万亿美元巨头，加仓中国股票

Core Viewpoint - The article discusses the recent investment activities of major emerging market funds, particularly focusing on their increased allocations to Chinese stocks and technology companies, indicating a bullish sentiment towards the Chinese market and its potential for growth [10][12][17]. Group 1: Fund Activities - In July, Invesco's flagship emerging markets fund significantly increased its holdings in JD.com by 1112.11% and in Yili Group by 1404.21% [3][8]. - The fund also raised its stakes in other companies such as Samsung Electronics (277.72%) and AIA (25.97%) while reducing its positions in TSMC (18.7%) and Tencent (22.66%) [7][8]. - Fidelity Emerging Markets Fund increased its investments in PT Bank Central Asia Tbk (11.44%) and Ningde Times (23.41%) among others, while reducing its stake in Tencent Music by 6% [14]. Group 2: Market Trends - Emerging market funds are showing a preference for technology stocks, with significant increases in holdings of companies like Tencent and Samsung [11][12]. - As of the end of July, China accounted for 6.6% of global actively managed public fund portfolios, indicating a shift in investment focus towards the Chinese market [14]. - The article highlights a trend of increasing allocations to Indonesia and Thailand, with China and India being the markets with the largest increases in allocations [14]. Group 3: Future Outlook - Invesco anticipates a "golden age" for Chinese intellectual property (IP), driven by emotional and identity-driven consumption trends among younger generations [17]. - The article emphasizes the importance of capital returns in emerging markets, with companies like Alibaba and Tencent leading the way in dividends and share buybacks [17][18]. - The Chinese government is committed to making the country a global leader in technology, particularly in artificial intelligence, which is expected to attract more global investors [17][18].