China's asset attraction and strengthening foreign capital opens the "Buy Buying" model

All signs show that in the context of domestic economic recovery, Chinese assets have gradually strengthened their attractiveness to global investors.

Recently, foreign capital has accelerated the pace of flowing into the A -share market and opened the "Buy Buying" model. Wind data shows that as of July 4, this year, the cumulative net purchase of the north has achieved a net net purchase of 76.3 billion yuan. At the same time, foreign -funded institutions have investigated the increase in A -share listed companies. A number of foreign institutions have recently said that they continue to look at the long -term investment value of many Chinese markets, and the positions of some foreign giants' funds have also been equipped with A -share market stocks.

On July 4, the results of the 2022 Global Reserve Management Seminar released by UBS Asset Management Company showed that 85%of the reserve managers of more than 30 central bank reserve managers interviewed have considered or invested in RMB. Judging from the changes in the net configuration in 2021 and 2022 and expected, the RMB has almost reached the strong level of the dollar.

Chen Li, chief economist of Chuancai Securities, said in an interview with the Securities Daily reporter that the high level of inflation in the European and American economy has recently increased its market volatility and has a adverse effect on investors' emotions. At this time, the A -share market recovered and continued to rebound, highlighting the cost -effective, and had good opportunities for configuration. In the state of the Fed's continued tightening, it is expected that overseas economic growth is expected to run at low speeds in the short term, and foreign capital will continue to flow into the A -share market.

Since June, in the context of the Federal Reserve's interest rate hikes and US economy decline, China's A -share market has gone out of independence. The Chinese economy continues to recover, and many overseas capitals have begun to deploy Chinese assets. This situation can also be seen from the data of the Northbound Fund in the first half of the year. Wind data shows that in the first half of this year, the cumulative net purchase of the northbound funds was 71.799 billion yuan. Except for the net sales situation in March, the rest of the month was net purchase. Essence Among them, in June, the northbound capital net purchase was 72.96 billion yuan. According to weekly, the net purchase of funds was 10.231 billion yuan last week. For the net purchase for 5 consecutive weeks, a total of 93.874 billion yuan was bought in 5 weeks.

At the same time, more and more foreign institutions are optimistic about A shares and frequently investigate listed companies. According to Wind data, as of July 4 this year, there were 890 foreign -funded institutions participating in the investigation of A -share listed companies, an increase of 50.85%year -on -year, and a total of 5061 surveys, an increase of 122.76%year -on -year. , An increase of 124.91%year -on -year. Among them, Shanghai Baoyin Asset Management Co., Ltd. surveyed 119 times, and the Swiss United Banking Group surveyed 108 times. Point72 Asset Management, L.P. Investigation 101 times, the investigation frequency is at a high level.

Data show that in June alone, 272 foreign institutions participated in the investigation of A -share listed companies, with a total of 553 investigations, and a total of 535 A -share listed companies were investigated. Among them, 117 foreign institutions investigated twice and above. Chen Li said that the continuous inflow of northbound capital represents the affirmation of foreign investment in China's economic development. As an important vane of the global economic trend, China's asset allocation will gradually appear with economic development. However, the current scale of A shares is still low compared to overseas markets, and it is expected that there will be room for rise in follow -up.

The reporter noticed that the funds under foreign institutions also favored Chinese assets and added more Chinese stocks. For example, the flagship fund "Morgan A -Share Opportunity Fund" under Morgan Chase's flagship fund increased its holding of electricity and banking stocks in May; the "Andalian Shenzhou A -share Fund" under the China Stock Fund under Allianz Investment also recently regulated positions. , Increase some stocks.

"Foreign -funded Giant Fund A shares A -share shares reflect their long -term confidence in China's economy." Wu Chaoming, Deputy Dean of Caixin Research Institute, said in an interview with the Securities Daily reporter that foreign capital's confidence in Chinese assets and multiple aspects Essence First, the misalignment of the China -US policy cycle is subject to high inflation and anchor inflation expectations. The Fed will continue to raise interest rates during the year. It is conducive to the improvement of asset valuation. Second, the domestic economy has gradually recovered from May. In June, it continued to build a good momentum. The recovery rate in the second half of the year has been accelerated and expected to be increased. Profit expectations have improved. This is in sharp contrast to the slowdown in the US economy and even decline. Third, the exchange rate is expected to be stable. Although the US dollar index fluctuates at a high level, the RMB exchange rate is expected to stabilize, which is conducive to the stability of cross -border capital.

(Editor in charge: Chang Shuai Shuai)

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