Sou Hu Cai Jing·2025-07-21 01:23Group 1: Central Bank Gold Purchases - The People's Bank of China reported that as of June 30, 2025, the country's gold reserves reached 73.9 million ounces, an increase of 70,000 ounces from the previous month, marking the eighth consecutive month of net gold accumulation [3] - Global central bank net gold purchases reached 1,136 tons in 2024, the second highest on record, with the top three buyers being China, Poland, and Turkey, accounting for over 50% of total purchases [3] - 95% of surveyed central banks plan to continue increasing their gold holdings in the next 12 months, the highest percentage since the survey began in 2019 [3] Group 2: Retail Investor Activity - South Korean investors have traded over $5.4 billion in A-shares and Hong Kong stocks as of July 15, 2025, with a monthly trading volume in February reaching $782 million, nearly doubling from the previous month [4] - Notable stocks attracting South Korean investors include Xiaomi, BYD, and CATL, with net purchases of approximately $170 million, $93.1 million, and $60.9 million respectively [4] - Bridgewater Associates has adopted a more optimistic investment strategy in the Chinese market, reporting a 5.8% return in Q2 and a total return of 13.6% for the first half of the year, increasing its allocation to Chinese stocks [4] Group 3: Hong Kong IPO Market - The Hong Kong IPO market has seen a surge in activity, with over HKD 100 billion raised in the first half of 2025, significantly exceeding levels from the past three years [5] - Foreign cornerstone investors have increased their investment amounts and proportions in Hong Kong IPOs, accounting for 45.2% of the companies listed as of June 30, 2025 [5]