汇丰资金追踪：基金增持韩国和中国香港股票

Core Insights - Emerging market funds have continued to reduce their exposure to mainland China stocks for the fourth consecutive month, while Asian funds have slightly increased their allocation [2][3] - There has been a notable increase in fund allocations to South Korea, at the expense of Taiwan and ASEAN stocks [3][9] - Foreign investors have purchased approximately $4 billion in Asian (excluding China) stocks since June, with strong inflows into South Korea [11] Fund Allocation Trends - Emerging market funds have slightly decreased their exposure to mainland China while maintaining an overweight position, with increased allocations to South Korea and a continued reduction in exposure to ASEAN markets [8][9] - Asian funds have increased their allocation to Hong Kong stocks, including companies like AIA and Hong Kong Exchanges, while reducing their holdings in India and Taiwan [3][8] - The allocation to Taiwan stocks has been reduced to a five-year low by both Asian and emerging market funds [9] Market Performance - Since the beginning of the year, cumulative outflows from Asian (excluding Japan and mainland China) stocks have reached approximately $37 billion [19] - Foreign institutional investors have been net buyers of Indian stocks for the fourth consecutive month, although the inflow remains modest compared to previous years [11] - South Korean stocks have been the primary destination for foreign investment, with about $4 billion in purchases noted [11]