share_log

重磅!中国资产全线飙涨,外资机构疯狂抢筹

China's assets across the board surged, with foreign institutions rushing to buy in frenzy.

brokerage china ·  Oct 3 09:05

Foreign capital is "returning to China".

According to Bloomberg's latest interview survey, the American hedge fund Mount Lucas Management has taken a bullish position on China ETFs, while GAO Capital from Singapore and Timefolio Asset Management from South Korea are buying Chinese blue-chip stocks. According to the latest documents from the Hong Kong Stock Exchange, JPMorgan increased its holdings on September 26, holding 39.861682 million H shares, spending approximately 1.771 billion Hong Kong dollars, and increasing its ownership to 8.28%.$PING AN (02318.HK)$H-share 39.861682 million shares, spending approximately 1.771 billion Hong Kong dollars, and the shareholding ratio increased to 8.28%.

It is worth noting that on October 2, while the Hong Kong stock market surged across the board, $Nikkei 225 (.N225.JP)$N/A.$Korea Composite Index (.KOSPI.KR)$Mumbai Sensex30, FTSE Malaysia Composite Index and other indices have experienced varying degrees of adjustment. Overnight, US stocks closed, Chinese concept stocks also outperformed US stocks, with the Nasdaq Golden Dragon China Index surging by 4.93%, reaching its highest level since February last year. Analysts believe that this implies that significant changes are taking place in the flow of some astute foreign capital.

At the same time, Mark Mobius, known as the 'Father of Emerging Markets', recently expressed his opinion that under stimulus measures, the Chinese stock market is rejuvenating, with the intensity and timing of this round of stimulus exceeding expectations.

"Return to China"

US stocks closed slightly higher overnight, with the Dow, Nasdaq, and$S&P 500 Index (.SPX.US)$all closing slightly higher. Chinese concept stocks continued to soar,$NASDAQ Golden Dragon China (.HXC.US)$rising by 4.93%.$Fangdd Network (DUO.US)$Soared by 29.2%,$Bilibili (BILI.US)$Increased by 10.96%,$NetEase (NTES.US)$Rose by 7.88%,$Tencent Music (TME.US)$Increased by 7.69%, Futu Holdings Ltd rose by 4.94%,$PDD Holdings (PDD.US)$Up 4.85%,$Li Auto (LI.US)$Up 4.55%, $Baidu (BIDU.US)$Up 4.40%, jd.com rose 4.36%, $XPeng (XPEV.US)$up 3.81%,$NIO Inc (NIO.US)$Up by 2.56%. $Alibaba (BABA.US)$up 2.23%,$New Oriental (EDU.US)$Increased by 1.62%.

Meanwhile, ETFs tracking Chinese assets have also shown strong performance in the US stock market.$Direxion Daily FTSE China Bull 3X Shares ETF (YINN.US)$Up 21.81%,$Direxion Daily CSI 300 China A Share Bull 2X Shares (CHAU.US)$Up 15.23%

According to Bloomberg's latest interview survey, the hedge fund Mount Lucas Management from the USA has established a call position for China ETFs, while GAO Capital from Singapore and Timefolio Asset Management from South Korea are buying Chinese blue chip stocks. Tribeca Investment Partners, based in Sydney, is aggressively purchasing stocks related to China such as Australian mining companies.

Mount Lucas' Chief Investment Officer, David Aspell, stated that many investors who had previously 'long been away from the Chinese market are returning', as investors are betting that the Chinese stock market will hit bottom and rebound strongly before the economic recovery. He himself is betting on the rebound of consumer stocks such as JD.com through call options spreads and other tools.

Chauwei Yak, CEO of the multi-strategy hedge fund GAO Capital, believes that investors 'don't even need to pick stocks now', and 'previously reduced net exposures in China through arbitrage strategies, but are now turning bullish'.

It is worth noting that large overseas investment institutions are also preparing to return to China.

Reuters reported that large investors believe that measures taken to attract more funds into the stock market and stimulate consumer spending are increasing the attractiveness of Chinese companies that still have relatively low valuations.

Gabriel Sacks, Emerging Markets Portfolio Manager at Abrdn, stated that the company "selectively" purchased Chinese stocks last week and is awaiting more detailed fiscal stimulus plans. "Overall, the upside potential in the (Chinese market) is greater than the downside potential." As a well-known financial company based in Edinburgh, Abrdn manages approximately 506 billion pounds (677 billion dollars) in assets.

Artemis Fund Managers' fund manager Natasha Ebtehadj believes that there is a significant gap between the undervaluation of Chinese stocks and the improving policy narrative. She has increased her shareholding in Chinese stocks and established some new positions.

Luca Paolini, chief strategist at Pictet Asset Management (with assets of 260 billion US dollars), pointed out that investors may be overlooking the prospects of US interest rate cuts stimulating global demand and Chinese exports. "What we've been telling clients this week is that if you have nothing in China, you might need to add some positions."

Noel O'Halloran, Chief Investment Officer at KBI Global Investors, summarily states, "Regarding the allocation to China, for many it may be too early to change the allocation, but I think there is only one direction, and that is up."

It is worth noting that on October 2, while the Hong Kong stock market surged across the board, the Nikkei 255 Index, Korea Composite Index, Mumbai Sensex 30, FTSE Malaysia KLCI, MSCI Vietnam Index, and other indices all experienced varying degrees of adjustments. Analysts believe that this indicates significant shifts in the flow of some keen foreign institutional investments.

The macro research team at Huafu Securities released a research report stating that as of September, foreign funds in the Hong Kong stock market have started to see net inflows, and since the second half of the month, the net inflow of international intermediary institutions' funds has reached 39.6 billion Hong Kong dollars, exceeding the net inflow of 20.5 billion Hong Kong dollars from southbound funds.

"A-share Revitalization"

Mark Mobius, known as the "Father of Emerging Markets," recently expressed his views that under stimulus measures, the Chinese stock market is revitalizing. The strength and timing of this round of stimulus measures have exceeded expectations.$SSE A Share Index (000002.SH)$Quick rebound. In the short term, the rebound brings opportunities for industries such as technology and consumer goods. It will take time and more reforms for short-term optimism to translate into a sustainable bull market.

Since 1987, Templeton Emerging Markets Fund has been managed by Mapiusi.$Templeton Emerging Markets Income Fund (TEI.US)$He stated on the official website that under the massive stimulus, the Chinese stock market has regained vitality. The intensity and timing of this round of stimulus exceeded investor expectations.

Mapiusi pointed out that China is taking all measures to support economic growth, boost stock market confidence, including injecting liquidity on a large scale into the stock market, lowering the bank's reserve requirement ratio, and reducing interest rates. Relevant authorities have also taken measures to support the real estate market such as relaxing home purchase restrictions, lowering interest rates on existing home loans, and reducing down payment requirements for second homes. The policy measures in this round are more substantial compared to earlier this year. So far, these stimulus policies have led to a strong rebound in the market, boosting confidence. Many investors waiting for the opportunity have seized it, driven by fear of missing out and the inexpensive valuation of Chinese stocks.

Currently, Mapiusi is focusing on the sustainability of policies. He believes that to ensure sustained growth, China needs to support the growth and innovation of the private sector, especially by supporting large entrepreneurs and innovation. Converting short-term optimism into a sustainable bull market requires more reforms.

Currently, JPMorgan is focusing on the sustainability of policies. He believes that to ensure continued growth, China needs to support the growth and innovation of the private sector, especially by supporting large entrepreneurs and innovation. Converting short-term optimistic sentiment into a sustainable bull market requires more reforms.

In fact, as early as June this year, Mason Pineapple changed his views on Chinese assets, believing that the Chinese stock market had already bottomed out. He stated that the measures taken by China's real estate market would help restore investors' confidence.

Editor/Somer

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment