天天基金网·2025-06-18 05:11Core Viewpoint - Foreign investment in domestic stocks has increased further compared to the previous month, indicating a positive outlook for the Chinese market among international investors [1][3]. Group 1: Foreign Exchange Statistics - In May 2025, banks settled 13,861 billion RMB and sold 13,051 billion RMB, with cumulative settlements from January to May reaching 67,235 billion RMB and cumulative sales at 70,867 billion RMB [2]. - In May 2025, banks recorded foreign-related income of 44,800 billion RMB and foreign payments of 42,426 billion RMB, with cumulative foreign-related income from January to May at 230,862 billion RMB and payments at 223,540 billion RMB [2]. - The overall balance of supply and demand in the foreign exchange market remained stable, with a net inflow of 33 billion USD from non-bank sectors in May [2]. Group 2: International Investor Sentiment - Morgan Stanley reported that global investors' exposure to China remains relatively low, with only about 26.6% of funds allocated to Chinese stocks compared to a 29% weight in the MSCI Emerging Markets Index [3]. - The significant 2.4 percentage point gap indicates substantial room for increased investment in Chinese equities [4]. - Many global investors expressed interest in gradually increasing their exposure to China, driven by recent advancements in technology and a reassessment of the investment landscape [3][4]. Group 3: Market Outlook - Nomura Oriental International Securities predicts that Chinese equity assets will outperform overseas markets in the second half of the year, supported by policy backing for growth sectors [4]. - The static valuation of the CSI 300 index is considered undervalued by 25.6% compared to its ten-year average, making it attractive for long-term domestic investors [4]. - Goldman Sachs' chief China equity strategist expressed a positive stance on Chinese stocks, anticipating improvements in corporate earnings and increased foreign inflows into the Chinese stock market [4].