Columns 華夏貨幣基金系列總規模突破100億美元!
截至2026年6月5日,華夏精選貨幣基金系列(港元/美元/人民幣)總規模突破100億美元,再創新里程碑。 在當前 宏觀環境複雜、市場波動加劇的背景下,貨幣基金作為資產“壓艙石”,具有核心配置價值。
一、當前市場環境下貨幣基金的配置邏輯
1. 宏觀層面:高利率+高波動,現金為王
上週五,美國5月非農就業新增17.2萬,遠超預期,失業率持平於4.3%。 就業韌性超出預期,市場對短期內降息的預期進一步降溫,美聯儲大概率維持“Higher for Longer”,高利率窗口將持續更長時間。 同時,中東局勢升級,原油價格回升至97美元/桶,全球股市明顯調整(根據2026年6月8日當日收市數據,日經跌3.85%、韓國綜指跌8.29%、恆生跌1.22%),整體避險需求顯著上升。 貨幣基金作為低風險、高流動性工具,既能鎖定較存款更優的收益,又能保持組合靈活性以應對市場可能的進一步波動。
2. 產品層面:流動性高、申贖靈活、門檻低
作為現金管理工具,貨幣基金普遍具有以下優勢:
• 支持T+0或T+1贖回,免收或低收申贖費;
• 認購起點較低,適...
一、當前市場環境下貨幣基金的配置邏輯
1. 宏觀層面:高利率+高波動,現金為王
上週五,美國5月非農就業新增17.2萬,遠超預期,失業率持平於4.3%。 就業韌性超出預期,市場對短期內降息的預期進一步降溫,美聯儲大概率維持“Higher for Longer”,高利率窗口將持續更長時間。 同時,中東局勢升級,原油價格回升至97美元/桶,全球股市明顯調整(根據2026年6月8日當日收市數據,日經跌3.85%、韓國綜指跌8.29%、恆生跌1.22%),整體避險需求顯著上升。 貨幣基金作為低風險、高流動性工具,既能鎖定較存款更優的收益,又能保持組合靈活性以應對市場可能的進一步波動。
2. 產品層面:流動性高、申贖靈活、門檻低
作為現金管理工具,貨幣基金普遍具有以下優勢:
• 支持T+0或T+1贖回,免收或低收申贖費;
• 認購起點較低,適...
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Columns China AMC Select USD Money Market Fund has received the 'AAAmf' rating for two consecutive years
We are honored to announce that United International Ratings has once again assigned the China AMC Select USD Money Market Fund an 'AAAmf' rating*, the highest rating for money market funds by United International Ratings, marking the second consecutive year the fund has achieved this distinction. As a USD-denominated money market fund, the primary investment objective of the China AMC Select USD Money Market Fund is to deliver long-term returns aligned with prevailing USD money market rates. The fund’s latest 7-day annualized yield stands at 3.87%, and its year-to-date return as of 2025 is 4.5%, ranking first among 34 comparable products [1].
Strong Asset Quality
The China AMC Select USD Money Market Fund demonstrates strong credit quality, primarily investing in short-term USD-denominated and settled deposits and high-quality money market instruments, meeting United International’s 'AAAmf' money market fund rating criteria.
Robust Risk Management Capabilities
The China AMC Select USD Money Market Fund exhibits excellent liquidity management, with ample daily and weekly liquidity to meet potential investor redemption demands. Its weighted average maturity and weighted average duration are maintained within 60 days and 120 days, respectively, helping to reduce market risk exposure.
Regarding concentration risk, we have also implemented effective controls, with larger exposures concentrated only in high-credit-quality or short-term assets. We continuously monitor the credit profiles of our holdings. If derivatives are used, they are solely for hedging purposes; non-USD denominated investments are hedged back to USD to effectively mitigate significant foreign exchange volatility risk.
Close...
Strong Asset Quality
The China AMC Select USD Money Market Fund demonstrates strong credit quality, primarily investing in short-term USD-denominated and settled deposits and high-quality money market instruments, meeting United International’s 'AAAmf' money market fund rating criteria.
Robust Risk Management Capabilities
The China AMC Select USD Money Market Fund exhibits excellent liquidity management, with ample daily and weekly liquidity to meet potential investor redemption demands. Its weighted average maturity and weighted average duration are maintained within 60 days and 120 days, respectively, helping to reduce market risk exposure.
Regarding concentration risk, we have also implemented effective controls, with larger exposures concentrated only in high-credit-quality or short-term assets. We continuously monitor the credit profiles of our holdings. If derivatives are used, they are solely for hedging purposes; non-USD denominated investments are hedged back to USD to effectively mitigate significant foreign exchange volatility risk.
Close...
SpaceX officially lists on June 12! Semiconductor volatility continues—what should you invest in Jun
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Space X上市在即! 本次直播邀請到了華夏基金(香港)多資產投資經理William Kung以及業務拓展部副總裁Chris Lee,來和大家解析當前潛在投資機會
$SSE Composite Index (000001.SH)$ $CSI 300 Index (000300.SH)$ $NVIDIA (NVDA.US)$ $Amazon (AMZN.US)$ $Alphabet-C (GOOG.US)$ $Meta Platforms (META.US)$ $Tesla (TSLA.US)$ $HSTECH (LIST91332.HK)$ $Hang Seng Index (800000.HK)$ $SSE 50 Index (000016.SH)$ $CSI 300 Index (000300.SH)$ $CSI 1000 Index (000852.SH)$ $SSE Science and Technology Innovation Board 50 Index (000688.SH)$ $ChinaAMC CSI 300 Index ETF (03188.HK)$ $SSE Composite Index (000001.SH)$ $XIAOMI-W (01810.HK)$ $JD.com (JD.US)$ $TENCENT (00700.HK)$ $Shenzhen Component Index (399001.SZ)$ $Kweichow Moutai (600519.SH)$ $Contemporary Amperex Technology (300750.SZ)$ $PING AN (02318.HK)$ $Alibaba (BABA.US)$ $ICBC (01398.HK)$ $CHINA MOBILE (00941.HK)$ $Micron Technology (MU.US)$ $SanDisk (SNDK.US)$
$SSE Composite Index (000001.SH)$ $CSI 300 Index (000300.SH)$ $NVIDIA (NVDA.US)$ $Amazon (AMZN.US)$ $Alphabet-C (GOOG.US)$ $Meta Platforms (META.US)$ $Tesla (TSLA.US)$ $HSTECH (LIST91332.HK)$ $Hang Seng Index (800000.HK)$ $SSE 50 Index (000016.SH)$ $CSI 300 Index (000300.SH)$ $CSI 1000 Index (000852.SH)$ $SSE Science and Technology Innovation Board 50 Index (000688.SH)$ $ChinaAMC CSI 300 Index ETF (03188.HK)$ $SSE Composite Index (000001.SH)$ $XIAOMI-W (01810.HK)$ $JD.com (JD.US)$ $TENCENT (00700.HK)$ $Shenzhen Component Index (399001.SZ)$ $Kweichow Moutai (600519.SH)$ $Contemporary Amperex Technology (300750.SZ)$ $PING AN (02318.HK)$ $Alibaba (BABA.US)$ $ICBC (01398.HK)$ $CHINA MOBILE (00941.HK)$ $Micron Technology (MU.US)$ $SanDisk (SNDK.US)$
Space X上市在即! 解析當前潛在投資機會
Jun 10 21:30
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Columns 最後1天:3145.HK將迎6月派息!
一、 市場動態:亞太股市出現調整
2026年6月8日,亞太股市集體低開,日韓市場出現深度下挫。市場分析認為,本次調整的背景之一,是上週五(2026年6月5日)美股納斯達克指數單日下跌超1121點,AI及半導體板塊出現集中回檔。
在當日盤面上,部分科技股、軟體股回檔幅度較大;而公用事業、能源、電訊等重資產相關板塊的表現相對穩健。這一分化現象引起了部分市場參與者的關注。
二、HALO策略:一種審視資產韌性的視角
HALO 是 Heavy Assets, Low Obsolescence(重資產、低淘汰) 的縮寫。這一概念由Ritholtz財富管理公司CEO Josh Brown於2026年2月提出,隨後被部分機構納入研究報告。
1. 避險屬性凸顯(HA):在地緣衝突和宏觀不確定性加劇的背景下,市場的風險偏好急劇下降。資金可能不再偏向追逐“燒錢”的夢想故事,而是回流到港口、電網、管道、礦山這些看得見、摸得著的實體資產。這些資產服務於社會的剛性需求(運貨、發電、煉油),不會因為今天的股市恐慌而停止運轉,因此具備了天然的避險屬性。
2. 技術顛覆免疫(LO)...
2026年6月8日,亞太股市集體低開,日韓市場出現深度下挫。市場分析認為,本次調整的背景之一,是上週五(2026年6月5日)美股納斯達克指數單日下跌超1121點,AI及半導體板塊出現集中回檔。
在當日盤面上,部分科技股、軟體股回檔幅度較大;而公用事業、能源、電訊等重資產相關板塊的表現相對穩健。這一分化現象引起了部分市場參與者的關注。
二、HALO策略:一種審視資產韌性的視角
HALO 是 Heavy Assets, Low Obsolescence(重資產、低淘汰) 的縮寫。這一概念由Ritholtz財富管理公司CEO Josh Brown於2026年2月提出,隨後被部分機構納入研究報告。
1. 避險屬性凸顯(HA):在地緣衝突和宏觀不確定性加劇的背景下,市場的風險偏好急劇下降。資金可能不再偏向追逐“燒錢”的夢想故事,而是回流到港口、電網、管道、礦山這些看得見、摸得著的實體資產。這些資產服務於社會的剛性需求(運貨、發電、煉油),不會因為今天的股市恐慌而停止運轉,因此具備了天然的避險屬性。
2. 技術顛覆免疫(LO)...
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Target annualized dividend yield for June: 8%
Huaxia Asia High Dividend Stock ETF
Aiming for monthly dividend distributions, generating continuous returns.
Ex-dividend date this month: June 10, 2026
Dividend payment date this month: June 17, 2026
Only 2 trading days left until the ex-dividend date! Investors wishing to receive this month's dividend must purchase shares on or before June 9, 2026 (the trading day prior to the ex-dividend date).
$SSE Composite Index (000001.SH)$ $CSI 300 Index (000300.SH)$ $NVIDIA (NVDA.US)$ $Amazon (AMZN.US)$ $Alphabet-C (GOOG.US)$ $Meta Platforms (META.US)$ $Tesla (TSLA.US)$ $HSTECH (LIST91332.HK)$ $Hang Seng Index (800000.HK)$ $SSE 50 Index (000016.SH)$ $CSI 300 Index (000300.SH)$ $CSI 1000 Index (000852.SH)$ $SSE Science and Technology Innovation Board 50 Index (000688.SH)$ $ChinaAMC CSI 300 Index ETF (03188.HK)$ $SSE Composite Index (000001.SH)$ $XIAOMI-W (01810.HK)$ $JD.com (JD.US)$ $TENCENT (00700.HK)$ $Shenzhen Component Index (399001.SZ)$ $Kweichow Moutai (600519.SH)$ $Contemporary Amperex Technology (300750.SZ)$ $PING AN (02318.HK)$ $Alibaba (BABA.US)$ $ICBC (01398.HK)$ $CHINA MOBILE (00941.HK)$ $Micron Technology (MU.US)$ $SanDisk (SNDK.US)$
Huaxia Asia High Dividend Stock ETF
Aiming for monthly dividend distributions, generating continuous returns.
Ex-dividend date this month: June 10, 2026
Dividend payment date this month: June 17, 2026
Only 2 trading days left until the ex-dividend date! Investors wishing to receive this month's dividend must purchase shares on or before June 9, 2026 (the trading day prior to the ex-dividend date).
$SSE Composite Index (000001.SH)$ $CSI 300 Index (000300.SH)$ $NVIDIA (NVDA.US)$ $Amazon (AMZN.US)$ $Alphabet-C (GOOG.US)$ $Meta Platforms (META.US)$ $Tesla (TSLA.US)$ $HSTECH (LIST91332.HK)$ $Hang Seng Index (800000.HK)$ $SSE 50 Index (000016.SH)$ $CSI 300 Index (000300.SH)$ $CSI 1000 Index (000852.SH)$ $SSE Science and Technology Innovation Board 50 Index (000688.SH)$ $ChinaAMC CSI 300 Index ETF (03188.HK)$ $SSE Composite Index (000001.SH)$ $XIAOMI-W (01810.HK)$ $JD.com (JD.US)$ $TENCENT (00700.HK)$ $Shenzhen Component Index (399001.SZ)$ $Kweichow Moutai (600519.SH)$ $Contemporary Amperex Technology (300750.SZ)$ $PING AN (02318.HK)$ $Alibaba (BABA.US)$ $ICBC (01398.HK)$ $CHINA MOBILE (00941.HK)$ $Micron Technology (MU.US)$ $SanDisk (SNDK.US)$
Welcome to the first episode of China AMC (HK)'s 'Insightful Dialogue' column.
In this episode, we’d like to discuss how to navigate the increasingly pronounced structural market trends expected in 2026.
$SSE Composite Index (000001.SH)$ $CSI 300 Index (000300.SH)$ $NVIDIA (NVDA.US)$ $Amazon (AMZN.US)$ $Alphabet-C (GOOG.US)$ $Meta Platforms (META.US)$ $Tesla (TSLA.US)$ $HSTECH (LIST91332.HK)$ $Hang Seng Index (800000.HK)$ $SSE 50 Index (000016.SH)$ $CSI 300 Index (000300.SH)$ $CSI 1000 Index (000852.SH)$ $SSE Science and Technology Innovation Board 50 Index (000688.SH)$ $ChinaAMC CSI 300 Index ETF (03188.HK)$ $SSE Composite Index (000001.SH)$ $XIAOMI-W (01810.HK)$ $JD.com (JD.US)$ $TENCENT (00700.HK)$ $Shenzhen Component Index (399001.SZ)$ $Kweichow Moutai (600519.SH)$ $Contemporary Amperex Technology (300750.SZ)$ $PING AN (02318.HK)$ $Alibaba (BABA.US)$ $ICBC (01398.HK)$ $CHINA MOBILE (00941.HK)$ $Micron Technology (MU.US)$ $SanDisk (SNDK.US)$
In this episode, we’d like to discuss how to navigate the increasingly pronounced structural market trends expected in 2026.
$SSE Composite Index (000001.SH)$ $CSI 300 Index (000300.SH)$ $NVIDIA (NVDA.US)$ $Amazon (AMZN.US)$ $Alphabet-C (GOOG.US)$ $Meta Platforms (META.US)$ $Tesla (TSLA.US)$ $HSTECH (LIST91332.HK)$ $Hang Seng Index (800000.HK)$ $SSE 50 Index (000016.SH)$ $CSI 300 Index (000300.SH)$ $CSI 1000 Index (000852.SH)$ $SSE Science and Technology Innovation Board 50 Index (000688.SH)$ $ChinaAMC CSI 300 Index ETF (03188.HK)$ $SSE Composite Index (000001.SH)$ $XIAOMI-W (01810.HK)$ $JD.com (JD.US)$ $TENCENT (00700.HK)$ $Shenzhen Component Index (399001.SZ)$ $Kweichow Moutai (600519.SH)$ $Contemporary Amperex Technology (300750.SZ)$ $PING AN (02318.HK)$ $Alibaba (BABA.US)$ $ICBC (01398.HK)$ $CHINA MOBILE (00941.HK)$ $Micron Technology (MU.US)$ $SanDisk (SNDK.US)$
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Huaxia Asia High Dividend Stock ETF
Target annualized dividend yield for June: 7.9%
Aiming for monthly dividend distributions, generating continuous returns.
Ex-dividend date this month: June 10, 2026
Dividend payment date this month: June 17, 2026
Only 3 trading days left until the ex-dividend date! Investors who wish to receive this month's dividend must purchase shares on or before June 9, 2026 (the trading day prior to the ex-dividend date).
$SSE Composite Index (000001.SH)$ $CSI 300 Index (000300.SH)$ $NVIDIA (NVDA.US)$ $Amazon (AMZN.US)$ $Alphabet-C (GOOG.US)$ $Meta Platforms (META.US)$ $Tesla (TSLA.US)$ $HSTECH (LIST91332.HK)$ $Hang Seng Index (800000.HK)$ $SSE 50 Index (000016.SH)$ $CSI 300 Index (000300.SH)$ $CSI 1000 Index (000852.SH)$ $SSE Science and Technology Innovation Board 50 Index (000688.SH)$ $ChinaAMC CSI 300 Index ETF (03188.HK)$ $SSE Composite Index (000001.SH)$ $XIAOMI-W (01810.HK)$ $JD.com (JD.US)$ $TENCENT (00700.HK)$ $Shenzhen Component Index (399001.SZ)$ $Kweichow Moutai (600519.SH)$ $Contemporary Amperex Technology (300750.SZ)$ $PING AN (02318.HK)$ $Alibaba (BABA.US)$ $ICBC (01398.HK)$ $CHINA MOBILE (00941.HK)$ $Micron Technology (MU.US)$ $SanDisk (SNDK.US)$
Target annualized dividend yield for June: 7.9%
Aiming for monthly dividend distributions, generating continuous returns.
Ex-dividend date this month: June 10, 2026
Dividend payment date this month: June 17, 2026
Only 3 trading days left until the ex-dividend date! Investors who wish to receive this month's dividend must purchase shares on or before June 9, 2026 (the trading day prior to the ex-dividend date).
$SSE Composite Index (000001.SH)$ $CSI 300 Index (000300.SH)$ $NVIDIA (NVDA.US)$ $Amazon (AMZN.US)$ $Alphabet-C (GOOG.US)$ $Meta Platforms (META.US)$ $Tesla (TSLA.US)$ $HSTECH (LIST91332.HK)$ $Hang Seng Index (800000.HK)$ $SSE 50 Index (000016.SH)$ $CSI 300 Index (000300.SH)$ $CSI 1000 Index (000852.SH)$ $SSE Science and Technology Innovation Board 50 Index (000688.SH)$ $ChinaAMC CSI 300 Index ETF (03188.HK)$ $SSE Composite Index (000001.SH)$ $XIAOMI-W (01810.HK)$ $JD.com (JD.US)$ $TENCENT (00700.HK)$ $Shenzhen Component Index (399001.SZ)$ $Kweichow Moutai (600519.SH)$ $Contemporary Amperex Technology (300750.SZ)$ $PING AN (02318.HK)$ $Alibaba (BABA.US)$ $ICBC (01398.HK)$ $CHINA MOBILE (00941.HK)$ $Micron Technology (MU.US)$ $SanDisk (SNDK.US)$
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Columns PEAD效應的啟示:長週期、全鏈條的ETF投資邏輯
2026年5月20日, AI晶片巨頭英偉達(NVIDIA)公佈了2027財年第一季度財報:營收約816.2億美元,環比增長約20%,同比增長約85%,高於分析師預期的791.8億美元;每股收益(EPS)1.87美元,超出預期的1.77美元。財報發佈後,全球投資者開始關注一個問題:如此亮眼的業績,能否推動股價後續上行?
這個問題,學術界早在半個世紀前就開始研究了。1968年,Ball與Brown記錄了一個反直覺現象:公司財報公佈後,股價並不會立刻充分反應,而是會在數月內持續向同一方向漂移——好消息之後繼續上漲,壞消息之後繼續下跌。這一現象被命名為“盈餘公告後漂移效應”(PEAD)。那麼,這個效應在如今的AI時代中,究竟還管用嗎?
一、PEAD從哪裡來?
解釋一:風險因數補償
部分學者認為,PEAD並非真正意義上的"定價錯誤",而是投資者承擔系統性風險(規模因數、價值因數、動量因數等)所獲得的補償。Hosseinkhani(2026)指出:在引入Fama-French-Carhart四因數調整後,傳統方法測得的好消息/壞消息價差從12.98...
這個問題,學術界早在半個世紀前就開始研究了。1968年,Ball與Brown記錄了一個反直覺現象:公司財報公佈後,股價並不會立刻充分反應,而是會在數月內持續向同一方向漂移——好消息之後繼續上漲,壞消息之後繼續下跌。這一現象被命名為“盈餘公告後漂移效應”(PEAD)。那麼,這個效應在如今的AI時代中,究竟還管用嗎?
一、PEAD從哪裡來?
解釋一:風險因數補償
部分學者認為,PEAD並非真正意義上的"定價錯誤",而是投資者承擔系統性風險(規模因數、價值因數、動量因數等)所獲得的補償。Hosseinkhani(2026)指出:在引入Fama-French-Carhart四因數調整後,傳統方法測得的好消息/壞消息價差從12.98...
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