今日早盘，"A系列"宽基指数窄幅震荡。截至午间收盘，中证A50指数下跌0.02%，中证A500指数下跌0.04%，中证A100指数下跌0.1%，相关产品交投活 跃，A500ETF易方达（159361）半日成交额超30亿元。 兴业证券称，11月以来，受美储降息预期回落、"AI泡沫"言论影响，全球风险资产跟随美股同步调整，近期A股与港股的波动也随之加剧。但往后看，海外 冲击影响下中国资产已调整出性价比，随着海外风险释放带来的情绪冲击逐步落地、消化，中国资产有望凭借自身独立逻辑迎来修复。 每日经济新闻 ...

张大伟 制图 看力度，截至12月1日，9家外资公募年内发行了39只新基金，募集资金逾500亿元，摩根士丹利、联博 等巨头也密集增资，完成了从"持守"到"加仓"的进击。 望广度，巴克莱银行、瑞银集团持有中国ETF的数量显著攀升，而持有香港9号牌照的内地私募数量也 于近期突破百家大关，足见外资机构对中国资产从"点选"到"扫货"的布局热情。 在外资机构看来，中国不仅是当下具有确定性的增长高地，更是面向未来不可或缺的战略性配置"锚 点"。从深度入局到广度布局，从产品创新到本土深耕，全球资本"潮涌东方"的大幕已然拉开。 Wind数据显示，截至12月1日，今年以来贝莱德基金、富达基金、路博迈基金、摩根资产管理等9家外 资公募管理人合计新发公募产品39只，发行规模达542.66亿元。其中，摩根资产管理和宏利基金新发产 品规模均超100亿元。 入局：外资机构深耕中国市场 面对中国经济结构转型升级与金融市场高水平开放的确定性机遇，全球资本正以前所未有的深度与广度 积极配置中国资产。在这一宏观趋势下，外资机构在华的业务布局，已从初期的市场试探与模式适配， 迈入了以本土化深耕、差异化竞争和长期价值创造为核心的新一轮"精耕期"。 ◎ ...

Core Viewpoint - The A-share market is experiencing volatility influenced by global risk assets and U.S. Federal Reserve interest rate expectations, but there is potential for recovery in Chinese assets due to improved value propositions [1] Market Performance - As of midday close, the CSI A500 index rose by 0.3%, the CSI A100 index increased by 0.1%, while the CSI A50 index fell by 0.1% [1] - The A500 ETF from E Fund (159361) recorded a trading volume of nearly 3 billion yuan, with over 10 million net subscriptions [1] Influencing Factors - Since November, global risk assets have adjusted in line with U.S. stock market trends due to declining expectations for interest rate cuts by the Federal Reserve and discussions surrounding an "AI bubble" [1] - The volatility in A-shares and Hong Kong stocks has intensified as a result of these global influences [1] Future Outlook - Despite the current volatility, Chinese assets are expected to recover as they have adjusted to a more favorable risk-reward profile, with the emotional impact of overseas risks gradually dissipating [1]

Core Viewpoint - The future of China's assets is positioned as a crucial component for global investors to diversify risks and enhance returns, supported by a well-established financial market system [1] Financial Market Development - China has developed a comprehensive and deep financial market system, with both bond and stock markets ranking second globally in terms of scale [1] - The stability of the Renminbi and the diversity of asset types contribute to global investors' ability to achieve diversified asset allocation and risk dispersion [1] Financial Opening and Stability - China's financial opening emphasizes institutional openness, including rules, regulations, management, and standards, which enhances market stability [1] - The stable value of the Renminbi and low volatility in exchange rates are long-term favorable factors for international investors allocating Renminbi-denominated assets [1] Economic Resilience and Asset Quality - The resilience of the Chinese economy and the presence of high-quality assets provide value for risk diversification and stable returns [1]

Core Viewpoint - The consensus among brokerage strategy analysts indicates a rebound in the market, as multiple factors that led to last week's stock index adjustments have improved over the weekend [1] Group 1: Market Sentiment and Economic Indicators - The market's perception of the Federal Reserve's potential interest rate cuts has shifted significantly, with the probability of a rate cut in December rising from 30% to 71%, alleviating global risk aversion [1] - The expectation of liquidity improvement and the ongoing iteration of global AI applications are likely to ease concerns regarding an "AI bubble" [2] - The internal logic supporting the rise of Chinese assets remains strong, driven by enhanced national competitiveness, the release of new economic momentum, clear policy transformation, and stable economic fundamentals [2][3] Group 2: Sector Focus and Investment Opportunities - Analysts suggest focusing on sectors that are expected to outperform in the coming year, particularly those benefiting from high growth forecasts, such as AI, advanced manufacturing, and structural recovery in domestic demand [3] - The approval of 16 technology ETFs, including those focused on AI, is expected to guide capital towards high-quality technology companies in the A-share market, providing a positive regulatory signal [2][3] - The technology sector's recent adjustments are attributed to the influence of U.S. AI leaders and year-end institutional fund strategies, but the overall tech market is expected to continue its upward trajectory post-correction [2][4] Group 3: Long-term Market Outlook - The current market adjustments are viewed as short-term disturbances that do not alter the underlying bull market logic, with expectations of continued capital inflow and improved earnings across sectors [3][4] - The potential for a significant reversal in the fundamentals of the AI industry in the U.S. is considered low, which should provide substantial valuation growth opportunities for comparable companies in China [4] - The overall sentiment indicates that the market is not lacking in liquidity, and the concerns regarding long-tail risks in the Chinese economy are gradually easing [3][4]

Group 1 - The core viewpoint of the articles highlights the strong global demand for Chinese sovereign bonds, evidenced by the record-breaking issuance of €4 billion in Luxembourg, which attracted over 1,000 institutional investors and achieved a subscription multiple of 25 times [1] - The issuance of $4 billion in sovereign bonds two weeks prior also saw a high subscription multiple of nearly 30 times, indicating robust global investment interest in Chinese sovereign debt [1] - The distribution of international investors shows a significant allocation to long-term investors such as central banks and sovereign wealth funds, with over 60% of the bonds allocated to regions outside Asia, reflecting confidence in the safety and sustainability of Chinese assets [1] Group 2 - In 2023, China has significantly expanded its overseas sovereign bond issuance, surpassing the total amount issued in the previous year, supported by a favorable global interest rate environment and increasing financing needs of Chinese enterprises going abroad [1] - The issuance of multi-currency sovereign bonds provides a pricing benchmark for Chinese companies seeking overseas financing, helping to reduce their financing costs and uncertainties [1] - The continuous inflow of foreign capital into Chinese assets is also evident domestically, with a record high of $31 billion in securities investment settlement in October, indicating a positive outlook from foreign institutions on China's stock and currency markets [2]

Group 1 - The Ministry of Finance successfully issued €4 billion in sovereign bonds in Luxembourg, attracting over 1,000 institutional investors with a subscription rate of 25 times, setting a record for China's euro-denominated sovereign bond issuance [1] - Two weeks prior, a $4 billion sovereign bond issuance also saw strong demand with a subscription rate of nearly 30 times, indicating unprecedented global investment demand for Chinese sovereign bonds [1] - The distribution of international investors shows a high proportion of long-term investors such as central banks, sovereign wealth funds, and banks, with over 60% of allocations going to regions outside Asia, reflecting confidence in the safety and sustainability of Chinese assets [1] Group 2 - In 2023, China has significantly increased its overseas sovereign bond issuance, surpassing the total amount issued in the previous year, supported by a favorable global financing environment due to central bank interest rate cuts [2] - The ongoing overseas bond issuance provides a pricing benchmark for Chinese enterprises seeking to finance abroad, helping to reduce their financing costs and uncertainties [1] - The recent data from the State Administration of Foreign Exchange indicates that in October, the scale of securities investment settlement reached a historical high of $31 billion, with a surplus of $5 billion, suggesting a continued inflow of foreign capital into Chinese assets [2]

Group 1 - The Ministry of Finance successfully issued €4 billion in sovereign bonds in Luxembourg, attracting over 1,000 institutional investors with a subscription rate of 25 times, setting a historical record for China's euro-denominated sovereign bond issuance [1] - Two weeks prior, a $4 billion sovereign bond issuance also saw strong market demand with a subscription rate of nearly 30 times, indicating unprecedented global investment demand for Chinese sovereign bonds [1] - The distribution of international investors shows a high proportion of long-term investors such as central banks, sovereign wealth funds, and banks, with over 60% of allocations going to regions outside Asia, reflecting confidence in the safety and sustainability of Chinese assets [1] Group 2 - In 2023, China has significantly expanded its overseas sovereign bond issuance, surpassing the total amount issued in the previous year, supported by a favorable global financing environment due to central bank interest rate cuts [2] - The increasing overseas bond issuance is also driven by the rising financing needs of Chinese enterprises going global, providing a pricing benchmark for their offshore financing and helping to reduce costs and uncertainties [2] - The trend of foreign capital inflow into Chinese assets continues, with October seeing a record high of $31 billion in securities investment settlement, indicating a positive outlook for China's stock and foreign exchange markets [2]

Group 1 - The Ministry of Finance successfully issued €4 billion in sovereign bonds in Luxembourg, attracting over 1,000 institutional investors with a subscription rate of 25 times, setting a record for China's euro-denominated sovereign bond issuance [1] - Two weeks prior, a $4 billion sovereign bond issuance also saw strong market demand with a subscription rate of nearly 30 times, indicating unprecedented global investment demand for Chinese sovereign bonds [1] - The distribution of international investors shows a significant presence of long-term investors such as central banks and sovereign wealth funds, with over 60% of allocations going to regions outside Asia, reflecting confidence in the safety and sustainability of Chinese assets [1] Group 2 - In 2023, China has significantly expanded its overseas sovereign bond issuance, surpassing the total amount issued in the previous year, supported by a favorable global financing environment due to central bank interest rate cuts [1] - The increasing overseas bond issuance is also driven by the rising financing needs of Chinese enterprises expanding internationally, providing a pricing benchmark for their offshore financing and helping to reduce costs and uncertainties [1] - The inflow of foreign capital into Chinese assets is also evident domestically, with the State Administration of Foreign Exchange reporting a record $31 billion in securities investment settlement in October, indicating a positive outlook for China's stock and foreign exchange markets [2]

Group 1 - Federal Reserve Chairman Powell's hawkish stance on interest rates contrasts sharply with China's accommodative monetary policy, leading to significant market reactions [1][3] - In October 2025, Powell indicated a tightening of expectations for a rate cut in December due to persistent inflation pressures and a stable labor market, causing emerging market assets to decline and the dollar index to rise [1][19] - The Federal Reserve's actions throughout 2025, including maintaining the federal funds rate between 4.25% and 4.5% early in the year, reflect a cautious approach to inflation data [5][21] Group 2 - China's central bank continues to implement loose monetary policies, utilizing tools like reserve requirement ratio cuts and repurchase operations to stabilize economic growth [3][19] - In 2025, China reduced its holdings of U.S. Treasury securities by $25.7 billion, bringing its total holdings to $730.7 billion, the lowest since 2008 [5][7] - The overall foreign holdings of U.S. debt reached a record high of $8.9 trillion, driven by other countries compensating for reduced Chinese investments [5][12] Group 3 - Foreign capital flows into emerging markets, particularly Chinese A-shares, have increased significantly, with net inflows exceeding 120 billion yuan in the first three quarters of 2025 [8][10] - Major financial institutions like Goldman Sachs and Morgan Stanley have shifted their outlooks, citing undervaluation of Chinese assets and supportive policies as reasons for increased investment [10][19] - The influx of foreign capital into A-shares is primarily focused on technology and consumer sectors, with notable investments in companies like CATL and BYD [10][17] Group 4 - The dynamics of U.S. Treasury selling by Japan, the UK, and China in early 2025 were influenced by rising U.S. fiscal deficits and debt ceiling issues, with a combined sell-off of $81 billion [12][21] - Powell's hawkish comments have led to increased volatility in the U.S. bond market, with the 10-year Treasury yield rising from 4% to over 4.5%, impacting emerging market currencies [13][19] - China's strategy includes increasing gold reserves and reducing reliance on the dollar, with gold production reaching 271.78 tons in the first nine months of 2025 [15][23]