◎记者 马嘉悦 "中东、新加坡、欧洲……近一年我频繁飞国外，因为那里有大量配置中国资产的需求。"一位百亿级量 化私募创始人的经历，在私募业颇具代表性。 据私募排排网统计，截至2月9日，当前持有香港9号牌照的内地私募证券投资基金管理人已超130家，较 去年同期增加逾40家。与此同时，多家私募创始人在开年以来与外资的交流中，感受到全球资金增配中 国的意愿逐步增强。 用业内人士的话来说，私募出海从来不仅是扩圈，更是全球资本版图重构下的顺势而为。在这场浪潮 中，中国私募将进一步积聚站在全球舞台的力量。 私募出海趋势已成 135家，是持有香港9号牌照的内地私募证券投资基金管理人最新数字，也是迄今为止的最高数字。 私募排排网最新数据显示，截至2026年2月9日，当前持有香港9号牌照的内地私募证券投资基金管理 人，较去年同期增加了41家。其中，规模在50亿元以上的私募数量达62家，是私募出海的主力军。 "这些年去香港拿9号牌的私募越来越多，有的已经耕耘海外业务多年初见规模，有的则是为了公司未来 的全球规划做准备。"沪上某业内人士感慨称。 灵均投资透露，公司已在香港和新加坡分别设立办公室，作为出海的"桥头堡"，面向境外合格投 ...

Group 1 - Global foreign institutions have released annual outlook reports, expressing positive expectations for China's economic development, driven by multiple factors including economic stability, accelerated industrial upgrades, and deepening capital market reforms [1] - International organizations and multinational investment banks have raised their economic growth forecasts for China, reflecting a consensus on the resilience and development prospects of the Chinese economy. For instance, Goldman Sachs predicts a 4.8% growth in China's real GDP by 2026, surpassing the market consensus of 4.5% [2] - The International Monetary Fund (IMF) has adjusted its growth forecasts for China, expecting 5.0% growth in 2025 and 4.5% in 2026, which is an increase of 0.2 and 0.3 percentage points from previous estimates [2] Group 2 - There is a growing willingness among foreign investors to increase their allocation to Chinese assets, with various actions being taken in the market. UBS Futures has facilitated the first commodity futures transaction using government bonds as margin for qualified foreign institutional investors (QFII) [3] - The market anticipates that more overseas medium- to long-term funds will enter, injecting vitality into the A-share market, particularly in sectors like technology and the "new economy" [3] - The continuous deepening of institutional openness in China's capital market is crucial for attracting foreign investment, with the China Securities Regulatory Commission proposing to steadily expand institutional openness and optimize the QFII system [4] Group 3 - Future expectations include more substantial measures to enhance cross-border investment and financing convenience, expand mutual access channels, and strengthen regulatory cooperation between domestic and foreign entities [5] - Suggestions include encouraging high-quality overseas companies to utilize China's capital market for financing and exploring mechanisms for foreign institutions to issue bonds or stocks domestically [5] - There are recommendations to expand the investment scope of QFII and mutual stock connect programs while ensuring safety, and to enhance regulatory collaboration to protect investors' rights [5]

Group 1 - The core viewpoint is that multiple favorable factors are supporting the appreciation of the Renminbi, including improved macroeconomic data and increased foreign capital inflow into Chinese assets [1][3][4] - The Chinese economy is showing resilience due to the effectiveness of counter-cyclical adjustment policies, which enhances expectations for economic improvement and provides solid support for the Renminbi [1][4] - The year-end and early-year peak in corporate foreign exchange settlement activity is driving the Renminbi's appreciation against the US dollar [1][4][8] Group 2 - The recent softening of the US dollar index, which has dropped from high levels, is a significant factor contributing to the Renminbi's strength [5][6] - The A-share and Hong Kong stock markets have both started the year positively, attracting long-term foreign investment, which further benefits the Renminbi [1][3][4] - The expectation of further interest rate cuts by the Federal Reserve is influencing market sentiment and contributing to the Renminbi's appreciation [5][6] Group 3 - The Renminbi's central parity rate has reached a 15-month high, with the onshore and offshore rates also showing significant appreciation [3][6] - The recent geopolitical tensions, such as the US military action in Venezuela, have increased global risk aversion, leading to a rise in demand for safe-haven assets, including the Renminbi [7][8] - Analysts predict that the Renminbi will continue to appreciate in the short term, with potential fluctuations between 6.85 and 7.1 against the US dollar [8]

Core Insights - The conference "Reform and Restructuring - 2025 Public Fund High-Quality Development Conference and the 22nd Fund Industry Golden Bull Award Ceremony" was held in Shanghai, highlighting the importance of high-quality development in the public fund industry [1] - Xu Lirong, General Manager and Chief Investment Officer of Guohai Franklin Fund, emphasized the company's extensive experience in cross-border investment services, having served international sovereign funds and institutional investors for over thirteen years [1] - The current phase of systematic and deep value reassessment of Chinese assets, including A-shares and H-shares, is driven by China's irreplaceable position as a global growth engine and innovation source [1] Group 1 - Xu Lirong noted that the allocation weight of Chinese equity assets in global investment portfolios is significantly mismatched with China's share of the global economy [2] - Key trends in foreign capital "increasing allocation" include a systematic return to reasonable allocation levels, a new funding structure characterized by "solid foundations and continuous inflow," and the strategic value enhancement of Chinese assets due to RMB internationalization [2] - The valuation recovery path for Chinese assets is ongoing, supported by the continuous improvement of the domestic economy, coordinated macro policies, steady capital market reforms, and the increasing quality and investment value of listed companies [2]

Group 1 - The core viewpoint presented by Xu Lirong is that Chinese assets, including A-shares and Hong Kong stocks, are undergoing a systematic and deep value reassessment, making them a "must-have" in global investment portfolios [1][2] - Guohai Franklin Templeton Fund has over 13 years of experience in cross-border investment services, with a client network covering markets in Hong Kong, the Middle East, Europe, and Southeast Asia [1] - The company leverages its foreign shareholder, Franklin Templeton Investment Group, to maintain frequent and in-depth communication with global research teams [1] Group 2 - Xu Lirong highlights a significant mismatch between the allocation weight of Chinese equity assets in global investment portfolios and China's share of the global economy [2] - Key trends for foreign capital "increasing allocation" to Chinese assets include a systematic return to reasonable allocation levels, a new funding structure characterized by stability and continuous inflow, and the strategic value enhancement of Chinese assets due to the internationalization of the Renminbi [2] - The ongoing recovery of the domestic economy, coordinated macro policies, steady capital market reforms, and the increasing quality and investment value of listed companies indicate that the valuation recovery path for Chinese assets is continuing and is expected to enter a more stable and sustainable new phase [2]

Group 1 - The core viewpoint of the articles emphasizes the ongoing systematic and deep value reassessment of Chinese assets, including A-shares and Hong Kong stocks, driven by China's irreplaceable position as a global growth engine and innovation source [1][2] - Guohai Franklin Fund has over 13 years of experience in cross-border investment services, catering to long-term institutional investors such as sovereign funds, with a client network spanning Hong Kong, the Middle East, Europe, and Southeast Asia [1] - The company maintains frequent and in-depth communication with global investment teams, leveraging the global network of its foreign shareholder, Franklin Templeton Investments [1] Group 2 - There is a significant mismatch between the allocation weight of Chinese equity assets in global investment portfolios and China's share of the global economy, indicating a potential for increased foreign investment allocation [2] - Key trends for future foreign capital allocation include a systematic return to reasonable allocation levels, a new funding structure characterized by stability and continuous inflow, and the strategic value enhancement of Chinese assets due to the internationalization of the Renminbi [2] - The valuation recovery of Chinese assets is expected to continue, supported by the ongoing improvement of the domestic economy, coordinated macro policies, steady capital market reforms, and the increasing quality and investment value of listed companies [2]

Core Viewpoint - The Chinese assets, including A-shares and Hong Kong stocks, are undergoing a systematic and deep value reassessment process, driven by global capital consensus and China's market fundamentals [1][4][10] Group 1: Investment Trends - There has been a significant directional shift in overseas investors' perception and allocation behavior towards Chinese assets over the past year, moving from "whether to invest" to "how to invest well" [4][5] - The allocation weight of Chinese equity assets in global investment portfolios is severely mismatched with China's economic share globally, indicating substantial future allocation potential [5] - Future foreign capital allocation will exhibit three key trends: a systematic return to reasonable allocation levels, a new funding structure characterized by stability and continuous inflow, and an increase in the strategic allocation value of Chinese assets due to RMB internationalization [5] Group 2: Market Dynamics - The A-share market is experiencing a systematic reshaping, with significant internal driving forces enhancing the long-term positive outlook [8][10] - The strategic position of the capital market has been elevated, with top-level designs transforming into systemic long-term mechanisms that provide a solid institutional foundation and confidence support for market stability [8] - The profitability fundamentals of core Chinese assets have reached an inflection point, with signs of stabilization in traditional businesses and vast long-term growth potential driven by industrial transformation, particularly in sectors like AI [8][10] Group 3: Role of Asset Management Institutions - Asset management institutions are not only market participants but also value discoverers, idea transmitters, and ecosystem builders [10] - The company emphasizes the importance of professional communication and storytelling to help international investors understand the dynamics of the Chinese economy and corporate vitality [10] - There is a call for the asset management industry to unite in professional efforts to guide global capital in recognizing and investing in China, thereby fostering a new ecosystem for the long-term health of the capital market [10]

另据摩根士丹利的最新数据，截至今年11月，外国多头基金在A股、港股市场中合计买入了约100亿美元的股票。有机构预计，受政策支持、企业盈利改 善和估值吸引力等多重因素的推动，2026年外资增配中国资产的趋势将持续。 北京时间12月10日，美股三大指数小幅低开后涨跌不一，中概股深夜走强，国际油价直线跳水，黄金、白银现货短线回调。美联储即将宣布最新的利率决 定，美联储降息几乎没有悬念。 截止23:00左右，美股科技七巨头涨跌互现，仅亚马逊、谷歌、苹果飘红，微软跌近2.3%。此外，英特尔盘中一度跌近4%。 中概股多数上涨，纳斯达克中国金龙指数涨幅扩大。虎牙涨近6%，叮咚买菜、阿特斯太阳能涨超4%，阿里、小马智行涨约2.5%。阿里巴巴盘前一度直线 拉升，据智通财经报道，Meta使用阿里千问优化其最新AI模型。 | 名称 | 现价 涨跌 涨跌幅▼ | | --- | --- | | 虎牙 | 3.295 0.185 5.95% | | NEXT TECHNOLOG\ 8.150 0.390 5.03% | | | 叮咚买菜 | 2.125 0.095 4.68% | | 阿特斯太阳能 | 24.030 0.980 4.2 ...

| 美股指数 | | | | --- | --- | --- | | 道琼斯 | 纳斯达克 | 标普500 | | 47650.87 | 23518.24 | 6840.79 | | +90.58 +0.19% | -58.25 -0.25% | +0.28 0.00% | | 中国金龙 | 纳指100期货 | 标普500期货 | | 7764.61 | 25658.00 | 6849.00 | | +34.01 +0.44% -41.75 -0.16% +0.75 +0.01% | | | | 名称 | 现价 涨跌 涨跌幅▼ | | --- | --- | | 虎牙 | 3.295 0.185 5.95% | | NEXT TECHNOLOG\ 8.150 0.390 5.03% | | | 叮咚买菜 | 2.125 0.095 4.68% | | 阿特斯太阳能 | 24.030 0.980 4.25% | | EPSIUM ENTERPRIS | 3.005 0.065 2.21% | | 贝壳 | 17.010 0.590 3.59% | | 小马智行 | 14.570 0.370 2.61% | | ...

Core Viewpoint - The article discusses the current state of the U.S. stock market, particularly focusing on the performance of major tech stocks, the rise of Chinese concept stocks, and the anticipated interest rate decision by the Federal Reserve, which is expected to result in a rate cut. Group 1: U.S. Stock Market Performance - The U.S. stock market opened slightly lower with mixed results among major indices, while Chinese concept stocks showed strength late at night [1] - The tech giants in the U.S. had mixed performances, with Amazon, Google, and Apple seeing gains, while Microsoft dropped nearly 2.3% and Intel fell close to 4% during the session [2][3] Group 2: Chinese Concept Stocks - The Nasdaq Golden Dragon China Index saw an increase, with notable gains from stocks such as Huya (up nearly 6%), Dingdong Maicai, and Canadian Solar (both up over 4%) [2][3] - Alibaba's stock experienced a significant pre-market surge, reportedly due to Meta utilizing Alibaba's Qianwen to optimize its latest AI model [2] Group 3: Foreign Investment in Chinese Assets - Foreign institutional interest in Chinese assets is reportedly increasing, with JPMorgan forecasting an 18% rise in the MSCI China Index by the end of 2026, supported by stable global economic growth and improved corporate earnings [4] - HSBC Private Banking predicts that the Hang Seng Index could rise to 31,000 points by the end of 2026, representing a potential increase of about 21% from its latest closing level [4] Group 4: Oil Market Outlook - International oil prices experienced a sharp decline, with WTI and ICE Brent crude both dropping approximately 0.6%, marking a year-to-date decline of over 17% [5] - Major investment banks predict that Brent crude could fall to around $59 per barrel by 2026, with a projected daily supply surplus of about 2.2 million barrels due to production growth outpacing demand [5] Group 5: Federal Reserve Interest Rate Decision - The Federal Reserve is expected to announce a 25 basis point rate cut, with a probability of 87.6%, while the likelihood of maintaining the current rate stands at 12.4% [9] - Market participants are more focused on the statements and tone of Fed Chair Jerome Powell following the rate decision, as it will indicate the future direction of monetary policy [10]