外资机构开年唱多做多中国资产

Core Viewpoint - Global capital is increasingly enthusiastic about allocating to Chinese assets, driven by a combination of fundamental stability, valuation advantages, and ongoing policy benefits [1] Group 1: Foreign Investment Actions - Foreign capital, represented by firms like JPMorgan and BlackRock, has actively increased holdings in Chinese assets since the beginning of 2026, with JPMorgan investing over 1 billion HKD in various sectors including renewable energy and biomedicine [2] - The Invesco China Technology ETF has seen significant inflows, growing from 2.818 billion USD at the end of last year to 3 billion USD by January 8, 2026, reflecting strong interest in technology-related investments [2] Group 2: Sector Focus and Market Dynamics - Foreign capital is particularly attracted to advanced industries such as biomedicine and renewable energy, which are seen as competitive sectors for investment [3] - The bond market is also becoming a new focus for foreign investment, with the issuance of panda bonds by international firms like Henkel and Barclays, indicating recognition of RMB-denominated assets [3] Group 3: Institutional Outlook - Major financial institutions like Goldman Sachs and Morgan Stanley have raised their economic growth forecasts for China, with Goldman Sachs predicting a 4.8% GDP growth for 2026 and significant increases in major indices [4] - The recovery in corporate earnings is a key factor supporting the positive outlook for Chinese assets, with expected earnings growth of 14% and 12% for 2026 and 2027, respectively [4][5] Group 4: Valuation and Policy Support - The current valuation of the Hang Seng Index at approximately 8.2 times earnings is significantly lower than that of the S&P 500 and Nasdaq, suggesting substantial room for valuation recovery [5] - New policies aimed at encouraging foreign investment, including an expanded list of encouraged industries and improved access for foreign investors, are expected to enhance the attractiveness of Chinese markets [5]