全球资产配置资金流向月报（2025年11月）：11月中国与新兴市场流入加速，发达市场流入减速-20251211

Market Overview - In November, the U.S. non-farm payrolls increased by 119,000, significantly exceeding the market expectation of 50,000, while the unemployment rate rose by 0.1 percentage points to 4.4%, the highest level since November 2021[3] - The Federal Reserve lowered interest rates by 25 basis points on December 10, totaling a 75 basis point reduction for the year, with three dissenting votes indicating increased internal division[3] Global Asset Flows - Global funds saw a significant inflow into the money market, with approximately $2,530 billion in November, up from $1,290 billion in October[3] - In the equity markets, developed markets saw an inflow of $720 billion in November, down from $840 billion in October, while emerging markets experienced an inflow of $380 billion, up from $220 billion[3] - The bond market saw a notable increase in inflows, with global government bonds attracting $270 billion in November compared to $70 billion in October[3] China Market Insights - In November, China's equity market attracted $180.74 billion, accounting for 44.65% of the total inflow into emerging markets, while the fixed income market saw an inflow of $29.26 billion, representing 31.78%[3] - Passive equity funds were the main contributors to the inflow in emerging markets, with $424.48 billion flowing into emerging markets and $191.85 billion into China's equity market in November[3] Country Allocation Trends - As of October, global funds allocated 61.9% to the U.S. stock market, a slight increase of 0.3 percentage points from September, while the allocation to China's stock market decreased by 0.1 percentage points[3] - The allocation to China's stock market is currently at a 10-year percentile of 37.9%, indicating potential for future growth[3] Risk Factors - Short-term asset price fluctuations may not represent long-term trends, and there is a risk of deeper-than-expected economic recession in Europe and the U.S.[3]