The surge in the value of Chinese assets, particularly in the technology sector, holds strategic significance for reshaping the global competitive landscape. This is not merely an economic phenomenon but a crucial marker of the simultaneous establishment of technological and financial sovereignty in the context of great power competition.
As the annual and first-quarter reporting season concludes, the A-share and Hong Kong markets are presenting a new landscape where fundamental recovery and the technology narrative are resonating. On April 30th,
The ChiNext board is also performing strongly. On April 23rd, the market capitalization of optical module leader
The consecutive breakthroughs in the share prices of a group of leading technology companies from the "ChiNext and STAR" boards are, in essence, a fundamental-driven revaluation of Chinese assets and a reflection of global capital chasing high-quality Chinese assets.
Since September 24, 2024, Chinese assets centered on A-shares and Hong Kong stocks have experienced a remarkable rally. Entering 2026, the A-share market rally has continued. As of May 7th, the Shanghai Composite Index has risen 5.84% year-to-date, the Shenzhen Component Index has gained 15.65%, the STAR Composite Index has surged 26.11%, and the ChiNext Index has increased 19.66%. The Hong Kong market has been relatively pressured, with the Hang Seng Index up 3.88% and the Hang Seng Tech Index down 7.16%.
Looking at sectors, this is not a "broad-based" bull market. Since the start of 2026, within the Shenwan primary industry classification, Communications, Conglomerates, and Electronics have gained over 30%, while Commerce & Retail and Non-Bank Financials have fallen more than 10%.
The "ChiNext and STAR" indices are already approaching historical highs. Since September 24, 2024, the ChiNext Index has risen over 150% from its low, now less than 300 points away from its 2015 peak. The STAR Composite Index has also surged over 150%, with the STAR 50 Index nearing its 2020 high.
"The rise of Chinese assets is by no means accidental; it is the result of the synergistic resonance between the accelerated implementation of new quality productive forces, the strategic deepening of technological self-reliance and self-strengthening, and institutional reforms in the capital market," said Tian Xuan, Dean and Boya Distinguished Professor at the Guanghua School of Management, Peking University.
Behind the revaluation of Chinese assets lies an improvement in fundamentals. The 2025 annual reports show that the revenue and net profit growth rates of A-share listed companies have returned to "dual growth" for the first time in four years, with year-on-year increases of 1.33% and 2.98%, respectively, signaling a strong "inflection point" of marginal improvement. Entering the first quarter of 2026, these growth rates further accelerated to 4.66% and 6.08%. The performance of the "ChiNext and STAR" sectors has been particularly notable: the ChiNext board's net profit grew 27.03% in 2025 and increased another 22.74% in Q1 2026; the STAR Market's Q1 net profit saw explosive growth of 204.71%.
Medium- to long-term capital has continued to increase holdings during this revaluation process. Data shows that in 2025, social security funds, insurance companies, pension funds, public funds, and securities firms' proprietary trading desks purchased over 800 billion yuan worth of A-shares. Including related funds buying equity funds and company share buybacks, the actual medium- to long-term capital entering the market exceeded 1 trillion yuan. By the end of 2025, various medium- to long-term funds collectively held approximately 23 trillion yuan in A-share circulating market capitalization, a 36% increase from the beginning of the year.
Public funds, which closely track fundamentals and industry trends, are embracing market changes with concrete actions. The Q1 2026 reports of public funds show that active equity fund holdings continue to concentrate in high-growth sectors like Communications, Power Equipment, and Pharmaceuticals.
Foreign capital is also focusing on the Chinese market. Data from BNP Paribas shows that from December 2025 to February 2026, approximately $14 billion flowed into the Chinese market for three consecutive months. The scale of Chinese stocks held by U.S. investors climbed to a historical high of $466 billion.
Looking ahead, various market participants are optimistic about the continued rise of Chinese assets.
"The current A-share market is at an intersection of ample liquidity and a return to fundamental pricing. On one hand, overall financial market liquidity is in a loose state; on the other, the performance of listed companies as a whole has moved out of the bottom range. Meanwhile, the effect of fundamental pricing in A-shares has rebounded to a relatively high level over the past decade since the 2024 low, indicating that the positive transmission effect of listed companies' profit growth to stock price performance is strengthening," said a representative from Springs Capital.
"Looking inward, the strong growth of China's manufacturing sector and a potential bottoming of the real estate market may occur simultaneously, accompanied by a return of confidence among society and entrepreneurs. Looking outward, a new economic cycle is forming between China and other members of the 'Global South.' The formation of a multipolar landscape is a long-term positive for RMB-denominated assets," one fund manager optimistically stated.
Foreign institutions are also collectively bullish on Chinese assets. UBS maintains an "attractive" rating on Chinese stocks, expecting the MSCI China Index to achieve 14% earnings growth in 2026. Goldman Sachs pointed out that global mutual funds' allocation to Chinese AI stocks is only 1.2%, severely misaligned with China's approximately 10% share of the global AI market by market capitalization. This state of "extreme underweight" implies significant room for rebalancing.
"The outlook for Chinese stocks is increasingly evolving into a structural narrative. The market is developing a more pronounced 'two-speed structure': sectors related to technology and innovation are further decoupling from traditional industries plagued by real estate, overcapacity, or weak domestic demand," said a representative from Amundi Asset Management. "This differentiation is crucial. It means the reference value of China's market beta is declining. In the next decade, investment returns will increasingly depend on sector allocation and stock selection."
As the high-growth AI computing power sector becomes increasingly crowded, some fund managers have chosen to reduce positions, while others remain steadfast. "In Q2 2026, the fundamentals of AI Agent applications possess strong explosive potential, which is expected to boost the global computing resource sector's prosperity," said Zheng Xi, a fund manager at E Fund.
Technology is expected to remain the main theme of the future market. "In the entire technology field, China will gradually move from a competitive stance of keeping pace with the United States to taking the lead," said Guan Qingyou, President of Rushi Financial Research Institute. "China's technological revolution and the continuous upgrading of its manufacturing sector will bring a new round of 'price revolution' to the world."
In Tian Xuan's view, the future revaluation of Chinese assets is not a single-point breakthrough by Chinese tech assets but a structural, systematic, and comprehensive leap. Chinese assets are expected to form a resonance pattern of "technology-led, multi-wheel drive."
"ChiNext and STAR" Lead Index Gains Over the past year and a half since "9·24," the value of Chinese assets centered on A-shares and Hong Kong stocks has continued to rise. Wind data shows that the Shanghai Composite Index, since September 24, 2024, has broken free from a three-year consecutive decline, rising from a low of 2,689.7 points to nearly 4,200 points at its peak, a gain of over 50%, marking its strongest phase in 11 years. Hong Kong stocks have also followed A-shares with substantial gains, rising nearly 90% since bottoming in January 2024.
Entering 2026, Chinese assets have continued to rise, with the Shanghai Index approaching the 4,200-point high within the year. Before the Spring Festival in January, A-shares reached a阶段性情绪高位, with both the Shanghai and Shenzhen indices and trading volumes continuously expanding. Trading volume exceeded 3.5 trillion yuan for three consecutive trading days, reaching 3.94 trillion yuan on January 14th, setting a historical record unmatched even in previous A-share bull markets. Subsequently, A-shares and Hong Kong stocks gradually entered a phase of high-level volatility. After weathering the impact of the US-Iran conflict, A-shares gradually recovered. By late April and early May, the ChiNext Index and STAR Composite Index successively hit new highs in this bull cycle, with trading volume once again exceeding the 3 trillion yuan mark.
The rising index levels and historically active trading volumes clearly illustrate one fact: the value of Chinese stock assets, centered on Chinese listed companies, is undergoing a historic leap. However, a distinct characteristic different from past broad-based bull markets is the prominence of structural行情, with significant divergence in performance between industries.
Wind data shows that over the past year, the Shenwan Communications sector leads with a gain of 166.53%. Meanwhile, sectors like Electronics, Nonferrous Metals, and Conglomerates are also among the top gainers, with increases exceeding 80%. In contrast, the Shenwan Food & Beverage sector fell 14.2%, ranking last, with sectors like Beauty & Personal Care, Commerce & Retail, and Social Services also recording declines.
The broad market consensus is that this is a "tech stock bull market" centered on Chinese technology listed companies, with the value of Chinese tech company assets from the "ChiNext and STAR" boards experiencing the most significant leap.
"The value appreciation of Chinese assets since '9·24' exhibits structural characteristics. The bottoming and recovery of the profit cycle and the value leap of structurally high-growth industries have fundamental support. Sectors like technology, advanced manufacturing, outbound chains, and some cyclical sectors have begun to deliver on performance. Whether asset values can continue to rise in the future depends on whether the earnings recovery can spread from structural to comprehensive," said Springs Capital.
Fang Lei, Partner, Deputy General Manager, and Fund Manager at StarRock Investment, analyzed: "The 'ChiNext and STAR' sectors have a higher overlap with this technological cycle. The prosperity cycle of the artificial intelligence industry chain has driven substantial growth in the immediate profits of related companies, and the medium- to long-term imagination space for corporate earnings has been opened. Driven by both earnings and valuation, the 'ChiNext and STAR' sectors have performed brilliantly."
Wind data shows that since "9·24," both the ChiNext Index and the STAR Composite Index have gained over 150%, significantly outperforming other major A-share indices. Meanwhile, the performance of the "ChiNext and STAR" sectors has almost topped the global charts. According to Wind data, from September 2024 to the end of April 2026, among global major indices, South Korea's KOSPI gained 148.33%, Japan's Nikkei 225 rose 55.03%, the Shanghai Composite Index increased 43.5%, the Hang Seng Index gained 42.75%, while the US Nasdaq Index rose 40.5%.
Jiang Meijun, Chairman of Grand Tide Asset Management, analyzed that the significant outperformance of the "ChiNext and STAR" indices over the main board is a direct reflection of the leap in China's industrial competitiveness. These indices aggregate China's core assets in cutting-edge fields like artificial intelligence, new energy, and the digital economy. This transition from the "world's factory" to the "global supply hub" has made technology assets the preferred choice for market capital.
Tian Lihui, a finance professor at Nankai University, believes that the value leap of Chinese technology assets holds strategic significance for reshaping the global competitive landscape. This is not only an economic phenomenon but also a key marker of the simultaneous establishment of technological and financial sovereignty in great power competition.
Undoubtedly, it is Chinese technology companies driving the "ChiNext and STAR" sectors to top the global charts. Seven Chinese ChiNext technology companies, including
Among them, the global leader in both power batteries and energy storage,
Simultaneously, institutional and individual investors have flocked to buy these ChiNext technology leaders. Wind data shows that as of April 28th, year-to-date, four of the top five stocks by trading volume in the A-share market are ChiNext stocks:
If the ChiNext board represents China's "global advantage manufacturing assets" achieved through massive manufacturing capabilities in the past, the STAR Market represents China's "major national assets" that are rapidly catching up with global leaders in core technology fields and shouldering the重任 of import substitution, highly focused on hard technology assets like semiconductors and innovative drugs.
The top two weighted stocks on the STAR Market,
Meanwhile, the Hong Kong market is also actively embracing new quality productive forces. In early 2026, a batch of AI technology companies, including Biren Technology, Iluvatar CoreX, Zhipu AI, and MiniMax, listed on the Hong Kong Stock Exchange, forming a "newborn" force in Hong Kong's tech sector. The backdrop for these new tech listings is that the Hang Seng Index has rebounded over 90% from its 2024 low, the proportion of southbound trading volume has jumped to nearly 30%, and the market cap share of the new economy sector has exceeded 50%.
"The value leap of Chinese assets not only demonstrates the developmental vitality of China's new quality productive forces, significantly enhancing the influence of China's technology sector in global capital and industrial competition, but also continuously attracts the convergence of global innovation resources, reshaping the global division of labor in the technology industry," said Tian Xuan. "From a national strategic perspective, the value leap of technology assets directly solidifies the capital foundation for technological self-reliance and self-strengthening, accelerates breakthroughs in key core technologies and their industrial application, further drives the transformation and upgrading of the real economy, and injects strong momentum into high-quality development."
Structural Leap in Fundamentals Behind the historic leap in the value of Chinese stock assets, is it merely a narrative driven by technology, a valuation increase fueled by liquidity, or a substantive leap in the fundamentals of listed companies?
Judging from the 2025 annual reports and 2026 Q1 reports, the performance of A-share listed companies shows a复苏态势, indicating strong signals of fundamental improvement. Technology companies'业绩出现大幅增长, while traditional main board performance shows a weak recovery, with "inflection point" signals emerging.
According to Wind data statistics, A-share listed companies achieved total operating revenue of 73.01 trillion yuan in 2025, a year-on-year increase of 1.2%; total net profit attributable to shareholders reached 5.4 trillion yuan, up 2.6% year-on-year, with over 70% of listed companies being profitable. In 2024, A-share companies' revenue and net profit fell by 0.7% and 2.2%, respectively. In comparison, 2025 saw A-share companies achieve "dual growth" in both revenue and net profit, showing clear signs of温和复苏.
Notably, this marks the first annual "marginal improvement" in growth rates for A-share listed companies in four years, since both revenue and net profit growth rates began to decline consecutively from 2021, carrying strong "inflection point" significance. Since 2021, A-share companies' earnings growth began to peak and decline. Net profit turned negative in 2023, and both revenue and net profit were negative in 2024. From 2021 to 2024, the revenue growth rates of listed companies were 18.6%, 7.23%, 0.86%, and -0.7%, respectively; net profit attributable to shareholders growth rates were 18.9%, 1.38%, -1.21%, and -2.2%, respectively.
Entering the first quarter of 2026, the earnings growth of A-share listed companies明显提速, with recovery signals进一步强化. Total operating revenue reached 17.68 trillion yuan, a year-on-year increase of 4.66%; net profit attributable to shareholders was 1.59 trillion yuan, up 6.59% year-on-year. This continues the trend of marginal improvement in earnings growth seen in the 2025 annual reports, with both revenue and net profit growth rates further accelerating by 3.46 and 3.99 percentage points, respectively.
"The year-on-year growth rate of A-share net profit attributable to shareholders in Q1 2026明显回升 compared to the data from the 2024 and 2025 annual reports, indicating that the corporate profits of domestic listed companies have entered an upward phase, and the profit-driven nature of the A-share market is持续强化," analyzed Fang Lei. Structurally, listed companies in the growth and cyclical sectors have seen larger幅度 of profit recovery. As the economy gradually stabilizes and prices improve, it is expected that the recovery of corporate profitability will扩散至更广泛的行业中, and the fundamentals of listed companies are expected to further跃升.
From a sector perspective, the fact of a substantive leap in the fundamental performance of listed companies representing new quality productive forces, primarily on the ChiNext and STAR boards, is even more apparent. According to Wind data statistics, in 2025, the revenue growth rates of ChiNext and STAR Market listed companies both exceeded 10%, and net profit growth rates both exceeded 20%. Since bottoming in Q4 2024, their performance has shown quarter-by-quarter growth.
Entering Q1 2026, the performance of ChiNext and STAR Market listed companies maintained relatively high growth, with their revenue growth rates further increasing to over 20%. The STAR Market's Q1 net profit growth rate even exceeded 200%, with the net profit margin rising from 2.3% in Q1 2025 to 5.71%, signaling a强劲修复 and弹性跃升 in profitability.
The substantial earnings growth of ChiNext and STAR Market listed companies is significantly higher than the overall level of all A-share listed companies, highlighting their growth advantage. They have a明显的拉动效应 on the overall performance of A-share listed companies, strongly corroborating from a fundamental perspective that the asset value of Chinese technology companies representing new quality productive forces, centered on the "ChiNext and STAR" boards, has achieved a leap.
In fact, over the past few years, with the release of growth momentum from new quality productive force companies, the fundamental底色 of the A-share market is undergoing a "关键转变": shifting from traditional finance and real estate industries to emerging technology and growth industries, making the technology narrative logic of Chinese assets clearer and more concrete. According to data from the Shanghai Stock Exchange, over the past five years, the share of revenue and net profit of high-tech manufacturing and service companies on the Shanghai main board within their respective industries has持续提升 to 52% and 47%, respectively. The top 50 companies by market cap have焕然一新, with the number of technology-type companies doubling compared to a decade ago.
At a State Council Information Office press conference in 2025, CSRC Chairman Wu Qing stated that the market cap share of the technology sector in A-shares has now exceeded one-quarter, significantly higher than sectors like finance and real estate. Among the top 50 companies by market cap, technology enterprises have increased from 18 at the end of the "13th Five-Year Plan" period to 24 currently.
Notably, in contrast, the fundamentals of main board listed companies, which are closely tied to the macroeconomy and lean towards traditional industries, are experiencing a相对温和修复. However, compared to the consecutive decline since 2021, they have returned to marginal growth after four years, with业绩 "inflection point" signals emerging. Their Q1 2026 revenue and net profit growth rates recovered to 3.27% and 4.88%, respectively.
From an industry perspective, the冷热不均 between sectors is quite evident. Among the 31 Shenwan primary industries, the industry with the highest year-on-year net profit growth rate in Q1 2026 was Computers, at 100%. Three other industries—Nonferrous Metals, Conglomerates, and Electronics—had growth rates ranging between 92% and 73%. The Computer and Electronics sectors benefited from the业绩跃升 driven by the AI technology revolution, while Nonferrous Metals benefited from the大幅上涨 in global precious metal prices.
Among the industries with year-on-year declines, most are closely linked to the macroeconomy and domestic demand. Agriculture, Forestry, Animal Husbandry & Fishery saw the largest decline in net profit, with a growth rate of -109%. Steel fell 77%, Building Materials dropped 41%, Automobiles declined 22%, and Food & Beverage saw a slight decrease of 2%, indicating that fundamentals remain under pressure. Leading baijiu producer Kweichow Moutai reported its first annual decline in performance since its 2001 listing in 2025.
In Tian Lihui's view, the leap of Chinese technology assets is an inevitable outcome of the reconstruction of the logic between new quality productive forces and the capital market,绝非 a short-term bubble driven by liquidity. This leap标志着 that China's capital market has truly entered the "technology monetization" stage. Index gains and fundamental improvement form a positive循环, with the core logic shifting from "valuation repair" to "growth pricing." He further analyzed that the underlying驱动力 lies in three breakthroughs: first, the national strategy shifting from "catching up" to "defining"; second, industrial technology moving from the "laboratory" to "commercialization"; and third, global capital重新评估 "security premiums."
"The performance of the Chinese stock market in the next phase may no longer be driven by a broad cyclical rebound but rather more by the speed and breadth of technology diffusion, including the application of artificial intelligence, automation, advanced manufacturing, and digital infrastructure. Even if overall macro growth slows compared to the past, these drivers can still enhance productivity and profitability in specific sectors. The winners in technology and advanced manufacturing are expected to continue increasing their weight in the index, while old economy sectors will continue to be constrained by declining pricing power, policy adjustments, and lower capital efficiency," analyzed Amundi Asset Management.
Institutions Embrace Technology In the process of the value transition of Chinese assets, professional institutional investors are also undergoing a profound transformation in asset allocation.
Taking public funds as an example, in Q1 2026, active equity funds as a whole did not deviate from the high-growth主线. Wind data shows that the Communications sector ranked first in terms of active equity fund增仓 in Q1, with holdings and overweight multiples continuing to突破历史新高. Fund holdings are highly concentrated in core segments of the computing power industry chain.
Reviewing the development path of public funds over the past few years, one can see many institutions持续加大布局 in technology sectors.
Take Yongying Fund as an example. As early as the period from the second half of 2022 to 2023, when A-shares were still struggling around the 3,000-point mark, Yongying Fund密集设立 ten initiated funds with 1 billion yuan of its own capital, covering前沿科技 industries like semiconductors, high-end equipment, the digital economy, and advanced manufacturing.
At that time, these products had微小规模 and一度 "sat on the冷板凳." However, with the爆发 of the AI industry wave, they began to逐一兑现 starting in the second half of 2024. Data from the end of Q1 2026 shows that Yongying Fund's active equity fund规模 reached 146.9 billion yuan, ranking sixth in the total规模 of全市场 active equity funds,仅次于 E Fund, GF Fund, China Europe Fund, Fullgoal Fund, and ChinaAMC.
E Fund, known for its消费 investment in the上一轮牛市 and戏称为 "the winery" by the market, has also seen its technology team崛起 rapidly in recent years, becoming a重镇 for public fund AI investment. Take the E Fund Global Growth Select Mixed Fund managed by Zheng Xi as an example. Established in January 2022, its cumulative return has exceeded 260%, with a重点布局 in core segments of the global computing power industry chain like optical communications and storage.
Invesco Great Wall took a different approach in the "fixed income plus"赛道,凭借 a重点配置 in technology sectors like AI. Its景颐丰利 fund achieved a return of over 25% in 2025 with only about 18% equity exposure. In just over a year, Invesco Great Wall's "fixed income plus"阵营 jumped from 190 billion yuan to 280 billion yuan, becoming one of the最大受益者 of存款搬家 in a low-interest-rate environment.
Behind the爆发式增长 in规模 is the回暖 of market信心 and the回升 of capital risk appetite. A noteworthy signal is that in Q1 2026, the份额 of active equity funds saw its first回升 in three years, interpreted by the industry as a边际修复 of居民增量资金信心 in public fund products.
Beyond public funds,私募基金 have also become an不可忽视的力量 in this technology行情. According to statistics from Simuwang.com, as of April 30, 2026, 47百亿级私募 appeared in the top ten circulating shareholder lists of 203 A-share listed companies, with a合计持股市值 of 78.194 billion yuan. They新进 101个股 in Q1, accounting for over 50%. In terms of industry布局, the technology赛道 is undoubtedly the主场 for配置. Among the top five industries by重仓市值 for百亿私募 in Q1, the three TMT sectors—Computers, Communications, and Electronics—had a合计持仓市值接近 19 billion yuan. Technology stocks占据 seven of the top ten重仓股 positions for百亿私募.
The "national team," including the social security fund, is also riding the technology wave. Wind data shows that in Q1 2026, the "national team"增持 50 industries, with 23 industries seeing增持数量超千万股. During the same period, among the top ten industries增持 by the "national team," the technology领域占据 five spots: General Equipment, Glass & Fiberglass, Medical Devices, Automation Equipment, and Semiconductors, with增持数量均超 32.7 million shares.
The逐渐提高的拥挤度 in AI细分赛道 has also led to market分化. Some fund managers have chosen to获利了结, with持仓结构 showing较为清晰的再平衡特征. Xie Zhiyu, a fund manager at兴证全球基金, reduced holdings of
Some fund companies have also begun to "踩刹车." Yongying Fund提示 investors in its quarterly report to assess product characteristics, drawdowns, and their own risk承受能力,定位高锐度行业基金 as工具型产品,建议分散风险 through asset配置, and imposed限购 on several绩优科技主题基金. Public fund companies like GF Fund, E Fund, Huatai-PineBridge, and China Europe also initiated限购 on popular科技主题基金 and提示板块波动与估值风险 in regular reports.
Looking ahead at the market structure, institutional investors remain看好 the technology主线 in the Chinese asset leap and will further挖掘 opportunities across the AI industry chain.
"2026 will be the元年 for the end of the systemic discount on Chinese assets. The future direction of Chinese assets will经历 a process from 'structural分化' to '全面共振.' In the short term, technology assets will still be the领头羊. As real estate stabilizes and domestic demand recovers, Chinese assets will迎来全面跃升," said Jiang Meijun.
Springs Capital believes that the technology sector will likely remain the medium- to long-term主线 for Chinese assets, but increased波动 and个股分化 will become常态. "The real estate market is in a关键筑底期 of止跌回稳. The共同作用 of these factors suggests Chinese assets有望迎来 a渐进式跃升 led by technology and逐步扩散,推动核心资产表现 from valuation repair to盈利驱动 and结构优化."
Fang Lei also stated that Chinese assets currently依旧 possess较强的中长期投资价值. He mentioned that while valuations in the A-share market are分化, with high-growth technology sectors率先表现, the valuation of core Chinese assets that兼顾稳定性和成长性 is already处于偏低区间, offering high性价比. As业绩驱动的进一步增强,各个板块内部都有机会值得关注, and the subsequent performance of Chinese assets值得期待.
Tang Xiaobin of GF Fund stated in the quarterly report that细分领域 like storage, CPO, optical modules, liquid cooling, and optical fiber & cable all possess the核心逻辑 of demand inflation. Li Jin of Rongtong Fund判断 that with network architecture upgrades, demand for optical modules is still调升, and上涨行情有望迎来 during the Q2 and Q3 earnings seasons. Zheng Xi of E Fund proposed that in Q2 2026, the fundamentals of AI Agent applications possess强爆发力, which有望提升 the global computing resource景气度.
For fund managers, judging the value of Chinese assets requires both寻找定价锚 in the international comparative pricing system and判断是贵是便宜 against historical valuation midlines. Horizontally, the valuation advantage of Chinese assets among全球主要市场 is attracting increasing attention from fund managers.
"Amid changes unseen in a century, we increasingly see the opportunity for the revaluation of Chinese assets. China's manufacturing advantage may be进一步加强 during this global crisis, and some enterprises will surely抓住 this opportunity to achieve利润的飞跃和价值的重估," said Tan Li, a fund manager at Harvest Fund, in the quarterly report.
"China's economic growth is强劲, possessing显著的超额收益 globally, yet it is低配 by global capital. I think this is极其不匹配 with China's industrial status and the trend of international development," a fund manager at a leading large fund company in South China stated. "Whether it's Hong Kong stocks or A-shares, they will both迎来 global capital inflows in the future."
Foreign Capital Buys Chinese Assets Alongside the value leap of Chinese assets, foreign capital's perspective on Chinese assets is also undergoing profound reshaping.
Wang Ying, Chief China Equity Strategist at Morgan Stanley, stated that since the beginning of 2026, global active mutual funds have seen their first net inflow into Chinese assets, marking an重要转折点 after the "9·24"行情 in 2024. Active capital casting a信任票标志着 the真正确立 of bottom信心.
"The pricing logic for Chinese technology assets is undergoing a fundamental revaluation," said Zhou Yuan, an investment manager at Mirae Asset, offering the most直白的判断 on the current转折点 from the perspective of a frontline investor.
Zhou Yuan believes that the previous implicit assumption that "Chinese tech ≈ discounted US tech" has been系统性打破 by breakthrough progress in本土大模型 like DeepSeek. Some enterprises have not only demonstrated independent innovation capabilities at the application layer but have also formed differentiated competitive advantages in algorithm efficiency and inference costs. This has directly driven market valuation重评, with the pricing logic migrating from "discounted配置" to "active增持."
The latest statistics from BNP Paribas show that from December 2025 to February 2026, approximately $14 billion flowed into the Chinese market for three consecutive months, setting the最高纪录 in over three years. After this round of加仓, the total scale of Chinese stocks held by US investors has climbed to a historical high of $466 billion.
According to Wind data, over the past year, the number of shares held by foreign capital decreased from about 13 billion to about 11.4 billion, a累计减少 of about 12%. However, the市值 of these holdings grew from 2,403.8 billion yuan to 3,070.2 billion yuan, an增幅超过 27%. This反差 of "数量减、市值增"恰恰说明 that the Chinese assets heavily held by foreign capital underwent significant price revaluation during this period. More critically, foreign capital's share of the circulating A-share market cap remained stable within a窄幅区间 of 2.8% to 2.9%, with no signs of明显撤离.
Notably, foreign capital holdings are undergoing a结构性迁移, moving from broad-based分散配置 towards concentration in优质科技龙头 in sectors like new energy, AI computing power, and semiconductors. A market participant stated that under the浪潮 of爆发 AI demand, as countries increase computing power investment and compete in high-tech fields, companies in the related industry chain have been a重仓领域 for foreign capital in recent years, and this trend is still持续.
Wind data shows that in Q1 2026, northbound capital (through the Stock Connect) held shares in 3,270 A-share companies, with a total持股数量 of 103.5 billion shares and a持仓市值合计 of 2.58 trillion yuan. Compared to the end of 2025, the number of companies held increased slightly, while the持仓市值基本持平. Among Shenwan secondary industries, there were 15 industries where northbound capital's持仓市值 exceeded 50 billion yuan. The top three industries by持仓市值 were Batteries, Semiconductors, and Communication Equipment, each with持仓市值超 110 billion yuan.
However, Goldman Sachs直言 that there is a数量级的差距 between international capital's actual exposure to Chinese hard tech and China's真实权重 in the AI industry. In a March 2026 research report, Goldman Sachs测算 that China's share of the global AI-related market by market capitalization is about 10%, and by revenue about 16%. However, global mutual funds'配置权重 to Chinese stocks is only about 1.7%, and their holdings of AI tech stocks are even lower, at just 1.2% of global tech配置.
Many international funds are still观望等待出手时机. Zhou Yuan summarized the overall attitude of foreign capital as "不再回避，但仍在观望." He observed that some sovereign wealth funds and passive index funds have悄然重建仓位 through the Hong Kong channel, but traditional long-term mutual funds, constrained by client structures and geopolitical risk偏好, maintain a审慎布局节奏.
"Substantial foreign capital inflow requires three催化条件:阶段性稳定 signals in China-US relations, Chinese companies持续兑现盈利增长 (especially the规模化验证 of AI commercialization), and further improvement in Hong Kong market liquidity and infrastructure," emphasized Zhou Yuan. "Once the above conditions逐步落地, it is完全可以预期的 that foreign capital will systematically重新加仓 Chinese assets, starting with passive index funds."
How to increase the吸引力 of Chinese assets to全球资金? The Hong Kong market is seizing historical opportunities presented by policy红利, technological变革, and global capital配置, driven by a series of policy initiatives.
In 2025 full year, Hong Kong IPO募资额 reached approximately HK$286.3 billion, a大增超 2倍 year-on-year, surpassing Nasdaq to重登全球榜首. Q1 2026延续强势, with 40 IPOs累计募资近 HK$110.4 billion. Companies in three categories—Biopharma, General AI, and Advanced Semiconductors—占据 over 70% of the total融资额. Hard tech leaders like Biren Technology, Iluvatar CoreX, Zhipu AI, and MiniMax密集登陆, with their international placements receiving踊跃认购 from long-term capital like Middle Eastern sovereign funds, Temasek, and BlackRock. International capital is using真金白银 to完成价值确认 for China's new quality productive forces.
That Hong Kong can承接 this wave of hard tech listings is绝非偶然. Over the past few years, the HKEX has gradually changed its基因 through a series of institutional革新. The introduction of Chapter 18C, the "Specialist Technology Companies" listing rules in 2023,首次为未盈利科技企业 in five major fields like AI, semiconductors, and new energy打开上市通道. Subsequently, the HKEX further下调市值门槛 and launched the "Tech Company Fast Track" in 2025 to提升审批效率 and降低合规成本.
"These reforms are fundamentally changing the基因 of the Hong Kong market from being dominated by finance and real estate, with模式创新唱主角, towards a硬核科技集结," said economist Xia Chun. "Although most newly listed companies are still处于亏损状态 and头部公司成交额高度集中, this恰恰是 the普遍规律 of tech company growth cycles. It was precisely through 'panning for gold' with a高退市率 that Nasdaq跑出了 the 'Magnificent Seven.' The关键问题 is not亏损或集中, but whether the market can achieve价值跃升 for listed companies through制度设计."
"After the establishment of the A-share STAR Market and the全面注册制, the上市成本 for hard tech companies in A-shares is更低, valuations更高, and流动性更好. The strongest domestic GPU chip companies无一例外选择了 A-shares. Many high-tech companies, though持续亏损, have solved many 'bottleneck' problems. Society should further重视 the innovative role of high-tech companies,普及 from the法规层面 to the大众文化层面," said Gao Guolei, Chairman of Shanghai Zhanghe Investment.
"Now many tech companies pursue an A+H路线. The two markets各有优势 and can完全形成良性互补. Hong Kong has upgraded from a 'super connector' to a 'super value-adder.' If it can持续吸引优质公司上市, the资产质量和全球吸引力 of the Hong Kong market will迎来本质提升," Xia Chun stated.
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