（原标题：中国资产，超配！） 国家外汇管理局数据也显示，今年上半年，外资净增持境内股票和基金101亿美元，特别是5月、6月， 净增持规模增加至188亿美元。 而对于即将到来的第四季度，外资金融机构普遍持乐观态度。近期，标普国际信用评级公司发布报告， 决定维持中国主权信用评级"A+"和展望"稳定"不变。展望未来，外资认为中国经济基础稳、优势多、 韧性强、潜力大，支撑高质量发展的积极因素不断积累。 校对：苏焕文 来源：央视财经 责编：李丹 多家国际投行在研究报告中，上调了对中国经济全年增长的预测，同时对中国资产的配置建议也从中性 转向了"超配"。 近期，多家外资金融机构发布对中国市场的观点和研报，普遍看好中国市场前景。高盛近期发布研报， 维持对中国股票"增持"立场；渣打银行在《2025年下半年全球市场展望》中维持对中国股票的"超配"评 级。 渣打银行北亚区首席投资总监 郑子丰：有许多因素支持我们对中国资产的高权重配置，包括外部和国 内因素。从外部看，是出于对中国将受贸易紧张局势影响的预期，但实际情况是，中国较好应对了这种 情况。从国内看，我们看到了更多旨在稳定经济增长状况的政策，包括最近宣布的新生儿补贴。因此， ...

Core Viewpoint - Multiple international investment banks have raised their forecasts for China's economic growth for the year, shifting their asset allocation recommendations for China from neutral to "overweight" [1][3]. Group 1: Positive Outlook on Chinese Assets - Several foreign financial institutions have expressed optimism about the Chinese market, with Goldman Sachs maintaining an "overweight" stance on Chinese stocks [1]. - Standard Chartered Bank has also kept its "overweight" rating on Chinese stocks in its "2025 Global Market Outlook" report [1]. Group 2: Factors Supporting High Allocation to Chinese Assets - Chief Investment Officer of Standard Chartered Bank for North Asia, Zheng Zifeng, highlighted both external and domestic factors supporting high allocation to Chinese assets, including China's effective response to trade tensions and recent domestic policies aimed at stabilizing economic growth, such as new birth subsidies [3]. - The expectation of more policy support as the fourth quarter approaches is also noted [3]. Group 3: Foreign Investment Trends - International investment banks are actively investing in the A-share market, with Goldman Sachs reporting that hedge funds have net bought Chinese stocks at the fastest pace in seven weeks [5]. - Data from the State Administration of Foreign Exchange indicates that foreign capital net increased holdings of domestic stocks and funds by $10.1 billion in the first half of the year, with significant net purchases of $18.8 billion in May and June [5]. Group 4: Credit Ratings and Economic Resilience - S&P Global Ratings has maintained China's sovereign credit rating at "A+" with a stable outlook, reflecting confidence in the country's economic fundamentals [7]. - Foreign investors view China's economic foundation as stable, with strong advantages, resilience, and significant potential, which supports the accumulation of positive factors for high-quality development [7].

Group 1 - Multiple international investment banks have raised their forecasts for China's economic growth and shifted their asset allocation recommendations from neutral to "overweight" [1] - Goldman Sachs maintains an "overweight" stance on Chinese stocks, while Standard Chartered Bank also holds an "overweight" rating for Chinese equities in its 2025 global market outlook [1] - External factors, such as trade tensions, have been better managed by China than expected, while domestic policies aimed at stabilizing economic growth, like new birth subsidies, are also supportive [1] Group 2 - In the first half of the year, foreign capital net increased holdings in domestic stocks and funds by $10.1 billion, with significant inflows in May and June totaling $18.8 billion [2] - As of last week, foreign institutions held approximately 2.5 trillion yuan in A-shares, reflecting an 8% increase from the end of last year [2] - Foreign financial institutions are optimistic about the upcoming fourth quarter, with S&P maintaining China's sovereign credit rating at "A+" with a stable outlook [2] Group 3 - Foreign investment institutions are focusing on high-end manufacturing, technological innovation, and consumption sectors that align with China's economic transformation [3] - QFII data shows that as of August 27, QFII entered 374 new stocks in the second quarter and increased holdings in 157 stocks, primarily in chemicals, pharmaceuticals, machinery, and power equipment [3] - The steady inflow of funds indicates growing confidence in the Chinese market and a long-term investment perspective [3] Group 4 - Technology innovation is a recurring theme in reports from foreign financial institutions, highlighting China's capabilities in AI, innovative drugs, humanoid robots, and smart driving [4] - HSBC believes that policies promoting consumption will continue, and the new consumption sector will present structural growth opportunities as the purchasing power of Generation Z increases [4] Group 5 - Foreign financial institutions are intensifying their research on Chinese listed companies, focusing on AI, smart driving, humanoid robots, and emerging consumption models [5][8] - There has been a significant increase in the frequency of foreign institutional research on A-share companies, with 680 foreign institutions conducting over 5,620 surveys this year [7] - The research results often lead to actual investments, with many companies that received attention from foreign investors appearing in their heavy stock lists [8] Group 6 - Recent foreign research on A-shares has shifted from short-term to high-frequency, deep engagement, and long-term tracking [11] - Some foreign institutions have extended their research cycles on key targets to one to two years, indicating a thorough analysis of industry prospects and economic fundamentals [13]

Group 1 - Multiple foreign financial institutions have expressed a positive outlook on the Chinese market, with Goldman Sachs maintaining an "overweight" stance on Chinese stocks and Standard Chartered Bank also rating Chinese stocks as "overweight" in their 2025 global market outlook [2] - Hedge funds have rapidly increased their net purchases of Chinese stocks, marking the highest net buying volume globally in August, according to Goldman Sachs [2] - The State Administration of Foreign Exchange reported that foreign capital net increased holdings of domestic stocks and funds by $10.1 billion in the first half of the year, with significant increases in May and June, reaching a net increase of $18.8 billion [2] Group 2 - Foreign financial institutions are optimistic about the upcoming fourth quarter, as indicated by the recent report from S&P Global Ratings, which maintained China's sovereign credit rating at "A+" with a stable outlook [2]

Group 1 - Multiple international investment banks have raised their forecasts for China's economic growth for the year and shifted their asset allocation recommendations from neutral to "overweight" [1][3] - Goldman Sachs maintains an "overweight" stance on Chinese stocks, while Standard Chartered Bank also keeps its "overweight" rating for Chinese equities in its global market outlook for the second half of 2025 [3] - Hedge funds have rapidly increased their net purchases of Chinese stocks, with China being the largest market for net purchases by hedge funds in August [5] Group 2 - Data from the State Administration of Foreign Exchange shows that foreign capital net increased holdings of domestic stocks and funds by $10.1 billion in the first half of 2025, with significant increases in May and June [7] - Foreign financial institutions are optimistic about the upcoming fourth quarter, with S&P Global maintaining China's sovereign credit rating at "A+" with a stable outlook [9] - Foreign investors are focusing on high-end manufacturing, technological innovation, and consumption sectors that align with China's economic transformation [10] Group 3 - Qualified Foreign Institutional Investor (QFII) holdings indicate that as of August 27, QFII entered 374 new stocks in the second quarter and increased holdings in 157 stocks, primarily in chemicals, pharmaceuticals, machinery, and power equipment [12] - Technology innovation is a recurring theme in reports from foreign financial institutions, highlighting China's capabilities in AI, innovative pharmaceuticals, humanoid robots, and smart driving [13][16] - Foreign financial institutions have significantly increased their research efforts on Chinese listed companies, with 680 foreign institutions conducting over 5,620 A-share company surveys in 2025 [14][17]

Core Viewpoint - The upcoming annual benchmark revision of non-farm payroll (NFP) data by the U.S. Bureau of Labor Statistics (BLS) is expected to reveal a significant downward adjustment of 550,000 to 800,000 jobs, which may impact market confidence in the U.S. labor market and prompt the Federal Reserve to consider a substantial interest rate cut of 50 basis points, similar to actions taken in September of the previous year [2][5]. Group 1: Reasons for Data Overestimation - The primary reasons for the overestimation of employment data include the flawed "birth-death model" used by BLS, which inaccurately estimates job creation from new businesses without relying on actual business registration or tax data [3][4]. - A significant reduction in illegal immigration has also contributed to the overestimation, as the labor supply has been affected, leading to a decrease in the actual need for new jobs [8]. - Historical trends indicate that original employment data is often revised downward during economic slowdowns, a pattern observed since 1979 [10]. Group 2: Additional Indicators of Data Issues - Seasonal adjustment models may misinterpret genuine trends as seasonal fluctuations, leading to delayed corrections in employment data [9]. - ADP data has raised questions about BLS's overestimation of job growth in the healthcare sector, suggesting that the actual growth is not as robust as reported by BLS [11]. - Household surveys may be overestimating population and employment growth, with current models potentially overstating U.S. population growth by about 1 million, which could lead to an overestimation of employment growth by approximately 50,000 jobs per month [12].

Core Viewpoint - The upcoming annual benchmark revision of non-farm payroll (NFP) data by the U.S. Bureau of Labor Statistics (BLS) is expected to reveal a significant downward adjustment of 550,000 to 800,000 jobs, which could impact market confidence in the U.S. labor market and potentially lead the Federal Reserve to consider a 50 basis point rate cut in September [1][2]. Group 1: Reasons for Data Revision - The primary reasons for the anticipated downward revision include the distortion of the birth-death model, which overestimates job creation by new businesses, and a significant reduction in illegal immigration, leading to a systematic overestimation of the labor force [1][2]. - Estimates suggest that these biases may result in an overstatement of actual employment by 40,000 to 70,000 jobs per month, accumulating to a total overstatement of 550,000 to 800,000 jobs annually [1][2]. Group 2: Implications for Federal Reserve Policy - If the upcoming revision mirrors last year's adjustment, where the BLS revised down by 800,000 jobs, the Federal Reserve may face a decision on whether to implement a substantial 50 basis point rate cut, reinforcing that last year's cut was based on genuine economic slowdown rather than political compromise [1][2]. Group 3: Additional Signals of Data Inflation - Goldman Sachs identified at least five additional reasons indicating the employment data may be inflated, beyond the birth-death model [4]. - A notable factor is the recent decline in illegal immigration, which has significantly impacted labor supply and job creation estimates [5]. - Seasonal adjustment models may misinterpret genuine trends as seasonal fluctuations, leading to delayed corrections in employment data [6][7]. - Historical patterns show that original employment data is often revised downward during economic slowdowns, a trend observed since 1979 [8]. - ADP data challenges BLS's overestimation of job growth in the healthcare sector, suggesting that the actual growth is not as robust as reported [9]. - Household surveys may overestimate population and employment growth, with current models potentially overstating annual population growth by 1 million, leading to an overestimation of job growth by approximately 50,000 jobs per month [10].

渣打集团(02888)发布公告，于2025年8月28日，该公司斥资741.54万英镑回购53.74万股。 ...

格隆汇8月29日丨渣打集团(02888.HK)发布公告，2025年8月28日耗资742万英镑回购53.7万股。 ...

智通财经APP讯，渣打集团(02888)发布公告，于2025年8月28日，该公司斥资741.54万英镑回购53.74万 股。 ...