慧眼识“牛基”外资借路ETF押注新赛道

Core Viewpoint - Foreign institutions are diversifying their investments in the A-share and Hong Kong stock markets through ETFs, achieving substantial returns in various hot sectors such as gold, innovative pharmaceuticals, and semiconductors [1][2]. Group 1: Heavy Investment in Hot Sectors - Barclays Bank has become the largest holder of 31 ETFs by the end of Q2, focusing on sectors like gold stocks, Hong Kong technology, and innovative pharmaceuticals [1]. - The Ping An CSI Hong Kong and Shanghai Gold Industry ETF, where Barclays holds 1.3134 million shares, has seen a return rate exceeding 60% this year [2]. - The Huatai-PineBridge Hang Seng Innovative Pharmaceutical ETF, with Barclays and UBS as major holders, has achieved a return rate over 100% this year [2]. Group 2: Semiconductor Sector Performance - The semiconductor sector has shown strong performance, with Barclays significantly increasing its holdings in the Guolian An Kechuang Chip Design ETF, becoming the sixth-largest holder by the end of Q2 [3]. - UBS has also increased its stake in the Jiashi Shanghai Stock Exchange Star Market Chip ETF, moving from the eighth to the seventh-largest holder [3]. - Both ETFs have reported returns exceeding 60% and 50% respectively this year [3]. Group 3: Diversified Investment Strategies - UBS has appeared in the top ten holders of over 100 ETFs, indicating a diverse investment strategy that includes sectors like building materials, traditional Chinese medicine, green energy, and agriculture [3]. - Foreign institutions are also exploring investment opportunities in the Hong Kong market, including sectors like automotive, consumer goods, finance, and the internet [3]. Group 4: Continued Inflow of Foreign Capital - Allianz Fund's CIO stated that Chinese assets are now viewed as a standalone asset class, with expectations of continued foreign capital inflow if profit-making effects persist and fundamentals improve [4]. - The recent market uptrend is attributed to favorable funding conditions and a shift in global asset allocation, alongside a transfer of household savings [5]. - Factors such as China's technological competitiveness and the resolution of potential risks in real estate are contributing to the positive sentiment among foreign investors [5]. Group 5: Outlook on Key Sectors - The technology sector is expected to see significant improvements in fundamentals, leading to excess returns in Q3, particularly in semiconductor equipment and other key areas [6]. - The dual carbon goals are driving a global green energy revolution, while advancements in artificial intelligence are leading a new wave of technological innovation [6]. - These trends are expected to create substantial demand for upstream resource products, which have faced supply shortages due to low capital expenditure in recent years [6].