据国际金融协会（IIF）统计，IIF数据显示，上月新兴市场投资组合净流入448亿美元，相比之下，7月 净流入额为381亿美元，而去年8月净流入额为282亿美元。 尤其值得注意的是，中国市场正成为国际资本增配的重点区域。具体来看，8月中国债券和股票上个月 合计净流入390亿美元，中国以外新兴市场债券吸引了132亿美元的资金流入。而中国以外新兴市场股票 在连续三个月净流入后出现74亿美元资金流出。 IIF高级经济学家Jonathan Fortun也表示，"基本格局仍反映出中国在投资组合配置中占据的重要地位。" 而从企业端看，美元降息有助于降低海外负债高企企业的融资成本，改善盈利预期，因为发达经济体降 息往往有助于引导资金流向收益率更高的新兴市场。而类似逻辑也适用于航空、原材料等美元债发行较 多的行业。 来源：环球老虎财经app 美元周期的每一次转向，都像一场全球资本的"潮汐运动"，深刻重塑着全球资产的流向与配置逻辑。当 前，美元流动性正迎来新一轮拐点，国际资本悄然调整航向。 长期以来，美元作为全球最主要的储备货币和结算货币，其利率与汇率周期直接牵动着全球资本的神 经。美联储货币政策的一收一放，往往引发新兴市场资产 ...

Core Viewpoint - The offshore RMB experienced a significant rebound against the USD, rising over 340 points in one day, reaching a high of 7.1182, marking the first time since November 6, 2024, that it surpassed the 7.12 threshold. This surge reflects international confidence in China's economic resilience and is indicative of a broader global capital rebalancing trend [3][4]. Group 1: Drivers of RMB Strength - Global monetary policy shifts, particularly dovish signals from the Federal Reserve, have put pressure on the USD, benefiting the RMB. Market expectations for a 89% probability of a Fed rate cut in September have contributed to this dynamic [3][4]. - China's economic fundamentals remain robust, with a cumulative export growth rate of 6.1% from January to July, indicating strong global competitiveness. The positive shift in bank settlement for trade also supports RMB appreciation [4]. - The domestic capital market is recovering, with increased foreign capital inflows into Chinese assets. As of August 27, there was a significant net purchase of approximately 20.4 billion RMB in Hong Kong stocks, reflecting foreign investors' optimism towards the Chinese market [5][7]. Group 2: Beneficiaries of RMB Appreciation - The aviation industry stands to benefit from RMB appreciation, as it reduces the debt exchange losses associated with USD-denominated liabilities for aircraft purchases and fuel imports [8]. - Import-dependent industries, such as paper manufacturing, could see a 3% to 6% increase in gross margins due to lower procurement costs from RMB appreciation [8]. - Other sectors, including transportation, non-ferrous metals, petrochemicals, machinery, home appliances, electronics, and power equipment, may also benefit from reduced import costs and lighter foreign debt burdens [8]. Group 3: Foreign Investment Trends - International capital is increasingly focusing on Chinese stocks, with nearly 60% of sovereign wealth funds prioritizing China as an investment market. Chinese stocks have become the second-largest overseas investment destination for South Korean investors [7]. - Despite foreign capital holding only 3.4% of the total A-share market value, there remains a significant potential for increased foreign investment, indicating a strong future demand for RMB assets [7]. Group 4: Future Outlook for RMB - Market sentiment regarding the RMB's future is generally optimistic, with some institutions predicting a potential return to the "6" range if the central bank maintains a market-driven policy [9][12]. - The RMB's exchange rate is expected to fluctuate between 7.1 and 7.3 in the latter half of the year, reflecting a stable outlook amid moderate economic recovery [9][10]. - As of August 29, the RMB's midpoint against the USD reached 7.1030, the highest since November 7, 2024, indicating increased trading activity in the foreign exchange market [10].

Core Viewpoint - The issuance of the first stablecoin-based venture capital fund by China National Capital Venture Investment Co., Ltd. (Guofengtou) marks a significant step into the digital finance sector for state-owned capital in China, with a fund size of 3 billion USDT, providing new solutions for cross-border investment and global capital allocation [1][4]. Group 1: Fund Characteristics - The fund has a scale of 3 billion USDT and offers an innovative daily yield of 1.6%, which translates to an annualized return of over 500%, making it highly attractive to investors seeking stable returns [3][5]. - Stablecoins, such as USDT, are pegged to the US dollar, providing value stability, efficient cross-border transfers, and low costs, thus becoming essential financial tools in cross-border investment and digital finance [3][5]. Group 2: Strategic Implications - The fund's launch signifies a strategic transformation for Chinese state-owned capital in the globalized and digital investment landscape, serving as a strong example for innovation in China's capital markets [4][11]. - The fund aims to invest in strategic resources in global markets, focusing on advanced technology sectors such as smart manufacturing, renewable energy, and artificial intelligence, thereby promoting the "Belt and Road" initiative and deepening global industrial integration [10][11]. Group 3: Global Competitiveness - The stablecoin fund is designed to enhance the efficiency of capital operations and improve global capital allocation capabilities, thereby increasing the competitiveness of Chinese capital in international markets [11][12]. - By utilizing digital asset technology, the fund can effectively mitigate traditional investment risks such as currency fluctuations and transaction costs, providing greater investment flexibility and adaptability for Chinese enterprises [11][12]. Group 4: Risk Management and Compliance - The fund incorporates a strict risk control and compliance framework, ensuring transparency and security in its operations, with third-party custody and regulatory oversight for all investment projects and fund flows [12][13]. - Guofengtou collaborates with well-known financial institutions to provide comprehensive compliance guarantees, ensuring the fund's operations are secure and transparent [12][13]. Group 5: Conclusion - The establishment of the 3 billion USDT stablecoin fund not only represents a significant innovation for Chinese state-owned capital in the digital finance sector but also introduces a new investment model to the global capital market [13]. - With its attractive yield, global investment strategy, and rigorous risk management, Guofengtou is poised to play a more prominent role in cross-border investment and digital asset management in the future [13].

Core Insights - In the first half of the year, foreign investment in domestic stocks and funds increased by a net amount of 10.1 billion USD, indicating a growing interest from global capital in the domestic equity market [1] Group 1 - The net increase in foreign investment reached 18.8 billion USD in May and June, highlighting a significant rise in investment activity during this period [1]

Core Viewpoint - The Hong Kong market has demonstrated significant resilience and strong performance in the first half of 2025, with major indices showing approximately 20% gains year-to-date [1][2]. Group 1: Market Performance - As of July 8, 2025, the Hang Seng Index, Hang Seng Tech Index, and Hang Seng China Enterprises Index have recorded year-to-date increases of 20.33%, 19.41%, and 19.09% respectively [2][3]. - The Hong Kong stock market is expected to attract over 1 trillion yuan in capital inflows for the entire year [2]. Group 2: Capital Inflows - Southbound capital has been the main driver of the Hong Kong stock market's performance, with a net inflow of 703.15 billion yuan year-to-date, representing 94% of the total for 2024 [3][4]. - The banking, retail, pharmaceutical, and non-bank financial sectors have seen the highest net inflows, with amounts of 212.4 billion yuan, 168.3 billion yuan, 122.4 billion yuan, and 63.3 billion yuan respectively [3]. Group 3: Investment Preferences - Public funds are primarily focused on technology and consumer sectors, leading to significant inflows into several Hang Seng Tech ETFs [6][7]. - Insurance funds prefer high-dividend and low-volatility assets, seeking stable cash flows, with a notable interest in financial and energy sectors [8][14]. Group 4: IPO Market - The Hong Kong IPO market has seen a strong recovery, with over 107 billion HKD raised in the first half of 2025, a 22% increase from the previous year [11][12]. - The number of IPO applications has surged to approximately 200, with a notable increase in the quality of companies going public [11]. Group 5: Valuation and Future Outlook - Despite the strong performance, the valuation of the Hong Kong market remains attractive, with the Hang Seng Index trading at a TTM P/E ratio of 10.68 and a dividend yield of 3.93% [13]. - Analysts suggest a balanced investment strategy focusing on high-growth technology and new economy sectors, alongside stable dividend-paying assets to mitigate external volatility [13][14].

21世纪经济报道特约记者庞华玮 广州报道 根据基金一季报的最新持仓信息来看，在全球范围投资的 QDII基金中，一批QDII基金大幅减持了美股。 并且，在美国滥施关税后，各路资金开启全球再配置，中国资产越来越受到关注，长期配置型海外资金 继续持有中国资产，部分海外资金已开始加仓中国资产。 部分QDII基金减仓美股 格上基金研究员托合江介绍，根据一季报的信息，在全球范围投资的QDII基金中，多只QDII基金显著 减持了美股，增配中国资产。 例如，管理规模接近百亿元的广发全球精选投向美股的仓位从去年年底的70.25%降至60.98%，港股的 仓位从去年年底的1.43%提高到11.36%。 规模近14亿元的广发全球科技三个月定开混合一季度末美股仓位为46.4%，相较于去年四季度末的 52.93%降低了6.53个百分点；港股仓位则由去年四季度末的5.17%上升至9.41%，上升了4.24个百分点。 A股仓位由去年四季度末的20.71%上升至今年一季度末的26.54%，上升了5.83个百分点。 广发全球精选和广发全球科技三个月定开均由基金经理李耀柱管理，李耀柱在一季报中表示，"今年一 季度，我们继续对美国半导体等科技行业 ...