【广发策略】“反制关税”后，各类资金如何决策

Group 1 - The core viewpoint of the article highlights the contrasting behaviors of different capital flows in response to recent tariff policies, with southbound funds maintaining a high-risk appetite while overseas funds exhibit stronger risk aversion [2][4][17] Group 2 - Southbound funds showed a significant increase in daily trading volume and net purchases during the first week after the announcement of "counter-tariffs," but this trend sharply declined in the following week [2][10] - The investment style of southbound funds indicates a preference for growth stocks, particularly in the semiconductor and discretionary consumption sectors, which have seen continuous increases in allocation [2][10] - The allocation ratios for growth stocks are currently at 1.86% and -4.06%, placing them in the 96.3% and 100.0% percentiles since 2022, respectively [2][10] Group 3 - Overseas capital has shown a trend of net outflows from both active and passive foreign investments in the A-share market, with a total outflow of $19.4 billion and $57.5 billion over two weeks [4][17] - The passive foreign capital outflow reached $52.5 billion in the last week, marking the largest outflow in the past six months [4][17] Group 4 - The core ETFs in the A-share market, particularly the CSI 300 ETFs, have experienced significant net inflows, indicating strong support for the market [5][20] - Since the announcement of "counter-tariffs," the cumulative net inflow into these ETFs has shown a noticeable increase, reflecting a faster pace of capital entry into the market [5][20] Group 5 - The southbound capital's net purchases for the week of April 14-18 amounted to HKD 232 million, a decrease of HKD 590 million from the previous week [24] - Key stocks with significant net purchases included Alibaba (HKD 105.82 million), Tencent (HKD 68.46 million), and Meituan (HKD 39.12 million) [24]