摩根士丹利：中国股票策略-香港主动多头基金经理的持仓情况

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies Core Insights - Chinese equities experienced a moderate outflow of US$0.2 billion from foreign long-only funds in May, a significant slowdown from US$5.3 billion in April. Passive funds saw inflows of US$1.4 billion, while active funds continued to experience outflows of US$1.5 billion [11] - Cumulative foreign passive inflows since October 2022 have returned to levels seen in early March 2025, while cumulative foreign active flows have reached a historical low since late 2022 [11] - Underweights in China were slightly reduced, with global funds underweight by 1.2 percentage points, Asia ex-Japan funds by 1.5 percentage points, and emerging market funds by 3.0 percentage points [11] - Active fund managers increased their positions in Consumer Durables & Apparel and Consumer Services sectors, while trimming positions in Capital Goods, Food Beverage & Tobacco, and Media & Entertainment [11] - The most added companies by active fund managers included Alibaba, BYD, Midea Group, and JD.com, while Tencent and Zijin Mining saw the most reductions [11] - Chinese domestic passive funds targeting China A-shares recorded an outflow of US$9 billion after a significant inflow of US$27 billion in April [11] - Southbound Stock Connect inflows decreased to US$6 billion in May compared to US$21 billion in April, resulting in a net inflow of US$83 billion for the first five months of 2025, down from US$103 billion in 2024 [11] Fund Flows - Foreign domiciled funds saw a total outflow of US$0.2 billion in May, with passive funds returning to inflows of US$1.4 billion and active funds continuing to experience outflows of US$1.5 billion [11] - The northbound net flow data was terminated as of August 19, 2024, but foreign passive funds flow to the CSI 300 remained stable in May [13] - As of May 31, US$0.9 billion in short interest was covered in China offshore/HK equities, primarily in the Financials and Real Estate sectors [13] Fund Positions QTD Changes - The report highlights the top 50 mutual fund holdings among long-only emerging market and China active managers, with notable changes in positions for companies such as Tencent, Alibaba, and BYD [42]