在预测中国政府的新刺激计划能够提振全球第二大经济体增长的背景下，对冲基金争相购买中国股票。据’prime brokerage报告的数据，这是自2021年3月以来最大规模的日净买入额，也是过去十年中的次高纪录。这次买入几乎完全是由增加多头仓位的投资者推动的。虽然资金在所有类型的中国股票上都有购买行为，但这一行动主要由A股引领，其次是H股。
周一的中国股市出现大幅上涨，其中CSI 300和上海综指分别攀升了4%，这得益于中国政府宣布的一系列旨在促进经济、房地产市场及股市增长的措施。同时，通过期权流入中国的股票也显著增加。据高盛的数据，iShares中国大型股ETF()的看涨期权未平仓合约达到了十年内的最高水平，增加了约58万份。
然而，在周三，尽管中国股市出现了最初的上涨势头，但其动力开始减弱。市场普遍质疑中国政府是否具备能力提振股市和整体经济。对于对冲基金而言，虽然高盛策略团队表示中国政府的刺激措施“足以引发政策驱动型反弹”，但这可能不足以从根本上改变局面。“金”称。
在过去近两个月的时间里，对冲基金对中国股票持有怀疑态度。自2023年初以来，中国股票遭遇了净卖出，目前的净和总分配水平已降至过去五年中的最低点。
中国的CSI 300指数在今年以来累计下跌不到1%，徘徊于自2019年以来的最低水平。
新闻来源：www.bloomberg.com
原文地址：Hedge Funds Rushed to Buy Chinese Stocks on Stimulus Optimism
新闻日期：2024-09-25
原文摘要：
Hedge funds rushed to buy Chinese equities in a bet that the country’s new stimulus program can boost growth in the world’s second-largest economy.Chinese equities on Tuesday saw the largest daily net buying since March 2021 — the second largest amount in the past 10 years, according to ’s prime brokerage report. Buying was driven almost entirely by investors who added long positions. While funds bought Chinese stocks across all types, the move was primely driven by A-shares and to a lesser extent H-shares.Chinese stocks soared Tuesday, with the CSI 300 and Shanghai Composite Index gaining 4%, after China’s central bank a slew of measures aimed at boosting the economy, the housing sector and the stock market.Flows into Chinese stocks via options also rose. Goldman’s data show iShares China Large-Cap ETF () call-option open interest hit the highest level in a decade with an increase of about 580,000 contracts. However, the stocks rally lost momentum on Wednesday as questions remain about whether Beijing is capable of reviving the market and the economy. China’s monetary stimulus measures viewed as “enough to catalyze another policy-induced rally,” but “probably not enough to turn things around fundamentally, Goldman Sachs’ strategists including said. Hedge funds have been skeptical about Chinese stocks for almost two years. Since the start of 2023, Chinese equities have been net sold by hedge funds and gross and net allocations are still at the lowest level in five years.China’s CSI 300 Index is down less than 1% year-to-date, hovering at the lowest levels since 2019.
