are also issuers to provide discounts, thereby improving market efficiency [2]

Core Viewpoint - Hong Kong Exchanges and Clearing Limited (HKEX) is seeking market feedback on proposals to optimize the listing framework for structured products, with the consultation period lasting six weeks until November 11, 2025 [1] Group 1: Market Development - The structured products market in Hong Kong has shown continuous growth, with new products and related asset scales expanding, leading to increased trading volumes [1] - Hong Kong's derivatives market has maintained its position as the global leader in structured product trading volume for 17 consecutive years, with recent daily trading volumes exceeding HKD 20 billion [2] Group 2: Reform Proposals - The reform proposals focus on three main areas: enhancing market competitiveness, improving market quality and investor protection, and increasing market efficiency [2][3][4] - Specific recommendations include lowering the minimum issuance price for derivative warrants from HKD 0.25 to HKD 0.15 and removing the minimum issuance price for bull and bear certificates, allowing issuers greater flexibility to meet retail investor needs [6][7] Group 3: Investor Benefits - Structured products offer several advantages for investors, including diversified investment choices, capital efficiency due to leverage, the ability to implement various trading strategies, and serving as risk management tools [5] - The proposed changes aim to enhance the product offering, making it more aligned with investor demands and improving capital efficiency [8] Group 4: Regulatory Adjustments - The consultation document suggests adjusting the eligibility criteria for ETFs as related securities for structured products, lowering the asset management threshold from HKD 40 billion to HKD 10 billion [6][7] - Recommendations also include increasing the minimum net asset value requirement for issuers from HKD 20 billion to HKD 50 billion, ensuring that issuers maintain financial stability and responsibility [6][7]