北向资金持仓市值连续三季度增长，外资齐声“唱多”A股

Core Viewpoint - Northbound capital has shown a continuous increase in holdings in A-shares for three consecutive quarters, reflecting a positive sentiment from foreign investors towards the A-share market [1][2][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 [2][3]. - The growth in northbound capital holdings was 12.9% from Q2, 15.59% from Q1, and 17.35% from the end of last year [2]. - The top five industries by northbound capital holdings as of Q3 are: Electric Equipment (443.8 billion yuan), Electronics (391.5 billion yuan), Pharmaceutical & Biological (183.9 billion yuan), Banking (173.7 billion yuan), and Food & Beverage (162.3 billion yuan) [2][3]. Group 2: Investment Trends - In Q3, northbound capital increased holdings in nine industries, with the Electronics sector seeing the largest increase of 1.82 billion shares, followed by Basic Chemicals (370 million shares) and Automotive (287 million shares) [2][3]. - Conversely, 22 industries saw a reduction in holdings, with the Banking sector experiencing the largest decrease of 6.97 billion shares [3]. Group 3: Foreign Investment Sentiment - Morgan Stanley reported a net inflow of 4.6 billion USD into the Chinese stock market in September, the highest monthly figure since November 2024 [4]. - Global asset management firms have expressed optimism about the A-share market, with Goldman Sachs maintaining an overweight rating and predicting an 8% potential upside for A-shares over the next 12 months [5][6]. - The current market conditions are seen as more favorable for upward trends, supported by solid fundamentals and a projected mid-to-high single-digit growth in earnings for major indices [6][7]. Group 4: Sector Focus - Technology stocks are identified as the most important investment theme for the A-share market, with significant interest in sectors such as electric vehicles, batteries, and robotics [6][7]. - Analysts believe that the combination of economic recovery, low valuations, and supportive policies will continue to attract foreign investment into the A-share market [7].