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 - The core viewpoint of the article highlights the strong performance of Chinese assets, driven by a stable economic outlook, policy benefits, and improved corporate earnings prospects [2][11][12] - Chinese assets saw a significant surge, with the Nasdaq China Golden Dragon Index rising over 2% at one point, and major Chinese concept stocks experiencing substantial gains [4][3] - Notable performances included Futu Holdings and Tiger Brokers, with Futu's customer base reaching 2.7 million and asset management exceeding $100 billion, indicating strong growth potential [9][10] Group 2 - Foreign investment institutions are increasingly optimistic about Chinese assets, with a survey indicating a rebound in interest among sovereign wealth funds and central banks managing approximately $27 trillion in assets [12][13] - Goldman Sachs reported that increasing dividends and buybacks by Chinese listed companies could enhance company valuations by 14% [12] - Economic growth forecasts for China have been revised upward by several institutions, including UBS and Deutsche Bank, with expectations of policy measures to stimulate growth [14][15] Group 3 - The Shanghai Composite Index reached a new high for the year, closing at 3534.48, reflecting a strong market performance [17] - Analysts predict continued upward momentum in the market, with various sectors such as banking, AI, and innovative pharmaceuticals showing strong performance [20][21] - The market is expected to expand further, with increased investor confidence and potential for significant returns in sectors like humanoid robotics and innovative pharmaceuticals [21]

Core Viewpoint - Chinese assets have experienced a significant surge, with foreign investment institutions increasingly optimistic about the outlook for these assets due to stable economic performance and improving corporate earnings [2][10][12]. Group 1: Market Performance - The Nasdaq Golden Dragon China Index rose over 2% at one point, while the three-times leveraged FTSE China ETF surged over 6%, and the two-times leveraged China Internet Stocks ETF increased by over 5% [4]. - Popular Chinese concept stocks saw substantial gains, with Luida Technology soaring over 33% and Xinyang rising over 17% [4]. - KraneShares China Overseas Internet ETF (KWEB) recorded a nearly 7% increase this week, while iShares MSCI China ETF (MCHI) rose over 4%, marking the largest weekly gains since early March [5]. Group 2: Foreign Investment Sentiment - A survey by Invesco revealed that international investment institutions are showing renewed interest in the Chinese market, with a total asset management of approximately $27 trillion [10]. - HSBC's chief economist for Greater China noted that international investors, especially from Europe and the U.S., are increasingly interested in Chinese assets due to ongoing capital market reforms and technological innovation [11]. - BlackRock's chief equity investment officer expressed optimism about the macro environment and corporate earnings, anticipating a positive performance for Chinese A-shares in the second half of the year [12]. Group 3: Company-Specific Insights - Futu Holdings has seen strong customer growth, with a client base of 2.7 million and assets under management exceeding $100 billion, growing at an annual rate of 20%-25% [7][6]. - Barclays highlighted Futu's potential for accelerated growth in the coming years, driven by the recovery of the Asian capital markets [6]. - Revenue projections for Futu indicate a growth of 48% to HKD 18.9 billion by 2025, with an expected EPS of $60.94 for the same year [8].