中国股票策略 -中国香港主动型纯多头基金经理的持仓情况-China Equity Strategy-Positions of Active Long-only Managers in ChinaHK

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the Chinese equities market and the flow of funds in China/HK equities, highlighting trends in both passive and active fund management strategies [1][10]. Core Insights and Arguments - Equity Inflows: Chinese equities experienced inflows of US$2.7 billion in July 2025, primarily driven by US$3.9 billion from passive funds, while active funds faced outflows of US$1.2 billion [1][10]. - Southbound Flows: Southbound stock connect inflows reached US$17 billion in July, totaling US$110 billion year-to-date (YTD), surpassing the full-year level of US$103 billion in 2024 [1][10]. - Fund Underweights: Global and Asia ex-Japan (AxJ) funds slightly reduced their underweights in China by 1.4 percentage points and 0.3 percentage points, respectively, while emerging market (EM) funds increased their underweight to 3.2 percentage points [1][10]. - Sector Performance: Active fund managers increased their positions in Media & Entertainment, Pharmaceuticals, and Insurance, while reducing exposure in Consumer Services and Consumer Durables & Apparel [10]. - Company-Specific Changes: Notable increases in holdings were observed for Tencent, Netease, Jiangsu Hengrui, and Wuxi AppTec, while Meituan and Xiaomi saw reductions in their positions [10]. Additional Important Insights - Domestic Fund Outflows: Chinese domestic passive funds targeting A-shares recorded outflows of US$6 billion in July, up from US$3 billion in June [10]. - Short Interest: As of July 31, short positions in China/HK equities were predominantly added in Consumer Staples, Financials, and Communication Services [11]. - Passive Fund Trends: Cumulative foreign passive inflows reached US$11 billion YTD, exceeding the US$7 billion level in 2024, while cumulative foreign active outflows totaled US$11 billion, a decrease from US$24 billion in 2024 [10]. - Fund Flow Dynamics: The report indicates a significant correlation between foreign passive fund flows to the CSI 300 and northbound net flows historically, suggesting a stable trend in foreign investment [12]. This summary encapsulates the key points from the conference call, providing a comprehensive overview of the current state of the Chinese equities market and fund flow dynamics.