Core Viewpoint - The interest of foreign investors in A-shares is increasing, with a notable shift from "Derating" (value depreciation) to "Rerating" (value reassessment) observed since late 2024, driven by factors such as the recovery of the Chinese economy and advancements in artificial intelligence [3][10][11]. Group 1: Foreign Investment Trends - Since 2021, foreign interest in A-shares has declined, but this trend is reversing with more roadshows planned for 2024 [2][5]. - In September, major foreign institutions like UBS and Morgan Stanley hosted investment summits in Shenzhen, attracting a significant number of global investors interested in A-share opportunities [2][4]. - Foreign investors are increasingly focusing on long-term investments in China, with many already holding Chinese assets or showing renewed interest [2][5]. Group 2: Economic Factors and Opportunities - The recovery of the Chinese economy is expected to improve corporate profits, with a notable uptick anticipated in Q1 2025 [5][6]. - The development of the artificial intelligence sector in China is a key area of interest for foreign investors, particularly regarding its impact on traditional industries [3][10]. - The "反内卷" (anti-involution) policies are being closely monitored by foreign investors, as they could significantly affect corporate profitability and market dynamics [15]. Group 3: Market Dynamics and Investor Sentiment - The allocation of foreign investment in A-shares remains low at 7.4%, indicating substantial room for growth compared to other Asian markets [13]. - Recent data shows that global hedge funds have increased their net purchases of Chinese assets, reaching a two-year high in August [13][14]. - Concerns about excessive competition in sectors like e-commerce have led to cautious sentiment among foreign investors, particularly regarding internet companies [14][15].

Core Insights - Both A-shares and H-shares are driven by long-term competitiveness, sustained profitability, and reduced systemic risks, which are essential for stock pricing [1] - A significant re-rating cycle is currently underway for both A-shares and H-shares, presenting an opportunity for investors to capitalize on the value re-evaluation in Chinese stocks [1] Group 1: Investment Opportunities - The Hong Kong stock market offers unique opportunities in sectors that are distinctive and sensitive to interest rate changes, such as the innovative drug sector [1] - The H-share market includes numerous biotech and innovative drug companies that are scarce in the A-share market, providing unique allocation opportunities for investors [1] - The innovative drug sector benefits from global R&D advancements and domestic policy support, maintaining strong market interest [1] Group 2: Dividend Assets - H-shares feature dividend assets primarily in traditional high-dividend sectors like finance and energy, which exhibit stable profitability and sustainable dividend policies [1] - These dividend assets demonstrate strong resistance to market volatility, making them attractive for investors [1] - The potential for a decline in U.S. Treasury yields enhances the re-rating space for Hong Kong dividend assets [1] Group 3: Portfolio Strategy - Incorporating both A-shares and H-shares into an investment portfolio allows for a more comprehensive capture of the benefits from China's economic growth and structural transformation [2] - The opportunity structures in A-shares and H-shares differ, and their market rhythms may not synchronize, necessitating a long-term perspective for effective allocation [2]

安联中国精选混合基金经理、安联基金研究部总经理程彧认为，A股与H股均属于中国股票市场，都是 由共同的长期支撑要素驱动(包括企业长期竞争力、长期盈利、系统性风险缓和、政策托底等)，这些要 素一起影响股票定价的分子端(企业盈利)与分母端的风险溢价(投资信心)。 相比之下，二者之间的差异主要体现在股票定价的分母端的无风险利率： H股是更为开放的国际市场，外资持股占比(存量)相对更高，外资适用的无风险利率以美债利率为核心 参考； A股无风险利率主要参考国内国债利率。 从未来利率下行空间看，美债利率下行潜力大于国内国债，因此H股无风险利率下行潜力相对更大。 当前，包括A股与H股在内的中国股票正在一同经历RERATING(价值重估)的大周期，港股市场的潜力 主要集中在一些特色的、差异化的以及对利率变化更敏感的板块： 创新药板块： H股市场汇聚了大量生物科技及创新药企业，其中部分企业在A股市场中较为稀缺，为投 资者提供了独特的配置机会。同时受益于全球创新药研发进展及国内政策利好，该板块持续受到市场关 注。 红利资产： H股红利资产多集中在金融、能源等传统高分红行业，盈利能力和分红政策相对稳定，抗波 动能力较强。同时，由于美 ...