Core Insights - The passing of Chen Dongzheng, former chairman of the Shenzhen Stock Exchange, marks a significant loss for China's capital market, where he made substantial contributions and is highly respected [1][2] Group 1: Career and Contributions - Chen Dongzheng had a long career closely tied to the development of China's capital market, working in the State Council for ten years before joining the China Securities Regulatory Commission as vice chairman in 1997 [1] - He served as the chairman of the Shenzhen Stock Exchange from October 2001 for 14 years, during which he faced numerous challenges but achieved remarkable success [1] - Under his leadership, the Shenzhen Stock Exchange launched the SME Board in 2004, providing crucial financing channels for small and medium-sized enterprises, marking a key turning point for the exchange [1] - Chen also played a vital role in the preparation and development of the Growth Enterprise Market, establishing a solid foundation for its eventual launch [1] Group 2: Legacy and Impact - Even after retiring in September 2014, Chen continued to engage with the capital market, offering insights and advice on industry developments [2] - His death is viewed as a major loss for the capital market, with his professional spirit, innovative ideas, and dedication to market development being remembered by participants [2] - The reforms he championed during his tenure have had a lasting impact on the evolution of China's capital market, providing valuable experience and a solid foundation for future improvements [2]

Group 1 - The company, Bosera Fund, expresses confidence in the long-term healthy and stable development of the Chinese capital market [1] - Bosera Fund plans to invest 10 million yuan each in its equity funds, specifically the Bosera Zhuorui Growth Stock Securities Investment Fund Class A and the Bosera Excellent Selection Mixed Securities Investment Fund Class A [1]

Core Viewpoint - International investors are increasingly focused on Chinese assets, as evidenced by multiple foreign institutions hosting "China-themed" forums and raising GDP growth forecasts for China by 2025 [1][2]. Group 1: Economic Growth Predictions - Foreign institutions have recently raised their GDP growth forecasts for China in 2025 due to a decrease in external disturbances and increased internal growth policies [1]. - Morgan Stanley's chief economist for China, Qiang Xing, has raised GDP growth predictions for 2025 and 2026, anticipating a fiscal package worth 500 billion to 1 trillion yuan to support infrastructure [2]. - Nomura's chief economist for China, Ting Lu, also revised the GDP growth forecast for 2025, citing stronger-than-expected retail data supported by the "trade-in" policy [2]. Group 2: Capital Market Outlook - There is an expectation of long-term capital returning to the Chinese stock market, with UBS's head of China equity strategy, Zonghao Wang, indicating that foreign capital inflow will be a key trading logic in the coming quarters [3]. - Goldman Sachs has raised its 12-month target for the MSCI China Index and the CSI 300 Index to 84 points and 4600 points, respectively, indicating potential upside of 11% and 17% [3]. - Morgan Stanley has also adjusted its target indices for major Chinese stock indices, forecasting 78 points for the MSCI China Index and 4000 points for the CSI 300 Index by June 2026 [3]. Group 3: Earnings Performance - The MSCI China Index showed strong performance last year, with actual EPS growth reaching 16%, surpassing the initial expectation of 14%, particularly in the internet and healthcare sectors [4]. - The market's consensus EPS growth expectation for the MSCI China Index this year is 8%, with leading internet companies continuing to perform well [4]. - Predictions for the MSCI China Index's baseline and optimistic scenarios for this year are set at 80 points and 89 points, respectively, while the CSI 300 Index is forecasted at 4150 points and 4420 points [4].

Group 1 - Recent foreign investment enthusiasm for RMB assets has increased significantly [6][7] - In April, foreign investors net increased their holdings of domestic bonds by 10.9 billion USD, indicating a strong willingness to invest [7] - By late April, foreign investment in domestic stocks turned into net buying, reflecting growing confidence in the Chinese market [7] Group 2 - The China Securities Regulatory Commission reported that foreign investors hold approximately 3 trillion CNY in A-share market, highlighting their importance [7] - As China's economy continues to develop, the capital market is expected to provide more opportunities for foreign investors to share in China's growth [7] - Joohee An from Future Asset Global Investment noted that foreign institutions are gradually increasing their asset allocation to China, anticipating limited downside risks in corporate earnings [7] Group 3 - Morgan Stanley's managing director highlighted that foreign investors, particularly long-term capital, have shown patience and enthusiasm, with net inflows since Q4 2024 [9] - Over 80% of investors at Morgan Stanley's recent conference indicated a likelihood of increasing their exposure to Chinese stocks [9] - The current valuation of the CSI 300 index is around 12 times earnings, making the Chinese market's valuation attractive [9] Group 4 - A survey by Bank of America revealed that more investors are seeking opportunities in China, with only 16% looking elsewhere, down from 26% the previous month [9] - 10% of investors have fully invested in China, indicating a strong commitment to the market [9]

2025年5月19日—20日，由深圳证券交易所主办的2025全球投资者大会在深圳举行。 5月19日，中国证监会副主席李明在大会开幕式上致辞时表示，随着中国经济高质量发展成效的进一步彰显、 改革开放活力的进一步释放，中国资本市场必将成为更多外资投资兴业的重要平台，为全球投资者共享中国发 展红利提供更多机遇。 "投资中国意味着更高的确定性。"李明表示，这种确定性来自于稳健的经济基本面、来自于稳定的政策预期。 数据显示，今年一季度中国GDP同比增长5.4%，取得"开门红"，展现出强大的韧性。这背后，中国具有完整的 产业体系、齐备的基础设施、超大的市场规模、不断积聚的发展动能、长治久安的社会环境，在世界经济增长 放缓的背景下，中国坚持扩大内需与扩大开放并重，加快构建新发展格局，一直是全球GDP增长的主要贡献 者。 从资本市场自身看，去年以来新"国九条"和"1+N"政策体系逐步落地，监管执法和投资者保护力度不断加强， 中长期资金入市、公募基金改革等关键举措深入推进，市场生态正加快完善，随着资本市场投融资综合改革持 续深化，中国资本市场的内在稳定性将进一步增强。 二是上市公司更加注重回报投资者。2024年，A股上市公司共 ...

Core Viewpoint - The current market capitalization held by various foreign investors in A-shares is stable at around 3 trillion yuan, highlighting their significant role in the A-share market [1] Group 1 - The China Securities Regulatory Commission (CSRC) Vice Chairman Li Ming stated that foreign investors hold a stable market value of approximately 3 trillion yuan in A-shares [1] - The presence of foreign investors is considered an important factor in the A-share market [1] - The expectation is that as China's economy continues to develop in a high-quality manner and the vitality of reform and opening-up is further released, the Chinese capital market will become a more attractive platform for foreign investment [1] Group 2 - The statement emphasizes the belief that global investors will have more opportunities to share in the benefits of China's development [1]

消息面上，中美经贸中方牵头人、国务院副总理何立峰出席新闻发布会表示 中美达成重要共识 会谈取 得实质性进展重磅消息一出，市场集体沸腾。 5月12日，富时中国A50指数期货早盘直线拉升0.95%，离岸人民币兑美元汇率单日升值逾200点，随后 震荡调整。 A股三大指数早盘集体上涨，截至午间收盘，上证指数涨0.37%，深证成指涨1.06%，创业板指涨 1.72%；北证50涨2.27%。沪深两市成交额约8432.02亿元，较前一个交易日放量约552.1亿元。 亚太市场在5月12日上午开盘后，全线上涨。其中，韩国股指高开高走，现涨超0.7%。日本股指上涨 0.45%，澳大利亚指数上涨超0.3%。5月12日早间，富时中国A50指数期货直线拉升，一度涨0.95%。 5月12日上午，在岸、离岸人民币对美元汇率双双转涨，日内均一度涨超200个基点。截至12日11时，在 岸人民币对美元报7.2297，日内涨164个基点；离岸人民币对美元报7.2273，日内涨129个基点。 A50期货同步跳涨，黄金等避险资产则应声下跌。东方证券表示，贸易问题短期缓和，黄金冲高回落。 金价波动加剧，关税问题仍然是市场交易核心所在。关税问题边际上存在 ...

【导读】摩根基金：以不低于5400万元自购新发权益基金，其中3000万元将认购摩根中证A500增强策略ETF 见习记者纪瑶 作为首家自购的外资公募，摩根基金以自购行动彰显了对中国资本市场长期潜力的信心。 摩根基金自购5400万元 其中3000万元将认购中证A500增强策略ETF 今日，摩根基金发布公告，基于对中国资本市场高质量发展和公司投资管理能力的信心，将于近期运用固有资金不低于5400万元人民币投资 旗下新发权益类公募基金。并承诺至少持有1年，以自购行动彰显对中国资本市场长期潜力的信心。 其中，3000万元用于自购摩根中证A500增强策略ETF，与投资者共赴ETF进阶之路。 该基金目前正在募集中，募集期为4月21日至4月30日，将于今日结束募集。 指数增强策略ETF作为国内ETF应用的进阶，有望成为ETF行业增长的新方向。摩根基金致力于将海外丰富的ETF管理及运营经验赋能本 土，为中国投资者提供多元化、差异化的ETF投资解决方案。 摩根：A股及港股在同期相对其他市场 已展现出更强的韧性 近日，摩根资产管理发布了2025二季度环球市场纵览（中国版），为投资者解析市场大势。 A股方面，摩根资产管理指出，尽管A ...

华泰证券首席执行官周易表示，华泰证券坚定看好中国经济迸发的成长潜力和中国资本市场发展前景。 短期波动不改长期趋势，中国科技企业的创新精神、中国产业供应链的强大韧性及中国内需市场的广阔 空间是资本市场平稳向好的最大底气和重要支撑。作为长期主义坚定的实践者，华泰证券始终坚定支持 实体经济，陪伴战略新兴产业蓬勃发展，充分发挥耐心资本、长期资本作用，为中国资本市场高质量发 展贡献力量。（记者 林坚） ...

中信证券党委书记、董事长张佑君表示，中信证券对中国经济发展充满信心，坚定看好中国资本市场的 发展前景。面对当前不确定因素有所增加的市场环境，一定要坚定信心、保持定力。党中央高度重视资 本市场改革发展，资本市场一系列综合改革不断深化，一揽子有针对性的增量政策持续发力，有力提振 了国内外投资者对A股市场信心。中信证券将积极践行责任，与市场各方携手共进，通过多种方式加大 中长期资金投入力度，努力提升上市公司投资价值，为资本市场的稳定发展贡献力量。(人民财讯) ...