瑞银投资银行近日发布报告称，今年三季度，外国机构投资者进一步增持中国股票。全球前40大投资机 构的中国股票持仓升至1.1%，为2023年一季度以来的最高水平。 宏利投资管理全球首席投资官浦科令："十五五"规划对高质量发展、可持续增长的关注，将给许多海外 投资专家进入中国市场带来信心。国际投资者将对"十五五"规划带来的投资机会感到兴奋。 （文章来源：央视新闻） 摩根资产管理环球主席白博文：对摩根大通而言，中国是我们的关键战略重点。在中国，我们拥有最大 的外商独资公募基金公司，管理着超过2600亿元人民币的资产。一些全球投资者怀疑自己是否错过了投 资中国的机会，在我看来这个问题问错了，中国的故事是一个长期的故事。 谈及中国的"十五五"规划，外资机构高管表示，相信中国一定能够达成规划目标，从而带来企业盈利能 力的提升和股票投资的良好回报。 在上海证券交易所国际投资者大会上，记者也能明显感觉到外资机构高管对投资中国展现出浓厚的兴 趣。 ...

1. Report Industry Investment Rating - The report recommends going long on IF and IH, staying neutral on IC and IM in the stock index futures of the macro and financial sector [1]. 2. Core Viewpoints of the Report - Goldman Sachs predicts that Chinese stocks will have a more sustained upward trend, with the MSCI China Index expected to rise by about 30% by the end of 2027, driven by 12% trend - like earnings growth and 5% - 10% re - evaluation potential [1][2]. - The low bond yields and the discounted valuation of Chinese stocks compared to global stocks, along with the expected loosening of Fed policy and potential decline in China's domestic real interest rates, make Chinese stocks' valuations attractive [1]. - Chinese capital may be undergoing a structural shift towards stocks, driven by trillions of dollars of potential asset re - allocation funds, and China has re - entered the sight of overseas investors [1][2][3]. - Stabilizing the stock market is crucial for boosting consumers' spending confidence, as it can inject capital into the real economy and drive consumption through wealth, psychological, and expectation effects [2][3]. 3. Summary by Relevant Catalogs Market Review - On Wednesday, the two markets opened lower and then oscillated strongly, with the banking sector continuing to strengthen. The total trading volume of the two markets was 1.66 trillion yuan, showing a contraction in volume and a decline in selling pressure [1]. - The CSI 300 Index closed at 4,592 points, down 15 points (- 0.33%); the SSE 50 Index closed at 3,010 points, up 2 points (0.09%); the CSI 500 Index closed at 7,128 points, down 57 points (- 0.80%); the CSI 1000 Index closed at 7,312 points, down 31 points (- 0.43%) [1]. - Among industry and theme ETFs, those with the highest gains were oil and gas resource ETFs, bank ETF funds, leading home appliance ETFs, education ETFs, and real estate ETF funds; those with the highest losses were gold stock ETFs, power grid equipment ETFs, and photovoltaic leading ETFs [1]. - Among the sector indices of the two markets, those with the highest gains were oilfield services engineering, geothermal energy, wind power equipment, shale gas, and home appliance parts indices; those with the highest losses were precious metals, forestry, coke processing, feed, and consumer electronics indices [1]. - The settlement funds of CSI 1000, CSI 500, CSI 300, and SSE 50 index stock index futures had net outflows of 5 billion, 4.7 billion, 3.3 billion, and 0.6 billion yuan respectively [1]. Important Information - Goldman Sachs believes that the AI boom has changed corporate profit models, and profit growth from AI - based capital expenditure is underway. Counter - cyclical regulatory policies have reignited market hopes for corporate profit recovery, and the "going global" strategy demonstrates China's enhanced competitiveness [1]. - Since September 15, the price of lithium hexafluorophosphate has risen by 44%, with a 33% jump in the past ten days. The capacity utilization rate of lithium iron phosphate has increased [2]. - Meta and private equity giant Blue Owl raised $27 billion through private bond issuance to build data centers. BlackRock subscribed for over $3 billion, becoming the second - largest investor, and Pimco subscribed for $18 billion, ranking first [2]. - OpenAI launched a new AI - driven web browser, ChatGPT Atlas, to compete directly with Google's Chrome browser [2]. - Anthropic is in talks with Google about a potential cloud - computing agreement worth tens of billions of dollars, which will provide large - scale computing power support for Claude [2]. - The zinc market of the London Metal Exchange is facing its most severe squeeze in decades. Due to production cuts by Western smelters and continuous depletion of inventories, the available zinc inventory on the LME is less than one - day's demand, and the premium of spot zinc prices over three - month contracts has soared to $323 per ton [2]. Market Logic - The stock market has warmed up, and investor confidence has gradually increased. As of October 13, the number of new A - share accounts exceeded 20 million, a year - on - year increase of over 50%, which has effectively increased residents' property income [2]. - Many foreign institutions believe that the recent valuation of A - shares is reasonably low, making them attractive for global diversified allocation and hedging against the risk of US dollar assets [2]. Future Market Outlook - As of October 17, the net inflow of the ETF market in October reached 99.161 billion yuan, with equity - based ETFs contributing 92.457 billion yuan, accounting for over 90% [3]. - The market is still in a defensive state, and the volatile market is difficult to change. The market is waiting for the clarity of the China - US negotiation at the end of the month [3]. Trading Strategy - For stock index futures directional trading, the volatile market is difficult to change, and the market is waiting for the clarity of the China - US negotiation at the end of the month. Long positions in stock index futures should be mainly allocated to the CSI 300 Index and the SSE 50 Index [3]. - For stock index option trading, as the market is in a volatile and consolidating state, it is advisable to wait and see [3].

Report Key Points 1. Industry Investment Rating - There is no specific industry investment rating provided in the report. 2. Core View - Goldman Sachs expects a more sustained upward trend in Chinese stocks, with the MSCI China Index predicted to rise by about 30% by the end of 2027, driven by 12% trend - based earnings growth and 5% - 10% further revaluation potential [1]. - Due to the focus on STEM education and talent cultivation, China is taking the lead in industrial innovation, with a shift in enrollment trends towards STEM majors and a decrease in majors like law, economics, and management [1]. - The recent rebound in US stocks is a "short - squeeze" market caused by short - covering, which may send false optimistic signals [1]. - The global economy is entering the top region due to the continuous wrong policies in the US [2]. 3. Summary by Related Information Global Economic News - Meta and private equity giant Blue Owl raised $27 billion through private bond issuance to build data centers, with BlackRock subscribing over $3 billion and Pimco subscribing $18 billion. The bond has a S&P A+ rating but a high yield of 6.58% [1]. - OpenAI launched a new AI - driven web browser, ChatGPT Atlas, to compete directly with Google Chrome [1]. - Anthropic is in talks with Google for a potential multi - billion - dollar cloud computing agreement, and Google has previously invested about $3 billion in Anthropic [1]. - The zinc market on the London Metal Exchange is facing its worst squeeze in decades, with available zinc inventory insufficient for one - day demand and the spot zinc premium soaring to $323 per ton [1]. Chinese Market News - Chinese stocks are expected to have a sustained upward trend, and Chinese capital may have started a structural shift towards stocks. The central parity rate of the RMB against the US dollar has been raised to 7.0995, the first time since November last year [1]. - According to a survey of emerging markets, China is the top choice for stock investment, with 100 surveyed institutions managing $423 billion of emerging - market assets [2]. - Huawei announced the evolution and goals of its Ascend chips, with its computing power in "super - node + cluster" leading NVIDIA by over a year [2]. US Market News - US AI investment accounts for less than 1% of GDP, and although AI infrastructure investment has reached a nominal high, it is not exaggerated compared to historical technology cycles [2]. - DeepSeek launched a revolutionary OCR model to solve the computing power problem of AI in processing long documents [2].

Group 1 - Global hedge funds are buying Chinese stocks at the fastest pace since the end of June, according to Goldman Sachs Prime Brokerage data [1] - The stock purchases are primarily driven by long positions, with short covering as a secondary factor, at a ratio of approximately 9:1 [2] - China has seen the highest net buying in Prime business since August [2] Group 2 - There has been significant capital inflow into overseas-listed Chinese asset ETFs, including KWEB, MCHI, and FXI over the past month [3] - KWEB is an ETF focused on Chinese internet companies, while MCHI tracks the MSCI China Index, investing in A-shares and Hong Kong stocks across various sectors [4][5] - FXI is an ETF that tracks the FTSE China 50 Index, covering the largest and most liquid 50 stocks listed in Hong Kong [6] Group 3 - As of August 15, the top ten holdings in FXI include major companies such as Tencent, Alibaba, and Xiaomi [7] - Global actively managed public funds had a 6.4% allocation to Chinese stocks as of the end of July, which is below the historical average of 13% over the past decade [7] - Despite increased interest from overseas investors, the current allocation level remains conservative, indicating a potential for market upward momentum [7] Group 4 - Recent domestic policies in China are seen as favorable for stock market performance, attracting more long-term foreign capital [7] - Analysts highlight that the valuation of major Chinese assets is relatively low compared to historical levels, making A-share blue chips more attractive than high P/E ratios of large U.S. tech companies [7] - The outlook for Chinese securities is positive due to potential foreign capital inflows and stabilizing international geopolitical risks [7]

Group 1 - A German pension fund, KZVK, has entrusted $50 million to Franklin Templeton's Hong Kong subsidiary for investments in Chinese stocks, covering Hong Kong, mainland China, and US-listed Chinese companies [1] - KZVK manages assets worth €34.1 billion and serves over 240,000 pension beneficiaries [1] - Franklin Templeton's Hong Kong branch was established in 2012 and holds multiple licenses from the Hong Kong Securities and Futures Commission [1] Group 2 - Some European institutional investors are preparing to issue tenders for investment mandates, indicating a potential increase in interest in Chinese markets [2][3] - The overall activity of large overseas institutional investors in China has been limited, with many focusing on contract renewals rather than new allocations [3] - There is a growing interest among UK, Spanish, and Italian institutions in diversifying their portfolios to include non-US assets [3] Group 3 - Wellington Management, a major US asset manager, suggests that China should be included in future investment strategies as the dominance of US markets shows signs of peaking [6] - The firm notes that global investors' allocation to Chinese stocks is down 53% from its peak in 2020, highlighting an opportunity for reallocation [6] - Wellington provides ten reasons for considering Chinese stocks, including attractive valuations, improving fundamentals, and supportive government policies for the private sector [6][7]

Core Viewpoint - The recent US-China Geneva trade talks have led to significant progress, with both sides agreeing to substantially reduce bilateral tariffs, positively impacting market sentiment and Chinese stocks [1][4][5]. Group 1: Market Reactions - The Hang Seng Index surged on May 12, with technology and consumer stocks leading the gains, reflecting a rapid increase in market sentiment following the trade talks [1]. - Nomura became the first major Wall Street firm to upgrade its rating on Chinese stocks to "tactical overweight" after the trade talks, indicating a major positive for the Chinese stock market [4][5]. - Analysts are increasingly optimistic that the trade talks will facilitate more capital inflow into the Chinese stock market, with Citigroup's Pierre Lau projecting the Hang Seng Index to reach 25,000 points by year-end and 26,000 points in the first half of 2026 [1][4]. Group 2: Tariff Reductions - The joint statement from the US and China indicated that the US would cancel 91% of tariffs on Chinese goods and modify 34% of reciprocal tariffs, while China would suspend or cancel corresponding tariffs on US goods [4][5]. - The temporary reduction in tariffs is expected to provide short-term support to market sentiment, with analysts noting that the agreement exceeded market expectations [5]. Group 3: Investment Trends - There has been a notable increase in bullish bets on Chinese stocks by hedge funds, particularly US-based funds, in anticipation of positive outcomes from the trade negotiations [7]. - The MSCI China Index and CSI 300 Index saw increases of 2.4% and 1.9%, respectively, in the week leading up to the trade talks, indicating a positive market response [7]. - Goldman Sachs maintained an "overweight" rating on Chinese stocks, raising its earnings forecasts and target levels for major indices, reflecting confidence in the resilience of the Chinese market [10].