摩根士丹利：中国股票策略_中国主动多头管理人的持仓_香港

Investment Rating - The report indicates a positive outlook for China equity, with significant inflows from foreign funds, particularly passive funds, suggesting a favorable investment environment [1]. Core Insights - China equity saw a substantial inflow of US$6.3 billion from foreign domiciled funds between September 25 and October 2, 2024, primarily driven by passive funds [1] - Cumulative foreign passive flows have surpassed peak levels in 2024, returning to levels seen in October 2023, while active fund flows remain at historical lows since late 2022 [1] - Domestic China passive products received inflows of US$18 billion in September, mainly targeting China A-shares [1] Fund Flow Analysis - Foreign domiciled funds experienced strong inflows of US$6.3 billion, with passive funds contributing US$6 billion and active funds only US$0.3 billion during the specified period [1] - In September, foreign equity inflows from passive funds totaled US$3.8 billion, while active funds recorded outflows of US$1.1 billion [1] - Global funds are underweight in China by 1.1%, with AxJ funds underweight by 1.7% and EM funds by 2.3% [1] Sector and Company Positioning - Active fund managers increased their positions in Media & Entertainment and Real Estate sectors, while reducing exposure in banks, utilities, and energy sectors [1] - Notable companies added to portfolios include Tencent, Meituan, PDD, and CCB, while Trip.com and NetEase saw reductions in their positions [1] Short Interest Trends - A total of US$2.0 billion in short interest was added in China offshore/HK equities, with significant increases in Consumer Discretionary, Financials, and Real Estate sectors [1]