Global capital "migration" in progress: Attitude towards Chinese assets has changed to "strategic planning"

In the beginning of 2026, Asian technology stocks significantly outperformed the US technology sector, reflecting the deeper logic of capital flow: as the Federal Reserve enters a rate-cutting cycle and the attractiveness of US dollar assets weakens, international capital is reevaluating the risk-return relationship of global asset allocation. The pattern of capital flowing one-way to the United States over the past decade is beginning to loosen, with non-US assets, especially in Asian markets, appearing to be the "next destination" for foreign investment. In this process, foreign investment attitudes towards Chinese assets are gradually shifting from observing to "planning layout." At the same time, several insiders have revealed that at the beginning of the year, foreign institutions are no longer just concerned with "long-short" strategies, but also with "long only" strategies.