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Our reporter Xie Ruolin, trainee reporter Mao Yirong
As China's economic growth exceeded expectations in the first quarter and the new "National Nine Rules" were implemented, foreign institutions have been bullish on A-shares in succession. At the same time, with the disclosure of the first quarterly report of listed companies, QFII (Qualified Foreign Institutional Investor) appeared in the list of top ten shareholders of tradable shares of many companies, with an obvious increase in shareholding. In addition, the positions of many foreign public funds such as BlackRock in their heavy positions in the first quarter have been unveiled one after another. Schroder Fund and Lianbo Fund issued the first equity product, releasing a signal of continuing to overweight the Chinese market and full of confidence in China's economy and market prospects.
Foreign Capital Firmly Sings More A-shares
Based on such factors as optimistic about China's economic growth prospects and large room for A-share valuation improvement, many foreign institutions have been singing more and more about China's assets.
UBS upgraded MSCI China Index to "overweight".
Goldman Sachs believes that with the improvement and standardization of the A-share capital market system, it is expected that there will still be more value to be released in the stock market. The potential for valuation improvement is about 20%, and more optimistic estimates may be up to 40% of the potential upside.
Morgan Stanley also maintained its position of standard allocation of Chinese stock market, preferring A-share to offshore Chinese market.
According to the survey of HSBC Holdings, more than 90% of emerging market funds began to increase their holdings in China's stock market.
Huang Senwei, senior market strategist of Lianbo Fund, told the reporter of Securities Daily that A-shares have configuration advantages. In addition to the relatively low proportion of foreign capital, relevant policies aimed at improving the quality and corporate governance of listed companies have just begun to be introduced one after another, representing many high-quality enterprises with abundant cash flow and stable dividend distribution ability still need to be explored by the market.
"Compared with the increase of American stocks in recent years, which is concentrated in a few large technology stocks, A-share investment opportunities are relatively extensive." Huang Senwei further said that, for example, export-oriented "China's invisible champion" enterprises with increasing overseas market share, high dividend enterprises benefiting from the domestic low interest rate environment and capital market reform policies, and undervalued cyclical stocks that are expected to benefit from stimulus policies and economic recovery.
Foreign investors actively long A-shares
With the disclosure of some companies' quarterly reports, QFII positions have emerged. According to Wind data, as of 16:00 on April 29, QFII appeared in the list of top ten shareholders of tradable shares of 563 listed companies. Among them, Barclays Bank, JPMorgan Chase, Morgan Stanley, UBS United Bank, Temasek Fortun Investment and other institutions have frequently increased their positions.
For example, Nanjing Public The disclosed quarterly report of 2024 shows that as of the end of the first quarter of this year, Morgan Stanley International Co., Ltd. held about 9.5926 million shares of the company, while at the end of last year it held about 2.0986 million shares, which means that in the first quarter of this year, Morgan Stanley International Co., Ltd. significantly increased its holdings of about 7.494 million shares of Nanjing Public.
In QFII, Barclays Bank was the most active in the first quarter. By the end of 2023, Barclays Bank will be among the top ten circulating shareholders of 100 A-shares. As of the end of the first quarter of this year, there were 254 A-share companies with the top ten outstanding shareholders in Barclays Bank.
Among foreign investment institutions investing in China, QFII from Middle East countries has become a force that cannot be ignored. For example, Abu Dhabi Investment Authority and Kuwait Government Investment Authority appeared in the list of top ten shareholders of several individual shares in the fields of new energy, automobile, medicine and biology. Of which, the first quarter Xinji Energy 、 Songyuan Shares 、 Satellite chemistry 、 Chenguang Shares 、 Bettany A number of companies, such as Kuwait Government Investment Bureau, zijin mining 、 Wanhua Chemical 、 Jin Chengxin 、 Xingyu Shares A number of companies, such as the Abu Dhabi Investment Authority, gained additional positions.
Foreign giants expand their business in China
It is worth noting that the positions of public funds under many international asset management giants, such as BlackRock, Fidelity and Lubermay, have also been unveiled.
Take BlackRock China New Vision as an example, the latest size of the fund is 2.595 billion yuan, and the heavy positions in the first quarter include CNOOC, Zijin Mining China Mobile 、 Sanmei Shares 、 Chinese ships And many heavy positions rose well in the interval.
The latest management scale of Fidelity inheritance in six months was 680 million yuan, and the heavy positions in the first quarter included CNOOC Shaanxi Coal Industry 、 China Shenhua 、 Midea Group , Yanmei Australia, etc., with outstanding attributes of energy stocks.
In fact, the product line of foreign public offering is gradually improving. Schroder Fund and Lianbo Fund both issued the first equity product in the year, and the product matrix of BlackRock Fund, Fidelity Fund and Lubermay Fund has also been expanding.
Since this year, a number of foreign institutions, including Lianbo Fund and Standard Chartered Securities, have expanded their presence in China by increasing capital and setting up new brokers. Since April alone, Allianz Fund, a wholly foreign-owned public offering fund company, has announced that it has been officially approved to expand its business, and the wholly foreign-owned securities firm France Pakistan Securities has also been approved to establish.
According to statistics, 10 foreign-owned securities companies, 9 foreign-owned fund management companies and 3 foreign-owned futures companies have been approved to conduct business in China. Among fund companies, 6 are newly established after the policy of canceling the restriction on the proportion of foreign shares of fund management companies is issued in 2020. By the end of the first quarter of this year, these six newly established wholly foreign-owned fund companies had received 32 public fund products approved, with a total product size of more than 26.8 billion yuan.
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