Core Viewpoint - Foreign capital is gradually increasing its allocation to Chinese assets, reflecting optimism about the Chinese market despite recent fluctuations in A-shares and H-shares [1][4]. Group 1: Market Performance - A-shares and H-shares experienced a decline, with the Shanghai Composite Index down 1.15% and the Hang Seng Index down 1.35% at the close [1]. - Goldman Sachs maintains an "overweight" rating on A-shares and H-shares, predicting an 8% and 3% upside respectively over the next 12 months [1][8]. Group 2: Foreign Investment Trends - Active foreign capital has been flowing into the Chinese market, with global hedge funds recording the highest monthly inflow into A-shares in recent years during August [3][4]. - The participation of foreign investors in Chinese stocks, particularly A-shares, has reached a cyclical high [3]. Group 3: Domestic Institutional Investment - Domestic public funds have significantly increased their stock exposure, with cash ratios in portfolios dropping to a five-year low [3]. - Insurance companies in China have raised their stock holdings by 26% this year, while the total management scale of private equity funds has grown from 5 trillion yuan to 5.9 trillion yuan [3]. Group 4: Market Drivers - A liquidity-driven bull market is emerging in the Chinese stock market, with "re-inflation" expectations and AI development acting as key catalysts [3]. - The current market rally is supported by fundamental improvements, with normalized profits for listed companies expected to grow in the mid-to-high single digits from 2025 to 2027 [4][6]. Group 5: Future Potential - There is significant potential for incremental capital in the Chinese stock market, as household asset allocation is heavily skewed towards real estate (55%) and cash deposits (27%), with only 11% in stocks [8]. - If the institutional holding ratio in A-shares rises to the average levels of emerging (50%) or developed markets (59%), it could lead to potential inflows of 14 trillion yuan or 30 trillion yuan respectively [8].
高盛宣布：超配A股、H股
Zheng Quan Shi Bao·2025-09-18 11:15