外资加仓中国资产

Core Viewpoint - The attitude of foreign capital towards Chinese assets is changing, with a notable increase in inflows into A-shares and a slowdown in outflows from Hong Kong stocks and ADRs [1][5][6]. Group 1: Foreign Capital Inflows - Active foreign capital has begun to flow into A-shares for the first time since October of the previous year, with accelerated inflows observed in late August [1][5]. - In the first half of the year, foreign capital net increased its holdings in domestic stocks and funds by $10.1 billion, reversing a two-year trend of net reductions [1][6]. - From May to July, long-term stable foreign institutional funds flowed into Hong Kong stocks amounting to approximately HKD 67.7 billion, while short-term flexible funds totaled about HKD 16.2 billion [1][6]. Group 2: Performance of Chinese Assets - As of September 2, the Shanghai Composite Index has risen by 15.11% year-to-date, with significant gains in other indices such as the ChiNext Index and the STAR Market [3]. - The A-share market has shown a notable profit effect since August, with the Shanghai Composite Index increasing nearly 8% and the ChiNext Index rising over 20% [3]. - The Hang Seng Index has also performed well, increasing by 27.10% year-to-date [3]. Group 3: Investment Preferences of Foreign Capital - Foreign investors are primarily interested in high-growth sectors such as innovative pharmaceuticals, internet leaders in Hong Kong, and the new energy sector [8][9]. - The top holdings of foreign capital in A-shares include companies like CATL, Kweichow Moutai, and Meituan, with significant market values exceeding CNY 100 billion [8]. - Recent trends indicate a shift of foreign capital from Hong Kong stocks to A-shares due to better performance in the latter [8]. Group 4: Future Outlook - Analysts suggest that the ongoing depreciation of the US dollar and the potential for RMB appreciation could lead to a sustained inflow of foreign capital into Chinese assets [7][9]. - Investment opportunities are identified in sectors with high export growth, clear upward trends, and globally competitive core assets [9].