Group 1 - The A-share market continues to strengthen, with the Shanghai Composite Index closing at 3876.34 points, reflecting a 0.37% increase, maintaining its recent strong performance [2] - The Federal Reserve is expected to announce an interest rate cut, marking a significant shift towards global liquidity easing, which aligns with current market expectations [2] - Goldman Sachs indicates that once the Fed opens the rate cut channel, US capital will seek investment targets globally, with A-shares being a significant allocation target [2] Group 2 - Foreign capital has shown increased interest in Chinese assets, with net foreign investment in domestic stocks and funds reaching $10.1 billion in the first half of the year, particularly surging to $18.8 billion in May and June [2] - In August, passive equity funds saw inflows into the Chinese market amounting to $3.684 billion, a significant increase from $313 million in July, while active equity funds experienced a reduced outflow [2][3] Group 3 - The current trend of foreign capital inflow is expected to be strong and sustainable, with no immediate risk of reversal [3] - The cancellation of the registration requirement for foreign investment enterprises' domestic reinvestment by the State Administration of Foreign Exchange is seen as a significant reform that reduces institutional trading costs [3] Group 4 - The improvement in China's economic fundamentals and profit expectations, along with continuous policy dividends and enhanced industrial competitiveness, are driving the strategic allocation of overseas "long money" to Chinese assets [4] - China's GDP growth rate for the first half of 2025 is reported at 5.3%, showing an increase compared to the same period in 2024, which supports foreign capital's confidence in increasing their stakes [5] Group 5 - The MSCI China Index's 12-month forward P/E ratio is only 12.1 times, significantly lower than the Nasdaq's 28 times, indicating a valuation discount of up to 20%, providing a safety margin for international capital [6] - Global funds are increasingly viewing Chinese assets as an ideal allocation choice due to their low valuation and high growth potential, especially in the context of a weakening dollar and rising economic uncertainty in the US [8] Group 6 - The influx of long-term foreign capital into the Chinese market is expected to enhance market liquidity, improve supply-demand dynamics, and elevate market activity, leading to rising stock prices [10] - The preference of foreign investors for stable, transparent governance in leading enterprises may shift the A-share market from a "liquidity premium" to a "profit premium," potentially reducing market volatility and raising long-term valuation levels [10]

文/刘思嘉 A股市场持续走强， 截至今日下午收盘， 上证指数收报3876.34点，实现0.37%涨幅，延续近期强 势表现。 北京时间9月18日凌晨，美联储降息将落锤，时隔九个月重启降息周期，标志着全球流动性转向宽松 的实质性拐点。这一决策与当前市场预期高度一致。 高盛 表示，一旦 美联储开启降息通道，美元资本就会全球寻找投资目标，那么 A 股自然会是其中 比较大的一个配置标的。 事实上，转折点到来之前，外资已提前释放对中国资产的关注。 国家外汇管理局数据显示，今年上半年，外资净增持境内股票和基金101亿美元，特别是5月、6 月，净增持规模增加至188亿美元。 此外，据申万宏源证券统计，8月全球被动型权益资金流入中国市场的规模达36.84亿美元，较7月 的3.13亿美元显著提升；主动型权益资金流出规模为5.42亿美元，较7月的18.83亿美元大幅收窄。 业内人士指出，当前中国资产具备显著的"估值洼地"效应 ，在全球资产再平衡背景下，资金从高估 值市场（如美股）流向估值更低、性价比更高的中国资产，成为外资配置的重要逻辑。 与此同时，政策层面持续释放"开放红利"，9月15日，国家外汇管理局取消外商投资企业境内再投 ...