具备上行潜力 外资机构唱多中国资产

Economic Performance - In the first half of 2025, China's GDP reached 66,053.6 billion yuan, showing a year-on-year growth of 5.3% at constant prices, indicating a stable and positive economic trend [1] - Strong export activities have been a key driver of this growth, supported by China's efforts to diversify its export markets since 2018 [2] Foreign Investment Sentiment - Multiple foreign institutions have expressed optimism about China's economic outlook, leading to increased attractiveness of Chinese assets, including A-shares [1][4] - Wellington Management highlighted that China's long-term prospects are optimistic due to resilient economic models and deepening trade relations outside the U.S. [4] Policy and Market Dynamics - Deutsche Bank's chief economist for China expects continued monetary and fiscal policy support, with resilient performance in the service sector and retail [3] - The stability of the global trade environment is crucial for China's economic growth, with China accounting for approximately 41% of global value chain activities [3] Investment Opportunities - Investors are increasingly looking at China as a potential investment target, with reasons including attractive valuations, improving fundamentals, and policy support for the private sector [4] - The long-term investment value of the Chinese stock market is becoming more apparent, driven by improving corporate quality and lower domestic interest rates [5] Market Trends - Despite recent stock market gains, Chinese stocks remain relatively attractive compared to global and regional markets, with expectations of further stimulus measures in the second half of the year [6]