锚定高水平 资本市场开放举措将更有力度

Core Viewpoint - The willingness of foreign investors to allocate assets in China is increasing, supported by economic resilience, improved corporate profitability, and valuation advantages, alongside deepening capital market reforms [1][2]. Group 1: Foreign Investment Trends - As of the end of September, the number of Qualified Foreign Institutional Investors (QFII) reached 913, with 53 new additions this year [1]. - UBS data shows that major global investment funds have increased their allocation to Chinese stocks, with the holdings of the top 40 global investment institutions rising to 1.1%, the highest level since Q1 2023 [1]. - Active foreign funds are showing increased participation, with 800 funds tracking Chinese stocks holding a total of $270 billion in Chinese equities, and the number of funds with no Chinese stock holdings decreasing from 167 to 145 [1]. Group 2: Economic and Policy Support - Multiple factors, including policy support and improved economic fundamentals, are driving foreign investment in China [2]. - Goldman Sachs raised its GDP growth forecasts for China for 2026 and 2027 to 4.8% and 4.7%, respectively, marking the largest upward revision since 2019 [2]. - Deutsche Bank has also increased its full-year growth forecast for China to 5.0%, citing stronger-than-expected growth in Q3 [2]. Group 3: Market Outlook and Institutional Reforms - The Chinese stock market is seen as having long-term investment value due to ample liquidity, structural reforms, and improving profitability [3]. - The Chinese government is expected to further optimize foreign investment policies, enhancing cross-border investment facilitation and strengthening regulatory capabilities [3][5]. - The recent issuance of the "Qualified Foreign Investor System Optimization Work Plan" aims to implement various open optimization measures to attract foreign investment [3]. Group 4: Hong Kong and Mainland Market Cooperation - The Hong Kong Stock Exchange is actively preparing measures to enhance the connectivity between Hong Kong and mainland markets, including the inclusion of REITs and a large transaction mechanism [4][5]. - Strengthening regulatory and risk prevention capabilities is crucial for advancing foreign investment while ensuring market stability [5].