全球资本“迁徙”进行时：对中国资产态度转为“计划布局”

Group 1: Global Capital Migration - The global capital migration is underway, with Asian tech stocks significantly outperforming US tech stocks as of early 2026, indicating a shift in international capital allocation due to the Federal Reserve entering a rate-cutting phase and reduced attractiveness of dollar assets [1][2] - Emerging markets, particularly in Asia, are becoming the next focus for foreign investment as the trend of capital flowing predominantly to the US is beginning to reverse [2][3] Group 2: Performance of Emerging Markets - As of January 16, 2026, the Korean Composite Index rose by 14.87%, followed by the Nikkei Index at 7.14%, Shenzhen Component Index at 5.59%, and Hang Seng Index at 4.74%, while the Nasdaq Index only increased by 1.18% during the same period [2] - Emerging markets have shown superior performance compared to developed markets, driven by the Federal Reserve's rate cuts, favorable reforms in several emerging economies, and the concentration of AI supply chains in these markets [2] Group 3: Foreign Investment in China - Foreign institutions are increasingly shifting their strategies from "long-short" to "long only," indicating a growing interest in long-term investments in Chinese assets [4][5] - The number of mainland private equity fund managers holding a Hong Kong license has reached 133, with 63 managing over 5 billion yuan, reflecting a trend of private equity firms seeking better connections with overseas capital [6] Group 4: Chinese Stock Market and Technology Sector - The Chinese stock market is experiencing a strong performance, with valuations remaining attractive compared to other major global markets, and this trend is expected to continue [7] - Foreign investors are particularly interested in Chinese tech stocks, viewing them as undervalued compared to US tech giants, with a focus on sectors like semiconductors and electronic devices [8][9]