Solactive亚太区总监、董事总经理Michael Nuske：多维布局中国指数，搭建跨境指数投资桥梁

【导读】Solactive亚太区总监、董事总经理Michael Nuske：多维布局中国指数，搭建跨境指数投资桥梁

中国基金报记者 叶诗婕

近日，在中国基金报主办的第二届全球资产管理论坛上，Solactive亚太区总监、董事总经理Michael Nuske接受本报记者独家专访，就中国指数新品布局、全球资金配置需求、AI在指数业务的落地应用、企业行业定位，以及跨境指数桥梁价值等议题展开深度讨论。

Michael Nuske指出，其中国指数采用客户需求与自主研发并举的合作模式，韩国资金率先掀起中国主题指数配置热潮；Solactive严守风控，指数编制核心环节不使用AI；凭借费率与定制化优势，机构依托ETF互联互通落地多款挂钩公司指数的跨境配置产品，公司正以指数为纽带打通中外双向投资。

Solactive是一家总部位于德国法兰克福的全球领先金融指数提供商，成立于2007年，公司专门为全球交易所交易基金（ETF）和其他指数挂钩的投资产品开发、计算和分发定制化及多资产类别的基准指数。

以下为Michael Nuske的采访实录：

问题1：Solactive近期推出了多个中国指数，这些新指数的推出主要是由客户需求驱动的，还是对市场转折点的主动押注？

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:要回答这个问题，我认为有必要先稍微深入了解我们的理念。我们的目标不是制定新标准、多次对外授权，然后让客户在同一资产池中相互竞争——那不是我们想做的事。相反，我们认真倾听客户的意见——其中许多客户都有很棒的想法——并与他们合作，共同开发新指数。我们把这种关系称为“一个指数，一个客户”，这帮助我们建立了非常紧密、长期的合作伙伴关系。

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.

一般来说，有两种不同的情况。一种是我们主动提出一个想法，认为它恰好符合某位客户的产品规划，而客户可能直接说：“很好，我们就按这个来。”另一种是客户带着一套完整的规则说明书来找我们，我们再据此实施。

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.

实际上，现实情况通常介于两者之间，整个过程都包含大量的协作元素。我们很少处于任何一个极端。这一点对于我们新推出的聚焦中国市场的指数也是如此：有时是我们提出想法，有时是客户提出想法，然后我们共同合作开发新指数。总体而言，这是一种非常混合的模式。

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.

问题2：哪些全球发行机构，对中国指数最感兴趣？

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

Michael Nuske:实际上，这种需求相当全球化，来自欧美，也来自韩国、日本、澳大利亚及其他地区。我认为，与中国相关指数的新一轮需求中，第一波来自韩国。去年年初“DeepSeek时刻”之后，韩国散户投资者是最早表现出即时兴趣的群体之一。当地的投资者往往对市场环境变化反应非常迅速，并且相比其他一些地区，普遍更愿意承担风险。

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.

至于投资者在寻找什么，讨论的重点显然已经不再是大盘、市值加权的中国敞口，而是要求更精准——具体的行业和具体的主题。本质上，他们关注的是中国的创新经济，包括半导体、AI基础设施、电动汽车、生物技术和先进制造等领域。例如，去年我们推出了全球首只中国人形机器人指数，此后韩国三星资产管理公司以ETF的形式对其进行了跟踪。

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.

问题3：让我们深入探讨一下AI。现在AI如何重塑你们和机构客户的合作模式与产品定制流程？

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:人工智能确实在改变我们的工作方式，在组织内部有各种各样的应用场景。但需要指出的是，在我们的核心职能中——比如指数计算和数据发布——我们并不依赖AI。这些流程仍然是完全基于规则的，经过充分验证，并由框架驱动。不过，在整个组织的更广泛层面，AI的应用正变得越来越普遍。

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.

我们是一家高度技术驱动的公司，所以每天都有大量人员在编写代码，这并不意外。在这种背景下，AI辅助编程或“氛围”编程可以显著提高这些流程的效率。作为一家不断成长的组织，我们也收到越来越多希望加入我们的人发来的求职申请，而AI可以根据特定特征帮助筛选候选人。它还可以支持市场情报、研究等领域。以我自己为例，我每天都会收到大量邮件，AI能帮我更快速地查找信息，并总结冗长的邮件往来。不过，我自己的所有邮件仍然是由我亲自撰写的——我从未使用过AI来起草，也打算继续保持这样。

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，我们也在研究AI是否能帮助构建增强型指数。我们对自然语言处理非常熟悉，并且多年来一直在成功使用我们专有的ARTIS工具。ARTIS代表“算法主题识别系统”（Algorithmic Theme Identification System）。它基于大数据和NLP，但它并非AI——这是有意为之的。

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.

在指数领域，透明度是一项非常重要的属性，拥有一个确定性的工具在解释筛选决策时具有明显的优势。话虽如此，我们当然也在研究和测试AI如何支持更智能的筛选决策。然而，由于我们的日常活动影响着数千亿美元的资金流向，对于任何更像“黑箱”的东西，我们都需要非常清晰的框架和监督流程。因此，我们确实需要保持谨慎。

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.

问题4：与传统的指数公司不同，Solactive的规模不大、历史不长，那么，它是如何从市场中脱颖而出的？你认为在中国市场，Solactive是“小众参与者”还是“游戏规则改变者”？

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:市场上确实有一些更传统、更知名的指数供应商，它们的规模仍然明显大于我们。不过，实际上我们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为例，目前全球有近800只ETF跟踪我们的指数，关联规模约2500亿美元，而这还仅仅是ETF。我完全没有提到我们与资产所有者和投资银行合作的部分——这些合作往往不太显眼，但可能涉及非常可观的资产管理和交易规模。所以总的来说，我认为我们显然已经超越了“小众参与者”的范畴。

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.

我觉得你用了“游戏规则改变者”这个词，但我可能不会这样形容。我们确实相信，我们能为中国市场以及其他市场带来显著的价值。这能让我们成为“游戏规则改变者”吗？或许不能。但我们所带来的价值主张显然在支持我们的增长，并且可以在多个不同维度上发挥作用。

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.

我们提供广泛的标准化市值加权基准指数，并以极具竞争力的价格进行授权。对于像中国这样的市场，资产管理者以及最终投资者——更广泛的零售市场和实体经济——越来越关注成本效益，指数授权费就成为一个非常重要的因素。在这方面，对于标准市值加权基准指数，我们属于业内顶尖水平。

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.

我们还提供高度定制化的解决方案——更复杂的指数，包括数学优化和主题策略。即使在这个领域，我们也构建了一个能够有效扩展定制化服务的平台。因此，虽然费用可能比标准基准指数稍高，但仍然极具竞争力，而且我们能够以非常灵活高效的方式交付解决方案。

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.

我觉得还有一点特别有意思，就是我们最近在促进跨境投资方面变得更加活跃。一方面，像瑞银或景顺这样的国际资产管理公司，利用我们的指数来创设产品，例如UCITS ETF，投资于中国股票或证券。与此同时，我们也与越来越多的中国资产管理公司合作，帮助他们创设投资于国际股票的产品。

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，在这一背景下，过去几个月让我们非常忙碌的一件事就是香港ETF互联互通的推出，尤其是那些60/40投资组合。这里的60/40并非指传统的60%股票和40%固定收益配置，而是指60%的香港上市证券和40%的国际股票。因此，这一机制对香港ETF市场来说是一个重大机遇，同时也让中国内地投资者能够通过获得更多的国际敞口来实现投资组合的多元化。

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，我们不仅看到中国资产管理公司在这一领域非常活跃，也有一些外资资产管理公司希望参与这一机制。与此同时，我们已经创设了超过50个这类所谓的60/40投资组合，其中许多是由具体的客户需求驱动的。支持这种双向的跨境投资，是我们非常乐于做的事情。

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.

问题5：因此，你们就像桥梁一样连接多地资本？

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

Michael Nuske:确实如此——我们帮助本地生态系统走向国际化。例如，对于深圳证券交易所自身的指数业务，我们运营其创业板50指数的国际版本，而景顺在欧洲有一只ETF与之挂钩。创业板50指数表现非常出色，过去两年上涨了约150%，因此该ETF的资产规模也随之增长。

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.

我们还支持香港交易所在其自身的指数生态系统建设上，基本是将其本地指数的知识产权（IP）与我们的全球基础设施相结合。正如你提到的，这有助于搭建一座桥梁，并促进更多的跨境投资。

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.

编辑：张玲

校对：王玥

制作：舰长

审核：陈思扬

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