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柬埔寨资本市场评估及融资活动
2025 年 7 月 11 日，富亚资产管理 ( 柬埔寨 ) 有限公司 . 荣幸参加在金边凯悦酒店举办的国际金融公司 (IFC) 资本市场评估及融资活动。本次高层次研讨会汇聚了柬埔寨金融领域的关键利益相关方，包括基金管理机构、保险公司、监管机构及银行，共同探讨加强国家资本市场的策略。 会议讨论的核心议题是如何开拓新的资本筹集机会，特别关注发展柬埔寨债券市场，作为推动长期投资和可持续经济增长的重要工具。 出席活动的富亚代表包括富亚资产管理私人有限公司 ( 新加坡 ) 首席执行官 Aaron Ng 先生 ，以及富亚资产管理 ( 柬埔寨 ) 有限公司业务经理 Jevin Loo 先生 。在活动中，高级代表们与国际金融公司 (IFC) 官员进行了深入交流，介绍了富亚的核心使命，并展示了如 “K-Fund” 计划等重点项目 —— 该集体投资计划专注于农业，赋能当地农民，助力可持续发展，契合研讨会的战略愿景。 国际金融公司代表对富亚的愿景和持续努力给予高度认可与关注。这些互动为未来潜在合作奠定了基础，并为公司在柬埔寨快速发展的投资环境中开启了新的战略机遇。 此次活动标志着富亚在连接全球资本与本地机会、推动柬埔寨金融生态系统发展方面的重要里程碑，公司将继续以创新、透明和包容为原则，支持国家金融市场的可持续成长。
富亚在Preah Kossamak理工学院举办集体投资计划 研讨会，推广智慧投资
2025 年 7 月 8 日上午，富亚资产管理 ( 柬埔寨 ) 有限公司 . 法务与合规官员 Taing Hoy 先生 在 Preah Kossamak 理工学院发表题为《集体投资计划投资策略》的专业演讲。 本次讲座是 “ 智慧投资 ” 培训项目的一部分，由爱喜利达证券有限公司 (ACLEDA Securities Plc.) 主办，柬埔寨证券交易监管机构 (SERC) 、柬埔寨证券交易所 (CSX) 及 Preah Kossamak 理工学院支持，旨在提升学生的金融素养，培养理性投资理念，并推动智慧投资实践。
国家社会保障基金与富亚资产管理 (柬埔寨) 有限公司举行首次投资合作会谈
金边，柬埔寨 — 2025 年 6 月 4 日 作为对国家社会保障体系持续评估的一部分，柬埔寨国家社会保障基金 (NSSF) 与富亚资产管理 ( 柬埔寨 ) 有限公司 . 举行了首次会谈，探讨潜在的投资合作机会。 富亚代表团由首席执行官兼执行董事 Eric Loo 先生 率领，会议特别邀请了来自新加坡富亚资产管理私人有限公司 (BAMPL) 的两位董事会成员出席并主持。 柬埔寨国家社会保障基金的核心目标包括提升柬埔寨公民的社会保障福利，确保基金的审慎管理，并积极参与国家发展项目。会议讨论重点围绕富亚的投资产品和服务，及其与社会保障基金投资的潜在关联性。 双方对本次初步会谈表达了高度热忱，认为这是加深彼此了解、建立战略合作关系的宝贵机会。柬埔寨国家社会保障基金代表对富亚积极主动的工作态度及多元化投资组合给予肯定，并认可双方合作可能为强化柬埔寨社会保障体系带来的重要价值。 会议在双方明确建立未来投资合作伙伴关系的承诺下圆满结束，期待双方在不久的将来展开进一步合作。
在磅湛省成功举办集体投资计划培训
磅湛省，柬埔寨 — 2025 年 5 月 30 日 由爱喜利达证券有限公司 (ACS) 主办、富亚资产管理 ( 柬埔寨 ) 有限公司支持的 “ 集体投资计划 、投资 ” 培训在磅湛省国家大学顺利举办，为参与者提供了宝贵的投资洞察与实践机会 富亚资产管理 ( 柬埔寨 ) 有限公司运营官 Veasna Monireach 先生 主持了此次培训，深入讲解了集体投资计划的原理、优势与风险，并分享了个人参与此类集体投资工具的方法。培训旨在提升参与者的金融素养，帮助他们掌握做出明智投资决策所需的知识与技能。 培训活动反响热烈，参与者积极参与讨论与问答环节，展现出对投资策略的浓厚兴趣。本次活动体现了爱喜利达证券有限公司与富亚资产管理 ( 柬埔寨 ) 有限公司在推动柬埔寨社区金融教育与发展的坚定承诺。
富亚亮相2025年DMUC职业博览会
我们很荣幸参与了 2025 年柬埔寨 De Montfort 大学 (DMUC) 职业博览会。这一充满活力的活动汇聚了 80 多家来自银行、医疗、酒店、非政府组织、教育及科技等行业的领先机构。 富亚资产管理 ( 柬埔寨 ) 有限公司团队与学生、应届毕业生及求职者进行了深入交流，分享了基金管理和理财规划的专业见解，并探讨了非银行金融行业的职业发展路径。我们的展位氛围热烈，互动环节丰富，包括问答交流、赠品活动以及一对一职业指导，为有志于塑造柬埔寨金融未来的青年提供了宝贵机会。 我们衷心感谢每一位莅临展位的访客，也感谢 DMUC 提供了如此生动的平台，让雇主与求职者实现有效对接。
柬埔寨首支基金路演2.0在波罗勉省圆满成功
金边，柬埔寨 — 2025 年 5 月 10 日 柬埔寨首支基金认购路演 2.0 第二站于 2025 年 5 月 10 日在波罗勉省 ( Prey Veng province ) 爱喜利达银行 (ACLEDA Bank Plc.) 顺利落幕。 此次活动由富亚资产管理 ( 柬埔寨 ) 有限公司与爱喜利达证券有限公司联合举办，并得到当地多个爱喜利达银行分行 ( 包括 Pea Reang 、 Svay Antor 及 Peam Ro) 的支持。 富亚对所有参与者的积极支持表示感谢，活动旨在向更广泛的柬埔寨投资者介绍富亚亚洲股票基金 (BAEF) 。 在波罗勉省活动圆满成功后，路演将在 5 月和 6 月继续前行，将更多投资机会带到柬埔寨各省份。
富亚资产管理 (柬埔寨) 有限公司在柬埔寨证券交易监管机构第29期培训中分享集体投资计划风险管理洞察
在柬埔寨证券交易监管机构举办的第 29 期证券行业培训中，富亚资产管理 ( 柬埔寨 ) 有限公司重点分享了集体投资计划的风险管理经验与实践策略。 2025 年 4 月 28 日上午，富亚资产管理 ( 柬埔寨 ) 有限公司运营部代表 Veasna Monireach 先生在柬埔寨证券交易监管机构主办的第 29 期培训、考核及继续专业教育活动中发表了题为《集体投资计划风险管理》的专业演讲。活动在业务发展中心举行。 Monireach 先生在演讲中强调了在集体投资计划运营中实施健全风险管理的重要性，以确保投资者保护、遵守监管要求及基金的可持续表现。他通过真实案例和最佳实践，展示了富亚在强化柬埔寨投资基金行业及提升证券行业专业水平方面的承诺。 此次分享进一步体现了富亚在推动柬埔寨金融市场发展、教育及创新方面的持续贡献。
在柬埔寨证券交易监管机构第29期证券行业培训中分享柬埔寨首支集体投资计划基金经验
在柬埔寨证券交易监管机构举办的第 29 期证券行业培训中，富亚资产管理 ( 柬埔寨 ) 有限公司分享了在管理柬埔寨首支集体投资计划基金方面的宝贵经验。 2025 年 4 月 25 日上午，富亚资产管理 ( 柬埔寨 ) 有限公司企业经理 Nhem Sopaul 先生在柬埔寨证券交易监管机构举办的第 29 期培训、考试及持续专业教育活动上发表了主题演讲。活动在商务发展中心举行，汇聚了柬埔寨证券行业的各类专业人士。 Sopaul 先生分享了富亚在发行柬埔寨首支集体投资计划基金方面的宝贵经验，并概述了资产管理与基金运营的相关实践。他的演讲强调了富亚作为本地基金管理市场先锋的角色，以及公司通过创新、透明和投资者教育支持柬埔寨资本市场发展的坚定承诺。 此次培训活动标志着在金融行业促进专业能力提升和知识分享的又一重要里程碑，同时进一步巩固了富亚在柬埔寨投资市场中的领导地位。
富亚资产管理 (柬埔寨) 有限公司出席2025柬埔寨-东盟商务峰会
2025 年，主题为 “ 加速东盟互联互通 —— 人力、基础设施与贸易 ” 的 2025 年柬埔寨 - 东盟商务峰会。 2025 年 3 月 6 日，富亚资产管理 ( 柬埔寨 ) 有限公司出席了在金边 Sofitel Phnom Penh Phokeethra 酒店举办的 2025 柬埔寨 - 东盟商务峰会。本届峰会以 “ 加速东盟经济一体化 ” 为主题，旨在为东盟区域内的经济合作与发展提供活跃平台，展示柬埔寨在区域经济一体化中的日益重要作用。 峰会汇聚了政府官员、企业领袖及行业专家，涵盖首席执行官、高级管理人员、企业家、投资者、政策制定者及思想领袖，代表了东盟各行各业的多元产业和部门。 峰会由 柬埔寨王国首相 Samdech Moha Borvor Thipadei Hun Manet 阁下 主持，首相亲自阐述了柬埔寨皇家政府对东盟企业的支持承诺及推动共享繁荣的发展愿景。 峰会内容丰富，不仅包含主题演讲和深入讨论，还提供了广泛的交流与合作机会。包括商务午餐和柬埔寨投资展示，让与会者与行业领导者建立联系并探索关键领域的投资机会；同时，商务配对 环节促成了预先安排的 B2B 会议，为潜在合作和伙伴关系奠定基础。 闭幕式总结了峰会的主要成果，并发出持续合作与投资东盟的号召。峰会为与会者提供了深入交流的平台，进一步推动了柬埔寨及东盟区域的经济增长、区域一体化与可持续发展。 2025 柬埔寨 - 东盟商务峰会成为推动经济增长、加强区域一体化及促进可持续发展的关键活动，吸引了多元化的与会者，为柬埔寨及东盟地区经济发展贡献重要力量。 2025 柬埔寨 - 东盟商务峰会议程 : * 主旨演讲：柬埔寨矿产与能源部部长 Keo Rottanak 阁下 专题讨论 1 ：建设东盟未来 —— 基础设施建设与区域互联互通 探讨基础设施建设在推动经济增长与区域整合中的关键作用，包括实体基础设施、数字互联及东盟能源网 (AEG) 建设。 专题讨论 2 ：通过贸易与投资驱动繁荣 重点探讨东盟如何通过贸易和投资推动经济发展，分享关键战略、举措与合作经验。 主要讨论嘉宾： - 柬埔寨副首相兼开发委员会第一副主席 Sun Chanthol阁下 - 柬埔寨商务部部长 Cham Nimul阁下 - 总理办公室部长兼税务总局局长Kong Vibol阁下 - 海关总局副总干事 Chan Sopheap先生 - 柬埔寨证券交易监管机构总干事 Sou Socheat阁下 专题讨论 3 ：人力资本 —— 贸易与基础设施发展的关键 本次专题讨论聚焦人力资本在推动东盟贸易与基础设施发展中的关键作用。来自东盟各成员国的知名专家与企业代表探讨了如何通过投资人力资本释放区域经济潜力，为东盟可持续增长和区域一体化提供战略支持。 主要讨论嘉宾: - 柬埔寨劳动与职业培训部部长 Heng Suor阁下 - 柬埔寨工业、科技与创新部部长 Hem Vanndy阁下 - 香港经济贸易办事处驻曼谷主任 Parson Lam先生 - Wing银行人力资源主管 Sheanghai Lao先生 主持人 ：柬埔寨美国商会会长 Casey Barnett 先生 Pictures credited to ASSOCIATION OF SOUTHEAST ASIAN NATIONS
市场展望
2026 October Market Outlook: Asia Markets – AI Valuation Concerns and Rising Geopolitical Risks
The direction of US monetary policy remains a key source of uncertainty. Minutes from the September Federal Open Market Committee (“FOMC”) meeting indicated that a further rate increase before year-end remains possible. However, Chair Warsh has declined to commit to a path, identifying the October and December meetings as the key decision points. Ahead of the next FOMC meeting on 27–28 October, the International Monetary Fund has cautioned that uncertainty over US monetary policy could keep Asian financial markets volatile. The recent sell-off has also brought the financing of AI investment into sharper focus. Chair Warsh noted that large technology companies raising funds in the bond market are adding to competition for capital. In our view, investors are likely to place greater scrutiny on the returns these companies generate from their AI spending. Developments in the Middle East remain a key swing factor for oil prices and inflation. Before the conflict began in late February, the Strait of Hormuz carried around one-fifth of global oil supply. Within Asia, the most significant development has been in Indonesia. On 15 October, index provider MSCI Inc. launched a consultation on reclassifying Indonesia from Emerging Market to Standalone Market status, citing insufficient progress on market transparency, concentrated shareholdings and weak enforcement. This contrasts with FTSE Russell, which reaffirmed Indonesia’s emerging market status. The Jakarta Composite Index fell 8.0% following the announcement, which triggered a trading halt. MSCI has also frozen certain index changes for Indonesian securities, including new additions, until further notice. The announcement adds to a difficult year for Indonesia, whose stock market has fallen more than 30% to become the world’s worst performing this year, according to Bloomberg, while Moody’s and Fitch have both revised the sovereign rating outlook to negative. With the consultation open until 30 April 2027, analysts expect foreign outflows to continue. In North Asia, the October sell-off highlighted how exposed South Korea and Taiwan have become to swings in AI sentiment after very strong gains over the past year. The KOSPI and TAIEX rose 86.7% and 80.6% respectively over the past year, and the TAIEX’s price-to-earnings ratio has expanded to 27.9 times from 23.1 times. Singapore again demonstrated its defensive qualities, with the Straits Times Index declining only 0.5% on 15 October, a far smaller fall than its North Asian peers. Overall, investor sentiment has shifted from chasing AI momentum towards greater caution on valuations, funding costs, and geopolitical risk. In this environment, we remain focused on businesses with strong balance sheets, sustainable earnings and pricing power, which we believe are better positioned to navigate persistent inflation and energy price shocks. We continue to apply a disciplined, bottom-up approach to stock selection and to maintain diversification across geographies and themes.
2026 September Market Outlook: Navigating Market Divergence
The Fed maintained a restrictive, data-dependent stance through August and subsequently raised the federal funds target range by 25 basis points to 3.75-4.00% citing persistent inflationary pressures. Updated projections point to the possibility of one further increase in 2026. Elevated long-dated US Treasury yields continue to present a valuation risk particularly for growth, technology and AI-related companies, whose expected cash flows lie further in the future. At the same time, continued corporate earnings delivery and investments in strategic technologies along the tech supply chain have so far helped the global economy absorb tighter financial conditions. Strong earnings guidance from major global technology companies supports the view that investment in data centres, advanced chips and supporting infrastructure remains resilient. Within Asia, performance has diverged meaningfully across countries. Singapore remains the region’s defensible market, with strong banking profitability and wealth management inflows attracting investor interest amid global uncertainty. Taiwan and South Korea’s technology sector continues to be major beneficiaries of surging AI-related demand. On the other hand, confidence towards China’s and Indonesia’s growth outlook remains fragile. China’s slow economic momentum is a result of a weak property market and slow domestic consumption, while Indonesia’s commodity price normalisation and concerns over capital outflows weigh on sentiment. Against this backdrop, maintaining well-diversified exposure across geographies and themes remains important. We continue to be highly selective in stock selection, adhering to a disciplined, bottom-up approach to portfolio construction that prioritises quality and resilience to macroeconomic uncertainty.
2026 August Market Outlook: Navigating Volatility
Concerns around the durability of AI-related capital expenditure and intensifying competition triggered a sharp sector sell-off after a mid-July peak. Investor sentiment turned more discerning on the back of earnings season, and questions arose regarding how sustainable the AI investment pace is without eating into cash generation. Capital rotated out of semiconductors and into energy, financials and value stocks, shifting to markets and names seen as less exposed to a single-theme correction. Layered on top was renewed Middle East escalation and its effect on rates expectations. Brent crude spiked back above $100/barrel intermittently after the US reinstated a naval blockade on Iran and announced plans to impose a levy on cargo transiting Hormuz, although the levy was never implemented. This revived inflation concerns and caused markets to price a reduced likelihood of further Fed easing. Elevated US bond yields further weighed on stocks. Looking ahead, renewed conflict or another AI-related pullback could swiftly unwind recent sentiment gains and force a repricing of both rates and earnings expectations. Against this backdrop, we continue to favour a diversified, bottom-up approach that balances exposure to structural AI and technology themes with quality, less crowded names to weather through volatility.
2026 July Market Outlook: Navigating Crosscurrents
Central banks broadly maintained a data-dependent stance through the period and remained watchful even as global energy-driven inflation eased. The Federal Reserve reaffirmed its commitment to price stability even as growth prospects softened, while the European Central Bank similarly balanced improving headline inflation against still-elevated services prices. Closer to home, the Monetary Authority of Singapore raised its 2026 core inflation forecast on concerns that persistent price pressures could dampen household spending. The Hormuz disruption has driven inflation fears that outweigh traditional safe-haven demand. Gold and silver have moved in an unusual, counterintuitive pattern, falling rather than rallying as fighting escalated. In equities, investor sentiment shifted markedly as the AI-led rally that dominated the first half of the year gave way to a bout of volatility, prompting some rotation into value and cyclicals. Asian equities showed sharp dispersion rather than uniform resilience. In July 2026, Hong Kong’s Hang Seng emerged as the standout performer on continued strength in Chinese technology and AI names, while South Korea’s Kospi and Japan’s Nikkei slipped from June’s rebound as the memory-chip optimism and AI trade cooled. Looking ahead, markets remain caught between two competing narratives, a genuine easing of geopolitical and energy-driven inflation pressure, against the risk of renewed hostilities or a resurgence in AI-related volatility, which could quickly reverse recent gains in sentiment and reprice rate expectations. Against this backdrop, we continue to favour a diversified, bottom-up approach that balances exposure to structural AI and technology themes with quality, less crowded names to weather through volatility.
2026 June Market Outlook: From AI-Led Momentum to Persistent Uncertainty—A Disciplined Path Forward
Stronger than expected inflation in the US led newly installed Fed Chair Kevin Warsh to reinforce expectations that any rate cut is more likely in late 2026 or into 2027. Despite this hawkish view, US equities pushed to fresh highs, led by technology stocks. This period also saw Space Exploration Technologies Corp.’s (“SpaceX”) record-setting initial public offering, becoming a focal point for risk appetite and growth sentiment, which further amplified market enthusiasm. In the near term, the success of the SpaceX listing is likely to add further liquidity into space, artificial intelligence (“AI”) infrastructure and adjacent sectors. Investor sentiment remains heavily concentrated in AI-related and technology names, and some investors view the Asian market as a way to increase exposure at more attractive valuations than US technology leaders. Strong momentum in Asia is led by Korea, Taiwan and Japan, which play a central role in the AI and memory chip supply chain. On the other hand, China continues to lag even with incremental policy support. In other key markets, UK equities underperformed their peers, and Eurozone technology stocks performed moderately amid weak macroeconomic data, where the pullback in oil prices eased some inflationary pressure. Markets remain highly sensitive to developments in the Strait of Hormuz, where disruptions and the current partial normalisation of shipping through the strait weigh on energy prices and inflation expectations. Against this backdrop, maintaining well-diversified exposure across geographies and themes remains important. We continue to be highly selective in stock selection, adhering to a disciplined, bottom-up approach to portfolio construction that prioritises quality and resilience to macroeconomic uncertainty.
2026 May Market Outlook: From Record Highs to Rising Uncertainty—A Selective Path Forward
Major indices have reached new highs since the March dip. Strong corporate earnings have reinforced investor confidence and sustained the ongoing risk-on rotation into AI-related stocks. The technology sector now represents a larger share on the MSCI Emerging Markets Index than the S&P 500, underscoring the central role of Taiwan and South Korea in the AI supply chain. With inflation still elevated and growth looking uneven across regions, central banks are balancing financial stability and energy-driven price pressures. Expectations for rate cuts have been pushed out or replaced by further tightening of monetary policy. The new Federal Reserve Chair, Kevin Warsh, known to favour rate cuts, faces inflationary pressures in the US economy that work against the dovish narrative, making rate cuts unlikely. Other central banks, such as the Bank of Japan and the European Central Bank have kept its policy unchanged, but with upward revisions to inflation forecasts, investors expect rate hikes this year. Though markets have appeared resilient to geopolitical shocks, the continuation of the Strait of Hormuz blockage can dampen economic activity through supply chain disruption and entrenching inflationary pressures. Against this backdrop, maintaining well-diversified exposure across geographies and themes remains important. We continue to be highly selective in stock selection, adhering to a disciplined, bottom-up approach to portfolio construction that prioritises quality and resilience to macro uncertainty.