更重要的是，创纪录的机构认为中国市场现在已经跳出结构性熊市的状态。在最新调查中，投资者对中国经济结构性问题的悲观情绪，
1. The Asian Fund Manager Survey released this week shows that institutional investors have not only increased their favorability towards China Assets but are also actively positioning themselves; 2. Those bearish on China Assets and the China economy have also reached a historic low on record; 3. In another survey, "going long on China Technology stocks" is one of the most crowded trades globally recently.
On March 19, the Financial Associated Press reported (Editor: Shi Zhengcheng) that while confidence among global institutional investors in US stocks has collapsed, the latest Asian Fund Manager Survey released by Bank of America Securities shows that institutional investors' interest in China Assets has surged.
According to this week's report, in terms of asset allocation preferences, the China market has jumped to the second position in Asia.
More importantly, a record number of institutions believe that the China market has now exited a structural bear market. In the latest survey, investors' pessimism regarding structural issues in the China economy has fallen to a historical low.
(Source: Bank of America Asian Fund Manager Survey)
Bank of America Analysts used the term "paradigm shift" to describe China Assets in the report. They pointed out that the surveyed fund managers believe that "this time is different." This upbeat sentiment stems from investors' expectations that households in China will increase spending and investment, rather than hoarding Cash in deposit accounts.
(Source: Bank of America Asian Fund Manager Survey)
Under this bullish expectation, Asian fund managers have started actively positioning in China Assets.
The survey shows that, based on the clear signals for economic stabilization and policy easing, 50% of institutional investors have started to build positions in Chinese assets, a significant increase from 32% in the February survey. Additionally, 19% of investors are waiting for clearer economic signals.
(Source: Bank of America Asian Fund Manager Survey)
In line with market trends, AI, chips, and the Internet remain the overwhelmingly Bullish investment themes for Asian institutional investors in China.
(Source: Bank of America Asian Fund Manager Survey)
This survey was conducted from March 7 to March 13 this year, with a total of 205 fund managers interviewed, managing a total of 477 billion dollars in assets.
Correspondingly, in this week's Bank of America Global Fund Manager Survey, being long on Chinese tech stocks also ranked among the most crowded trades.
(Source: Bank of America Fund Manager Survey)
By the way, the Bank of America Asian Fund Manager Survey also shows that Japan remains the most favored asset by institutional investors in Asia, but enthusiasm is beginning to cool. In the March survey, only 59% of respondents believe that the Japanese economy will strengthen in the next 12 months, down from 73% last month. Investors will continue to focus on the Bank of Japan's policy trends, Forex fluctuations, and corporate reform issues.
On the other end of investor sentiment, the Thai stock market is the least favored by Asian Fund managers, with a net underweight ratio of 16%. India (-13%), South Korea (-13%), and Indonesia (-13%) markets follow closely behind.
Editor/rice
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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