外资巨头出手，增持中国资产

Group 1 - Foreign institutional investors have significantly increased their holdings in several Chinese stocks, including Alibaba, Pinduoduo, and Baidu, indicating a positive shift in global capital allocation towards Chinese assets [1][4] - As of the end of Q3, Citigroup held 3.83 million shares of Alibaba, with a market value of $684 million, reflecting a quarter-over-quarter increase of 5.63% in shares and 66.45% in market value [2] - Notable hedge funds such as TT International Asset Management and Wolverine Asset Management have also increased their positions in Alibaba, with share counts rising by 58.88% and 56.68%, respectively, and market values increasing by 150.39% and 146.92% [2] Group 2 - Pinduoduo and Baidu have also seen increased institutional holdings, with JPMorgan holding 5.58 million shares of Pinduoduo, marking a 17.5% increase in shares and a 48.38% increase in market value [3] - Citigroup's holdings in Baidu rose to 350,000 shares, with a 6.75% increase in shares and a 64% increase in market value [3] - The overall attractiveness of Chinese assets has risen, with foreign institutional investors increasing their Chinese stock holdings, reducing their underweight position from -1.6% to -1.3% [4][5] Group 3 - The global top 40 investment institutions have increased their Chinese stock holdings to 1.1%, the highest level since Q1 2023, with significant increases in sectors such as healthcare, insurance, energy, materials, and the internet [4] - A fund manager noted that global investors have historically been underweight in Chinese assets compared to the country's economic size, but this trend is changing as they begin to actively increase allocations [5] - The continuous rise in Chinese assets has prompted fund managers to adjust their positions to avoid underperforming against benchmark indices, leading to a shift from overweight positions in markets like India back to Chinese assets [5]