中国股票策略 - 中港市场主动型多头基金的持仓-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 China Equity Strategy and the dynamics of foreign fund flows into Chinese equities, particularly in the context of A-shares and Hong Kong markets [1][2]. Core Insights - Foreign Inflows: In December, foreign inflows into Chinese equities accelerated to US$3.5 billion, driven by US$4.4 billion from passive funds and US$0.9 billion from active funds [1][11]. - Cumulative Inflows: For 2025, cumulative foreign long-only fund inflows reached US$14 billion, a significant recovery compared to US$26 billion outflow in 2023-24 [11]. - Market Liquidity: Onshore equity mutual fund AUM rose sharply in December, with a net increase of Rmb2.2 trillion in 2025, nearly double the Rmb1.0 trillion increase in 2024 [11][12]. - Sector Performance: Active fund managers increased their positions in sectors such as Insurance, Capital Goods, and Consumer Discretionary, while trimming positions in Bank, Pharmaceutical, and Consumer Durables & Apparel [11]. Fund Flow Dynamics - Passive vs. Active Funds: Passive funds saw inflows of US$4.4 billion in December, while active funds experienced outflows of US$0.9 billion, indicating a shift in investor preference towards passive investment strategies [11][12]. - Retail Participation: Retail investor activity remained stable, with new SSE account openings slightly increasing to 2.6 million in December, compared to 2.4 million in November [21]. Additional Insights - Money Market Funds: AUM for money market funds declined to Rmb116 billion in December, reflecting a reallocation of assets towards equities [31]. - Private Fund Activity: Private fund AUM remained stable after a significant increase in October, indicating continued interest from high-net-worth investors [24]. - Sector-Specific Trends: Companies like Ping An Insurance, PDD, and Alibaba saw increased investment, while CCB, Xiaomi, and Anta were trimmed by active fund managers [11]. Conclusion - The overall trend indicates a positive shift in foreign investment towards Chinese equities, particularly through passive funds, while active funds are experiencing outflows. The significant increase in AUM for onshore equity mutual funds suggests a strong reallocation towards equities, reflecting investor confidence in the market's recovery.