跨境服务部分渠道暂未开通，汇丰晋信基金流程兼容性是否能进一步优化？ 近期部分投资者反馈汇丰晋信基金在跨境服务渠道的兼容性上存在一定局限性，尤其在某些地区暂未开 通的服务渠道中，用户体验与操作流畅度受到影响。作为一家合资基金公司，汇丰晋信依托汇丰集团的 国际资源，在QDII和互认基金等跨境产品上具备先天优势，但实际落地时，是否因系统对接或本地化 适配不足导致服务断层？这一问题值得深入探讨。 不可否认，任何创新服务均需经历磨合期。汇丰晋信在生命周期基金等长期产品上的成功，印证了其战 略定力。或许当前的渠道限制只是阶段性挑战，随着技术协同与监管合作的深化，兼容性问题有望逐步 化解。投资者不妨保持关注，或许下一次系统更新便能带来惊喜。(IT手机金融网） 从行业实践来看，跨境基金服务的流畅性往往受制于合规审核、资金清算等多重环节。汇丰晋信虽在 2025年通过港股通等渠道拓展了跨境投资选择，但相比头部机构，其在部分新兴市场的渠道覆盖仍显滞 后。例如，投资者反映个别地区的账户绑定或赎回流程耗时较长，这可能与后台系统对多币种、多监管 体系的兼容性优化不足有关。不过，需客观看待的是，跨境业务本身具有高复杂性，此类问题在行业中 ...

Group 1 - The total scale of public funds in China reached 37.7 trillion yuan by the end of December 2025, marking a record high with a quarter-on-quarter increase of nearly 700 billion yuan [1] - Bond funds saw a monthly increase of over 410 billion yuan, while stock funds grew by over 250 billion yuan; mixed funds, FOF, and QDII experienced slight growth, whereas money market funds decreased by 153.6 billion yuan [1] - In 2025, amidst international turmoil, the three major A-share indices showed strong performance with cumulative annual increases of 18.41% for the Shanghai Composite Index, 29.87% for the Shenzhen Component Index, and 49.57% for the ChiNext Index [1] Group 2 - The China Securities Regulatory Commission (CSRC) emphasized the need to deepen public fund reforms and broaden channels for long-term capital sources, promoting products and risk management tools suitable for long-term investment [3] - The CSRC aims to enhance the quality of service for high-quality development, improve regulatory effectiveness, and promote the growth and governance of listed companies, while also advancing the opening of capital markets to a deeper and higher level [3] - Initiatives include strengthening technology-enabled regulation and expediting the release of regulations for listed companies, as well as fully implementing the newly revised corporate governance standards [3]

Core Viewpoint - The public fund industry in China is undergoing significant reforms aimed at achieving high-quality development, with a focus on addressing core challenges and outlining a new blueprint for 2026 [1][3]. Group 1: Industry Growth and Challenges - By the end of 2025, the total scale of the public fund industry reached nearly 37 trillion yuan, with ETF business surpassing 6 trillion yuan, indicating a robust growth trajectory [3]. - The industry is experiencing a comprehensive development trend, with various product lines such as fixed income+, QDII, FOF, and public REITs flourishing [3]. Group 2: Regulatory Clarity and Implementation - The "Action Plan for Promoting High-Quality Development of Public Funds" serves as a guiding document for industry reforms, with key policies being gradually implemented, including floating fee rate funds and standardized sales behavior [4][5]. - Some new regulatory clauses remain ambiguous and require further clarification from regulatory authorities to ensure smooth implementation [5]. Group 3: Product Innovation and Market Dynamics - The public fund industry faces challenges of product homogeneity and insufficient innovation, particularly in the ETF sector, where the number of products increased from approximately 1,000 to 1,381 in 2025 [6][7]. - Many fund companies are following trends rather than leveraging their research advantages, leading to resource wastage and a lack of differentiation in product offerings [6][7]. Group 4: Balancing Interests of Fund Companies and Investors - The misalignment of interests between fund companies and investors is a fundamental issue, with companies focusing on short-term scale growth at the expense of long-term performance [8][9]. - A shift towards mechanisms that align the interests of fund companies with those of investors is necessary for sustainable growth and high-quality development in the industry [9]. Group 5: Differentiated Development for Small and Medium Fund Companies - Small and medium-sized public funds face significant challenges in a competitive landscape, necessitating a focus on niche markets and customized products to overcome inherent disadvantages [10][11]. - Successful differentiation requires concentrated resource investment in specific areas, but this approach carries high risks due to market volatility [11]. Group 6: Trends Shaping the Future of the Industry - The public fund industry is expected to transition from a "scale-oriented" approach to one that prioritizes "quality" and "investor satisfaction" by 2026 [14]. - A new wave of industry consolidation is anticipated, with some companies leveraging mergers and acquisitions to enhance their market position [15][16]. - The rise of tool-based investment products and AI-driven decision-making is set to redefine the investment landscape, enhancing efficiency and precision in fund management [17][19]. - The sales approach in the fund industry is shifting towards a "buy-side service" model, emphasizing long-term client relationships and value creation over mere scale [21][22].

Core Viewpoint - The public fund industry in China is undergoing significant reforms aimed at achieving high-quality development, with a focus on addressing core challenges and outlining a new blueprint for 2026 [1][3]. Group 1: Industry Development and Challenges - By the end of 2025, the total scale of the public fund industry reached nearly 37 trillion yuan, with ETF business surpassing 6 trillion yuan, indicating a robust growth trajectory [3]. - The industry is experiencing a transformation characterized by the implementation of key policies such as floating fee rate funds, sales expense management rules, and performance benchmark standardization [4][5]. - There are ongoing debates regarding the clarity of certain regulatory provisions, particularly in the area of fund sales behavior, which require further guidance from regulatory authorities [4][5]. Group 2: Product Innovation and Market Dynamics - The public fund industry faces challenges of product homogeneity and insufficient innovation, particularly evident in the ETF sector, where the number of products increased from approximately 1,000 to 1,381 in 2025 [6][7]. - Many fund companies are following trends rather than leveraging their research advantages, leading to a waste of resources and a decline in investor confidence [6][7]. - A significant number of ETFs launched since 2024 have experienced substantial capital outflows, highlighting the risks associated with lack of differentiation [6][7]. Group 3: Balancing Interests of Fund Companies and Investors - The misalignment of interests between fund companies and investors is a fundamental issue, with companies prioritizing short-term scale over long-term performance [8][9]. - The current market environment incentivizes aggressive strategies that may lead to high risks and potential losses for investors, creating a conflict where funds profit while investors do not [8][9]. - Achieving a balance between the interests of fund companies and investors requires innovative mechanisms and a shift in focus towards long-term value creation [9]. Group 4: Challenges for Small and Medium-sized Fund Companies - The public fund industry exhibits a "Matthew effect," where smaller firms struggle due to limited resources and talent retention, making it difficult to compete on scale [10][11]. - Small and medium-sized firms are encouraged to focus on niche markets and collaborate closely with distribution channels to create customized products [10][11]. - However, many of these firms face difficulties in executing differentiated strategies, often missing out on market opportunities [11][12]. Group 5: Trends Shaping the Future of the Industry - The industry is expected to shift from a "scale-oriented" approach to one that prioritizes "quality," emphasizing investor satisfaction and long-term returns [15][16]. - A new wave of industry consolidation is anticipated, with some firms leveraging mergers and acquisitions to enhance their market position [16][17]. - The rise of tool-based investment products is transforming the landscape, allowing for more granular asset allocation and a focus on specific market segments [18][19]. - AI is projected to play a crucial role in investment decision-making, evolving from a supportive tool to a central component of investment strategies [20][21]. - The sales approach in the fund industry is transitioning towards a "buy-side service" model, emphasizing long-term client relationships and value creation over short-term sales metrics [22][23].

Group 1 - The issuance of bond funds has significantly decreased this year, while equity funds have taken the spotlight, with new equity fund issuance exceeding 400 billion units, surpassing the historical record set in 2021 [1][6] - As of December 22, 2023, a total of 1,469 new funds have been established this year, marking the highest number of new fund issuances in nearly four years, with a total issuance of 11,358.88 billion units [2][3] - Among the newly established funds, 808 are equity funds with an issuance of 4,086.66 billion units, while mixed funds and bond funds have 280 and 262 new funds with issuances of 1,551.03 billion units and 4,680.71 billion units, respectively [3][4] Group 2 - The focus of fund companies this year has shifted towards equity funds, particularly passive index products, with 604 of the 808 new equity funds being passive index funds [5] - The market dynamics are changing, with the share of bond fund issuance dropping from 71.27% in 2022 to 41.21% in 2023, while the share of equity fund issuance has risen from 12.24% in 2021 to 35.98% in 2023 [5][6] - The largest newly issued fund this year is the Dongfanghong Yingfeng Stable Allocation 6-Month Holding A, with an issuance of 65.73 billion units, while the largest newly issued equity fund is the Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board Comprehensive ETF Link A, with an issuance of 48.92 billion units [4]

Market Performance - The A-share market showed a mixed performance last week, with the ChiNext Index, STAR 50, and CSI 500 leading in returns at 2.74%, 1.72%, and 1.01% respectively, while the Shanghai Composite Index, CSI 300, and CSI 1000 lagged with returns of -0.34%, -0.08%, and 0.39% respectively [1] - In terms of sectors, telecommunications, defense and military, and electronics performed well with returns of 5.92%, 3.57%, and 2.51% respectively, while coal, oil and petrochemicals, and textiles and apparel had poor performance with returns of -3.80%, -3.43%, and -2.68% respectively [1] Fund Flows - The ETF market saw a net inflow of 128.9 billion yuan last week, with money market ETFs contributing 5.19 billion yuan, stock ETFs 24.11 billion yuan, QDII stock ETFs 53.88 billion yuan, commodity ETFs 2.41 billion yuan, and bond ETFs 43.3 billion yuan [2] - Major indices such as CSI A500, AAA Sci-Tech Bonds, Hang Seng Technology, STAR 50, and others experienced significant net outflows, with CSI A500 seeing a net outflow of 96.84 billion yuan [2][5] ETF Performance - The median weekly return for stock ETFs was 0.20%, with ChiNext ETFs showing the highest median return of 2.76% [11] - Technology ETFs had a median return of 1.46%, while chip ETFs also performed well with a median return of 2.69% [11] - Several communication and artificial intelligence ETFs saw substantial weekly gains, with the Communication Equipment ETF rising by 7.30% and various ChiNext AI ETFs also showing strong performance [12][13] New Fund Launches - A total of 61 funds were reported last week, including 1 REIT, 2 QDIIs, and 5 FOFs, with new ETFs focused on various sectors such as non-ferrous metals and public utilities [18] - The HuaTai BaRui CSI A500 ETF became the first to surpass 30 billion yuan in size, reaching 307.04 billion yuan [18] - The Hong Kong Stock Exchange launched its first stock index, the Hong Kong Stock Exchange Technology 100 Index, aimed at reflecting the performance of the largest 100 technology-related companies listed in Hong Kong [18]

Core Viewpoint - The article discusses the new performance evaluation regulations in the non-bank financial sector, emphasizing the importance of investor experience and the growth of mixed FOF products [5]. Group 1: Fund Market Overview - As of November 2025, the total net asset value of public funds in the market reached 36 trillion yuan, with a slight decrease of 0.06% month-on-month [3]. - The total number of public fund shares was 31.36 trillion, reflecting a month-on-month increase of 0.37%. Equity funds accounted for 6.5 trillion shares, up 1.55%, while bond funds totaled 9.15 trillion shares, up 0.21%. Money market fund shares were 14.61 trillion, down 0.44% [3]. - In November 2025, 945.67 billion new fund shares were issued, marking a month-on-month increase of 30.81%, with equity funds contributing 546.69 billion shares (up 42.27%) and bond funds 216.66 billion shares (up 49.2%) [3]. Group 2: Investor Behavior - There was a slight recovery in individual investors' risk appetite, with ordinary stock, enhanced index, and mixed funds showing month-on-month increases of 0.18%, 3.62%, and 0.41%, respectively. QDII and FOF funds continued to see net inflows, with growth rates of 3.97% and 8.88% [4]. - Institutional investors are seeking to enhance returns amid interest rate fluctuations, with funds primarily flowing into secondary bond funds and REITs, which saw month-on-month increases of 0.50% and 1.10% [4]. Group 3: Industry Trends - The industry is placing greater emphasis on investor experience, with the issuance of mixed FOF products continuing to grow month-on-month. The new performance evaluation regulations are currently under consultation [5]. - The 10-year government bond yield has fluctuated upwards, leading to increased volatility in the bond market. This has made capital gains more challenging, prompting new fixed-income products to shift towards more attractive fixed-income plus products [5]. - The "TREE Changying Plan," launched by China Merchants Bank in collaboration with public funds, aims to provide a one-stop asset allocation solution for clients, focusing on risk control and stable returns through optimal FOF selection [5].

Core Viewpoint - The public fund industry in China is undergoing a transformation aimed at high-quality development, with Shenzhen leading the charge through comprehensive reforms and initiatives to enhance the industry’s ecosystem and investor protection [1][2]. Group 1: Industry Reform and Development - The key to high-quality development in the public fund industry lies in reshaping the industry ecosystem and establishing a robust investor interest community among investors, fund managers, sales institutions, and evaluation agencies [2]. - Shenzhen has implemented a systematic work plan covering pre-emptive guidance, mechanism construction, and post-evaluation to promote comprehensive reforms in the industry [1][2]. - As of September, Shenzhen public fund companies have issued 14 floating fee rate products with a total scale of 148.72 billion, and the self-purchase of existing funds reached 219.81 billion, reinforcing the investor interest community [2][3]. Group 2: Fee Reduction and Investor Engagement - Since the fee rate reform in July 2023, 31 public fund companies in Shenzhen have significantly reduced management and custody fees, resulting in over 6 billion in benefits to investors [3]. - The industry is enhancing investor satisfaction through improved customer service systems and educational platforms, with 7 pilot fund advisory companies serving approximately 363,700 clients and managing assets of 15.41 billion [3]. Group 3: Long-term Investment and Research Capability - Shenzhen is focusing on enhancing long-term capital inflow and institutional research capabilities to create a new value ecosystem, with a collaborative mechanism established among various regulatory and financial bodies [4][5]. - As of September, the scale of pension products managed by Shenzhen public fund companies exceeded 2 trillion, growing over 10% from the previous year [5]. - The equity fund scale in Shenzhen reached 2.13 trillion, with a year-to-date growth of 23%, while index funds grew by 31% this year, indicating a robust investment environment [5]. Group 4: Product Innovation and Strategic Alignment - Shenzhen public fund companies are actively innovating products to support national strategies, focusing on technology innovation, pension products, and green finance [7][8]. - By the end of September, the number of technology-themed funds reached 495, with a total scale of 506.09 billion, reflecting a 60.94% increase from the previous quarter [7]. - The scale of green-themed funds reached 112.33 billion, with a quarter-on-quarter growth of 22.33%, demonstrating a commitment to sustainable development [8]. Group 5: Future Directions and Regulatory Focus - Moving forward, Shenzhen's regulatory bodies emphasize risk prevention, strong regulation, and promoting high-quality development while enhancing institutional governance and compliance [9][10]. - The industry aims to continue contributing to the construction of a financial powerhouse by focusing on long-term investments and deepening investor protection [10].

Core Viewpoint - The A-share market is experiencing a rebound, leading to a significant recovery in the public fund issuance market, but a stark disparity is emerging between large and small fund companies [4][5]. Group 1: Fund Issuance Recovery - As of November 19, 2023, a total of 1,332 public funds have been issued this year, with a total issuance scale exceeding 1.03 trillion units, marking a three-year high and reversing the previous downward trend [5][8]. - The average subscription period for new funds has decreased significantly to 16 days, down from 23.31 days last year, indicating improved efficiency in fund raising [7][8]. - Notably, 379 new products have announced early closure of subscriptions, with several actively managed equity funds selling out on the first day, such as the招商均衡优选, which raised over 8.7 billion yuan on its first day [7][8]. Group 2: Market Disparity - The recovery in the market is increasingly benefiting large fund companies, with the top four firms collectively raising over 194.5 billion yuan, accounting for 18.33% of the total issuance [8][9]. - In contrast, many small and medium-sized firms are struggling, with 61 companies issuing fewer than five new funds this year, and 34 firms not issuing any new products at all [8][9]. - The survival space for smaller institutions is shrinking, with 39 firms raising less than 1 billion yuan in total this year, highlighting the growing divide in the industry [8][9]. Group 3: Future Investment Strategies - Large and medium-sized institutions are focusing on "rights-containing" products, with ETFs, "fixed income plus," and actively managed equity products being the main components of their investment strategies [10][11]. - There is a consensus among large institutions to maintain a diversified product matrix to capture various market opportunities, avoiding over-reliance on any single product type [10][11]. - Medium-sized firms are also seeking differentiation by focusing on less crowded, high-growth potential segments while ensuring stable growth across different market conditions [11][12].

Core Viewpoint - The article discusses the development path of Manulife Fund in the context of China's public fund industry moving towards high-quality development, emphasizing the integration of global methodologies and localized organizational capabilities [1][2]. Group 1: Industry Development - The Chinese public fund industry has seen significant changes over the past two decades, characterized by scale expansion, industry maturity, and concept upgrades [2]. - Recent policies, including the "New National Nine Articles" and the 2025 "Action Plan for Promoting High-Quality Development of Public Funds," indicate a shift from quantity to quality, providing clear boundaries and directions for foreign institutions in China [2][3]. Group 2: Manulife Fund's Strategy - Since becoming a wholly foreign-owned entity in 2022, Manulife Fund has entered a new development phase, enhancing communication with the global investment expert team and diversifying its investment strategies [2][3]. - The company has optimized its investment research system and organizational structure, expanding into various fund types such as pure bond funds, FOFs, and QDII funds to meet diverse investor needs [3][4]. Group 3: Innovation and Product Development - Innovation is a strategic focus for Manulife Fund, which has launched China's first green inclusive finance bond index fund in response to national carbon neutrality goals [3][5]. - The company aims to leverage its global pension management experience to create tailored pension financial products that meet the lifecycle characteristics of Chinese investors [5][6]. Group 4: Pension Financial Services - Manulife Fund has established a comprehensive pension financial system, emphasizing investor returns and building a diverse product line to cater to different risk preferences and retirement plans [4][6]. - The company has a strong market presence in international pension management, ranking first in Hong Kong's strong fund market and second in the U.S. and Canada for certain pension plans [5][6]. Group 5: Research and Long-Term Investment - Manulife Fund prioritizes absolute returns and long-term value for investors, implementing a performance evaluation system focused on three-year investment results [7][8]. - The investment research system operates on a platform-based, integrated, and multi-strategy model, ensuring thorough research support for investment decisions [8][9].