穆迪评级表示，尽管监管日益趋严，中国家庭正日益将资产从房地产和银行存款转向国内外收益更高的投资。
Chinese households are increasingly shifting assets from real estate and bank deposits into more lucrative investments at home and abroad, despite growing oversight, Moody’s Ratings said.
这家评级机构在本周发布的一份报告中称，中国房地产市场的多年低迷以及低利率正在推动对替代性投资的需求。
A multi-year downturn in the Chinese property market and low interest rates are fuelling the demand for alternative investments, the ratings agency said in a report published this week.
报告作者写道，中国投资者正在寻找“收益高于存款、同时保持相对低风险”的投资。
Chinese investors are looking for investments that “offer higher returns than deposits while maintaining relatively low risk,” the authors wrote.
过去一年，中国通过加大力度执行针对境外投资 20% 资本利得税的规定，强化了对公民境外投资的监管。
China has increased oversight of citizens’ offshore investments over the past year by stepping up efforts to enforce a 20 per cent capital gains tax on offshore investments.
穆迪表示，随着金融机构通过更严格的程序引入客户，中国家庭境外投资的增长在短期内可能会“放缓”。不过，该评级机构称，这些政策不太可能抑制需求。
Growth in offshore investments by Chinese households could “moderate” in the near term as financial institutions onboard customers through more stringent procedures, Moody’s said. Yet, the ratings agency said these policies were unlikely to dim demand.
该机构写道：“境外投资相较于国内替代品，继续提供显著的收益优势。”
“Offshore investments continue to offer a significant yield advantage over domestic alternatives,” the agency wrote.
为应对经济增长放缓、房地产行业低迷以及新冠疫情造成的冲击（这些因素拖累了从就业到消费的方方面面），中国自 2020 年起一直在下调一年期贷款市场报价利率（LPR）基准。
China has been cutting its benchmark one-year loan prime rate since 2020 to combat slowing economic growth, a downturn in the property sector and disruptions due to the Covid-19 pandemic that have weighed on everything from employment to consumption.
房产价值下降降低了购房吸引力，穆迪表示，利率下行促使国内银行下调存款利率。
Lower property values reduced the appeal of homeownership, and Moody’s said falling interest rates had prompted domestic banks to cut deposit rates.
根据报告，截至 2022 年底，房地产占中国家庭资产的 47%，银行存款占 25%。报告补充称，这两项持仓此后均呈下降趋势。
At the end of 2022, property accounted for 47 per cent of Chinese household assets and bank deposits stood at 25 per cent, according to the report. Both holdings have trended down since then, it added.
根据穆迪估计，中国大陆金融产品未偿余额 2024 年增长 13.9%，2025 年增长 15.5%，而居民银行存款 2024 年仅增长 10.4%，去年增长 9.7%。
The outstanding balance of mainland Chinese financial products increased by 13.9 per cent in 2024 and 15.5 per cent in 2025, according to a Moody’s estimate, while retail bank deposits rose just 10.4 per cent in 2024 and 9.7 per cent last year.
穆迪补充称，银行理财产品、共同基金和保险单作为投资工具已“快速”增长。穆迪报告点名香港是中国投资者表现出“浓厚兴趣”的来源地。
Bank wealth management products, mutual funds and insurance policies have grown “rapidly” as investment tools, Moody’s added. The Moody’s report called out Hong Kong as a source of “strong interest” for Chinese investors.
沪港股票通、深港股票通及跨境理财通等特定计划为中国投资者在香港买卖股票和交易所交易基金提供了“受监管渠道”。
Special schemes such as the Hong Kong-mainland China Stock Connect and Wealth Management Connect offer “regulated channels” for Chinese investors to buy and sell equities and exchange-traded funds in Hong Kong.
香港交易及结算所有限公司表示，2025年南向股票通日均成交额——即来自内地的交易——达到1211亿港元（约154亿美元），较2024年的482亿港元翻了一倍多。
Southbound Stock Connect average daily turnover - meaning transactions from the mainland - reached HK$121.1 billion (US$15.4 billion) in 2025, more than double the HK$48.2 billion of 2024, stock market operator Hong Kong Exchanges and Clearing said.
根据香港金融管理局和证券及期货事务监察委员会的一项调查，非交易所交易投资产品（如集合投资基金）的销售额在2024年增长40%，2025年增长63%。
Sales of non-exchange-traded investment products such as pooled investment funds grew by 40 per cent in 2024 and 63 per cent in 2025, according to a survey by the Hong Kong Monetary Authority and Securities and Futures Commission.
金管局2025年表示，包括内地在内的亚太区高净值投资者推动了香港资产及财富管理市场的激增。报告称：“对离岸资产的需求已大幅增加。”
High-net-worth investors in Asia-Pacific, including mainland China, were behind the surge in Hong Kong’s asset and wealth management market, the monetary authority said in 2025. “Demand for offshore assets has materially increased,” the report said.