外资主动、被动基金最新流向！大摩拆解 7 月中国股市关键数据

Group 1: Market Overview - In July, foreign capital inflow into Chinese stocks accelerated to $27 billion, up from $12 billion in June, with passive funds leading the trend by inflowing $39 billion [2][14] - Year-to-date, southbound capital inflow reached $110 billion, surpassing the total for the entire year of 2024 [14] Group 2: Fund Flows - Passive funds saw significant inflows, with a total of $110 billion year-to-date, exceeding the $70 billion level for 2024, while active funds experienced cumulative outflows of $11 billion, a slowdown compared to $24 billion in 2024 [4][12] - Global funds and Asia-Pacific funds (excluding Japan) slightly reduced their underweight positions in China, while emerging market funds increased their underweight positions by 3.2 percentage points [6] Group 3: Sector and Company Analysis - Active fund managers increased their holdings in media and entertainment, pharmaceuticals, and insurance sectors, while reducing their positions in consumer services and durable goods [9] - The most increased holdings among companies included Tencent, NetEase, Jiangsu Hengrui, and WuXi AppTec, while Meituan and Xiaomi saw the largest reductions [11] Group 4: Investment Trends - The inflow of foreign passive funds into China was notably concentrated at the end of July, coinciding with several antitrust announcements [4] - The overall short positions in A-shares and Hong Kong stocks increased primarily in the consumer staples, financial, and communication services sectors [21][22]