高盛：新兴市场每周资金流监测 - 台湾地区领外资抛售潮，南向资金周度买入规模降至 30 亿美元，国家队入场，关注美国存托凭证（ADR）退市风险

Investment Rating - The report indicates a mixed sentiment in the market, with significant foreign selling in EM Asia ex-China, particularly in Taiwan, Korea, and ASEAN, while India saw some buying activity [26][30]. Core Insights - Foreign Institutional Investors (FII) sold US$2.9 billion in EM Asia ex-China markets, with Taiwan leading the outflows at US$2.3 billion, followed by Korea at US$1 billion and ASEAN at US$0.9 billion. In contrast, India experienced inflows of US$1.3 billion [26][30]. - The Chinese National Team has increased its support for the A-share market, with approximately US$100 billion of buying via onshore ETFs in the second quarter to date [7][17]. - Southbound buying has moderated to US$3 billion week-to-date, but year-to-date, it has reached US$78 billion, indicating strong interest from mainland investors in HK-listed stocks [6][19]. Summary by Sections Foreign Selling and Buying Trends - EM Asia ex-China markets experienced FII selling of US$2.9 billion week-over-week, with Taiwan, Korea, and ASEAN seeing significant outflows [26][30]. - India was an exception, attracting US$1.3 billion in FII buying [26]. ADR Delisting Risks - US institutional investors hold around US$250 billion in Chinese ADRs, with an estimated 20% of these holdings potentially unable to trade in Hong Kong, which could lead to increased selling pressure on companies with high retail ownership [7][12]. National Team and Southbound Buying - The Chinese National Team has stepped up its buying efforts in the A-share market, contributing to a total of approximately US$100 billion in support through onshore ETFs [7][17]. - Southbound investors have been active, with cumulative buying reaching US$78 billion year-to-date, reflecting a growing representation in the HK market [19][21].