秒词邦

原文：

　美东时间6月12日，FOMC会议（美联储议息会议）宣布维持利率不变，并公布了最新的经济预测。根据美联储公布的“点阵图”判断，多数联邦公开市场委员会成员预计年内最多降息一次。

　　近几个月，外资机构对中国市场的兴趣不断高涨。北向资金从2月到5月连续四个月净买入A股，合计净买入金额高达975.29亿元。同时，包括瑞银、摩根士丹利、花旗、汇丰等在内的多家外资机构巨头近期纷纷唱多中国资产。

　　分析人士认为，美国距离周期性放缓已不遥远。美元指数大概率处于强弩之末，非美资产特别是中国资产将逐渐迎来海外投资者的青睐。

　　中国资产人气渐旺

　　FOMC会议宣布维持利率不变的决定引发了全球金融市场的广泛关注。对于中国资本市场来说，市场对美联储降息的预期为海外流动性改善提供了有力支撑。

　　国盛证券首席经济学家熊园（金麒麟分析师）认为，美国5月通胀继续放缓，但后续压力仍大，美联储年内降息一次或两次均有可能。

　　在此预期下，国际投资者对于中国市场的信心也在不断增强。瑞银、摩根士丹利、花旗、汇丰等外资机构纷纷上调对中国公司的评级。瑞银上调了港股市场中招商局港口、长城汽车(24.740, -0.01, -0.04%)的投资评级及目标价；摩根士丹利将小米集团的目标价从20港元上调至25港元；花旗在最新的研究报告中上调比亚迪(253.050, 0.06, 0.02%)目标价至475港元；汇丰将小米集团的目标价上调至25.3港元。

　　就在6月初，摩根大通在港股市场大手笔增持了多只中国股票，其中包括招商银行(33.810, 0.99, 3.02%)、香港交易所、中国中免(69.280, 0.13, 0.19%)、哔哩哔哩等。

　　“自2023年10月底起，摩根大通就开始全面看好中国股票。”摩根大通首席亚洲及中国股票策略师刘鸣镝认为，“从经济复苏的周期来看，中国经济复苏的迹象较为明显，这利好A股、港股的公司业绩表现，进一步支撑股票估值。”

　　在刘鸣镝看来，有四种主题值得关注：一是在国内市场有高市占率的股票，以及在经济温和复苏期有能力提高市占率的股票；二是在细分市场赛道的领先企业；三是性价比比较高的出口企业；四是受益于人工智能（AI）快速发展的公司。

　　积极布局中国市场

　　随着海外流动性改善和国际投资者对中国市场的信心增强，外资巨头增持中国资产已成为推动A股市场上涨的重要力量。以摩根大通为代表的外资机构，正不断加码中国市场。

　　在国际金融机构积极推动下，A股市场迎来了结构性机遇。随着外资的流入和市场的逐步开放，外资的参与为A股市场带来了新的投资理念和策略。同时，随着国家政策持续发力和产业结构优化升级，一些具有成长性和创新性的行业和公司开始受到市场关注。

　　随着人工智能技术的快速发展，AI正在引发一场新的产业革命。施罗德投资环球私募资产主管格奥尔格·温德林认为，AI革命正在改变全球供应链，这为投资者带来了大量新的机会。他表示，施罗德投资特别看好中国人工智能初创企业，已经投资了多家国内AI领域的优质公司。事实上，在最近的调研活动中，高盛、淡马锡等众多外资机构对中国科技类公司表现出浓厚的兴趣，纷纷参与调研讨论AI应用和市场前景等话题。可以预见，随着中国人工智能产业的快速崛起，将吸引更多海外资本布局人民币资产，特别是AI领军企业将成为外资的新宠。

　　中东资本也不断在A股市场“消费”。今年一季报数据显示，多家新能源、医药、科技类上市公司的前十大流通股股东名单中，出现了阿布扎比投资局、科威特投资局等中东“豪门”。

　　“中国资产价格的吸引力主要源于中国经济的持续增长和市场潜力。”桥水基金创办人达利欧表示，“中国政府在推动经济改革和开放方面做出了巨大努力，这为外资企业创造了良好的投资环境。桥水基金作为全球最大的对冲基金之一，在中国市场的布局和投资策略也取得了显著成效。”

　　在达利欧看来，随着中国经济进一步开放和国际化，外资企业将在中国市场上发挥更加重要的作用。

译文：

On June 12th Eastern Time, the FOMC meeting (Federal Reserve interest rate meeting) announced that interest rates would remain unchanged and released the latest economic forecast. according to the "dot matrix" released by the Federal Reserve, most members of the Federal Open Market Committee are expected to cut interest rates at most once within the year.

In recent months, the interest of foreign institutions in the Chinese market has been continuously increasing. Northbound funds have been net buyers of A-shares for four consecutive months from February to May, with a total net purchase amount of 97.529 billion yuan. Meanwhile, several foreign institutional giants, including UBS, Morgan Stanley, Citigroup, HSBC, and others, have recently been bullish on Chinese assets.

Analysts believe that the United States is not far from a cyclical slowdown. The US dollar index is highly likely to be at the end of its strength, and non US assets, especially Chinese assets, will gradually attract the favor of overseas investors.

China's asset popularity is increasing

The decision to maintain interest rates at the FOMC meeting has attracted widespread attention from global financial markets. For the Chinese capital market, the market's expectation of the Federal Reserve's interest rate cut provides strong support for improving overseas liquidity.

Xiong Yuan, Chief Economist of Guosheng Securities (Analyst Jin Qilin), believes that inflation in the United States continued to slow down in May, but the subsequent pressure remains high, and the Federal Reserve may cut interest rates once or twice within the year.

Under this expectation, international investors' confidence in the Chinese market is also constantly increasing. Foreign institutions such as UBS, Morgan Stanley, Citigroup, and HSBC have all raised their ratings of Chinese companies. UBS has raised the investment ratings and target prices of China Merchants Port and Great Wall Motors (24.740%, -0.01%, -0.04%) in the Hong Kong stock market; Morgan Stanley has raised Xiaomi Group's target price from HKD 20 to HKD 25; Citigroup raised its target price for BYD (253.050, 0.06, 0.02%) to HKD 475 in its latest research report; HSBC has raised Xiaomi Group's target price to HKD 25.3.

In early June, JPMorgan Chase significantly increased its holdings of several Chinese stocks in the Hong Kong stock market, including China Merchants Bank (33.810, 0.99, 3.02%), Hong Kong Stock Exchange, China Duty Free (69.280, 0.13, 0.19%), and Bilibili.

"Since the end of October 2023, JPMorgan Chase has been fully optimistic about Chinese stocks." Liu Mingdi, Chief Asia and China Stock Strategist at JPMorgan Chase, believes that "from the cycle of economic recovery, there are more obvious signs of China's economic recovery, which is good for the performance of A-share and Hong Kong stock companies, further supporting stock valuations."

In Liu Mingdi's view, there are four themes worth paying attention to: first, stocks with high market share in the domestic market, and stocks with the ability to increase market share during periods of mild economic recovery; The second is leading enterprises in the segmented market track; Thirdly, export enterprises with high cost-effectiveness; Fourthly, companies that benefit from the rapid development of artificial intelligence (AI).

Actively layout in the Chinese market

With the improvement of overseas liquidity and the increasing confidence of international investors in the Chinese market, foreign giants increasing their holdings of Chinese assets has become an important force driving the rise of the A-share market. Foreign institutions represented by JPMorgan Chase are constantly increasing their presence in the Chinese market.

Under the active promotion of international financial institutions, the A-share market has ushered in structural opportunities. With the inflow of foreign investment and the gradual opening of the market, the participation of foreign investment has brought new investment concepts and strategies to the A-share market. Meanwhile, with the continuous efforts of national policies and the optimization and upgrading of industrial structure, some industries and companies with growth and innovation have begun to receive market attention.

With the rapid development of artificial intelligence technology, AI is triggering a new industrial revolution. Georg Windling, head of global private equity at Schroder Investments, believes that the AI revolution is changing the global supply chain, bringing a plethora of new opportunities for investors. He stated that Schroder Investment is particularly optimistic about Chinese artificial intelligence startups and has invested in several high-quality domestic AI companies. In fact, in recent research activities, many foreign institutions such as Goldman Sachs and Temasek have shown strong interest in Chinese technology companies, participating in research discussions on topics such as AI applications and market prospects. It can be foreseen that with the rapid rise of China's artificial intelligence industry, it will attract more overseas capital to layout RMB assets, especially AI leading enterprises will become the new favorite of foreign investment.

Middle Eastern capital is also constantly "consuming" in the A-share market. According to data from this year's first quarter report, the top ten circulating shareholders of multiple new energy, pharmaceutical, and technology listed companies include Middle Eastern "tycoons" such as Abu Dhabi Investment Authority and Kuwait Investment Authority.

"The attractiveness of Chinese asset prices mainly stems from the sustained growth of the Chinese economy and market potential," said Dalio, founder of Bridgewater Fund. "The Chinese government has made tremendous efforts to promote economic reform and opening up, which has created a good investment environment for foreign enterprises. As one of the world's largest hedge funds, Bridgewater Fund has also achieved significant results in its layout and investment strategy in the Chinese market."

In Dalio's view, as the Chinese economy further opens up and internationalizes, foreign-funded enterprises will play a more important role in the Chinese market.

句子分析1：

Under this expectation, international investors' confidence in the Chinese market is also constantly increasing. 

句子成分分析：

[Under this expectation], international investors' confidence (in the Chinese market) is [also] [constantly] increasing.

句子语法结构详解：

* increasing 为谓语，采用现在进行时。
* is 为助动词。investors' 为名词所有格。the 为定冠词。

相关语法知识:
   时态
   名词所有格 | 助动词

句子相关词汇解释：

Vocabulary:

句子语法错误检查：

(未发现错误)

句子相关学习点：

 below 和 under 的区别
 American, Chinese, Japanese 等词之前冠词的用法

句子分析2：

 Foreign institutions represented by JPMorgan Chase are constantly increasing their presence in the Chinese market.

句子成分分析：

Foreign institutions represented [by JPMorgan Chase] are [constantly] increasing their presence [in the Chinese market].

句子语法结构详解：

* represented 为过去分词，作后置定语。
* increasing 为谓语，采用现在进行时。
* their 为形容词型物主代词。are 为助动词。the 为定冠词。

相关语法知识:
   过去分词
   时态
   助动词 | 物主代词

句子相关词汇解释：

Vocabulary:

句子语法错误检查：

(未发现错误)

句子相关学习点：

 American, Chinese, Japanese 等词之前冠词的用法

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