美国投资者，爆买中国科技ETF

Group 1 - American investors are increasingly attracted to China's technology sector, with significant capital inflows into U.S.-listed ETFs focused on Chinese tech stocks, while non-tech funds are experiencing outflows [1][3] - The largest Chinese stock ETF in the U.S., KraneShares China Internet ETF (KWEB), has attracted $2.3 billion this year, potentially marking its best annual performance since 2021 [3] - In contrast, traditional sector-focused ETFs like iShares China Large-Cap ETF (FXI) have seen a net outflow of $2.3 billion this year, indicating a shift in investor sentiment towards technology [3] Group 2 - Analysts suggest that the launch of DeepSeek and trade tensions initiated by Trump have contributed to the inflow of funds into Chinese tech ETFs, with notable peaks in April and August aligning with tariff suspensions [3] - Citigroup's economists believe that China is rapidly catching up in both models and hardware in the AI sector, drawing parallels between the current state of the Chinese stock market and the U.S. market's past experiences [4] - Despite the competitive landscape between the U.S. and China in AI, American investors are increasingly investing in Chinese companies, with significant holdings in Alibaba and other tech firms [7] Group 3 - Investment firm Ruffer sees further upside for Chinese tech giants due to their lower price-to-earnings ratios compared to U.S. counterparts like Alphabet, indicating a potential undervaluation [10] - The chief investment officer of Krane Funds Advisors LLC highlights that the companies within KWEB are experiencing stock buybacks and attractive valuations, suggesting a possible revaluation of Chinese stocks by 2026 [10]