全球资金流向跟踪2024W48：美股科技吸金，新兴市场延续净流出

Group 1: Global Fund Flows Overview - As of November 20, global stock inflows reached $14.4 billion, bond inflows totaled $9.1 billion, while cash outflows were $1.3 billion, gold outflows amounted to $0.7 billion, and cryptocurrency inflows were $0.9 billion [3][19]. - The overall net inflow for global bonds was $9.1 billion, with sovereign bonds experiencing a net outflow of $4.4 billion, investment-grade bonds seeing a net inflow of $6.0 billion, and high-yield bonds recording a net inflow of $3.1 billion [4][31]. - Gold experienced a net outflow of $0.7 billion, marking two consecutive weeks of outflows [4][34]. Group 2: Regional, Sector, and Style Flows in Global Stocks - Developed markets saw a net inflow of $15.7 billion, with the U.S. contributing $17.9 billion, Hong Kong adding $0.2 billion, and Japan experiencing a net outflow of $0.2 billion. Emerging markets faced a net outflow of $1.2 billion, with China seeing a net outflow of $1.3 billion and India a net outflow of $0.6 billion [5][43]. - In the U.S. stock market, the technology sector had a significant net inflow of $4.6 billion, financials saw a net inflow of $0.9 billion, and energy recorded a net inflow of $0.4 billion, while healthcare experienced a net outflow of $0.8 billion [6][51]. - The large-cap style recorded an inflow of $9.8 billion, marking 31 consecutive weeks of inflows, while small-cap style saw a net outflow of $1.8 billion. Growth style had a net outflow of $0.3 billion, reverting to outflows, while value style recorded a net inflow of $0.6 billion [6][57][62]. Group 3: China Equity Market Insights - As of November 20, the Chinese mainland saw a net outflow of $1.3 billion, with active foreign capital experiencing a net outflow of $0.9 billion and passive foreign capital a net outflow of $3.6 billion, while domestic passive funds had a net inflow of $3.1 billion [8][67]. - In terms of sector flows, technology saw a significant inflow of $0.5 billion, healthcare had an inflow of $0.14 billion, financials recorded a net inflow of $0.08 billion, and consumer sectors experienced a net outflow of $0.08 billion, with no significant inflows or outflows in other sectors [8][85]. - In Hong Kong, foreign capital recorded a net inflow of $0.02 billion, while the combined inflow from mainland and Hong Kong was $0.2 billion [10][73].