Page 3 - CCFA Journal - Fifth Issue

加中金融

编辑寄语 Editor’s Message

人们常说未来不会重复过去，然而金融市场用过去几个月波动率指数 VIX 反复 “惊吓”投资者以对应不同新闻头条。
美国就业数据低于预期, 中国监管强压, 油价飙升至每桶 85 美元(在撰写本文时), 恒大地产暴雷及其连带的系统性问
题。 而在过去的 2 个月中，通货膨胀的持续使得全球大多数市场走低 。

作为一名金融行业的专业人士，这也让我持续兴奋成为每天早起的动力。市场永远的动态 让我们从心底激发出想
把随机性系统化的斗志。我们似乎坐上过山车座位的边缘，赢家永远是那些拥有强壮胃功能的。目前，有最强大
的胃功能的公司仍然在这个市场上争夺顶尖人才，中国的对冲基金之一 Ubiquant 就证明了这一点，它支付高达 30
万美元的薪水来吸引学习计算机科学和人工智能的精英学生，这意味着未来对那些在设计、建造和维护计算机模
型方面有专长的人的需求将会增加。这个观点被朱雀基金世界上最大的基金公司之一加持——,朱雀管理下的资产
规模为 200 亿元人民币，它指出中国控制气候变化的大部分承诺(即 3060 倡议)长期为新兴领域提供机遇，列举如现
代农业、金融科技和生物制药等。

从中短期来看，投资环境将更加复杂，大量聪明的资金正耐心等待时机。The CE Shop 的主管 Maria Chen 冷静地分
析了并购界对新冠的反应，在新冠后期天量流动性成就了过去 30 年中的最大的交易量的并购案。这就是所谓回报
越高风险越大，加拿大信用合作社的崛起正好契合我们与安省金融服务监管局(FSRA)的 Daniel Cui 合作的“CCFA—
工作中的一天”的活动。他让我们全面了解了加拿大信用合作社和银行之间的区别及优势。

第五期暨加中金融期刊创刊一周年，也恰逢加中金融协会 CCFA 成立二十周年。CCFA 会长顾大局为这一特殊时刻
的庆祝致辞中重申了协会的使命，即在中国和加拿大的金融专业人士之间建立长期桥梁，交流分享彼此成长。 最
后来看我们中的一员 Michael Lu 的真实分享，他在加拿大皇家银行全球资产管理从事业务拓展，八月的两周在远程
工作期间为我们提供了一个金融专业人士分析的温哥华城市居住生活的可行性报告。

感谢您一直以来对加中金融期刊的支持，金秋时节，祝您和您的家人平安愉快。

They say one should not expect the future to be like the past, yet the financial markets continued to show their “surprise” the past
few months as demonstrated by the VIX – the measure of volatility in the stock market – spiked several times in response to a
variety of headline news. The lower-than-expected U.S. job numbers, Chinese regulatory crackdowns, spiking oil prices ($85 a
barrel at the time of writing), Evergrande and its potential as a financial contagion, and the rather “non-transitory” nature of
inflation had driven most markets lower around the world in the last 2 months.

As a professional in the financial industry, this is what excites me and gets me out of bed every morning. The forever dynamic
nature of the market, and that perpetual fight to systematize the randomness that partly comes from our own psychology, keeps
all of us at the edge of the seats and – just like when it comes to rollercoasters – the winners are those with the strongest stomach.
The firms with the strongest stomachs right now are ones who are still fighting for top talent in this market, demonstrated by
Ubiquant – one of China’s hedge funds – shelling out as much as $300K USD salaries to attract elite students studying computer
science and artificial intelligence, which implies an increasing demand for those with an expertise in designing, building, and
maintaining computer models in the future. This long-term view is perpetuated by Rosefinch Funds – one of the largest fund
companies in the world with RMB 20 billion under management – who stipulates that much of China’s commitment to controlling
climate change (i.e. initiative 3060) will offer long-term opportunities across both existing and emerging sectors including modern
farming, fintech, and biopharmaceuticals – just to name a few.
Looking at the short and medium term, however, suggests a more complicated investment environment with plenty of smart
money being patient right now. Maria Chen, a Director from The CE Shop, gave a sober breakdown of how the M&A world
reacted to the COVID-19 pandemic, where the lock-up and subsequent outflow of liquidity resulted in one of the largest deal
volumes in the last 30 years. With higher reward comes greater risk, and the rise of credit unions in Canada coincided perfectly
with our “CCFA – A Day In The Job” event with Daniel Cui from the Financial Services Regulatory Authority of Ontario (FSRA),
who gave us a comprehensive look at the main differences between credit unions and banks in Canada which highlights certain
advantages credit unions have over banks.

This 5th issue marks the 1-year anniversary of this publication and coincides with CCFA’s 20-year anniversary. Daju Gu, President
of CCFA, marks this special occasion with a welcome message that reiterates CCFA’s mission to forge long-term, bilateral
relationships between finance professionals from China and Canada. Therefore, it is fitting that we conclude with a piece from
Michael Lu, a Senior Business Developer from RBC Global Asset Management, who reflected on his 2 weeks working remotely
in Vancouver and provided an analysis on the viability of a long-term stay in the city for lifestyle-oriented finance professionals.
Thank you for your continued support of The CCFA Journal, we wish you and your family a safe and jolly time going into the
4th quarter.

Michael Lu

From the Editor’s Desk

CCFA JOURNAL OF FINANCE October 2021
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