瑞银全球金融市场部中国主管房东明：期待2026年成为配置型国际投资者投资中国的大年

Core Insights - China's capital market has significantly opened up, with approximately 90% to 95% of the foreign investment access goals achieved, indicating a mature and complete foreign institutional access mechanism [1] - The focus should now be on improving risk management tools, expanding interconnectivity targets, and enhancing capital utilization efficiency to further increase the international appeal of the Chinese market [1] - The provision of predictable macro policies and robust growth fundamentals of listed companies are crucial for attracting long-term international investors [1] Group 1: International Investor Trends - International investors are increasingly active in China, with a notable rise in trading-type investors contributing significantly to market liquidity since September of the previous year [1] - In contrast, allocation-type investors are extending their research efforts and closely monitoring developments in Chinese listed companies, policies, and technological innovations [1] - As of November 7, 2023, foreign institutions have conducted 8,406 research sessions involving 770 A-share companies, focusing on sectors such as telecommunications, pharmaceuticals, semiconductors, and robotics [2] Group 2: Investment Preferences and Growth Sectors - International investors show a preference for large-cap blue-chip stocks with good liquidity and attractive valuations, while also focusing on high-growth sectors like technology, AI, innovative pharmaceuticals, and new consumption [4] - The attractiveness of growth sector companies is often linked to specific events and timing, with recent developments enhancing international recognition of China's technological innovation capabilities [4] - Companies with strong fundamentals, favorable industry policies, and global competitiveness are more appealing to overseas investors, who prioritize long-term strategies over short-term performance [4] Group 3: Globalization and Future Outlook - As Chinese companies expand internationally, sectors like new consumption and innovative pharmaceuticals are gaining increased attention from international investors [5] - Companies must focus on continuous product or model innovation to maintain competitiveness in overseas markets, emphasizing the importance of talent acquisition and local partnerships [5] - The attractiveness of Chinese assets to international investors is expected to rise further by 2026, despite potential market volatility in late 2025, with expectations of sector rotation enhancing overall asset valuations [5]