美联储降息本周落地！全球资本转向中国，3个关键变化正在发生

Group 1 - The core viewpoint of the articles highlights a significant influx of global capital into China, driven by the anticipated interest rate cuts by the Federal Reserve, marking a new chapter of "open profit bull" for Chinese assets [1][9] - As of the end of August, the average price-to-earnings ratio of the Chinese A-share market stands at 12.2 times, indicating a notable "valuation gap" compared to major global markets, which has historically attracted substantial capital during periods of global liquidity easing [2][3] - The current capital inflow is not solely based on attractive valuations but is significantly supported by the improving profitability of Chinese companies, with over 60% of A-share industries reporting double-digit net profit growth as of mid-2025 [2][3] Group 2 - China's financial opening has entered a new phase characterized by "institutional opening," with diversified mechanisms such as ETF connectivity and bond connect enhancing the appeal of Chinese markets to foreign capital [4][6] - Major international index providers like MSCI and FTSE Russell are increasing the inclusion factors for A-shares, necessitating that passive foreign funds gradually increase their allocations to Chinese equities [6] - The current influx of capital is marked by resilience, with sustained net buying trends and a shift in investment focus from large-cap blue chips to sectors with higher growth potential, such as technology and green energy [8] Group 3 - The dual support of institutional opening and stable currency exchange rates provides a robust foundation for Chinese assets, alleviating investor concerns about currency depreciation amidst market gains [6] - The current market dynamics suggest that the ongoing rally is not a short-term speculative bubble but rather a long-term strategic positioning based on the quality of Chinese assets and policy consensus [8] - The anticipated interest rate cuts by the Federal Reserve are viewed as a new starting point for global asset revaluation, emphasizing the importance of maintaining a rational and strategic perspective towards the Chinese market [9]