美联储降息槌响前，36亿美元外资抢跑A股

Group 1 - The A-share market continues to strengthen, with the Shanghai Composite Index closing at 3876.34 points, reflecting a 0.37% increase, maintaining its recent strong performance [2] - The Federal Reserve is expected to announce an interest rate cut, marking a significant shift towards global liquidity easing, which aligns with current market expectations [2] - Goldman Sachs indicates that once the Fed opens the rate cut channel, US capital will seek investment targets globally, with A-shares being a significant allocation target [2] Group 2 - Foreign capital has shown increased interest in Chinese assets, with net foreign investment in domestic stocks and funds reaching $10.1 billion in the first half of the year, particularly surging to $18.8 billion in May and June [2] - In August, passive equity funds saw inflows into the Chinese market amounting to $3.684 billion, a significant increase from $313 million in July, while active equity funds experienced a reduced outflow [2][3] Group 3 - The current trend of foreign capital inflow is expected to be strong and sustainable, with no immediate risk of reversal [3] - The cancellation of the registration requirement for foreign investment enterprises' domestic reinvestment by the State Administration of Foreign Exchange is seen as a significant reform that reduces institutional trading costs [3] Group 4 - The improvement in China's economic fundamentals and profit expectations, along with continuous policy dividends and enhanced industrial competitiveness, are driving the strategic allocation of overseas "long money" to Chinese assets [4] - China's GDP growth rate for the first half of 2025 is reported at 5.3%, showing an increase compared to the same period in 2024, which supports foreign capital's confidence in increasing their stakes [5] Group 5 - The MSCI China Index's 12-month forward P/E ratio is only 12.1 times, significantly lower than the Nasdaq's 28 times, indicating a valuation discount of up to 20%, providing a safety margin for international capital [6] - Global funds are increasingly viewing Chinese assets as an ideal allocation choice due to their low valuation and high growth potential, especially in the context of a weakening dollar and rising economic uncertainty in the US [8] Group 6 - The influx of long-term foreign capital into the Chinese market is expected to enhance market liquidity, improve supply-demand dynamics, and elevate market activity, leading to rising stock prices [10] - The preference of foreign investors for stable, transparent governance in leading enterprises may shift the A-share market from a "liquidity premium" to a "profit premium," potentially reducing market volatility and raising long-term valuation levels [10]