China National Radio Beijing, March 24 news (Reporter Niu Guyue) On March 24, the A-share market welcomed a broad-based rally, with major stock indices closing in the green.
The SSE Index closed at 3,881.28 points, up 1.78%; the Shenzhen Index rose 1.43%; the ChiNext Index increased by 0.50%; and the STAR Market Composite Index rose 3.24%. The total trading volume of the two markets reached 2.1 trillion yuan, with over 5,100 stocks rising, including 100 stocks hitting the daily limit, indicating a significant recovery in market sentiment. In terms of sectors, electricity, military industry, optical fiber, and space photovoltaic sectors performed actively, while oil and gas stocks experienced some pullback.
Just the day before, influenced by multiple factors such as escalating geopolitical conflicts and tightening liquidity expectations, Asian markets generally adjusted, with the Nikkei 225 index falling 3.48%, the Korea Composite Index plunging 6.49%, and the SSE Index and Hong Kong Hang Seng Index also dropping 3.63% and 3.54%, respectively. Traditional safe-haven assets like gold and U.S. Treasuries fell in tandem, reflecting a complex pattern of intertwined market risk aversion and liquidity concerns.
Several foreign institutions and interviewed experts pointed out that the attractiveness of Chinese assets stems from a robust macroeconomic foundation, a complete supply chain system, and clear policy direction. Against the backdrop of increasing global uncertainty, Chinese assets, with their solid fundamentals, are becoming a &#34;safe haven&#34; for global capital.
Chinese Assets: The &#34;Stabilizer&#34; in the Global Supply Chain
&#34;The safety and attractiveness of Chinese assets are reflected in their strong economic resilience and risk-averse properties,&#34; said a representative from Legg Mason to reporters. Empirical data shows that during recent periods of heightened global market volatility, the volatility of the Chinese stock market was significantly lower than that of Japan, South Korea, and other emerging markets, demonstrating good stability. From a global industrial logic perspective, Chinese assets exist as an indispensable &#34;stabilizer&#34; in the global supply chain. With China's rapid breakthroughs in technological independence, the previously low allocation of foreign capital in China's AI ecosystem is triggering strong replenishment demand. Additionally, given that Chinese stock market valuations are relatively low compared to the U.S., from a global allocation perspective, failing to include China in this supply chain would render investors' global technology layout incomplete.
&#34;As a wholly foreign-owned asset management institution, we not only value the excess returns of the Chinese market but also see it as a strategic base for capturing global technological evolution and resource pricing dividends,&#34; said Legg Mason.
Jiang Xianwei, Senior Global Market Strategist at Morgan Asset Management China, pointed out that from an internal environment perspective, the &#34;14th Five-Year Plan&#34; anchors that China's economy will maintain a high growth rate over the next decade, and the growth targets set during this year's Two Sessions are pragmatic and positive, with past targets having been achieved, which enhances the attractiveness of allocating Chinese assets. Since the beginning of this year, bright data such as the rebound in exports and better-than-expected growth in consumption during January and February have also boosted investor confidence. Externally, increased uncertainty in U.S. policies and declining trust in dollar assets have prompted some funds to flow into non-U.S. markets, including China, while China's higher energy independence means it is less affected by energy price disturbances caused by conflicts in the Middle East, highlighting its resilience
Liu Yuhui, Deputy Director of the Financial Development Center and Chief Economist in Shanghai, stated that &#34;security&#34; has become the most scarce commodity globally. China has clearly emphasized &#34;balancing security and development&#34; as its core in the &#34;14th Five-Year Plan.&#34; This hard power, built on supply chains and a super-large market, is leading to a global consensus that &#34;buying China means buying security.&#34;
Energy Security and Supply Chain Resilience Build a &#34;Moat&#34;
The stability of Chinese assets is largely attributed to its unique energy structure and complete industrial system. According to Caitong Macro Analysis, China's primary energy self-sufficiency rate is approximately 83.2%, significantly higher than that of major manufacturing economies, forming a combination model of &#34;coal as the base, oil and gas as supplements, and non-fossil fuels as the uplift,&#34; which constitutes a solid foundation for industrial production. When overseas economies face shutdowns due to rising energy costs and raw material shortages, Chinese manufacturing, with its complete industrial chain and stable delivery, is expected to undertake the redistribution of global orders.
Liao Jingchi from Zhejiang Merchants Strategy pointed out that China's energy self-sufficiency rate has reached 85%, far exceeding the approximately 15% level of Japan and South Korea, making AH shares exhibit stronger resilience under geopolitical spillover effects. China's relatively robust energy security and industrial system may become a &#34;safe haven&#34; for global capital.
CITIC Securities believes that the disruptions in global supply chains are providing an opportunity to test the pricing power of China's advantageous manufacturing sector, and the recovery of corporate profit margins will be key to the continuation of the bull market in A-shares.
Policy Support Combined with Economic Improvement Continues to Attract Foreign Investment
A stable macro policy environment and ongoing deepening of capital market reforms provide solid support for the long-term performance of Chinese assets. From the 2023 Central Financial Work Conference to the &#34;15th Five-Year Plan&#34; outline, policies continuously emphasize &#34;sustaining a stable and active capital market&#34; and accelerating the construction of a good ecology for &#34;long money and long investment.&#34;
Based on the recognition of &#34;certainty&#34; in the Chinese market, foreign investment institutions are continuously increasing their stakes. Loomis Sayles Fund stated that its core logic for continued investment is based on China's unique &#34;certainty&#34; characterized by economic resilience and moderate inflation. Looking ahead, the reallocation of global funds and the fundamental recovery driven by moderate inflation will become the main catalysts for market upward movement. In terms of allocation strategy, Loomis Sayles insists on laying out core tracks with &#34;global characteristics&#34; and comprehensively strengthening systematic multi-asset linkage.
Morgan Asset Management also remains optimistic, with its core logic based on China's relatively high economic growth rate, clear policy direction, and the corporate profit recovery brought about by industrial structure transformation and upgrading. In the short term, Morgan Asset Management focuses on geopolitically correlated energy, low-position defensive assets, and independent growth sectors; in the medium to long term, it continues to favor AI power, computing power synergy, and reversal opportunities under self-control and supply-demand improvement, supported by domestic policies and overseas demand.
HSBC Jintrust Fund pointed out that the strong &#34;New Year Opening&#34; data of the domestic economy indicates that the endogenous momentum of the economy is recovering, and domestic equity assets have ample space and opportunities. With the deepening of capital market reforms, a positive feedback loop of &#34;capital entering the market - stock market trending upward&#34; is expected to form, further attracting foreign investment participation and building a long-term upward pattern. &#34;Historical experience shows that during market uptrends, short-term emotional disturbances are inevitable, but generally, short-term disturbances are difficult to change the long-term direction of the market.&#34;
&#34;International investors' interest in Chinese stocks may have reached a recent high.&#34; Goldman Sachs Chief China Equity Strategist Liu Jinjun told reporters that amid increasing geopolitical tensions in the Middle East and soaring energy prices, he maintains a high allocation recommendation for Chinese stocks (A-shares and Hong Kong stocks) and believes that the Sharpe ratio from A-shares is higher in the short term.
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The A-share market welcomed a broad-based rally on March 24, with major stock indices closing in the green, and market sentiment significantly warming. Analysis indicates that Chinese assets have become a "safe haven" for global capital due to robust macroeconomic fundamentals and a complete supply chain system. Against the backdrop of increasing global uncertainty, the volatility of the Chinese stock market is significantly lower than that of other emerging markets, demonstrating good stability. The allocation demand from foreign institutions for the Chinese market is on the rise, especially in the technology sector

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A-shares make a strong rebound: Is global capital seeking a "safe haven" in China?