<p>[香港] 外国投资者在四月份重返中国股市，显示出对市场的重新兴趣，此前因伊朗战争引发的初步抛售。</p>
<p>上个月，流入大陆股票的净估计资金约为 2000 亿元人民币（376 亿新元），为自一月份以来的最高水平，彭博社的计算显示。</p>
<p>该估计基于中国的跨境证券投资余额——一个官方数据集，跟踪进出该国股票和债券的资金流动。彭博社随后剔除了可以单独观察的主要组成部分，包括大陆投资者通过交易链接买卖资产、金融机构对外币债券的净流入，以及海外投资者对在岸债券持有量的变化。</p>
<p>剩下的就是一个外资流入大陆上市股票的代理指标。</p>
<p>这为投资者提供了一种在北京限制直接流入数据访问的情况下，评估海外对中国股票的兴趣的方式。</p>
<p>当局在 2024 年中停止发布所谓的北向资金的定期或详细数据——海外投资者通过交易链接购买大陆股票，留下投资者仅能获得有限的季度披露，关于个别股票的持有情况。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6b75161f7fc24b73b1a0ba968502febe8bce16ed85a81e9ec6c7d9c90999f376/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6b75161f7fc24b73b1a0ba968502febe8bce16ed85a81e9ec6c7d9c90999f376/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>中国掉期连接交易量接近 1 万亿元</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f91b97ea1c49c1aa3d15486f273e0440fb1c10f668f00a43dcf4007f68e91ba7/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f91b97ea1c49c1aa3d15486f273e0440fb1c10f668f00a43dcf4007f68e91ba7/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>机器人制造商主导亚洲最热门的股票交易，受益于实体 AI 的繁荣</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/0bce05e9161ce8fecdbb8c080534c2779068507fa28f8b87f6010625e2b4642d/query-ZHByPTEmZj13ZWJwJnc9MjQw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/0bce05e9161ce8fecdbb8c080534c2779068507fa28f8b87f6010625e2b4642d/query-ZHByPTEmZj13ZWJwJnc9MjQw"/></p>
<h3>比亚迪及其同行在每个市场上都有所进展，但在自己的市场上却不然</h3>
<h3>在新的全球秩序中导航亚洲</h3>
<p>获取洞察，送达您的邮箱。</p>
<p>彭博社的估计考虑了大多数主要的跨境资本流动来源，并且没有剔除基于配额的计划如合格境内机构投资者和合格境外机构投资者计划的流动，因为没有及时的配额使用披露。</p>
<p>四月份的资金流入是在更广泛的科技反弹中出现的，投资者关注于 AI 驱动的生产力提升，并忽视了中东冲突带来的干扰。基准 CSI 300 指数在四月份上涨了 8%，本月又上涨了 0.9%。彭博社</p>
<p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击这里注册以获取解码亚洲通讯，送达您的邮箱，免费。</p>

沪深300

安硕沪深三百

华夏沪深三百-R

安硕沪深三百-R

华夏沪深三百

<p>在四月份，外国投资者重新回归中国股市，预计净流入约为 2000 亿元人民币（376 亿新元），为自一月份以来的最高水平。这一反弹是在伊朗战争引发的初步抛售之后出现的。尽管中东地区持续动荡，沪深 300 指数在四月份上涨了 8%，主要受到科技股反弹和人工智能驱动的生产力提升的推动</p>

<p>[HONG KONG] Foreign investors returned to Chinese stocks in April, signalling renewed appetite for the market after an initial sell-off driven by the Iran war.</p>
<div class="lb-trans"><p>[香港] 外国投资者在四月份重返中国股市，显示出对市场的重新兴趣，此前因伊朗战争引发的初步抛售。</p>
</div><p>Estimated net inflows into mainland equities hit roughly 200 billion yuan (S$37.6 billion) last month, the most since January, Bloomberg calculations show.</p>
<div class="lb-trans"><p>上个月，流入大陆股票的净估计资金约为 2000 亿元人民币（376 亿新元），为自一月份以来的最高水平，彭博社的计算显示。</p>
</div><p>The estimate is based on China’s aggregate cross-border securities investment balance – an official dataset that tracks flows into and out of the country’s stocks and bonds. Bloomberg then strips out major components that can be observed separately, including mainland investors’ buying and selling of assets through trading links, net flows into foreign-currency bonds by Chinese financial institutions, and changes in overseas investors’ holdings of onshore bonds.</p>
<div class="lb-trans"><p>该估计基于中国的跨境证券投资余额——一个官方数据集，跟踪进出该国股票和债券的资金流动。彭博社随后剔除了可以单独观察的主要组成部分，包括大陆投资者通过交易链接买卖资产、金融机构对外币债券的净流入，以及海外投资者对在岸债券持有量的变化。</p>
</div><p>What remains is a proxy for foreign flows into mainland-listed equities.</p>
<div class="lb-trans"><p>剩下的就是一个外资流入大陆上市股票的代理指标。</p>
</div><p>This offers investors a way to gauge overseas appetite for Chinese stocks at a time when Beijing has limited access to direct flows data.</p>
<div class="lb-trans"><p>这为投资者提供了一种在北京限制直接流入数据访问的情况下，评估海外对中国股票的兴趣的方式。</p>
</div><p>Authorities stopped publishing regular or detailed data on so-called northbound flows – overseas investors buying mainland shares through trading links – in mid-2024, leaving investors with only limited quarterly disclosure on holdings in individual stocks.</p>
<div class="lb-trans"><p>当局在 2024 年中停止发布所谓的北向资金的定期或详细数据——海外投资者通过交易链接购买大陆股票，留下投资者仅能获得有限的季度披露，关于个别股票的持有情况。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6b75161f7fc24b73b1a0ba968502febe8bce16ed85a81e9ec6c7d9c90999f376/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/6b75161f7fc24b73b1a0ba968502febe8bce16ed85a81e9ec6c7d9c90999f376?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>China Swap Connect trading volume heads toward 1 trillion yuan</h3>
<div class="lb-trans"><h3>中国掉期连接交易量接近 1 万亿元</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/f91b97ea1c49c1aa3d15486f273e0440fb1c10f668f00a43dcf4007f68e91ba7/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/f91b97ea1c49c1aa3d15486f273e0440fb1c10f668f00a43dcf4007f68e91ba7?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Robot makers rule hottest Asia stock trades on physical AI boom</h3>
<div class="lb-trans"><h3>机器人制造商主导亚洲最热门的股票交易，受益于实体 AI 的繁荣</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/0bce05e9161ce8fecdbb8c080534c2779068507fa28f8b87f6010625e2b4642d/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/0bce05e9161ce8fecdbb8c080534c2779068507fa28f8b87f6010625e2b4642d?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>BYD and peers make strides in every market but their own</h3>
<div class="lb-trans"><h3>比亚迪及其同行在每个市场上都有所进展，但在自己的市场上却不然</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>获取洞察，送达您的邮箱。</p>
</div><p>The Bloomberg estimate accounts for most major sources of cross-border capital flows, and it does not strip out flows from quota-based schemes such as the Qualified Domestic Institutional Investor and Qualified Foreign Institutional Investor programmes, because there is no timely disclosure of quota usage.</p>
<div class="lb-trans"><p>彭博社的估计考虑了大多数主要的跨境资本流动来源，并且没有剔除基于配额的计划如合格境内机构投资者和合格境外机构投资者计划的流动，因为没有及时的配额使用披露。</p>
</div><p>The inflows in April came amid a broader tech rally, as investors focused on AI-driven productivity gains and looked past disruptions caused by the Middle East conflict. The benchmark CSI 300 Index climbed 8 per cent in April and is up another 0.9 per cent this month. BLOOMBERG</p>
<div class="lb-trans"><p>四月份的资金流入是在更广泛的科技反弹中出现的，投资者关注于 AI 驱动的生产力提升，并忽视了中东冲突带来的干扰。基准 CSI 300 指数在四月份上涨了 8%，本月又上涨了 0.9%。彭博社</p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新的全球秩序中导航亚洲的指南。点击这里注册以获取解码亚洲通讯，送达您的邮箱，免费。</p>
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全球资金在四月份重新流入中国股市