北京时间上周五（即文章提到的时间前一周），中国大陆股市在为期一周的假期前夕大幅上涨，自2008年有记录以来的最大涨幅，得益于投资者对北京政府刺激措施和政策援助将助力中国经济复苏充满乐观期待。
美国Mount Lucas Management等基金机构已建立多头仓位于中国交易所交易证券。来自新加坡的GAO Capital以及韩国的Timefolio Asset Management也加入此行列，购买中国股票。悉尼的Tribeca Investment Partners则买入了如澳大利亚矿业公司等代理持股。
有观察者表示：“在过去经历多次假性复苏之后对市场感到厌恶或疲倦的人们，现在正重新考虑投资策略。”Mount Lucas管理合伙人兼首席投资官提到，其公司的部分基金已经进行了包括京东等中国公司在内的看涨期权交易。
在假期前后，中国大陆股市表现强劲，这得益于投资者对中国实施一揽子刺激政策和援助措施的期望。香港市场上市的内地股票在本周三也录得大幅上涨，进一步激发了对中国经济复苏前景的信心。在这一背景下，全球基金机构开始大量购买亚洲股票，尤其是中国和香港股票。据Goldman Sachs集团的私募交易数据显示，在9月期间，亚洲股市出现了净买入现象。
随着股价反弹，市场普遍乐观认为长达三年的中国股市下跌周期可能已接近尾声。从2021年高点到9月中旬出现近一半市值蒸发的大陆股市突然吸引了许多顶级基金关注。全球顶尖投资者如李嘉诚等也开始增加与中国相关的投资。而全球最大资产管理公司贝莱德也加入了购买中国股票的行列。
涨势迅速，有些采用量化策略的对冲基金因此前的做空仓位面临亏损压力。为了应对突如其来的投资热潮，一些基金管理者已限制了零售投资者的交易量。有基金管理者表示：“现在无需精选个股。”来自GAO Capital的总经理强调，其团队曾减少在中概股上的风险敞口以进行对冲操作，但目前策略转向买入。
尽管中国股市当前的表现优于全球同行，但对于市场涨势持续性的担忧仍在，特别是如果政府未能跟进现有刺激计划时。长期以来，中国经济面临房地产市场危机和通缩压力的拖累，这已打击了包括T. Rowe Price在内的多家知名投资机构，并导致部分对冲基金如Asia Genesis Asset Management关闭。
在新加坡，Blue Edge Advisors正持审慎态度看待这一波行情。“考虑到背后的诸多质疑因素，我们采取渐进策略。”该基金经理Calvin Yeoh表示，其旗下基金通过期货等衍生品持有中国股票敞口。
与此同时，在以资源依赖著称的澳大利亚，悉尼的Tribeca Investment Partners正透过投资铁矿石公司如Fortescue Limited等矿业股来作为间接参与中国市场的方式。但该管理团队对当前涨势能持续多久仍有保留态度，并指出大选结果与潜在贸易关税将成为后续关注的关键因素。
有分析师对此持积极看法：“中国市场的负面情绪似乎达到了顶点。”来自Timefolio Asset Management的基金经理解释道，“前所未有的措施显示了当局解决面临问题的决心，从而为市场底部提供支持。”
然而，对于市场持续性持有谨慎态度的人士认为，如政府未能实施既定计划，这波上涨行情可能难以持续。长期低迷的中国股市状态以及近期的通缩压力打击了许多投资巨头，包括T. Rowe Price集团等，在某些情况下导致部分对冲基金关闭。
新加坡地区的Blue Edge Advisors正在采取更加谨慎的方式看待当前市场情况。“考虑到市场的不确定性与挑战，我们正采取逐步介入策略。”该基金经理强调其对于股市未来走势的信心，同时也表示这一波上涨行情能持续多久将取决于美国大选的结果及中美贸易关系的走向。
新闻来源：www.bloomberg.com
原文地址：Hedge Funds Pile Into China Looking for Any Way to Gain Exposure
新闻日期：2024-10-02
原文摘要：
Hedge funds are piling into Chinese stocks at a record pace on bets Beijing’s stimulus blitz will speed up the recovery of the nation’s struggling economy. US-based Mount Lucas Management has entered into bullish positions on China exchange-traded , while Singapore’s GAO Capital and South Korea’s Timefolio Asset Management are buying Chinese stocks. Tribeca Investment Partners in Sydney is snapping up proxies such as Australian miners.“There are many people that hated the space or were sick of it after many false starts, and are now looking to buy,” said , chief investment officer at Pennsylvania-based Mount Lucas, who has also entered into call spreads for companies such as JD.com Inc. across some funds. “Stocks often bottom and rally hard before the economy does.”Mainland Chinese stocks entered a on Monday before a week-long break, posting their biggest surge since 2008 on optimism Beijing’s cocktail of stimulus and policy aid will pull the economy out of its malaise. Their Hong Kong-listed peers a rally Wednesday. Hedge funds were among the major buyers, making net purchases of Asian stocks in September, led by China and Hong Kong, according to data from Goldman Sachs Group Inc.’s prime brokerage desk. The bounceback is fueling optimism the three-year run of losses for Chinese shares is over. The market, which saw almost wiped out from a 2021 high through to mid-September, is suddenly attracting many of the biggest names in the fund industry. Billionaire investor is buying more of “” related to China, while the world’s biggest money manager, BlackRock Inc., is now Chinese shares.The rally has been so frantic that some quantitative hedge funds that had taken short positions are being said to face . Some money managers have also imposed on how much retail investors can buy amid a deluge of interest. Investors “don’t even need to stock pick now,” said , chief executive at GAO Capital, a multi-strategy hedge fund. “We had lowered our net exposure in China with arbitrage strategies previously but shifted back to long,” she said. While Chinese shares are currently outperforming their global peers, some investors remain concerned the rally may be short-lived should the government fail to follow up on its present initiatives.The prolonged slump in the nation’s equities — fueled by a housing market crisis and deflation — has hammered the China of investment titans such as T. Rowe Price Group and helped shutter hedge funds like Asia Genesis Asset Management Pte.In Singapore, Blue Edge Advisors is approaching the rally with caution. “We’re taking it slow because of the skepticism involved,” said fund manager Calvin Yeoh, whose firm has some exposure to Chinese stocks through derivatives such as futures on the FTSE China A50 . In commodity-reliant Australia, Tribeca’s is buying mining stocks such as Fortescue Ltd. as proxies to the Chinese equity market. The Sydney-based money manager is still reserved about how long the latest rally can last, adding that much will also depend on the outcome of the US presidential election and the possibility of trade tariffs.“It’s very hard to see it being sustained until we have clarity out of the US,” she said.Others have more conviction. “The worst of negative China sentiment is over,” said , a fund manager at Timefolio Asset Management in Singapore. “The unprecedented measures show the authorities’ willingness to put a bottom on the issues they are facing.”
