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BofA says global long-only funds lift China equity allocation to neutral after four years
Коротко
A Bank of America report shows global active long-only funds have raised their allocation to Chinese stocks from underweight to benchmark neutral, ending four years of underweight positioning, Chinese financial outlets reported. The report came as the 10-year US Treasury yield rose to a 24-year high during China's National Day holiday. Fidelity International, Wellington and other foreign institutions also set out views on Chinese assets.
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Global active long-only funds have raised their allocation to Chinese stocks from underweight to benchmark neutral, ending four years of underweight positioning, according to a Bank of America report cited by CLS, Jiemian and 36Kr. The outlets reported that foreign attention to Chinese assets rose rather than fell during the National Day holiday, even as the 10-year US Treasury yield climbed to a 24-year high. Fidelity International, Wellington and other global asset managers also spoke on seeking China's 'next generation of winners'. Jiemian and 36Kr credited the report to Securities Times, and a later Jiemian item credited People's Financial News. [ 1 , 2 , 3 , 4 , 5 ]
Jiemian, citing Securities Times, reported the views of several other institutions. Goldman Sachs said Chinese assets were a good place for diversification and that A-shares were preferable to H-shares. UBS Securities forecast A-share earnings growth of 15% in 2026. BlackRock kept a neutral stance on Chinese stocks but said it was watching AI hardware, power grid equipment and physical AI. Invesco said it favoured China's technology ecosystem. Jiemian added that Citi and Standard Chartered had earlier raised Chinese stocks to overweight. [ 1 , 2 ]
The reports differ on the Treasury yield: items published on October 6 said it rose above 5.34%, while items published on October 8 put it above 5.352%. [ 1 , 2 , 3 , 4 , 5 ]
Почему это важно
The reports present the shift as a sign of rising foreign interest in Chinese assets despite high global interest rates. Business outlets carried the views of several global asset managers and banks, indicating attention to foreign positioning in Chinese markets after the holiday.
Ключевые факты
- A Bank of America report shows global active long-only funds raised their allocation to Chinese stocks from underweight to benchmark neutral. [ 1 , 2 , 3 , 4 , 5 ]
- The change ended four years of underweight positioning on Chinese stocks by these funds. [ 1 , 2 , 3 , 4 , 5 ]
- During the National Day holiday the 10-year US Treasury yield rose to a 24-year high. [ 1 , 2 , 3 , 4 , 5 ]
- Fidelity International and Wellington also set out views on finding China's 'next generation of winners'. [ 1 , 2 , 3 , 4 , 5 ]
- Goldman Sachs called Chinese assets a good place for diversification and favoured A-shares over H-shares. [ 1 , 2 ]
- UBS Securities expects A-share earnings to grow 15% in 2026. [ 1 , 2 ]
- BlackRock kept a neutral view on Chinese stocks but pointed to AI hardware, power grid equipment and physical AI. [ 1 , 2 ]
Подтверждено несколькими источниками
- Bank of America's report shows global active long-only funds moved Chinese stocks from underweight to benchmark neutral, ending four years of underweight. [ 1 , 2 , 3 , 4 , 5 ]
- The 10-year US Treasury yield reached a 24-year high during the National Day holiday. [ 1 , 2 , 3 , 4 , 5 ]
- Goldman Sachs favoured A-shares over H-shares and called Chinese assets good for diversification. [ 1 , 2 ]
- UBS Securities expects 15% A-share earnings growth in 2026. [ 1 , 2 ]
- BlackRock stayed neutral on Chinese stocks while focusing on AI hardware, power grid equipment and physical AI. [ 1 , 2 ]
Пока неясно
- The exact level of the 10-year US Treasury yield peak. October 6 reports say above 5.34%; October 8 reports say above 5.352%.
- Citi and Standard Chartered earlier upgraded Chinese stocks to overweight; Invesco favours China's technology ecosystem. Stated in full only by Jiemian citing Securities Times; CLS's summary is cut off.
- The date and full contents of the Bank of America report. The documents do not give the report's date or details beyond the allocation shift.
Что пишут местные СМИ
Хронология, местное время
- October 6: CLS reports foreign institutions upgrading China allocations. [ 1 ]
- October 6: Jiemian publishes the Securities Times report with individual institutions' views. [ 2 ]
- October 8: CLS reports global long-only funds raising Chinese stock allocations. [ 3 ]
- October 8: 36Kr carries the same report from Securities Times. [ 4 ]
- October 8: Jiemian carries the report, credited to People's Financial News. [ 5 ]