Kelvin Tan began investing online in 2018, and like many Singaporeans, put all of his money into local stocks. Two years later, he had switched entirely into US equities.
凯尔文·陈（Kelvin Tan）于 2018 年开始在线投资，和许多新加坡人一样，当时他把所有资金都投向本地股票。两年后，他已彻底转换至美国股票市场。
“The US market was going very high — individual stocks were just flying up,” said Tan, a 38-year-old content creator who trades on Interactive Brokers. “I realized Singapore stocks’ returns were not as good.”
这位通过盈透证券（Interactive Brokers）进行交易、现年 38 岁的内容创作者表示：“美国市场涨得非常猛，个股飙升。我意识到新加坡股票的回报没有那么好。”
Tan is among a growing group of Singapore investors shifting away from local stocks in favor of US markets. Among Tiger Brokers’ Singapore retail clients, the proportion of trading in local stocks has declined more than 11 percentage points in the past four years, while the majority trading in US stocks has increased.
陈只是越来越多转向美国市场、抛弃本地股票的新加坡投资者之一。在老虎证券（Tiger Brokers）的新加坡散户客户中，过去四年交易本地股票的占比已下降逾 11 个百分点，而交易美国股票的多数份额则持续上升。
That adds to the urgency for Singapore’s authorities, which last year said they were preparing “bold changes” to market regulatory structures. Issues of poor liquidity, a market dominated by old-economy sectors and a dearth of new listings, which have contributed to a decline in turnover for the benchmark Straits Times Index to a five-year low, need to be addressed for Singapore to lure back retail investors.
这令新加坡监管部门感到更为迫切。去年它们表示正准备对市场监管架构进行“大胆改革”。由于流动性不足、市场被传统经济行业主导及新上市公司稀缺，海峡时报指数（STI）的成交量已跌至五年低位。若要吸引散户回流，新加坡必须解决这些问题。
Singapore’s stocks tend to be from more staid asset classes like real estate investment trusts and banks, versus highflying, buzzy firms like Nvidia Inc. or Tesla Inc.
与英伟达（Nvidia Inc.）或特斯拉（Tesla Inc.）等炙手可热的明星公司相比，新加坡股市更多由房地产投资信托（REIT）和银行等较为稳健的资产类别构成。
For instance, DBS Group Holdings Ltd. — the city-state’s largest bank — moves an average of 1.3% after earnings reports, according to data compiled by Bloomberg. That’s versus 9.7% for Nvidia. Add in the availability of options on US stocks, and it’s simply much easier to carry out big bets in the US market.
例如，彭博汇编数据显示，新加坡最大银行星展集团控股有限公司（DBS Group Holdings Ltd.）在财报发布后股价平均波动 1.3%，而英伟达则达到 9.7%。再考虑到美国股票可交易期权，在美国市场进行大额押注显然容易得多。
“Investors want huge gains within a day,” said Joshua Chim, general manager of online broker FSMOne Singapore.
线上券商 FSMOne 新加坡总经理詹舒华（Joshua Chim）表示：“投资者希望一天之内就获得巨额收益。”
For total investments made by FSMOne stocks and exchange-traded-fund clients, who are mainly retail investors and based in or from Singapore, 43% of their cash went into US markets in 2024, up from 29% in 2019. Meanwhile, 49% of their cash went into the Singapore market in 2024, down from 60% in 2019. A survey in October by online broker Moomoo found that close to half of Singaporean investors are looking to increase international exposure.
以 FSMOne 股票及 ETF 客户（主要为新加坡本地或来自新加坡的散户投资者）的整体投资来看，2024 年有 43% 的资金流向美国市场，高于 2019 年的 29%；同期 49% 的资金流向新加坡市场，低于 2019 年的 60%。线上券商 Moomoo 去年 10 月的调查发现，近半数新加坡投资者计划加大海外配置。
This desire is likely strengthened by the design of online brokerage platforms, which often encourage users to choose more liquid or volatile assets as well as shorter-term trades, all of which are more readily found outside Singapore.
这一偏好很可能受到线上券商平台设计的推动；这些平台往往鼓励用户选择流动性更高或波动性更大的资产，并进行更短期的交易，而这类资产在新加坡以外更为常见。
“International markets can be accessed at much cheaper rates than before,” according to John Huo, a private mandate service provider under PhillipCapital. That may disadvantage Singaporean companies unless there is an educational push encouraging investors to hold the city-state’s stocks “for the long run,” he added.
菲利普资本（PhillipCapital）旗下私人委托服务提供者霍庆军（John Huo）指出：“如今进入国际市场的成本比过去低得多。”他补充说，除非加强教育、鼓励投资者“长期持有”本地股票，否则这可能使新加坡公司处于不利地位。
In addition, with market research now increasingly consumed on digital channels like YouTube rather than via conventional written reports, “there’s a lot of content toward overseas asset classes,” said Gerald Wong, founder and CEO of Singapore-based financial advisory platform Beansprout.
此外，新加坡金融咨询平台 Beansprout 创始人兼首席执行官黄伟杰（Gerald Wong）表示，如今市场研究更多通过 YouTube 等数字渠道而非传统书面报告获取，“针对海外资产类别的内容非常多”。
Case in point: Fitness trainer Benjamin Tan, 32, educated himself about markets online. He was inspired by content about the US to begin putting S\$1,000 (\$740) into American assets including exchange-traded funds every month via online broker applications.
以 32 岁的健身教练陈本杰明（Benjamin Tan）为例，他通过网络自学市场知识，并受到有关美国市场内容的启发，每月通过线上券商应用向包括 ETF 在内的美国资产投入 1,000 新元（约 740 美元）。
It isn’t just the US that Singaporeans like. Investors trading on Interactive Brokers Singapore have recently displayed a strong interest in Japanese and mainland Chinese shares, said CEO Yujun Lin.
盈透证券新加坡首席执行官林毓君（Yujun Lin）表示，新加坡投资者的兴趣不仅限于美国股票，近期他们对日本和中国大陆股票也表现出浓厚兴趣。
Even other regional markets such as Australia and Thailand have far higher daily traded volumes than the city-state, Morgan Stanley analysts including Nick Lord wrote in a note late last year.
摩根士丹利分析师（包括尼克·洛德 Nick Lord）去年底在一份报告中写道，即便是澳大利亚、泰国等地区市场，日成交量也远高于新加坡。
To be sure, the Singapore market has had its successes. The benchmark STI rose 17% in 2024 and hit a record high in January, boosted particularly by banks.
当然，新加坡市场并非没有亮点。基准 STI 指数 2024 年上涨 17%，并于 1 月创下历史新高，尤其受银行板块提振。
The rally has driven an influx of interest from retail and institutions into the market, Singapore Exchange President Michael Syn said in an interview on Bloomberg Television. SGX shares hit their highest level since 2007 on Friday amid optimism about its outlook with reforms ahead.
新加坡交易所（SGX）总裁冼博文（Michael Syn）在接受彭博电视采访时表示，这波涨势吸引了散户和机构的关注。在对改革前景的乐观情绪推动下，周五 SGX 股价触及 2007 年以来最高水平。
Tiger Brokers also noted that the number of Singaporean retail clients actively trading local stocks on SGX in 2024 increased 9.9% from the previous year.
老虎证券亦指出，2024 年活跃交易本地股票的新加坡散户客户数量较上年增长 9.9%。
But until fundamental changes are made in Singapore, international markets, which have done far better over longer periods, still may be more appealing to many.
但在新加坡市场实现根本性改变之前，长期表现更佳的国际市场仍可能对不少人更具吸引力。
“Singaporeans are very worldly,” Interactive Brokers’ Lin said. “The more we travel and work with international companies, the more aware we are about the need to diversify our investments away from Singapore.”
盈透证券的林毓君表示：“新加坡人十分具国际视野。我们越是出国旅行、与跨国公司合作，就越意识到投资不能只集中在新加坡本地。”