大摩吹响“买中国”号角：外资对中国资产兴趣创2021年新高，资金流入一触即发！

Core Viewpoint - Morgan Stanley indicates that over 90% of investors expressed willingness to increase their investment exposure to the Chinese market during a recent 1.5-week marketing roadshow in the U.S., suggesting a significant influx of capital is anticipated as U.S. investors begin reallocating funds [1][2][6]. Investment Themes - Investors are advised to focus on A-shares, particularly in sectors such as biopharmaceuticals, artificial intelligence/semiconductors, humanoid robotics, and new consumption [1][3]. Drivers of Increased Interest - Four key drivers have been identified for the surge in investor interest: 1. Technological Leadership: U.S. investors recognize China's global dominance in humanoid robotics and biopharmaceuticals, making participation in the Chinese market essential [4]. 2. Improving Policy Environment: Gradual measures by Chinese policymakers to stabilize the economy and support the stock market have bolstered investor confidence, suggesting that the worst may be over [4]. 3. Improved Liquidity Conditions: The liquidity situation in the Chinese market is significantly improving, which supports a longer-lasting stock market rebound and provides better entry and exit mechanisms for investors [7]. 4. Rising Diversification Needs: There is an increasing demand among U.S. investors for diversified investments, as their asset allocation has been overly concentrated in the U.S. market, presenting new opportunities in the Chinese stock market [7]. Market Preferences - Historically, U.S. investors primarily focused on ADRs due to time zone limitations, but there is a shift towards greater attention on themes and sectors in the Hong Kong and A-share markets, including biopharmaceuticals, AI/semiconductors, humanoid robotics, and new consumption [8]. - The preferred trading sequence for U.S. investors remains ADRs, followed by Hong Kong stocks and A-shares, indicating a gradual shift in focus [8]. - Despite the heightened interest, the reallocation of funds by U.S. investors to China is still in its early stages, with many needing time to conduct due diligence on individual stocks, especially in humanoid robotics/automation and new consumption themes [8].