深夜，暴涨！

Core Viewpoint - Chinese assets are showing strength against the backdrop of a weakening US stock market, with significant gains in Chinese stocks and a notable shift in hedge fund sentiment towards buying US stocks [2][6]. Group 1: Market Performance - On the evening of August 18, US stock indices experienced slight fluctuations, with the Dow Jones up 0.02%, Nasdaq down 0.08%, and S&P 500 down 0.03% [3]. - Chinese stocks outperformed the US market, with the Nasdaq Golden Dragon China Index rising over 1% at one point, and various leveraged ETFs focused on Chinese assets also gaining more than 2% [4]. - Notable individual stock performances included iQIYI, which surged 27% following the release of its new drama "生万物," and Xunlei, which rose over 24% due to its investment in the A-share listed company Ying Shi Innovation, which hit a 20% limit up [4][5]. Group 2: Hedge Fund Activity - Hedge funds have made a significant shift, buying US stocks at the fastest pace in seven weeks, with a buying-to-selling ratio of 2.4:1, indicating a notable reversal in sentiment [2][9]. - The total leverage ratio for hedge funds has increased to 210.1%, reflecting a heightened risk appetite among investors [9]. Group 3: Investment Trends - In the second quarter, hedge fund manager Michael Burry adopted a "short to long" strategy on Chinese stocks, purchasing call options for Alibaba and JD.com [5]. - Morgan Stanley reported that global long funds injected $2.7 billion into the Chinese stock market in July, up from $1.2 billion in June, indicating a growing interest from international investors [6]. - Goldman Sachs noted that the Chinese stock market is regaining attention from global investors, with interest levels reaching a multi-year high [6].