Group 1: Market Overview - The Asia-Pacific stock market experienced a significant rally on May 2, with the Hong Kong Hang Seng Index rising by 1.22% and the Hang Seng Tech Index surging by 3%, marking the largest single-day gain in nearly three months [1] - Chinese concept stocks saw explosive growth in after-hours trading, with the three-times leveraged FTSE China 50 ETF (YINN) soaring nearly 7%, and major companies like XPeng, Li Auto, and Alibaba all rising over 4% [1][2] - The insurance sector also saw strong performance, with major players like China Life and New China Life leading the gains, driven by high dividend yields and favorable policy developments [3][4] Group 2: XPeng Motors Performance - XPeng Motors reported a record monthly delivery of 35,045 vehicles in April, a staggering year-on-year increase of 273% and a month-on-month rise of 6% [2] - The success of XPeng's models, particularly the MONA M03 and P7+, has significantly contributed to its market position, with the MONA M03 achieving over 100,000 deliveries in just eight months [2] - XPeng's growth is attributed to its competitive pricing and advanced technology, positioning it favorably against rivals like Tesla [2] Group 3: Insurance Sector Dynamics - The insurance sector's rally is characterized by a dual focus on high dividends and policy benefits, with companies like China Life offering a dividend yield of 6.2%, which is significantly higher than the 10-year government bond yield [3] - Recent regulatory guidance has encouraged insurance companies to increase their equity investments, suggesting a potential influx of capital into the stock market [3][4] - The insurance industry is viewed as a safe haven for foreign capital, especially in light of geopolitical risks and the need for stable growth assets [4] Group 4: Gold Sector Decline - In contrast to the stock market rally, gold stocks experienced a sharp decline, with companies like Tongguan Gold and Shandong Gold dropping over 4% due to fluctuations in international gold prices [5][6] - The recent volatility in gold prices, influenced by U.S. economic data and geopolitical developments, has led to a reassessment of gold as a safe-haven asset [6] - Funds are shifting from gold to riskier assets, as evidenced by the overall positive performance of the Asia-Pacific stock markets [6] Group 5: Foreign Investment Trends - The influx of foreign capital into Chinese assets is gaining momentum, with significant net inflows into the Chinese stock market reported [7][8] - Major international banks have upgraded their ratings for Chinese stocks, citing improved government policies and corporate earnings as key factors [7][8] - The current valuation of Chinese stocks is seen as attractive compared to global counterparts, with the Hang Seng Index trading at a price-to-earnings ratio of only 9 times [8]

日本4月25日当周外资净买进日本债券 600亿日元，前值 10007亿日元。 ...

日本至4月25日当周外资买进日股 2783亿日元，前值7056亿日元。 ...

潘森宏观的Claus Vistesen在报告中写道，关税的不确定性将限制法国经济的任何重大反弹。法国截至3 月的三个月里经济增长了0.1%，扭转了去年年底的收缩，但几乎没有显示出强劲势头的迹象。根据潘 森宏观的估计，由于国内需求疲软，加上美国贸易关税造成了破坏性的不确定性，法国经济将在第二季 度保持这种蹒跚的增长速度，然后在今年剩余时间里陷入停滞。然而，关税政策的变化可能会改变这种 前景。 国外 1. 高盛：大幅下调美国一季度GDP增速至-0.8% 高盛最新研报表示，美国3月份商品贸易逆差扩大幅度超过预期。三月份货物进出口双双增长。贸易逆 差扩大的主要原因是消费品进口增加，这可能反映了在关税上调之前进口的"抢跑"。先行经济指标报告 的细节显示，与我们之前的GDP追踪假设相比，进口增长明显强劲，但出口增长温和走强，库存积累速 度加快。总体而言，我们将美国第一季度GDP跟踪预测下调了0.6个百分点至-0.8%（季度环比年化）。 美国GDP数据将于30日晚间公布。 2. 大摩：关税政策的不确定性，叠加美联储独立性受到质疑，或导致外资削减对美投资 摩根士丹利报告指出，美国政府关税政策的不确定性，尤其是多次政策反复，叠 ...

Core Viewpoint - Deutsche Bank's latest report highlights concerning trends in U.S. capital flows, indicating that foreign investors are "refusing to buy" U.S. assets despite a recent market recovery [1] Group 1: Capital Flow Trends - The report notes a significant sell-off in ETFs, with investors consistently selling stocks and bonds [1] - Data from EPFR corroborates Deutsche Bank's findings, showing a sudden halt in buying of U.S. equities and an intensified sell-off of U.S. Treasuries [1] Group 2: Investment Strategy Recommendations - Michael Hartnett, Chief Investment Strategist at Bank of America, advises investors to sell during rebounds in U.S. stocks and the dollar until uncertainty is resolved [1] - Bank of America's report indicates that the dollar is in a long-term depreciation trend, and the outflow from U.S. assets is expected to continue [1]

"长不大"的规模 2020年4月，合资证券、基金和期货公司的外资投资比例限制正式放开，外资公募队伍也随之持续扩大。2020年9月，首家外资公募——贝莱德基金成立，随 后，富达基金、路博迈基金、联博基金、施罗德基金、安联基金也如"雨后春笋"纷至沓来。加上近年来由合资转向外商独资的摩根基金、摩根士丹利基金和 宏利基金，截至当前，共有9家外资公募。 在公募一季报披露完毕后，外资公募的最新管理规模也随之揭晓，当前仅有4家机构非货基管理规模超百亿元，还有5家的最新规模出现环比下滑的情况，其 中有4家环比减少超20%。同花顺iFinD数据显示，截至一季度末，路博迈基金、贝莱德基金、富达基金、联博基金的最新非货基规模分别为120.57亿元、 56.01亿元、51.96亿元、1.14亿元，环比分别减少26.52%、48.07%、23.89%、28.75%。其中，贝莱德基金的非货基规模环比下滑情况最明显。 与此同时，也有部分机构的规模环比增长。例如，截至一季度末，施罗德基金、安联基金的规模分别为63.75亿元、7.48亿元，环比增长均超300%。此外， 摩根士丹利基金、宏利基金的最新规模环比也分别增长2.07%、15.36%， ...

南方财经全媒体记者 陈思琦 深圳报道 4月29日，深圳南山区正式启用综合性国际服务平台"全球服务中心Go Global"。 "全球服务中心将是中巴两国企业开展交流合作、建立良好伙伴关系的有效渠道。"巴西出口投资促进局 亚太办公室总经理Victor Queiroz表示，其对深圳尤其南山区的经济、科技快速发展印象深刻，巴西出口 投资促进局有意入驻全球服务中心并设立联络点，发挥巴西在清洁能源、农产品、科技创新等领域优 势，将更多巴西企业带到中国。 据2025年南山区政府工作报告，去年该区落地33个重点外资项目，实际利用外资超190亿元。今年，南 山区将持续完善吸引和利用外资工作机制，切实保障外资企业在要素获取、资质许可、标准制定等方面 的国民待遇，鼓励外资企业利润再投资，新落地更多龙头外资项目。 基于众多企业的出海需求，全球服务中心Go Global应运而生。在中企出海方面，可提供咨询服务的有 前海国际事务研究院、邓白氏集团（Dun&Bradstreet）等；金融服务商有中金公司、中信保诚、中信保 等；园区服务有深投控、招商蛇口等；财税服务有毕马威、德勤等；人才服务有CGL集团、外企德科 等。 同时，全球服务中心将 ...

ETF进化论 爆量抢筹！外资果然动手了 原创 阅读全文 ...

摩根士丹利：关税政策的不确定性，叠加美联储独立性受到质疑，或导致外资削减对美投资 金十数据4月29日讯，摩根士丹利报告指出，美国政府关税政策的不确定性，尤其是多次政策反复，叠 加美联储独立性受到质疑，使得重仓美国资产的外国投资者产生顾虑。这样的顾虑一旦形成便很难消 除，这可能导致外资削减对美投资，并转向非美资产——尤其是在配置新资金时。同时其对美国资产敞 口的货币对冲比率可能上升，这两者都可能会继续拖累美元。 ...