汇丰：中国股票策略-2025 年第一季度基金持仓问答

9 May 2025 Equity Research Report China Equity Strategy Equity Strategy Follow the money: Q&A on 1Q25 fund positioning Q1: Trade tensions – did institutional investors take pre-emptive action? Yes. Active mutual funds and northbound investors increased their positions in tech self- sufficient names during 1Q25. For "going global" stocks, active mutual funds cut their positions, while northbound funds remained constructive, especially for companies with: (1) business models less impacted by tariffs (e.g. inn ...