摩根士丹利-中国股票策略：中国香港资金流动与持仓月度追踪-2026年4月-ChinaHK Flows and Positioning Monthly Tracker–April 2026-20260505

MorganstanleyRESEARCH

May5,202609:00PMGMT

FouNDAtioN

MoRGANSTANLEyAsiALimiTED+ChloeLiu

ChinaEquityStrategy|AsiaPacific

EquityStrategist

Chloe.Liu1@

+8522848-5497

LauraWang

EquityStrategist

Laura.Wang@

VickyWu

+8522848-6853

EquityStrategist

Vicky.Wu@

+8523963-3928

MoRGANSTANLEyAsiA(SiNGApoRE)PTE.

KristalJi

EquityStrategist

Kristal.Ji@

DanielKBlake

+656834-6949

EquityStrategist

Daniel.Blake@

+656834-6597

China/HKFlowsandPositioningMonthlyTracker–April2026

KeyTakeaways

USandEUmutualfundflowsreturnedtoinflowsinApril,withpassivefundsfullyreversingMarchoutflows,whileactivefundscontinuedoutflows.

Exhibit1:ActiveweightsofChina/HKequitiesbyregionalfundcategoryandmanagerdomicile

OnshorepassiveoutflowsandNationalTeamETFsellingacceleratedinApril,ledbyCSI300andbroaderdomesticpassiveETFs.

Northboundproxyturnedpositive,withforeignpassivefundstrackingtheCSI

AUM:AUM:AUM:

US$1,162bnUS$501bnUS$92bn

0.62

-0.62-0.49

-1.01-0.92-0.8

-1.35-1.36

-1.66

-2.15

-2.39

-2.85

-3.05

-5.65-5.84

GlobalEquityFundsAxJEquityFundsEMEquityFunds

Oct22Dec22Mar23Dec23Feb24Dec24Mar25Apr2525Dec25Jan26Feb26Mar26Apr26

AUM:

US$135bn

-1.62

AUM:

US$238bn

-0.08

--------Sep------

2.0

1.0

0.0

-1.0

-2.0

-3.0

-4.0

-5.0

-6.0

non-USManagers

non-USManagers

non-USManagers

AUM:

US$276bn

US

Managers

US

Managers

US

Managers

-2.22

300recordingthefirstinflowsof2026,signalingforeigninterestinA-shares.

Foreign-domiciledlong-onlyfundflows:

Source:FactSet,MorningStar,EPFR,MorganStanleyResearch.Note:DatarefreshedasofApril30,2026,mostfundshavedisclosedpositiondatauptoMarch31.Funduniverseofeachcategoryisformedbythelargest30

activemutualfundsunderMorningStarregionalcategory.Fundsunder

•Chineseequityflowsfromforeign-domiciled(USandEU)fundsreturnedtoinflowsofUS$1.3bninApril,asgeopoliticaluncertaintyeased:Passive

"non-USManagers"aremostlydomiciledinEurope.WeexcludeESGfunds,incomefunds,andsystematicfunds.Allthecoveredfundsare

fundsrecordedUS$2.5bnininflows,fullyreversingtheMarchoutflows,

benchmarkingtoeitherMSCIorFTSEstandardregionalindicesofAllCountryWorld,AsiaexJapan,orEmergingMarkets.

whileactivefundscontinuedtoseeoutflowsatUS$1.2bn,reflectingalackofincrementalactiveallocationtoChina(Exhibit2).

•Onacumulativebasis,foreign(USandEU)fundflowsimprovedtoUS$11bnin4M26,alreadyrepresenting80%ofthefull-year2025inflowtotal

(Exhibit4,Exhibit5).

•Basedonthelatestavailabledata(withmostfundshavingdisclosedpositiondatauptoMar-26),GlobalEMfunds'ChinaUWremainedstableat1.3ppt.

However,EMfundsandAxJfundsaddedtotheirunderweightpositions,withEMfundsnowat5.7pptUWandAxJfundsat1.8pptUW(Exhibit1).

•Moredetails:FundFlowsinChina/HKEquities.

A-sharemarketliquidity:

•DomesticpassiveoutflowsacceleratedsharplytoUS$39bninAprilvs.US$6bninFebruaryandMarch(Exhibit7,Exhibit8).

MorganStanleydoesandseekstodobusinesswith

•RetailparticipationsentmixedsignalsinAprilwithsmall-orderactivity

companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley

coolingwhilemarginfinancingreboundedtoarecordhigh,pointingtosoftertradingbutsustainedleveragedparticipation(Exhibit10,Exhibit11).

Research.InvestorsshouldconsiderMorganStanley

•Moredetails:A-shareLiquidityTrack.

Researchasonlyasinglefactorinmakingtheirinvestmentdecision.

Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.

Southbound/Northboundflow:

•SouthboundflowseasedmodestlytoUS$7.2bninApril(vs.US$7.8bnin

+=Analystsemployedbynon-U.S.affiliatesarenotregisteredwithFINRA,maynotbeassociatedpersonsofthememberandmaynotbesubjecttoFINRArestrictionson

March).Onacumulativebasis,4M26southboundinflowsreachedUS$33bn,representing19%ofthe2025full-yeartotal(Exhibit3).

communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.

•ForeignpassivefundflowsintoCSI300(aproxyfornorthboundflow)recordedanotableinflowsinApril,thefirsttimesince2026(Exhibit18).

2

Morganstanley

RESEARCH

FouNDAtioN

FundFlowsinChina/HKEquities

Forforeign-domiciledmutualfunds

•Bysector:Activefundmanagersaddedthemostactiveweightsin

ConsumerDiscretionaryDistribution&Retail,Media&EntertainmentandSemiconductorsvs.lastmonth,whiletheytrimmedmostinBanks,AutoandEnergy(Exhibit22).

•Bycompany:BABA,WuxiAppTecandMontageTechnologyweremost

added,whileTencent,CCB,andMeituanweremosttrimmedvs.lastmonth(Exhibit19).

•Alsoread:FundPositionsChangesvs.LastMonth–Top50MutualFundHoldings,FundsPositionsChangesvs.LastMonth–ByGICSIndustry

Group

Exhibit2:MonthlyfundflowsinChina/HKequitiesbyforeignpassiveandactivefunds

(US$mn)ForeignPassiveFunds

14,000

12,000

10,000

8,000

6,000

4,000

2,000

-

(2,000)

(4,000)

(6,000)

ForeignActiveFunds

Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

Sep-24

Nov-24

Jan-25

Mar-25

May-25

Jul-25

Sep-25

Nov-25

Jan-26

Mar-26

Source:EPFR,MorganStanleyResearch.Note:DataasofApr30,2026.

Exhibit4:CumulativefundflowsinChina/HKequitiesbybothUS-andEU-domiciledactivefunds

(US$bn)

Cum.net

fundflows-USActiveFund

Cum.net

fundflows-EUActiveFund

Cum.net

fundflows-ForeignActiveFund10

0

-10

-20

-30

-40

-50

-60

-70

Oct-22

Dec-22

Feb-23

Apr-23

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Oct-24

Dec-24

Feb-25

Apr-25

Jun-25

Aug-25

Oct-25

Dec-25

Feb-26

Apr-26

Source:EPFR,MorganStanleyResearch.Note:DataasofApr30,2026.

21,444

25,000

20,000

15,000

10,000

5,000

-

Exhibit3:Southboundmonthlynetfundflows(US$mn)SouthboundMonthlyFlow

20,674

19,643

20,354

15,92015,447

17,280

14,316

10,98710,26111,22110,786

8,998

12,278

10,131

13,044

9,287

9,176

8,393

6,1405,434

5,370

5,822

7,849

7,220

2,84,135

2,654

Jan-24

Mar-24

May-24

Jul-24

Sep-24

Nov-24

Jan-25

Mar-25

May-25

Jul-25

Sep-25

Nov-25

Jan-26

Mar-26

Source:CEIC,MorganStanleyResearch.Note:DataasofApr30,2026.

Exhibit5:CumulativefundflowsinChina/HKequitiesbybothUS-andEU-domiciledpassivefunds

Cum.net

fundflows-USPassiveFund

Cum.net

fundflows-EUPassiveFund

Cum.net

fundflows-ForeignPassiveFund

(US$bn)

70

60

50

40

30

20

10

0

-10

Oct-22

Dec-22

Feb-23

Apr-23

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Oct-24

Dec-24

Feb-25

Apr-25

Jun-25

Aug-25

Oct-25

Dec-25

Feb-26

Apr-26

Source:EPFR,MorganStanleyResearch.Note:DataasofApr30,2026.

Morganstanley

RESEARCH

FouNDATloN

MoRGANSTANLEyREsEARcH3

Exhibit7DailynetfundflowsinChina/HKequitiesbybothUS-andEU-domiciledpassivefunds

(US$mn)

3,500

3,000

2,500

2,000

1,500

1,000

500

0

-500

-1,000

-1,500

-2,000

Dailynetfundflows-ForeignPassiveFund

Exhibit6:DailynetfundflowsinChina/HKequitiesbybothUS-andEU-domiciledactivefunds

800

(US$mn)Dailynetfundflows-ForeignActiveFund

600

400

200

0

-200

-400

-600

-800

-1,000

-1,200

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

Source:EPFR,MorganStanleyResearch.Note:DataasofApr30,2026.

Source:EPFR,MorganStanleyResearch.Note:DataasofApr30,2026.

4

A-shareLiquidityTrack

•NationalTeamETFsellingre-acceleratedinApril,ledbyCSI300ETF

outflowsofUS$8bn(vs.US$3bninFebruaryandUS$0.7bninMarch).TotaloutflowsacrossCSI300,500and1000ETFsreachedUS$14bn(Exhibit7).

•Broaderdomesticpassiveoutflowsacceleratedsharply:AcrossallA-sharedomesticpassivefunds(includingbroad-marketindex,sectorandthematicETFs),outflowssurgedtoUS$39bninApril,comparedwithUS$6bninFebruaryandMarch(Exhibit8).

•RetailinvestorshowedmixedsignalsinApril:Small-ordernetinflowscooledtoRmb20bndaily(vs.Rmb32bninMarch),signalingsofterretailtradingactivity,However,marginfinancingbalancerebounded5%MoMtoarecordhighofRmb2.7tn,indicatingsustainedleveragedretail

participation(Exhibit10,Exhibit11).

•Domesticliquidityreturnedtogrowth:PrivateequityfundAUM

continuedtorisebyRmb108bninMarch,reflectingongoingHNWI

participation(Exhibit12).Onshoreequityandhybridmutualfunds

returnedtosteadyAUMgrowthofRmb62bninApril,followingMarch'ssharpdeclineamidgeopoliticaluncertainty(Exhibit13).

•FirstforeignpassiveinflowsintoA-shareof2026:ForeignpassivefundstrackingtheCSI300(aproxyfornorthboundflow)recordednotable

inflowsinApril–thefirstsuchinflowin2026–signalingrenewedforeigninvestorinterestinA-shares(Exhibit18).

NationalTeamETFsellingre-acceleratedslightlyinApril,ledbyCSI300ETF;Domesticpassiveoutflowsalsopickedup

WeuseCSI300passiveETFflowsasaproxyfortheNationalTeam’scumulativebuyingandsellingactivity.CSI300ETFoutflowspickeduptoUS$8bninApril,comparedtoUS$3bninFebruaryandUS$0.7bninMarch.CSI500andCSI1000ETFoutflowsalso

reaccelerated,bringingtotaloutflowsacrossCSI300,500and1000toUS$14bninApril(vs.US$110bninJanuary,US$8bninFebruary,andUS$3bninMarch).

AcrossallAsharedomesticpassivefunds(includingbroadmarketindexETFsaswellassectorandthematicETFs),outflowsalsoacceleratedtoalargerscaleofUS$39bninApril,comparedwithUS$6bninFebruaryandMarch.

Morganstanley

RESEARCH

FouNDAtioN

MoRGANSTANLEyREsEARcH5

Exhibit7:Chinadomesticbroad-marketindexETFflow–ETFsellingre-acceleratedinApril

(USDbn)

100

80

60

40

20

0

-20

-40

ChinadomesticpassivefundflowsCSI300CSI500CSI1000

Jan-24

Mar-24

May-24

Jul-24

Sep-24

Nov-24

Jan-25

Mar-25

May-25

Jul-25

Sep-25

Nov-25

Jan-26

Mar-26

Source:EPFR,MorganStanleyResearch.DataasofApr30,2026.

Exhibit8:CumulativefundflowsinChina/HKequitiesfromChinesedomesticdomiciledpassivefunds

(US$bn)

Cum.net

fundflows-DomesticPassiveFund

250

200

150

100

50

0

-50

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

Source:EPFR,MorganStanleyResearch.Note:DataasofApr30,2026.

Exhibit9:DailyfundflowsinChina/HKequitiesfromChinesedomesticdomiciledpassivefunds

(US$mn)Dailynetfundflows-DomesticPassiveFund

20,000

15,000

10,000

5,000

0

-5,000

-10,000

-15,000

-20,000

-25,000

Jan-24

Feb-24

Mar-24

Apr-24

May-24

Jun-24

Jul-24

Aug-24

Sep-24

Oct-24

Nov-24

Dec-24

Jan-25

Feb-25

Mar-25

Apr-25

May-25

Jun-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

Source:EPFR,MorganStanleyResearch.Note:DataasofApr30,2026.

RetailparticipationshowedmixedsignalsinApril,withsmall-orderactivitycoolingwhilemarginfinancingreboundedtoahistoricalhigh

•ThedailyaveragenetinflowofA-sharesmallorders(underRmb40,000,aproxyforretailparticipation)declinedtoRmb20bninApril,fromRmb32bninMarch,indicatingsofterretailtradingactivity.

•A-sharetotalmarginfinancingbalance(aproxyforleveragedretailparticipation)rose5%MoMtoarecordhighofRmb2.7tn,reboundingaftertwoconsecutive

monthsofdeclineinFebruaryandMarch.

Morganstanley

RESEARCH

FouNDAtioN

6

Exhibit10:DailyaverageofA-sharesmallordersnetinflow–inflowssoftenedinApril

DailyaverageoftotalA-sharesmallorderesnetflow(Rmbbn)

60.0

50.0

40.0

30.0

20.0

10.0

-

48.248.3

37.1

38.8

34.434.2

32.0

30.9

28.6

25.723.8

25.3

29.827.0

May-15

Jun-15

Jul-15

Oct-24

Nov-24

Feb-25

Mar-25

Jul-25

Aug-25

Sep-25

Oct-25

Nov-25

Dec-25

Jan-26

Feb-26

Mar-26

Apr-26

20.421.319.5

Note:SmallorderreferstothesebelowRmb40,000.

Source:Wind,MorganStanleyResearch.DataasofApr,2026.

Exhibit11:A-sharetotalmarginfinancingbalanceandMoM%-reboundedtoarecordhighinAprilafteratwo‑monthdecline

Asharetotalmarginfinancingbalance(RMBbn)m-m%(RHS)

3,000

2,500

2,000

1,500

1,000

500

-

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

Jan-14

Apr-14

Jul-14

Oct-14

Jan-15

Apr-15

Jul-15

Oct-15

Jan-16

Apr-16

Jul-16

Oct-16

Jan-17

Apr-17

Jul-17

Oct-17

Jan-18

Apr-18

Jul-18

Oct-18

Jan-19

Apr-19

Jul-19

Oct-19

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

Apr-23

Jul-23

Oct-23

Jan-24

Apr-24

Jul-24

Oct-24

Jan-25

Apr-25

Jul-25

Oct-25

Jan-26

Source:CEIC,MorganStanleyResearch.DataasofApr2026.

Domesticliquidity:backtogrowthinApril

•Privatefundsremainedsupportive:PrivateequityfundAUMcontinuedtorisebyRmb108bninMarch,indicatingsustainedparticipationfromhighnetworth

individuals(Exhibit12).

•MutualfundalsoreturnedtosteadyAUMgrowth:OnshoreequityandhybridfundsrecordedaRmb62bnincreaseinApril,followingasharpdeclineinMarchamidheightenedgeopoliticaluncertainty(Exhibit13).

Morganstanley

RESEARCH

FouNDATloN

MoRGANSTANLEyREsEARcH7

Exhibit12:OnshoreprivateequityfundsAUM–ContinuedsteadyincreasehighlightresilientHNWIparticipation

OnshoreprivateequityfundsAUM(Rmbbn)

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

-

Sep-20

Dec-20

Mar-21

Jun-21

Sep-21

Dec-21

Mar-22

Jun-22

Sep-22

Dec-22

Mar-23

Jun-23

Sep-23

Dec-23

Mar-24

Jun-24

Sep-24

Dec-24

Mar-25

Jun-25

Sep-25

Dec-25

Mar-26

Source:Wind,MorganStanleyResearch.DataasofMarch2026.

Exhibit13:OnshoremutualfundsAUM(equityandhybridfunds)

OnshoremutualfundsAUM(Rmbbn)

7,000

6,000

5,000

4,000

3,000

2,000

1,000

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Jul-22

Jul-23

Oct-23

Jan-24

Apr-24

Jul-24

Oct-24

Jan-25

Apr-25

Jul-25

Oct-25

Jan-26

Apr-26

0

Oct-21

Jan-22

Apr-22

Oct-22

Jan-23

Apr-23

EquityfundsHybridfunds

Source:Wind,MorganStanleyResearch.DataasofApr2026.

Exhibit15:ChinaonshoremutualfundsAUM,2014-YTD2026

2014201520162017201820192020202120222023202420252026

YTDEquityfundsHybridfundsBondfundsMoneymarketfunds

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

-

ChinaonshoremutualfundsAUM(Rmbbn)

15,010

3,660

5,440

15,584

3,741

4,433

13,609

3,176

4,070

11,278

3,715

2,567

10,455

4,783

2,243

9,450

6,189

2,346

4,573

16,8

8,054

4,846

1,869

7,411

2,067

1,141

8,163

738

7,132

672

4,469

643

2,1842,282

2,069

2,096

1,476

Source:Wind,MorganStanleyResearch.DataasofApr2026.

Exhibit14:OnshoremutualfundsAUM(bondandmoneymarketfunds)

OnshoremutualfundsAUM(Rmbbn)

Jan-20

Apr-20

Jul-20

Oct-20

Jan-21

Apr-21

Jul-21

Oct-21

Jan-22

Apr-22

Jul-22

Oct-22

Jan-23

Apr-23

Jul-23

Oct-23

Jan-24

Apr-24

Jul-24

Oct-24

Jan-25

Apr-25

Jul-25

Oct-25

Jan-26

Apr-26

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

BondfundsMoneymarketfunds

Source:Wind,MorganStanleyResearch.DataasofApr2026.

Exhibit16:ChinaonshoremutualfundsAUMnetincrease,2014-YTD2026

201520162017201820192020202120222023202420252026

YTDEquityfundsHybridfundsBondfundsMoneymarketfunds

6,000

5,000

4,000

3,000

2,000

1,000

-

(1,000)

(2,000)

484

1,369

573

82

(1,006)

ChinaonshoremutualfundsAUMnetincrease(Rmbbn)

643

2,779

728

1,396

1,343

477

2,331

1,402

823

324(1,069)

2,389

1,637

(516)

1,005

(1,406)

1,031

66(593)

2,663

(2)

1,503

(539)

591

403(752)

Source:Wind,MorganStanleyResearch.DataasofApr2026.

8

Northboundproxy:FirstforeignpassiveinflowsintoAsharesin2026

ThenorthboundnetflowdailydatadisclosurewasterminatedasofAugust19,2024.Asanalternative,welookatforeignpassivefundsflowtoCSI300asitshowsagood

correlationwithnorthboundnetflowhistorically.

ForeignpassivefundstrackingtheCSI300recordednotableinflowsinApril–thefirstsuchinflowin2026–signalingrenewedforeigninvestorinterestinAshares.

Exhibit17:Proxyofnorthboundnetflow–foreign-domiciledpassivefundsflowtoCSI300

(US$mn)

80

60

40

20

0

-20

-40

-60

-80

(US$mn)

900

700

500

300

100

-100

-300

-500

-700

-900

ForeignpassivefundsflowtoCSI300(1MMA)Northboundnetflow(1MMA,RHS)

Oct-22

Dec-22

Feb-23

Apr-23

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Source:EPFR,MorganStanleyResearch.Note:DataasofAugust16,2024.

Exhibit18:CumulativefundflowsinCSI300byforeign-domiciledpassivefunds

(US$bn)Cum.foreignpassivefundsflowtoCSI3004.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

0.0

-0.5

Oct-22

Dec-22

Feb-23

Apr-23

Jun-23

Aug-23

Oct-23

Dec-23

Feb-24

Apr-24

Jun-24

Aug-24

Oct-24

Dec-24

Feb-25

Apr-25

Jun-25

Aug-25

Oct-25

Dec-25

Feb-26

Apr-26

Source:EPFR,MorganStanleyResearch.Note:DataasofApr30,2026.

MoRGANSTANLEyREsEARcH9

FouNDATloN

FundPositionsChangesvs.LastMonth–Top50MutualFundHoldings

Exhibit19:Top50China/HKholdingsamonglong-onlyEMandChinaactivemanagersvs.lastmonth

&US

-US

.

vs.

.

vs.

.

vs.

700HK

TencentHoldings

Media&Entertainment

14.5%

15.2%

0.7%

0.9%

11.5%

3.7%

4.8%

17.9%

2.7%

2.9%

9988-HK

AlibabaGroupHolding

ConsumerDiscretionaryDistribution&Retail

9.4%

10.0%

-0.6%

1.4%

8.5%

-1.5%

0.7%

10.5%

0.4%

2.3%

300750-CN

ContemporaryAmperexTechnology

CapitalGoods

4.5%

0.9%

3.6%

0.0%

4.5%

3.6%

2.3%

4.4%

3.5%

2.2%

939-HK

ChinaConstructionBank

Banks

3.4%

4.0%

-0.7%

-0.4%

2.5%

-1.5%

-1.8%

4.3%

0.3%

-0.4%

2318-HK

PingAnInsuranceGroup

Insurance

3.3%

2.2%

1.2%

0.1%

3.4%

1.2%

1.2%

3.3%

1.1%

1.2%

1299-HK

AIAGroup

Insurance

2.8%

0.0%

2.8%

-0.2%

2.4%

2.4%

2.2%

3.3%

3.3%

3.0%

2899-HK

ZijinMiningGroup

Materials

1.9%

1.2%

0.6%

0.1%

1.5%

0.2%

0.4%

2.3%

1.1%

0.9%

3968-HK

ChinaMerchantsBank

Banks

1.8%

1.2%

0.6%

-0.1%

2.2%

1.0%

0.8%

1.3%

0.1%

0.0%

9999-HK

NetEase

Media&Entertainment

1.7%

1.5%

0.3%

-0.1%

2.0%

0.6%

0.0%

1.4%

-0.1%

-0.4%

PDD-US

PDDHoldings

ConsumerDiscretionaryDistribution&Retail

1.7%

2.8%

-1.1%

-0.3%

1.8%

-0.9%

0.0%

1.5%

-1.3%

-0.6%

HTHT-US

HWorldGroup

ConsumerServices

1.4%

0.4%

1.0%

0.0%

1.0%

0.7%

0.5%

1.7%

1.3%

1.0%

1211-HK

BYD

Automobiles&Components

1.4%

2.1%

-0.7%

-0.3%

0.6%

-1.5%

-1.6%

2.2%

0.1%

-0.7%

000333-CN

MideaGroup

ConsumerDurables&Apparel

1.3%

0.3%

1.1%

0.1%

1.3%

1.1%

1.0%

1.3%

1.0%

0.8%

600519-CN

KweichowMoutai

FoodBeverage&Tobacco

1.2%

0.6%

0.6%

-0.1%

1.3%

0.7%

0.6%

1.1%

0.5%

0.3%

002028-CN

SieyuanElectric

CapitalGoods

1.1%

0.0%

1.1%

-0.1%

0.9%

0.9%

0.7%

1.4%

1.4%

1.3%

2359-HK

WuXiAppTec

PharmaceuticalsBiotechnology&LifeSciences

1.1%

0.3%

0.8%

0.3%

0.6%

0.3%

0.2%

1.6%

1.3%

1.1%

688008-CN

MontageTechnology

Semiconductors&SemiconductorEquipment

1.0%

0.0%

0.9%

0.3%

0.9%

0.9%

1.1%

1.0%

1.0%

1.2%

3690-HK

Meituan

ConsumerServices

0.9%

2.0%

-1.1%

-0.4%

0.7%

-1.3%

-1.3%

1.1%

-1.0%

-1.1%

300124-CN

ShenzhenInovanceTechnology

CapitalGoods

0.9%

0.0%

0.8%

-0.2%

0.7%

0.6%

0.6%

1.1%

1.1%

1.0%

1398-HK

IndustrialandCommercialBankofChina

Banks

0.8%

2.4%

-1.6%

-0.3%

1.1%

-1.2%

-1.3%

0.4%

-1.9%

-1.9%

9961-HK

TGroup

ConsumerServices

0.8%

1.2%

-0.4%

-0.1%

1.1%

-0.1%

-0.3%

0.5%

-0.7%

-0.8%

600660-CN

FuyaoGlassIndustryGrp

Automobiles&Components

0.8%

0.2%

0.6%

0.0%

1.0%

0.8%

0.8%

0.6%

0.3%

0.2%

2338-HK

WeichaiPower

CapitalGoods

0.7%

0.3%

0.4%

0.2%

0.5%

0.2%

0.2%

0.9%

0.6%

0.6%

3692-HK

HansohPharmaceuticalGroup

PharmaceuticalsBiotechnology&LifeSciences

0.7%

0.3%

0.4%

-0.1%

0.4%

0.1%

0.1%

1.1%

0.8%

0.6%

2628-HK

ChinaLifeInsurance

Insurance

0.7%

0.9%

-0.2%

0.2%

0.3%

-0.6%

-0.4%

1.1%

0.2%

1.2%

9888-HK

Baidu

Media&Entertainment

0.7%

1.2%

-0.5%

0.2%

0.6%

-0.5%

-0.5%

0.8%

-0.4%

-0.6%

2328-HK

PICCProperty&Casualty

Insurance

0.7%

0.5%

0.2%

0.0%

0.5%

0.0%

0.0%

0.9%

0.4%

0.3%

388-HK

HongKongExchanges&Clearing

FinancialServices

0.7%

0.0%

0.7%

0.0%

0.7%

0.7%

0.7%

0.6%

0.6%

0.6%

857-HK

PetroChina

Energy

0.7%

1.2%

-0.5%

-0.1%

0.7%

-0.5%

-0.5%

0.6%

-0.6%

-0.6%

688012-CN

AdvancedMicro-FabricationEquipment

Semiconductors&SemiconductorEquipment

0.6%

0.1%

0.6%

0.1%

0.6%

0.5%

0.4%

0.7%

0.6%

0.6%

1810-HK

Xiaomi

TechnologyHardware&Equipment

0.6%

2.7%

-2.1%

-0.2%

0.8%

-1.9%

-0.9%

0.5%

-2.2%

-2.2%

YMM-US

FullTruckAlln

Transportation

0.6%

0.0%

0.6%

-0.1%

0.7%

0.7%

0.7%

0.5%

0.5%

0.0%

600031-CN

SanyHeavyIndustry

CapitalGoods

0.6%

0.1%

0.6%

0.1%

0.5%

0.4%

0.3%

0.8%

0.7%

0.0%

002371-CN

NAURATechnologyGroup

Semiconductors&SemiconductorEquipment

0.6%

0.1%

0.5%

0.1%

0.6%

0.5%

0.4%

0.6%

0.5%

0.3%

669-HK

TechtronicIndustries

CapitalGoods

0.6%

0.0%

0.6%

0.1%

0.5%

0.5%

0.5%

0.6%

0.6%

0.5%

300308-CN

ZhongjiInnolight

TechnologyHardware&Equipment

0.5%

0.2%

0.3%

0.2%

0.6%

0.4%

0.3%

0.5%

0.3%

0.0%

2020-HK

ANTASportsProducts

ConsumerDurables&Apparel

0.5%

0.5%

0.1%

0.0%

0.7%

0.2%

0.2%

0.3%

-0.1%

-0.3%

6690-HK

HaierSmartHome

ConsumerDurables&Apparel

0.5%

0.3%

0.2%

0.0%

0.5%

0.2%

0.3%

0.5%

0.2%

0.2%

386-HK

ChinaPetroleumChemical

Energy

0.5%

0.6%

-0.1%

0.0%

0.1%

-0.4%

-0.4%

0.9%

0.4%

0.0%

1109-HK

ChinaResourcesLand

RealEstateManagement&Development

0.5%

0.5%

0.0%

0.0%

0.6%

0.1%

0.2%

0.4%

0.0%

0.1%

600276-CN

JiangsuHengruiPharmaceuticals

PharmaceuticalsBiotechnology&LifeSciences

0.5%

0.1%

0.4%

0.1%

0.6%

0.5%

0.4%

0.3%

0.2%

0.3%

1801-HK

InnoventBiologics

PharmaceuticalsBiotechnology&LifeSciences

0.5%

0.6%

-0.1%

0.0%

0.5%

-0.1%

-0.1%

0.4%

-0.2%

-0.2%

2259-HK

ZijinGoldInternational

Materials

0.5%

0.2%

0.3%

0.0%

0.5%

0.4%

0.6%

0.4%

0.2%

0.3%

BZ-US

Kanzhun

Commercial&ProfessionalServices

0.4%

0.2%

0.2%

0.0%

0.4%

0.3%

0.3%

0.4%

0.2%

0.2%

6160-HK

BeOneMedicines

PharmaceuticalsBiotechnology&LifeSciences

0.4%

0.7%

-0.3%

0.1%

0.3%

-0.4%

-0.4%

0.5%

-0.2%

-0.1%

992-HK

LenovoGroup

TechnologyHardware&Equipment

0.4%

0.4%

0.1%

0.1%

0.2%

-0.2%

-0.1%

0.7%

0.3%

0.2%

291-HK

ChinaResourcesBeer(Holdings)

FoodBeverage&Tobacco

0.4%

0.2%

0.2%

0.0%

0.3%

0.1%

0.2%

0.6%

0.4%

0.4%

TME-US

TencentMusicEntertainment

Media&Entertainment

0.4%

0.2%

0.2%

0.0%

0.3%

0.1%

0.3%

0.6%

0.4%

0.7%

9618-HK

JD.com

ConsumerDiscretionaryDistribution&Retail

0.4%

1.3%

-0.9%

-0.2%

0.3%

-1.0%

-1.1%

0.5%

-0.9%

-0.9%

FUTUUS

FutuHoldings

FinancialServices

04%

00%

04%

01%

04%

04%

04%

03%

03%

05%

Source:MorningStar,FactSet,MorganStanleyResearch.Note:DataasofApril30,2026,mostfundshavedisclosedpositiondatauptoMarch31.Pleasecontactusifyouwouldliketoreceivethefulltabl