Core Insights - A significant number of QDII funds have reduced their holdings in US stocks while increasing their allocation to Chinese assets, indicating a shift in investment strategy among global investors [1][2][3] QDII Fund Adjustments - QDII funds such as GF Global Select and GF Global Technology have notably decreased their US stock allocations, with GF Global Select reducing its US stock position from 70.25% to 60.98% and increasing its Hong Kong stock position from 1.43% to 11.36% [2] - GF Global Technology's US stock allocation fell from 52.93% to 46.4%, while its Hong Kong stock allocation rose from 5.17% to 9.41% [2] - E Fund Global Growth Select also significantly cut its US stock allocation from 48.26% to 12.05%, while increasing its Hong Kong stock allocation from 11.82% to 38.37% [2] Market Performance - From April 3 to April 21, all 14 major global stock indices experienced declines, with the US indices suffering the largest drops, exceeding 9% [4] - In contrast, the Shanghai Composite Index saw a smaller decline of 1.75%, indicating stronger performance relative to US markets [4][5] Investment Sentiment - There is a growing divergence in investment sentiment, with most foreign capital favoring Chinese assets while reducing exposure to US assets [6][7] - The current global trade environment's uncertainty has led to a cautious approach towards risk assets, with long-term overseas funds maintaining their positions in Chinese assets [6][7]

国际新闻： 1. 关税-①据悉与特朗普将与零售公司会面讨论关税影响 ②消息人士：原定4月23日的泰国-美国贸易谈 判将不再举行 ③万斯会见莫迪，印度寻求特朗普关税减免 ④印度对部分钢铁产品征收12%的关税，为 期200天 ⑤美国拟对从柬埔寨、泰国、马来西亚、越南四国进口的太阳能产品加征新关税 ⑥美国贸易代 表办公室：与印度为互惠贸易谈判敲定了路线图。 12. 隔夜行情-现货黄金日内拉升逾100美元，历史高点至3430，原油结算价跌2.5%、美元跌超1%，一度 跌破98关口、美股三大股指均跌超2%、美债30Y、10Y均涨约9BP。 金十数据整理：昨日今晨重要新闻汇总（4月22日） 国内新闻： 9. 上交所召开私募机构座谈会，与会机构认为，当前中国资产估值处于相对较低水平，将坚定持有中国 优质资产。 1. 中共中央、国务院印发《关于实施自由贸易试验区提升战略的意见》。 2. 央行等部门：探索上海黄金交易所特定品种交割国际化，设置境外交收库。 3. 4月共118款国产网游、9款进口网游获批。 4. 京东与美团外卖大战升级，先后发文抨击对方。 5. 国务院国资委：推动央企强化资金统筹，确保及时付款。 6. 中保协：当 ...

与会机构表示，关税短期冲击不改中国资本市场长期向好趋势，充足的宏观政策调节工具、广阔的内需市场、引领 产业发展的新兴科技和具备韧性的供应链体系为资本市场平稳向好提供重要经济基本面支撑。新"国九条""科创板八 条""并购六条"等落地实施，上市公司积极分红回购，持续加大股东回报，中国股市长期投资价值持续提升。 4月21日，上交所召开私募机构专题座谈会，与10余家头部私募机构代表深入交流，充分听取意见建议。 与会机构认为，当前中国资产估值处于相对较低水平，随着国内经济结构优化、政策利好和关税冲击下全球资金再 平衡，中国资产具备显著的估值修复和提升潜力。 近期，美国通过关税政策构筑贸易壁垒，引发全球风险资产剧烈波动。我国稳市政策密集出台，中央汇金等中国 版"平准基金"在关键时刻加大稳市力度，各市场主体纷纷响应自发回购增持，合力推动股市企稳回升。 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体法律 责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 点击关键字可查看 潜望系列深度报道丨 股事会专栏 丨 投资小红书 丨 e公司调 ...

关税风暴席卷全球资本市场，A股韧性尽显。"黑天鹅"事件更像是试金石，凸显出中国资产的投资价 值。A股稳健的背后，不仅仅是政策和市场的合力，还有向好数据的支撑。 4月14日，上证综指收涨0.76%，沪深两市逾百股涨停。自4月8日以来，沪指已经实现五连涨。在一场 全球资本市场风暴中特立独行，中国资产看似出乎意料，实则是在情理之中。 数据是最好的证明，也是中国资产坚挺的底气所在。最新披露的数据显示，据海关统计，今年一季度， 我国货物贸易进出口10.3万亿元，增长1.3%。出口方面，一季度，我国出口规模突破6万亿元，实现 6.9%的较快增长，在压力下展现强劲韧性。进口方面，一季度，国内工业生产较快增长，带动零部件 和设备进口增加。 而在4月13日，中国人民银行最新发布金融数据，超预期的新增信贷社融规模显示出企业、居民等资金 需求端出现更多积极变化，经济向新向好的态势更加明显。 回归到资本市场层面，据Wind数据统计，截至4月11日，已有逾160家A股上市公司披露2025年一季度业 绩预告，其中整体预喜（包括预增、略增、扭亏）比例逾九成。 "黑天鹅"事件初露头角之时，政策组合拳既精准又高效，第一时间把市场的恐慌情绪降到 ...

智通财经4月9日电，在全球资本市场震荡加剧的当下，公私募机构坚定看好中国资产。4月8日晚，博时 基金、鹏扬基金等公募基金公司公告称，基于对中国资本市场长期健康稳定发展的信心，将于近日运用 固有资金投资各自旗下权益类基金。多家知名私募机构也以行动表达对于后市的看好。4月8日上午，进 化论资产CEO、首席投资官王一平在社交平台发文称自己组合已满仓。在公私募机构人士看来，尽管全 球基本面风险增加，但国内逆周期政策已有储备，后续投资更重要的逻辑在于"以内为主"，科技、医 药、消费等板块值得重点关注。 看准低吸机会 公私募果断出手自购加仓 ...

Group 1 - Ukraine reported the return of 909 fallen soldiers' bodies from Russia, highlighting a rare area of cooperation between Moscow and Kyiv since February 2022 [1] - The Ukrainian Captured Personnel Treatment Coordination Headquarters expressed gratitude to the International Committee of the Red Cross for their assistance in this process [1] - Russian media cited officials stating that Russia received 43 bodies of its soldiers in the same exchange [2]

Group 1: Market Overview - China assets are entering a favorable period, with both global and domestic allocation forces reaching a turning point [3] - Foreign capital is expected to return and focus on undervalued core assets, indicating that the value discovery of low-valued blue-chip stocks may just be beginning [3] - In a low-interest-rate environment, the allocation of financial assets may shift from fixed income to equity, as the worst phase of corporate earnings may have passed [4] Group 2: Sector Insights - The Hong Kong stock market remains more cost-effective compared to A-shares, with potential shifts towards high dividend and public utility stocks due to low government bond yields [5] - The military industry is showing signs of order recovery, with significant orders from listed companies, suggesting a sustainable recovery in the sector [8] - The robotics sector is still in its early development stage, and a rational investment approach of "buying on dips" is recommended [9] Group 3: Macro and Fixed Income - The central bank is unlikely to loosen monetary policy in the short term, as the financial data shows improvements but remains uncertain [13] - Convertible bonds are expected to face supply-demand challenges, and opportunities for investment in equity-like convertible bonds are recommended [14] - Bond yields are anticipated to decline in the second quarter as the economy recovers moderately, with a focus on domestic bond markets [15] Group 4: Asset Allocation - A "barbell strategy" focusing on dividends as a defensive measure and technology as a growth driver is suggested, with the low volatility dividend index showing a yield of 7.42% [17]