MSCI中国指数调整揭示全球资本配置逻辑
Zheng Quan Ri Bao·2025-11-24 16:22

Group 1 - MSCI completed its largest index adjustment of the year on November 24, 2023, adding 26 Chinese stocks (17 A-shares and 9 Hong Kong stocks) and removing 20 stocks, reflecting a significant optimization of its index composition [1] - The newly added stocks span key sectors such as semiconductors and high-end manufacturing, as well as strategic resources like gold, lithium, and copper, indicating a dual focus on technological innovation and resource value [1] - The adjustment trend aligns with MSCI's earlier index optimizations in 2023, which favored stocks with high growth potential, strong technological capabilities, and scarce industrial value [1] Group 2 - The adjustments signal three core preferences in global capital allocation: the importance of independent innovation and supply chain security, the strategic reassessment of resource assets, and a pragmatic focus on sustainable profitability and cash flow [2] - Companies with core technologies in critical areas like semiconductors and high-end manufacturing are being assigned higher "certainty premiums" amid increasing global tech competition [2] - The valuation logic for resource companies is shifting from traditional price cycles to "strategic scarcity," particularly for those with sustainable mining capabilities in high-demand metals like lithium and copper [2] Group 3 - Chinese assets are emerging as a core focus for foreign capital due to significant valuation gaps, ongoing policy liberalization, and strong industrial upgrade momentum, highlighting their long-term investment value [3] - The index adjustments are expected to guide social resources towards technology innovation and core resource sectors, while the "survival of the fittest" mechanism will compel companies to enhance their core business and profitability [3] - As China continues to make breakthroughs in technology and resource security, and as capital market openness deepens, the interaction between global capital and high-quality Chinese assets is expected to strengthen [3]