Foreign investment
It is the time point for the release of the MSCI quarterly adjustment list. During this list adjustment, some listed companies were newly included, but some listed companies were also eliminated. In recent years, the influence of foreign funds in the A-share market has continued to rise, and even gained a certain market voice. After the quarterly adjustment list is released, whether it is newly included or excluded lists, it will often bring a certain warning to the market. The buying and selling direction of foreign funds has gradually become a market trend indicator.
From this list adjustment, newly included listed companies such as Luckin Coffee, China Insurance, Shanghai Laish and Wingtech Technology .至于被剔除的，则牵涉到部分市场耳熟能详的上市公司，包括美的集团、中国首控等。
不过，需要注意的是，针对美的集团被剔除的原因，并非上市公司的经营环境乃至质地发生了实质性的变化，而是此前外资的过度追捧，并由此引发外资买入触及“限购线”的问题。在实际情况下，因市场的规则限制，当境外投资者的持股比例超过了30%，市场将会强制开启卖出的程序。 For listed companies that have touched the "purchase restrictions", they need to wait for the overseas shareholding ratio of the Shanghai-Shenzhen-Hong Kong Stock Connect to be reduced to below 26% before they can return to normal.
It can be seen that due to the constraints and restrictions of market rules, some listed companies have been eliminated by MSCI. Perhaps, when the foreign shareholding ratio of listed companies returns to a buyable state, they may receive new additions from MSCI in the future.以美的集团遭到MSCI剔除的事件为例，实际上更属于被动剔除的行为，与上市公司自身的基本面乃至质地并没有太大的关联性。
近年来，随着A股市场的持续开放，外资资金在A股市场的影响力正持续抬升。纵观A股市场的上市公司，同样并不缺乏优质标的乃至稀缺标的，对部分股息率持续高企、上市公司基本面比较良好的上市公司来说，自然更容易得到市场的青睐。 Perhaps, in the near future, as the pace of market opening continues to expand, the problem of "purchase restrictions" for foreign capital may be gradually solved in the future. When the "purchase restrictions order" is liberalized, for high-quality listed companies, it is inevitable that foreign capital will be continuously purchased, bringing more new liquidity supplements to such listed companies.
It should be noted that based on the analysis of foreign investment actions in recent years, foreign capital's enthusiasm for buying A-share targets, especially high-quality A-share listed companies, is significantly higher than that of domestic institutional investors.近年来，外资基本上呈现出持续净买入的迹象，且外资资金在A股市场中的持股市值与持股比例正处于持续攀升的状态，从一定程度上表现出外资资金对A股市场的偏爱程度，同时也是A股市场国际地位提升的真实写照，在全球市场联系性持续加强的背景下，A股市场已经成为了外资全球资产配置必不可少的投资渠道。
It can be seen that for MSCI's quarterly adjustment list, as long as the fundamentals and corporate texture have not deteriorated substantially, it is still not enough to worry too much. When the proportion of foreign holdings of listed companies' foreign capital regains its buyable state, MSCI will naturally be added again. In the A-share market, the short-term capital drive effect is still inseparable from the fundamentals and sustained growth of listed companies in the medium and long term. Foreign capital is still very favored for high-quality core targets in the Chinese stock market, and at the same time, it may also be more active than many domestic institutional investors in investment strategies.
