On October 31, 2024, “How Global Changes Affect Broad Asset Class Allocation” forum, co-hosted by the Greater Bay Area Financiers Association and HashKey Exchange, was held on the 14th floor of Phase 3 of Exchange Square in Central. The forum invited a number of experts, scholars and industry elites in the field of finance and digital currency, who will analyze the strategy and direction of broad asset allocation under the global changes from different perspectives.
Figure 1: Group photo of participants
The forum was attended by a number of distinguished guests, including Ms. Hung Man, Member of the Legislative Council of Hong Kong and Honorary Advisor of the Greater Bay Area Financiers Association, Mr. Li Zhenqiang, Justice of the Peace, Member of the Legislative Council of Hong Kong and Member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), Mr. Hao-wen Ma, Member of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and Standing Committee Member of the CPPCC of Chongqing Municipality, Mr. Tong Wang, General Manager of Bond Connect, Dr. Xiao Feng, Chairman and CEO of HashKey Group, Mr. Wang Long, President of the Greater Bay Area Financiers Association and Visiting Professor of South China University of Technology. Association and Visiting Professor of South China University of Technology, Mr. Wang Long, COO of HashKey Group and CEO of HashKey Exchange, Mr. Weng Xiaoqi, Deputy Chief Executive Officer of Puyin International, Dr. Yu Xiaodong, Chief Executive Officer of China Prudential Green Gold International and Vice Chairman of Greater Bay Area Financier's Association, Mr. David Yang, and Vice General Manager of China Life Overseas Hong Kong, Mr. Yin Jianbin.
I. Opening Remarks
The Forum kicked off with opening speeches by Ms. Hung Man, Member of the Legislative Council of Hong Kong and Honorary Advisor of the Greater Bay Area Financiers' Association, Mr. Wang Long, President of the Greater Bay Area Financiers' Association and Visiting Professor of the South China University of Technology, Dr. Xiao Feng, Chairman and CEO of HashKey Group, and Mr. Weng Xiaoqi, COO of HashKey Group and CEO of the HashKey Exchange.
Figure 2: Speech by Ms. Hung Man, Member of the Legislative Council of Hong Kong and Honorary Advisor of the Greater Bay Area Financiers' Association
Figure 3: Speech by Mr. Wang Long, President of the Greater Bay Area Financiers Association and Visiting Professor of South China University of Technology
Ms. Hung Man first shared her work philosophy in the Legislative Council, namely, to build an olive-shaped society where the middle class becomes the mainstream of society and upward mobility is needed. She also mentioned the important role of finance in promoting the structural transformation of the economy and how to utilize financial tools to assist Hong Kong's development, and expressed her interest in areas such as technology finance, impact investment and green investment. Dr. Xiao Feng opined that the risk-adjusted returns of crypto assets could significantly reduce risks and enhance returns. Mr. Wang Long emphasized the importance of the policy level, as well as communication and sharing among financial peers and cross-border sectors, and the original intention of setting up the Greater Bay Area Financiers Association. And Mr. Weng Xiaoqi emphasized the relationship between traditional finance and blockchain finance, arguing that they are not competition but complementary. Blockchain finance can reduce transaction costs, improve information transparency, and realize self-regulation and individual free market.
Figure 4: Speech by Dr. Xiao Feng, Chairman and CEO of HashKey Group
Figure 5: Speech by Mr. Xiaoqi Weng, COO of HashKey Group, CEO of HashKey Exchange
II. Macro Theme Seminar: Outlook of China-US Macroeconomics and US Bond Interest Rates
In the Macro Theme Seminar, Mr. Tam Wai Man, Chief Economist of Huaxia Fund (Hong Kong), Mr. Qu Tian Shi, Senior Economist of Bloomberg and Vice President of the Greater Bay Area Financiers Association, and Mr. Zhou Hao, Chief Economist of Guojun International and Vice President of the Greater Bay Area Financiers Association, respectively, conducted in-depth discussions on the U.S. economic recession, fiscal policy, and industrial policy, and other aspects.
Figure 6: Macro Theme Discussion: Outlook for U.S.-China Macroeconomics, U.S. Bond Rates
Tan Weimin believes that the U.S. economy is still solid, with employment and consumption data exceeding expectations, there is no clear signal of recession, and inflation may pull up further in the next year. The current determination and strength of China's policies are also strong, and although the implementation of policies is a process, overall confidence has been greatly restored. Qu Tianshi analyzed the potential impact of Harris and Trump's election on the financial markets, and if Trump comes to power, the policy and the market will have more variables. Zhou Hao prompted the risk of the current non-linearity of U.S. inflation, the need to establish a more complex model to analyze and simulate.
III. the broad asset allocation seminar: the Fed's interest rate reduction cycle, how the global asset allocation
In the broad asset allocation seminar, Mr. Yu Xiaodong, Chief Investment Officer of Puyin International, Mr. Li Yu, Chief Investment Officer of Gauteng International, Mr. Hu Congli, Head of Fixed Income of Taikang Asset Management Hong Kong, Director of the Greater Bay Area Financiers' Association, and Ms. Zhao Hongmei, Head of Investment and Research Department of Mistletoe Capital, Member of the Greater Bay Area Financiers' Association, discussed with everyone the idea of global broad asset allocation under the Fed's interest rate reduction cycle.
Figure 7: Broad Asset Class Allocation Discussion: How Global Broad Asset Classes Are Allocated in a Fed Rate Cut Cycle
Yu argues that the results of the US election have an important impact on the global economy and political stability, and also discusses the role of race and gender in society and how to maintain a more balanced and stable development. Li Yu, on the other hand, analyzed the results of the election in terms of U.S. votes and betting data. Mr. Hu Congli said that the results of the U.S. Senate and House of Representatives elections, on the other hand, may have a greater impact on the market. Zhao Hongmei discussed the problems of the ballot system and the impact of fiscal policy, emphasized the great direction of the development of artificial intelligence products, but also mentioned inflation, environmental protection channel and other issues.
IV. Digital Asset Theme Seminar: Application and Investment Prospects of Virtual Assets under the Fed's Interest Rate Reduction
Mr. Yang Junhao, Chief Executive Officer of China Chengxin Green Gold International and Vice President of Greater Bay Area Financiers Association, Mr. Ding Zhaofei, Chief Analyst of HashKey Group, Mr. Xie Xiaotian, CEO of 4Alpha, Mr. Zhu Qi, Member of Web3 Committee of Greater Bay Area Financiers Association, and Mr. Zhu Zhenyu, Vice President of Sales of HashKey Exchange, respectively, provided us with digital asset perspectives. configuration perspectives.
Figure 8: Digital Assets Keynote Seminar: Application and Investment Outlook of Virtual Assets under the Fed's Interest Rate Cuts
Xie Xiaotian shared the difference between quantitative and traditional strategies, as well as the tips for investors when choosing quantitative strategies, suggesting that investors should consider the cyclicality when investing and avoid following the trend blindly. Yang Junhao shared his views on traditional rating agencies, arguing that virtual assets have developed rapidly over the past two years, especially in international trade settlements, where they offer more convenience and cost-effectiveness. Mr. Ding Zhaofei, on the other hand, discussed the application and value of virtual currencies in the real world from the perspective of virtual currencies. Zhu Qi, on the other hand, looked forward to the recent hot RWA sector, believing that the virtual asset market will become more mature in the future and the laws and regulations will be gradually improved.
Figure 9: Scene of the forum activities
(Source of article: Greater Bay Area Financiers Association)
