资金正在悄悄离开澳大利亚？！华人投资者，可能已经先感觉到了

Core Viewpoint - A noticeable trend of overseas funds withdrawing or reducing their allocation in the Australian stock market and related assets has emerged, indicating a directional adjustment rather than a panic sell-off [2][4]. Group 1: Market Performance - The net inflow of overseas funds into the Australian stock market has significantly slowed over the past year, with some months even experiencing net outflows [4]. - The ASX 200 index has underperformed compared to major US indices and some European markets, reflecting a lack of strong growth expectations [4][5]. Group 2: Macroeconomic Environment - Uncertainty regarding interest rates persists, with no clear guidance on the interest rate path, leading to adjustments in valuation models and return expectations for long-term capital [4]. - The limited attractiveness of corporate earnings is contributing to a cautious approach from investors, as the overall earnings of Australian listed companies have not shown significant deterioration but lack strong growth momentum [5][7]. Group 3: Investor Sentiment - Investors are increasingly adopting a wait-and-see approach, reflecting a natural outcome of decreased risk appetite rather than emotional pessimism [7]. - The change in capital attitudes is often first reflected in allocation ratios rather than dramatic price fluctuations, raising questions about whether this is a cyclical adjustment or a long-term reassessment of Australian assets [9].