| 五、宏观信息 | | --- | | 证监会召开资本市场财务造假综合惩防体系跨部门工作推进座谈会。会议认为，资本市场财务造假综合惩防体系建设已进入深化落实的关键阶段，必须坚持问 | | 题导向和系统思维打好综合惩防"组合拳"。进一步增强行政、刑事、民事协同，深化重大案件行刑衔接，完善民事追责支持机制，对财务造假和第三方配合 | | 造假一体打击。强化公司治理内生约束，组织开展新一轮公司治理专项行动。 | | 国家主席习近平同韩国总统李在明举行会谈。习近平指出，80多年前，中韩两国付出巨大民族牺牲，赢得抗击日本军国主义的胜利。今天更应携手捍卫二战胜 | | 利成果，守护东北亚和平稳定。会谈后，两国元首共同见证签署科技创新、生态环境、交通运输、经贸合作等领域15份合作文件。 | | 国务院总理李强在广东调研。李强指出，要进一步完善产业生态，培育拓展应用场景，探索有效的经营模式，推动机器人、无人机等新技术新产品在扩大应用 | | 中加快迭代升级。 | | 宏观信息 商务部等九部门联合发文实施绿色消费推进行动，从丰富绿色产品供给、提升绿色服务消费、创新绿色消费模式等7方面20条具体举措。支持消费者购买新能 | | ...

2、从高层指示，看行业机会 本篇评级为★★★，主要围绕以下内容展开： 1、一步之遥，汇率破七如何影响投资市场？ 新闻解读评级说明：五星重磅，四星重要，三星级以下大家选择听。 人民币升值的背后因素，一方面在于年底资金跨境流动的变化。我们相信，其中一部分力量肯定来自中 国的外贸型企业——因为今年整体出口表现强势，许多企业赶在年底有换汇需求，资金因此回流。这是 支撑人民币的一个重要力量。此外，我们也不排除有一部分外资正在重新评估中国资产，尤其是随着 2026年新年的临近，这种关注度正以"真金白银"的形式反映在市场上。海外资金的回流，正是我们一直 强调的、2026年非常值得关注的潜在支撑力量。在这种大趋势的推动下，香港市场上许多中国资产或许 都会受到关注。考虑到过去两个月港股回调已较为充分，其潜力值得高看一眼。 如有疑问请以音频内容为准，添加妙投小虎哥微信：miaotou515，入群有机会与董小姐进一步交流。 本文为妙投付费内容，上述仅为摘要，购买本专栏即可解锁完整内容。新用户可免费领本专栏7天阅读 体验机会，在妙投APP-我的-权益兑换 输入"妙投888"即可领取。 1、一步之遥，汇率破七如何影响投资市场？ 今天， ...

王庆表示，随着过去一年多中国经济的逐渐明朗和资本市场的良好表现，越来越多的海外投资者开始重 新关注中国市场，部分资金已经开始增加对中国资本市场的参与度。王庆进一步分析指出，尽管已有外 资开始回流，但仍有相当规模的长线资金尚未参与中国市场，这意味着外资增配中国资产的潜力仍然巨 大。他相信，随着中国资本市场重估形势的确立，将会有更多的海外资金进入中国市场。外资持续回流 有望成为市场讨论的新叙事，也将成为下一步支持中国资产的重要力量。 王庆进一步指出，中国资产的这一轮重估进程分为两个阶段。第一阶段出现在投资者风险偏好较低的时 期，市场主要对具有高股息率的低估值价值股进行重估，这些股票因其稳定的现金流和分红，成为债券 的替代品，受到避险资金的青睐。随着投资者信心逐渐修复，市场进入第二阶段，关注点转向科技创新 领域的成长股，在过去12个月内，以科技创新为代表的资产表现显著，完成了从价值股到成长股的估值 修复接力。 责任编辑：江钰涵 专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 王庆特别强调，经过了这两个阶段的重估之后，中国资产的重估已经进入下半场，而这一阶段能否持续 深化，关键在于海外 ...

Group 1 - The A-share market has reached a significant milestone with the Shanghai Composite Index closing above 4000 points, marking the highest level since August 18, 2015 [1] - The market rally since September 24 has been primarily driven by several types of funds, including broad-based ETFs and margin financing, with active equity public funds and non-broad-based ETFs focusing on industry sectors playing a key role since July [1] - Institutional investors show a preference for cyclical and large financial sectors, while individual investors are more focused on the consumer sector; both groups are interested in gold and chips, with institutions also favoring military and dividend-related sectors, while individuals lean towards pharmaceuticals and securities [1] Group 2 - The current growth rate of household deposits has not significantly declined, indicating that while there is an emerging willingness among residents to invest, large-scale market entry has not yet commenced, suggesting that the entry of residents is still in the early stages [2] - There has been a notable shift in foreign capital flows since July, with a slowdown in active foreign capital outflows and a significant net inflow of passive foreign capital, driven by the attractiveness of China's emerging industries and competitive valuations in the global market [2] - The market is characterized by a steady allocation from institutional investors, gradual participation from individual investors, and improved inflow dynamics from overseas investors, highlighting the importance of monitoring individual investor participation, domestic policy implementation, and foreign capital flows for potential structural investment opportunities [2]

Group 1 - The core viewpoint of the article emphasizes the urgency for the U.S. to lower interest rates in September, which is crucial for both domestic financial costs and U.S.-China trade relations [1][3] - Trump is anxious about the Fed's decision on interest rates, indicating that if the U.S. fails to lower rates as expected, it could hinder strategic cooperation with China [1][3] - The article discusses Trump's recent actions, including the dismissal of Fed Governor Lisa Cook, which he claims is due to alleged financial misconduct, highlighting his aggressive approach to influence the Fed [3][6] Group 2 - The article notes that Trump's dismissal of Cook may face legal challenges, suggesting potential disputes over the authority of such actions [6] - It is indicated that Trump is optimistic about achieving a second round of interest rate cuts, which could significantly impact the macroeconomic landscape and facilitate capital flow back to China [6][7] - The article outlines the importance of the second round of rate cuts compared to the first, emphasizing that the current limited space for rate reductions in China complicates maintaining interest rate differentials with the U.S. and Europe [7][8]

Group 1 - Overseas long-term funds have resumed intensive research on Chinese managers after three years, with family offices and fund of funds (FOF) being particularly focused [2][3] - Significant capital inflows have been observed in funds managed by Chinese institutions, with investments coming from both domestic and Singaporean investors [3] - Overseas investors are conducting due diligence on Chinese asset managers, focusing on their past holdings and decision-making processes to understand their investment styles and sources of returns [3][4] Group 2 - A robust and scalable investment process is essential for establishing long-term relationships with overseas investors, who may remain skeptical despite strong performance if the process is not reasonable [4][5] - Key areas of focus during due diligence include investment management systems, risk management capabilities, organizational structure, alignment of interests, fee structures, macroeconomic outlook, and geopolitical risk assessments [5] - There is a notable interest from overseas investors in diversifying their portfolios away from U.S. assets towards Chinese markets, particularly in long/short equity strategies [4][6] Group 3 - As of mid-2023, overseas mutual funds have a low allocation to China, with only 11% of the total allocation over the past decade, indicating a significant underweight compared to global benchmarks [7][8] - Factors contributing to the cautious stance of global funds include market volatility, economic uncertainties, and concerns over the real estate sector and trade disputes [7][8] - A potential return of North American pension funds to Chinese markets is anticipated by 2026, contingent on improved market performance and corporate profitability [8][9] Group 4 - Investment in hard technology sectors, such as semiconductors and artificial intelligence, is viewed as more representative of China's future compared to internet platforms [9][10] - Companies like SMIC are highlighted for their potential growth, with expectations of significant improvements in return on equity (ROE) over the next few years [10] - Global investors are encouraged to maintain an open mindset towards emerging Chinese enterprises that may thrive amid U.S.-China competition and global protectionism [11]

Core Insights - Overseas long-term investors are intensively conducting due diligence on Chinese asset managers, indicating a renewed interest in the Chinese market after a three-year hiatus [1][2] - The shift in focus towards Chinese investment opportunities is driven by the changing dynamics within China, which are deemed crucial for global investors [1][10] Group 1: Due Diligence Activities - Numerous Chinese asset managers, both domestic and overseas, have been undergoing due diligence from foreign long-term funds in the past quarter [2] - APS, a Singapore-based asset management firm, has seen significant inflows from both domestic and Singaporean investors, including family offices and high-net-worth individuals [2] - Overseas institutions are particularly interested in the historical holdings and trading decisions of asset managers to understand their investment style and sources of returns [2][3] Group 2: Investment Process and Preferences - Establishing a long-term partnership with asset managers requires a scalable and repeatable investment process, as many overseas investors remain cautious despite strong performance [3] - Key areas of focus during due diligence include investment management systems, risk management capabilities, organizational structure, alignment of interests, fee structures, macroeconomic outlook, and geopolitical risk assessments [4] - There is a growing interest among overseas investors in diversifying away from U.S. assets and increasing exposure to the Chinese market, particularly in long/short equity strategies [3][4] Group 3: Market Sentiment and Future Outlook - Despite the interest from family offices and funds of funds, pension funds and sovereign wealth funds have not yet made significant adjustments to their allocations [5] - As of mid-2023, overseas mutual funds have a low allocation to China, with only 11% of the total global fund assets being allocated to the Chinese market [6] - Factors contributing to the cautious stance of global funds include market volatility, economic uncertainties, and concerns over the real estate sector and trade disputes [6][7] Group 4: Investment Opportunities in Technology - There is a notable shift towards hard technology investments, with a focus on sectors such as semiconductors, artificial intelligence, and biotechnology, which are seen as key growth areas for China [9][10] - Companies like SMIC are highlighted for their potential, with expectations of significant improvements in return on equity (ROE) over the next few years [9][10] - The changing landscape in China, including a decline in the importance of real estate and adjustments in industrial policy, presents new opportunities for global investors [10]