Institutional Movements - Global capital is increasingly focusing on the Chinese market, with long-term funds accelerating their investments [1][6] - Recently, Deutsche Bank's pension fund allocated $50 million to Franklin Templeton Investments (Hong Kong) for Chinese equity assets [1] - Barclays Bank has been actively increasing its holdings in domestic ETFs, indicating a strong interest in Chinese assets [2] Foreign Capital Involvement - Foreign institutions are not only entrusting investments but also directly purchasing assets, as seen with Barclays Bank being the largest holder of several ETFs [2] - Barclays holds significant amounts in various ETFs, including $8.5 million in the Huatai-PineBridge Hang Seng Innovation ETF and $5 million in the Huatai-PineBridge Hang Seng Consumer ETF [2] Foreign Institutions Establishing Presence - Several foreign private equity firms have registered as private fund managers in China, reflecting a commitment to the market [3][4] - Hans (Shanghai) Private Fund Management Co., Ltd. and True Light Capital, a subsidiary of Temasek, are among the firms that have recently registered [3][4] Attraction of Chinese Assets - The increasing interest from foreign long-term funds and the establishment of private equity firms indicate a positive outlook on Chinese assets [6] - Industry experts suggest that investors are reallocating funds from markets like the U.S. to Asia and China, driven by China's technological advancements and market openness [6] - There is a notable valuation gap between U.S. and Chinese tech stocks, with the latter becoming more attractive for investment [6]

Core Viewpoint - The article highlights a significant rebound in Chinese assets, driven by improved market sentiment and expectations of high dividend payouts from Chinese companies, which are projected to reach a historical high of 3 trillion yuan by the end of 2025 [2][9][10]. Market Performance - On July 8, U.S. stock indices showed mixed results, while Chinese assets surged, with the Nasdaq China Golden Dragon Index rising over 2% at one point [1][4]. - The two-times leveraged ETF for Chinese internet stocks increased by 5%, and the three-times leveraged FTSE China ETF rose by 2.87% [4]. - Notable performances included Huami Technology, which surged over 107%, and other Chinese stocks like Lake Biotech and Mushroom Street, which rose by over 40% and 24%, respectively [4]. Market Sentiment and Analysis - Analysts noted that concerns over tariff risks have been postponed, leading to an increase in market risk appetite and a stock market rebound [2][5]. - Goldman Sachs projected that by the end of 2025, Chinese onshore and offshore listed companies will distribute a total of 3 trillion yuan in dividends, marking a historical high [9][10]. - The report indicated that the current low-interest environment would attract more investors to Chinese companies, potentially increasing their valuations [10][13]. Dividend and Buyback Insights - Goldman Sachs emphasized that if Chinese companies' dividend rates reach the average levels of Asia and Europe, A-share valuations could rise by 15% to 25% over the next decade [14]. - The report also stated that if companies allocate 10% of their total cash expenditures to dividends or buybacks, it could enhance their valuations by 14% on average [13]. Policy Impact - The article references the "New National Nine Articles" policy aimed at enhancing cash dividend regulations for listed companies, which is expected to drive higher cash returns for shareholders [12].

Group 1 - Global capital is increasingly focusing on Chinese assets, with a recent investment mandate of $50 million from German pension fund KZVK to Franklin Templeton's Hong Kong subsidiary for Chinese stocks [1] - The investment strategy of overseas institutional investors has seen limited new allocations, primarily focusing on contract renewals, although some institutions from the UK, Spain, and Italy are preparing for investment tenders [2] - Barclays Bank has emerged as a significant investor in innovative drug ETFs, holding 20 million yuan in one ETF and 85 million yuan in another, indicating a strong interest in the Chinese market [2] Group 2 - Goldman Sachs forecasts that by the end of 2025, Chinese listed companies will distribute a total of 3 trillion yuan in dividends, reaching a historical high, which is expected to attract more investors [3] - Morgan Stanley reports a net inflow of foreign long positions in Chinese stocks in June, ending a streak of outflows in April and May, signaling renewed interest in the market [3] - The chief investment strategist at Standard Chartered highlights the growing enthusiasm for Chinese tech assets, suggesting that this trend may extend to broader sectors due to stable policies and economic recovery [3]

中国 资产正在受到全球资本的关注。据了解，日前，富国基金香港子公司富国资产管理（香港）有限 公司拿到德国养老金KZVK的投资委托，金额为5000万美元，用于投资中国股票，包括在中国香港、中 国内地以及在美国上市的中概股。 (上证报) ...

高毅、景林、高瓴积极加仓中国资产！ 上半年，在关税政策等因素冲击下，美股经历巨幅波动。在此背景下，随着国内险资设立私募入市等利 好的发布，高毅、景林、高瓴等顶级私募机构看好市场积极加仓中国资产。据 5 月上旬美国证监会公布 的海外机构美股持仓数据显示，上述三大私募在一季度均以实际行动看好中国资产，整体加仓中概股， 减仓美股科技股等。 例如，高毅海外基金持有 22 只美股，持股市值达 7.65 亿美元。具体操作方面，高毅海外基金一季度新 进和增持了 6 只中概股，其中加仓华住集团 131.91 万股，最新持股数量为 541 万股，还大举增持 159 万股 Boss 直聘股票，使其跃升至第五大持仓。此外，高毅海外基金一季度大幅减仓谷歌、META、微 软等美股科技股，至此其重仓股多为中概股，且加仓动作明显，凸显对中国资产的信心。其中拼多多获 增持幅度最大，一季度大幅增持 383.23 万股，持股数量环比增长 140.36%，持有市值高达 7.77 亿美 元，该公司一季度涨幅为 22.02%。 2025 年以来，A 股市场先抑后扬，市场风险偏好有所提升。随着险资设立私募入市等利好的发布，高 毅、景林、高瓴等顶级私募机 ...

Group 1 - As of April 22, 73 listed companies have included Qualified Foreign Institutional Investors (QFII) in their top ten circulating shareholders, indicating increased foreign interest in Chinese assets [1] - QFII has been actively increasing their holdings in A-shares, with 20 foreign institutions appearing in the top ten shareholders of disclosed companies, including major players like Abu Dhabi Investment Authority and Morgan Stanley [1] - Foreign institutions are launching new products to express confidence in Chinese assets, such as the recent launch of the Lianbo Zhiyuan Mixed Securities Investment Fund by Lianbo Fund [1] Group 2 - The resilience of the Chinese stock market is supported by policy backing and low valuations, with many foreign institutions expressing optimism about its long-term prospects [2] - HSBC and Nomura have highlighted the potential for significant upside in Chinese indices, predicting 12% and 15% increases for MSCI China and CSI 300 indices respectively [3] - The overseas investor ownership in Chinese stocks remains relatively low, suggesting a higher likelihood of positive surprises in the Chinese economy and corporate earnings [3] Group 3 - Continuous policy incentives are driving foreign institutions to be bullish on Chinese assets, with expectations for higher levels of openness to attract foreign investment [3] - Recent policy proposals aim to optimize cross-border investment channels, including the deepening of Qualified Foreign Limited Partner (QFLP) trials and attracting foreign insurance companies and sovereign funds [3][4] - There is a push to enhance the convenience of cross-border investments, encouraging foreign equity investments and the introduction of more cross-border ETF products [4]

Group 1 - The core viewpoint is that China's assets are increasingly attractive to foreign investors due to the resilience demonstrated in the macroeconomic environment amid global market volatility [1] - In the first half of the year, major global capital markets experienced significant fluctuations, but Chinese assets showed strong resilience, with the three major Hong Kong stock indices ranking among the top ten in terms of cumulative gains [1] - Foreign institutions' mid-term outlook for 2025 indicates that resilience is expected to remain the key characteristic of China's macroeconomy in the second half of the year [1] Group 2 - Consumer and export performance has exceeded expectations, contributing to a favorable macroeconomic environment [1] - The increasing attractiveness of Chinese assets is anticipated as the macroeconomic conditions improve [1]

本报记者 吴晓璐 受关注 今年以来，中国资产吸引了全球投资者的目光。截至7月2日，年内A股共有883家公司接待外资调研，其中，电子、医药生 物、机械设备行业公司较多，分别有142家、114家和104家。其中，深圳市汇川技术股份有限公司成为今年以来外资关注度最 高的上市公司，年内共迎来67轮调研，合计接待了485家次外资机构。深圳迈瑞生物医疗电子股份有限公司、澜起科技股份有 限公司分别获299家次、173家次外资调研。 中国经济较强的韧性，持续吸引外资关注，这从外资机构对A股上市公司的调研情况中可见一斑。据Wind资讯数据统计， 截至7月2日，今年以来，643家外资机构调研A股公司4835家次，其中，全球头部对冲基金Point72 Asset Management、高盛 （亚洲）证券有限公司调研均超百次。 电子、医药生物、机械设备行业是外资关注度较高的行业。从关注问题来看，今年以来，AI应用、人形机器人布局、创新 药研发、分红和并购计划等成为外资关注的热点话题。 电子、医药生物等领域 多方面因素叠加 中国资产吸引力提升 近日，多家国际投行上调中国经济增长预期。花旗将中国2025年GDP增长预期从4.7%上调至5 ...

南方财经记者 施诗、李依农 天津、上海报道 在全球不确定性上升的背景下，中国经济在2025年上半年保持着稳中向好的发展态势，展现出不错的韧 性与动能。 瑞银全球金融市场部中国主管房东明在接受南方财经记者采访时表示，得益于去年底以来政策的有力转 向与持续发力，中国经济在第一季度延续强劲增长势头，二季度虽有分化迹象，但高频数据依然显示出 消费、投资与出口的稳健表现。 0:00 房东明还指出，中国资产从去年四季度开始已重新受到全球投资者关注，当前A股和港股估值仍处于折 价区间，不管从基本面还是全球配置的角度看，都具备"回到历史平均水平，甚至出现溢价"的可能性。 在他看来，随着政策持续发力和市场信心修复，中国资本市场有望成为国际资金多元配置下的重要增量 市场。 期待更多消费和需求领域政策出台 全球财经连线：我们现在处于年中阶段，是否可以请你回顾一下上半年中国经济的情况？ 房东明：中国经济第一季度数据还是很亮眼的。这也是在去年第四季度，特别是九月份，政策转型和刺 激的大背景下，整个经济的动能还是非常强劲。 到第二季度就有一定的分化，特别是关税带来的一些不确定因素。但我们看到比较高频的数据，五月份 总体仍相对较有韧性。不 ...

Core Viewpoint - The letter emphasizes the importance of identifying and holding onto the best businesses in a city, focusing on certainty and long-term value rather than chasing trends [2][4]. Summary by Sections Market Overview - The first half of 2025 is characterized by significant volatility and structural opportunities, with new consumption and innovative pharmaceuticals being highlighted as key investment areas [3]. - The development of AI is recognized as a major technological revolution, showing strong fundamentals and increasing revenue potential [3]. Investment Strategy - The strategy involves concentrating on a few high-quality businesses and undervalued assets, with free cash flow serving as the basis for returns [4]. - Historical data suggests that chasing popular assets often leads to negative returns in subsequent years [4]. Key Investment Directions 1. Social entertainment platforms evolving towards AI agents [5]. 2. Companies with strong pricing power in advanced chip design [6]. 3. Enterprises with scarce metal and copper resources amid a weakening dollar trend [7]. 4. Leading AI models and public cloud services in the AI era [8]. 5. Brands focused on sports and outdoor lifestyles, showing improved supply chain and brand management capabilities [8]. Market Sentiment - The Hong Kong market has become a leading venue for IPO financing, indicating a shift in international capital's perception of Chinese assets [9]. - The transition from a unipolar to a multipolar world is expected to provide additional rewards for investment portfolios [9].