月度资金流：全球资金再平衡，中国市场重获青睐

Group 1 - Global funds are beginning to rebalance, with renewed interest in the Chinese market. From January 30 to February 26, the Chinese market saw a net inflow of $1 billion, marking the first monthly net inflow since October of the previous year [2][3][9] - The US stock market experienced a significant reduction in net inflows, dropping from $39.9 billion in January to $20.2 billion in February, while the Indian stock market turned to a net outflow of $1.5 billion [2][3] - European markets also saw increased net inflows, with Germany and France recording net inflows of $2.8 billion and $2.5 billion respectively in February [2][3] Group 2 - The breakthrough in China's AI technology, particularly the DeepSeek language model, has shifted the narrative that AI competition is solely dominated by the US. This has led to a reallocation of funds from crowded markets to those with improved sentiment [4][9] - Despite the outflow of domestic funds, passive foreign funds have significantly net flowed into the Chinese market, totaling $2.36 billion during the same period [9][10] - The report indicates that there is substantial room for active foreign funds to return to the Chinese market, as their current allocation remains below benchmark indices [9][10] Group 3 - Domestic funds experienced a net outflow of $18.33 billion from the Chinese stock market, marking the largest monthly outflow in the past five years [10] - The report highlights a clear preference for AI-related stocks among southbound funds, with significant inflows into leading companies in the internet, telecommunications, and smart driving sectors [34][36] - Notable companies receiving substantial inflows include Alibaba, China Mobile, and Ideal Auto, reflecting strong market interest in AI beneficiaries [34][36]