持仓猛增超50亿元！韩国股民继续扫货中国股票

Group 1 - The core viewpoint is that foreign investment, particularly from South Korea and global hedge funds, is increasingly entering the Chinese stock market, driven by improved liquidity and a favorable macroeconomic outlook [1][2][3] - As of August 18, 2023, South Korean investors increased their holdings in Chinese stocks from 190.83 billion RMB at the end of 2024 to 244.75 billion RMB, marking a nearly 30% growth [1] - Major stocks favored by South Korean investors include Xiaomi, Tencent, BYD, and Alibaba, with holdings in Xiaomi and Tencent exceeding 18 billion RMB each [1] Group 2 - Global hedge funds are buying Chinese stocks at the fastest pace since June, with a buy-to-cover ratio of approximately 1.9:1, indicating strong bullish sentiment [2] - Despite increased interest from overseas investors, their allocation to Chinese stocks remains conservative, with a current active allocation ratio of 6.4%, still underweight by 330 basis points [2] - The Shanghai Composite Index has reached a ten-year high, attributed to improved liquidity as funds shift from bonds and deposits to equities [2] Group 3 - Retail investor participation is a key driver of the recent A-share market rally, with trading volume up 80% year-on-year and a significant increase in financing balance [2][3] - The financing balance in the A-share market, although rising, remains low relative to market capitalization, suggesting potential for further inflows as the market strengthens [3] - Morgan Stanley predicts that the trend of capital returning to the Chinese stock market will strengthen post-summer, with Chinese stocks showing lower valuations compared to other major markets [3]