21世纪经济报道·2025-09-12 00:09Core Viewpoint - The article discusses the recent performance of the U.S. stock market, inflation data, and the implications for investment in Chinese assets, highlighting a potential shift in investor focus towards China due to favorable conditions. Group 1: U.S. Stock Market Performance - On September 11, the three major U.S. stock indices all closed higher, with the Dow Jones up 1.36%, the S&P 500 up 0.85%, and the Nasdaq up 0.72%, all reaching historical highs [1]. - Major tech stocks showed mixed results, with Tesla rising over 6% due to strong demand expectations, while other tech giants like Apple and Google saw modest gains [3][4]. Group 2: U.S. Inflation Data - The U.S. Consumer Price Index (CPI) for August increased by 0.4% month-on-month, with a year-on-year increase of 2.9% before seasonal adjustment. Core CPI, excluding volatile food and energy prices, rose by 0.3% month-on-month and 3.1% year-on-year [3]. - Specific price pressures were noted in various categories, including a 1.6% increase in fruit and vegetable prices and a 1.8% rise in automotive fuel prices, indicating ongoing inflationary pressures [3]. Group 3: Chinese Market Insights - The Nasdaq Golden Dragon China Index rose by 2.89%, with significant gains in Chinese stocks such as Alibaba, which increased by 8%, marking a nearly four-year high [5][7]. - Morgan Stanley reported that U.S. investors' interest in the Chinese market has reached its highest level since 2021, driven by a combination of external and internal factors [9]. - The article highlights that the recent rebound in Chinese assets is supported by a weaker dollar, a shift in Chinese policy towards stabilizing expectations and cash flows, and improved earnings from leading companies [10]. Group 4: Future Outlook for Chinese Assets - Analysts predict that the Nasdaq Golden Dragon China Index may enter a phase of "stepwise upward movement with high volatility," with potential to reach between 8500 and 9000 points, although frequent pullbacks are expected [10]. - The future performance of Chinese assets will depend on fundamental, macroeconomic, and microeconomic factors, including the sustainability of earnings from leading companies and ongoing capital market reforms [11].