摩根士丹利：7月外资基金对中国股票流入进一步加速 增至27亿美元

Group 1: Market Overview - In July, foreign capital inflow into Chinese stocks increased to $2.7 billion, up from $1.2 billion in June, with passive funds leading this trend by contributing $3.9 billion, while active funds saw an outflow of $1.2 billion, a significant reduction from June's outflow of $5 billion [1][2] - Southbound capital inflow through the Stock Connect reached $17 billion in July, compared to $10 billion in June, bringing the year-to-date total to $110 billion, surpassing the full-year forecast for 2024 [12][1] Group 2: Fund Flows - Year-to-date, foreign passive funds have accumulated inflows of $11 billion, exceeding the $7 billion level projected for 2024, while active funds have seen a cumulative outflow of $11 billion, which is a slowdown compared to the $24 billion outflow expected for 2024 [3][1] - Global and Asia-Pacific (excluding Japan) funds have slightly reduced their underweight positions in China by 1.4 percentage points and 0.3 percentage points, respectively, while emerging market funds have increased their underweight position by 3.2 percentage points [6] Group 3: Sector and Company Analysis - Active fund managers have increased their holdings in the media and entertainment, pharmaceuticals, and insurance sectors, while reducing their positions in consumer services and durable goods and apparel [7] - Among companies, Tencent, NetEase, Jiangsu Hengrui, and WuXi AppTec have seen the most significant increases in holdings, while Xiaomi has experienced the largest reduction [9]