外资加速流入中国股票市场，中国资产吸引力凸显

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

外资加速流入中国股票市场，中国资产吸引力凸显

2025-08-15 18:06:01 来源：北方有色网责任编辑：王欣悦

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近期，中国股票市场展现出强大的吸引力，外资流入呈现加速态势。摩根士丹利中国首席股票策略师王滢及其团队统计数据显示，7月中国股票市场的外资基金净流入显著增加，从6月的12亿美元大幅跃升至27亿美元。其中，被动型基金成为引领这一趋势的关键力量，7月流入达39亿美元，相比6月的27亿美元进一步增长;而主动型基金虽然仍为流出状态，但流出额从6月的50亿美元大幅收窄至12亿美元。

境内外中国资产价格也在同步走强。8月14日，沪指盘中表现强劲，一度突破3700点，创下近四年来的新高。在隔夜美股市场中，热门中概股紧跟A股涨势，表现出色，跑赢大盘。当地时间8月13日，纳斯达克中国金龙指数收涨2.08%，连续第二个交易日大幅上扬;三倍做多富时中国ETF更是大涨近9%，两倍做多中国互联网股票ETF涨幅也超7%。

从资金流向深入分析，外资对中国股票市场的青睐在7月表现得尤为突出。被动型基金在月末的集中流入引人注目，这一现象与多项“反内卷”相关政策的出台时间高度吻合。其中，美国被动型基金对中国股票市场的配置速度明显加快，而欧洲被动型基金则维持稳定的配置节奏。截至7月31日，今年以来外资被动型基金累计流入已达110亿美元，远超2024年全年70亿美元的水平。

国家外汇管理局公布的数据也为这一趋势提供了有力支撑。今年以来，外资配置人民币资产整体保持稳定。上半年，外资净增持境内股票和基金101亿美元，成功扭转了过去两年总体净减持的局面。

高盛在研报中指出，“中国重回国际投资者视野，我们6月和7月全球路演的客户反馈显示，投资者对中国股票市场的兴趣升至近年高点。”目前，新兴市场及亚洲基准共同基金自去年底以来已适度增配中国，但对冲基金及全球主动管理机构的配置仍处于周期低位。同时，许多投资者通过IPO及增发进行战略性再平衡，今年香港新股外资基石投资者参与度创5年新高就是有力证明。

高盛中国首席股票策略分析师刘劲津将MSCI中国指数的12个月目标点位从85点上调至90点，并继续维持对中国股市在亚太区域内“超配”的立场。他认为，美国市场分散配置需求、人民币兑美元的升值潜力、中国AI模型和应用的崛起，以及中国股市相较全球主要股指的深度估值折价，共同构成了主要驱动因素。

摩根士丹利同样看好中国股市的后续表现，预计夏季过后，重返中国股市的趋势将“更为强劲”。中国股票市场获利修正幅度趋势在全球主要市场中排名靠前，且估值低于其他市场，这将大概率持续吸引更多资金流入。随着市场越来越接近美联储的降息时间，以及市场对美元走软形成更广泛共识，全球投资者配置到非美市场的意愿将进一步增强。

联博基金市场策略负责人李长风认为，A股企业的盈利修复仍在稳步推进。“尽管市场近期上行，部分投资者出现‘恐高’心理，但无论纵向还是横向对比，当下A股仍具投资性价比。”他进一步分析，从横向看，沪深300指数在全球主要股指中的涨幅并不突出。从估值角度，截至7月底，沪深300指数的动态市盈率仅略高于过去10年平均水平。考虑到A股盈利能力改善、货币政策维持适度宽松，目前A股估值尚未达到过热状态。

在投资主题方面，李长风表示将重点关注长久期资产的投资价值。一方面，高派息企业具有类债券风格特征;另一方面，AI+应用有望长期推动中国生产效率整体提升，可作为进攻端更具优势的选择。

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外资加速流入中国股票市场，中国资产吸引力凸显

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