结构性转变，有望推动中国股票继续上行_老虎社区_美港股上老虎

结构性转变，有望推动中国股票继续上行

中国基金报01-04

【导读】结构性转变，有望推动中国股票继续上行中国基金报记者吴娟娟2025年，资金对中国科技股热情高涨，跟踪明晟MSCI中国指数的MCHI回报率超过30%，同期标普500指数的回报率约为16.39%。同时，全球机构纷纷推出中国科技ETF。机构人士表示，2026年，资金对中国宽基指数产品的关注度或继续上升。海外机构布局中国科技ETFETF跟踪网站ETF.com的数据显示，目前共有53只中国ETF在美国...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260104221239a49b2fdd&s=b><strong>中国基金报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>【导读】结构性转变，有望推动中国股票继续上行中国基金报记者吴娟娟2025年，资金对中国科技股热情高涨，跟踪明晟MSCI中国指数的MCHI回报率超过30%，同期标普500指数的回报率约为16.39%。同时，全球机构纷纷推出中国科技ETF。机构人士表示，2026年，资金对中国宽基指数产品的关注度或继续上升。海外机构布局中国科技ETFETF跟踪网站ETF.com的数据显示，目前共有53只中国ETF在美国...</p>\n\n<a 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rise","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BIDU":0.9,"KWEB":1.9,"HMTD.SI":0.6,"03690":0.9,"CQQQ":1.88,"NIO":0.9,"MCHI":1.91,"09866":0.9,"BABA":0.9,"METmain":0.6},"content_text":"【导读】结构性转变，有望推动中国股票继续上行中国基金报记者吴娟娟2025年，资金对中国科技股热情高涨，跟踪明晟MSCI中国指数的MCHI回报率超过30%，同期标普500指数的回报率约为16.39%。同时，全球机构纷纷推出中国科技ETF。机构人士表示，2026年，资金对中国宽基指数产品的关注度或继续上升。海外机构布局中国科技ETFETF跟踪网站ETF.com的数据显示，目前共有53只中国ETF在美国上市，其中52只为股票类ETF、1只为债券类ETF。这53只产品的总规模约为314.7亿美元（约合2200亿元人民币）。截至目前，在美国上市规模最大的5只中国ETF为KWEB、MCHI、FXI、CQQQ、ASHR。其中，跟踪中证海外中国互联网指数的KWEB规模最大，达到80.2亿美元；MCHI规模为77.8亿美元，其跟踪的是MSCI中国指数；跟踪富时中国50指数的FXI规模为64.6亿美元。资金流入方面，CQQQ成为“大赢家”，2025年获得超过20亿美元资金流入，目前规模约为28.3亿美元；KWEB获得19.73亿美元资金流入；MCHI获得8.71亿美元资金流入。这些ETF为海外机构提供了投资中国科技股的机会，包括腾讯、美团、阿里巴巴、百度和京东等。2025年，不少机构推出了中国ETF。比如，12月，2倍做多百度的ETF BIDG、2倍做多蔚来的ETF NIOG上市；10月，2倍做多京东的ETF KJD推出；9月，锐联和华夏基金合作推出中国科技ETF CNQQ。中国宽基ETF有望持续“吸金”2025年，对于坚守美国之外股票敞口的ETF投资者来说，可谓“守得云开见月明”，跟踪新兴市场指数的ETF获显著资金流入。例如，跟踪MSCI新兴市场指数的IEMG获得超114亿美元净流入。WisdomTree旗下拥有中国非国企ETF CXSE。该机构的股票策略主管Jeff Weniger表示，投资顾问提供的信息显示，投资者对这只ETF的兴趣还有提升空间。“投资中国市场对于准备逆市场噪声而动的投资者来说是一个令人惊叹的逆向机会。”2026年，包括中国ETF在内的非美ETF有望持续吸引关注，估值具有吸引力是重要原因。与美国股票和ETF相比，多数美国之外的国际市场和ETF都被低估。例如，跟踪欧元区国家指数的EZU市盈率约为17.83倍，而其在美国的对应产品——Vanguard标普500 ETF（VOO）的市盈率为29.19倍。AI和科技是长期盈利增长的关键动力瑞银财富管理投资总监办公室日前发表观点称，中国市场有望在2026年延续上涨势头，先进制造业和科技自立自强将是新的增长引擎。瑞银表示，中国经济格局正在快速转变。“十五五”规划建议强调加快先进制造、AI、航空航天、可再生能源和量子科技等领域的发展。政府在加大研发投入，预计到2030年，研发支出的复合年增长率将达到至少7%，占GDP的比重将提升至3.2%。瑞银认为结构性转变有望推动中国股票继续上行。目前AI和科技是长期盈利增长的关键动力，中国AI变现步伐领先其他市场，科技板块对美国经济周期和外部冲击具有韧性。此外，充裕的流动性也是主要驱动因素。在低利率和替代投资选项有限的背景下，约7万亿元人民币的居民储蓄有望流入股市。重点关注云计算、电子商务、AI、数字基础设施以及精选的电信、金融和公用事业公司。瑞银同时强调，关税政策、地缘政治或将给市场带来不确定性。编辑：杜妍校对：纪元制作：小茉审核：许闻注：本文封面图由AI生成","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}