real hammer! foreign capital has increased its holdings aggressively, and the latest data has been exposed!
2024-10-07
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the latest data confirms that foreign investors are accelerating their positions in chinese assets!
on the evening of october 3, the latest information disclosed by the hong kong stock exchange showed that on september 27, jpmorgan chase bought china pacific insurance h shares for hk$267 million, byd h shares for hk$1.791 billion, tsingtao beer h shares for hk$242 million, and hong kong trading. h shares traded were hk$1.813 billion. this means that jpmorgan chase spent more than hk$4.1 billion in one day to sweep up chinese assets.
in addition, data disclosed on the evening of october 2 showed that jpmorgan chase increased its holdings of ping an's h shares of china by hk$1.771 billion on september 26, and increased its holdings of china merchants bank's h shares by hk$895 million on september 25.
on october 3, hsbc raised its rating on mainland chinese stocks from neutral to overweight. citigroup raised the ratings of a number of a-share companies. it raised gree electric appliances' rating to buy with a target price of 64.50 yuan; robam electric appliances' rating was raised to buy with a target price of 30.10 yuan; and hisense video's rating was raised to neutral. , the target price is 23.90 yuan. citi also raised the target price of alibaba's hong kong stock from hk$115 to hk$135 and maintained a "buy" rating. deutsche bank raised the target price of xpeng motors' hong kong stock from hk$55 to hk$67. earlier, blackrock also upgraded its rating on chinese stocks from neutral to overweight.
although hong kong stocks saw a correction on the day, with the hang seng china enterprises index falling 1.58%, fund managers said china's outlook had changed due to stimulus measures. fredrik bjelland, portfolio manager of emerging markets fund skagen kon-tiki, said, "the rebound has a long way to go and china's valuations are attractive. in addition, global investors are very light compared to history." ." morgan stanley's laura wang said chinese stocks could rise another 10% to 15% as the chinese government may announce fiscal measures to boost the stimulus plan that has been announced.
foreign investors scan for chinese assets
more and more data confirm that during this round of rise in a-shares and hong kong stocks, foreign investors have been long chinese assets with real money.
on the evening of october 3, information disclosed by the hong kong stock exchange showed that jp morgan chase increased its holdings of approximately 6.52 million byd h shares on september 27, with an average transaction price of hk $274.5244 and an investment of approximately hk $1.791 billion. the holding ratio of shares increased from 4.85% to 5.45%.
hong kong exchanges and clearing also received a substantial increase in its holdings from jp morgan. documents disclosed by the hong kong stock exchange show that on september 27, jpmorgan chase increased its holdings of approximately 6.1164 million shares of the hong kong stock exchange at an average price of hk$296.48 per share, involving an investment of approximately hk$1.813 billion. after this increase in holdings, jp morgan’s latest shareholding in the hong kong exchange is approximately 81.42 million shares, with the position ratio increasing from 5.93% to 6.42%.
data also shows that on september 27, jpmorgan chase increased its holdings of approximately 10.14 million china pacific insurance h shares at an average price of hk$26.25 per share, involving an investment of approximately hk$267 million. jpmorgan chase's position in china pacific insurance's h shares increased from 6.98% to 7.35%.
in addition, tsingtao beer also received an increase in its holdings from jp morgan. according to the latest equity disclosure information from the hong kong stock exchange, jpmorgan chase increased its holdings of approximately 4.375 million h shares of tsingtao beer at an average price of hk$55.42 per share on september 27, involving an investment of approximately hk$242 million. after this increase in holdings, jpmorgan chase’s latest position in tsingtao brewery’s h shares increased from 7.60% to 8.27%.
ping an of china has also been significantly increased by jpmorgan chase. on october 2, information disclosed by the hong kong stock exchange showed that on september 26, jpmorgan chase increased its holdings of 39.86 million h shares of ping an of china, with an average price per share of hk$44.43, and a total amount of approximately hk$1.771 billion. after this increase in holdings, jpmorgan chase’s latest shareholding in ping an’s h-shares of china is approximately 617 million shares, with the latest shareholding ratio being 8.28%, and the other 7.74%.
jpmorgan chase also increased its holdings in china merchants bank. on october 2, data from the hong kong stock exchange showed that on september 25, jpmorgan chase increased its holdings of 24.84 million china merchants bank h shares, with an average price of hk$36.045 per share and a cost of approximately hk$895 million. after the increase in holdings, jpmorgan chase’s latest shareholding in china merchants bank’s h shares is approximately 300 million shares, with a shareholding ratio of 6.52%.
it is understood that jpmorgan chase is one of the largest financial services institutions in the united states. in addition to using its own funds to increase or decrease its holdings, a lot of funds are also used for operations on behalf of clients, most of whom are usually foreign investors.
jpmorgan chase released a research report on a-shares in september, saying that the politburo meeting unexpectedly called for powerful policies to stimulate a strong rebound in a-shares. this round of rebound was driven by three major factors: a decrease in the short-selling ratio, an increase in financing, and investor excitement. specifically, as of september 30, the short-selling ratio in the hong kong market dropped from 21.8% on september 16 to 10.2%; the proportion of a-share financing in total trading volume increased from 7.4% on september 20. 10.5% on the 27th.
jpmorgan chase believes that global funds' exposure to the chinese stock market may narrow due to the excitement among retail investors, as evidenced by the surge in the number of new account openings. jpmorgan chase also predicts that from september 23 to 27, the net inflow of a-share etf funds will be 59.3 billion yuan (about 8.5 billion u.s. dollars). jpmorgan chase said that the sustainability of the a-share rebound lies in the strength of fiscal policy, macro data and earnings revisions.
some market observers said that a wave of funds that earlier left the chinese stock market and invested in japanese and southeast asian stock markets are re-allocating chinese assets. bnp paribas said more than $20 billion had been withdrawn from japanese stocks in the first three weeks, with stocks in south korea, indonesia, malaysia and thailand also recording net outflows last week.
"we believe some foreign investors are reducing their overweight position in japan and allocating back to china," bnp paribas strategists wrote in a note on wednesday. to be clear, this shift is still in its infancy. . "we are paring back long positions elsewhere in asia to fund purchases in china," said eric yee, senior portfolio manager at atlantis investment management in singapore.
ratings of several stocks have been upgraded
the latest research report shows that citi raised the rating of gree electric appliances to buy with a target price of 64.50 yuan; raised the rating of robam electric appliances to buy with a target price of 30.10 yuan; and raised the rating of hisense video to neutral with a target price of 23.90 yuan. .
in addition, citigroup raised the target price of alibaba's hong kong stock from hk$115 to hk$135 and maintained a "buy" rating. citi believes that as the chinese government introduces a series of monetary and fiscal support measures, it is expected to improve the wealth effect and boost consumer sentiment. it is expected that alibaba will strengthen investment and marketing during the "double eleven" period to promote its e-commerce platform gmv growth.
deutsche bank raised its target price for xpeng motors. bin wang, a research analyst at deutsche bank, said in a report that xpeng motors is expected to maintain strong sales performance for the rest of the year. xpeng motors' september deliveries increased 39% year-on-year, setting the highest monthly delivery level since the company was founded, driven by strong market demand for the mona m03 model. bin wang estimates that xpeng motors will deliver 11,000, 15,000 and 20,000 mona m03 models in october, november and december respectively. the analyst maintained a buy rating on the stock and raised his target price to hk$67 from hk$55.
it is worth noting that hsbc recently raised its rating on mainland chinese stocks from neutral to overweight. hsbc strategist alastair pinder wrote in a report dated october 3 that since valuations are still low and investors have light positions, it is not too late to join this wave of gains. upgraded mainland china stock rating to overweight from neutral. its valuation model shows that mainland chinese stocks are still undervalued by 15% based on fundamentals. the report added that investors are currently underweight mainland china stocks by 230 basis points relative to the benchmark, suggesting the potential for capital inflows.
before hsbc, blackrock had upgraded its rating on chinese stocks to overweight from neutral.
blackrock investment research said there is still room for a moderate increase in chinese stocks in the short term, given the near-record discount of chinese stocks to developed market stocks and the presence of catalysts that could spur investors back into the market. song yu, chief china economist at blackrock, believes that driven by the policy "gift package" of the central bank and other departments, the subsequent support and measures from other departments are also worth looking forward to. with the continuation of favorable policies, it is expected to see a continued improvement in the market. feedback.
