【2026全球资本再配置：中国资产从"可选项"变为"必答题"】在全球经济格局深刻变革的背景下，2026 年正被视为全球资本进行战略性再配置的关键一年。近期，包括中金公司、霸菱资产、摩根士丹利、渣 打银行在内的多家中外金融机构密集发声，共同指向一个趋势：随着全球资金寻找新的"安全高地"，中 国资产凭借"估值优势+增长动能"的双重吸引力，已成为国际投资者不可或缺的配置选项。 国家统计局新闻发言人付凌晖日前指出，中国新兴产业发展壮大，引领支撑作用日益增强。数字经济快 速发展，绿色低碳转型持续深入，人工智能赋能产业发展，数字制造、智能制造等行业成长壮大，为经 济发展注入新动能。1至10月份，规模以上数字产业制造业增加值同比增长9.5%，智能设备制造、电子 元器件及设备制造行业增加值分别增长11.1%和12.3%。新能源、新材料、航空航天、低空经济等发展 潜力巨大，量子科技、生物制造、具身智能等前景广阔，未来有望成为新兴支柱产业，有力支撑新动能 发展壮大。 除此之外，中金公司研究部执行负责人、首席策略师缪延亮向记者表示，国际秩序和产业创新的叙事反 转，推动中国资产实现重估。在缪延亮看来，货币秩序重构的本质是美元资产安全 ...

Core Viewpoint - 2026 is seen as a pivotal year for global capital reallocation, with Chinese assets becoming essential for international investors due to their "valuation advantage + growth momentum" [1] Group 1: Investment Trends - Multiple financial institutions predict that 2026 will continue the "revaluation of Chinese assets," with A-shares and RMB assets expected to attract ongoing inflows of domestic and foreign capital [1] - The confidence of foreign institutions in Chinese assets stems from a reassessment of China's economic fundamentals and optimistic outlooks, with several international banks raising their GDP growth forecasts for China in 2026 [2] Group 2: Economic Developments - The rapid development of emerging industries in China, including digital economy and green low-carbon transformation, is injecting new momentum into economic growth, with significant increases in the value added of digital manufacturing and smart equipment sectors [3] - The restructuring of monetary order, characterized by a decline in the safety of dollar assets, alongside the resilience of China's economic fundamentals, is likely to reinforce the logic of currency order reconstruction and promote the revaluation of Chinese assets [3] Group 3: Currency and Asset Valuation - The trend of a "weak dollar and strong RMB" is expected to continue into 2026, with international investors showing increased preference for RMB assets as China's economy stabilizes [4] - Investment opportunities in 2026 are expected to focus on technology growth sectors, particularly in AI, chips, and automation, with Chinese tech stocks being prioritized in global portfolios [4]

以下文章来源于睿知睿见 ，作者睿知睿见 睿知睿见 . 一个好的投资者，其能量一定的积极的，向上的，乐观的！ 别人看着他，就像看着太阳！ 他还能用朴实易懂的语言，传递正确的投资理念！ ↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 睿知睿见 来源：雪球 当我们说中国资产的价值时 ， 有一个问题 。如何评估资产的价值 ？ 真正能衡量人类资产价值的东西尤其只有一个东西 ： 生产力 。 假设一个农民 ， 他的价值何在 ？还不就是生产粮食的能力 。 只有生产力才能改善人类的生活 ！没有生产力 ， 其他一切所谓的资产都是虚空 ！ 难不成没有人生产粮食 ， 你抱着黄金或者比特币能吃饱 ？国与国之间的力量对比 ， 最终都是落到生产力上 。 2025年是一个值得纪念的一年 。 这一年让全球都重新审视了中国的实力 。 之前中国资产被严重低估 ， 未来必将均值回归 ！ 一 、 中国不会 " 失去三十年 " 过去几年 ， 西方国家操纵舆论 ， 所讲的鬼故事包括 ： 资产负债表衰退 ， 日本失去三十年 ， 产能过剩 ， 通缩等等 。 这些鬼故事不但影响 ...

Group 1 - The A500 ETF fund (512050) experienced a decline of 0.60% as of 11:02 on December 10, with a trading volume exceeding 4.5 billion yuan, ranking first among its peers. The fund has seen continuous net inflows over the past six days, with a peak single-day net inflow of 816 million yuan, totaling 2.235 billion yuan [1] - Multiple catalysts such as positive policies, liquidity easing, and economic recovery are expected to lead to a continued revaluation of Chinese assets by 2026. The chief China equity strategist at JPMorgan forecasts that the MSCI China Index will rebound further, with an expected increase of approximately 18% by the end of 2026, while the CSI 300 Index is projected to rise by about 12% [1] - The MSCI Hong Kong Index is anticipated to increase by 18%, supported by capital flows and a recovery in the real estate market sentiment. The earnings growth rate for the three major indices is expected to be between 9% and 15% next year [1] Group 2 - The A500 ETF fund (512050) tracks the CSI A500 Index, employing a dual strategy of "industry balanced allocation + leading company selection," covering industry leaders in the A-share market while balancing value and growth. It focuses on sectors such as AI, pharmaceuticals, and new energy, creating a natural barbell investment structure [2] - The fund boasts three core highlights: a low comprehensive fee rate of 0.2%, ample liquidity with an average daily trading volume exceeding 6 billion yuan over the past week, and a leading scale of over 20 billion yuan, making it an efficient investment choice to capitalize on A-share valuation enhancement opportunities [2]

该行续指，明年影响美股的重要变量包含关税演变、货币政策、劳动市场与期中选举。预期第一季受关 税不确定性、货币政策不如预期、景气下行及就业转弱的影响可能最明显，股市偏震荡下行;第二季开 始反映特朗普为选情考虑而减轻关税，以及经济逐渐走向见底、货币政策趋于明朗而股市回升;并在第 四季选举前后开始有望录得较可观的升幅。 对于亚洲市场，该行对日股明年展望正面，因日本终于摆脱通缩心态，进入通胀环境下的经济正常化， 企业敢加价、家庭愿意消费，有助企业收入和盈利改善，资本效率提升亦推动估值上调和外资进驻。企 业改革也确实见到成效，股本回报率(ROE)、资产回报率(ROA)、市帐率(PBR)、股息支付率皆上升，交 叉持股下降，以及企业持续增加股票回购等。 智通财经APP获悉，凯基发布12月最新市场走势分析，对于中国市场，2026年中国资产重估仍有望延 续，港股将继续受惠。凯基指，香港经济正摆脱困境，金融业率先回暖，出口展现韧性，房市逐步走出 阴霾，旅游业加速复苏;美联储减息趋势不改，利好港股表现;港股估值仍低，恒生指数当前动态PE只有 11.5倍，离历次上升趋势高点仍有较大差距，且随着中概股回归以及A股科技企业纷纷加速在港二 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 尽管昨日（25/12/8）港股市场整体回调，市场情绪偏向谨慎，但综合内外因素，港股科技板块的修复 机遇依然受到关注。 从外部环境看，美联储将于当地时间2025年12月9日至10日举行议息会议。市场普遍认为，面对就业市 场疲软等问题，维持宽松的货币政策基调或仍是重要方向，本次会议进一步降息的可能性较大。此举有 望缓解全球流动性压力，对利率敏感度较高的港股科技类资产或将受益。从内部因素看，南向资金持续 流入、龙头企业盈利改善与板块估值仍处低位区间，或共同构成了对港股科技龙头公司的基本面支撑。 （数据来源：Wind，截至25/12/8） 资金动向显示，资金借道ETF布局港股科技板块的意愿依然较强。伴随近一月以来（25/11/10-25/12/8） 港股科技板块的蓄势调整，A股市场所有跟踪恒生科技指数的ETF合计共获157.13亿元资金净流入，其 中人气产品恒生科技ETF（513130）在此期间的21个交易日中，有16个交易日获资金净流入，累计"吸 金"24.52亿元。在资金持续流入的推动下，产品近一月累计已获32.97亿份净申购，推动最新基金 ...

Group 1 - Positive signals from the funding side are emerging, with nearly 20 billion yuan net inflow into equity ETFs in just four trading days since December 2 [2][4] - The recent reversal in fund flows shows a significant net subscription of 19.5 billion yuan in equity ETFs from December 2 to December 5, indicating renewed investor interest [4][6] - Major contributors to the net inflow include Huatai-PB CSI A500 ETF with 2.451 billion yuan and Huaxia CSI A500 ETF with 1.839 billion yuan, among others [5] Group 2 - The upcoming end of the year is expected to trigger a resonance of incremental funds, with a notable increase in insurance funds entering the A-share market [7] - Historical data suggests that strong performance in equity assets in previous years leads to increased allocations by residents towards equity assets at year-end [7] - The current average return of active equity funds is 27.38% for the year, with over 90% of funds achieving positive returns, further encouraging investment [7] Group 3 - A surge in new fund issuances is observed, with 81 equity funds currently or soon to be launched, indicating a robust market environment [7] - Foreign capital is anticipated to be a significant source of incremental funds, with seasonal characteristics in northbound capital flows suggesting higher inflows from November to January [7] - Long-term market outlook remains optimistic, with a focus on sectors like AI infrastructure, robotics, and innovative pharmaceuticals, which are expected to present structural opportunities [8]

Core Insights - The Hong Kong Stock Exchange (HKEX) is positioned as a key platform for Chinese enterprises to expand internationally, driven by institutional innovation and a unique investor structure [1][3]. Group 1: Market Dynamics - From 2014 to 2024, Hong Kong's IPO fundraising exceeded $300 billion, leading other major stock exchanges globally, reflecting changes in China's economic structure and capital flow [2]. - In the first eleven months of this year, 93 new companies listed on the Hong Kong stock market, raising nearly HKD 260 billion, maintaining the top position in global IPO fundraising [2]. - The Hang Seng Index rose by 34% in the first nine months, significantly outperforming major indices in Europe and the U.S. [2]. Group 2: Sector Performance - The Hang Seng Tech Index, which includes major tech companies like Tencent and Alibaba, increased by 44.7% in the first nine months, while the Hang Seng Biotech Index more than doubled, indicating strong investor interest in high-tech sectors [3]. - Over half of the new stock issuers this year have international business layouts, with funds raised aimed at overseas capacity building and supply chain expansion [3]. Group 3: Institutional Innovations - HKEX has implemented a "report and review" mechanism, eliminating waiting periods for listings, and has optimized approval processes to enhance market accessibility [4]. - The introduction of the "same share, different rights" structure in 2018 has attracted major tech firms back to the market, while the 18A chapter has opened pathways for biotech companies without revenue to list [4][5]. - The 2023 introduction of the 18C chapter further supports "specialized, refined, and innovative" enterprises, providing capital support for long-term R&D investments [5]. Group 4: Investor Structure - The Hong Kong market is predominantly driven by institutional investors, including international long-term funds and sovereign wealth funds, which focus on long-term holdings and in-depth research [6]. - The continuous inflow of southbound capital has created a unique liquidity cycle, combining international and domestic capital [6]. Group 5: A+H Listing Mechanism - The A+H listing mechanism has strengthened the synergy between the Hong Kong and mainland markets, with 14 A+H companies completing listings in the past year, including significant offerings over $1 billion [6]. - The diverse structure of issuers, including high-tech, biotech, and consumer sectors, contributes to the market's robust foundation [6].

作者 | 一财阿驴 12月8日，A股三大指数高开高走，截至收盘，沪指涨0.54%，深成指涨1.39%，创业板指涨2.6%。 2025.12. 08 本文字数：754，阅读时长大约2分钟 机构观点 华泰证券： 12月中下旬"春躁"可能提前启动，均衡配置成长和周期，中期视角下大金融和部分高性 价比消费或仍是中国资产重估的底仓选择。 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 000001 | 上证指数 | { | 3924.08c | 21.27 | 0.54% | | 399001 | 深证成指 | | 13329.99c | 182.31 | 1.39% | | 399006 | 创业板指 | | 3190.27 c | 80.97 | 2.60% | 盘面上，算力硬件概念股多点开花，CPO方向领涨；锂矿、光刻机、超硬材料、消费电子、商业航 天题材活跃。煤炭、油气等资源股走弱。 具体来看，福建本地股全线走强，厦门信达、永辉超市、安记食品等超20股涨停。 | 代码 | 名称 | 涨幅量 | 现价 | | -- ...

Core Viewpoint - The report from Huatai Securities indicates that the "spring excitement" may start earlier in mid to late December, suggesting a balanced allocation between growth and cyclical assets. In the medium term, large financials and certain high-value consumer stocks may still be the foundational choices for the revaluation of Chinese assets [1]. Group 1: Market Environment - The funding environment has improved due to the revival of expectations for interest rate cuts by the Federal Reserve and the effective pricing of domestic fundamentals [1]. - The scale of net outflows from foreign capital has narrowed, and there has been a recovery in ETF issuance and subscriptions [1]. - The adjustment of risk factors in insurance may further open up space for insurance capital to allocate to equity assets [1]. Group 2: Sector Performance - Recent improvements in the TMT (Technology, Media, and Telecommunications) sector and upstream resources have been notable, with significant increases in their performance [1]. - Key areas of focus include the AI supply chain, price increase chains, capital goods, consumer goods, and infrastructure chains [1].