近期非农就业数据的大幅下修加剧了美联储对经济增长的担忧，而通胀的尾部风险正在下降。我们认为美国 货币政策正在从对通胀的关注转向对联储双重目标（就业和通胀）的平衡。因此我们预计美联储将从9月份开 始降息25个基点，随后在今年12月和明年3月再降息两次，累计降息75个基点。美联储有望落实降息，现在正 是布局优质债券以锁定具有吸引力的收益率的潜在机会，以应对利率的进一步下跌。 由于实际收益率仍处于高位，美联储有很大的降息空间。即使降息三次，政策利率仍将保持限制性。同时， 经济增长不确定性和美联储领导层变动也可能带来更多的降息空间。我们维持对美国国债、美元投资级债券 和高收益债券的中性观点，因其收益率仍颇具吸引力。同时，我们认为优质债券是重要的投资组合风险分散 工具，可以对冲经济增长放缓带来的宏观风险。 如何应对？ 策略一：在利率下降之前锁定当前具有吸引力的收益率。 策略二：延长久期偏好，因长短利差正处于三年来最高水平。 策略三：利用优质债券对冲增长放缓的风险 数据来源：彭博，汇丰私人银行及财富管理。截至2025年8月15日，过去数据不代表未来表现。 我行相关主题所有在售代客境外理财计划-香港互认基金、海外基金产品列 ...

Core Viewpoint - The company emphasizes the importance of adhering to the central government's eight regulations and aims to enhance its internal governance and operational efficiency through comprehensive education and rectification efforts [1][2][6]. Group 1: Strengthening Work Style Construction - The company has made learning and education a major political task, establishing a structured approach to ensure effective implementation of the central government's directives [2]. - A detailed educational plan has been developed, outlining 13 specific tasks to integrate learning with practical work, ensuring effectiveness [2]. - The company has organized various working groups to oversee the implementation of educational initiatives, ensuring quality and effectiveness [2]. Group 2: Enhancing Party Character Foundation - The company prioritizes party character cultivation as a foundation for good work style, focusing on improving political judgment, comprehension, and execution [3]. - Leadership has been actively involved in educational initiatives, conducting reading classes and lectures to deepen understanding of the central regulations [3]. - The company has utilized red resources for practical learning experiences, combining expert lectures with on-site education [3]. Group 3: Identifying Issues and Improving Rectification Effectiveness - The company uses public satisfaction as a key measure of educational effectiveness, focusing on resolving pressing issues faced by clients and employees [4]. - A comprehensive problem identification process has been initiated, targeting specific issues and guiding the establishment of problem lists for rectification [4][5]. - Leadership has engaged in extensive field research to gather feedback and address practical concerns [4]. Group 4: Creating a New Landscape for High-Quality Development - The company integrates a rigorous approach and practical work style into its management processes, aiming for high-quality development [6]. - It has introduced innovative services and reforms to enhance operational efficiency and support business growth [6]. - The company actively participates in social responsibility initiatives, contributing to national strategies and providing significant financial support to enterprises [6].

Core Viewpoint - The article discusses the potential expansion of the "Southbound Bond Connect" to include insurance institutions, highlighting the significance of this development for the insurance industry and the broader financial market [1][2][3]. Group 1: Southbound Bond Connect Expansion - The "Southbound Bond Connect" is expected to expand to include non-bank financial institutions, which has garnered significant attention this year [2][3]. - In January, the People's Bank of China and the Hong Kong Monetary Authority announced measures to deepen financial cooperation, including optimizing the "Southbound Bond Connect" arrangements [2]. - The expansion will allow qualified domestic investors, including asset management companies and insurance firms, to invest in global bonds, addressing the demand for diversified investment [2][3]. Group 2: Current Limitations and Future Prospects - Currently, the "Southbound Bond Connect" has strict limitations on investor types and usage quotas, with a total annual net outflow limit of 500 billion RMB and a daily limit of 20 billion RMB [3]. - Insurance companies are particularly interested in participating in the "Southbound Bond Connect" due to the pressure on investment performance in a declining domestic interest rate environment [3]. - Initial participation by insurance institutions may be limited and likely to start with pilot programs for select firms [3]. Group 3: Hong Kong Mutual Recognition Funds - The announcement from China Life also includes plans to invest in Hong Kong mutual recognition funds, which are collective investment schemes registered for public sale in both Hong Kong and mainland China [5][6]. - The recent revision of regulations allows for an increase in the sales ratio of Hong Kong mutual recognition funds from 50% to 80%, attracting significant interest from institutions [6]. - Despite the lack of policy barriers, actual investments by insurance companies in these funds have been minimal due to strict internal investment requirements and concerns over fund limits [6]. Group 4: Financial Cooperation and Market Impact - The ongoing deepening of financial cooperation between mainland China and Hong Kong is expected to enhance cross-border capital flows and promote market openness [4]. - The "Southbound Bond Connect" is anticipated to boost the offshore RMB bond market in Hong Kong, increasing market activity and scale [4].

Group 1 - QDII funds allow investors to purchase foreign assets such as stocks and bonds without the need for currency exchange, with low investment thresholds starting from as little as 10 or 100 yuan [3] - The "Hong Kong Stock Connect" enables mainland investors to trade Hong Kong stocks using their A-share accounts, leading to the issuance of Hong Kong Stock Connect funds that invest in various indices like technology and dividends [4] - Hong Kong mutual recognition funds are available for sale to mainland investors, with a balanced number of bond and equity funds, and a larger scale in bond funds, primarily focusing on the Greater China region [6] Group 2 - The Hong Kong mutual recognition fund allows for the sale of Hong Kong off-exchange funds in mainland China, while the interconnectivity ETFs represent a similar concept for on-exchange trading, although the number of such ETFs is limited compared to A-shares [7]

近年来，随着我国资本市场双向开放的持续推进，内地与香港市场的互联互通机制逐步深化，基金互认作为其中一项重要的制度创新，已经成为资本市场 跨境合作的重要组成部分。通过这一渠道，境内投资者可以投资香港地区发行的部分基金产品，更全面地进行全球资产配置。自2025年起，《香港互认基 金管理规定》正式实施，为境内资金投资香港互认基金提供增量额度支持，这一政策落地不仅为投资者提供了更多投资机会，也加速了资本的双向流动。 在当前QDII额度审批放缓的背景下，香港互认基金的额度优势受到市场的高度关注，并掀起一轮抢购热潮。 香港互认基金市场定位 目前，我国跨境投资渠道主要包括五大类：QDII、QDLP、TRS、跨境理财通和香港互认基金。具体而言，QDII是指合格境内机构投资者，为境内金融机 构经批准后投资境外市场的主要投资渠道，投资者可直接采用人民币参与QDII投资，为最常见的跨境投资渠道；QDLP是指合格境内有限合伙人，是境外 管理人经批准后在境内试点范围内向合格投资者募集资金，经过换汇后投资境外市场，投资场景包括境外股票市场、非上市公司股权债权、房地产REITs 等；TRS是收益互换，为一类场外衍生品交易工具，可挂钩股票、 ...

Group 1 - The Asia-Pacific market particularly favors high dividend yields due to limited earnings growth and low valuations in East Asian economies, where increasing dividends and buybacks are essential for maintaining high and stable ROE [1][6] - In the current macroeconomic environment, value assets that can provide stable returns are becoming increasingly important, as they tend to exhibit higher and more stable dividend levels [2][11] - Hong Kong stocks are naturally more suitable for high dividend investments, with a higher proportion of high dividend sectors such as banking (21.6%) and energy (8.1%) compared to other Chinese assets [3][25] Group 2 - The experience from the Japanese market shows that after a slowdown in growth, dividend assets can yield sustained excess returns, with lower timing requirements except during significant tech industry booms [3][29] - The investment opportunities in Hong Kong mutual funds are broader than those in the Hong Kong Stock Connect, allowing for investment in global markets with fewer restrictions [3][29] - The trend of increasing cash returns among Hong Kong tech core assets indicates a shift towards a more balanced high dividend strategy across sectors, rather than being limited to traditional cyclical industries [3][33] Group 3 - Taiwan's stock market has maintained high dividend yields, particularly among leading manufacturing companies, supported by a strong semiconductor industry and favorable policy adjustments [36][37] - The Taiwanese stock market has shown a 9.5% annualized return from 2015 to 2024, with a significant portion of its market capitalization concentrated in advanced manufacturing sectors [36][38] - Despite the overall market's rising trend, the dividend yield of Taiwan's weighted index has not significantly increased, indicating stable dividend policies among leading companies [38]