新兴市场每周资金流向监测-南向周五创单日买入纪录；EPFR 初步数据显示共同基金 7 月增加中国敞口；MSCI 再平衡分析

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the Emerging Markets (EM), with a specific focus on China and its mutual fund flows, as well as the implications of the MSCI rebalancing. Core Insights and Arguments 1. Record Inflows in Southbound Trading: Southbound trading recorded a daily net buying of US$4.6 billion on Friday, marking the highest level to date. Year-to-date, cumulative Southbound buying reached US$120 billion [6][7][12]. 2. Retail Activity in China: A-share margin financing balances surged to Rmb2 trillion, the highest since 2015, indicating strong retail activity. Hong Kong's turnover also rose above HK$300 billion levels [6][12][19]. 3. Mutual Fund Flows: Preliminary EPFR data indicates that China's active allocation in global mutual funds increased to 6.4% in July, which is in the 13th percentile over the past ten years. However, it remains underweight by 330 basis points [6][17][21]. 4. MSCI Rebalance Impact: The upcoming MSCI rebalancing scheduled for August 2025 will see 28 additions and 40 deletions in the MSCI EM index. China, Indonesia, and Korea are expected to receive the highest passive net inflows, while India, Japan, and Turkiye are projected to experience significant outflows [6][24][26]. 5. Global Equity Fund Flows: Global equity mutual funds saw inflows of US$26 billion week-over-week, contrasting with US$42 billion in outflows the previous week. In developed markets, US funds attracted US$21 billion in inflows [5][30]. 6. Emerging Market Trends: Emerging market funds experienced a second consecutive week of outflows, totaling US$0.4 billion [33]. Additional Important Insights 1. FII Positioning: Foreign Institutional Investors (FIIs) have shifted to net buyers of EM equities, purchasing nearly US$40 billion since April after a period of US$86 billion in selling over the prior twelve months [30][31]. 2. Sector-Specific Insights: The report highlights specific stocks that may experience significant net passive buying or selling flows following the MSCI rebalancing, including companies from China, Indonesia, and Korea [28]. 3. Retail Flows in Asia: Asian markets have seen US$13 billion in retail inflows year-to-date, with Taiwan and Korea showing contrasting trends in retail buying and selling [5][6]. This summary encapsulates the key points discussed in the conference call, focusing on the emerging market dynamics, particularly in China, and the implications of the MSCI rebalancing on investment flows.