外资重估中国：再平衡下的新机遇

Core Viewpoint - The A-share market is experiencing a significant upward trend, with the Shanghai Composite Index surpassing 3,800 points, marking a 10-year high, driven by multiple favorable factors and a reassessment of asset values in China [1][3]. Group 1: Economic Resilience and Policy Support - In the first half of 2025, China's economy demonstrated unexpected resilience with a GDP growth rate of 5.3%, supported by proactive macro policies and liquidity measures from the central bank [3][6]. - External uncertainties have led to a shift in global capital allocation, with funds moving from the U.S. to undervalued markets like China, as indicated by a net inflow of over 80 billion yuan in foreign capital [4][5]. Group 2: Investment Strategies and Market Dynamics - Foreign investors are increasingly viewing Chinese assets as long-term investments rather than short-term trades, with a notable shift in attitude towards "investable" assets [3][10]. - The "barbell strategy" is gaining traction among foreign investors, focusing on growth leaders and high-dividend blue-chip stocks to balance growth and income opportunities [7][9]. Group 3: Sector Preferences and Growth Opportunities - Foreign capital is particularly attracted to sectors such as technology and consumer goods, with significant inflows into Hong Kong's market, reflecting a preference for structural opportunities in these areas [7][8]. - The rise of new consumption patterns, particularly among Generation Z, is creating growth opportunities in sectors like emotional consumption, which includes trendy products and cultural exports [8]. Group 4: Valuation and Market Positioning - Current valuation levels indicate that A-shares are relatively attractive compared to H-shares, with a low premium and strong support from state-owned capital [9]. - The high dividend yield of A-shares presents a potential advantage over government bond yields, making them appealing to foreign investors seeking income [9].