全球资产配置资金流向月报（2025年2月）：恒生科技涨幅靠前，但资金仍未系统性增配-2025-03-14

Investment Rating - The report indicates a positive sentiment towards the Chinese technology sector, with a notable increase in the Hang Seng Tech Index by 11% in February 2025, outperforming other indices [4][5]. Core Insights - The report highlights a shift in investor sentiment towards Chinese technology assets, driven by Alibaba's better-than-expected Q4 earnings and significant AI investments, leading to an optimistic outlook [4][5]. - Despite the positive performance of the Hang Seng Tech Index, there has been a systemic outflow of funds from the Chinese market, particularly from passive ETFs, which saw a withdrawal of $170.9 billion in February compared to an inflow of $41.4 billion in January [13][21]. - Global fund flows indicate that developed markets, particularly the US, have attracted more capital compared to emerging markets, with a significant outflow from Chinese equities totaling $174.1 billion in February [10][13]. Summary by Sections Global Fund Flows - In February 2025, global equity funds experienced a significant outflow from China, with a total of $174.1 billion, contrasting with an inflow of $34.4 billion in January [13][21]. - The report notes that the US equity and fixed income markets received substantial inflows, while emerging markets, including China, faced outflows [10][29]. Sector Performance - The technology sector in China saw a notable outflow of funds, while financials, healthcare, and consumer staples experienced inflows, indicating a shift in investor preferences [21][26]. - The report emphasizes that the Hang Seng Tech Index's performance was significantly better than other indices, reflecting a temporary recovery in investor sentiment towards technology stocks [4][5]. Market Dynamics - The report discusses the impact of external factors such as the ongoing geopolitical tensions affecting energy prices and the US Federal Reserve's interest rate decisions, which have influenced market dynamics [4][5]. - It also highlights that while the US market remains attractive, the allocation to Chinese equities has decreased, with the proportion of global funds allocated to China dropping to 0.9% [29][30].