Every reporter Cai Ding, every editor Lan Suying

Since AprilXayablockchainWith the continuous adjustment of US stocks, European stocks, Japanese stocks and other overseas markets, global funds have increased their attention to Chinese assets.

In the US stock market, the Nasdaq China Golden Dragon Index has rebounded strongly recently, rising 14 per cent in 10 trading days from April 22 to May 3.Xayablockchain.86%, the largest two-week increase since January 2023. Among them, the index rose 6.01% on May 2, the biggest one-day gain since the end of July last year.

In fact, foreign investors have gradually increased their purchases of Chinese assets since the beginning of the year. According to a report released by the Institute of International Finance (IIF) in late April, in March this year, China's stock and bond markets received net purchases of foreign funds for the first time since June last year, with net foreign purchases of US $1.7 billion and US $2.1 billion, respectively. The report also showed that March was also the first time that Chinese and non-Chinese equity and bond markets in emerging markets had seen monthly inflows at the same time since September 2021.

The significant return of foreign investment has something to do with the improvement of China's economic data. Net purchases of Chinese assets coincide with a major shift in foreign institutions' expectations of Chinese assets. In the view of foreign giants such as UBS, Morgan Stanley and Qiaoshui, Chinese assets have become a value depression for the global stock market, and international investors' sentiment, risk, preference and interest in the Chinese stock market are improving.

Chinese assets erupted, and the Nasdaq China Golden Dragon Index rose nearly 15% in 10 trading days.

The Nasdaq china golden dragon index continued its rally this week, up 5.53%. In particular, on May 2, the index rose 6.01%, the highest level since the end of November last year and the biggest one-day gain since the end of July last year.

Combined with a rise of more than 8 per cent last week, the Nasdaq China Golden Dragon index rose 14.86 per cent in 10 trading days from April 22 to May 3, the biggest two-week gain since January 2023, according to Wind.

Hot Chinese stocks are also generally higher this week. The increase in taxi hailing by fast dog was the most obvious, with a cumulative increase of 147% in a week.

From the news point of view, during the May Day holiday, the tourism market continued to be hot, leading to the outbreak of tourism-related stocks such as Fast Dog Taxi, Huazhu and so on. According to Ctrip data, the growth rate of inbound and outbound travel orders in most first-and second-tier cities is higher than that of domestic travel orders, with inbound and outbound travel orders increasing by 70% year-on-year. At the same time, the sinking trend of the tourism market further appeared, and the growth rate of tourism orders in most third-and fourth-tier cities and county destinations was higher than that in first-and second-tier cities. Hotel and ticket orders in the county area increased by 64% and more than 200% respectively compared with the same period last year.

Judging from the data in the past two weeks, the stock price performance of US-listed stocks is even more eye-catching. Fast Dog Taxi had the largest increase of 176.4%, followed by Weilai, with a cumulative increase of 46.6%. Shell, bilibili and Xiaopeng also recorded an increase of more than 30%.

The surge of new car-building forces such as Weilai and Xiaopeng is mainly due to good delivery data in April. In early May, a number of new energy vehicle companies announced their sales results for April 2024. Xiaopeng, ideal and Weilai all performed well in terms of delivery volume, with the largest year-on-year increase of 134.6% in April. Xiaopeng's April delivery volume also increased by 32.7% compared with the same period last year.

In fact, behind the explosion of Chinese assets is the continued recovery of China's economic fundamentals. In its latest World Economic Outlook report, the International Monetary Fund said that based on the resilience of major economies such as China, the International Monetary Fund has raised its forecast for global economic growth this year by 0.2 percentage points to 3.1%. The International Monetary Fund expects China's economy to grow by 4.6% in 2024, 0.4 percentage points higher than its October 2023 forecast.

According to CCTV news, the British Economist Intelligence Unit and others predict that China's economic fundamentals will be more stable in 2024. The US Center for Strategic and International Studies and other institutions believe that China's exports of electric vehicle batteries, electronic products and minerals are strong, and many industries are leading in global competitiveness.

Big banks, such as Morgan Stanley and Goldman Sachs, sing more collectively.

According to the latest report released by the Institute of International Finance (IIF), in March this year, China's stock market and bond market received net foreign capital purchases for the first time since June last year, with net foreign purchases of US $1.7 billion and US $2.1 billion, respectively. The report also showed that March was also the first time that Chinese and non-Chinese equity and bond markets in emerging markets had seen monthly inflows at the same time since September 2021.

Net purchases of Chinese assets coincide with a major shift in foreign institutions' expectations of Chinese assets. Recently, foreign giants such as UBS, Morgan Stanley and Qiaoshui have been bullish on the Chinese market.

Morgan Stanley believes global money is returning to the Chinese stock market. The withdrawal of long-term global investors from A shares and Hong Kong stocks has been suspended as bearish sentiment on the Chinese market has eased in some funds. Sunil Tilloumalai, chief global emerging market equity strategist at UBS, upgraded the MSCI China Index to overweight earlier this week.

Redalio, founder of Bridge Water Fund, the world's largest hedge fund, wrote on social media that paying attention to the Chinese market is essential to understanding the world and diversifying investments, and that he will continue to invest in China. The market is less worried about the risks of investing in China than the reason for investing in China. "the key question is not whether I should invest in China, but how much I should invest in China".

Analysts at Goldman Sachs said they had visited the US, Singapore, Tokyo and other places over the past month and found that international investor sentiment, risk, preference and interest in the Chinese stock market were improving. Timothy Moe, chief Asia-Pacific equity strategist at Goldman Sachs, said at a media conference at Goldman Sachs that the performance of the China index this year exceeded market expectations, remained optimistic about the development of the A-share market and maintained its "overweight" rating.

Mu Tianhui believes that the Asian market has a very obvious seasonal effect, and Asian markets such as China's A-shares, Japan, South Korea and India deserve more attention throughout the year. In terms of specific sectors, Mu Tianhui said he was optimistic about cars, technology hardware, semiconductors and the Internet in Asian stock markets, and advised investors to pay attention to concepts such as international business, cash dividends and artificial intelligence.

　　在媒体会上，高盛首席中国股票策略师Kinger Lau认为，A股和港股估值现阶段都具备吸引力。同时，就国务院日前印发的《关于加强监管防范风险推动资本市场高质量发展的若干意见》，Kinger Lau称新规更加强调监管和高质量发展，有利于中国资本市场进一步提高违法违规成本，提升上市公司质量，吸引更多长期资金入市。

　　日前，高瓴旗下HHLR管理有限公司已募集完成一只规模约60亿元的QFII基金，以加大中国资产配置比例，继续投资A股市场。作为高瓴旗下独立的美元二级市场投资管理平台，HHLR于2007年在新加坡注册成立，2012年经证监会批准取得QFII资格。

　　免责声明：本文内容与数据仅供参考，不构成投资建议，使用前核实。据此操作，风险自担。

　　封面图片来源：每日经济新闻 资料图