US media: Many investors still have skepticism about the theme of Chinas recover

US media reports that Wall Street believes that there are many factor in Chinese stocks, but there are also many suspects that there are better ways to bet on the recovery of this second largest economy in the world.

The Wall Street Journal reported that with the long -awaited re -opening up, the consumer demand for three years was released. Analysts saw the opportunity to make a profit from a wave of growth.Preliminary data show that after a few years of severe epidemic prevention and control, the Chinese people's travel, meals and retaliatory consumption quickly rebounded.

Since the end of China's dynamic clearance policy at the end of October last year, the MSCI Mingsheng China index that tracked the Chinese stocks listed in the United States, Hong Kong and Mainland China has risen by about 30%.In the same period, the S & P 500 Index rose only 1.2%slightly.

Goldman Sachs expects the MSCI Mingsheng China Index to reach 85 points by the end of the year, which will increase by more than 33%compared with the closing position of 63.6 last Thursday (March 16).At the same time, UBS lists Chinese stocks as the "most popular" stock in its global strategy.The bank wrote in the report earlier that compared with the high valuation and economy that may fall into decline, there is better investment opportunities that can benefit from China's re -open stocks.In addition, the crisis of confidence in the US banking industry has added more variables to the investment environment.

But at the same time as the Chinese economy is heating, Sino -US relations are cooling.Chinese leadership has once again caused concerns about whether the Chinese economy is suitable for investment.

It is reported that in the worst case, if the United States imposed sanctions on Russia after the United States implemented a similar to Russia's invasion of Ukraine, it may make the Chinese assets held by American investors worthless.EssenceSince the first time the Chinese balloon was tracked in the United States in late January this year, the MSCI China Index has fallen by about 15%.

Comgest Sa's global stock investment group manager Richard Mercado said: "Investors usually ask us about China ...They will think twice before investing in China, even if this means missing some themes of Chinese recovery. "

As an alternative, many investors try to bet on China's economic growth on the one hand, and try to try to try to try to try to try to try to try to try to try to try on the one hand.Reduce direct risk of investment in Chinese stocks and related political risks.

Strategic artists said that one way does not invest in Chinese assets directly, one way to tap the theme of China's economy is to invest in any large consumer brand that has a large number of business in China.They said that Starbucks, Nike, Marriott International Group and French luxury giant LVMH Group meet these conditions.

Mike Edwards, deputy chief investment officer of the New York hedge fund Weiss Multi-Strategy Advisers, said the company is betting on non-China companies that are expected to benefit from re-opening, including a large number of Chinese businessTourism companies and European luxury brands.In the face of the risk of being sanctioned by the United States in the future, the company is avoiding semiconductor manufacturers and private enterprises with potential military purposes.

Edwardz said: "We have greatly increased the opening of the factors of China's economic growth, but not necessarily increased direct opening to China."

Although some people, although some peopleIt is not ahead, but the funds are flowing into the China Stock Fund.According to data from the funds flow data provider EPFR, as of March 8, investors have invested $ 8.2 billion in special Chinese stock funds this year (the same, about S $ 11 billion).Recently, the funds for flowing into China Technology and Medical Health or Biotechnology Stock Fund have increased, and Hong Kong stock funds have also inflows a lot of funds.

Cameron Brandt, director of the research department of EPFR, said: "In the United States, the favorable factor in policies has become unfavorable factor, and in China, the situation is just the opposite." Bande also said.: "China hopes to re -win investors."

When the Fed tries to tighten the currency policy to the domestic economy, the Chinese government is adopting a more loose position.The concerns of government intervention in Chinese technology companies have also eased, and the valuations of these companies are also lower.

Taking the Alibaba Group's US Stock Card Certificate (ADR) as an example, the P/E ratio of the recently revenue based on the expected income of the next 12 months is 9.6 times.In contrast, its expected price -earnings ratio in 2019 and 2020 is nearly 30 times.The expected P / E ratio of the S & P 500 Index is about 17.5 times.

Ray Vars, an investment portfolio expert of the asset management company headquartered in New Jersey, said that for those who are willing to buy Chinese company stocks, opportunities aboundThe scale is 55 billion US dollars, which has raised the proportion of Chinese stock allocation in its global strategy, and take advantage of the recent recovery and increase its positions. It is specifically optimistic about tourism, sports clothing and cosmetics companies and some financial stocks.The difficulty is to let customers participate.

Gas said: "China has changed from a market that is highly sought after by investors to a country that has been rejected, especially after the invasion of Ukraine in Russia ... I think history has repeatedly proved,The stock that is not worth investing today will eventually become a great investment in the future. "