美联储降息槌响前，36亿美元外资抢跑A股

Core Viewpoint - The A-share market is experiencing a strong upward trend, driven by the anticipated interest rate cuts from the Federal Reserve, which is expected to lead to increased foreign investment in Chinese assets [2][3]. Group 1: Foreign Investment Trends - Foreign capital has shown significant interest in Chinese assets, with a net increase of $10.1 billion in domestic stocks and funds in the first half of the year, particularly in May and June, where the net increase reached $18.8 billion [3]. - In August, passive equity funds saw inflows of $3.684 billion into the Chinese market, a substantial increase from $0.313 billion in July, indicating a growing trend of foreign investment [7]. - A Morgan Stanley report indicates that U.S. investors' interest in the Chinese stock market has reached its highest level since 2021, with over 90% of investors expressing a willingness to increase their exposure to the Chinese market [8]. Group 2: Economic and Policy Drivers - China's economic indicators have shown steady recovery, with GDP growth of 5.3% year-on-year in the first half of 2025, providing a strong foundation for foreign investment [5]. - The Chinese government has implemented policies to reduce institutional trading costs for foreign investors, such as the removal of reinvestment registration requirements for foreign-invested enterprises [6]. - The MSCI China Index's 12-month forward P/E ratio stands at 12.1 times, significantly lower than the Nasdaq's 28 times, highlighting the valuation attractiveness of Chinese assets [6]. Group 3: Market Impact and Future Outlook - The influx of long-term foreign capital is expected to enhance market liquidity, improve supply-demand dynamics, and drive stock prices higher [9]. - The investment behavior of foreign long-term funds is likely to shift domestic investors' focus towards long-term value, fundamentals, and dividend capabilities, reducing speculative trading [9]. - The preference of foreign investors for stable, well-governed leading companies may lead to a transition in the A-share market from "liquidity premium" to "profit premium," potentially stabilizing market volatility and enhancing long-term valuation [9].