luckycoinvideopoker|中金：部分外资已转为流入 长线资金的再配置仍然需要基本面改善配合

CICC released a research report sayingLuckycoinvideopokerIn the second half of the week, southbound funds were absent during the May Day holiday, and the rally in the Hong Kong stock market continued, indicating that the rebound in Hong Kong stocks was more supported by foreign capital. In terms of domestic capital, Hong Kong stocks have risen sharply, and some foreign capital has turned into inflows. In addition, as of the end of March, the active funds of various funds have also rebounded to varying degrees compared with the allocation of Chinese stocks at the end of December compared with the benchmark. However, the reallocation of long-term funds still needs to be matched by improved fundamentals, especially fiscal policy to deal with the current problems of falling inflation and credit contraction.

The main points of CICC are as follows:

Noteworthy changes in the global capital side this week are: 1) tracking EPFR fund data show that as of Wednesday, overseas active funds still showed outflows from A shares and Hong Kong stocks, but the outflow was significantly smaller than the previous week.Luckycoinvideopoker2) in terms of connectivity, capital inflows continued northward and accelerated southward; 3) global markets, equity and bond markets maintained inflows, money markets continued to outflow but outflows significantly narrowed; 4) US stocks and Japan turned into inflows, developed Europe and emerging markets continued to outflow.

In terms of domestic capital, Hong Kong stocks have risen sharply, and some foreign capital has turned into inflows. The Hong Kong stock market rose strongly again this week, with the Hang Seng Technology and Hang Seng Index up 6% respectively.Luckycoinvideopoker.8% and 4Luckycoinvideopoker.7%. Southbound funds maintained inflows during the two trading days of the opening of Unicom, totaling HK $6 billion. It is worth noting that southbound funds were absent in the second half of the May Day holiday, and the rally in the Hong Kong stock market continued, indicating that this round of rebound in Hong Kong stocks is more supported by foreign capital. As of Wednesday (April 25-May 1), EPFR overseas active capital outflows from Hong Kong shares of US $190 million, continued to narrow from last week's US $310 million. In terms of disassembly, active global funds turned into Chinese stocks of $27 million this week, while passive global funds and global emerging market funds turned into $41 million and $40 million, respectively, indicating that some value funds have returned. In addition, as of the end of March, the active funds of various funds have also rebounded to varying degrees compared with the allocation of Chinese stocks at the end of December compared with the benchmark. However, the reallocation of long-term funds still needs to be matched by improved fundamentals, especially fiscal policy to deal with the current problems of falling inflation and credit contraction.

In terms of global capital, active foreign capital flows into the Indian and Japanese markets. As of Wednesday (April 25-May 1), active foreign capital inflows into the Indian market continued this week, and the scale increased ($110 million vs. The previous week inflows of $40 million); for Japanese stocks, active foreign capital inflows turned to $140 million this week, while passive foreign capital inflows continued to reach $330 million. In addition, after three consecutive weeks of outflows from the US stock market, active foreign investment turned into US $1.12 billion this week, while passive foreign capital also accelerated its inflow of US $2.14 billion.