南方基金出手！2.3亿，自购！

Core Viewpoint - Public funds in China are showing strong confidence in the equity market by significantly increasing their self-purchases, indicating a positive outlook for the second half of the year [2][3][5]. Group 1: Self-Purchase Activities - On August 10, Southern Fund announced a self-purchase of 230 million yuan in three equity ETFs, reflecting confidence in the long-term stability of the Chinese capital market [1][3]. - As of August 10, nearly 130 public funds have initiated self-purchases this year, totaling over 5 billion yuan, with equity fund products accounting for a substantial portion [2][3]. - Other funds, such as Dachen Fund and Industrial Bank of China Fund, have also committed significant amounts to self-purchases, further demonstrating institutional confidence [4]. Group 2: Market Outlook and Valuation - The self-purchase trend is driven by the perception of a valuation gap in the capital market, with a slow bull market expected rather than a rapid surge [6][7]. - As of August 6, the price-to-earnings ratios for the CSI 300 and Hang Seng indices were 13.93 and 11.83, respectively, both lower than major mature markets like the S&P 500 (26.89) and Nikkei 225 (18.88), highlighting the investment attractiveness of the Chinese market [7]. - The strong resilience of the Chinese economy, evidenced by a 5.3% GDP growth in the first half of the year, supports the positive outlook for the capital market [7][8]. Group 3: Investor Behavior and Trends - There is a notable shift of household savings towards the capital market, driven by declining deposit rates, which is expected to create more investment opportunities [8]. - The issuance of new equity funds has seen a significant increase, with many new funds surpassing 1 billion yuan in initial scale, indicating a rising willingness among investors to enter the market [8]. - Foreign capital inflows into A-shares and Hong Kong stocks have also been substantial, with over 10.1 billion USD entering in the first half of the year, suggesting a continued positive sentiment towards Chinese assets [8].