券商中国·2025-06-06 08:44Core Viewpoint - Major international financial institutions, including Morgan Stanley, JPMorgan, Goldman Sachs, and HSBC, are optimistic about Chinese assets, highlighting four key factors that support this view [1][2][3][4]. Group 1: Valuation and Investment Sentiment - The MSCI Hong Kong Index is currently trading at a price-to-earnings ratio of approximately 9 times, nearing historical lows, indicating a valuation advantage [1]. - Global investors are significantly underweight in Chinese stocks, suggesting a potential influx of capital into the market [2]. - The recent performance of offshore Chinese funds, particularly UCITS funds, has shown a notable increase in capital inflow, with a total of $1.2 billion attracted in a single week [5]. Group 2: Currency and Economic Factors - The Chinese yuan has gained substantial support, enhancing the attractiveness of yuan-denominated assets, with expectations of the USD/CNY exchange rate stabilizing around 7.3 by year-end, and a potential optimistic outlook for appreciation to 7.0 [6]. - Factors supporting the stability of the yuan include the People's Bank of China's interventions, improved export competitiveness, and a decline in the US dollar index from 109 to 99 [6]. Group 3: Trade Relations and Market Outlook - Positive signals from both the US and China regarding trade negotiations suggest a desire to ease tensions caused by tariff issues, which could benefit market sentiment [7]. - HSBC forecasts a year-end target of 25,830 points for the Hang Seng Index, driven by earnings from Chinese companies, particularly those benefiting from trends in artificial intelligence [7]. - The bank emphasizes the importance of domestic consumption and policy support in driving growth in Asian markets, including China, India, and Singapore [7].