随着数以十亿美元计的资金在今年"用脚投票"，美国投资者似乎逐渐"迷上"了中国科技自强的愿景，而 这种热情目前仍有望延续至新的一年。 根据业内汇总的数据显示，2025年迄今，专注于中国科技股的美国主要上市ETF已吸引了大 量资金流入，反观那些聚焦非科技板块的基金则遭遇了资金流出。 按管理资产规模计，在美上市最大中国股票ETF——KraneShares中国海外互联网 ETF(KWEB)今年以来已累计吸金23亿美元，有望创下2021年以来最佳年度表现。 资产规模排名第四的景顺中国科技ETF(CQQQ)也录得21亿美元资金流入，有望创下历史最佳年度表 现。 他补充道，DeepSeek的R1模型同时"表明中国已成为人工智能领域的真正竞争者"，"投资者对该主题的 兴趣应持续至2026年"。 凯投宏观首席经济学家Neil Shearing也指出，"多数发达经济体在人工智能竞赛中都难以跟上美国的步 伐，但2025年也是中国缩小部分差距之年。"他补充道，股票投资者似乎正押注于中国"在科技前沿领域 将更广泛地超越美国"。 花旗集团也持类似观点。该行经济学家在上周五发布的一份报告中写道，中国在模型和硬件方面都在迅 速赶上技术前沿。 ...

Group 1: Core Insights - FTSE Russell anticipates that European sovereign wealth funds and pension funds may increase their allocation to China in the next 6 to 12 months, viewing China as an independent asset class rather than just part of emerging markets [1][6] - Global investors are shifting from defensive cash and short-duration bonds to risk assets, including developed and emerging market equities and bonds, with a notable flow of new funds into Chinese and Greater China assets [2][6] - The upgrade of Vietnam's market from frontier to secondary emerging market status by FTSE Russell is expected to facilitate easier access for global investors, although the impact on other emerging markets is minimal [1][8] Group 2: European Investor Concerns - European institutional investors are facing a complex environment shaped by structural, macroeconomic, and regulatory challenges, including high stock valuations, interest rate uncertainty, and geopolitical tensions [4] - There is a growing interest among European asset managers in diversifying their portfolios away from overexposed positions in the US and Europe, with a focus on China's leadership in technology and artificial intelligence [6][4] Group 3: Investment Trends - The demand for Chinese indices, particularly those focused on technology, artificial intelligence, and electric vehicles, is increasing among global investors, with significant inflows into products like the Invesco China Technology ETF [7] - The transition of Vietnam to a secondary emerging market is expected to attract approximately $1 to $1.5 billion in passive fund inflows, with active management inflows projected to be 4 to 5 times that amount [9][8] Group 4: ESG Investment Evolution - There is a notable shift in investor behavior towards more integrated and thematic approaches to ESG investing, with a focus on understanding how ESG factors impact investment returns [11] - Regulatory frameworks in Europe, such as the Corporate Sustainability Reporting Directive (CSRD), are enhancing corporate disclosure standards, which is crucial for ESG investment transparency [11]