大摩：5月南向资金流入量锐减！被动型基金流入140亿美元

Fund Flow Analysis - In May, Chinese stock funds experienced a mild outflow, with foreign long-only funds (LOs) seeing a withdrawal of $200 million, a significant decrease from the $5.3 billion outflow in April [1][3] - Passive funds saw a recovery with an inflow of $14 billion in May, compared to an outflow of $3.7 billion in April, while active funds continued to experience outflows of $1.5 billion [1][3] - Southbound capital inflow weakened, dropping to $6 billion in May from $21 billion in April, marking the lowest level since 2024 [1][14] Global Fund Allocation - The global fund's underweight position in Chinese stocks has slightly narrowed, with global funds underweight by 12 percentage points, Asia-Pacific funds by 15 percentage points, and emerging market funds by 30 percentage points [2] Sector and Stock Performance - Active fund managers increased their holdings in Consumer Durables & Apparel and Consumer Services, while reducing their positions in Capital Goods, Food Beverage & Tobacco, and Media & Entertainment [10] - The most increased stocks included Alibaba, BYD, Midea Group, and JD.com, while Tencent and Zijin Mining saw the most reductions [11] Local Fund Dynamics - Local passive funds tracking A-shares saw a significant outflow of $9 billion in May after a large inflow of $27 billion in April [12] - The cumulative outflow of overseas active funds since 2022 has approached levels seen in early March 2025, with cumulative active fund flows hitting historical lows since the end of 2022 [5] Short Selling Interest - As of May 31, short positions in offshore/Hong Kong stocks amounted to $900 million, primarily concentrated in the Financials and Real Estate sectors [20]