Summary of China Equity Strategy Conference Call Industry Overview - The report focuses on the **China equity market** and the positioning of **foreign institutional investors** as of **1Q24**. Key Points 1. **Investor Positioning** - Foreign funds are less underweight in China equities, improving from **-2.6%** in **4Q23** to **-2.3%** in **1Q24**, but still below the **-2.1%** level seen in **3Q22** [2][3][7] - Approximately **25%** of active funds have no Chinese holdings, with **193 funds** holding **US$260 billion** in assets under management (AUM) not invested in China [3] 2. **Sector Performance** - Significant outflows from sectors such as **data centers**, **biotech**, **water utilities**, **wind power equipment**, and **automobiles** in **1Q24** [2][11] - Inflows were noted in **education**, **leisure**, **sportswear**, **express delivery**, and **internet sectors** [5][11] 3. **Market Inflows** - Northbound inflows into the A-share market resumed at **US$9.4 billion** in **1Q24**, contrasting with **US$8.3 billion** of outflows in **4Q23** [4][5] - Southbound trading showed **US$17 billion** in net inflows during **1Q24**, with daily averages of **HKD 4.2 billion**, indicating strong support for the Hong Kong market [4][5] 4. **Investor Preferences** - Active foreign institutional investors increased holdings in **education**, **leisure**, **sportswear**, **express delivery**, and **internet** sectors while reducing positions in **data centers**, **biotech**, and **automobiles** [5][11] - The sectors with the highest foreign active positions include **restaurants**, **education**, **consumer finance**, and **leisure** [5] 5. **Short Selling Trends** - Short selling turnover in Hong Kong declined to **15%** of total turnover, down from a peak of **20%** in late March [4][37] 6. **Valuation Risks** - Risks facing China's equities include potential hard landings in the property market, capital outflows due to currency depreciation, and slow structural reforms [38] Additional Insights - The report indicates that **193 funds** have previously cleared their China positions but have since re-entered the market, suggesting a cautious but potentially optimistic outlook for future investments [3] - The need for **US$4.3 billion** in purchases by certain funds to neutralize their underweight positions highlights the potential for increased investment in the Chinese equity market [3] This summary encapsulates the key findings and insights from the conference call regarding the current state and outlook of the China equity market, particularly focusing on foreign institutional investor behavior and sector performance.

M Update May 7, 2024 09:00 PM GMT China Equity Strategy | Asia Pacific Morgan Stanley Asia Limited+ Laura Wang Equity Strategist Thoughts on the Recent Rally Laura.Wang@morganstanley.com +852 2848-6853 Morgan Stanley Asia (Singapore) Pte.+ Jonathan F Garner We expect the rally momentum to abate – don't chase at the Equity Strategist Jonathan.Garner@morganstanley.com + 65 6834-8172 index level. Global geopolitical concerns and rising US and Morgan Stanley Asia Limited+ Japanese market volatility have eased; ...

M Update May 7, 2024 09:00 PM GMT China Equity Strategy | Asia Pacific Morgan Stanley Asia Limited+ Laura Wang Equity Strategist Thoughts on the Recent Rally Laura.Wang@morganstanley.com +852 2848-6853 Morgan Stanley Asia (Singapore) Pte.+ Jonathan F Garner We expect the rally momentum to abate – don't chase at the Equity Strategist Jonathan.Garner@morganstanley.com + 65 6834-8172 index level. Global geopolitical concerns and rising US and Morgan Stanley Asia Limited+ Japanese market volatility have eased; ...

Hello everyone, this is Sarah from WinIn4. I'm glad to be here and to have the chance to share the WinIn5 live stream series with you. In the training program, I will show you how to use Win's financial terminal to do stock analysis. In the WinIn5 series, we will offer a range of training programs that cover various aspects of financial markets. Our official live stream, as shown on the slide, includes topics related to economic research, the stock market, and the bond market. If you would like to view past ...

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