A股，突变！外资，传来大消息！

Core Viewpoint - Foreign investment enthusiasm for the Chinese market continues to rise, with significant inflows and a shift in investment strategies towards Chinese stocks, particularly in the A-share and Hong Kong markets [1][6]. Group 1: Foreign Investment Trends - Nomura's latest report indicates a significant shift of funds towards the more attractive valuations in the Chinese market, with increases in allocation to AH shares by 0.8% and 0.7% for Hong Kong and A-shares respectively [1]. - As of August 12, Korean retail investors have poured into the Hong Kong stock market, with their holdings reaching $2.4 billion, the highest level in four years, reflecting a 33.5% increase since the end of 2024 and a 41.7% increase since the end of 2023 [3]. - Goldman Sachs reports that China has once again become the market with the highest net inflows of global funds, showcasing strong resilience and attractiveness, with buying momentum significantly outpacing selling [6]. Group 2: Stock Performance and Preferences - Among the stocks favored by Korean investors, Xiaomi leads with a holding value of $238.9 million, followed by Tencent at $225.7 million, and BYD at $186.2 million, with these stocks having increased between 20% to 79% this year [3]. - CATL is noted as the sixth-largest holding for Korean investors, with a stock value of $86.1 million, having surged 35% since its listing in Hong Kong [4]. - Goldman Sachs emphasizes a preference for sectors such as mining, insurance, gaming, and consumer stocks, while reducing exposure to technology, automotive parts, brokerage, and CPO stocks, indicating a focus on domestic demand and high-growth sectors [6]. Group 3: Market Dynamics - The A-share market is currently in a strong upward cycle, with the Shanghai Composite Index rising over 35% from around 2700 points in September 2024 to above 3700 points [7]. - Despite high volatility, the long-term trend of the A-share market shows a structural upward movement, with current valuations at elevated levels, although still below historical peaks in terms of financing balance [7].