<p>[孟买] 长期以来，印度的投资者几乎完全专注于国内市场，但现在越来越多的人开始向外投资。</p>
<p>越来越多的投资者将资金转移到海外，寻求多样化，以应对相对回报疲软和持续的外资流出，这导致印度卢比贬值至历史低点。</p>
<p>根据印度储备银行的数据，截至 2 月的 11 个月内，印度人在海外股票和债务上的投资超过 22 亿美元，比去年同期增长了 60%。与此同时，由当地资金管理公司运营的全球母基金资产在 3 月达到了创纪录的 40 亿美元，印度共同基金协会的数据显示。</p>
<p>变化在于当地投资者对其投资组合的思考方式。印度仅占全球股票市场的约 3%，其股票并不总是与世界其他地区的走势一致，这使得海外投资成为分散风险的简单方式。卢比贬值使得外国资产变得更具吸引力，因为海外回报获得了货币的提振，而更便捷的投资渠道吸引了更多人。</p>
<p>这一转变也受到当地股票表现的推动。尽管在 3 月的低点后有所回升，MSCI 印度指数在过去一年中仍落后于其新兴市场同行近 50%。这主要是由于盈利增长放缓以及对半导体等主题的有限曝光。同时，台湾和韩国等市场已达到新高。</p>
<p>“我想去真正发生创新的地方，” 38 岁的印度浦那市科技员工 Abhishek Dadhich 说，他自 2023 年以来一直在投资美国股票。Dadhich 表示，他对技术的理解帮助他将投资额增加了三倍多，超过 30 万美元，超出了他的预期。</p>
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<p>像他这样的投资者正在推动让印度人交易外国股票的平台的增长。Vested Finance 的资产在 4 月超过了 10 亿美元，约是去年同期的两倍，创始人 Viram Shah 表示。该公司计划在未来三年内达到 50 亿美元。</p>
<p>印度允许个人每年向海外汇款最多 25 万美元，但由于缺乏便捷的交易平台，该政策在投资方面的利用率一直较低。</p>
<p>这一情况正在改变。来自 Gift City（印度的低税中心）对全球产品的更清晰规则，以及允许直接海外投资的移动应用程序，正在降低零售投资者的进入门槛。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f604061a4645b84ddead7b809ff100bad380844d69397579c9ee2fd22036a6a8/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f604061a4645b84ddead7b809ff100bad380844d69397579c9ee2fd22036a6a8/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>消息人士称，印度探索措施以动员美元流入，因卢比贬值</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8171e2c40124e52738e28cb968dec056f7a9563261444c1c53f03392b24311c3/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8171e2c40124e52738e28cb968dec056f7a9563261444c1c53f03392b24311c3/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>印度经济韧性十足，但面临来自中东战争的上升风险</h3>
<p>当地资产管理公司正在响应这一需求。DSP 资产管理和 PPFAS 资产管理等公司已从 Gift City 为零售投资者推出了出境基金。首个基金是 DSP 于 6 月推出的全球股票基金，主要投资于美国，同时也选择台湾、中国和欧洲的股票。</p>
<p>吸引力在于国内短缺的主题。对人工智能、内存芯片和数据中心基础设施等主题的曝光——这些是韩国和台湾等市场上涨的主要驱动力——在印度 5 万亿美元的股票市场中仍然有限。</p>
<p>“多样化的好处是显而易见的”，因为它们使投资者能够接触到广泛的科技股票，Motilal Oswal 私人财富的首席投资官 Sandipan Roy 表示，该公司管理着 210 亿美元的资产。“投资者对持续影响印度市场的逆风变得更加谨慎。”</p>
<p>当然，全球投资仍占整体资金流动的很小一部分，大多数资金仍留在本地股票和债券中。仅共同基金的定期投资计划最近每月就带来了约 30 亿美元，帮助抵消了印度股票的创纪录外资流出。</p>
<p>尽管如此，来自印度的海外投资基金却交出了强劲的回报。汇丰银行的巴西基金在过去一年中上涨了近 70%，而 Axis 大中华基金上涨了 65%。</p>
<p>虽然 Interactive Brokers 和 Vested 等平台很受欢迎，但其他参与者也开始介入。</p>
<p>在印度首创零佣金股票交易的 Zerodha Broking，首席执行官 Nithin Kamath 在公司的 YouTube 频道上表示，计划推出全球股票的访问权限。知情人士称，State Street 计划为当地零售投资者推出海外股票的模型投资组合。</p>
<p>“我认为 2026 年将是全球投资走向主流的一年，” Vested 的 Shah 表示。彭博社</p>
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印度小盘股 MSCI ETF - iShares

印度 MSCI ETF - iShares

<p>印度投资者正越来越多地通过海外投资来实现投资组合的多样化，这一趋势受到国内回报不佳和卢比贬值的推动。在过去的 11 个月中，海外股票和债务的投资激增了 60%，超过 22 亿美元。与全球市场相比，MSCI 印度指数表现不佳，促使投资者寻求技术和人工智能等领域的机会。促进外国投资的平台正在获得关注，当地资产管理公司也在推出出境基金。尽管这种转变发生，但大多数投资仍集中在本地市场，但海外基金的回报表现强劲，显示出全球投资的趋势正在增长</p>

<p>[MUMBAI] Investors in India, long focused almost entirely on domestic markets, are increasingly starting to look outward.</p>
<div class="lb-trans"><p>[孟买] 长期以来，印度的投资者几乎完全专注于国内市场，但现在越来越多的人开始向外投资。</p>
</div><p>A growing number are moving money abroad, seeking diversification after a stretch of weaker relative returns and sustained foreign outflows from local equities that have driven the rupee to record lows.</p>
<div class="lb-trans"><p>越来越多的投资者将资金转移到海外，寻求多样化，以应对相对回报疲软和持续的外资流出，这导致印度卢比贬值至历史低点。</p>
</div><p>Indians invested more than US$2.2 billion in overseas equities and debt in the 11 months to February, a 60 per cent jump from the year-ago period, according to Reserve Bank of India data. Meanwhile, assets in global feeder funds run by local money managers hit a record US$4 billion in March, data from the Association of Mutual Funds in India show.</p>
<div class="lb-trans"><p>根据印度储备银行的数据，截至 2 月的 11 个月内，印度人在海外股票和债务上的投资超过 22 亿美元，比去年同期增长了 60%。与此同时，由当地资金管理公司运营的全球母基金资产在 3 月达到了创纪录的 40 亿美元，印度共同基金协会的数据显示。</p>
</div><p>What’s changing is how local investors are thinking about their portfolios. India is only about 3 per cent of the global equity market, and its stocks do not always move in line with the rest of the world, making overseas investing a simple way to spread risk. A weaker rupee is making foreign assets attractive, as overseas returns get a currency boost, while easier access is attracting more people.</p>
<div class="lb-trans"><p>变化在于当地投资者对其投资组合的思考方式。印度仅占全球股票市场的约 3%，其股票并不总是与世界其他地区的走势一致，这使得海外投资成为分散风险的简单方式。卢比贬值使得外国资产变得更具吸引力，因为海外回报获得了货币的提振，而更便捷的投资渠道吸引了更多人。</p>
</div><p>The shift is also being driven by the performance of local shares. The MSCI India Index has trailed its emerging markets counterpart by nearly 50 per cent over the past year, even after recovering from its March lows. This is mainly due to slower earnings growth and limited exposure to themes like semiconductors. Meanwhile, markets such as Taiwan and South Korea have reached new highs.</p>
<div class="lb-trans"><p>这一转变也受到当地股票表现的推动。尽管在 3 月的低点后有所回升，MSCI 印度指数在过去一年中仍落后于其新兴市场同行近 50%。这主要是由于盈利增长放缓以及对半导体等主题的有限曝光。同时，台湾和韩国等市场已达到新高。</p>
</div><p>“I wanted to be where the real innovation is happening,” said Abhishek Dadhich, a 38-year-old tech employee in the Indian city of Pune, who has been investing in US stocks since 2023. Dadhich said that his grasp of technology helped him more than triple his investments to over US$300,000, exceeding his expectations.</p>
<div class="lb-trans"><p>“我想去真正发生创新的地方，” 38 岁的印度浦那市科技员工 Abhishek Dadhich 说，他自 2023 年以来一直在投资美国股票。Dadhich 表示，他对技术的理解帮助他将投资额增加了三倍多，超过 30 万美元，超出了他的预期。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
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</div><p>Investors like him are driving growth in platforms that let Indians trade foreign stocks. Assets with Vested Finance topped US$1 billion in April, about doubling from a year ago, founder Viram Shah said. The firm aims to reach US$5 billion over the next three years, he said.</p>
<div class="lb-trans"><p>像他这样的投资者正在推动让印度人交易外国股票的平台的增长。Vested Finance 的资产在 4 月超过了 10 亿美元，约是去年同期的两倍，创始人 Viram Shah 表示。该公司计划在未来三年内达到 50 亿美元。</p>
</div><p>India allows individuals to remit up to US$250,000 abroad, but the policy has been underutilised for investment purposes mainly due to the lack of convenient platforms for transactions.</p>
<div class="lb-trans"><p>印度允许个人每年向海外汇款最多 25 万美元，但由于缺乏便捷的交易平台，该政策在投资方面的利用率一直较低。</p>
</div><p>That’s changing. Clearer rules for global products from Gift City – India’s low-tax hub – and mobile apps that allow direct overseas investing are lowering barriers for retail investors.</p>
<div class="lb-trans"><p>这一情况正在改变。来自 Gift City（印度的低税中心）对全球产品的更清晰规则，以及允许直接海外投资的移动应用程序，正在降低零售投资者的进入门槛。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f604061a4645b84ddead7b809ff100bad380844d69397579c9ee2fd22036a6a8/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/f604061a4645b84ddead7b809ff100bad380844d69397579c9ee2fd22036a6a8?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>India explores steps to mobilise US dollar inflows as rupee slides, sources say</h3>
<div class="lb-trans"><h3>消息人士称，印度探索措施以动员美元流入，因卢比贬值</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/8171e2c40124e52738e28cb968dec056f7a9563261444c1c53f03392b24311c3/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/8171e2c40124e52738e28cb968dec056f7a9563261444c1c53f03392b24311c3?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>India economy resilient but faces rising risks from Mideast war</h3>
<div class="lb-trans"><h3>印度经济韧性十足，但面临来自中东战争的上升风险</h3>
</div><p>Local asset managers are responding to this demand. Firms such as DSP Asset Managers and PPFAS Asset Management have launched outbound funds from Gift City for retail investors. The first was DSP’s Global Equity Fund in June, which invests mainly in the US but also picks stocks from Taiwan, China, and Europe.</p>
<div class="lb-trans"><p>当地资产管理公司正在响应这一需求。DSP 资产管理和 PPFAS 资产管理等公司已从 Gift City 为零售投资者推出了出境基金。首个基金是 DSP 于 6 月推出的全球股票基金，主要投资于美国，同时也选择台湾、中国和欧洲的股票。</p>
</div><p>The attraction is about what’s in short supply at home. Exposure to themes such as artificial intelligence, memory chips and data-centre infrastructure – a major driver of gains in markets such as Korea and Taiwan – is still limited in India’s US$5 trillion equity market.</p>
<div class="lb-trans"><p>吸引力在于国内短缺的主题。对人工智能、内存芯片和数据中心基础设施等主题的曝光——这些是韩国和台湾等市场上涨的主要驱动力——在印度 5 万亿美元的股票市场中仍然有限。</p>
</div><p>“Diversification benefits are real”, as they give investors an exposure to a broad swath of tech stocks, said Sandipan Roy, chief investment officer at Motilal Oswal Private Wealth, which manages US$21 billion. “Investors have grown wary of the continuing headwinds that have hit Indian markets.”</p>
<div class="lb-trans"><p>“多样化的好处是显而易见的”，因为它们使投资者能够接触到广泛的科技股票，Motilal Oswal 私人财富的首席投资官 Sandipan Roy 表示，该公司管理着 210 亿美元的资产。“投资者对持续影响印度市场的逆风变得更加谨慎。”</p>
</div><p>To be sure, global investing still makes up a small share of overall flows, with most money staying in local stocks and bonds. Recurring investment plans by mutual funds alone have brought in about US$3 billion every month recently, helping offset record foreign outflows from Indian equities.</p>
<div class="lb-trans"><p>当然，全球投资仍占整体资金流动的很小一部分，大多数资金仍留在本地股票和债券中。仅共同基金的定期投资计划最近每月就带来了约 30 亿美元，帮助抵消了印度股票的创纪录外资流出。</p>
</div><p>Even so, overseas-focused funds from India have delivered strong returns. The HSBC Brazil Fund, run by the bank’s local fund management arm, has gained nearly 70 per cent in the past year, and the Axis Greater China Fund is up 65 per cent.</p>
<div class="lb-trans"><p>尽管如此，来自印度的海外投资基金却交出了强劲的回报。汇丰银行的巴西基金在过去一年中上涨了近 70%，而 Axis 大中华基金上涨了 65%。</p>
</div><p>While platforms such as Interactive Brokers and Vested are popular, other players are starting to step in.</p>
<div class="lb-trans"><p>虽然 Interactive Brokers 和 Vested 等平台很受欢迎，但其他参与者也开始介入。</p>
</div><p>Zerodha Broking, which pioneered zero-brokerage stock trading in India, aims to roll out access to global stocks, CEO Nithin Kamath said on the firm’s YouTube channel. State Street is set to bring out model portfolios of overseas stocks for local retail investors, a source familiar with the matter said earlier.</p>
<div class="lb-trans"><p>在印度首创零佣金股票交易的 Zerodha Broking，首席执行官 Nithin Kamath 在公司的 YouTube 频道上表示，计划推出全球股票的访问权限。知情人士称，State Street 计划为当地零售投资者推出海外股票的模型投资组合。</p>
</div><p>“I see 2026 as the year global investing goes mainstream,” Vested’s Shah said. BLOOMBERG</p>
<div class="lb-trans"><p>“我认为 2026 年将是全球投资走向主流的一年，” Vested 的 Shah 表示。彭博社</p>
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No AI, poor returns drive Indian investors to foreign markets

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由于缺乏人工智能和回报率低，印度投资者被驱使投资于外国市场