Group 1 - The Ministry of Commerce of China firmly opposes Mexico's recent anti-dumping investigations against Chinese products, including float glass and PVC-coated fabrics, and will closely monitor the investigation's progress to protect the legitimate rights of Chinese enterprises [2] - In October, the total cross-regional personnel flow in China was 30,177.02 million, a month-on-month decrease of 10.1% but a year-on-year increase of 6.4% [2] - The China Railway Group reported that on October 2, 19.288 million passengers were sent by rail, with a forecast of 18.25 million for October 3, indicating sustained high passenger flow [2] Group 2 - The Ministry of Commerce estimates that China's digital consumer spending will reach 23.8 trillion yuan in 2024, accounting for 44.2% of total consumer spending that year [2] - The China Council for the Promotion of International Trade organized 2,249 business groups to visit 102 countries and regions in 2024, averaging six groups per day [2] - The National Healthcare Security Administration reported that there are over 230 anti-cancer drugs in the national medical insurance catalog, covering more than 20 common cancers [2] Group 3 - Morgan Stanley reported a net inflow of $4.6 billion from foreign investors into the Chinese stock market in September, the highest monthly figure since November 2024, driven mainly by $5.2 billion inflow from passive funds [2] - The report noted that since mid-July, U.S. funds have significantly flowed into the Chinese stock market, with European passive funds also beginning to invest [2] - Active funds increased their holdings primarily in capital goods and semiconductors, while reducing their positions in insurance, durable goods, and apparel [2]

·墨西哥近日连续对我发起多起反倾销调查商务部回应 ·摩根士丹利：外资9月净流入中国股市46亿美元主动基金增持半导体最多 ·美联邦政府"停摆"可能持续到下周 【国内要闻】 ·商务部新闻发言人就墨西哥近日连续对我发起多起反倾销调查答记者问。商务部表示，墨西哥经济部 应国内企业申请，近日连续对我浮法玻璃、聚氯乙烯涂塑布等产品发起4起反倾销调查。中方坚决反对 损害中方正当权益的保护主义行为，将密切关注墨方调查进展，敦促墨方在调查中严格遵守世贸组织规 则，保障中国企业的合法权益。 ·全国道路交通流量10月2日环比10月1日有所回落，但仍在高位运行。长三角、珠三角等区域整体路网 交通压力大，城市出城方向、城郊地区及旅游景区周边道路仍有排队缓行现象。据中央气象台发布的消 息，10月3日至5日，华西至黄淮一带部分地区降雨持续，冷空气影响我国新疆、内蒙古、黑龙江等地， 青藏高原和新疆多雨雪天气。 ·从中国国家铁路集团有限公司获悉，10月2日，全国铁路发送旅客1928.8万人次，运输安全平稳有序。 10月3日，铁路客流继续保持高位运行，中短途客流增多，全国铁路预计发送旅客1825万人次，计划加 开旅客列车929列。 【重点关注】 ...

从行业来看，主动基金经理9月对资本货物和半导体行业增持幅度最大，对保险、耐用消费品及服装行 业减持幅度最大。在公司层面，阿里-W(09988)、宁德时代（300750）、京东-SW(09618)获最多增持;腾 讯(00700)等则被减持最多。 该行指，截至9月30日，年内外资被动基金累计流入达180亿美元，超过2024年全年的70亿美元。年内外 资主动基金累计流出120亿美元，较2024年的240亿美元明显放缓。年内外资长仓基金(包括被动和主动) 累计流入进一步改善至60亿美元，相较2024年170亿美元的净流出呈明显反转。 摩根士丹利发表中国市场报告表示，9月境外资金流入中国股市回升至46亿美元，为2024年11月以来单 月最高，主要受被动基金流入52亿美元推动，主动基金则流出6亿美元。环球基金和亚太(撇除日本)的 基金加仓，而新兴市场基金则减仓。中国A股零售(散户)投资者参与度提升，权益类公募基金规模增 长，但私募基金增长及外资被动流入则有所放缓。 ...

记者丨刘雪莹 编辑丨吴桂兴 亚洲股市，继续强势！ 10月3日，MSCI亚太指数触及历史新高。日经225指数早间收盘上涨1.4%，盘中一度接近历史最高点位；MSCI台湾指数涨1.28%创下新高，泰国SET指数 上涨超1%。 现货黄金跌破3840美元 | 45690.41 昨收 44936.73 成交额 0.00 | | --- | | +753.68 +1.68% 今开 45042.54 成交量 0 | | 上涨 【 】 【 】 下跌 】 【 】 40 | | 最高价 45742.63 市盈率 20.6 近20日 8.95% | | 最低价 45042.54 市净率 2.20 今年来 14.53% | | 4 4 5 2 | 搭上宇树科技和摩尔线程，港股大众公用股价一度涨超30%，盘中最高升至4.92港元，创历史新高。截至10月3日上午收盘，该股9月至今股价近翻倍，累 计飙升超95%。消息面上，大众公用此前在互动平台表示，公司参股深创投，而深创投及其基金持有正准备上市的宇树科技和摩尔线程的股份。 据智通财经报道，摩根士丹利发布报告称，9月净流入中国股市的外资反弹至46亿美元，创下自2024年11月以来单月最高。 ...

记者丨刘雪莹 编辑丨吴桂兴 亚洲股市，继续强势！ 10月3日， MSCI亚太指数触及历史新高 。 日经225指数早间收盘上涨1.4%，盘中一度接近历史最高点位；MSCI台湾指数涨1.28%创下新高， 泰国SET指数上涨超1%。 | 45690.41 | | | --- | --- | | +753.68 +1.68% 今开 45042.54 | 0 | | 上涨 185 平盘 | 0 下跌 40 | | 最高价 45742.63 市盈率 | 20.6 近20日 8.95% | | 最低价 45042.54 市净率 2.20 今年来 14.53% | | | The Real Property of the Property of Children | | 搭上宇树科技和摩尔线程，港股大众公用股价一度涨超30% ， 盘中最高升至4.92港元，创历史新高。截至10月3日上午收盘， 该股9月至今股 价近翻倍，累计飙升超95%。 消息面上，大众公用此前在互动平台表示，公司参股深创投，而深创投及其基金持有正准备上市的宇树科技和摩 尔线程的股份。 | 3844.490 昨结 3855.660 开盘 3855.391 | ...

摩根士丹利称， 9月净流入中国股市的外资反弹至46亿美元，创下自2024年11月以来单月最高， 主要得益于被动型基金52亿美元的流入，主动型基 金则小幅流出6亿美元。 分析师Chloe Liu等人在报告中表示，继7月中旬以来美国基金大举流入中国股市之后，9月欧盟被动型基金也开始追赶。截至9月30日， 年内外资被 动型基金累计流入180亿美元，已超去年70亿美元的水平。 在加码版块里，主动经理增持最多的是资本货物和半导体，减持最多的是保险、耐用消费品与服装。阿里巴巴、宁德时代和京东的增持幅度最大； 而腾讯、平安保险和泡泡玛特的持仓减幅最大。 Cl S 财联社·上海报业集团主管主办 为速度和交易而生 机构和私募都在使用 下载财联社APP获取更多资讯 准确 快速 权威 专业 7x24h电报 头条新闻 VIP资讯 实时盯盘 元。分析师Chloe Liu等人在报告中表示,继7月 中旬以来美国基金大举流入中国股市之后,9月 欧盟被动型基金也开始追赶。截至9月30日, 年 内外资被动型基金累计流入180亿美元,已超去 年70亿美元的水平。在加码版块里,主动经理 增持最多的是资本货物和半导体,减持最多的 是保险、耐用消费品与 ...

Core Viewpoint - International investors' interest in Chinese stocks has reached its highest level in recent years, as indicated by feedback from roadshows conducted in the US and Asia [1] Group 1: Investor Sentiment - Recent roadshows in the US and Asia revealed a strong interest among investors in Chinese stocks, with many aligning with a more optimistic market outlook [1] - The positive sentiment is attributed to recent strong market performance and potential inflows from individual investors [1] Group 2: Market Position - International investors are unlikely to reduce their positions in Chinese stocks in the short term, given the current market dynamics [1]

Group 1 - The Federal Reserve is expected to cut interest rates by 25 basis points, marking the first rate cut since December 2024, with a total expected reduction of 75 basis points for the year [2][3] - Economic indicators, including inflation driven by tariff policies and a weakening labor market, have prompted discussions among institutional investors regarding global asset allocation strategies [2][3] - Concerns about the independence of the Federal Reserve have arisen, particularly in light of political pressures from President Trump, which could impact long-term market stability and investor confidence [3][4] Group 2 - Gold prices have surged recently, driven by fears regarding U.S. fiscal sustainability and the independence of the Federal Reserve, with a year-to-date increase of nearly 35% [5] - Institutional investors are increasingly turning to gold as a hedge against political risks affecting monetary policy, with significant demand for gold ETFs and mining stocks [5] - The weakening U.S. dollar and potential for accelerated foreign capital inflow into Chinese equities are anticipated as the Fed's rate cuts may lead to a global capital rebalancing [6][7]

Core Viewpoint - The Federal Reserve is expected to restart interest rate cuts, which may accelerate foreign capital inflow into the Chinese stock market [2][12]. Group 1: Federal Reserve's Actions and Economic Indicators - The Federal Reserve is anticipated to cut rates by 25 basis points during the upcoming meeting, marking the first rate cut since December 2024 [4][5]. - Economic indicators leading up to the Fed's meeting show inflation driven by tariff policies and a weakening labor market [5]. - Predictions suggest that the core CPI inflation rate may rise to approximately 3.3% by the end of 2025, with the Fed likely to adopt a gradual approach to rate cuts [5][8]. Group 2: Market Reactions and Investor Sentiment - Concerns about the independence of the Federal Reserve have emerged, particularly in light of political pressures from figures like former President Trump [9]. - Investors are increasingly wary of the long-term risks associated with the politicization of monetary policy, which could undermine the Fed's credibility and affect market valuations [9][10]. - Gold prices have surged, reflecting investor concerns over the Fed's independence and the potential for inflation, with gold achieving nearly 35% growth this year [11][10]. Group 3: Global Capital Flows and Emerging Markets - The weakening of the US dollar is expected to lead to a rebalancing of global capital, with increased demand for foreign investment in A-shares and Hong Kong stocks [13][14]. - The anticipated acceleration of rate cuts post-2026 could create favorable conditions for capital to flow into undervalued emerging markets, aligning with domestic policy initiatives [14].

Core Viewpoint - Chinese assets experienced a significant surge, with various indices and stocks showing strong performance amid increasing foreign capital inflow and expectations of interest rate cuts by the Federal Reserve [2][4][5]. Group 1: Market Performance - On August 13, after the U.S. market opened, the Nasdaq China Golden Dragon Index rose over 2.3%, while the three-times leveraged FTSE China ETF surged over 8% and the two-times leveraged Chinese internet stocks increased over 7% [4]. - Notable Chinese stocks saw substantial gains, with e家快服 and 比特起源 soaring over 27%, and several others like 小牛电动 and 哔哩哔哩 rising over 10% and 6% respectively [4]. - The A-share and Hong Kong markets also showed strong performance, with the Shanghai Composite Index rising 0.48%, reaching a nearly four-year high, and the Hang Seng Index increasing by 2.58% [4]. Group 2: Foreign Capital Inflow - Foreign capital is accelerating its entry into the Chinese stock market, with Morgan Stanley reporting a net inflow of $2.7 billion (approximately 19.4 billion RMB) into Chinese stocks in July, up from $1.2 billion in June [5][6]. - As of the end of July, foreign institutions held nearly 2.4 trillion RMB in A-shares, indicating a reversal from the previous two years of net selling [6]. Group 3: Global Market Context - The global stock market also experienced a rally, with the MSCI Global Index reaching a historical high, driven by investor optimism regarding potential interest rate cuts by the Federal Reserve [9]. - The market anticipates a 99.9% probability of a 25 basis point rate cut in September, with some analysts suggesting a possibility of a 50 basis point cut [9][10]. - Risk assets across various categories, including technology and small-cap stocks, showed strong upward trends, with the VIX index dropping to its lowest level since December [10].