大摩吹响“买中国”号角：外资对中国资产兴趣创2021年新高，资金流入一触即发！

Core Insights - U.S. investors' interest in the Chinese stock market has reached its highest level since 2021, with over 90% of investors indicating a willingness to increase their exposure to the market [1][2] - This shift is driven by China's leading position in humanoid robotics, AI technology, and biomedicine, along with government efforts to stabilize the economy and support the stock market [1][2] Group 1: Key Drivers of Increased Investor Interest - Technological Leadership: U.S. investors recognize China's global dominance in specific technology sectors such as humanoid robotics and biomedicine, making participation in the Chinese market a necessary choice [2] - Improving Policy Environment: Gradual measures by Chinese policymakers to stabilize the economy and support the stock market have enhanced investor confidence, suggesting that the worst may be over [2] - Improved Liquidity Conditions: Significant improvements in market liquidity are supporting a longer-lasting stock market rebound, providing better entry and exit mechanisms for investors [2] - Rising Diversification Needs: There is an increasing demand among U.S. investors for diversified investments, as their asset allocation has been overly concentrated in the U.S. market, creating new opportunities in the Chinese stock market [2] Group 2: Expansion of Investment Scope - Focus on A-shares: Historically, U.S. investors primarily focused on ADRs due to time zone limitations, but there is a growing interest in themes and sectors in the Hong Kong and A-share markets, including AI, semiconductors, humanoid robotics, and new consumption [3] - Investment Strategies: Quantitative and macro funds view trading Chinese stocks through A-share ETFs and index futures as a quick and direct way to participate in the market when lacking time or resources for bottom-up stock selection [3] - Initial Stage of Fund Reallocation: Despite heightened interest, the reallocation of funds by U.S. investors towards China is just beginning, with many needing time to conduct research on specific stocks, particularly in humanoid robotics and new consumption themes [3] - Current Fund Flows: Recent data indicates that among U.S. managed portfolios, only the Asia-ex-Japan portfolio has seen a significant reduction in underweight positions, suggesting that global and emerging market portfolios are expected to increase their allocations to China [3]