此外，货币市场基金总销售上升近1.2倍至147.5亿美元，资金净流入29.4亿美元。不过，由于市场预期 环球央行将继续减息，货币市场基金自8月起资金净流出，结束去年初以来多月的净流入。 香港投资基金公会投资基金委员会联席主席黄德泰表示，11月基金销售表现继续有增无减，环球股债基 金表现继续良好，相信是受惠减息预期持续高企，风险偏好上升。 新华财经香港11月26日电（记者林迎楠）香港投资基金公会数据显示，今年前三季度香港零售基金总销 售额为826亿美元，同比上升35%，已经超越去年全年表现。香港投资基金公会26日表示，预计明年AI 题材将继续带来机遇，或会吸引更多投资者将资产配置到亚洲市场。 数据显示，前三季度股票基金总销售近168亿美元，同比上升21%，资金净流出4000万美元。债券基金 总销售上升24%至325.4亿美元，资金净流入108亿美元；混合资产基金总销售上升30%至172.4亿美元， 资金净流入17.3亿美元。 公会投资基金委员会联席主席邹建雄指出，虽然今年港股表现强劲，但前三季度股票基金仍为净流出， 主要反映第二季度避险情绪升温。他认为，环球央行减息，有助于带动经济基本面及企业盈利表现，加 上近 ...

香港投资基金公会公布，今年首三季香港零售基金录得总销售额826亿美元，同比上升35%，超越2024 年全年总销售额。数据指出，年初至今净流入达157亿美元，同比增长44%，高于2024年全年的123亿美 元，属2015年以来最高的净流入。 若以基金类别计，环球债券基金及货币市场基金于今年首三季继续录得最高的净流入，分别为114亿美 元及29亿美元，反映投资者对避险及收益型资产的持续需求。此外，环球股票基金及环球混合资产基金 的需求亦显著上升。 相反，北美债券基金录得最多净赎回，其次为中国股票基金，以及行业及主题(亚太区除外)股票基金。 今年首三季香港基金净流入主要来自债劵基金，其次为货币市场基金。混合资产基金录得17亿美元的净 流入，扭转去年同期的净流出趋势。不过，货币市场基金自2025年8月起出现净流出，结束自2024年初 以来连续多月的净流入。 香港基金公会投资基金委员会联席主席邹建雄表示，随着市场普遍预期未来利率将下调，过去偏好货币 市场基金的投资者应重新检视投资策略。邹建雄提醒，虽然市场对人工智能及更广泛的科技板块情绪持 续乐观，但在股价估值偏高的环境下，投资者需保持审慎选择。 ...

海外方面，美国公布9月新增非农就业11.9万，超预期但结构仍不均衡，失业率升至4.4%。原定于12月5 日公布的11月非农将延期至12月16日，这意味着在12.10的FOMC会议前没有最新的官方就业数据出 炉，市场对美联储的降息预期在非农数据出炉后大幅波动，目前市场预期12月降息概率约69%。 国内方面，高基数下，10月广义财政支出增速较9月的2.3%进一步下行至-19.1%。具体拆分看，一般公 共预算支出同比增速较9月的3.1%下行至-9.3%，政府性基金支出同比增速较9月的0.4%进一步回落 至-32.8%，主要受到去年同期基数走高的扰动。税收收入小幅回暖，非税收入继续走弱。 市场策略方面，债券方面，上周税期扰动下资金面均衡偏紧，股市调整但债市反应有限，债市延续窄幅 震荡。央行行长关于金融工作情况报告中提及"10年期国债收益率保持在1.75%-1.85%左右"，债市在关 键点位附近情绪偏谨慎，美国降息预期回落和AI叙事受到质疑带来的全球风险偏好回落并未触发债市 的明显下行，利率趋势性行情还需等待央行买债实质性压低短端利率或基本面失速触发货币政策宽松。 投资有风险，请谨慎选择。 尊敬的投资者： 基金有风险， ...

她指，香港对代币化金融产品的采用日益增加，例如绿色债券、香港证监会认可的货币市场基金和零售 黄金产品，相关代币化产品在香港的市场规模约为30亿美元。大部分代币化试点项目仍处于初期阶段， 有不少提升空间，部分项目在清算及结算方面已在一定程度上提升效率和减低成本，但许多产品仍依赖 法定货币作现金结算。 她又指，没有人能预测代币化或稳定币在跨境供应链支付方面的前景，但强调香港在数字资产发展上会 坚持投资者保障、具有稳健的金融基建及健全的监管。 梁凤仪表示，越来越多市场参与者抱持长远愿景，期望将传统金融产品的整个生命周期在区块链上完 成，以实现即时结算及最终确定。在香港证监会与金管局的指导下，金融机构正在Ensemble项目沙盒的 试点阶段进行实时交易，投资者可跨银行转移代币化存款以认购代币化产品。而要实现规模化发展，互 通性是关键一步，需要建立一个共用的区块链层，用于银行间支付，并逐步与整体金融市场结合。 智通财经APP获悉，香港证监会行政总裁梁凤仪出席论坛时表示，香港正致力构建安全可靠的数字资产 平台，当局正就对数码资产交易及托管服务的监管制度敲定最终方案，将是建立稳健数码资产生态系统 的最后两块监管"拼图"。 ...

随着区内"硬联通"与"软衔接"持续深化，大湾区融合发展不断加速。今年以来，港人北上热度不减，越 来越多港人选择到内地消费购物、投资创业、安家养老。与此同时，更便捷的交通网络和通关服务以及 人才计划，也让"南下"客流持续增加，赴港旅游，乃至工作生活的内地居民也不断增长。 随着大湾区生活圈日渐成型，粤港澳三地之间更趋密切的人员往来正带动区内的跨境金融和财富管理服 务需求进一步释放，为金融机构在大湾区拓展业务创造了新的契机。 汇丰中国副行长兼大湾区总监陈庆耀表示："便利的金融服务是大湾区打造宜居宜业宜游优质生活圈的 重要一环。无论是在香港还是大湾区内地城市，我们看到，来汇丰网点开户及办理业务的"南向"和"北 向"客户都明显增长，对金融服务的需求也日趋多元。为了更好地服务客户，我们进一步加大了个人银 行及财富管理在区内的业务布局，为三地居民的畅行大湾区提供高效便捷的服务。" 陈庆耀介绍，今年以来，汇丰在深圳、广州的中心商务区先后开设了三家新一代的财富管理旗舰网点。 通过"金融+生活"的社交型体验，打造多渠道时代的银行财富管理服务生态。 深化跨境联动 连通全球财富机遇 以年初开业的华南首家新一代财富管理旗舰网点为例，这 ...

Core Insights - The Federal Reserve's initiation of a rate-cutting cycle has sparked discussions in the market, with the current federal funds rate of 4.11% expected to drop below 3.5% by the end of 2026 [1] - While Wall Street celebrates the anticipated asset appreciation, ordinary households struggle to feel the benefits, highlighting a stark contrast in wealth distribution [1] - The challenge lies in ensuring that more individuals can share in the benefits of the policy adjustments aimed at stabilizing the economy [1] Group 1: Wealth Disparity and Asset Appreciation - Low interest rates combined with high liquidity are driving up financial asset prices, primarily benefiting those who already hold significant stocks and funds [3] - The wealth of the top 0.1% has nearly doubled since 2020, surpassing $23 trillion, with stock investments being the main source of this growth [3] - By 2025, inflows into exchange-traded funds are projected to reach a record $1.25 trillion, further confirming the positive response from asset holders [3] Group 2: Impact on Ordinary Households - The barriers to obtaining mortgages have not significantly decreased due to rate cuts, with most regions requiring six-figure household incomes, far above the median level [7] - The reduction in credit card interest rates is minimal, providing little relief for ordinary workers burdened with small debts, limiting their ability to benefit from the policy [7] - Young individuals, primarily reliant on wage income, hold a low proportion of financial assets, making them less able to share in the asset appreciation benefits [7] Group 3: Savings and Inflation Concerns - Cash savings remain a primary financial strategy for many ordinary families, but lower interest rates reduce savings account yields, slowing wealth accumulation [9] - Borrowing rates closely tied to daily life do not decrease in tandem with the Federal Reserve's rate cuts, leading to delayed benefits for consumers [10] - Inflation pressures persist, disproportionately affecting low-income families and eroding their purchasing power, exacerbating economic strain [11] Group 4: Policy Challenges and Solutions - The Federal Reserve's loose monetary policy aimed to stabilize the economy during crises, but prolonged liquidity injections have inflated asset prices and widened wealth gaps [13] - The Gini coefficient in the U.S. has been rising, indicating increasing wealth inequality, as the elderly rely on returns from monetary market funds totaling $7.5 trillion [15] - Policymakers face a dilemma: excessive easing may trigger inflation, while tightening could hinder economic growth, necessitating a balance between growth and equity [15] Group 5: Future Considerations - Recognizing the inherent limitations of current policies, there is a need for solutions that address wealth disparity while maintaining economic stability [17] - Ordinary families may need to adjust their wealth allocation strategies and increase their financial asset holdings, which requires better financial education and a more favorable investment environment [19] - The ongoing challenge for the Federal Reserve and policymakers will be to find ways to reduce wealth gaps while ensuring economic stability, a critical issue for ordinary households [19]

Group 1 - The core point of the news is the resignation of Deng Haiqing, the Deputy General Manager and Chief Investment Officer of AVIC Fund, due to personal reasons [1][2][4] - AVIC Fund has been focusing on a differentiated development path, particularly in public REITs and bond funds, achieving a management scale exceeding 60 billion yuan as of the end of Q3 this year [1][6] - Deng Haiqing joined AVIC Fund in December 2020 and was promoted to Deputy General Manager in December 2021, while also serving as Chief Investment Officer [4][5] Group 2 - As of the end of Q3 this year, AVIC Fund manages a total of 30 funds, with over 30 billion yuan in bond and money market funds, nearly 20 billion yuan in equity funds, and over 5 billion yuan in public REITs [6] - AVIC Fund has seen significant performance in equity investments, with a return rate of 99.06% in the first three quarters of this year, ranking second in the industry [7] - The company has experienced frequent changes in senior management since last year, including the resignation of the General Manager and Chief Supervisor in July 2024 [8][9]

Core Viewpoint - Chongqing Brewery (600132.SH) announced plans to utilize up to 3 billion yuan of idle funds for entrusted wealth management, focusing on short-term bank financial products and money market funds [1] Group 1 - The company’s subsidiary, Carlsberg Chongqing Brewery Co., Ltd., along with its subsidiaries, will manage the investment [1] - The maximum investment amount for a single bank's financial product and a single money market fund is set at 500 million yuan [1]

Core Insights - Chongqing Brewery (600132.SH) announced that its subsidiary, Carlsberg Chongqing Brewery Co., Ltd., plans to invest up to RMB 3 billion in short-term financial products and money market funds using idle self-owned funds [1] Investment Strategy - The maximum investment limit for a single bank financial product and a single money market fund is set at RMB 500 million [1]

Core Viewpoint - Chongqing Brewery (600132.SH) announced that its controlling subsidiary, Carlsberg Chongqing Brewery Co., Ltd., along with its subsidiaries, plans to invest up to RMB 3 billion in short-term bank wealth management products and money market funds using idle self-owned funds [1] Investment Details - The total investment amount is capped at RMB 3 billion [1] - The maximum investment limit for a single bank wealth management product and a single money market fund is set at RMB 500 million [1]