浦银国际月度资金流：全球资金仓位调整，中国会是目的地吗？

Global Market Trends - Global capital positioning adjustments are likely underway, with significant net inflows observed in markets such as the US, Japan, and India, while net inflows have decreased in recent months [1][24] - The European market transitioned from net outflows to net inflows in March, indicating a shift in global capital towards less crowded markets [1][24] - The Hong Kong stock market has shown strong performance, particularly as it is perceived to be undervalued compared to other markets [1][36] Northbound Capital Flows - In April, northbound capital recorded a net inflow of RMB 6 billion, a decrease from RMB 22 billion in March, while the average daily trading volume of northbound capital in A-shares increased to 15.4% [2][33] - Northbound capital favored low-valuation and defensive sectors such as banks, food and beverage, and capital goods, with significant interest in index-weighted stocks and gold-related stocks [2][33][46] Southbound Capital Flows - Southbound capital maintained strong inflows, totaling HKD 80.4 billion in April, reflecting continued interest from mainland investors in Hong Kong stocks [17][63] - The inflows were primarily directed towards traditional high-dividend stocks and quality growth stocks, with notable investments in Tencent and other defensive sectors [17][49] Investment Opportunities - The Chinese market is highlighted for its attractive valuation and strong earnings growth, which may continue to draw foreign capital back [16][28] - Domestic incremental capital recorded a net inflow of USD 3.17 billion from April 4 to May 1, indicating a potential recovery in market confidence [13][16] Sector Performance - In April, sectors such as banking, energy, and software services received significant net inflows from southbound capital, while retail and semiconductor sectors experienced net outflows [74] - Northbound capital showed a preference for sectors with low valuations and defensive characteristics, including banks and materials, while reducing exposure to media and telecommunications [69][74]