月度资金流：全球资金仓位调整，中国会是目的地吗？

Market Trends - Developed markets experienced a net outflow of $13.4 billion from April 4 to May 1, while emerging markets saw a smaller net outflow of $1.7 billion[10] - Emerging market stocks outperformed developed markets by 2% during the same period[10] - Global funds are expected to shift from developed markets to emerging markets, particularly those with lower valuations and improving earnings expectations[10] China Market Insights - Foreign capital continued to flow out of the Chinese stock market, with a net outflow of $3.8 billion from April 4 to May 1, compared to a net outflow of $1.4 billion in the same period last year[33] - However, the pace of foreign capital outflow has significantly decreased, indicating potential signs of capital returning to the Chinese market, especially in Hong Kong stocks[33] - Domestic capital recorded a net inflow of $3.17 billion in April, providing short-term support to the A-share market[24] Investment Preferences - Northbound funds recorded a net inflow of RMB 6 billion in April, down from RMB 22 billion in March, with a daily trading volume share of 15.4% in A-shares[51] - Southbound funds maintained strong inflows of HKD 80.4 billion in April, with a trading volume share of 16.6% in Hong Kong stocks[35] - Northbound funds favored defensive sectors such as banks and consumer staples, while also increasing positions in gold-related stocks[47]