北向资金持仓市值连续三个季度增长，外资齐声“唱多”A股

Core Viewpoint - Northbound capital has shown a positive trend in A-share holdings, with a significant increase in market value and a focus on technology growth and high-dividend assets [1][3][4]. Group 1: Northbound Capital Holdings - As of the end of Q3, Northbound capital held A-shares worth 2.58 trillion yuan, marking an increase of over 380 billion yuan year-to-date, with continuous growth for three consecutive quarters [1][2]. - The market value of Northbound capital increased by 12.9% from Q2, 15.59% from Q1, and 17.35% from the end of last year [1]. - The top five industries by Northbound capital holdings are power equipment, electronics, pharmaceuticals, banking, and food and beverage, with respective holdings of 443.8 billion yuan, 391.5 billion yuan, 183.9 billion yuan, 173.7 billion yuan, and 162.3 billion yuan [1]. Group 2: Sector Trends - In Q3, Northbound capital increased holdings in nine industries, with electronics seeing the largest increase of 1.82 billion shares, followed by basic chemicals, automobiles, and others [2]. - Conversely, 22 industries experienced a reduction in holdings, with the banking sector seeing the largest decrease of 6.97 billion shares [2]. - The significant increases in holdings for the power equipment and electronics sectors were 162.34 billion yuan and 158.21 billion yuan, respectively [2]. Group 3: Foreign Investment Sentiment - Morgan Stanley reported a net inflow of foreign capital into the Chinese stock market of 4.6 billion USD in September, the highest monthly figure since November 2024 [3]. - In the first nine months of 2025, passive foreign funds saw a cumulative net inflow of 18 billion USD, surpassing last year's total of 7 billion USD [3]. - Global asset management firms have expressed optimism about the A-share market, with Goldman Sachs predicting an 8% potential upside for A-shares over the next 12 months [4]. Group 4: Focus on Technology Stocks - Many foreign institutions view technology stocks as the most important investment theme in the A-share market, highlighting China's leadership in electric vehicles, batteries, and robotics [5]. - UBS's CEO noted that China's macro policies and rapid development in high-tech sectors are boosting market confidence [5]. - Domestic investment professionals believe that foreign capital is attracted to China's economic recovery, low valuations, and supportive policies [5][6].