摩根士丹利亚洲CEO：全球多元配置需求是中国资产的机遇，建议推“IPO通”

Group 1 - The unprecedented global capital reallocation presents significant opportunities, particularly for Shanghai and Hong Kong to attract international investments [1][3] - The total investment capital in the global market, especially in the US, has reached $62 trillion, increasing by approximately $30 trillion over the past decade, with a growing demand for diversification among investors [3] - Passive fund inflows into China have significantly increased, with net inflows from long-term passive funds from the US and Europe reaching $4.6 billion as of May 2025, a fourfold year-on-year increase [3] Group 2 - The current foreign ownership of A-shares is about 8%, and the proposed "IPO Connect" mechanism could facilitate global capital access to high-quality Chinese assets while allowing domestic investors to participate in Hong Kong's active IPO market [4] - The average holding size of southbound funds in Hong Kong IPOs within 12 months post-listing has been $22 billion over the past five years, indicating strong interest from international investors [4] - The internationalization of the RMB can be achieved through investments in RMB-denominated financial products in Shanghai or Hong Kong, leveraging the strengths of both markets to provide a stable and transparent regulatory environment [5] Group 3 - The AI narrative is a significant catalyst for market confidence, with China possessing key advantages in data, infrastructure, and talent in the AI sector, potentially contributing 25-35 basis points to GDP growth annually [5] - Companies adopting AI technologies are expected to enhance their product appeal and capture substantial market share, highlighting the need for infrastructure development related to AI in both Shanghai and Hong Kong [5]