全球资产配置资金流向月报（2025年7月）：政策不确定性下降，7月全球资金回流美股美债-20250812

Market Overview - In July, global risk appetite increased due to the passage of the "Big and Beautiful" bill, leading to a rise in equity markets, particularly in the Asia-Pacific region[3] - The "Big and Beautiful" bill, passed on July 3, includes $4 trillion in tax cuts and at least $1.5 trillion in spending cuts over the next decade, enhancing global risk appetite[8] Asset Flow - In July, global funds saw a significant slowdown in inflows to money market funds, with approximately $63 billion flowing in compared to $156 billion in June[19] - Developed market equities attracted $43.4 billion in July, up from $39 billion in June, while emerging market equities saw a decrease in inflows from $8 billion to $5 billion[19] Fund Performance - The performance of major indices in July showed positive returns: CSI 300 (3.5%) > Hang Seng Index (2.9%) > S&P 500 (2.2%) > Nikkei (1.4%) > STOXX Europe 600 (0.9%)[8] - In the U.S., there was a notable outflow from technology and healthcare sectors, while financials, industrials, and utilities saw inflows[39] China Market Dynamics - In July, China's equity market experienced a net outflow of $1.57 billion, while fixed income funds saw inflows of $8.38 billion, accounting for 54.81% of total inflows in emerging markets[3] - Passive equity funds shifted from outflows in June to inflows in July, with $313 million entering the Chinese market[3] Global Fund Allocation - As of June, the allocation of global funds to the U.S. increased to 61.0%, while China's allocation remained stable at 25.1%, indicating potential for growth[3] - The allocation to emerging markets decreased slightly to 42.7%, nearing historical averages[3]