Chart: In December , the proportion of southbound transactions reached about
Chart: Southbound funds hold a high proportion of smallcap stocks and dividend stocks
Source: Wind, CICC Research Department
Active foreign capital continues to outflow. As of December , active sweden phone number list foreign capital outflows totaled US$. billion in vs. US$. billion in , while passive foreign capital inflows totaled US$. billion vs. US$. billion in .
In terms of allocation ratio, as of the end of November, the allocation ratio of global active funds to Chinese stocks fell from a low of pt in September to a low of pt, returning to the level of April this year, which is at a historically low level. In terms of rhythm, foreign capital inflows occurred during the rebounds at the end of April and the end of September this year, but they were mainly in the form of trading and passive funds representing noninstitutional investors. Although active foreign capital briefly returned after months during the rebound at the end of September, it was mainly to avoid underperformance and was forced to reduce underweighting. It only lasted for two weeks before turning into outflows again.