以下文章来源于东方财富网 ，作者辣笔小强 东方财富网 . 东方财富网，中国财经门户，提供7*24小时财经资讯及全球金融市场报价，汇聚全方位的综合财经新闻和金融市场资讯。 摘要 1、今天，A股继续沸腾！沪指涨超1%，创业板指涨3%，两市成交额突破3万亿，为历史第二次。 2、多路资金集结A股，看好哪些板块个股？机构：沪深300还有超20%上涨空间！ 3、 牛市来了还没上车？上天天基金APP搜索【777】注册即可 领500元券包，优选基金10元起投！限量发放！先到先得！ 今天，A股再度彻底沸腾！沪指涨超1%，创业板指涨超3%，有超3300只个股上涨。 （图片来源：东方财富APP，统计截至2025/8/25，不作投资推荐） 沪深两市成交额突破3万亿元，为去年10月8日以来首次突破3万亿元，也是历史第二次突破3万亿元。 盘面上，通信、白酒、有色、地产等板块领涨。 经济学家、新质未来研究院院长张奥平向21财经·南财快讯记者表示， 当前市场较高的成交额，是政策与市场协同共振的结果。 一方面，居民储蓄 正加速向资本市场转移；另一方面，外资持续流入也为市场注入活力。 但他同时提醒，对于投资而言，需谨慎乐观，因新一轮行情仍有待经 ...

Group 1 - Foreign capital is rapidly increasing its allocation to Chinese assets, with hedge funds significantly overweighting Chinese stocks compared to the MSCI World Index by 4.9% [1] - As of August 18, the Shanghai Composite Index reached a ten-year high, indicating strong market performance and investor confidence [3] - The net inflow of foreign capital into Chinese stocks doubled in July, reaching $2.7 billion, compared to $1.2 billion in June [5] Group 2 - The A-share market has seen a notable increase in margin trading balances, surpassing 2.1 trillion yuan for the first time in ten years, indicating strong leverage and market support [3] - The optimism among retail investors is growing, with more discussions about the A-share market becoming common, signaling early signs of a bull market [4] - The current valuation of the MSCI China Index is attractive compared to other major global markets, suggesting potential for further foreign investment [7] Group 3 - Companies like Xiaomi and Pop Mart are demonstrating resilience and growth, with Xiaomi expected to deliver 350,000 cars this year and Pop Mart reporting a profit of 4.7 billion yuan in the first half of the year [9] - The focus on "specialized, refined, and innovative" assets is expected to attract foreign investment, particularly in sectors like robotics, new energy, and high-end manufacturing [8]

Core Viewpoint - Foreign capital is continuously increasing its investment in China, with significant activities from institutions like Norges Bank in companies such as ZhongAn Online [1] Group 1: Foreign Investment Activities - Norges Bank increased its holdings in ZhongAn Online by 1.3481 million shares at an average price of 17.7718 HKD, amounting to 23.958 million HKD, raising its H-share holding ratio to 5.07% and total shareholding ratio to 4.92% [1] - The increase in holdings positions Norges Bank as the fifth largest shareholder in ZhongAn Online [1] Group 2: Market Trends - In the first half of 2025, foreign capital net increased its holdings in domestic stocks and funds by 10.1 billion USD, reversing the previous trend of net reductions [1] - Major foreign financial institutions such as Citigroup, Goldman Sachs, and Morgan Stanley have raised their ratings on Chinese stocks [1]

Core Viewpoint - Foreign capital is continuously increasing its investment in China, with notable examples such as Norges Bank's significant stake in ZhongAn Online, reflecting a broader trend of foreign investment in Chinese assets driven by various favorable economic factors [1][6][11]. Group 1: Foreign Investment in ZhongAn Online - Norges Bank increased its holdings in ZhongAn Online by 1.3481 million shares at an average price of HKD 17.7718, totaling HKD 23.958 million, raising its stake to 5.07% of H-shares and 4.92% of total shares, making it the fifth largest shareholder [1][4]. - Following the increase in holdings by Norges Bank, the top five shareholders of ZhongAn Online are now China Ping An, Shenzhen Jiadexin Investment Co., Ant Group, Tencent, and Norges Bank [3][4]. - Ant Group reduced its stake in ZhongAn Online from 10.01% to 7.63% after selling 33.7548 million shares, while Tencent also reduced its holdings, leading to a reconfiguration of the major shareholders [3][4]. Group 2: Performance and Market Position - ZhongAn Online's total insurance premium income for the first half of the year was RMB 13.918 billion, a year-on-year increase of 5.3%, and it is projected to reach RMB 33.417 billion in total premiums for 2024, representing a growth of 13.3% [5]. - The company has improved its ranking in the domestic property insurance industry to eighth place based on total premiums [5]. Group 3: Factors Driving Foreign Investment in China - The attractiveness of Chinese assets to foreign investors has increased due to several factors, including a robust domestic economy with a GDP growth of 5.3% year-on-year and a significant contribution from domestic demand [7][8]. - The ongoing opening and deepening of financial markets, such as the optimization of interconnectivity mechanisms like Stock Connect and Bond Connect, have made it easier for foreign capital to participate [7][8]. - The current valuation of Chinese assets is appealing, with the MSCI China Index trading at a forward P/E ratio of 12.5, significantly lower than the 28 times of the Nasdaq, prompting a shift of global capital towards emerging markets [8][11]. Group 4: Investment Trends and Preferences - Foreign capital is showing a preference for both stocks and bonds, with a net increase of USD 10.1 billion in domestic stocks and funds in the first half of 2025, reversing a two-year trend of net selling [10]. - There is a notable focus on high-dividend assets, particularly in sectors like banking, electricity, and utilities, as well as growth areas such as semiconductors, new energy vehicles, and AI computing [10].

Core Viewpoint - The trend of foreign capital increasing its investment in Chinese assets is becoming increasingly evident, as demonstrated by the recent purchase of shares in ZhongAn Online by the Norwegian central bank [1][4]. Group 1: Investment Activity - On August 7, the Norwegian central bank purchased 1.3481 million shares of ZhongAn Online at a price of HKD 17.7718 per share, totaling approximately HKD 23.9582 million [1]. - After this transaction, the Norwegian central bank's total holdings in ZhongAn Online reached 82.8927 million shares, representing 5.07% of the H-shares and approximately 4.92% of the total share capital [1][3]. - Prior to this increase, the Norwegian central bank already held 81.5446 million shares, with a market value of HKD 1.49 billion based on the closing price of HKD 17.98 on August 13 [3]. Group 2: Company Background - ZhongAn Online is recognized as China's first internet insurance company, officially commencing operations on November 6, 2013, and successfully listing on the Hong Kong Stock Exchange on September 28, 2017 [3]. - Following a new H-share placement completed on July 4, the total number of issued shares increased from 1.47 billion to 1.68 billion, with H-shares rising from 1.42 billion to 1.63 billion [3]. Group 3: Shareholder Structure - The shareholder structure of ZhongAn Online has undergone changes, with Ping An Group being the largest shareholder, holding 150 million shares (8.9031%) [3]. - Shenzhen Jiadexin Investment Co., Ltd. is the second-largest shareholder with 134 million shares (7.9306%), while Ant Group has reduced its holdings to 108 million shares (6.4321%), dropping to the third-largest shareholder [3]. - Tencent's holdings have decreased to 94.0932 million shares (5.58%), making it the fourth-largest shareholder [3]. Group 4: Market Trends - The increase in foreign investment in Chinese assets reflects a positive attitude towards asset allocation in China, with a reported net increase of USD 10.1 billion in foreign holdings of domestic stocks and funds in the first half of 2025 [4]. - Investor interest in Chinese stocks has reached a high point, driven by factors such as the need for diversification beyond the U.S. market, expectations of a stronger RMB against the USD, the emergence of AI models and applications in China, and supportive policies for the private sector [4]. - The stock price of ZhongAn Online has performed strongly this year, surpassing HKD 21 per share at one point, with a year-to-date increase of over 50% as of August 13, when it closed at HKD 17.98 per share [5].