疯狂抢筹仍严重低配，外资正在填补中国股票仓位“洼地”

Group 1 - Foreign capital is rapidly increasing its allocation to Chinese assets, with hedge funds buying Chinese stocks at the fastest pace since the end of June, as indicated by Goldman Sachs Prime Brokerage data [1][4] - As of August 18, the Shanghai Composite Index has risen significantly, surpassing 3700 points, with notable inflows of margin trading funds, indicating strong market support [2][5] - The net inflow of foreign capital into Chinese stocks and funds reached $10.1 billion in the first half of 2025, reversing a two-year trend of net selling [5] Group 2 - The optimism among retail investors is growing, with increasing discussions about the A-share market, signaling early signs of a bull market [3] - Global funds are still under-allocated to the Chinese stock market, with the MSCI China Index trading at a forward P/E ratio of 12.1, indicating potential for further inflows [6] - The expectation of a 50 basis point rate cut by the Federal Reserve in September, along with a decrease in geopolitical and macro risks, is expected to enhance liquidity for international capital [1][6] Group 3 - The "anti-involution" policy signals are strengthening, leading to an improved outlook for the fundamentals of Chinese assets [7] - There is a focus on sectors characterized by "specialization and innovation" and "hard technology," which are expected to thrive in the current market environment [7]