八只提供韩国芯片制造商、美国科技股及马来西亚大盘股敞口的交易所交易基金（ETF）周一在香港上市，随着北京拓宽内地投资者获取境外资产的合规渠道，香港正争相满足内地保险公司寻求全球市场敞口的需求。
Eight exchange-traded funds offering exposure to South Korean chipmakers, US tech firms and Malaysian large caps debuted in Hong Kong on Monday, as the city rushes to tap demand from Chinese insurers seeking exposure to global markets.
此次上市潮源于北京拓宽了内地投资者获取境外资产的授权渠道，旨在引导资金流入官方路径，因国内市场表现疲软激发了分散投资需求，并加大了资本外流压力。
The listing boom came after Beijing broadened authorized channels for mainland investors to access foreign assets in an effort to guide capital into official routes, as weak domestic-market performance has fuelled demand for diversification and added to capital-outflow pressures.
中国金融监管部门上月允许内地保险公司通过“港股通”计划投资香港上市的ETF，为该行业提升投资回报开辟了新路径。
China’s financial regulator last month allowed mainland insurance firms to invest in Hong Kong-listed ETFs through the Southbound Stock Connect scheme, opening a new route for the sector to bolster investment returns.
根据香港证券及期货事务监察委员会（证监会）消息，该安排于9月21日生效。
That arrangement took effect on September 21, according to Hong Kong‘s Securities and Futures Commission.
市场人士表示，香港资管机构正竞相推出合资格ETF，以吸纳内地险资可能带来的巨额资金流入。
Asset managers in Hong Kong are racing to launch qualified ETFs to tap the potentially substantial capital inflows from mainland insurance funds, market participants said.
香港交易所数据显示，仅9月份就有21只ETF已上市或拟上市，创下该市有史以来最大规模ETF上市潮之一，使今年上市ETF总数超过50只。
In September alone, 21 ETFs have launched or are set to debut, HKEX data shows, marking one of the biggest waves of ETF listings in the city and bringing the total number of debuts this year to over 50.
华泰证券分析师表示：“内地险企缺乏海外投资渠道，因此具有全球主题的互联互通ETF可能极具吸引力。”他们估计，即使内地险企仅配置1%资金至此类工具，也将代表逾4000亿元人民币（约合595.9亿美元）的增量资金。
“Mainland insurers lack overseas investment channels, so Stock Connect ETFs with global themes could have considerable appeal,” analysts at Huatai Securities said, estimating even a 1% allocation from mainland insurers to such instruments would represent more than 400 billion yuan ($59.59 billion) fresh capital.
香港上市ETF若要符合通过“股票通”向内地投资者销售的资格，须至少持有60%港股敞口。
Hong Kong-listed ETFs are required to have at least 60% exposure to Hong Kong equities to be eligible to be sold to mainland investors via the Stock Connect.
周一上市的大多数ETF同时投资香港及海外市场，其中三只追踪香港交易及结算所有限公司的跨市场指数。
Most ETFs listed on Monday invest in both Hong Kong and overseas markets, with three of them tracking Hong Kong Exchanges and Clearing’s cross-market indices.
这些指数包括：港交所马来西亚大盘股指数、港交所韩交所半导体指数，以及港交所科技与美股科技100指数。
That includes the HKEX Bursa Malaysia Large Cap Index, the HKEX KRX Semiconductor Index, and the HKEX Tech & US Tech 100 Index.
这些ETF上市可能会进一步推动港交所“日益壮大的股票、ETF和衍生品生态系统”的活力，港交所行政总裁陈翊庭周一在上市仪式上表示。她补充说，交易所将继续大力拓展指数业务。
These ETF listings could further drive the vibrancy of the HKEX’s “ever-growing equities, ETF and derivative ecosystem,” HKEX CEO Bonnie Chan said at the listing ceremony on Monday. The bourse will continue to expand its index business vigorously, she added.
中国10年期国债收益率在主要全球同行中处于最低水平之一，而基准沪深300指数今年已下跌约4%，尽管多个主要全球股市已创下历史新高。
China’s 10-year government bond yield is among the lowest of major global peers, while the benchmark CSI 300 Index has fallen about 4% this year even as several major global equity markets have hit record highs.
市场参与者表示，鉴于激烈的竞争和相对较高的香港市场敞口，新上市香港ETF的实际需求仍有待观察。
Market participants said the actual demand for newly listed Hong Kong ETFs remains to be seen given the fierce competition and relatively high exposure to Hong Kong markets.
八只新ETF首日交易成交清淡。恒生人工智能ETF成交最活跃，早盘成交136万港元（173,387.56美元），但下跌5.6%。
Turnover was thin in the first-day transactions of the eight new ETFs. Hang Seng AI Advancement ETF was the most traded, turning over HK$1.36 million ($173,387.56) in the morning session but dropping 5.6%.