Core Viewpoint - The Shanghai Stock Exchange (SSE) aims to enhance its role as a world-class exchange by focusing on risk prevention, strong regulation, and high-quality development, while promoting technological and industrial innovation [1] Group 1: Development Goals - SSE will optimize key systems such as issuance, refinancing, and mergers to direct capital towards advanced technologies and future industries [1] - The exchange will foster a rational, value-oriented, and long-term investment ecosystem to attract more medium to long-term capital [1] - SSE plans to improve corporate governance and information disclosure quality, emphasizing dividends and buybacks to enhance investment value [1] - The exchange will expand institutional openness and cross-border investment channels, enriching its international product system [1] Group 2: Achievements During the 14th Five-Year Plan - During the 14th Five-Year Plan, the total market value of the stock market exceeded 60 trillion yuan, with trading volume reaching 546 trillion yuan, marking increases of 40% and 96% respectively compared to the previous five-year period [2] - The Science and Technology Innovation Board (STAR Market) saw 379 new listings, with 22 previously unprofitable companies achieving profitability post-listing [2] - The STAR Market has become a preferred listing destination for hard-tech companies, with a total market value of approximately 10 trillion yuan [2] Group 3: Cross-Border Investment and Connectivity - SSE has deepened its cross-border investment mechanisms, enhancing international service levels and optimizing the Stock Connect program [3] - The Stock Connect program recorded a cumulative trading volume of 103 trillion yuan, a 288% increase from the previous five-year period [3] - The exchange has expanded its cross-border product offerings, with the scale of cross-border index products exceeding 320 billion yuan, increasing international influence [3]

Group 1 - The Shanghai Stock Exchange International Investor Conference opened on November 12, focusing on "Value Leading, Open Empowerment - New Opportunities for International Capital Investment and Mergers" [1] - This marks the seventh consecutive year the Shanghai Stock Exchange has hosted this conference, providing a platform for foreign institutions to communicate with domestic regulatory bodies, exchanges, listed companies, and financial institutions [1] - The Vice Chairman of the China Securities Regulatory Commission, Li Ming, emphasized the importance of the conference in highlighting the long-term investment value of China's capital market and its high-level opening to foreign investment [1] Group 2 - Shanghai's Executive Vice Mayor, Wu Wei, stated that the city aims to enhance its international financial center status through higher quality reforms and innovations, improving financial services for the real economy [2] - The Shanghai Stock Exchange Chairman, Qiu Yong, indicated that the exchange will focus on risk prevention, strong regulation, and promoting high-quality development in the upcoming "15th Five-Year Plan" [2] Group 3 - The Shanghai Stock Exchange plans to optimize key systems related to issuance, refinancing, and mergers to guide capital towards advanced technologies and future industries [3] - There is a focus on cultivating a rational, value-oriented, and long-term investment ecosystem to attract more medium to long-term funds into the market [3] - Data from the "14th Five-Year Plan" period shows that the cumulative transaction volume of the Shanghai-Hong Kong Stock Connect reached 103 trillion yuan, a 288% increase from the previous five-year period [3]

Core Insights - The Shanghai Stock Exchange (SSE) is hosting its annual International Investor Conference, focusing on "Value Leading, Open Empowerment - New Opportunities for International Capital Investment and Mergers" [1] - This marks the seventh consecutive year for the SSE to hold this international event, aimed at facilitating communication between foreign investors and domestic regulatory bodies, exchanges, and listed companies [1] - The conference spans two days, featuring speeches from key figures in the China Securities Regulatory Commission (CSRC), Shanghai government, and international investment institutions [1] Group 1: Conference Structure and Themes - The conference includes two main forums: one focusing on investment topics such as asset allocation, ESG, and new consumption industries, and the other on mergers and acquisitions [2] - The agenda for November 13 will center on investment opportunities in technology innovation, highlighting sectors like artificial intelligence, biomedicine, and high-end equipment manufacturing [2] - The SSE has been actively enhancing its international business since 2025, improving mechanisms for international investor engagement and expanding global roadshow activities [2] Group 2: International Collaboration and Market Development - The SSE is integrating into the national strategy for opening up, promoting the inclusion of stock ETFs in the Hong Kong Stock Connect program, and facilitating cross-border ETF cooperation with Brazil [3] - During the "14th Five-Year Plan" period, the cumulative trading volume of the Hong Kong Stock Connect reached 99 trillion yuan, a 275% increase from the previous five-year period [3] - The SSE has established capital market cooperation with the Middle East, signing a memorandum of cooperation with the Muscat Securities Market in Oman to enhance market promotion and information exchange [3] Group 3: Investor Engagement and Future Outlook - The SSE is committed to deepening communication between international investors and Shanghai-listed companies to bolster investor confidence [4] - Recent online roadshows have attracted participation from nearly 50 institutions across major markets, showcasing investment opportunities in the STAR Market [4] - The SSE plans to continue enhancing services for international investors and promoting China's economic resilience and openness to foreign capital participation [4]

Core Viewpoint - The A-share market in April experienced significant fluctuations, creating a "golden pit" for investment opportunities, with a notable influx of funds into equity funds and FOF products, indicating a shift in investor preferences towards stable and diversified investment strategies [1][2][3]. Fund Issuance Overview - In April, a total of 119 new funds raised 901.56 billion units, with equity funds accounting for 435.53 billion units, representing 48.31% of the total issuance [2][5]. - Passive index funds contributed nearly 60% of the total, with specific products from Huaxia and E Fund each raising over 40 billion units, highlighting strong market interest in the technology sector [2][5]. - Fixed income products maintained a steady issuance pace, with 20 bond funds raising 337.97 billion units, making up 37.5% of the total, and long-term pure bond funds comprising 68% of this category [2]. Performance of FOF Funds - Four newly launched mixed FOF funds raised a total of 88.84 billion units, accounting for nearly 10% of the total issuance, with an average size of 22.21 billion units, significantly above the industry average [3]. - The popularity of FOF products is attributed to a shift in wealth management strategies among investors, moving from single products to diversified portfolios, aligning with the current market demand for stable growth [3]. Innovative Products - April saw the introduction of several innovative fund products, including a new REIT focused on rental housing, which successfully raised 5 billion units, indicating ongoing development in public REITs within the housing sector [4]. - The launch of cross-border index products and thematic funds, such as those focused on artificial intelligence, reflects a trend towards targeted investment strategies in a volatile market [4]. - Funds targeting specific themes like the STAR Market and Hong Kong Stock Connect accounted for 37% of new fund issuances, suggesting a preference for precise investment rather than broad-based strategies [4]. Head of Fund Issuance - The top 20 equity funds accounted for 73% of the total issuance, indicating a strong head effect where investors prefer established products with clear performance histories [5][6]. - Notably, passive index and actively managed products exhibited distinct head characteristics, with leading funds in the technology sector attracting significant capital [5][6].