浦银国际月度资金流：美联储降息预期升温驱动全球资金再调整

Group 1 - The report indicates a significant global fund rebalancing in July, driven by rising expectations of interest rate cuts by the Federal Reserve, leading to net inflows in stock markets of the US, India, the UK, and France [2][8] - The US stock market recorded a net inflow of $17.98 billion in July, an increase from$15.55 billion in June, while the Indian market saw a net inflow of $2.3 billion [8][13] - The report highlights that the domestic market in China experienced a net inflow of$26.3 billion, marking the highest monthly inflow in the past five years, driven by the "national team" entering the market [13][19] Group 2 - The report notes that passive foreign capital outflows from the Chinese market accelerated, with a total outflow of $5.59 billion in July, compared to an outflow of$1.85 billion in June [13][19] - Northbound capital saw a net outflow of RMB 16.63 billion in July, a significant decrease from a net inflow of RMB 44.45 billion in June, indicating a shift in investor sentiment [16][19] - Southbound capital maintained a net inflow of HKD 47.95 billion in July, with a focus on high-dividend stocks and growth stocks, particularly in the banking, public utilities, and telecommunications sectors [25][27] Group 3 - Defensive stocks and oversold stocks were favored by northbound capital, with significant inflows into sectors such as multi-financial, biopharmaceuticals, and public utilities [19][21] - The report identifies specific companies that attracted northbound capital, including China Nuclear Power and Guotou Power, while companies like Industrial Fulian and Midea Group faced outflows [21][23] - Southbound capital showed a preference for traditional high-yield stocks and quality growth stocks, with notable investments in companies like ICBC and Tencent [25][27]