<p>[香港] 外國投資者在四月份重返中國股市，顯示出對市場的重新興趣，此前因伊朗戰爭引發的初步拋售。</p>
<p>上個月，流入大陸股票的淨估計資金約為 2000 億元人民幣（376 億新元），為自一月份以來的最高水平，彭博社的計算顯示。</p>
<p>該估計基於中國的跨境證券投資餘額——一個官方數據集，跟蹤進出該國股票和債券的資金流動。彭博社隨後剔除了可以單獨觀察的主要組成部分，包括大陸投資者通過交易鏈接買賣資產、金融機構對外幣債券的淨流入，以及海外投資者對在岸債券持有量的變化。</p>
<p>剩下的就是一個外資流入大陸上市股票的代理指標。</p>
<p>這為投資者提供了一種在北京限制直接流入數據訪問的情況下，評估海外對中國股票的興趣的方式。</p>
<p>當局在 2024 年中停止發佈所謂的北向資金的定期或詳細數據——海外投資者通過交易鏈接購買大陸股票，留下投資者僅能獲得有限的季度披露，關於個別股票的持有情況。</p>
<p>另見</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>中國掉期連接交易量接近 1 萬億元</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>機器人制造商主導亞洲最熱門的股票交易，受益於實體 AI 的繁榮</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>比亞迪及其同行在每個市場上都有所進展，但在自己的市場上卻不然</h3>
<h3>在新的全球秩序中導航亞洲</h3>
<p>獲取洞察，送達您的郵箱。</p>
<p>彭博社的估計考慮了大多數主要的跨境資本流動來源，並且沒有剔除基於配額的計劃如合格境內機構投資者和合格境外機構投資者計劃的流動，因為沒有及時的配額使用披露。</p>
<p>四月份的資金流入是在更廣泛的科技反彈中出現的，投資者關注於 AI 驅動的生產力提升，並忽視了中東衝突帶來的干擾。基準 CSI 300 指數在四月份上漲了 8%，本月又上漲了 0.9%。彭博社</p>
<p>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊這裏註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>

滬深300

安碩滬深三百

華夏滬深三百-R

安碩滬深三百-R

華夏滬深三百

<p>在四月份，外國投資者重新迴歸中國股市，預計淨流入約為 2000 億元人民幣（376 億新元），為自一月份以來的最高水平。這一反彈是在伊朗戰爭引發的初步拋售之後出現的。儘管中東地區持續動盪，滬深 300 指數在四月份上漲了 8%，主要受到科技股反彈和人工智能驅動的生產力提升的推動</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] 外國投資者在四月份重返中國股市，顯示出對市場的重新興趣，此前因伊朗戰爭引發的初步拋售。</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>上個月，流入大陸股票的淨估計資金約為 2000 億元人民幣（376 億新元），為自一月份以來的最高水平，彭博社的計算顯示。</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>該估計基於中國的跨境證券投資餘額——一個官方數據集，跟蹤進出該國股票和債券的資金流動。彭博社隨後剔除了可以單獨觀察的主要組成部分，包括大陸投資者通過交易鏈接買賣資產、金融機構對外幣債券的淨流入，以及海外投資者對在岸債券持有量的變化。</p>
</div><p>What remains is a proxy for foreign flows into mainland-listed equities.</p>
<div class="lb-trans"><p>剩下的就是一個外資流入大陸上市股票的代理指標。</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>這為投資者提供了一種在北京限制直接流入數據訪問的情況下，評估海外對中國股票的興趣的方式。</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>當局在 2024 年中停止發佈所謂的北向資金的定期或詳細數據——海外投資者通過交易鏈接購買大陸股票，留下投資者僅能獲得有限的季度披露，關於個別股票的持有情況。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另見</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>中國掉期連接交易量接近 1 萬億元</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>機器人制造商主導亞洲最熱門的股票交易，受益於實體 AI 的繁榮</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>比亞迪及其同行在每個市場上都有所進展，但在自己的市場上卻不然</h3>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中導航亞洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>獲取洞察，送達您的郵箱。</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>彭博社的估計考慮了大多數主要的跨境資本流動來源，並且沒有剔除基於配額的計劃如合格境內機構投資者和合格境外機構投資者計劃的流動，因為沒有及時的配額使用披露。</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>四月份的資金流入是在更廣泛的科技反彈中出現的，投資者關注於 AI 驅動的生產力提升，並忽視了中東衝突帶來的干擾。基準 CSI 300 指數在四月份上漲了 8%，本月又上漲了 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>解碼亞洲通訊：您在新的全球秩序中導航亞洲的指南。點擊這裏註冊以獲取解碼亞洲通訊，送達您的郵箱，免費。</p>
</div>

全球資金在四月份重新流入中國股市