外资，传来大消息！

Core Viewpoint - Foreign investment enthusiasm for the Chinese market continues to rise, with significant inflows into A-shares and Hong Kong stocks, indicating a shift towards more attractive valuations in China [1][5]. Group 1: Foreign Investment Trends - Nomura's latest report indicates a notable increase in foreign capital allocation to Chinese markets, with A-shares and Hong Kong stocks seeing increases of 0.8 and 0.7 percentage points respectively [1]. - As of August 12, Korean retail investors have poured $2.4 billion into the Hong Kong stock market, marking a four-year high in holdings [2][3]. - Goldman Sachs reports that China has become the market with the highest net inflows of global funds, showcasing strong resilience and attractiveness [2][5]. Group 2: Stock Performance and Preferences - Korean investors' holdings in Hong Kong stocks have increased by 33.5% since the end of 2024 and by 41.7% since the end of 2023, nearing a five-year peak of $3.1 billion [3]. - Xiaomi Group is the top choice for Korean investors, with a holding value of $238.9 million, followed by Tencent at $225.7 million and BYD at $186.2 million [3]. - 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 [5]. Group 3: Market Dynamics and Future Outlook - High valuations in the A-share market are noted, with many indices at historical highs, yet the current financing balance is still below the peak levels seen in 2015 [5]. - The report from Goldman Sachs emphasizes a preference for sectors such as mining, insurance, gaming, and consumer stocks, while reducing exposure to technology and automotive parts [5]. - The ongoing trend suggests a structural upward movement in the A-share market, despite high volatility [5].