【導(dǎo)讀】Solactive亞太區(qū)總監(jiān)、董事總經(jīng)理Michael Nuske：多維布局中國(guó)指數(shù)，搭建跨境指數(shù)投資橋梁

中國(guó)基金報(bào)記者 葉詩(shī)婕

近日，在中國(guó)基金報(bào)主辦的第二屆全球資產(chǎn)管理論壇上，Solactive亞太區(qū)總監(jiān)、董事總經(jīng)理Michael Nuske接受本報(bào)記者獨(dú)家專(zhuān)訪，就中國(guó)指數(shù)新品布局、全球資金配置需求、AI在指數(shù)業(yè)務(wù)的落地應(yīng)用、企業(yè)行業(yè)定位，以及跨境指數(shù)橋梁價(jià)值等議題展開(kāi)深度討論。

Michael Nuske指出，其中國(guó)指數(shù)采用客戶(hù)需求與自主研發(fā)并舉的合作模式，韓國(guó)資金率先掀起中國(guó)主題指數(shù)配置熱潮；Solactive嚴(yán)守風(fēng)控，指數(shù)編制核心環(huán)節(jié)不使用AI；憑借費(fèi)率與定制化優(yōu)勢(shì)，機(jī)構(gòu)依托ETF互聯(lián)互通落地多款掛鉤公司指數(shù)的跨境配置產(chǎn)品，公司正以指數(shù)為紐帶打通中外雙向投資。

Solactive是一家總部位于德國(guó)法蘭克福的全球領(lǐng)先金融指數(shù)提供商，成立于2007年，公司專(zhuān)門(mén)為全球交易所交易基金（ETF）和其他指數(shù)掛鉤的投資產(chǎn)品開(kāi)發(fā)、計(jì)算和分發(fā)定制化及多資產(chǎn)類(lèi)別的基準(zhǔn)指數(shù)。

以下為Michael Nuske的采訪實(shí)錄：

問(wèn)題1：Solactive近期推出了多個(gè)中國(guó)指數(shù)，這些新指數(shù)的推出主要是由客戶(hù)需求驅(qū)動(dòng)的，還是對(duì)市場(chǎng)轉(zhuǎn)折點(diǎn)的主動(dòng)押注？

Question 1: Solactive has recently launched several China indices. Are these new China indices primarily client-driven, or are they proactive bets on a market turning point?

Michael Nuske:要回答這個(gè)問(wèn)題，我認(rèn)為有必要先稍微深入了解我們的理念。我們的目標(biāo)不是制定新標(biāo)準(zhǔn)、多次對(duì)外授權(quán)，然后讓客戶(hù)在同一資產(chǎn)池中相互競(jìng)爭(zhēng)——那不是我們想做的事。相反，我們認(rèn)真傾聽(tīng)客戶(hù)的意見(jiàn)——其中許多客戶(hù)都有很棒的想法——并與他們合作，共同開(kāi)發(fā)新指數(shù)。我們把這種關(guān)系稱(chēng)為“一個(gè)指數(shù)，一個(gè)客戶(hù)”，這幫助我們建立了非常緊密、長(zhǎng)期的合作伙伴關(guān)系。

To answer that question, I believe it’s important to understand our philosophy a bit better. We don’t intend to create new standards, license them out multiple times, and then have our clients compete against each other for the same pool of assets. That’s not what we try to do. Rather, we listen closely to our clients—many of whom have great ideas—and collaborate with them to develop new indices together. We call this a “one index, one client” relationship, and it has helped us build very close, long-term partnerships.

一般來(lái)說(shuō)，有兩種不同的情況。一種是我們主動(dòng)提出一個(gè)想法，認(rèn)為它恰好符合某位客戶(hù)的產(chǎn)品規(guī)劃，而客戶(hù)可能直接說(shuō)：“很好，我們就按這個(gè)來(lái)?！绷硪环N是客戶(hù)帶著一套完整的規(guī)則說(shuō)明書(shū)來(lái)找我們，我們?cè)贀?jù)此實(shí)施。

In general, there are two ends of the spectrum. On one side, we proactively bring an idea that we believe fits precisely into a specific client’s pipeline—and they may simply say, “Great, we’ll take it as is.” On the other side, a client comes to us with a fully specified rulebook, and we implement it accordingly.

實(shí)際上，現(xiàn)實(shí)情況通常介于兩者之間，整個(gè)過(guò)程都包含大量的協(xié)作元素。我們很少處于任何一個(gè)極端。這一點(diǎn)對(duì)于我們新推出的聚焦中國(guó)市場(chǎng)的指數(shù)也是如此：有時(shí)是我們提出想法，有時(shí)是客戶(hù)提出想法，然后我們共同合作開(kāi)發(fā)新指數(shù)?？傮w而言，這是一種非?；旌系哪Ｊ?。

Now, in reality, it typically sits somewhere in between, with a strong element of collaboration throughout. We are rarely at either extreme. This is also true for our new China-focused indices: sometimes we bring the ideas, and sometimes our clients do, and we then work together to develop new indices. Overall, it’s very much a mixed approach.

問(wèn)題2：哪些全球發(fā)行機(jī)構(gòu)，對(duì)中國(guó)指數(shù)最感興趣？

Question 2: Which types of global issuers are showing the strongest appetite for China indices？

Michael Nuske:實(shí)際上，這種需求相當(dāng)全球化，來(lái)自歐美，也來(lái)自韓國(guó)、日本、澳大利亞及其他地區(qū)。我認(rèn)為，與中國(guó)相關(guān)指數(shù)的新一輪需求中，第一波來(lái)自韓國(guó)。去年年初“DeepSeek時(shí)刻”之后，韓國(guó)散戶(hù)投資者是最早表現(xiàn)出即時(shí)興趣的群體之一。當(dāng)?shù)氐耐顿Y者往往對(duì)市場(chǎng)環(huán)境變化反應(yīng)非常迅速，并且相比其他一些地區(qū)，普遍更愿意承擔(dān)風(fēng)險(xiǎn)。

The demand is actually quite global, coming from Europe and the US, as well as from South Korea, Japan, Australia and beyond. I would say the first new wave of demand for China-related indices came from South Korea. Korean retail investors were among the first to show immediate interest after the “DeepSeek moment” early last year. Investors there tend to react very quickly to changing market environments and are generally more comfortable with taking risk than in some other regions.

至于投資者在尋找什么，討論的重點(diǎn)顯然已經(jīng)不再是大盤(pán)、市值加權(quán)的中國(guó)敞口，而是要求更精準(zhǔn)——具體的行業(yè)和具體的主題。本質(zhì)上，他們關(guān)注的是中國(guó)的創(chuàng)新經(jīng)濟(jì)，包括半導(dǎo)體、AI基礎(chǔ)設(shè)施、電動(dòng)汽車(chē)、生物技術(shù)和先進(jìn)制造等領(lǐng)域。例如，去年我們推出了全球首只中國(guó)人形機(jī)器人指數(shù)，此后韓國(guó)三星資產(chǎn)管理公司以ETF的形式對(duì)其進(jìn)行了跟蹤。

When it comes to what investors are looking for, the conversation has clearly moved away from broad, market-cap-weighted China exposure. Instead, they are asking for more precision—specific sectors and specific themes. In essence, they are looking at China’s innovation economy, including areas such as semiconductors, AI infrastructure, electric vehicles, biotech, and advanced manufacturing. For example, last year we created the world’s first China Humanoid Robotics Index, which has since been tracked by Samsung Asset Management in South Korea in the form of an ETF.

問(wèn)題3：讓我們深入探討一下AI。現(xiàn)在AI如何重塑你們和機(jī)構(gòu)客戶(hù)的合作模式與產(chǎn)品定制流程？

Question 3: Let's dive a little bit into AI. Right now, how do you work with your institutional clients and customize your products to them？

Michael Nuske:人工智能確實(shí)在改變我們的工作方式，在組織內(nèi)部有各種各樣的應(yīng)用場(chǎng)景。但需要指出的是，在我們的核心職能中——比如指數(shù)計(jì)算和數(shù)據(jù)發(fā)布——我們并不依賴(lài)AI。這些流程仍然是完全基于規(guī)則的，經(jīng)過(guò)充分驗(yàn)證，并由框架驅(qū)動(dòng)。不過(guò)，在整個(gè)組織的更廣泛層面，AI的應(yīng)用正變得越來(lái)越普遍。

Well, AI is definitely changing the way we work, with many different use cases across the organization. It’s important to note, however, that in our core functions—such as index calculation and data dissemination—we do not rely on AI. These processes remain fully rule-based, thoroughly verified, and framework-driven. That said, across the broader organization, AI is being used more and more.

我們是一家高度技術(shù)驅(qū)動(dòng)的公司，所以每天都有大量人員在編寫(xiě)代碼，這并不意外。在這種背景下，AI輔助編程或“氛圍”編程可以顯著提高這些流程的效率。作為一家不斷成長(zhǎng)的組織，我們也收到越來(lái)越多希望加入我們的人發(fā)來(lái)的求職申請(qǐng)，而AI可以根據(jù)特定特征幫助篩選候選人。它還可以支持市場(chǎng)情報(bào)、研究等領(lǐng)域。以我自己為例，我每天都會(huì)收到大量郵件，AI能幫我更快速地查找信息，并總結(jié)冗長(zhǎng)的郵件往來(lái)。不過(guò)，我自己的所有郵件仍然是由我親自撰寫(xiě)的——我從未使用過(guò)AI來(lái)起草，也打算繼續(xù)保持這樣。

We are a very tech-driven company, so it’s no surprise that a lot of people are coding every day. In that context, AI-assisted or “vibe” coding can make these processes significantly more efficient. As a growing organization, we are also receiving more and more job applications from people who want to work with us, and AI can help screen candidates based on certain characteristics.It can also support areas like market intelligence and research, among others. If I take myself as an example, I receive a lot of emails every day. AI helps me find information more quickly and summarize long email chains. That said, all my own emails are still very much written by me—I’ve never used AI to draft them, and I intend to keep it that way.

是的，我們也在研究AI是否能幫助構(gòu)建增強(qiáng)型指數(shù)。我們對(duì)自然語(yǔ)言處理非常熟悉，并且多年來(lái)一直在成功使用我們專(zhuān)有的ARTIS工具。ARTIS代表“算法主題識(shí)別系統(tǒng)”（Algorithmic Theme Identification System）。它基于大數(shù)據(jù)和NLP，但它并非AI——這是有意為之的。

And yes, we are also looking at AI to assess whether it can help build enhanced indices. We are very familiar with natural language processing and have been using our proprietary ARTIS tool successfully for many years. ARTIS stands for “Algorithmic Theme Identification System.” It is based on big data and NLP, but it is not AI—and that is intentional.

在指數(shù)領(lǐng)域，透明度是一項(xiàng)非常重要的屬性，擁有一個(gè)確定性的工具在解釋篩選決策時(shí)具有明顯的優(yōu)勢(shì)。話(huà)雖如此，我們當(dāng)然也在研究和測(cè)試AI如何支持更智能的篩選決策。然而，由于我們的日?；顒?dòng)影響著數(shù)千億美元的資金流向，對(duì)于任何更像“黑箱”的東西，我們都需要非常清晰的框架和監(jiān)督流程。因此，我們確實(shí)需要保持謹(jǐn)慎。

In indexing, transparency is a very important attribute, and having a deterministic tool provides clear benefits when it comes to explaining selection decisions. That said, we are, of course, also working on and testing ways in which AI can support smarter selection decisions. However, because our daily activities inform the flow of hundreds of billions of dollars, we need very clear frameworks and oversight processes around anything that behaves more like a black box. Therefore, we do need to be cautious.

問(wèn)題4：與傳統(tǒng)的指數(shù)公司不同，Solactive的規(guī)模不大、歷史不長(zhǎng)，那么，它是如何從市場(chǎng)中脫穎而出的？你認(rèn)為在中國(guó)市場(chǎng)，Solactive是“小眾參與者”還是“游戲規(guī)則改變者”？

Question 4:Unlike traditional index firms, Solactive is not in a big size company and the history is not very long. How does it stands out from the market？And do you see Solactive as a “niche player” or “game changer” in China？

Michael Nuske:市場(chǎng)上確實(shí)有一些更傳統(tǒng)、更知名的指數(shù)供應(yīng)商，它們的規(guī)模仍然明顯大于我們。不過(guò)，實(shí)際上我們也不再是那么小的公司了。

It’s clear that there are more traditional and well-known index providers in the market, and they are still significantly larger than we are. However, we are actually not that small anymore.

以ETF為例，目前全球有近800只ETF跟蹤我們的指數(shù)，關(guān)聯(lián)規(guī)模約2500億美元，而這還僅僅是ETF。我完全沒(méi)有提到我們與資產(chǎn)所有者和投資銀行合作的部分——這些合作往往不太顯眼，但可能涉及非常可觀的資產(chǎn)管理和交易規(guī)模。所以總的來(lái)說(shuō)，我認(rèn)為我們顯然已經(jīng)超越了“小眾參與者”的范疇。

Looking at ETFs as an example, there are now close to 800 ETFs globally tracking our indices, with around USD 250 billion linked to them. And that’s only considering ETFs.I am completely setting aside, for example, the work we do with asset owners and investment banks, which is often more off-screen but can involve very substantial assets under management and trade sizes. So overall, I believe we have clearly grown beyond the niche player category.

我覺(jué)得你用了“游戲規(guī)則改變者”這個(gè)詞，但我可能不會(huì)這樣形容。我們確實(shí)相信，我們能為中國(guó)市場(chǎng)以及其他市場(chǎng)帶來(lái)顯著的價(jià)值。這能讓我們成為“游戲規(guī)則改變者”嗎？或許不能。但我們所帶來(lái)的價(jià)值主張顯然在支持我們的增長(zhǎng)，并且可以在多個(gè)不同維度上發(fā)揮作用。

I think you used the term “game changer,” but I probably wouldn’t describe it that way. We do believe that we can addsignificant value to the Chinese market—and to other markets as well. Does that make us a game changer? Maybe not. But the value proposition we bring is clearly supporting our growth, and it can apply across a number of different dimensions.

我們提供廣泛的標(biāo)準(zhǔn)化市值加權(quán)基準(zhǔn)指數(shù)，并以極具競(jìng)爭(zhēng)力的價(jià)格進(jìn)行授權(quán)。對(duì)于像中國(guó)這樣的市場(chǎng)，資產(chǎn)管理者以及最終投資者——更廣泛的零售市場(chǎng)和實(shí)體經(jīng)濟(jì)——越來(lái)越關(guān)注成本效益，指數(shù)授權(quán)費(fèi)就成為一個(gè)非常重要的因素。在這方面，對(duì)于標(biāo)準(zhǔn)市值加權(quán)基準(zhǔn)指數(shù)，我們屬于業(yè)內(nèi)頂尖水平。

We offer a broad range of standard, market cap-weighted benchmarks, which we license out at highly competitive prices. When it comes to a market like China, where asset managers and ultimately end investors—the broader retail market and real economy—are increasingly focused on cost efficiency, index licensing fees become a very important factor. In that respect, we are best-in-class for standard market cap-weighted benchmarks.

我們還提供高度定制化的解決方案——更復(fù)雜的指數(shù)，包括數(shù)學(xué)優(yōu)化和主題策略。即使在這個(gè)領(lǐng)域，我們也構(gòu)建了一個(gè)能夠有效擴(kuò)展定制化服務(wù)的平臺(tái)。因此，雖然費(fèi)用可能比標(biāo)準(zhǔn)基準(zhǔn)指數(shù)稍高，但仍然極具競(jìng)爭(zhēng)力，而且我們能夠以非常靈活高效的方式交付解決方案。

We also offer highly customized and tailored solutions—much more complex indices, including mathematically optimized and thematic strategies. Even in this space, we’ve built a platform that allows us to scale customization effectively. As a result, while fees may be somewhat higher than for standard benchmarks, they remainhighly competitive, and we can deliver solutions in a very flexible and efficient way.

我覺(jué)得還有一點(diǎn)特別有意思，就是我們最近在促進(jìn)跨境投資方面變得更加活躍。一方面，像瑞銀或景順這樣的國(guó)際資產(chǎn)管理公司，利用我們的指數(shù)來(lái)創(chuàng)設(shè)產(chǎn)品，例如UCITS ETF，投資于中國(guó)股票或證券。與此同時(shí)，我們也與越來(lái)越多的中國(guó)資產(chǎn)管理公司合作，幫助他們創(chuàng)設(shè)投資于國(guó)際股票的產(chǎn)品。

One additional point I find particularly interesting is that we’ve recently become more active in facilitating cross-border investments. On the one hand, you have international asset managers—such as UBS or Invesco—using our indices to create products, for example UCITS ETFs, that invest in Chinese equities or securities. At the same time, we are working with an increasing number of Chinese asset managers, helping them create products that invest in international equities.

因此，在這一背景下，過(guò)去幾個(gè)月讓我們非常忙碌的一件事就是香港ETF互聯(lián)互通的推出，尤其是那些60/40投資組合。這里的60/40并非指?jìng)鹘y(tǒng)的60%股票和40%固定收益配置，而是指60%的香港上市證券和40%的國(guó)際股票。因此，這一機(jī)制對(duì)香港ETF市場(chǎng)來(lái)說(shuō)是一個(gè)重大機(jī)遇，同時(shí)也讓中國(guó)內(nèi)地投資者能夠通過(guò)獲得更多的國(guó)際敞口來(lái)實(shí)現(xiàn)投資組合的多元化。

So in that context, one thing that has been keeping us very busy over the past couple of months is the rollout of the Hong Kong ETF Connect, and especially those 60/40 portfolios. 60/40 here does not mean the traditional allocation of 60% equities and 40% fixed income. Rather, it refers to 60% Hong Kong-listed securities and 40% international stocks.So that scheme represents a significant opportunity for the Hong Kong ETF market, and it also allows mainland Chinese investors to diversify their holdings by gaining more international exposure.

最近，我們不僅看到中國(guó)資產(chǎn)管理公司在這一領(lǐng)域非?；钴S，也有一些外資資產(chǎn)管理公司希望參與這一機(jī)制。與此同時(shí)，我們已經(jīng)創(chuàng)設(shè)了超過(guò)50個(gè)這類(lèi)所謂的60/40投資組合，其中許多是由具體的客戶(hù)需求驅(qū)動(dòng)的。支持這種雙向的跨境投資，是我們非常樂(lè)于做的事情。

Lately, we’ve not only seen Chinese asset managers being very active in this space, but also some foreign asset managers wanting to participate in the scheme. We have, in the meantime, created more than 50 of these so-called 60/40 portfolios, many of them driven by concrete client demand. Supporting this cross-border investment in both directions is something we are very happy to do.

問(wèn)題5：因此，你們就像橋梁一樣連接多地資本？

Question 5: So, you act like a“bridge”connecting different investment needs?

Michael Nuske:確實(shí)如此——我們幫助本地生態(tài)系統(tǒng)走向國(guó)際化。例如，對(duì)于深圳證券交易所自身的指數(shù)業(yè)務(wù)，我們運(yùn)營(yíng)其創(chuàng)業(yè)板50指數(shù)的國(guó)際版本，而景順在歐洲有一只ETF與之掛鉤。創(chuàng)業(yè)板50指數(shù)表現(xiàn)非常出色，過(guò)去兩年上漲了約150%，因此該ETF的資產(chǎn)規(guī)模也隨之增長(zhǎng)。

Exactly—we help internationalize local ecosystems. For example, for the Shenzhen Stock Exchange’s own index business, we run an international version of their ChiNext 50 Index, and Invesco has an ETF in Europe that is linked to it. The ChiNext 50 Index has performed very well, rising around 150% over the past two years, and as a result, the assets of that ETF have also increased.

我們還支持香港交易所在其自身的指數(shù)生態(tài)系統(tǒng)建設(shè)上，基本是將其本地指數(shù)的知識(shí)產(chǎn)權(quán)（IP）與我們的全球基礎(chǔ)設(shè)施相結(jié)合。正如你提到的，這有助于搭建一座橋梁，并促進(jìn)更多的跨境投資。

We have also supported the Hong Kong Exchange in developing its own index ecosystem, essentially by combining their local index IP with our global infrastructure. This helps create a bridge, as you mentioned, and facilitates more cross-border investment.

編輯：張玲

校對(duì)：王玥

制作：艦長(zhǎng)

審核：陳思揚(yáng)

版權(quán)聲明

《中國(guó)基金報(bào)》對(duì)本平臺(tái)所刊載的原創(chuàng)內(nèi)容享有著作權(quán)，未經(jīng)授權(quán)禁止轉(zhuǎn)載，否則將追究法律責(zé)任。

授權(quán)轉(zhuǎn)載合作聯(lián)系人：于先生（電話(huà)：0755-82468670）