野村：印度股市持续“失宠” 新兴市场投资者加仓AH股

Group 1 - The investment landscape in emerging markets is shifting significantly, with Indian equities losing favor among fund managers, while capital is flowing towards more attractively valued Chinese mainland and Hong Kong stocks [1] - As of the end of July, India has become the largest underweight market for emerging market investors, with the underweight percentage rising from 60% to 71% [1] - In a sample of 45 funds analyzed by Nomura, 41 funds reduced their allocation to India on a monthly basis, while allocations to East Asian markets, including Hong Kong and mainland China, increased [1] Group 2 - The sharp change in market sentiment is closely linked to escalating trade tensions between the US and India, particularly following the imposition of a 25% additional tariff on Indian goods by the US [2] - In July, foreign investors withdrew approximately $3 billion from the Indian stock market, marking the largest monthly outflow since February [2] - Analysts have noted that the US tariffs negatively impact India's growth outlook as an export-driven economy, significantly affecting investor sentiment [2] Group 3 - Wall Street institutions are responding to the new market environment by reducing their allocations to Indian equities, with 30% of surveyed fund managers indicating they are underweight on India [3] - Goldman Sachs maintains a neutral rating on Indian stocks while reiterating an overweight stance on Chinese equities, driven by valuation differences [3] - The MSCI India index has a price-to-earnings ratio exceeding 21 times, compared to just 11.9 times for the MSCI China index, highlighting the valuation gap [3]