Core Insights - International capital is returning to China at an unprecedented speed, signaling a significant shift in investment sentiment towards Chinese assets [1][3] - The recent surge in foreign investment is driven by a reassessment of China's economic resilience rather than policy stimulus [3][4] - The current market dynamics indicate a potential for further capital inflow, as foreign allocation to Chinese assets remains underweight by 1.3 percentage points [3][4] Group 1: Market Activity - Global hedge funds are increasingly active in the Chinese A-share market, reaching a recent high in engagement [3] - On September 29, Chinese assets experienced a notable rally, with the ChiNext Index rising by 2.74% and the Hang Seng Tech Index increasing by 2.08% [3] - Major Chinese companies, such as Alibaba and Bilibili, saw stock price increases exceeding 4%, indicating a rare cross-market rally [3] Group 2: Capital Flows - Data from the central bank shows that net foreign capital inflows in the first half of the year surpassed 60% of last year's total [4] - In August, foreign investors were reported to have net bought Chinese stocks and bonds, reinforcing positive market sentiment [4] - Analysts suggest that the market is likely to maintain an upward trend post the National Day holiday, supported by historical patterns of capital return [4] Group 3: Economic Context - The revaluation of Chinese assets is linked to the Federal Reserve's shift to a rate-cutting cycle and the weakening of the US dollar, which is expected to attract new capital to emerging markets [5] - China's capital market continues to hold advantages in depth and liquidity, particularly as it transitions from follower to leader in high-end manufacturing and digital economy sectors [5] - The ongoing structural adjustments in the Chinese economy are beginning to yield results, enhancing global investor confidence in China's long-term growth prospects [5]
惊！外资大举回流，中国资产“黄金时刻”真的来了？
Sou Hu Cai Jing·2025-10-01 02:54