世界寻找确定性 中国资产向上重估共识不断扩大

Group 1 - The core viewpoint is that Chinese assets are increasingly attractive to global investors, with a consensus growing around the idea of a "stable China" providing fertile ground for investment [1][2] - In April, there was a net inflow of $17.3 billion in cross-border funds from non-bank sectors, with foreign investors increasing their holdings of domestic bonds by $10.9 billion, indicating strong foreign interest in Chinese assets [1] - China's economy shows strong resilience, supported by a complete industrial system and ongoing structural reforms that enhance the manufacturing sector's competitiveness [2][3] Group 2 - The financial sector is seeing expanded access for foreign investors through initiatives like Bond Connect and Stock Connect, along with optimized QFII and RQFII systems, making it easier for foreign capital to enter [3] - The Chinese government has implemented policies to encourage foreign investment in high-tech and strategic emerging industries, providing tax incentives and land guarantees for qualifying projects [3] - Continuous investment in research and development, with R&D expenditure exceeding 2.5% of GDP, has led to significant technological innovations, enhancing China's position in the global tech landscape [3][4] Group 3 - The stability of China's economic foundation, policy framework, and technological innovation collectively create a strong magnet for foreign investment, positioning Chinese assets as a preferred choice for global capital seeking safe and appreciating value [4] - As China's high-quality economic development progresses, the appeal of Chinese assets is expected to grow, contributing to global economic recovery [4]