看好中国创新前景，外资对中国资产热情提升

Group 1 - International financial institutions are optimistic about the fundamentals of the Chinese economy and the performance of Chinese assets, expecting a systematic increase in the weight of Chinese assets in global investment portfolios [1] - UBS reported a significant increase in the participation of international long-term funds as cornerstone or core institutional investors in recent Hong Kong IPOs and refinancing projects, indicating a shift towards more proactive and long-term investment strategies in China [1] - The total annual amount of M&A transactions in China involving foreign capital has reached 60 billion RMB, marking a 10-year high, reflecting heightened foreign interest in the Chinese capital market [1] Group 2 - The fundamental structure of Chinese enterprises is changing, with a shift from a "scale-first" approach to focusing on profitability quality, technological barriers, long-term value, and innovation, providing a solid foundation for foreign capital inflow [2] - The weakening of the US dollar and the concentration of the US tech sector have increased the demand for diversified asset allocation, making the Asia-Pacific market, including China, a core focus for global investors [2] - HSBC's 2026 outlook report predicts steady growth for the Chinese economy, driven by policies aimed at boosting domestic demand and ongoing structural reforms, with innovation becoming a key advantage in attracting foreign investment [2]