“逃离美元”的资本，A股该怎么接？

Core Viewpoint - The valuation advantage of the Chinese capital market is increasingly becoming a focal point for global investors, with A-shares and Hong Kong stocks currently at historically low valuation levels, providing attractive opportunities for investors to share in the growth dividends of quality Chinese enterprises [1][2]. Valuation Levels - The Shanghai Composite Index has a price-to-earnings (P/E) ratio of only 12.6 times, which is less than half of the S&P 500 index and significantly lower than other major international indices like the Nikkei 225 and the DAX [1]. - As of May 26, foreign ownership of A-shares reached 1,274.85 billion shares, with a market value of 2.33 trillion yuan, accounting for approximately 2.95% of the circulating A-share market value and 2.33% of the total market capitalization [2]. Foreign Capital Attraction - Despite the valuation advantages, the actual attraction of A-shares to foreign capital has not been as strong as expected, with the proportion of foreign capital in the A-share market declining [2]. - The need for improved institutional frameworks to protect investor interests and combat illegal activities is crucial for retaining foreign capital [4][17]. Market Dynamics - The ongoing trade tensions and the restructuring of global supply chains may influence foreign capital allocation towards Chinese assets, but the trend of capital flowing from the U.S. to A-shares and Hong Kong stocks is becoming more pronounced [8][9]. - The Chinese asset market is currently undergoing a correction from severe undervaluation towards a more reasonable valuation, with expectations of recovery in valuations throughout the year [5][9]. Policy and Market Measures - To stabilize foreign capital holdings, it is essential to enhance institutional frameworks and ensure investor protection, particularly against financial fraud and misconduct [17]. - The internationalization of the RMB is accelerating, with more countries opting for RMB settlements in trade with China, which could further promote capital market openness [14]. Investment Opportunities - The current valuation of A-shares and Hong Kong stocks is approximately one-third of that of U.S. stocks, indicating a favorable investment opportunity for international investors [18].