中国股票策略 - 中国 香港主动型只做多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 equity market, specifically the A-share market and foreign fund flows into Chinese equities. Core Insights and Arguments - Foreign Inflows: In September 2025, foreign inflows into Chinese equities rebounded to US$4.6 billion, the highest level since November 2024, driven by US$5.2 billion inflows from passive funds and US$0.6 billion outflows from active funds [11][12][34] - Year-to-Date Performance: As of September 30, 2025, cumulative foreign passive inflows reached US$18 billion, significantly exceeding the US$7 billion recorded in 2024. Cumulative foreign active outflows were US$12 billion, a decrease from US$24 billion in 2024 [11][12] - Market Liquidity: Retail participation in the A-share market improved, with onshore mutual funds showing strong growth in assets under management (AUM). However, private fund growth moderated after a sharp increase in July [12][21] - Sector Performance: Active fund managers increased their positions in Capital Goods and Semiconductors, while reducing exposure in Insurance and Consumer Durables & Apparels [11][12] - Company-Specific Changes: Notable increases in holdings were observed for Alibaba, CATL, and JD, while Tencent, Ping An Insurance, and Popmart saw reductions in positions [11][12][62] Additional Important Insights - Retail Investor Activity: The daily average net inflow of small A-share orders reached Rmb34 billion in August, comparable to early 2025 levels but still below the peak of Rmb48 billion in October 2024. The current rebound is more selective, focusing on sectors like Tech, AI, Materials, and Biotech [17][21] - Private Fund AUM: Onshore private funds experienced a sharp increase of Rmb325 billion in July, but growth normalized in August, indicating a return to typical investment patterns among high-net-worth individuals [21][24] - Foreign Passive Fund Flows: Flows from foreign passive funds tracking the CSI 300 remained largely unchanged in September, suggesting limited participation from foreign investors in the A-share market during that month [31][34] This summary encapsulates the key points from the conference call, highlighting the dynamics of the Chinese equity market, fund flows, and sector-specific trends.