浦银国际月度资金流：美联储降息在即，风险偏好有所提升

Global Fund Flows - Most stock markets recorded net inflows in August, with the US market being particularly favored, showing a net inflow of $16.36 billion [4][15] - Developed markets attracted a net inflow of $38.77 billion, while emerging markets saw an increase in net inflows to $16.38 billion [4][15] - The attractiveness of emerging markets is rising, with net inflows of $7.12 billion from August 22 to August 28, compared to $6.48 billion in developed markets during the same period [4][15] US Stock Market - The US stock market experienced a strong net inflow of $33.49 billion in August, driven by both domestic and foreign investments [8][12] - Domestic funds contributed a net inflow of $17.13 billion, while foreign funds added $16.36 billion, with passive foreign funds being the main driver [8][12] - The anticipation of a Federal Reserve rate cut is expected to maintain the trend of net inflows, despite potential risks from high interest rates [8][12] Japanese Stock Market - The Japanese stock market recorded a net inflow of $4.8 billion in August, with domestic funds contributing $4.44 billion and foreign funds reversing from net outflows to a net inflow of $0.35 billion [12][15] - Passive foreign funds showed significant net inflows, indicating active trading in Japanese stocks [12][15] Chinese Stock Market - The outflow of foreign capital from the Chinese stock market has significantly slowed, with a net outflow of $2.48 billion in August, down from $5.59 billion in July [15][17] - Domestic capital saw a strong net inflow of $16.5 billion, driven by state-owned enterprises' participation [15][17] - There is a structural opportunity in sectors that are underweight, with active funds showing a preference for telecommunications, consumer discretionary, and industrial sectors [15][18] Hong Kong Stock Market - The Hong Kong stock market experienced a net inflow of $0.08 billion in August, marking the third consecutive month of inflows, although the amount decreased from $0.5 billion in July [21][23] - Southbound funds recorded a net inflow of HKD 41.88 billion, but the average daily trading volume's share in the Hong Kong market decreased to 14.8% from 17% in July [21][23] Southbound Fund Trends - Southbound funds continue to show net inflows, with significant interest in defensive high-dividend stocks and quality growth stocks [26] - The sectors that attracted the most inflows include utilities, banking, and telecommunications, while sectors like energy and retail saw outflows [23][26]