湖南金证：外资加速回流，A股“东升西落”趋势能否延续？

Group 1 - The core viewpoint is that "East rises, West falls" has become a key theme in global capital markets, with strong performance in Chinese assets and a pullback in US stocks, leading to accelerated foreign capital inflow into A-shares and Hong Kong stocks [1][3] - The current logic behind foreign capital inflow is the "value gap effect" in Chinese assets, as A-share valuations are at global lows after a long adjustment, combined with an improving policy environment, attracting foreign investment in sectors like technology hardware and consumer services [3][5] - Despite the recovery in market sentiment, there are concerns about the sustainability of the "East rises, West falls" trend, as current foreign capital inflow is more about internal rotation within the Asia-Pacific market rather than a large-scale withdrawal from US stocks [3][5] Group 2 - Short-term, foreign capital inflow and valuation recovery may support a continued rebound in A-shares, but the medium to long-term trend will depend on the strength of economic recovery and the effectiveness of policy implementation [5] - The restructuring of the global capital landscape is ongoing, and whether "East rises, West falls" can become a new normal will require time to validate [5]