投资Talk丨中国上市公司整体可投资性提升，全球被动型基金再次流入

Group 1 - Foreign capital sentiment towards A-shares has become generally optimistic in 2023, driven by the resilience of domestic economic growth and confidence in RMB-denominated assets [1][2] - Major international institutions have raised their allocation judgments for Chinese stocks, with Goldman Sachs increasing its 12-month target for the MSCI China Index to 78 points and the CSI 300 Index to 4400 points, indicating potential returns of 7% and 15% respectively [2] - The performance of Chinese companies in the telecommunications and AI sectors has been strong, with significant growth observed over the past two years, supported by a vast domestic market [2][3] Group 2 - Foreign capital's allocation to Chinese assets has improved for two consecutive quarters, with a focus on technology hardware, stable ROE and dividend-paying stocks, and consumer sectors [3] - The implementation of the new "National Nine Articles" has significantly enhanced the investability of listed companies in China, with over half of strategic emerging industry companies in A-shares and a notable increase in the number of companies listed on the Sci-Tech Innovation Board and the Growth Enterprise Market [4] - The overall market dividend scale is expected to reach 2.4 trillion yuan in 2024, with buyback amounts nearing 150 billion yuan, both hitting historical peaks [4] Group 3 - The Chinese capital market is expected to maintain stability while also progressing, with policies aimed at boosting growth and the anticipated easing of the Federal Reserve's monetary policy [5] - Investment strategies are suggested to focus on consumer and advanced manufacturing leaders benefiting from domestic demand recovery, core enterprises in the global competitive landscape of new energy and AI, and low-valuation, stable dividend assets [5] - The ongoing reforms and expansion of openness in the Chinese capital market are transitioning from "scale expansion" to "quality upgrading," providing more attractive long-term investment options for global investors [5]