中国A股纳入MSCI新兴市场指数 -资产配置与组合构建的考量_魏震.pdf

与招商证券共同探索今日中国的投资机会 2017年4月25 日 中国A股纳入MSCI新兴市场指数 资产配置与组合构建的考量 2 AGENDA  China A-shares Inclusion: The Investment Challenge  Accessing China A-shares: What Investors Need to Know  The Access Path  Unique Characteristics of China A-Shares  The MSCI China Index Family  Investors without A-shares Exposure  The Role of Emerging Markets in the Policy Allocation  Active Benchmark Risk of Potential A-shares Inclusion  Investors Who Already Allocated to China A-shares  Benchmark Misalignment Risk  Market Timing Risk and Manager Active Risk  Commonly Asked Question in Implementing A-shares Exposures MSCI.COM Potential China A- share inclusion: 1An Update MSCI.COM 4 2016 RECAP AND 2017 CONSULTATION  In June 2016, MSCI announced it would not include China A-Shares into the MSCI Emerging Markets Index citing three remaining obstacles:  Effective implementation of QFII policy changes and remove 20% monthly repatriation limit  Effective implementation of new trading suspension treatment  Resolution of pre-approval requirements by the local exchanges on financial products  What have changed since June 2016  The Shenzhen Connect was launched in December 2016  The implementation of the new trading suspension policies by local exchanges has brought the number of voluntary trading suspensions back to pre-crisis level • The number of trading suspensions in the China A-shares market remains the highest in the world  The 20% QFII repatriation restriction remains unchanged  MSCI is in discussion with China exchanges and is hopeful to reach a resolution on the removal of pre-approval requirements on new and pre-existing financial products linke