外资金融机构：当前中国股市估值合理 投资者对后市普遍乐观

Group 1 - Foreign financial institutions believe that the current valuation of the Chinese stock market is reasonable, with investors generally expressing optimism about future performance [1] - A-shares have risen 25% since the low in April, while H-shares have increased over 35% since January, but these figures are not high compared to historical performance [1] - The expected price-to-earnings ratios for the Hang Seng Index and the CSI 300 Index are 11 times and 14 times, respectively, significantly lower than previous peaks [1] Group 2 - There has been an increase in the fundraising scale of domestic public and private hedge funds, although subscription volumes are lower than in previous years, indicating further potential for increasing allocations to A-shares [1] - Foreign investors are expected to have a net inflow into A-shares by mid-2025, with holdings reaching 3.07 trillion yuan by June 2025 [2] - Fidelity Fund expresses a positive outlook on the Hong Kong stock market, highlighting its strong economic and social resilience amid complex geopolitical trends [2] Group 3 - The Hong Kong stock market is seen as a preferred destination for international capital seeking rebalancing, due to its higher degree of international integration [2] - There is a growing demand for global asset allocation among residents as China's economic development progresses, positioning the Hong Kong market as a key area for controlled international investments [2] - The focus is particularly on new productivity enterprises in the Hong Kong market, which, despite being in high investment phases, are expected to perform beyond expectations due to policy support [2]