外资加仓方向，大曝光！

Core Viewpoint - Foreign capital has continuously increased its holdings in A-shares for two consecutive quarters, indicating a positive sentiment towards the Chinese stock market [2][3]. Group 1: Foreign Capital Holdings - As of the end of Q2 2023, northbound funds held a total of 2,907 stocks, with a total shareholding of 123.2 billion shares and a market value of approximately 2.29 trillion yuan [3]. - Compared to the end of 2024, the market value of northbound funds increased by 87.1 billion yuan, and compared to Q1 2025, it increased by over 50 billion yuan [3]. - The top five industries by market value held by northbound funds are battery, semiconductor, liquor, joint-stock banks, and white household appliances, with market values of 175.4 billion yuan, 134.9 billion yuan, 134.1 billion yuan, 123.4 billion yuan, and 103.6 billion yuan respectively [3]. Group 2: Structural Adjustments in Holdings - In Q1, the main sectors for increased holdings were technology and consumer sectors, while in Q2, technology continued to attract investment, and consumer stock holdings decreased [4]. - The behavior of northbound funds in Q2 can be described as shifting from "core assets to old economy" and "from old tracks to new tracks," with increased investments in sectors like non-ferrous metals, transportation, public utilities, non-bank financials, and construction decoration [4]. - Notably, northbound funds significantly increased their holdings in banks and gold stocks, with market values rising by 21.3 billion yuan and 12.3 billion yuan respectively compared to the end of 2024 [4]. Group 3: Key Stocks and Market Outlook - Among the ten major stocks held by northbound funds, the top positions are occupied by Ningde Times, Kweichow Moutai, Midea Group, and China Merchants Bank, with Ningde Times holding a market value of 128.7 billion yuan, an increase of 3.2% from Q1 [6]. - Several brokerages have released optimistic forecasts for the A-share market in the second half of the year, with expectations of a "slow bull" market driven by policy support, structural reforms, and regulatory protection [8]. - The market is anticipated to experience a "wave-like" progression, with potential for upward movement following adjustments, supported by domestic and international catalysts [8].