关税战降温后国际资金面异动

Group 1: Market Overview - The global capital markets are experiencing a "differential expectation repair" trend following a significant reversal in the US-China tariff conflict, with US stocks recording the second-largest single-day net buy in five years at $32 billion on May 13 [1] - The Shanghai Composite Index broke through the 3400-point mark, while the Hang Seng Tech Index surged by 4.7% due to better-than-expected earnings reports from JD.com and Tencent [1] - Goldman Sachs raised its 2025 GDP forecast for China from 4% to 4.6%, reflecting an optimistic outlook on the economic recovery [1] Group 2: Capital Flow Dynamics - Capital flows in the stock market are showing a structural differentiation, with foreign capital net buying A-shares for four consecutive days post-tariff agreement, primarily directed towards undervalued blue-chip stocks [2] - Despite this, there has been a cumulative net outflow of approximately 32 billion yuan from foreign capital since the beginning of the year, indicating a cautious approach amidst ongoing negotiations [2] Group 3: Domestic Fund Adjustments - Domestic funds are accelerating their portfolio adjustments to capitalize on policy benefits, with public equity funds increasing their positions from 87.98% to 89.21% in Q1 2025 [3] - Private equity funds have slightly reduced their positions, focusing on sectors with higher policy certainty such as consumption, healthcare, and undervalued stocks [3] Group 4: Policy Influence on Market - The central bank is directing funds towards key strategic sectors like robotics and semiconductor equipment through targeted tools, with an estimated 800 billion yuan being allocated [4] - Fiscal policies are also actively stabilizing market expectations, with insurance funds increasing their allocations to undervalued state-owned enterprises [4] Group 5: Currency Market Movements - The international currency market has seen a rare simultaneous strengthening of both the US dollar and the Chinese yuan, with the dollar index rebounding above 101 due to reduced economic pressure from trade tensions [5] - The offshore yuan reached a three-month high, supported by trade surpluses and improved risk sentiment, indicating a potential return of previously outflowed capital [5] Group 6: Bond Market Trends - The bond market is witnessing a shift in risk appetite, with significant capital moving from bonds to equities following the US-China joint statement on May 12 [6] - The 30-year treasury futures fell by 1.31%, and the 10-year treasury yield rose by over 5 basis points, reflecting a withdrawal of funds from interest rate-sensitive assets [6] Group 7: Commodity and Alternative Asset Adjustments - The commodity market is experiencing structural adjustments, with industrial prices rebounding due to improved trade activities and low inventories, while agricultural products see only moderate increases [7] - Alternative assets like Southeast Asian industrial real estate are gaining traction, reflecting a shift towards stable returns amidst policy uncertainties [7] Group 8: Cross-Border Investment Trends - There is a notable shift in cross-border direct investment towards tangible sectors, with China reducing the negative list for free trade zones and enhancing cross-border RMB settlement policies [8] - The demand for RMB assets is increasing, with significant net inflows into the stock market and rising direct investments in advanced manufacturing and green energy sectors [8]