Foreign investors’ holdings of Chinese stocks hit 4.66 trn yuan, up nearly 30% in H1

The scale of the increase matters less than its composition: the association frames the flows around sovereign and pension money, a slower-moving, mandate-driven class of capital rather than fast money. That distinction shapes how durable the positioning is likely to be through drawdowns. For brokers, the signal is that cross-border servicing — research, trading, custody — is being treated as a strategic business line, not a cyclical one. Whether the allocation trend continues at this pace into the second half is the open question.