【导读】2025年上海证券交易所国际投资者大会举行，全球投资者对中国市场的长期配置价值愈发看好 中国基金报记者 储是 投资与深耕中国市场，已成为全球投资者的共识。 11月12日至13日，2025年上海证券交易所国际投资者大会在上海举行。中国证监会副主席李明在会上表示，中国资本市场对外开放的大门只会越来越大。 证监会将坚持市场化、法治化、国际化方向，稳步扩大资本市场高水平制度型开放，为国际投资者打造良好的投资环境。 来自欧美、亚太及中东等地区知名投资机构的嘉宾普遍认为，随着中国政策环境持续优化和技术创新加速推进等，全球投资者对中国市场的长期配置价值 愈发看好。 淡马锡：作为长期投资者，将持续关注中国符合投资趋势的机会 淡马锡中国区主席吴亦兵在主题演讲中表示，过去二十年，中国经济以惊人的速度完成了从高速增长到高质量发展。 淡马锡近年来持续深耕数字化、智能化、新能源科技、生命科学、生物科技等领域，这些领域代表着中国经济未来的发展方向。 与此同时，淡马锡在华投资策略也日益多元化，涵盖公开市场投资、私募股权、特殊交易机会基金和战略合作伙伴关系。从资本市场企业成长和产业协同 等多个维度，淡马锡深入参与中国经济的长期发展。 ...

Core Insights - The Shanghai Stock Exchange International Investor Conference was held on November 12, highlighting investment strategies and opportunities in the Chinese market [3]. Group 1: Investment Strategies - Yin Tao Group has invested over $17 billion in China since the mid-1990s, emphasizing a long-term investment approach [3]. - The group has outlined three main investment strategies: 1. "Investing in China for China," focusing on domestic enterprises such as healthcare and industrial companies 2. Introducing high-quality overseas companies to expand their business in China 3. Supporting Chinese companies in cross-border development, particularly linking Europe and global markets through Hong Kong [3]. Group 2: Market Opportunities - The dynamic development of the Chinese market is highly attractive to investors, with significant gaps in asset allocation in venture capital and private equity [3]. - There is a broad potential investment space in the Chinese market, with many investors showing interest in seizing the existing asset allocation gaps as opportunities [3].

谈及中国的投资并购市场，吴亦兵表示，随着经济进入高质量发展的阶段，中国的产业格局正在从 高速扩张转向提质增效，相对分散的行业通过并购实现集中度的提升，成熟企业通过并购实现结构的优 化和能力升级。 展望未来，吴亦兵表示，淡马锡将继续投入长期资本、耐心资本和价值资本，构建富有韧性和前瞻 性的在华投资组合。 吴亦兵表示，作为长期投资者，淡马锡关注到，近年来外部环境日趋复杂，地缘政治格局持续变 化，但中国经济展现出了强大的韧性，这得益于财政和货币政策的积极协调，从稳增长到促创新政策层 面正在形成更系统的组合。中国正以更加平衡可持续的方式来追求增长，以创新驱动未来。在短期的波 动中，政策的确定性和产业的升级方向都在为中长期投资提供坚实的基础。越来越多的国际投资者感受 到中国经济迸发的活力，在积极关注中国市场的投资机会。 11月12日，淡马锡中国区主席吴亦兵在上交所国际投资者大会上称，过去20年，中国经济以惊人的 速度完成了从高速增长到高质量发展的跨越，中国已成为淡马锡国际投资板块中最重要的市场之一，淡 马锡的投资方向始终与中国经济的发展命脉相契合。 ...

11月12日，上海证券交易所国际投资者大会开幕。殷拓集团执行委员会成员、亚洲董事长庄佳诚在会上作主题发言。 庄佳诚表示，殷拓集团与中国渊源深厚，集团秉持长期投资思维，自上世纪90年代中期起在华投资累计超170亿美元。 21世纪经济报道 记者易妍君 见习记者刘夏菲 针对中国市场，殷拓制定三大投资战略：一是"在中国为中国"，殷拓积极投资服务国内市场的中国企业，比如医保、工业类企 业；二是引入海外优质企业，助力其拓展中国业务；三是支持中国企业跨境发展，尤其是通过香港链接欧洲及全球市场。 庄佳诚指出，中国市场发展动态对投资者极具吸引力。当前中国市场在风投、PE等方面仍存在资产配置缺口，潜在投资空间广 阔，许多投资方对中国市场很感兴趣。对于投资者来说，目前尚存在的资产配置缺口是需要抓住的机会。 ...

Core Insights - Recent data indicates a significant increase in international capital confidence towards the Chinese market, as evidenced by the presence of new foreign investors in A-share companies [1] - The return of foreign capital is seen as a logical outcome of valuation recovery, industrial upgrades, and global asset rebalancing, suggesting a long-term growth potential for A-shares and Hong Kong stocks [1] Group 1: New Foreign Investors - Traut Consulting has emerged as a new top shareholder in Yara International (000893), holding 8.5285 million shares, representing 1.05% of the circulating shares [2] - The Brunei Investment Agency has also entered the top ten shareholders of China International Capital Corporation (601995) with 10.3183 million shares, valued at approximately 381 million yuan [2] Group 2: Returning Foreign Players - Korea Bank has reappeared in the top ten shareholders of Hezhong Intelligent (603011) after more than a year, holding 1.8213 million shares valued at 35.7885 million yuan [3] - Quantitative trading firm Jane Street has returned to the top ten shareholders of A-share companies after more than two years, indicating a renewed interest in the market [3] Group 3: Increased Foreign Interest - HSBC reported a significant increase in foreign investors' exposure to the Chinese A-share market, marking the third consecutive month of net growth in foreign investment [4] - In August, foreign investors allocated nearly $45 billion to emerging market stocks and bonds, with a substantial portion directed towards the Chinese market, contrasting with capital outflows from other emerging markets [5] Group 4: Positive Market Outlook - Goldman Sachs anticipates a sustained upward trend in the Chinese stock market, projecting a 30% increase in major indices by the end of 2027 [5] - JPMorgan is optimistic about the performance of the CSI 300 index over the next year, highlighting that leading companies in healthcare, finance, and entertainment sectors are currently valued reasonably compared to their historical medians [5]

Group 1 - The A-share market is under pressure, with the MSCI China A50 Connect Index experiencing a decline of approximately 1.65%, while leading stocks such as Luzhou Laojiao, China Merchants Shekou, and Shanxi Fenjiu are performing well [1] - Morgan Stanley's Chief Equity Strategist for China indicates that many meetings are focused on discussing individual stock views in the Chinese market, suggesting a positive signal as more investors are looking to include Chinese stocks in their portfolios, which may lead to increased trading activity and capital inflows in the future [1] - The A50 ETF (159601) closely tracks the MSCI China A50 Connect Index, providing a packaged investment in 50 leading stocks, and is favored by both domestic and foreign investors due to its balanced coverage of core leading assets in the A-share market [1]

Core Viewpoint - The Nasdaq China Golden Dragon Index rose over 2%, indicating a strong performance of popular Chinese concept stocks, with significant gains from companies like Zai Lab (ZLAB.US) and GDS Holdings (GDS.US) [1] Group 1: Market Performance - Major Chinese concept stocks saw substantial increases, with Zai Lab (ZLAB.US) up over 12%, GDS Holdings (GDS.US) up over 8%, and Alibaba (BABA.US) rising over 4% [1] - The Shanghai Composite Index also experienced a notable increase of 1.65% on the same day [1] Group 2: Investor Sentiment - Morgan Stanley reported that U.S. investor interest in Chinese stocks is at its highest level in five years, with over 90% of investors expressing willingness to increase exposure to the Chinese market [1] - This resurgence in interest is seen as the beginning of a trend of U.S. investors returning to the Chinese market [1] Group 3: Reasons for Increased Interest - Factors contributing to the renewed interest from U.S. investors include China's leadership in specific industries, efforts to boost the stock market and stabilize the economy, improved liquidity conditions, and a rising demand for diversified investments [1] Group 4: Foreign Investment Trends - The International Institute of Finance (IIF) reported that in August, foreign investors allocated nearly $45 billion to emerging market stocks and bonds, marking the highest inflow in nearly a year [1] - A significant portion of this investment, totaling $39 billion, was directed towards Chinese bonds and stocks [1]

Core Viewpoint - Morgan Stanley reports that American investors' interest in the Chinese stock market has reached its highest level since 2021, with over 90% of investors willing to increase their allocation to the Chinese market [2][4]. Group 1: Reasons for Increased Interest - Four main reasons drive the return of American funds to China: 1. China's leading position in global technology, particularly in humanoid robots, automation, biotechnology, and drug development [4]. 2. Positive policy signals from the Chinese government aimed at stabilizing the economy and supporting the capital market [4]. 3. Improved liquidity conditions in the Chinese market, which supports a longer-lasting market rally [5]. 4. Increased demand for diversified asset allocation among global investors, prompting a shift from a concentrated U.S. portfolio to include Chinese assets [5]. Group 2: Areas of Focus for American Investors - American investors are particularly interested in sectors such as artificial intelligence, semiconductors, humanoid robots, automation, and new consumption [6]. - The preferred methods for participating in the Chinese market include A-share ETFs and index futures, especially for those lacking resources for individual stock research [6]. Group 3: Current Status of Fund Flows - Despite the heightened interest, the process of American funds returning to the Chinese market is just beginning, with only slight increases in allocations observed in certain funds [8]. - The report indicates that global and emerging market investors are primarily engaging with the Chinese market, suggesting potential for further increases in allocations [8]. Group 4: Recommendations for Investors - Morgan Stanley suggests investors pay attention to: 1. Inflation data and the real estate market, noting that it may take 10 to 12 months to digest excess inventory in the primary housing market [9]. 2. Policy direction, emphasizing the need for continued focus on stabilizing prices and promoting economic rebalancing [10]. 3. The availability of hedging tools, which are crucial for macro and quantitative funds to increase their participation in the A-share market [9]. 4. The openness of the capital market, with investors seeking more opportunities to participate in A-share IPOs [10]. 5. Geopolitical factors, particularly U.S.-China relations, which remain a significant influence on market volatility [10].

Core Viewpoint - The article discusses the resurgence of USD funds in 2025, highlighting a significant fundraising round exceeding $2 billion, which is seen as a potential turning point for USD investments in China after a prolonged period of stagnation [5][6][14]. Fundraising Dynamics - Several institutions, including Lightspeed Venture Partners and Black Ant Capital, are reportedly raising new USD funds, with a total target exceeding $2 billion, marking the largest USD fund return in recent years [6][14]. - The primary market views this fundraising positively, interpreting it as a sign of global capital reassessing the Chinese market [7][14]. - The fundraising process is described as low-key, with key details such as closing times and LP composition remaining undisclosed [9]. Investment Trends - Despite caution in sectors like semiconductors and AI, areas such as AI+, robotics, and pharmaceuticals are emerging as key investment directions for this fundraising round [11]. - International investors are increasingly interested in China's advancements in hard technology, with a consensus that the pharmaceutical sector has become attractive due to valuation adjustments [11][12]. - There is a shift in the expectations of US LPs, who are now looking for Chinese GP to establish funds focused on pipeline acquisitions rather than traditional equity financing [11][12]. Market Context - The overall fundraising situation for USD funds remains challenging, with a reported 32% decrease in China's private equity market fundraising, totaling over 1,066.5 billion yuan [14]. - The actions of leading USD fund institutions are viewed as a potential precursor to a broader recovery in the market [14][15]. Structural Changes - The article outlines a structural transformation in USD funds, moving from a focus on internet-based investments to deeper engagement in non-sensitive sectors and innovative opportunities [18]. - The shift in investment strategy is reflected in the language used by fund managers, moving away from terms like "burning money" to concepts like "patent licensing" and "cross-cultural networks" [18]. Historical Perspective - The peak expansion period for USD funds in China was from 2000 to 2015, driven by regulatory arbitrage and significant returns from investments in major tech companies [17]. - The decline from 2015 to 2023 was attributed to the rise of RMB funds and external market pressures, leading to a drastic drop in USD fundraising from $17.2 billion in 2021 to $1.3 billion in 2024 [17]. Future Outlook - While the current fundraising activities are seen as a trial, the long-term outlook for USD funds in China is cautiously optimistic, with expectations of increased influence and scale in the coming years [16][18].

"全球家族办公室对中国的投资兴趣正在升温。除了家族办公室外，据我们观察，之前处于低配状态的 一些机构资金，今年也在通过QFII等渠道回到中国市场。今年市场对于中国相关的投资是特别有兴趣 的。"瑞银财富管理中国区主管吕子杰在日前的媒体分享会上表示。"新兴市场中，未来12个月全球家族 办公室的首选是中国和印度，特别是亚太地区，有39%的家族办公室在未来12个月都计划增加对中国内 地的投资。"瑞银财富管理投资总监办公室多元资产高级策略师李萌介绍。(上海证券报) ...