二级市场上，外资机构巨头也大举买入。港交所数据显示，欧美基金年内多次出手增持港股。例如，继 众安在线7月份完成39亿港元配售后，挪威主权财富基金继续增持，对该公司的持股比例提升至 5.07%。全球资管巨头贝莱德7月22日大手笔增持中金公司港股126.24万股，持股比例升至5.01%。 究其原因，全球资本再平衡下，中国优质资产愈发成为外资的选择。高盛首席中国股票策略分析师刘劲 津表示，今年以来，欧美大型投资者担心美股估值太高以及美元持续走弱，分散投资的需求愈来愈大， 中资股流动性高、存在高增长空间，由此吸引欧美资金重仓。 今年以来，港股市场表现亮眼。与此同时，中外机构巨头密集抢筹港股，不仅在一级市场积极认购港股 IPO项目，更在二级市场大举买入高股息股、AI股等。 欧美资金重仓港股资产 一级市场上，外资机构积极参与港股IPO认购。参与港股IPO的外资主体不仅包括主权基金和对冲基 金，还包括家族办公室、产业资本及国际投行附属机构。数据显示，年初至今，基石投资者贡献了港股 四成以上的IPO募资额，其中三分之二来自外国投资者，凸显国际资本对中国资产的配置需求显著回 升。 瑞银财富管理投资总监办公室认为，今年上半年通过 ...

例如，8月4日，港股交易的最小价位变动迎来第一阶段调整，旨在降低交易成本，提升定价效率。港交所IPO新规也在同 日正式生效，通过优化建簿配售比例、引入基石投资者机制A机制B（分阶段锁定的配售安排）以及分层化的公众持股门槛， 构建更稳固的定价与分配秩序，吸引国际投资者参与港股IPO定价。 港交所系列"组合拳"有助于夯实港股优质企业的质量与港股市场流动性的基础，让更多优质科技企业上市后获得更高估 值，也让国际投资者更便利地享受优质公司的增长潜力。 首先，香港已成为全球资本首选目的地之一，其"超级联系人"地位凸显。 在全球贸易格局重构与金融科技变革加速的背景下，香港着力打造更具竞争力的资本市场生态，积极发挥香港金融市场内 联外通的作用。目前，香港市场已成为内地企业"出海"集资的重要平台，是内地与国际资本间的关键桥梁。香港聚集了多家全 球对冲基金，这些基金通过参与港股IPO、配售项目，分享生物医药、新能源、新消费等企业的成长机遇。 另 外 ， 外 资 企 业 积 极 利 用 香 港 市 场 这 一 " 踏 板 " 进 军 内 地 。 例 如 ， 总 部 位 于 新 加 坡 的 生 物 科 技 企 业 MirxesHo ...

Group 1: Market Overview - The global capital rebalancing trend is shifting from US stocks to non-US markets, creating a significant window for value reassessment in A-shares and Hong Kong stocks [1][4] - As of July 15, 2023, Korean investors have traded over $5.4 billion in Chinese mainland and Hong Kong stocks, making China the second-largest overseas investment destination for them, following the US [4][5] Group 2: Investment Strategy - The investment strategy of Fidelity Fund, led by Zhang Xiaomu, focuses on growth stocks, particularly in sectors benefiting from global capital rebalancing and China's economic transformation [1][2] - Zhang Xiaomu's internal assessment in August 2022 deemed A-shares as "gold mines," leading to a strategic shift from value stocks to growth stocks in the Fidelity fund portfolio [2][3] Group 3: Performance Metrics - Fidelity Fund's equity products achieved a return of 12.24% in the first half of 2023, ranking first among foreign public funds and within the top 10 in the overall market [1][2] Group 4: Sector Focus - Zhang Xiaomu emphasizes the "one super three strong" investment direction, identifying artificial intelligence as the super track, alongside aerospace, low-altitude economy, and innovative consumption as key sectors [1][7] - The current valuation of the Hong Kong market, with a price-to-earnings ratio just above 10, presents a significant advantage compared to other major markets, indicating a favorable investment environment [6] Group 5: Future Outlook - The market is expected to maintain a growth-oriented trend, with a focus on sectors that align with China's economic transformation and innovation [7][8] - The "engineer dividend" and "scientist dividend" are anticipated to drive China's global competitiveness, presenting investment opportunities in innovative sectors [8]

Core Insights - The core viewpoint of the article is that淡水泉投资 (Fountainhead Investment) is optimistic about the second half of 2025, focusing on three structural investment opportunities: the revaluation of quality Chinese assets, the globalization of advantageous industries, and technological self-sufficiency [2][7]. Market Performance Overview - Since late September last year, risk appetite in the A-share and Hong Kong markets has been rising, with structural opportunities emerging despite limited overall index volatility [3]. - The market has shown a "dumbbell" distribution of investment opportunities, with value dividend assets performing relatively poorly this year, while emerging growth assets have experienced rapid rotation [3]. - Economic indicators show that while government efforts to stabilize growth are ongoing, confidence among businesses and consumers still needs improvement [3]. Global Perspective - The loosening of the "American exceptionalism" narrative may lead to a global capital rebalancing, with investors regaining enthusiasm for stock markets across the U.S., Europe, and emerging markets [4]. - Global fund allocation to Chinese markets has stabilized after a decline since 2021, with future overseas capital inflows dependent on the certainty of China's economic recovery [4]. Investment Gains and Losses -淡水泉 acknowledged capturing investment opportunities in certain areas but also missing some due to strict research criteria [5]. - The firm successfully identified new consumption opportunities with overseas characteristics but missed some domestic demand-driven opportunities due to high weight requirements for overseas exposure [5]. - In the technology sector, the first quarter was driven by AI confidence, while the second quarter saw a return to overseas computing power themes [6]. Structural Investment Opportunities -淡水泉 identified three main structural opportunities for the second half of the year: revaluation of quality Chinese assets, globalization of advantageous industries, and technological self-sufficiency [7]. - The firm also highlighted the importance of marginal improvements in fundamentals and incremental policies as potential catalysts for economic-sensitive assets [7]. Sector-Specific Insights - In the automotive sector, opportunities are concentrated in high-end, intelligent, and export-oriented segments, with domestic brands experiencing a golden period of growth [9]. - The firm sees significant potential in the AI industry, focusing on overseas computing power, domestic computing capabilities, and AI application fields [8]. Conclusion -淡水泉's analysis indicates a cautiously optimistic outlook for the second half of 2025, emphasizing the need for quick responses to external changes while capitalizing on identified structural opportunities [7][8].

Group 1 - The core viewpoint of the articles indicates a significant increase in foreign investment in China's stock market, with a net increase of $10.1 billion in the first half of 2025, reversing the trend of net reductions over the past two years, particularly with a notable increase of $18.8 billion in May and June [1][2] - The stable economic fundamentals in China, with a GDP of 660.536 billion yuan and a year-on-year growth of 5.3% in the first half of 2025, are creating a favorable macro environment for foreign investments [1][2] - The stock market indices in China reached new highs, with the Shanghai Composite Index closing at 3605.73 points, reflecting a positive market sentiment and increased trading activity [2] Group 2 - The influx of capital into China is attributed to a global rebalancing of investments, driven by changes in global trade patterns, fiscal policy uncertainties, and currency fluctuations, prompting investors to seek opportunities in emerging markets [2] - A report from China International Capital Corporation (CICC) highlights a shift in the funding landscape for A-shares, suggesting that the restructuring of the international monetary order is benefiting RMB assets [2] - The current equity risk premium for A-shares and Hong Kong stocks is at historically low levels, indicating that if U.S. Treasury yields are no longer the pricing anchor, the valuation pressure on Chinese stocks will significantly ease, making them more attractive [3]

2025年以来，港股市场表现持续强劲，成为全球资本市场的一大亮点。 近期，恒生指数不断刷新年内高点，年内涨幅接近28%，在全球主要市场中涨幅居前。港股强势走高的背后，南 向资金今年累计净买入金额已近8000亿港元，接近2024年全年，有望刷新历史纪录。同时，外资开始重新审视中 国资产的投资价值，港股作为离岸人民币资产或直接受益。 外资回流！重新审视中国资产价值 2025年以来，在地缘政治冲突、关税战等多重因素影响下，全球经济增长节奏面临着不确定性，而中国经济凭借 强大的韧性与活力，保持稳健复苏态势，成为全球经济增长的重要引擎。在此背景下，外资开始重新审视中国资 产的投资价值。 7月22日，在国新办举行的新闻发布会上，国家外汇管理局国际收支司司长贾宁表示，近期外资投资境内股票总体 向好，上半年外资净增持境内股票和基金101亿美元，扭转了过去两年总体净减持态势。尤其是五六月份，净增持 规模增加至188亿美元，显示全球资本配置境内股市的意愿增强。 韩国证券存托结算院（KSD）发布的数据显示，截至7月15日，韩国投资者年内对A股和港股的累计交易额已超54 亿美元，中国市场成为其第二大海外投资目的地，仅次于美国市场。 ...

Group 1 - The Hong Kong stock market has seen a significant revival, with IPO and follow-on transaction volumes soaring to $26.5 billion in 2025, compared to just $3.8 billion a year ago, marking the highest total since 2021 [1] - Major Chinese companies are driving this recovery, with CATL leading the way by raising $5 billion in May, and its stock price currently 18% higher than on the Shenzhen Stock Exchange [1] - Factors such as geopolitical tensions, valuation, and capital rotation are contributing to this shift, as Chinese firms appear to be moving their financing closer to home amid escalating US-China tensions [1] Group 2 - The market rebound is not without challenges, as noted by CICC's analyst, who emphasizes that this is not a straightforward recovery [2] - Successful IPOs, valuation premiums over mainland stocks, and increased regulatory support are emerging factors, with Jiangsu Hengrui's stock price on its first day exceeding its A-share price, a rare occurrence [2] - This transformation presents a unique opportunity for investors to capitalize on potential changes in the Asian capital markets in 2025 and beyond [2]

Core Viewpoint - The A-share market experienced a rebound on June 3, with broad-based gains across indices, indicating a positive market response to domestic demand and policy support despite external trade tensions [2][7]. Market Dynamics - The market is characterized by "domestic demand-driven and policy-supported" dynamics, with financials, pharmaceuticals, and new consumption sectors attracting significant capital [2][10]. - Recent developments in U.S. tariff issues have heightened market risk aversion, leading to a surge in gold prices and declines in Hong Kong stocks, but the A-share market showed resilience by recovering losses [2][3]. Sector Performance - The consumer sector, particularly in beauty care, maternal and infant care, and pet products, has become a safe haven for funds due to policy support and consumption recovery [3][9]. - The banking sector is favored for its "high dividend and low volatility" characteristics, with several banks reaching historical highs amid increased institutional investment [7][10]. - The precious metals sector is gaining traction as a hedge against geopolitical conflicts and U.S. debt risks, becoming a core tool for mitigating uncertainty [3][9]. Structural Trends - The innovation drug sector is witnessing a fundamental reversal, driven by significant advancements showcased at international conferences, boosting industry confidence [4][9]. - Conversely, sectors like home appliances and steel are experiencing declines due to tariff impacts and reduced earnings certainty, reflecting a market strategy of "avoiding external demand and protecting internal demand" [5][10]. Outlook - Looking ahead to June, the marginal impact of tariff issues is expected to weaken, with domestic policies and industry fundamentals remaining focal points [6]. - In the absence of major catalysts, broad indices are likely to maintain a sideways trend, with structural opportunities emerging in new consumption, defensive sectors, and performance reversals in pharmaceuticals and beauty care [6][9].

Core Viewpoint - The article emphasizes the systemic revaluation opportunity for Chinese assets driven by technological innovation, policy support, and global capital rebalancing, particularly in the context of AI advancements and other emerging technologies [2][4]. Group 1: Market Understanding - The transformation and upgrading of the Chinese economy is a continuous process, supported by technological innovation, industrial upgrades, and consumption upgrades [4]. - Policy measures are actively creating a favorable environment for high-quality economic development and asset revaluation [4]. - The rapid development of emerging technology sectors such as AI, new energy, and biomedicine is expected to provide more investment opportunities for foreign capital [4]. Group 2: Capital Market Support - The institutional support of the Chinese capital market facilitates overseas investment, with mechanisms like the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect being progressively improved [4]. - The alignment of ESG disclosure standards with international norms enhances foreign investors' confidence in the sustainable development of Chinese enterprises [4]. - Innovations in derivative tools and optimization of cross-border settlement processes are reducing friction costs and enhancing investment convenience for QFII and RQFII [4]. Group 3: Global Positioning - In the context of "de-globalization," Chinese assets combine the growth potential of emerging markets with the stability of developed markets [4]. - The internationalization of the Renminbi and the localization of ESG investments are expected to increase the weight of Chinese assets in global capital allocation [4].