摩根士丹利：中国-中国香港地区只做多主动型基金经理的持仓情况

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - Chinese equities experienced a significant outflow of US$5.3 billion from foreign long-only funds in April, reversing a two-month inflow trend since February [11] - The outflow was primarily driven by passive funds, which saw outflows of US$3.7 billion, and active funds, which had outflows of US$1.6 billion [11] - Cumulative foreign passive inflows since October 2022 have reverted to levels similar to late February 2025, with April outflows reversing approximately 50% of the inflows from March 2025 [11] - Active fund managers increased their underweight positions in China, with global funds down 1.3 percentage points, AxJ funds down 2.0 percentage points, and EM funds down 3.2 percentage points [11] - Domestic passive funds targeting China A-shares recorded a massive inflow of US$27 billion in April, marking the highest monthly inflow since 2024 [11] - The Southbound Stock Connect program maintained strong momentum with US$21 billion in April, bringing the net inflow for the first four months of 2025 to US$77 billion [11] Fund Flows - In April, foreign domiciled funds saw a total outflow of US$5.3 billion, with passive funds contributing US$3.7 billion and active funds contributing US$1.6 billion [11] - The report indicates that the northbound net flow data was terminated as of August 19, 2024, and suggests using foreign passive funds flow to CSI 300 as a proxy for historical northbound net flow [13] - As of April 30, 2025, US$0.4 billion in short interest was added in China offshore/HK equities, primarily in the Energy and Industrials sectors [13] Sector and Company Positioning - Active fund managers increased their positions in Household & Personal Products while reducing their holdings in Media & Entertainment and Insurance [11] - The most added companies by active fund managers included Alibaba, BYD, Trip.com, and China Construction Bank, while Tencent and Xiaomi were the most trimmed [11] - The report highlights that the top holdings among long-only EM and China active managers include Tencent Holdings, Alibaba Group, and Meituan, with notable changes in their active weights [42]