三重逻辑支撑中国资产“吸金力”提升

Group 1: Market Performance - The Hang Seng Index surged by 2.76% and the Hang Seng Tech Index increased by 4% on January 2, 2026, indicating strong market sentiment and enhanced global attractiveness of Chinese assets [1] - The recent performance of the Hong Kong stock market reflects a significant improvement in the global appeal of Chinese assets, driven by multiple factors including policy benefits, economic fundamentals, and global liquidity [1] Group 2: Policy Support - A comprehensive policy framework has been established to enhance the attractiveness of Chinese assets, including high-level opening-up, support for technological innovation, and optimization of the foreign investment environment [1] - Specific measures such as the optimization of capital market connectivity and the reduction of the negative list for cross-border service trade have been implemented to eliminate barriers for foreign investment [1] - Policies targeting key sectors like high-end manufacturing, semiconductors, and biomedicine have been introduced, providing tax incentives, R&D subsidies, and financing support to cultivate globally competitive enterprises [1] Group 3: Economic Fundamentals - Continuous improvement in China's economic fundamentals and internal driving forces is a core support for the attractiveness of Chinese assets [2] - The manufacturing PMI reached 50.1% in December 2025, marking its first entry into the expansion zone since April of the previous year, with high-tech manufacturing PMI at 52.5% [2] - The emergence of new growth engines reinforces the logic of high-quality economic development and provides clear and lasting value anchors for the capital market [2] Group 4: Global Liquidity and Asset Allocation - The restructuring of global liquidity and adjustments in asset allocation have opened a strategic window for Chinese assets [3] - The Federal Reserve's cumulative interest rate cuts of 75 basis points last year have triggered a global capital reallocation wave, increasing the risk appetite for international capital [3] - China's assets are viewed as a "safe haven" due to their strong risk resistance and growth certainty, attracting long-term global capital allocation [3]