本文首发于公众号"私募排排网"。 （点击↑↑ 上图查看详情 ） 今年以来，外资 公募 持续加大布局中国市场的力度。 一方面， 摩根士丹利 基金 、 联博基金 宣布加大注资；另一方面，多家外资公募多次发 布看好中国市场的论点。 （ 点此领取调研名单 ） 其中，摩根资产管理近日发布的《2025年中全球市场展望》显示，中国资产是全球资产配置再平衡过程中的重要标的之一，下半年或存在结构 性行情。（可参考： 高盛、大摩、小摩、瑞银、巴克莱银行等十大知名外资重仓股出炉！ ） 路博迈基金在《中国市场展望7月报》中称，目前来看，A股上行的部分条件已经具备，市场正在等待更确定性的因素落地。 从公募机构对A股市场的布局来看，路博迈基金、富达基金、摩根基金等机构新发行基金超过30只。 另外，摩根基金、摩根士丹利基金、宏利 基金近 1月对A股公司的调研均接近40只。那么，近1个月，这些知名外资公募都布局了哪些A股公司呢？ （注：本文数据来源于Choice，截至 2025年9月28日） 摩根基金近 1个月共调研了38家公司，其中晶盛机电3家公司被调研了2次，合计调研了41次。 从今年来的涨幅来看，股价实现上涨的公司共有 32家，其中涨 ...

Core Insights - The report emphasizes a potential second wave of market growth, focusing on technology and cyclical leaders as key investment opportunities [3][6][11] Liquidity and Market Conditions - The report notes a decline in U.S. non-farm employment figures, raising concerns about the U.S. economy and increasing expectations for interest rate cuts, with a 10Y/2Y U.S. Treasury yield drop of 10BP/18BP since August [4][12] - Continuous monetary easing is highlighted, with weekly reverse repos exceeding 1 trillion yuan for four consecutive weeks, and a strong inflow into the bond market expected due to anticipated tax incentives [4][12] - Market trading volume remains stable at 1.6 to 1.8 trillion yuan, with financing balances nearing 2 trillion yuan, indicating robust new inflows [4][12] Investment Themes - The report identifies three main investment themes: 1. **Leading Companies**: Focus on sectors like non-ferrous metals, military industry, and state-owned enterprise restructuring, with PPI hitting a bottom [4][12] 2. **Domestic Innovation**: Anticipation of a recovery in domestic technology and semiconductor sectors, with high utilization rates in domestic foundries and clear expansion trends [5][13] 3. **Global Expansion**: The report discusses the ongoing global expansion of new investments in cultural sectors, gaming, and innovative pharmaceuticals [5][14] Market Phases and Performance - Historical analysis indicates that each market cycle sees a flow of new capital from institutional investors to retail investors, with the current phase identified as a second wave of growth [6][14][15] - The report outlines the performance of various sectors across different market phases, noting that technology and cyclical sectors are expected to lead in the current second wave of growth [16][30] PPI Trends - The report discusses the PPI cycle, indicating that PPI has reached a bottom and is expected to recover, which aligns with the performance of cyclical sectors [32][33]