The reporter noted that many foreign-funded institutions have recently reaffirmed their confidence in the China stock market. The sustained and stable economic fundamentals and attractive valuation level are the main reasons why foreign-funded institutions "sing more".
Consumer and medical services industries are expected to rebound.
Regarding A-shares, Liu, chief China equity strategist of Goldman Sachs, said that under the benchmark situation that macro-policies are still loose and GDP growth rate is expected to pick up, the equity strategy team of Goldman Sachs is optimistic about the performance of domestic and overseas listed Chinese stocks. Due to the policy support and good development trend, China is expected to provide a higher return on investment by focusing on new "little giant" enterprises and high-quality state-owned enterprises.
"From the current point of view, it is estimated that in the next 12 months, the overall yield of MSCI China Index and CSI 300 Index will be about 16%, and the earnings per share of the two major indexes will increase by 8% and 13% respectively in 2023." Liu said:
Goldman Sachs' strategic team maintained the ratings of China and Hongkong as "additional allocation", but thought the A-share market would perform better.
In terms of sectors, Goldman Sachs' strategic team expects the consumer and medical services sectors to rebound on the grounds that labor income will improve and consumer confidence will be restored in 2023. Specific to various consumption categories, the team believes that the tourism, catering, entertainment and aviation industries have greater room for recovery.
Meanwhile, Goldman Sachs said that it is optimistic about the performance of China's "little giant" enterprises specializing in innovation in the medium and long term. "At present, China has cultivated more than 9,000 specialized and innovative' Little Giant' enterprises, of which about 700 are listed on the A-share market. Goldman Sachs selected 40 companies with rapid profit growth, standardized governance and active R&D investment. " Liu introduced.
In response to a china securities journal reporter's question about "How do foreign investors view the investment value of state-owned shares in China", Liu said that foreign investors are more optimistic about state-owned shares with high profit returns and good incentive mechanism.
"It is estimated that the net inflow of northbound funds will be about 30 billion US dollars in 2023." According to Liu's calculation, the scale of China stocks held by overseas investors at present is about 65,438+0 trillion US dollars.
Optimistic about China assets into * * * knowledge.
Recently, many foreign-funded institutions have voiced their opinions that it is time to lay out China's assets.
Goldman Sachs believes that the A-share market is highly liquid and will benefit more from policy-driven investment themes such as * * * same boom, double cycle and technology upgrading.
Morgan Stanley predicts that by the end of 2023, the Morgan Stanley Capital International China Index will rise by 14%. 10 mid-term, the bank said it was a good time to buy Chinese stocks.
UBS165438+1October 30th released a outlook report, saying that the recent measures taken by China show that economic growth is still the top priority, and durable consumer goods and services in China, the Internet in China and some industrial sectors are expected to be the main beneficiaries.
Rui Dalio, the founder of Bridgewater, believes that some valuable assets can be found in the China market at present. China is the second largest economy in the world, and investors can improve their diversification by investing in China.
Li, China portfolio manager of Franklin Templeton's emerging market stock team, also said recently that investor sentiment and the overall valuation of the China stock market are at a historical low. "Compared with other markets in the world, we are optimistic about the investment prospects that the China stock market may show." Li said to him.
Investment convenience continued to improve.
Since the beginning of this year, policy signals have been released intensively to further improve the convenience of foreign investment in China's assets. Many international institutions are optimistic about the investment opportunities brought by the reform, and believe that the gold content of China's assets is further improved.
A new round of independent, open and pragmatic measures is accelerating. On June 8, 2008, the People's Bank of China and the foreign exchange bureau jointly issued the Regulations on the Fund Management of Foreign Institutional Investors Investing in China Bond Market, which improved and clarified the fund management requirements for foreign institutional investors investing in China bond market.
In order to further improve the convenience for foreign investors to invest in A-shares, the CSRC said on June 5438+00 that it was studying and formulating two policies for foreign investors to apply specific short-term trading system-allowing qualified overseas public offering funds to calculate the number of securities held by products with reference to domestic public offering funds, and exempting Hong Kong Securities Clearing Company from applying specific short-term trading system.
Previously, the Opinions on Accelerating the High-quality Development of Public Offering of Fund Industries issued by the CSRC proposed to support high-quality overseas financial institutions with long-term investment will to set up fund management companies or expand the shareholding ratio.
"We are applying for more licenses, including investment banking licenses," said Cangin Iiyama, executive director of Nomura Holdings and chairman of China Committee.
Fang Xinghai, vice chairman of the CSRC, recently revealed that the CSRC will continuously improve relevant institutional arrangements to further facilitate cross-border investment by domestic and foreign investors and better support the development of cross-border financing of enterprises. China Securities Regulatory Commission will further improve the institutional framework of capital market opening, speed up the implementation of various opening measures, and attract and gather more outstanding international institutions and talents to participate in China's capital market.