7月外资基金净流入进一步加速 外资对中国资产兴趣升至近年高点

Group 1 - Recent performance of Chinese assets shows a synchronized strength in both domestic and international markets, with the Shanghai Composite Index reaching a nearly four-year high of over 3700 points on August 14 [2] - Foreign capital inflow into the Chinese stock market has accelerated, with net inflows increasing from $1.2 billion in June to $2.7 billion in July, driven primarily by passive funds [2] - Passive funds accounted for a significant portion of the inflow, totaling $3.9 billion in July, while active funds saw a reduced outflow of $1.2 billion [2] Group 2 - Data from the State Administration of Foreign Exchange indicates that foreign investment in RMB assets has stabilized, with a net increase of $10.1 billion in domestic stocks and funds in the first half of the year, reversing a two-year trend of net reductions [3] - Goldman Sachs reported heightened interest from global investors in the Chinese stock market, with a notable increase in allocations to China by emerging market and Asia-focused funds since late last year [3] - The MSCI China Index target price has been raised from 85 to 90, reflecting a positive outlook for the Chinese stock market in the Asia-Pacific region [3] Group 3 - Morgan Stanley anticipates a stronger trend of capital returning to the Chinese stock market post-summer, citing attractive valuations compared to other markets [4] - The profitability recovery of A-share companies is ongoing, with the current market conditions still offering investment value despite some investor concerns about high valuations [4] - Investment themes to watch include high-dividend companies and the long-term potential of AI applications to enhance productivity in China [4]