Group 1 - Deloitte announced that the number of IPOs in Hong Kong is expected to exceed 80 by 2025, with the fundraising forecast raised from approximately HKD 200 billion to between HKD 250 billion and HKD 280 billion [1] - As of September 23, 2023, the total IPO fundraising in Hong Kong for the first three quarters reached approximately HKD 180 billion, with highlights including the return of Chinese concept stocks and the expansion of ETF products [1][2] - The technology sector is anticipated to remain a focal point for the market, with expectations for continued valuation improvements [1][2] Group 2 - In the first three quarters of 2025, Hong Kong's IPO market saw a significant increase, with 66 new listings compared to 45 in the same period last year, marking a 47% growth [2] - The total fundraising amount reached HKD 1,823 billion, a 228% increase from HKD 556 billion in the previous year, with six large IPOs contributing approximately 60% of the total [2][5] - The Hong Kong Stock Exchange (HKEX) remains the global leader in IPO fundraising, with a significant gap of over HKD 60 billion compared to the second-ranked New York Stock Exchange [4][5] Group 3 - The top ten global IPOs in terms of fundraising saw a slight decline of 3% year-on-year, with four of them listed on the HKEX, including Ningde Times at the top with HKD 41 billion [3] - The number of listing applications received by HKEX increased significantly, with 283 applications in the first eight months of 2025, up 123% from 127 applications in the same period last year [4] - The average price-to-earnings ratio for the Hong Kong main board reached 15 times, returning to levels seen in Q4 2021, indicating a recovery in the market [5]

Group 1 - Gold has performed exceptionally well this year, rising 44% to a record $3,784 per ounce, while other precious metals like silver, platinum, and palladium have also seen significant increases of 53%, 60%, and 33% respectively [1] - Bitcoin, often referred to as "digital gold," has only increased by over 20% this year, reaching $113,000, indicating a lag behind precious metals [1][3] - Central banks have been diversifying their strategies by increasing gold reserves, with a total global gold reserve of approximately 36,000 tons, as reported by the European Central Bank [1][2] Group 2 - Over the past three years, global central banks have added more than 1,000 tons of gold annually, more than double the average of the previous decade [2] - Bitcoin has not yet entered central bank balance sheets, limiting its role as a reserve asset, and ongoing sell-offs from early wallets have suppressed its price increase [3] - Deutsche Bank predicts that by 2030, both gold and Bitcoin may appear on central bank balance sheets simultaneously [4]

这一决策的背后，是日本国内政治不确定性、全球经济形势变化以及通胀压力持续的多重博弈。尽管日 本与美国的贸易协议缓解了部分外部压力，但首相石破茂的突然辞职、自民党总裁选举悬而未决以及近 日美联储降息决定下的日元波动，均让日本央行的政策路径充满了未知与挑战。目前，日本央行官员仍 在评估美国关税对日本经济的影响。根据最新的美日贸易谈判，日本出口美国的汽车关税已降至15%。 利率维持0.5%的共识 9月19日，日本央行在最新的政策会议上决定维持基准利率在0.5%不变，并决定开始出售其ETF持仓。 这已是日本央行连续第五次会议"按兵不动"，符合市场预期。在面临诸多不确定性的当下，日本央行选 择"按兵不动"的观察策略，避免因政策急转可能引发的市场动荡。 市场反应 日本央行利率决议公布后，美元兑日元短线继续下跌0.3%报147.53。此前，由于美联储25个基点的降息 力度不及市场预期的"鸽派"，美元指数连续三个交易日上涨。不过，预期的美联储进一步降息和日本央 行进一步加息重新提振日元，在决议前日内已对美元上涨0.14%报147.80。 日经225指数19日早盘连续第二天创历史新高，续涨1.19%，东证指数也上涨0.84%。 ...

9月19日周四上午，，意外启动ETF（交易所交易基金）和J-REIT（房地产投资信托）减持。 午后，日本央行行长植田和男召开新闻发布会，表示如果ETF和日本房地产投资信托基金的出售按照既 定速度进行，将需要超过100年时间。 日本央行从2010年开始购买ETF，特别是在2013年宽松潮后急剧膨胀。虽然去年退出大规模刺激后已停 止新增ETF，但相关持仓现已达35万亿日元级别。 他表示，必要准备工作完成后，将开始出售ETF；ETF出售计划具有必要时停止的灵活性；目前并未考 虑将回购ETF作为货币政策工具。 在关税对经济的影响方面，植田和男表示，虽然关税正在拖累制造商的利润，但目前为止没有看到关税 对日本资本支出、工资和就业趋势的影响；贸易政策对汇市的影响仍存在不确定性。 通胀方面，植田和男表示，目前日本核心通胀率仍低于2%水平，但正在接近目标；需要警惕关税带来 的价格下行风险。 整体而言，植田和男表示，日本经济温和复苏，物价趋势未脱离下半年目标，实际利率仍然非常低，如 果该行的经济和价格展望成真，将继续加息。 ...

Group 1 - The Bank of Japan decided to maintain the benchmark interest rate at 0.5%, aligning with market expectations, indicating a moderate recovery in the Japanese economy with stable trends in exports and production [2] - The core CPI inflation, excluding fresh food, is expected to remain subdued due to economic slowdown, despite a gradual decline in the impact of rising food prices [2] - There were two dissenting votes for a rate hike, suggesting a shift in sentiment regarding inflation risks, with calls to raise the rate by 25 basis points to 0.75% [3] Group 2 - The Bank of Japan announced plans to begin selling its ETF and J-REIT holdings, with an annual target of approximately 330 billion yen for ETFs and 5 billion yen for J-REITs [4] - The central bank's ETF holdings have reached 35 trillion yen since it began purchasing ETFs in 2010, particularly increasing after the monetary easing in 2013 [5] - Following the announcement, the market reacted with a decline in the USD/JPY exchange rate and a rise in the 10-year Japanese government bond yield by 4 basis points to 1.635% [6][9]

Core Viewpoint - The development of Listed Open-Ended Funds (LOF) has stagnated due to inefficiencies in redemption mechanisms, outdated market-making systems, and poor performance in active management, while Exchange-Traded Funds (ETF) have thrived, reaching a scale of 4.1 trillion yuan [1][2][4]. Group 1: Historical Context and Current Status - LOF was introduced in 2004, providing a dual trading mechanism of exchange trading and off-market redemption, enhancing liquidity for investors [2]. - In contrast, ETFs, which also launched in 2004, have seen significant growth, with nearly 1,200 ETFs available by June 2025, driven by investor preference and policy support [2]. - LOF's scale has decreased from over 900 billion yuan to around 600 billion yuan, with new fund issuance nearly halted since 2022, leading to over 30 fund liquidations [2][4]. Group 2: Market Dynamics and Challenges - LOF funds often exhibit small scales and poor liquidity, allowing minimal trading volumes to cause significant price fluctuations [3]. - The average daily trading volume for LOF is less than 13 million yuan, compared to 1.26 billion yuan for ETFs, highlighting a severe liquidity gap [4][6]. - The inefficiencies in LOF's trading mechanisms, such as cash redemption and delayed reporting of holdings, hinder investor engagement and strategy tracking [4][5]. Group 3: Recommendations for Improvement - Industry experts suggest that LOF must innovate its mechanisms to align with investor needs, potentially by adopting features from ETF trading systems [6][7]. - There is a call for LOF to explore a combination of active management and ETF-like mechanisms, such as transparent active management models that regularly disclose holdings [6][7]. - To revitalize LOF, it is essential to enhance trading efficiency and optimize investment strategies, ensuring that products meet the evolving demands of investors [7].

Market Growth - The Greater China region (Mainland China, Hong Kong, Taiwan) is the main driver of ETF market growth in the Asia-Pacific region, contributing 71% of the region's growth. In 2024, the ETF asset size in this region surged by 31% to reach $1.7 trillion, with record inflows of $347 billion [2][19]. - 71% of Greater China investors increased their ETF allocations over the past five years, with 20% reporting an increase of over 25%. Looking ahead, 99% of respondents plan to further increase their ETF investments in the next 12 months, particularly in Hong Kong (54%) and Taiwan (47%) [2][24]. - Taiwan's market has seen exceptional growth, with assets increasing by over 170% since the end of 2022, driven by a strong retail investor base of over 14 million [2][21]. Regional Characteristics - Taiwan's market is dominated by retail investors with a strong preference for specific themes such as artificial intelligence (60% view it as a leading trend for 2025) and cryptocurrency ETFs (40% plan to purchase) [3]. - Hong Kong is characterized by product innovation and serves as a cross-border hub, with 34% of investors planning to buy fixed income ETFs. Tax efficiency is a significant factor for 26% of investors when choosing ETFs [3]. - Mainland China investors exhibit a steady increase in allocations, with 74% planning to increase their ETF investments by no more than 10% in the next 12 months. There is a strong demand for offshore assets, particularly through cross-border channels [3]. Product Trends - There is a rising demand for buffered ETFs, with 29% of Greater China investors planning to invest in these products in the next 12 months, particularly in Mainland China (34%) [4]. - Interest in cryptocurrency ETFs is notable, with 26% of investors planning to invest, led by Taiwan (40%) and Hong Kong (23%) [4]. - Active ETFs are experiencing significant demand, with 100% of respondents planning to increase allocations in the next 12 months. In Hong Kong and Taiwan, 40% of investors plan to increase their allocations by over 25% [4]. Market Drivers and Challenges - Regulatory innovation is a key driver, with mechanisms like the ETF mutual access between Mainland China and Hong Kong facilitating cross-border investments [6]. - 27% of companies in Greater China are using AI tools to assist in investment decisions, indicating a growing trend in technology application [6]. - Competition among issuers is intensifying, with 76% of institutional investors planning to increase the number of ETF issuers they collaborate with. Product scale is a significant barrier, with 85% requiring a minimum AUM of $50 million [6].