Market Overview - Chinese concept stocks showed strong performance, with the Nasdaq Golden Dragon China Index rising over 3% [2][4] - Major US stock indices opened higher but displayed mixed results, with the Dow Jones up 0.08%, Nasdaq up 0.01%, and S&P 500 down 0.02% [1][2] Emerging Market Sentiment - HSBC's latest "Emerging Market Investment Intentions Survey" indicates growing optimism among global institutional investors regarding emerging markets, particularly in Asia [4] - Over 61% of surveyed investors believe emerging market stocks will outperform developed markets, an increase from 49% in June [4] - More than half of the respondents expressed the most confidence in the mainland Chinese stock market, significantly up from about one-third in June [4] Chinese Stock Performance - On September 24, A-shares and Hong Kong stocks performed strongly, with the Shanghai Composite Index rising 0.83%, Shenzhen Component Index up 1.8%, and ChiNext Index up 2.28% [4] - The Hang Seng Index increased by 1.37%, while the Hang Seng Tech Index rose by 2.53% [4] Notable Chinese Stocks - Yipeng Energy surged over 15%, while Daqo New Energy, Niu Technologies, Alibaba, and GDS Holdings all rose over 9% [5][6] - Alibaba's Hong Kong shares also increased by over 9%, following a partnership announcement with NVIDIA in the Physical AI sector [6] US Tech Stocks - Among the "Big Seven" tech stocks, Tesla rose over 3% after UBS raised its Q3 delivery forecast from 431,000 to 475,000, a 10% increase [7] - Tesla's stock has seen a month-to-date increase of over 30% [7] - Lithium Americas experienced a significant surge of over 80%, with reports suggesting the US government is seeking to acquire up to 10% of the company [8]

Core Viewpoint - Global institutional investors are increasingly optimistic about the growth prospects of emerging markets, particularly in Asia, as indicated by HSBC's latest "Emerging Market Investment Intentions Survey" [1] Group 1: Investor Sentiment - Over 60% of surveyed institutional investors believe that emerging market stocks will outperform developed markets, an increase from 49% in June [3] - The proportion of investors holding a bullish view on emerging markets has risen from 44% in June to 62%, while bearish sentiment has halved to 7% [3] - More than half of the respondents are optimistic about the prospects of the Chinese stock market, significantly up from about one-third in June [3][4] Group 2: Market Risks and Catalysts - 28% of respondents view "tariffs and trade tensions" as the biggest downside risk for emerging markets, followed by concerns about potential recessions in major economies [5] - 33% of respondents believe that "capital flowing out of the U.S. and being reallocated" is the main catalyst for positive emerging market performance, while 19% cite the recent rebound of the Chinese stock market as a positive factor [5] Group 3: Sustainable Development - The growth momentum of the Chinese economy is seen as a crucial factor influencing the overall direction of emerging markets [6] - 81% of respondents are considering incorporating sustainable development factors into their investment strategies, indicating a long-term trend towards ESG risk management and innovation [6] - The survey collected insights from 100 investors across 100 institutions, managing a total of $423 billion in emerging market assets [6]

Core Viewpoint - Chinese concept stocks have shown strong performance, with the Nasdaq Golden Dragon China Index rising over 3% [3]. Market Performance - On September 24, U.S. stock indices opened higher but showed mixed results, with the Dow Jones up 0.08%, Nasdaq up 0.01%, and S&P 500 down 0.02% [2]. - In the Asian trading session, A-shares and Hong Kong stocks also performed strongly, with the Shanghai Composite Index rising 0.83%, Shenzhen Component Index up 1.8%, ChiNext Index up 2.28%, and the STAR 50 Index up 3.49% [5]. Institutional Investor Sentiment - HSBC's latest "Emerging Markets Investment Intentions Survey" indicates that global institutional investors are increasingly optimistic about emerging markets, particularly in Asia, with over 60% believing emerging market stocks will outperform developed markets, up from 49% in June [5]. - More than half of the surveyed investors expressed the most confidence in the mainland Chinese stock market, significantly higher than about one-third in June, reflecting confidence in China's economic stimulus policies and positive developments in U.S.-China trade relations [5]. Chinese Concept Stocks Performance - Specific Chinese concept stocks saw significant gains, with Yipeng Energy rising over 15%, Daqo New Energy, Niu Technologies, Alibaba, and GDS Holdings rising over 9%, and JD.com and others rising over 7% [6][7]. - Alibaba's Hong Kong stock also rose over 9%, following a major announcement of collaboration with NVIDIA in the Physical AI field during the 2025 Hangzhou Yunqi Conference [7]. Notable Movements in Other Stocks - Among U.S. tech giants, Tesla rose over 3% after UBS raised its Q3 delivery forecast from 431,000 to 475,000 units, marking a 10% increase [8]. - Lithium Americas surged over 80%, with reports indicating the U.S. government is seeking to acquire up to 10% of the company [9].

Core Insights - Global institutional investors are increasingly optimistic about the growth prospects of emerging markets, particularly in Asia, with China's stock market being the top choice for investment [1][2] Group 1: Investor Sentiment - Over 60% of surveyed investors (61%) believe that emerging market stocks will outperform developed markets, an increase from 49% in June [1] - The proportion of investors holding a bullish view on emerging markets for the next three months rose from 44% in June to 62% [1] Group 2: Regional Focus - Most respondents expect economic activity in developing countries to accelerate over the next 12 months, with Asia identified as the region with the fastest net growth [1] - More than half of the respondents view the prospects of the Chinese mainland stock market positively, significantly up from about one-third in June [1] Group 3: Survey Details - The "Emerging Market Investment Intent Survey" was conducted between August 4 and September 15, gathering insights from 100 investors across 100 institutions, managing a total of $423 billion in emerging market assets [2]

Group 1 - The core viewpoint of the article highlights the increasing optimism among global institutional investors regarding the growth prospects of emerging markets, particularly in Asia, with China's stock market being the preferred investment choice [1] - Over 60% of surveyed investors (61%) believe that emerging market stocks will outperform developed markets, an increase from 49% in June [1] - The proportion of investors holding a bullish view on emerging markets has risen from 44% in June to 62%, while bearish sentiment has halved to 7% [1] Group 2 - A majority of respondents expect economic activity in developing countries to accelerate over the next 12 months, with Asia identified as the region with the fastest net growth acceleration [1] - More than half of the respondents expressed optimism about the mainland Chinese stock market, significantly up from about one-third in June [1] - The survey indicates that market confidence in China's economic stimulus policies and positive developments in US-China trade relations are driving this optimism [1] Group 3 - Regarding market risks, 28% of respondents view "tariffs and trade tensions" as the biggest downside risk for emerging markets, followed by the potential for recession in major economies, particularly the US [2] - On the positive side, 33% of respondents believe that "capital flowing out of the US and being redistributed" is the main catalyst for the positive outlook on emerging markets [2] - The survey also emphasizes the importance of incorporating sustainable development factors into investment decisions, with 81% of respondents considering integrating these factors into their investment strategies, indicating a long-term trend [2]

Group 1 - The core driver of market growth is a loose financial environment, supported by expectations of Federal Reserve rate cuts and fiscal stimulus providing ample buyback funds for companies [1] - The Swedish central bank is expected to maintain its policy rate at 2.0%, indicating that the current rate cut cycle may have ended due to persistent inflation and alleviated economic concerns [1] - Goldman Sachs analysts noted that the weak performance of the Korean won is partly due to domestic retail investors withdrawing funds from the stock market and reduced foreign exchange hedging by the National Pension Service [1] Group 2 - Monex Europe suggests that if the Federal Reserve implements faster and larger rate cuts, the USD/CAD exchange rate may decline in the medium term, driven by risk sentiment and U.S. data in the short term [2] - The Swiss National Bank is taking a cautious approach to negative interest rates, with expectations of a strong Swiss franc supported by progress in U.S.-Swiss trade negotiations [2] - Julius Baer indicates that the Bank of Japan's gradual exit from ETF and REIT holdings will have minimal long-term impact on the stock market due to the small proportion of holdings [2] Group 3 - Historical data shows that emerging market bonds have averaged returns of 6%-8% following Federal Reserve rate cuts, with a current overweight in emerging market assets by JPMorgan Asset Management [3] - The actions of the Federal Reserve have reinforced expectations of a weaker dollar and lower interest rates, benefiting both emerging market equities and bonds [3] - There is a clear demand for non-dollar assets, with investors showing unprecedented interest in emerging market local currency bonds since 2012, indicating a need for diversified allocations [3]

Group 1 - The Federal Reserve has lowered the federal funds rate by 25 basis points, marking the first rate cut since 2025, with indications of two more cuts within the year according to the latest dot plot [1] - Morgan Stanley suggests investors can capitalize on the Fed's new round of policy easing through various strategies, including buying call options on emerging market ETFs, gold ETFs, and mining sector ETFs [1] - Concerns over high equity financing costs at year-end provide opportunities for investors to sell S&P 500 futures or swap contracts while buying baskets of stocks or ETFs in the spot market for potential gains [1] Group 2 - Morgan Stanley notes that structured products show higher spot trading compared to peak vega levels, with most risks still linked to the Russell 2000 index [2] - The firm continues to recommend a long position in a 1-year RTX 60% upside variance portfolio while shorting a 1-year SPX variance portfolio to profit from high convexity [2] - The Chicago Board Options Exchange plans to launch "Magnificent 10" index futures and options in Q4, aimed at meeting investor demand for hedging or speculating on concentrated market performance, particularly in the tech sector [2]

Group 1 - The Federal Reserve is expected to initiate a new round of interest rate cuts, which may lead to a reallocation of international funds, particularly towards emerging markets like China [1] - The Chinese stock market has shown an upward trend, with various indices reaching new highs for the year [1] - Kirsty Desson, head of global small-cap stock investment at Aberdeen Investment, believes that the weak dollar cycle will benefit RMB assets, highlighting potential global investment targets in sectors like biotechnology, consumer applications, and AI in healthcare [1] Group 2 - Since 2025, small-cap stocks have outperformed large-cap stocks, with the Russell 2000 index rising 4.83% in the past month, compared to the S&P 500's 2.1% increase [2] - The MSCI global small-cap index has seen a cumulative increase of 3.67% over the past month and over 11% in three months [2] - Small-cap stocks represent about 15% of the global market capitalization but account for approximately 70% of the total number of listed companies globally [2] Group 3 - The large number of small-cap stocks across various industries provides abundant opportunities for global investors, but selecting quality stocks remains a challenge [3] - The investment philosophy focuses on three key aspects: quality, growth, and momentum [3] - High-quality small-cap stocks can be assessed based on competitive advantages, management capabilities, and financial stability [3] Group 4 - Small-cap stocks are generally more sensitive to interest rate changes, with historical data indicating that they tend to outperform large-cap stocks during the early stages of a rate-cutting cycle [4] Group 5 - There has been a continuous increase in net inflows into emerging market equity funds this year, with a significant rise in funds allocated to Chinese stocks [5] - The A-share market has shown a strong upward trend, with high trading volumes and record inflows from foreign investors [5] Group 6 - The current scale of the Chinese market is relatively small, and many foreign investors are still unfamiliar with it [6] - The shift in global investment patterns from dollar-dominated assets to emerging markets, particularly China, is expected to continue [6] - The "Shanghai-Hong Kong Stock Connect" and "Shenzhen-Hong Kong Stock Connect" have provided effective platforms for foreign investors, enhancing their understanding of the Asian market [6] Group 7 - External factors such as the weakening dollar and geopolitical tensions are prompting investors to reassess their asset allocation strategies [7] - Internal factors like policy adjustments, liquidity improvements, and stronger economic fundamentals are expected to support the Chinese market [7] - The valuation of the A-share market remains attractive, with the CSI 300 index's price-to-earnings ratio around 14 times, still below its five-year average [7] Group 8 - The Chinese capital market is witnessing a revaluation in sectors such as biotechnology, consumer applications, and AI in healthcare [7] - The focus on domestic demand and self-sufficiency is becoming increasingly clear, with innovative Chinese companies, including promising small-cap firms, emerging in the capital market [7] Group 9 - There is an expectation for further favorable policies that will provide more signals regarding growth priorities and consumer orientation, which will bolster market confidence and predictability of corporate earnings [8]

Core Viewpoint - Deutsche Bank is intensifying its focus on the Asia-Pacific and emerging markets, particularly in China, by appointing Dr. Jacky Tang as the Chief Investment Officer for Emerging Markets [2][4]. Group 1: Leadership Appointment - Dr. Jacky Tang has over 25 years of experience and will be based in Hong Kong, overseeing the strategic development of Deutsche Bank's discretionary portfolio management business in emerging markets [2][3]. - He will report directly to Christian Nolting, the Global Chief Investment Officer, and Maria Haindl, the Global Head of Banking, Lending & Investment Solutions [3]. Group 2: Strategic Expansion in Asia-Pacific - The appointment aligns with Deutsche Bank's strategy to strengthen its presence in the Asia-Pacific region and enhance its operations in China [4]. - Since early 2025, Deutsche Bank's investment banking division has added 46 new professionals in the Asia-Pacific region [4]. - Deutsche Bank has appointed Michael Wang, former Executive General Manager of CICC's Investment Banking Division, as the head of consumer sector client business in Greater China [4]. Group 3: Performance in Capital Markets - In the first half of 2025, Deutsche Bank ranked second in the Asia-Pacific region for consumer sector M&A transactions and fifth overall in M&A rankings [4]. - Deutsche Bank participated in 5 out of 8 U.S. IPOs of Chinese companies from 2023 to the first quarter of 2025, holding the top market share [4]. - In the second quarter of 2025, Deutsche Bank successfully priced 7 equity capital market transactions, raising over $2 billion for corporate issuers [4]. Group 4: Market Outlook - Deutsche Bank's report from February 2025 predicts that China will surpass other countries, with expectations that the "valuation discount" for Chinese stocks will disappear, leading to a bull market in A-shares and Hong Kong stocks [5]. - The bank maintains an optimistic outlook on the Chinese stock market and plans to raise its expectations for the coming months [5].

智通财经APP获悉，瑞银最新报告指出，在全球经济放缓、美联储政策转向、美元走弱的大背景下，新 兴市场正迎来战术性配置窗口，尤其是中国股市，将领跑本轮反弹。 瑞银预计，美联储将在2024年底前降息100个基点，远超目前市场定价的68个基点。这一宽松预期将推 动美元走弱，从而为新兴市场资产提供支撑。历史数据显示，美元每贬值1%，新兴市场股市平均上涨 3%。此外，美国实际收益率的下降、新兴市场自身货币政策的宽松，以及相对美股的估值折扣，均为 新兴市场资产提供了战术性机会。 在固收策略方面，瑞银强调，中国与其他新兴市场国家的增长与通胀周期正在脱钩。中国出口强劲、财 政整固力度大，使其在全球利率下行周期中表现相对独立。这也解释了为何欧洲、日本等发达市场的30 年期国债收益率大跌，对新兴市场市场影响有限，墨西哥和泰国的30年期国债收益率年内反而下跌超过 125个基点。 不过，瑞银也提醒，美元进一步走弱可能需以美国经济衰退预期升温为代价，这可能对当前流行的新兴 市场套利交易构成挑战。尤其是中国信贷增长、新兴市场出口表现和整体风险偏好已被提前兑现，市场 的上行空间可能受限。 瑞银预计，新兴市场整体通胀将继续回落，支持各国央行 ...