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judging from the latest signs, the global market's enthusiasm for chinese assets continues unabated.

according to a report from goldman sachs, global hedge funds have flocked to the chinese stock market, driven by the chinese government's stimulus measures that far exceeded expectations.not just hedge funds and speculators, but many foreign long-term investors are now worried about missing out. foreign stock exchange-traded funds focused on chinese stocks saw $2.4 billion in inflows in the last three trading days of september, according to lseg lipper data.

in terms of market, chinese concept stocks rose sharply on wednesday night, with the nasdaq china golden dragon index rising 4.94%.in terms of individual stocks, shengwang rose by about 80%, youdao rose by 37%, tiger brokers rose by more than 29%, kingsoft cloud rose by more than 22%, lufax holdings rose by about 13%, and bilibili rose by about 11%. netease, daqo new energy, yum china, tencent music and ctrip group all rose by more than 7%, huazhu and zto express rose by more than 6%, iqiyi, jikrypton and shell rose by more than 5%, futu holdings, pinduoduo , li auto, baidu, jd.com and vipshop all rose more than 4%.

data source: wind

at the same time, ftse china a50 futures rose again by nearly 2%.

data source: wind

//hong kong stocks have a good start in october//

on october 2, hong kong stocks rose sharply at the start of october, with the three major indexes rising unilaterally and hitting highs before noon. the hang seng index once rose by more than 7%, and the hang seng technology index once rose by more than 10%. they continued to consolidate strongly in the afternoon. the hang seng index closed up 6.2% at 22443.73 points, the highest since january 2023; the hang seng technology index rose 8.53% to 5157.08 points, the highest since february 2022; the hang seng state-owned enterprises index rose 7.08% to 8041.27 points, the highest since february 2022. a new high since the beginning of the month.

in the absence of southbound funds, market turnover still reached hk$434.017 billion, the third highest in history.domestic real estate and domestic securities companies soared. the wind chinese securities brokerage index rose by more than 35%, and the wind mainland real estate index rose by nearly 21%. among them, ronshine china rose by nearly 400%, agile group rose by 160%, and more than 10 domestic real estate stocks rose by more than 100%. ; huarong financial holdings rose more than 400%, and shenwan hongyuan hong kong rose more than 200%.

most chinese real estate stocks rose. ronshine china rose nearly 400%, jule group rose 160%, zhuguang holdings rose 125.8%, sino-ocean group rose 103.3%, kwg group rose 97.9%, and r&f properties rose 89.2%.

most chinese brokerage stocks rose. huarong financial holdings rose by more than 400%, shenwan hongyuan hong kong rose by more than 200%, china merchants securities rose by 81.3%, orient securities rose by 51.7%, citic securities rose by 48%, and guolian securities rose by 39.8%. citic securities rose 39.4%.

in terms of industry performance, the hang seng industry index rose across the board during the day, with the real estate and construction industry rising by 11.96%, discretionary consumption rising by 7.56%, and the information technology industry rising by 6.09%.

data source: wind

judging from the market, most of the wind concept sectors rose, with the chinese brokerage index rising by 35.49%, the online education index rising by 32.74%, and the real estate trust index rising by 23.14%. in terms of decline, the lottery index led the way down by 7.43%, the hong kong retail index fell by 1.9%, and the luxury goods index fell by 1.89%.

//overseas asset management increases its asset allocation in china//

in recent times, large overseas asset management institutions have gradually increased their investment in chinese assets.especially at a time when the global macro environment is uncertain, the preference for the chinese stock market is particularly prominent. recently, billionaire hedge fund founder david tepper publicly stated that he would place his largest investment bet on chinese stocks after the federal reserve cut interest rates, showing that his confidence in china's capital market has further increased.

tepper mentioned that he is actively planning for the chinese stock market. "i think it's a general shift," tepper said in a recent public speech. "we're going to hold chinese stocks longer and hold more shares." the shift signals growing optimism among global investors about the chinese market.

in fact, tepper not only increased the scale of investment in chinese stocks, but also significantly increased the investment limit in chinese stocks. he said he may have doubled his investment in chinese stocks, especially in some major technology stocks. he emphasized that he was buying more of "all" chinese stocks, specifically mentioning some of the big tech giants. as representatives of china's technology industry, these companies have attracted great attention from international investors and also occupy an important position in the global technology market.

tepper isn't the only investor bullish on chinese stocks. following the recent rally in china's stock market, many overseas exchange-traded funds (etfs) that track the chinese stock market have also performed strongly. among them, several chinese etf funds that are widely popular in the u.s. market continue to rise. especially in the context of investors generally being optimistic about china's economic recovery potential, the appeal of these etfs has increased significantly.

for example, several major china etfs, including kraneshares csi china internet etf (kweb), ishares china large cap etf (fxi), ishares msci china etf (mchi), and invesco golden dragon china etf (pgj), have been trading in multiples recently. gains were recorded throughout the trading day. this shows that overseas investors' demand for chinese assets has increased significantly.

analysts pointed out that the continued rise of these etfs reflects the market’s optimistic expectations for china’s economic policies and capital market prospects. with china's flexible response to macro policies and the introduction of supportive measures, investors have stronger expectations for the future performance of the chinese market.

in addition to tepper, goldman sachs strategist scott rubner also took a positive view on the chinese stock market in a recent report. "i'm bullish on the chinese stock market, but this time it's different," rubner said. “i have never seen so much daily demand for chinese stocks.” this assertion reveals the confidence of overseas institutions in chinese assets and the renewed tilt of global capital towards the chinese market.

rubner's views are consistent with current market trends. as the fed's interest rate hike cycle comes to an end, the market generally expects that the monetary policies of the world's major economies may become looser, and china is a major force in emerging markets, which also provides a good foundation for the rise of its capital market. in this context, the views of strategic experts such as rubner undoubtedly provide more confidence support for market participants.